What you need to know: in 16/06/2026, the fund today called RBRX11 (renamed from RBR Plus to RBR Plus) Patria Plus Multistrategia Real Estate Multistrategia Real Estate) sold its entire position at RBR Malls for the PMLL11 It can be. R$ ZQXX0ZQQXX. Received in return 3,282,741 quotes from PMLL11 at R$ 117.28 each. The most opaque asset of the wallet — a shopping mall background private private private private mil private private private private private private private mil private private private private private private private private private mil private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private Private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private Private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private, without daily quote — has become a listed position that anyone follows in the home broker.
What happened, in plain language?
The RBRX11 is a background. Multi-strategy strategy — it does not only have one type of asset, mix CRIs (real estate credit securities), shares of other FIIs and participations in projects. Until last week, one of those participations was o. RBR Shopping Malls, a collection of high standard shopping malls (Pátio Higienópolis, Eldorado and Plaza Sul, in São Paulo).).
The problem of RBR Malls was never the quality of the malls — they were excellent. The problem was A. Liquidez liquidez. Because it is a fund. private private private private mil private private private private private private private mil private private private private private private private private private mil private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private Private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private Private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private (closed, without trading on the stock exchange), he had no daily public quotation. Its value on the RBRX11 balance sheet was one. Marking Accounting Bookkeeping: a number estimated by reports and evaluations, not a market price validated by actual buyers and sellers. In February of 2026, this marking was approximately. R$ 213 millions 213 millions.
In 16/06/2026, the management made the outcome: sold out. 100% of that position for the PMLL11, the listed shopping malls of the Motherland itself, by R$ ZQXX0ZQQXX. The payment was not in cash — it was in odds: the RBRX11 received it. PMLL11X units of PMLL11X, valued at R$ 117.28 each. In practice, it exchanged an asset that no one could see listed for an asset that is listed every day on the B3.
Was it good business?
Looking at the numbers, yes — and for two distinct reasons.
The first is the first. Price Price. The position was marked at ~R$ 213 Mi in February and went out for R$ 384.9 Mi. The difference, from about approximately R$ 172 millions 172 millions, is an expressive equity gain: the asset was worth, in the transaction, much more than the balance sheet said. This suggests that the previous markup was conservative — or that shopping malls valued themselves — and that management managed to crystallize that value instead of leaving it trapped in a report.
The second, and perhaps most important for those who invest, is the one that invests. I Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label Label I I I I I I I I I I I I I I I I I I I I I I I I I. Before, 27% of what would turn the wallet was on an asset whose valuation depended on subjective criteria — you needed to trust the report. Now, that same slice is in PMLL11, whose price is marked by the market every day. O O O The biggest historical risk pointed out by analysts — the opaque marking of an illiquid asset — simply ceased to exist.. If you want to know how much the highest position on RBRX11 is worth today, just look at the quote of PMLL11.
Beware of reading "Ganho de R$ 172 Mi". That number that number. Nobody's account falls on anyone's account. It does not turn into an extraordinary automatic dividend. The patrimonial gain remains in the patrimony of the fund heritage — raises (or sustains) the equity value per share (VP / unit of R$ 9.76) and improves the asset base. What drips into the pocket of the unitholder continues to be the one. Recurring result recurring result: the interest of the CRIs, the dividends of the FIIs in portfolio and, now, what the PMLL11 distributes. Heritage and income are different things.
What changes for the dividend and the cashier?
In the short term, Little is little.. The DPS (dividend per share) follows in R$ 0.09 per month per month — that was the value of the competence of May, paid in 23/06/2026, repeating March and April. The forecast for July (announcement estimated around 15/07) is to keep the same R$ 0.09. About the price of R$ 8.13, this is equivalent to one. Yield dividend yield of ~13.1% per annum, sustained by the yield of loading yield (what the portfolio actually yields, month to month) of 9.6% plus the real interest of CRIs (IPCA+ 10.2% on average).).
The reserve of results — the “mattress” that the fund keeps to soften weak months — is estimated in R$ 0.05 to R$ 0.06 per quote, what covers about about, what covers about, 3 months months Distribution in the current plateau. It is a thinner mattress than in April (when the management report quoted ~R$ 0.07 / unit), and therefore deserves follow-up: it gives breath, but it is not infinite.
| Indica Indica Indica/ Indica Indica Indica/ Indica Indica Indica Indica | valor valor valor | theobservobserv |
|---|---|---|
| DPS monthly | R$ ZQXX0ZQQXX | Stable (Tue, Apr, May/26) |
| ~R$ ZQX0ZQQX–ZQXX1ZQXXX | Copper ~3 months months | |
| Yield of loading Yield of loading | 9,6% | Appellant of the portfolio |
| Duration of the CRIsX | 3.3 years years | IPCA+ 10.2% Medium Average |
| LTV | 0% | bottom without leverage bottom without leverage |
The big open doubt is is. how much the PMLL11 will distribute to the RBRX11X. Since RBRX now owns 3.28 millions of shares of PMLL, it receives monthly income from this shopping mall fund. If the PMLL distributes consistently, this reinforces the load of the RBRX. However, it is not yet known whether the management will go. Maintaining This position of 27% indefinitely or indefinitely. reduce it gradually reduce it gradually — selling shares on the market to recycle capital in CRIs or to buy back from the share itself (which trades at a discount). This decision will shape the income profile of the coming quarters.
The PMLL11 in the wallet: the new larger position
With the conversion, PMLL11 becomes the a on its own. The highest position of the bottom: 27% of net worth net worth: 27% (R$ 385 Mi).). The post wallet 16/06 looks like this:
| Class of active class | ZQX0ZQQX % of PLX % of PL |
|---|---|
| CRIs (47 papers) | 36,1% |
| Other FIIs (RBRL11, RBRK11, RDCI11.)) | ~31% |
| PMLL11 (ex-RBR Malls) | 27% |
| SPE / real estate for sale | 3,5% |
| Caixa Caixa Caixa Caixa Caixa / Se / securities securities | 2,4% |
Here appears a curious feature: the o Double Discount Double Discount. The RBRX11 now already trades with P/VP of 0.83 — that is, the quote costs R$ 8.13 while the equity value is R$ 9.76, a discount of ~15%. (ZQX6ZQQX is the ratio between the market price and the equity value.) also trades discounted against the VPX itself.. You are buying, with discount, a fund that in turn carries purchased assets with discount. For the value investor, it is a point in favor; for those who want certainty, it is a reminder that the whole market prices shopping malls and credit cautiously at this time.
Which still worries still.
The sale of RBR Malls solved the greatest risk, but did not zero attention list:
- Management fee rises in set/2026. Today the fund pays 0.80% per year, a grace granted after the incorporation of RBRF11. Starting in September, the rate returns to the standard of 1% per year per year — an additional expenditure of ~R$ 2.9 million/year. It is the main turning point of the second semester: everything more constant, this slightly presses the distributable result.
- Reserva mais fina. The ~R$ 0.05–0.06/mattress unit covers only a few 3 months. It is not alarming, but reduces the room for manoeuvre if any CRI delay.
- CRI Tarjab Altino on Watchlist. Represents ~0.7% of PL. Payments (PMTs) are afulfilling, but the paper follows in monitoring — it’s the kind of small exposure that doesn’t bring down the bottom, but needs to be tracked.
- The PMLL11 also has price risk. Exchange subjective tagging for stock quote eliminates opacity, but adds Volatility Volatility: now, if the PMLL falls on the B3, it appears in the real-time heritage of the RBRX. It is the fair price of transparency.
Context: how the fund got here
Remember the speed of change. Em Em Dez/2025XX, the incorporation of RBRF11 multiplied the fund by five — the PL jumped from ~R$ 284 Mi to R$ 1.41 Bi and the number of quotes jumped from 10.7 thousand to 115.8 thousand (today they are 126,599). Em Em Feb/2026X, Patria Investments bought RBR Asset and took over management — Patria Real Estate carries R$ 38 Bi into RBR Asset Real estate real estate under management and note 8 (TOP-3) in our management evaluation. The rename to "Patria Plus" in June closes this brand transition. The sale of RBR Malls is, to a large extent, the new management clearing the most complex inherited asset.
Verdict Verdict
MANTER — note 6.4XX (It went up from 6.1 before the sale of RBR Malls).
16/06 operation did what needed to be done: eliminated the greatest historical risk of the fund — an illiquid asset, private private private private mil private private private private private private private mil private private private private private private private private private mil private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private Private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private Private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private private and subjective marking — converting it to a listed and transparent position, with a gain of ~R$ 172 Mi over the balance sheet value. The dividend remains stable at R$ 0.09/month (DY ~13.1%), and at R$ 0.09/month (DY ~13.1%), and the dividend remains stable at R$ 0.09/month. Double Discount Double Discount (P/VP 0.83 on RBRX + PMLL11 also discounted) creates a margin of security for the value investor.
The inflection point to watch is is September/2026X, when the management fee returns to 1% and presses the result. The finest reservation (~3 months) and the CRI in Watchlist complete the attention list. For a moderate investor, it makes sense how. position satellite (3% to portfolio 7%) position satellite (3% to portfolio 7%), with horizon from 12 to 18 months — time for discount thesis and recycled portfolio to mature.
Reference data: quote R$ 26/06/2026; PL R$ 1.43 Bi; 126,599 quotes; VP/unit R$ 9.76. This content is for informational purposes only and does not constitute a recommendation to buy or sell. Make your own analysis.
