Context: Where did the ARRI11
Established in November 2018 as Atrio REIT, the fund went through restructuring under CVM 175 in December 2023 and operates today as Open K Real Estate Assets and Receivables, managed by Open Kapital. With IPO in October 2019 and reclassification to "Papel — Hybrid" in December 2024, the ARRI11 focuses on high-yield CRIs with high load and tactical allocation in other FIIs. Since the listing, it accumulates profitability of 94% — against CDI's 74% in the same period. A small fund (R$ 175 Mi PL, ~23.700 unit holders) that positions itself as an income alternative above the CDI for those who accept credit risk.
Current photo: December/2025
IR-free CDI 133% — how does ARRI11 deliver this?
ARRI11 is a real estate credit fund of high-yield category — seeking above-average returns assuming higher credit risk. The portfolio of 21 CRIs carries average acquisition rate of IPCA+11,60% indexed to inflation and CDI+4,98% in post-fixed, generating yield equivalent to 133% of the raw CDI in december 2025. For the physical person, this income is exempt from Income Tax — which increases the competitive advantage against CBDs and taxed debentures.
The composition of the portfolio is direct: 79,7% in CRIs, 18,3% in FIIs and FIDCs, and 2% in box. In indexing, 81,2% is linked to IPCA and 18,8% to CDI — a portfolio that double benefits from high inflation scenarios. Sector diversification covers incorporation (37,4%), allotment (27,1%), corporate (15,9%), logistics (10,3%) and hospitality (9,2%), distributed in 8 states, with concentration in São Paulo (36,9%) and Rio de Janeiro (29,4%).
The dividend of R$ 0,09/unit has been stable for more than 24 consecutive months. For those who buy in the current R$ 6,80, quotation this represents monthly DY of 1,31% and annualized of 16,96%. . It is one of the highest yields in the receiving segment — but, as we shall see, this prize has a price.
DRE 2025: the result that sustains the dividend
| Metric | 1S 2025 | 2S 2025 | Year 2025 |
|---|---|---|---|
| Gross Result | R$ 12,74 Mi | R$ 12,81 Mi | R$ 25,56 Mi |
| Expenditure | - R$ 1,27 Mi | - R$ 1,74 Mi | - R$ 3,00 Mi |
| Net Result | R$ 11,48 Mi | R$ 11,08 Mi | R$ 22,56 Mi |
| Result/unit | — | — | ~R$ 1,09 |
The net result of 2025 totaled R$ 22,56 million, an advance of +121% over the R$ 10,2 millions of 2024. By unit, the result jumped from R$ 0,49 (2024) to ~R$ 1,09 (2025), even exceeding the level of R$ 0,95 registered in 2023. The main source of revenue is CRI interest (R$ 15,4 Mi in the year), complemented by capital gains in asset trading (R$ 7,3 Mi) and FIIs income (R$ 1,0 Mi).
Attention: distribution to the result
The total distribution of 2025 (R$ 0,09 × 12 months × 20,73 million units In the second semester, the fund distributed 100% of the financial result — no time off to accumulate reserves or increase the dividend. The sustainability of the distribution of R$ 0,09/month depends directly on the maintenance of capital gains, which varied from zero in some months to R$ 1,47 Mi in others. This component is volatile by nature.
The 3 risks you need to know
CRI Ipatinga: default for almost 4 years
CRI Ipatinga (IPCA+10% rate, allotment sector) has been incomplete since July 2022. . The market-marked balance in December/2025 is R$ 2,02 million (1,17% PL). Guarantees include pawn of lots and endorsement of the partners, with legal proceedings in progress. The impact on the PL is limited, but the prolonged default — almost 4 years without resolution — raises legitimate questioning about the ability to execute guarantees in high-yield operations of this size.
PwC maintains reservations about Diamond FIDC
PricewaterhouseCoopers maintained a strong opinion in the financial statements of 2024 on the FIDC Diamond (R$ 5,98 Mi 3,45% PL). Reason: absence of audited financial statements from the FIDC, preventing conclusion on the adequacy of the balance. An auditor's caveat does not mean fraud — but signals that there is almost R$ 6 million in the balance sheet of the fund whose validity PwC could not confirm. It's money that could be there or it might not be.
8th Issue: the market voted with the pocket
The 8th issue, approved in November 2024, intended to capture until R$ 70 million (8,25 million new units to R$ 8,48). Result: ZQX0ZX membership only — R$ 9,45 million received from R$ 70 million sought. The subscription period was extended until May/2025. Low adherence may reflect both the adverse macro scenario (Selic at high) and market-specific caution with the risk profile of the fund.
84% in high yield: the portfolio inside
Of the 21 portfolio CRIs, 84,1% are classified as high yield, 15,6% as middle grid and only 0,4% as high grid. This extreme concentration explains the attractive load of IPCA+11,60% — there is no free lunch in the real estate credit market.
| CRI | Sector | Rate | % PL |
|---|---|---|---|
| Rapous | Incorporation | IPCA+12,00% | 7,53% |
| Sante | Hotels | IPCA+12,68% | 7,46% |
| Ship I | Logistics | CDI+4,50% | 6,65% |
| Rapouse II | Incorporation | CDI+6,00% | 6,57% |
| Itaboraí | Allocation | IPCA+13,50% | 6,53% |
| For Lots II | Allocation | IPCA+12,00% | 6,07% |
| Five Senses SR | Incorporation | IPCA+13,00% | 5,98% |
The 7 largest CRIs concentrate ~47% PL, with rates between IPCA+12% and IPCA+13,50%. Geographical diversification in 8 states and 5 sectors mitigates regional concentration risk, but does not eliminate the credit risk inherent in smaller debtors. In addition to CRIs, the most relevant position is at the bottom AROK (PL 11,89%), followed by FIDC Diamond (3,45%), RECD11 (1,43%) and other minor FIIs — totaling 18,3% of the PL in tactical allocation.
What the fund manager expects from 2026
"The beginning of monetary relaxation is expected from the first quarter of 2026 and, in our projections, the rate would reach 12% in December 2026."
The fund manager closed 2025 highlighting economic resilience — employment in 5,2% (less than the historical series), GDP projected above 2%, IPCA within the target. The projection of Selic falling from 15% to 12% until December 2026 favors the ARRI11 in two ways: it reduces the cost of capital of the debtors (less pressure on default) and makes the yield free of 133% of the CDI even more competitive against the taxed fixed income, which will have its absolute return reduced.
In December, the ARRI11 rose +4,74%, surpassing IFIX (+3,14%). Even with the rally, it follows negotiated to only 81% of the equity value. For VP to converge, it would be necessary to high ~23% in unit — plausible scenario if Selic actually backs down and credit quality remains.
. What supports the thesis
Cumulative income of 94% since IPO (vs CDI 74%). Stable division of R$ 0,09/month for 24+ months. Net result 2025 in R$ 22,56 Mi (+121% vs 2024). Result by unit of ~R$ 1,09 — the largest in 3 years. IPCA+11,60% load with monetary loosening projection. P/VP of 0,81 with safety margin. Total estimated competitive rate (~0,94% a.a.).
Price range and time of decision
Rational price range
? Verdict
The ARRI11 delivers what it promises: income above the IR-free CDI. . The question is not whether the current yield is good — CDI 133% and 16% DY speak for themselves. The question is whether a high-yield 84% portfolio, a default CRI for almost four years, and an auditor's reservation about 3,45% of the PL manages to sustain this level without any surprise. The distribution attached to the financial result — without accumulated reserve — means that any stumbling block in capital gains presses the dividend. The thesis works while the debtors pay. And for now, their 98,8% pay.
For those who make sense: moderate to bold investors, with a focus on high monthly income and high-yield credit risk tolerance. · Who should avoid: conservatives, who requires clean audit, or investors who do not monitor medium-sized funds with PL ZQX0ZXM.
