The uncomfortable question first: why does an IFI restricted to a qualified investor rise from grade — from 6.8 to 7.0 — precisely at a time when the stock market catches up and pessimism dominates variable income? The answer is that, in the RZZR11, what improved was not the mood of the market: it was the background itself. Since the last analysis (Nov/2025), four concrete things have changed. A ZF Log Ship 2 in Itajaí (SC) was delivered on deadline, taking the portfolio from 10 to 11 properties and 188.527 m2. O DPS has risen to R$ 1,225 (high 5,33% in 2025). A liquidity has gone up, of measly ~R$ 40 thousand/day for R$ 1,1 million per month of average volume. And the concentration in Aurora dropped from 44% to 21%. . It's not narrative — it's physical delivery, contract, and cash flow.
The RZZR11 (Raizz Logistics Income) is a logistic brick background with niche thesis: cold chain (cold chain) and contracts Long-term atypical BTS. . Refrigerated and refrigerated sheds, custom-built for tenants of weight — JBS/Seara, Aurora, EmergentCold — with long periods, heavy fines and contractual adjustment. It is the kind of asset that delivers predictability of rent, but was penalized by a structural weakness: no one could buy or sell easily. That Achilles' heel started to crack.
What changed in the wallet
The most concrete change came from concrete. A Itajaí (SC) CD ZF Log Ship 2 It was delivered on schedule. With this, the asset becomes the largest of the fund: adding Ship 1 + Ship 2, are 54.302 m2 of dry shed, contract BTS 15 years and responsibility for Revenue 25% For rent from the fund. It is an equity value of about R$ 235 million — and delivery on time is the type of execution that differentiates competent management from prospect promise.
The second movement was diversification. In the previous analysis, the Aurora responded by 44% of the recipe — a concentration which alone justified a risk discount. With the entrance of Ship 2 and the growth of heritage, this slice dropped to 21%. . The fund was no longer, in practice, an "Aurora fund with some attachments" and became a revenue base actually distributed among four major tenants: ZF Log (25%), Aurora (21%), EmergentCold (20%) and Seara/JBS (15%).
It is worth recording a detail that confuses those who follow from outside: a COMFRY has been renamed EmergentCold, after being acquired by an American group in the refrigerated storage sector. It is the same physical tenant on Lucas's CDs of Rio Verde and Cuiabá (MT) — changed the name and controller, not the contract or the shed. The exchange even improves the credit profile of the tenant, now within an international capitalized group.
In the aggregate: net worth grew about 18%, from R$ 826 million to R$ 979 million, the number of unit holders rose from 449 to 524, and the fund follows with no leverage (LTV 0%) — there is no debt eroding the cash or risk of call of capital by Covenant. The rate of administration of 0,25% per year it remains one of the lowest of the logistics segment, which preserves most of the rent for the unit.
| Property | Local | Type | Area | %receive |
|---|---|---|---|---|
| CD ZF Log (Nave 1+2) | Itajaí/SC | Dry | 54.302 m2 | 25% |
| Aurora CD | Aruja/SP | Refrigerated | 23.426 m2 | 21% |
| CD EmergentCold | Lucas do Rio Verde/MT | Refrigerated | 24.705 m2 | 12% |
| Seara CD | Ribeirão das Neves/MG | Cooled | 10.808 m2 | 10% |
| CD EmergentCold | Cuiabá/MT | Refrigerated | 21.685 m2 | 8% |
| Extrafruti CD | Viana/ES | Refrigerated | 17.608 m2 | 8% |
| Seara CD | Vitória da Conquista/BA | Cooled | 5.698 m2 | 5% |
| CD Trèves do Brasil | Four Bars/PR | Dry | 8.294 m2 | 4% |
| Cold CD | Count/PB | Dry | 10.981 m2 | 3% |
| Luft CD | Querencia/MT | Dry | 11.047 m2 | 3% |
The highlight of asset valuation goes to the CD Seara in Ribeirão das Neves (MG), refrigerated, which appeared with +20,4% revaluation in the period — reflection of the premium that cold chain assets in strategic location have been capturing.
Growing DPS: the history of 2025
Whoever invests in brick FII wants to see the rent rising over time, and the RZZR11 delivered exactly that in 2025: unit yield came out of R$ 1,163 in January to R$ 1,225 in December, an advance of 5,33% in the year. . It was not an isolated leap — it was a ladder, month by month, sustained by contractual adjustment and maturation of atypical contracts.
| Month (2025) | DPS (R$/unit) |
|---|---|
| January | 1,163 |
| February | 1,163 |
| March | 1,177 |
| April | 1,185 |
| May | 1,185 |
| June | 1,195 |
| July | 1,195 |
| August | 1,205 |
| September | 1,205 |
| October | 1,205 |
| November | 1,205 |
| December | 1,225 |
The projection to 2026 is of continuity of the ascending trajectory. With Ship 2 already operating and generating full rent, atypical 100% contracts with readjustment and zero vacancy, the R$ 1,225 floor tends to be sustained and pressed upwards by the next contractual adjustments. About the quotation of R$ 132,10, this DPS already delivers one Annualized 11,13% DY — competitive level for a brick bottom with predictable and undebted revenue.
Liquidity: from R$ 40k/day to R$ 1,1 MM/month
This is the point that changes the thesis most in practice. In the November analysis, liquidity was the verdict of the fine letter: with a volume of about R$ 40 thousand per day, assemble or disassemble a relevant position could mess with the price and lock the exit. A good bottom on the foundation, but where you could get stuck.
The painting's turned. O average volume of the last 12 months jumped to R$ 1,1 million per month — an order of grandeur above what it was. It does not transform RZZR11 into a high-liquid retail fund (it is still qualified), but removes the asset from the "liquid trap" zone. For those who invest thinking in years, with gradual contributions, the entrance and exit window became much more breathable.
Here is worth the honest trade-off: liquidity still no it is the strong of the thesis, and part of the discount of 25% in the P/VP (0.75x) reflects precisely this. The investor is being paid — via two-digit discount and two-digit DY — to accept a qualified asset, with better liquidity but still far from the large retail logistics. It's a shrinking illiquid prize, not disappearing. Those who understand this mechanism see opportunity where those who need immediate exit see risk.
Verdict: footnote 7.0 — ACUMULAR
The relative note has risen from 6.8 to 7.0 (ACUMULAR), and the absolute note is in 7.4 (COMPANY). . The movement is consistent with what has changed in the background: Ship 2 delivered in time (execution), Growing DPS (R$ 1,225, +5,33% in the year), concentration in Aurora cut from 44% to 21% (minor risk), multiplied liquidity (from R$ 40 thousand/day to R$ 1,1 MM/month) and equity +18% without using a single leverage once.
The delivery set: WAULT of 8,8 years, 100% of atypical contracts BTS, zero vacancy, administration rate of 0,25% a.a. and P/VP of 0.75x — that is, buying R$ 1,00 of equity by R$ 0,75, with 11,13% DY. For the qualified investor with long horizon that values predictability of rent in cold chain, it is a case of gradual accumulation Enjoying the discount, not the timing bet. What holds the note at 7.0 (not above) is liquidity that has improved but still limited, and the public ceiling restricted to qualified.
Important restriction — Qualified Investor Fund: RZZR11 is intended for qualified investors (as a rule, equity in financial applications above R$ 1 million, or equivalent certification). If you do not fit this profile, this fund is not available for your purchase, however attractive the numbers are. This restriction is also the reason that liquidity is structurally lower than that of retail logistics FIIs: the universe of buyers is limited by law. Evaluate your eligibility and your exit horizon before any decision — this content is informative and is not an investment recommendation.
