Verdict Maintained: SELL (Rating 3.5/10). The August 2026 Monthly Report confirms extreme cash flow volatility and a continued outflow of investors from the real estate fund ALMI11. Current holders should look for alternatives to plan an exit.
What Happened to ALMI11 in the August 2026 Report?
A zero distribution and a steady exodus of investors. The August 2026 Structured Monthly Report (document ID 1319264, filed on 09/14/2026) for the real estate fund ALMI11 (FII Torre Almirante) reported a dividend yield of 0.0000% for the reference month, accompanied by a negative monthly effective return of -0.0001%. The official report issued by BTG Pactual Serviços Financeiros DTVM also revealed that the unitholder base fell to 1,818 investors, continuing a persistent shrinking trend.
For retail investors tracking ALMI11's market price on platforms like Status Invest, Clube FII, and Investidor10, the filing reinforces the exact pressure points flagged in our previous analysis: high volatility in distribution cash flow and chronic illiquidity for the asset traded on the B3 under the ticker ALMI11.
Why Did ALMI11 Post a 0.00% Dividend Yield for the Month?
Due to cash-accounting volatility. The "Reference Month Dividend Yield" line in the August 2026 Structured Monthly Report shows 0.0000%. This accounting metric reflects periods when rent collections and operating expenses do not generate an immediately distributable balance on the monthly balance sheet.
This fluctuation has occurred before. In March 2026, ALMI11's distribution plunged to R$ 0.29635 per unit after holding steady in the R$ 2.5185-per-unit range in April and May 2026—figures that already represented about half of the R$ 4.80 to R$ 5.04 per unit paid out in the second half of 2025. ALMI11's monthly yield fluctuates based on the timing of rent receipts, tenant delinquency, and property maintenance costs.
Is ALMI11 Out of Cash? Where Are the Fund's Resources?
No, but the checking account is effectively empty. The August 2026 Monthly Report details that the "Available Funds" line (direct cash in checking accounts) finished the month at just R$ 105.40. However, the fund's total liquidity stands at R$ 10,290,986.78, as ALMI11 holds R$ 10,290,881.38 allocated in fixed-income funds.
The table below summarizes the asset and liquidity structure reported by administrator BTG Pactual in the August 2026 report:
| Monthly Report Item | Value in August 2026 | Details / Comparison |
|---|---|---|
| Total Net Asset Value | R$ 228,557,408.25 | R$ 228.56 million (was R$ 229 million) |
| Book Value per Unit (BV) | R$ 2,055.797586 | R$ 2,055.80 per unit |
| Total Assets | R$ 234,755,732.76 | R$ 234.76 million |
| Available Funds (Checking Account) | R$ 105.40 | Negligible immediate cash |
| Fixed-Income Investments | R$ 10,290,881.38 | Operating liquidity reserve |
| Total Units Issued | 111,177.00 | 111,177 units in the market |
| Number of Unitholders | 1,818 | Down 25 unitholders vs. May 2026 |
How Many Unitholders Did ALMI11 Lose, and Why Is the Base Continuing to Shrink?
The base has shrunk for seven consecutive months. The number of FII Torre Almirante investors declined to 1,818 retail individuals in August 2026. In May 2026, the base stood at 1,843 unitholders; in April 2026, there were 1,852; in December 2025, 1,886; and in October 2025, the fund registered 1,910 unitholders. In total, 92 unitholders left the fund between October 2025 and August 2026.
This ongoing departure of retail investors reflects the loss of the thesis's appeal. With an unstable dividend yield and daily trading volume restricted to around R$ 11,000 (or R$ 247,000 to R$ 309,000 per month), unitholders attempting to sell their units on the secondary market face low liquidity and must accept steep discounts on the B3.
Is Torre Almirante's Vacancy Rate Still at 40%?
Yes, with no new re-leasing updates. ALMI11 is a single-asset, brick-and-mortar real estate fund that holds a 40% co-ownership stake in Torre Almirante, an office building located in downtown Rio de Janeiro. The May 2026 managerial report indicated an occupancy rate of 59.56% and a vacancy rate of 40.44%—a modest improvement from the 46.8% vacancy recorded in April 2026, driven by the entry of leases from Wilson Sons and Siqueira Castro.
However, the building's vacancy profile remains structurally challenging: while the upper floors (22nd to 36th floors) are mostly occupied, the lower floors (3rd to 19th floors, spanning 17 floors) remain completely vacant. The "Reviver Centro" project, promoted by Rio's city hall, has not yet translated into a significant increase in demand for corporate floor plates in downtown Rio de Janeiro at the speed required to reverse the property's operating deficit.
Is the Price at R$ 600.00 with a 68% Discount an Opportunity or a Trap?
A classic value trap. At the close on 09/14/2026, ALMI11 traded at R$ 600.00. Compared to the book value per unit of R$ 2,055.80 (reported in the August 2026 filing), the fund trades at a P/BV of 0.2919, representing a substantial asset discount of 68%.
However, buying an FII solely based on a book value discount is a frequent mistake in the real estate fund market. The 68% discount exists for concrete fundamental reasons:
- Single-Asset and Co-Ownership Risk: The fund holds only a 40% stake in a single building, limiting its voting power in condo meetings and increasing its reliance on joint decisions with other co-owners.
- Concentrated Structural Vacancy: 17 floors in the building's lower block have been without tenants for years, generating fixed condo and property tax (IPTU) costs that consume revenue generated by the occupied floors.
- Liquidity Bottleneck: With average daily trading of just R$ 11,000, investors entering the fund cannot exit quickly without pushing down the unit price.
- Inconsistent Monthly Distributions: ALMI11's recent distribution history demonstrates high unpredictability, ranging from peaks of R$ 5.04 in late 2025 to R$ 0.29635 in March 2026 and a 0.00% yield in the monthly report.
What Is the Verdict for ALMI11 in September 2026?
The recommendation remains a SELL. Data presented in the August 2026 Structured Monthly Report confirm the fragility of ALMI11's turnaround thesis. With no relevant updates in the managerial report regarding the leasing of the 17 vacant floors, and with liquidity stuck at R$ 11,000 per day, the recommendation for retail investors remains clear:
Recommended Strategy: For those holding ALMI11 positions in their portfolios, the recommendation is to structure a gradual exit, taking advantage of higher-liquidity days on the secondary market to reallocate capital into diversified brick-and-mortar FIIs or higher-quality paper funds. For investors not currently positioned, the best path is to stay away from the asset, resisting the temptation of the 0.2919 P/BV ratio.
What to Monitor in Upcoming ALMI11 Reports?
Investors should rigorously monitor three numeric triggers in upcoming filings and managerial reports issued by administrator BTG Pactual:
- Vacancy Trends: Check whether Cushman & Wakefield can close new contracts for the vacant block of floors (3rd to 19th floors), bringing the vacancy rate below 40.44%.
- Checking Account Normalization: Track the replenishment of the available funds account (currently at R$ 105.40) and the stabilization of monthly distributions above the R$ 2.52-per-unit range.
- Unitholder Base and Liquidity: Observe whether the number of investors stabilizes above the 1,818 retail individual mark or continues on a downward trajectory.
Analysis Summary - ALMI11
Ticker: ALMI11 (CNPJ 07.122.725/0001-00)
Administrator: BTG Pactual Serviços Financeiros S/A DTVM
Verdict: SELL (Rating 3.5 / 10)
Diagnosis: Single-asset fund with 40.44% vacancy, negligible daily liquidity of R$ 11,000, unstable distributions, and a continuous loss of unitholders on the secondary market.
