What Happened to PATL11?
The PATL11 real estate fund is in the final stages of liquidation after selling all of its assets to HGLG11 for R$ 354.9 million. The transaction, approved by unitholders in December 2025 and completed on May 4, 2026, marked the end of operational activities for the logistics fund managed by Pátria-VBI Asset Management.
Following the delivery of HGLG11 units on July 3, 2026, and a cash payment of R$ 7.26 per unit on July 7, 2026, PATL11 became a legal and financial shell. What remains on the fund's balance sheet is simply a cash and government-bond balance earmarked to cover final liquidation expenses, management fees, and a minimum guaranteed income (RMG) owed to the buyer of the properties.
The most recent document, the August 2026 Monthly Report (released on September 14, 2026), shows that the fund's net asset value has shrunk to R$ 3,887,731.46 (roughly R$ 3.9 million). This equals exactly R$ 0.778865 per unit (rounded to R$ 0.78), representing the residual balance investors are still owed in the final capital amortization.
What Is PATL11 Trading at Today?
PATL11 units no longer trade on the stock exchange, having recorded their final closing price at R$ 64.15 on September 11, 2026. Trading on the B3 permanently ceased on May 11, 2026, shortly after the property sale was finalized.
The R$ 64.15 closing price reflects the market value the units held prior to the large July 2026 amortization. At that time, unitholders received most of their capital back in the form of HGLG11 units and a cash portion. Consequently, the historical stock ticker price does not represent the fund's current value, which is now limited to a net asset value of R$ 0.78 per unit.
Investors checking financial platforms who see a P/BV ratio reflecting a 5% discount to the previous post-sale net asset value of R$ 68.10 must note that this picture has changed drastically. The actual net asset value per unit, updated in the August 2026 report, is R$ 0.78, reflecting the near-total departure of the fund's cash resources.
Caution: Do not attempt to buy or sell PATL11 units. The fund has been delisted since May 2026. Any liquidation steps occur automatically directly through your brokerage account.
Why Did PATL11's Net Asset Value Drop to R$ 3.9 Million?
PATL11's net asset value shrank to R$ 3,887,731.46 (about R$ 3.9 million) because most of the proceeds were already distributed to unitholders in the major July 2026 amortization. Prior to that distribution, the unit's net asset value was R$ 68.10 (according to the May 2026 report), reflecting the amount received from the sale of the logistics warehouses.
In August 2026, the fund posted a negative monthly return of -9.2786% (rounded to -9.28%). This drop in net asset value stems not from operational losses on properties, as the fund no longer holds any physical assets in its portfolio, but rather from the natural consumption of cash to cover administrative expenses, custody fees, and liquidation reserves.
PATL11's asset breakdown for August 2026 shows where the remaining money is held:
The difference between total assets of R$ 4,876,995.25 and net assets of R$ 3,887,731.46 represents the fund's provisioned obligations, which total R$ 989,263.79. This liability is maintained to cover the costs of keeping the legal structure running until the tax registration (CNPJ) is formally canceled.
Does PATL11 Still Pay Monthly Dividends?
No, PATL11 has not paid recurring monthly dividends since it wound down operations and delivered HGLG11 units to investors. Distribution history shows the fund regularly paid R$ 0.57 per unit from 2021 through April 2026, funded by rents collected from tenants such as BRF (Brasil Foods) and Groupe SEB across warehouses in Rio de Janeiro, Minas Gerais, and São Paulo.
In May 2026, monthly dividends dropped to zero following the completion of the property sale. In June 2026, the fund declared an extraordinary distribution of R$ 7.26 per unit, paid on July 7, 2026, representing the cash portion of the asset amortization.
The monthly return distributed in August 2026 was 0%, and no further rental dividend payments are expected. The only remaining cash flow for the 33,546 active unitholders is the final payout of the R$ 0.78 per unit balance, which will occur via a capital amortization rather than as tax-exempt income.
What Is the Income Tax Withholding That Alarmed Unitholders?
A tax withholding of up to 73.05% on the R$ 7.26 per unit cash portion caught investors off guard if they had not reported their average acquisition cost to the administrator, Vórtx, by June 11, 2026. This move sparked strong reactions across the PATL11 unitholder community.
Because the fund is being liquidated, Brazil's federal tax authority requires capital gains to be calculated on the amortization. For unitholders who missed the deadline to submit their average cost, the administrator was legally required to take a conservative approach, using PATL11's lowest historical stock exchange price (R$ 39.81) as the assumed acquisition cost.
The withholding calculation worked as follows:
| Calculation Item | Value per Unit |
|---|---|
| Total Amortization Value (Cash + HGLG Units) | R$ 66.33 |
| Assumed Acquisition Cost (Lowest Historical Price) | R$ 39.81 |
| Assumed Profit Calculated | R$ 26.52 |
| Income Tax Withheld (20% on Assumed Profit) | R$ 5.30 |
| Portion Received Effectively in Cash | R$ 7.26 |
| Impact of Withholding on Cash Received | 73.05% |
Unitholders who reported the correct average price avoided this punitive withholding. For those who had tax improperly withheld despite submitting their information on time, the recommendation is to contact Vórtx DTVM's Investor Relations department directly to request a correction.
When Will PATL11's Final Amortization Take Place?
PATL11's final amortization is expected around November 2026, following the expiration of the six-month income guarantee owed to HGLG11. This guarantee requires PATL11 to disburse roughly R$ 372,000 per month to the buying fund to offset potential vacancies or contract discrepancies in the sold warehouses.
This monthly cash outflow of R$ 372,000 was already built into management's schedule and fully provisioned on the fund's balance sheet, serving as the main reason for maintaining the R$ 3.9 million balance in highly liquid government bonds. Once the 6-month guarantee period concludes (measured from May 2026), the manager, Pátria-VBI, and administrator, Vórtx, will calculate the remaining cash.
Any balance left over after paying all legal obligations and fund wind-down expenses will be distributed proportionally to unitholders. Based on the August 2026 balance sheet, the maximum estimated payout for this final return is R$ 0.78 per unit, subject to minor downward adjustments as monthly fund maintenance expenses are drawn down through November.
Is It Still Worth Holding PATL11 in Your Portfolio?
Buying or selling PATL11 units is no longer possible, leaving the current 33,546 unitholders with little to do aside from waiting to receive the residual balance of R$ 0.78 per unit. The fund is no longer a traditional bricks-and-mortar investment and has been reduced to a bureaucratic winding-down process.
For investors who bought units at the IPO price of R$ 100.00, the outcome of the thesis resulted in an accumulated nominal loss, even when adding up all the monthly dividends of R$ 0.57 distributed over the years. On the other hand, investors who participated in the arbitrage during the final stretch managed to convert their positions into HGLG11 units (using an acquisition cost basis of R$ 151.55 per unit for tax reporting purposes, compared to the R$ 166.58 issuance price).
The verdict for any investor still holding the PATL11 ticker is Neutral with High Risk, focused entirely on monitoring the final liquidation in November 2026 and ensuring tax data is correct to avoid issues with federal tax authorities.
Rico aos Poucos Verdict
Wait for the Final Amortization (~Nov 2026): PATL11 is dead as an investment thesis. The unitholder's focus is now purely tax and operational. Monitor the receipt of the R$ 0.78 per unit balance and keep Vórtx's income statements for your annual tax return, especially if you faced tax withholding in July.
