Éxes Gestora de Recursos

Éxes Gestora de Recursos is an independent structured credit asset manager headquartered in São Paulo (Itaim Bibi), founded in 2017 by Bruno Licarião and Artur Carneiro, both former BTG Pactual executives with over 20 years of market experience and combined participation in more than 200 transactions totaling approximately R$ 125 billion. The firm currently manages over R$ 1 billion across approximately 14 vehicles — FIDCs, Fiagros, pension funds, and multi-market funds —, but its flagship products in the listed market are two funds: the paper Fiagro AGRX11 (Éxes Araguaia, ~R$ 186 million in NAV) and the hybrid paper FII EXES11 (~R$ 140 million). The positioning is clear: fragmented private credit with a strong bias toward origination verticalization, leveraging proximity to the rural producer ("dirty boots model") as a competitive advantage in agribusiness.

Track record and governance

Éxes's structural differentiator is operating its own Éxes Securitizadora S.A. (CNPJ 55.085.811/0001-24), which allows it to originate, structure, formalize collateral, and register a large portion of the underlying assets internally — in EXES11, 73% of target assets are self-originated. The firm demonstrates an active stance in the face of credit events: in 2025, it successfully executed the full recovery of CRA Valéria via collateral enforcement, recovering fines and interest as well. Conversely, it was exposed to material defaults in AGRX11 — Agrogalaxy provisioned at 99%, Agrosepac in early redemption (6.7% of NAV), and a waiver in Hinove —, proving that agribusiness credit risk is real. Governance outsources control functions: BTG Pactual DTVM (administration/custody for EXES11) and Banco Genial (AGRX11), with auditing by PwC and Deloitte — a relevant separation given that origination and securitization remain in-house. Management reports are granular, reinforcing transparency. Recent events show growth appetite: EXES11 completed a 5th issuance that doubled its NAV, and the firm launched a R$ 167 million land fund in Jan/2026 (7,800 hectares in Maranhão, sale-and-leaseback), in addition to exploring the acquisition of listed Fiagros via M&A — talks that did not progress.

Strategy and funds under management

Taken as a whole, Éxes is a credit specialist, not a diluted multi-strategy player. The two listed funds complement and intertwine with each other: AGRX11 is the agribusiness credit flagship (14 CRAs plus Éxes Terras Fiagro and FIDC Xingu, with fiduciary alienation of land and average coverage above 200% in forced sales), while EXES11 mixes 14 real estate CRIs, land operations, and — importantly — allocates 22% of its own NAV into shares of AGRX11. In other words, buyers of EXES11 inherit indirect exposure to the firm's own Fiagro. The EXES11 portfolio is balanced by indexer (56% CDI+4.6%, 44% IPCA+10.1%); AGRX11 delivers a DY of 15.16% with shares trading at 0.85 of net asset value. Dividend consistency is the firm's strongest trait: EXES11 has accumulated 16 months of distributing R$ 0.13/share backed by reserves, and AGRX11 sustained R$ 0.12–0.13/month even after the Agrogalaxy event, thanks to conservative earnings retention (R$ 0.49/share at its peak in Oct/25). Quality dispersion is narrow: ratings range between 5.5 (AGRX11) and 6.0 (EXES11), both considered "middle grade" — competent, yet small and still building scale.

Strengths and points of attention

• Real verticalization: in-house origination via a securitization arm provides control over due diligence and collateral, which is rare among independent asset managers of this size.
• Proven income consistency: stable distributions maintained even during default events, supported by reserves — mature cash management.
• Active credit management: the full recovery of CRA Valéria demonstrates effective collateral enforcement capabilities rather than mere talk, backed by former BTG founding partners with a robust track record.

• Chain concentration: having the manager, structurer, and securitizer under the same roof reduces independent checks-and-balances during origination.
• Materialized credit risk: Agrogalaxy, Agrosepac, and Hinove are not hypothetical — the agribusiness segment has concrete defaults in the portfolio.
• EXES11/AGRX11 cross-holding: 22% of EXES11 allocated to the firm's own Fiagro concentrates manager risk and reduces effective diversification.
• Limited scale and liquidity: small funds (a base of 2,085 unitholders in EXES11), with AGRX11 prevented from conducting follow-ons due to trading below net asset value.

Who is this investor suitable for

Éxes makes sense for the income investor seeking a premium over the CDI who tolerates private credit risk, understanding that DYs of 15–17% compensate for real risk rather than a free lunch. AGRX11 serves as the gateway for those wanting direct exposure to agribusiness credit with real collateral and a discount to net asset value; EXES11 caters to those who prefer a real estate profile better balanced by indexer, aware that it carries the embedded Fiagro. For investors prioritizing liquidity, a large unitholder base, or total aversion to defaults, both carry low weight. What to monitor going forward: the evolution of distressed operations (recoveries vs. new provisions), the execution of growth issuances without diluting portfolio quality, and the persistence of the reserves currently supporting dividends. It is a competent and transparent firm, still scaling up — the rating of 6.5 reflects solid management with caveats regarding size and concentration.