(Managed by Patria Real Estate since Feb 3, 2026 — formerly RBR Asset Management)
Segment: Paper — High Grade CRI (IPCA+) · Price R$ 75.0 · P/BV 0.816 · BV/unit R$ 91.91 · Net assets R$ 1,50 Bi · 143,338 unitholders · 103 assets
RBRR11 (RBR Rendimento High Grade - FII) is a Brazilian REIT in the Paper — High Grade CRI (IPCA+) segment. (Managed by Patria Real Estate since Feb 3, 2026 — formerly RBR Asset Management)
A fund that lends to major companies and real estate projects via over a hundred property-backed securities, managed by Patria — Brazil's largest independent FII manager. Note: Patria is evaluating the consolidation of this fund with similar peers, which could alter the investment structure.
This page gathers the factual snapshot of RBRR11 in 2026: what the fund is, what it invests in, what it charges, who manages it and how it got here. Opinion, score and recommendation live in the analysis; payout calendar and projections live in dividends.
Management: Patria Real Estate (Patria Gestão de Recursos / Patria Investimentos).
Since February 3, 2026, the management of RBRR11 has been taken over by Patria Real Estate (Patria Gestão de Recursos Ltda.), following Patria's acquisition of direct control of RBR Gestão de Recursos. Patria is the largest independent REIT manager in Brazil, with R$ 38 billion in assets under management in its real estate vertical, over 30 listed real estate funds (FIIs) on B3, the Brazilian exchange, and a dedicated team of +50 professionals in the real estate vertical. Across the conglomerate, it holds +R$ 309 billion under management and 37+ years of track record in alternative investments.
The administration remains with BTG Pactual Serviços Financeiros DTVM (which also acts as registrar), serving as the stable anchor of the structure. The new management has signaled an objective agenda in its initial reports: reducing leverage in repurchase agreements, divesting from small and non-adherent operations relative to the high-grade strategy, and studying a consolidation of the IPCA+-linked high-grade funds (PCIP, VCJR, RBRR, and RPRI). The entry of a tier-one manager is the primary positive catalyst for the thesis today; the risks are the transition period and the finalization of the consolidation.
See our analysis of Patria Real Estate (Patria Gestão de Recursos / Patria Investimentos) →
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Leroy II CRI | — | 7.9% | — |
| GT - Banco do Brasil CRI | — | 7.0% | — |
| Brookfield JK IPCA CRI | — | 6.7% | — |
| Cabreúva CRI | — | 5.7% | — |
| JFL Jardim Faria Lima CRI | — | 5.1% | — |
| JK Financial Center CRI | — | 5.1% | — |
| Plano & Plano CRI | — | 4.4% | — |
| Tellus Brigadeiro II - Series II CRI | — | 3.3% | — |
| Guarulhos DC CRI | — | 3.2% | — |
| Cabreúva Series II CRI | — | 3.1% | — |
| Leo Madeiras CRI | — | 2.8% | — |
| CRI Cury | — | 2.4% | — |
| BTS Yaskawa CRI | — | 2.2% | — |
| Pátio Malzoni CRI | — | 1.6% | — |
| CRI BTLG | — | 1.4% | — |
| aMORA Series I CRI | — | 1.3% | — |
| Barueri Logistics CRI | — | 1.3% | — |
| Faria Lima Business Center CRI | — | 1.2% | — |
| Windsock CRI | — | 1.0% | — |
| Airport Town CRI | — | 0.9% | — |
HHI 0.025 — baixa.
| Breakdown | Share |
|---|---|
| By state | São Paulo (SP) 66.0% · Federal District (DF) 7.0% · Other states / diversified 27.0% |
| By index | IPCA 99.0% · IGP-M 1.0% |
Market price of R$ 82.49 (June 9, 2026, ex-distribution of R$ 0.95 as of June 11) compared to a book value per unit of R$ 93.29 (May 2026, official Structured Monthly Report data). Discount of ~12%.
last close R$ 75.0 · all-time low R$ 74.20 · high R$ 112.54 · book value per unit R$ 91.91.
To liquidate a R$ 100k position without moving the price (limit 20% of ADTV/day), it takes ~1 business day. Comfortable liquidity for retail investors and appropriate for average ticket sizes.
RBRR11 was launched in 2018 as one of RBR Asset's pioneering high-grade paper REITs, building over seven years a diversified portfolio of IPCA+-linked CRIs backed by robust real estate collateral, with net assets of R$ 1.59B and ~140 thousand unitholders.
A recent turning point occurred on February 3, 2026, when Patria assumed management following its acquisition of control over RBR Gestão de Recursos. In its first months, the new management laid out a clear agenda: reducing leverage in repo operations (from 10.6% to 3.5% of net assets), divesting small and non-adherent operations, and studying the consolidation of the group's IPCA+-linked high-grade funds. Today, the investment thesis combines a quality credit portfolio trading at a 15% discount to book value with the entry of a top-tier manager — balanced against the inherent uncertainty of a transition period.
| Period | What happened |
|---|---|
| INÍCIO | The fund commenced operations on May 2, 2018 as a high-grade paper FII managed by RBR Asset Management, focusing on CRIs with robust real estate collateral. Administered by BTG Pactual. |
| CRESCIMENTO RBR | Under RBR, the fund grew through successive offerings, expanding its unitholder base and net assets, and establishing itself as a leading benchmark for high-grade paper FIIs in the market. |
| DPS NO CICLO DE SELIC ALTA | With elevated Selic rates and volatile inflation, the distribution per unit fluctuates between R$ 0.70 and R$ 1.00/unit. Net assets exceed R$ 1.5B and the unitholder base has reached ~138k. |
| EMISSÃO — PL R$ 1,53 BI | A new offering increased issued units from 15,057,201 to 16,300,275 and net assets to R$ 1.53B (book value per unit of R$ 93.61). |
| PATRIA ASSUME A GESTÃO | On February 3, 2026, via material fact notice, Patria acquired direct control of RBR Gestão de Recursos and assumed management of RBRR11. First report under new leadership published in Feb/26. |
| REDUÇÃO DE ALAVANCAGEM + DESINVESTIMENTOS | New management reduced repo-line leverage from 10.6% (Feb) to 7.7% (Mar) and 3.5% of net assets (Apr/26), targeting zero leverage within the half-year. Divests small and non-core operations (Cone Refri, CB I Meza, Plano & Plano, Wimo) and reduces exposure to Pátio Malzoni and Bem Brasil. |
| PL R$ 1,59 BI | March/26 monthly report reports net assets of R$ 1.588B, book value per unit of R$ 97.47, and 137,782 unitholders, with 102% of net assets allocated to target assets. |
| DPS R$ 0,90 + PLANO DE CONSOLIDAÇÃO | Distributable earnings of R$ 1.01/unit (including extraordinary gains from the HDEL CRI redemption and sales), with a DPU of R$ 0.90 paid on May 19, 2026. Patria announces a study to consolidate its high-grade IPCA+ funds (PCIP/VCJR/RBRR/RPRI), intending to call a unitholder meeting during the half-year. |
| ATUAL (DATA ANÁLISE) | Unit price R$ 83.27 (June 1, 2026), P/BV 0.85 (based on Mar/26 book value) or 0.89 (based on Apr/26 MTM book value of R$ 93.63). 12m DY ~11.9%. ADTV R$ 4.1M/day. |