[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"documento:BTHF11:1885":3,"seo:\u002Fdetalhes\u002FBTHF11\u002Fdocumentos\u002F1885":16,"fii-documento:BTHF11":97},{"id":4,"descricao":5,"assunto":6,"tipo":7,"situacao":8,"texto":9,"link_pdf":10,"estruturado":11,"link_original":12,"data_referencia":13,"data_entrega":14,"versao":15},1885,"(BTHF) Relatório Gerencial - 30\u002F06\u002F2026","Relatório Gerencial","Relatórios","(Ativo)","\u003Ch3>FII BTG Pactual Real Estate Hedge Fund\u003C\u002Fh3>\u003Cp>BTHF11\u003C\u002Fp>\u003Cp>Relatório Mensal\u003C\u002Fp>\u003Cp>Junho 2026\u003C\u002Fp>\u003Ch2>Informações Gerais\u003C\u002Fh2>\u003Ch3>Objetivo\u003C\u002Fh3>\u003Cp>O BTHF é um fundo imobiliário destinado ao público geral, negociado em bolsa, com um mandato que visa transitar entre carteiras de renda fixa e renda variável em produtos imobiliários, com uma carteira diversificada e previsibilidade de renda. Seu objetivo é proteger o patrimônio dos cotistas em períodos de maior volatilidade, ao mesmo tempo em que busca aproveitar ciclos favoráveis para destravar capital e gerar valor.\u003C\u002Fp>\u003Ch3>Comentário do Gestor\u003C\u002Fh3>\u003Cp>MERCADO: No Brasil, a atividade seguiu resistente e o IPCA-15 de junho, embora abaixo da mediana, levou a inflação acumulada em 12 meses a 4,80%, com bens e serviços ainda pressionados. O câmbio passou a representar risco adicional, com a projeção para o dólar revisada de R$4,90 para R$5,40 ao fim de 2026, refletindo o ambiente externo menos favorável para emergentes. Com expectativas de inflação em elevação (Focus 2027 em 4,2% e 2028 em 3,7%) a visão base consolidou manutenção da Selic em 14,25% até o fim do ano, encerrando o ciclo de cortes.\u003C\u002Fp>\u003Cp>RESULTADO: No mês, o BTHF11 apresentou um resultado de R$ 0,095 por cota, com destaque para a linha de resultado com operações em FIIs, que abordaremos especificamente nesse relatório. Mantivemos a distribuição para R$ 0,101 por cota, seguindo o guidance de distribuição anunciado para esse semestre e anunciando o guidance para o 2S26 também no intervalo de R$ 0,100 a R$ 0,105 por cota. O retorno total em 12m foi de 18%, frente aos 12% do IFIX.\u003C\u002Fp>\u003Cp>MOVIMENTAÇÃO: No mês de março, realizamos R$ 140 milhões em operações no mercado secundário, utilizando R$ 9,9 milhões de caixa. O destaque ficou com o encerramento da operação estruturada no Shopping Pátio Maceió, com TIR de 20,07% a.a, conforme detalhado na pg. 4 deste relatório. No lado da carteira de CRIs, alocamos R$ 10 mm no CRI Amazon a IPCA + 8,7% a.a, dívida cedida a um devedor AAA num ativo no premium do raio 30km de SP.\u003C\u002Fp>\u003Cp>CARTEIRA: O Fundo encerrou o mês com 42% em FIIs tijolo, 20% em FIIs de papel, 20% em CRIs, 16% em Caixa , 1% em Ativos Reais e 1% em Ações.\u003C\u002Fp>\u003Ch3>Principais Indicadores\u003C\u002Fh3>\u003Cp>VALOR DE MERCADO R$ 1,900 bilhões\u003C\u002Fp>\u003Cp>COTA MERCADO\u003C\u002Fp>\u003Cp>R$ 9,23 por cota\u003C\u002Fp>\u003Cp>VALOR PATRIMONIAL\u003Csup>1\u003C\u002Fsup> R$ 2,053 bilhões\u003C\u002Fp>\u003Cp>COTA PATRIMONIAL\u003Csup>1\u003C\u002Fsup> R$ 9,97 por cota\u003C\u002Fp>\u003Cp>DIVIDEND YIELD\u003Csup>1\u003C\u002Fsup> 13,13%\u003C\u002Fp>\u003Cp>RENDIMENTO MENSAL R$ 0,101 por cota\u003C\u002Fp>\u003Cp>COTISTAS 316.633\u003C\u002Fp>\u003Cp>ADTV\u003Csup>1\u003C\u002Fsup> R$ 3,76 milhões\u003C\u002Fp>\u003Cp>RETORNO 12m- BTHF vs IFIX 18% vs 12%\u003C\u002Fp>\u003Cp>PREÇO\u002FVALOR PATRIMONIAL 0,93x\u003C\u002Fp>\u003Cp>No cenário internacional, junho foi marcado pelo acordo firmado entre Estados Unidos e Irã, que ajudou a manter a trégua no conflito e permitiu a reabertura do Estreito de Ormuz. Com isso, o transporte de petróleo pela região voltou a crescer, embora ainda abaixo do nível anterior ao conflito. Esse movimento reduziu parte da alta recente do petróleo, mas os preços ainda seguem acima dos níveis observados no início do ano, diante das incertezas sobre a implementação do acordo e do risco de nova piora no quadro.\u003C\u002Fp>\u003Cp>Nos Estados Unidos, a inflação continuou elevada em maio, com o PCE em 4,1% em 12 meses, ainda com pressão em vários grupos de serviços. Ao mesmo tempo, o mercado de trabalho mostrou força, com criação de 172 mil vagas e taxa de desemprego estável em 4,3%. Nesse ambiente, o banco central americano manteve a taxa de juros no intervalo de 3,50% a 3,75% em junho, mas passou uma sinalização mais dura para os próximos meses, reforçando o foco no controle da inflação e aumentando a possibilidade de novas altas de juros no segundo semestre.\u003C\u002Fp>\u003Cp>No Brasil, junho seguiu desafiador para a condução dos juros. A atividade econômica continuou resistente, embora em ritmo menor do que no começo do ano, com indústria, serviços e mercado de trabalho ainda mostrando força. A inflação também permaneceu acima do nível desejado. O IPCA-15 de junho veio abaixo da mediana de mercado, mas a inflação acumulada em 12 meses subiu para 4,80%. Houve melhora pontual em partes do índice, mas itens ligados a bens e serviços continuaram pressionados.\u003C\u002Fp>\u003Cp>O câmbio também passou a representar um ponto de atenção maior. A projeção para o dólar no fim de 2026 foi revisada de R$4,90 para R$5,40. Essa mudança está ligada a um cenário externo menos favorável, com juros mais altos nos Estados Unidos e menor espaço para valorização de moedas de países emergentes. Com o dólar mais alto, parte da pressão pode aparecer em produtos importados, insumos e preços no atacado, dificultando uma queda mais rápida da inflação no Brasil.\u003C\u002Fp>\u003Cp>Além disso, o cenário à frente ficou mais difícil, com risco de pressão maior sobre alimentos, custos de trabalho e câmbio. As expectativas de inflação continuaram subindo ao longo do mês, especialmente nos prazos mais relevantes para a política monetária. No Focus, a mediana para 2027 subiu para 4,2%, enquanto a de 2028 avançou para 3,7%. Diante desse quadro, a leitura base passou a ser de fim do ciclo de queda da Selic, com manutenção da taxa em 14,25% até o fim do ano.\u003C\u002Fp>\u003Ch2>Desinvestimento: Shopping Pátio Maceió\u003C\u002Fh2>\u003Cp>Destacamos no relatório deste mês a conclusão do desinvestimento de 30% do Shopping Pátio Maceió, ativo de varejo consolidado, com aproximadamente 47 mil m² de ABL e mais de 200 lojas.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1885\u002Fpage_3_image_3.jpg\">\u003C\u002Fp>\u003Cp>Realizamos a estruturação dessa operação no início de 2024, com o objetivo de adquirir 30% da fração ideal do Shopping Pátio Maceió, em uma estrutura com rentabilidade mínima de 18% a.a. Essa garantia de piso de retorno, somada à qualidade e à maturidade do ativo, conferiu à operação um perfil assimétrico, com risco de downside limitado e exposição ao upside operacional do shopping.\u003C\u002Fp>\u003Cp>A operação contou com uma alocação total de caixa de R$ 115 milhões ao longo do período de investimento e foi encerrada com uma Taxa Interna de Retorno (TIR) de 20,07% a.a., em um ciclo de 28 meses, superando o piso mínimo contratado e evidenciando a capacidade do Fundo de originação de deals estruturados com fundamento de risco e retorno bem definido.\u003C\u002Fp>\u003Cp>Essa operação reforça o mandato do BTHF11 de transitar com flexibilidade entre diferentes classes de ativos imobiliários, aproveitando oportunidades estruturais com fundamento claro de risco e retorno, assim como a transação de TEND3 detalhada no relatório gerencial anterior. A capacidade de estruturar operações com garantias de retorno mínimo e assimetria favorável ao Fundo é parte integrante da estratégia de gestão ativa que diferencia o BTHF11 no universo dos Fundos de Investimento Imobiliário. Com isso, o BTHF11 coloca R$ 121 milhões de caixa no Fundo, recursos que serão direcionados principalmente para novas alocações em deals estruturados como esse, além do aumento da exposição do Fundo a CRIs IPCA+ com duration alongada.\u003C\u002Fp>\u003Cp>Demonstração de Resultado\u003C\u002Fp>\u003Ctable>\u003Ctr>\u003Ctd rowspan=\"3\">(R$ Mil)\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Março\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Abril\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Maio\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>2026\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>R$\u002Fcota\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>R$\u002Fcota\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>R$\u002Fcota\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>R$\u002Fcota\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total Receitas\u003C\u002Ftd>\u003Ctd>20.583.531 0,100\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>25.043.300 0,122\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>21.278.044 0,103\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>105.762.765 0,514\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Receita de CRI\u003C\u002Ftd>\u003Ctd>3.121.261 0,015\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>4.349.339 0,021\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>4.314.004 0,021\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>17.894.225 0,087\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Receita de Fll\u003C\u002Ftd>\u003Ctd>12.068.229 0,059\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>9.030.240 0,044\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>10.983.486 0,053\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>51.835.474 0,252\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Receita Ativo Real\u003C\u002Ftd>\u003Ctd>965.970 0,005\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>4.272.880 0,021\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>2.995.122 0,015\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>11.117.683 0,054\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Receita com Renda Fixa\u003C\u002Ftd>\u003Ctd>2.651.502 0,013\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>3.145.263 0,015\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>1.583.730 0,008\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>11.275.829 0,055\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total Receitas Recorrentes\u003C\u002Ftd>\u003Ctd>18.806.962 0,091\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>20.797.721 0,101\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>19.876.342 0,097\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>92.123.212 0,448\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Resultado operações CRIs\u003C\u002Ftd>\u003Ctd>0 0,000\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>63.209 0,000\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>20.134 0,000\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>367.602 0,002\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Resultado Operações Flls +Ações\u003C\u002Ftd>\u003Ctd>1.776.569 0,009\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>4.182.370 0,020\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>1.381.568 0,007\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>13.271.952 0,064\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total Receitas Não Recorrentes\u003C\u002Ftd>\u003Ctd>1.776.569 0,009\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>4.245.579 0,021\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>1.401.702 0,007\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>13.639.553 0,066\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Taxa de ADM + Gestão\u003C\u002Ftd>\u003Ctd>-1.687.278 -0,008-\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>-1.687.278 (0,008)\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>-1.683.275 (0,008)\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>-6.700.833 (0,033)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Despesas do Fundo\u003C\u002Ftd>\u003Ctd>-48.767 -0,000\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>-40.239 (0,000)\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>-82.411 (0,000)\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>-347.755 (0,002)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Despesas Financeiras\u003C\u002Ftd>\u003Ctd>0 0,000\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0 0,000\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0 0,000\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0 0,000\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total de Despesas\u003C\u002Ftd>\u003Ctd>-1.736.045 -0,008\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>-1.727.517 (0,008)\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>-1.765.685 (0,009)\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>-7.048.587 (0,034)\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Resultado Fundo\u003C\u002Fth>\u003Cth>18.847.485\u003C\u002Fth>\u003Cth>0,092\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Distribuição de Dividendos\u003C\u002Ftd>\u003Ctd>20.790.541\u003C\u002Ftd>\u003Ctd>0,101\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>23.315.782\u003C\u002Fth>\u003Cth>0,113\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>20.790.541 0,101\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>19.512.359\u003C\u002Fth>\u003Cth>0,095\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>20.790.541\u003C\u002Ftd>\u003Ctd>0,101\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>98.714.178\u003C\u002Fth>\u003Cth>0,480\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>103.952.705 0,505\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Composição do Resultado por Cota\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1885\u002Fpage_4_chart_9.jpg\">\u003C\u002Fp>\u003Cp>Histórico de Dividendos\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1885\u002Fpage_4_chart_11.jpg\">\u003C\u002Fp>\u003Cp>Notas: (1) As bandas indicativas não configuram compromisso ou promessa de rentabilidade futura, sendo apenas referências com base nos atuais indicadores de receita e vacância do Fundo, podendo sofrer alterações sem aviso prévio. RENTABILIDADE PASSADA NÃO REPRESENTA GARANTIA DE RENTABILIDADE FUTURA. LEIA O PROSPECTO E O REGULAMENTO ANTES DE INVESTIR. FUNDOS DE INVESTIMENTO NÃO CONTAM COM GARANTIA DO ADMINISTRADOR, DO GESTOR, DE QUALQUER MECANISMO DE SEGURO OU FUNDO GARANTIDOR DE CRÉDITO – FGC.\u003C\u002Fp>\u003Ch3>Dividend Yield vs CDI\u003C\u002Fh3>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Ctd>BTHF11\u003C\u002Ftd>\u003Ctd>Jun.25\u003C\u002Ftd>\u003Ctd>Jul.25\u003C\u002Ftd>\u003Ctd>Ago.25\u003C\u002Ftd>\u003Ctd>Set.25\u003C\u002Ftd>\u003Ctd>Out.25\u003C\u002Ftd>\u003Ctd>Nov.25\u003C\u002Ftd>\u003Ctd>Dez.25\u003C\u002Ftd>\u003Ctd>Jan.26\u003C\u002Ftd>\u003Ctd>Fev.26\u003C\u002Ftd>\u003Ctd>Mar.26\u003C\u002Ftd>\u003Ctd>Abr.26\u003C\u002Ftd>\u003Ctd>Mai.26\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>DY book\u003C\u002Ftd>\u003Ctd>0,90%\u003C\u002Ftd>\u003Ctd>0,91%\u003C\u002Ftd>\u003Ctd>0,92%\u003C\u002Ftd>\u003Ctd>0,92%\u003C\u002Ftd>\u003Ctd>0,93%\u003C\u002Ftd>\u003Ctd>0,92%\u003C\u002Ftd>\u003Ctd>1,03%\u003C\u002Ftd>\u003Ctd>1,00%\u003C\u002Ftd>\u003Ctd>1,00%\u003C\u002Ftd>\u003Ctd>0,94%\u003C\u002Ftd>\u003Ctd>1,00%\u003C\u002Ftd>\u003Ctd>1,00%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd colspan=\"13\">DY mkt 1,05% 1,11% 1,11% 1,06% 1,09% 1,10% 1,17% 1,03% 1,05% 1,04% 1,09% 1,09%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CDI(\u003Csup>1\u003C\u002Fsup>)\u003C\u002Ftd>\u003Ctd>0,93%\u003C\u002Ftd>\u003Ctd>1,08%\u003C\u002Ftd>\u003Ctd>0,99%\u003C\u002Ftd>\u003Ctd>0,99%\u003C\u002Ftd>\u003Ctd>1,08%\u003C\u002Ftd>\u003Ctd>0,89%\u003C\u002Ftd>\u003Ctd>1,04%\u003C\u002Ftd>\u003Ctd>0,99%\u003C\u002Ftd>\u003Ctd>0,85%\u003C\u002Ftd>\u003Ctd>0,85%\u003C\u002Ftd>\u003Ctd>0,85%\u003C\u002Ftd>\u003Ctd>0,85%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Rentabilidade desde o IPO\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1885\u002Fpage_5_chart_5.jpg\">\u003C\u002Fp>\u003Ch3>Sensibilidade Carteira vs Cota Mercado\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Cota a mercado\u003C\u002Fth>\u003Cth>Dividend Yield\u003C\u002Fth>\u003Cth>Spread over NTNB (bps)\u003C\u002Fth>\u003Cth>Yield CDI líq(\u003Csup>1\u003C\u002Fsup>). +\u003C\u002Fth>\u003Cth>Upside to book\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>R$ 7,50\u003C\u002Ftd>\u003Ctd>16,16%\u003C\u002Ftd>\u003Ctd>863 bps\u003C\u002Ftd>\u003Ctd>3,49%\u003C\u002Ftd>\u003Ctd>36,53%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>R$ 7,75\u003C\u002Ftd>\u003Ctd>15,64%\u003C\u002Ftd>\u003Ctd>811 bps\u003C\u002Ftd>\u003Ctd>3,03%\u003C\u002Ftd>\u003Ctd>32,13%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>R$ 8,00\u003C\u002Ftd>\u003Ctd>15,15%\u003C\u002Ftd>\u003Ctd>762 bps\u003C\u002Ftd>\u003Ctd>2,59%\u003C\u002Ftd>\u003Ctd>28,00%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>R$ 8,25\u003C\u002Ftd>\u003Ctd>14,69%\u003C\u002Ftd>\u003Ctd>716 bps\u003C\u002Ftd>\u003Ctd>2,18%\u003C\u002Ftd>\u003Ctd>24,12%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>R$ 8,50\u003C\u002Ftd>\u003Ctd>14,26%\u003C\u002Ftd>\u003Ctd>673 bps\u003C\u002Ftd>\u003Ctd>1,80%\u003C\u002Ftd>\u003Ctd>20,47%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>R$ 8,75\u003C\u002Ftd>\u003Ctd>13,85%\u003C\u002Ftd>\u003Ctd>632 bps\u003C\u002Ftd>\u003Ctd>1,44%\u003C\u002Ftd>\u003Ctd>17,03%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>R$ 9,00\u003C\u002Ftd>\u003Ctd>13,47%\u003C\u002Ftd>\u003Ctd>594 bps\u003C\u002Ftd>\u003Ctd>1,09%\u003C\u002Ftd>\u003Ctd>13,78%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>R$ 9,25\u003C\u002Ftd>\u003Ctd>13,10%\u003C\u002Ftd>\u003Ctd>557 bps\u003C\u002Ftd>\u003Ctd>0,77%\u003C\u002Ftd>\u003Ctd>10,70%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>R$ 9,50\u003C\u002Ftd>\u003Ctd>12,76%\u003C\u002Ftd>\u003Ctd>523 bps\u003C\u002Ftd>\u003Ctd>0,46%\u003C\u002Ftd>\u003Ctd>7,79%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>R$ 9,75\u003C\u002Ftd>\u003Ctd>12,43%\u003C\u002Ftd>\u003Ctd>490 bps\u003C\u002Ftd>\u003Ctd>0,17%\u003C\u002Ftd>\u003Ctd>5,03%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>R$ 10,00\u003C\u002Ftd>\u003Ctd>12,12%\u003C\u002Ftd>\u003Ctd>459 bps\u003C\u002Ftd>\u003Ctd>-0,11%\u003C\u002Ftd>\u003Ctd>2,40%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>R$ 10,24\u003C\u002Ftd>\u003Ctd>11,84%\u003C\u002Ftd>\u003Ctd>431 bps\u003C\u002Ftd>\u003Ctd>-0,36%\u003C\u002Ftd>\u003Ctd>0,00%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>CRIs ( 1\u003C\u002Fth>\u003Cth>6,5%)\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Yield\u003C\u002Ftd>\u003Ctd>Spread\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>(IPCA+)\u003C\u002Ftd>\u003Ctd>(CDI+)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>14,06%\u003C\u002Ftd>\u003Ctd>4,23%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>13,61%\u003C\u002Ftd>\u003Ctd>4,10%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>13,18%\u003C\u002Ftd>\u003Ctd>3,97%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>12,78%\u003C\u002Ftd>\u003Ctd>3,85%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>12,41%\u003C\u002Ftd>\u003Ctd>3,73%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>12,05%\u003C\u002Ftd>\u003Ctd>3,63%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>11,72%\u003C\u002Ftd>\u003Ctd>3,53%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>11,40%\u003C\u002Ftd>\u003Ctd>3,43%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>11,10%\u003C\u002Ftd>\u003Ctd>3,34%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>10,82%\u003C\u002Ftd>\u003Ctd>3,26%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>10,55%\u003C\u002Ftd>\u003Ctd>3,17%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>10,30%\u003C\u002Ftd>\u003Ctd>3,10%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Ctd colspan=\"2\">Carteira (% PL)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>FIIs Papel (19,6%)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Upside da carteira | DY\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>67% | 19% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>62% | 18% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>57% | 18% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>52% | 17% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>48% | 17% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>43% | 16% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>39% | 16% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>36% | 15% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>32% | 15% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>29% | 15% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>25% | 14% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>23% | 14% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Ctr>\u003Ctd colspan=\"2\">Flls Tijolo (34,1%)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd colspan=\"2\">Upside da carteira|DY\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>83%\u003C\u002Ftd>\u003Ctd>|14% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>77%\u003C\u002Ftd>\u003Ctd>14% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>72%\u003C\u002Ftd>\u003Ctd>13% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>67%\u003C\u002Ftd>\u003Ctd>13% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>62%\u003C\u002Ftd>\u003Ctd>12% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>57%\u003C\u002Ftd>\u003Ctd>12% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>53%\u003C\u002Ftd>\u003Ctd>12% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>49%\u003C\u002Ftd>\u003Ctd>11% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>45%\u003C\u002Ftd>\u003Ctd>11% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>41%\u003C\u002Ftd>\u003Ctd>11% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>37%\u003C\u002Ftd>\u003Ctd>11% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>34%\u003C\u002Ftd>\u003Ctd>10% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftable>\u003Ch3>Duplo Desconto\u003C\u002Fh3>\u003Cp>O BTHF negocia com 8,0% de desconto patrimonial. Se considerarmos o “duplo desconto”, ou seja, o valor patrimonial dos FIIs investidos pelo fundo, esse upside chega a 24,7%.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1885\u002Fpage_6_chart_4.jpg\">\u003C\u002Fp>\u003Cp>Cotação Histórica e Volume Mensal\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1885\u002Fpage_6_chart_6.jpg\">\u003C\u002Fp>\u003Cp>Evolução ADTV\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1885\u002Fpage_6_chart_8.jpg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1885\u002Fpage_6_chart_9.jpg\">\u003C\u002Fp>\u003Cp>CRIs\u003C\u002Fp>\u003Cp>39 #Ativos\u003C\u002Fp>\u003Cp>1R$ 415 milhões\u003C\u002Fp>\u003Cp>CDI + 2,7% IPCA + 10,6% Taxa Média (MTM)(\u003Csup>1\u003C\u002Fsup>)\u003C\u002Fp>\u003Cp>FIIs & Ações\u003C\u002Fp>\u003Cp>Classe de Ativo (% do PL)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1885\u002Fpage_7_chart_8.jpg\">\u003C\u002Fp>\u003Cp>Setor (FIIs em % da carteira)\u003C\u002Fp>\u003Cp>46 #Ativos\u003C\u002Fp>\u003Cp>Ativo Real\u003C\u002Fp>\u003Cp>R$ 1,30 bilhões\u003C\u002Fp>\u003Cp>11,84% Dividend Yield\u003C\u002Fp>\u003Cp>1 #Imóveis\u003C\u002Fp>\u003Cp>2.350 m² ABL\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1885\u002Fpage_7_chart_16.jpg\">\u003C\u002Fp>\u003Cp>Indexador (CRIs em % do PL)\u003C\u002Fp>\u003Cp>R$ 19 milhões\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1885\u002Fpage_7_chart_19.jpg\">\u003C\u002Fp>\u003Cp>Duration (CRIs em % do PL)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1885\u002Fpage_7_chart_21.jpg\">\u003C\u002Fp>\u003Ch3>Lista de Ativos - CRIs\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Nº\u003C\u002Fth>\u003Cth>CRIs Estruturais\u003C\u002Fth>\u003Cth>Código B3\u003C\u002Fth>\u003Cth>Índice\u003C\u002Fth>\u003Cth>Taxa de Emissão (a.a.)\u003C\u002Fth>\u003Cth>Taxa MTM (a.a.)\u003C\u002Fth>\u003Cth>Duration\u003C\u002Fth>\u003Cth>UF\u003C\u002Fth>\u003Cth>Saldo MTM (RS mm)\u003C\u002Fth>\u003Cth>% PL\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>PortfólioImovDiv.\u003C\u002Ftd>\u003Ctd>25H5079794\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>11,85%\u003C\u002Ftd>\u003Ctd>11,85%\u003C\u002Ftd>\u003Ctd>2,1\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>52,77\u003C\u002Ftd>\u003Ctd>2,57%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2\u003C\u002Ftd>\u003Ctd>CRI logístico\u003C\u002Ftd>\u003Ctd>25D3788063\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>100,00%\u003C\u002Ftd>\u003Ctd>100,00%\u003C\u002Ftd>\u003Ctd>2,22\u003C\u002Ftd>\u003Ctd>SC\u003C\u002Ftd>\u003Ctd>40,71\u003C\u002Ftd>\u003Ctd>1,98%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3\u003C\u002Ftd>\u003Ctd>CRI Visc\u003C\u002Ftd>\u003Ctd>22K1362572\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>7,65%\u003C\u002Ftd>\u003Ctd>7,99%\u003C\u002Ftd>\u003Ctd>5,70\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>34,00\u003C\u002Ftd>\u003Ctd>1,65%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4\u003C\u002Ftd>\u003Ctd>Emergent Cold\u003C\u002Ftd>\u003Ctd>22F0930128\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>9,36%\u003C\u002Ftd>\u003Ctd>10,67%\u003C\u002Ftd>\u003Ctd>4,96\u003C\u002Ftd>\u003Ctd>PR -SC - RS\u003C\u002Ftd>\u003Ctd>28,00\u003C\u002Ftd>\u003Ctd>1,36%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5\u003C\u002Ftd>\u003Ctd>You Corporativo -SII\u003C\u002Ftd>\u003Ctd>22D0847835\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>4,50%\u003C\u002Ftd>\u003Ctd>4,50%\u003C\u002Ftd>\u003Ctd>1,81\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>25,43\u003C\u002Ftd>\u003Ctd>1,23%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>6\u003C\u002Ftd>\u003Ctd>Rede Duque -S1\u003C\u002Ftd>\u003Ctd>21I0855537\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>8,20%\u003C\u002Ftd>\u003Ctd>12,33%\u003C\u002Ftd>\u003Ctd>3,32\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>22,51\u003C\u002Ftd>\u003Ctd>1,09%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>7\u003C\u002Ftd>\u003Ctd>Patriani I Vitra -S2\u003C\u002Ftd>\u003Ctd>23D1695281\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>5,00%\u003C\u002Ftd>\u003Ctd>3,75%\u003C\u002Ftd>\u003Ctd>1,62\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>20,46\u003C\u002Ftd>\u003Ctd>0,99%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>8\u003C\u002Ftd>\u003Ctd>Patriani I Vitra -S4\u003C\u002Ftd>\u003Ctd>23D1695285\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>5,00%\u003C\u002Ftd>\u003Ctd>2,60%\u003C\u002Ftd>\u003Ctd>1,62\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>19,76\u003C\u002Ftd>\u003Ctd>0,96%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>9\u003C\u002Ftd>\u003Ctd>Rede Duque -S2\u003C\u002Ftd>\u003Ctd>21I0855623\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>8,20%\u003C\u002Ftd>\u003Ctd>12,38%\u003C\u002Ftd>\u003Ctd>3,31\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>18,66\u003C\u002Ftd>\u003Ctd>0,90%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>10\u003C\u002Ftd>\u003Ctd>CRI Balassiano II\u003C\u002Ftd>\u003Ctd>25K3416964\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>4,50%\u003C\u002Ftd>\u003Ctd>4,50%\u003C\u002Ftd>\u003Ctd>2,6\u003C\u002Ftd>\u003Ctd>RJ\u003C\u002Ftd>\u003Ctd>14,69\u003C\u002Ftd>\u003Ctd>0,71%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>11\u003C\u002Ftd>\u003Ctd>Higienópolis -Série II\u003C\u002Ftd>\u003Ctd>21L0329279\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>4,25%\u003C\u002Ftd>\u003Ctd>3,50%\u003C\u002Ftd>\u003Ctd>1,04\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>14,36\u003C\u002Ftd>\u003Ctd>0,69%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>12\u003C\u002Ftd>\u003Ctd>You Corp. -S1\u003C\u002Ftd>\u003Ctd>22D0847833\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>4,00%\u003C\u002Ftd>\u003Ctd>4,00%\u003C\u002Ftd>\u003Ctd>1,25\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>14,11\u003C\u002Ftd>\u003Ctd>0,68%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>13\u003C\u002Ftd>\u003Ctd>CRI Latam\u003C\u002Ftd>\u003Ctd>19L0909256\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>12,80%\u003C\u002Ftd>\u003Ctd>8,38%\u003C\u002Ftd>\u003Ctd>3,04\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>11,02\u003C\u002Ftd>\u003Ctd>0,53%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>14\u003C\u002Ftd>\u003Ctd>Amazon Cajamar\u003C\u002Ftd>\u003Ctd>26D7086699\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>8,70%\u003C\u002Ftd>\u003Ctd>8,70%\u003C\u002Ftd>\u003Ctd>4,40\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>10,09\u003C\u002Ftd>\u003Ctd>0,49%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>15\u003C\u002Ftd>\u003Ctd>CRI RZK Solar SI\u003C\u002Ftd>\u003Ctd>21F0186815\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>9,00%\u003C\u002Ftd>\u003Ctd>12,28%\u003C\u002Ftd>\u003Ctd>6,60\u003C\u002Ftd>\u003Ctd>SC\u003C\u002Ftd>\u003Ctd>9,14\u003C\u002Ftd>\u003Ctd>0,44%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>16\u003C\u002Ftd>\u003Ctd>CRI RZK Solar SIII\u003C\u002Ftd>\u003Ctd>21F0097802\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>8,50%\u003C\u002Ftd>\u003Ctd>11,91%\u003C\u002Ftd>\u003Ctd>6,68\u003C\u002Ftd>\u003Ctd>SC\u003C\u002Ftd>\u003Ctd>8,68\u003C\u002Ftd>\u003Ctd>0,42%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>17\u003C\u002Ftd>\u003Ctd>CRI RZK Solar SII\u003C\u002Ftd>\u003Ctd>21F0137485\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>9,00%\u003C\u002Ftd>\u003Ctd>12,27%\u003C\u002Ftd>\u003Ctd>6,85\u003C\u002Ftd>\u003Ctd>SC\u003C\u002Ftd>\u003Ctd>8,73\u003C\u002Ftd>\u003Ctd>0,42%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>18\u003C\u002Ftd>\u003Ctd>Reserva Prado -SII\u003C\u002Ftd>\u003Ctd>24D3055861\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>11,48%\u003C\u002Ftd>\u003Ctd>8,84%\u003C\u002Ftd>\u003Ctd>2,78\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>7,67\u003C\u002Ftd>\u003Ctd>0,37%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>19\u003C\u002Ftd>\u003Ctd>CRI Brazilian Jr. I\u003C\u002Ftd>\u003Ctd>10D0018564\u003C\u002Ftd>\u003Ctd>IGPM\u003C\u002Ftd>\u003Ctd>12,00%\u003C\u002Ftd>\u003Ctd>12,00%\u003C\u002Ftd>\u003Ctd>0,48\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>7,27\u003C\u002Ftd>\u003Ctd>0,35%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>20\u003C\u002Ftd>\u003Ctd>CRI GTIS\u003C\u002Ftd>\u003Ctd>21J0043571\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>100,00%\u003C\u002Ftd>\u003Ctd>100,00%\u003C\u002Ftd>\u003Ctd>3,1\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>6,46\u003C\u002Ftd>\u003Ctd>0,31%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>21\u003C\u002Ftd>\u003Ctd>CRI RZK Solar SIV\u003C\u002Ftd>\u003Ctd>21F0186712\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>9,00%\u003C\u002Ftd>\u003Ctd>12,27%\u003C\u002Ftd>\u003Ctd>6,85\u003C\u002Ftd>\u003Ctd>SC\u003C\u002Ftd>\u003Ctd>5,02\u003C\u002Ftd>\u003Ctd>0,24%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>22\u003C\u002Ftd>\u003Ctd>Souza Cruz -S1\u003C\u002Ftd>\u003Ctd>17I0142307\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>9,73%\u003C\u002Ftd>\u003Ctd>8,81%\u003C\u002Ftd>\u003Ctd>0,80\u003C\u002Ftd>\u003Ctd>RS\u003C\u002Ftd>\u003Ctd>4,76\u003C\u002Ftd>\u003Ctd>0,23%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>23\u003C\u002Ftd>\u003Ctd>Souza Cruz -S2\u003C\u002Ftd>\u003Ctd>17I0142635\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>9,73%\u003C\u002Ftd>\u003Ctd>8,81%\u003C\u002Ftd>\u003Ctd>0,80\u003C\u002Ftd>\u003Ctd>RS\u003C\u002Ftd>\u003Ctd>4,76\u003C\u002Ftd>\u003Ctd>0,23%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>24\u003C\u002Ftd>\u003Ctd>Soberano Sta. Paula -SIII\u003C\u002Ftd>\u003Ctd>24D3055855\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>10,16%\u003C\u002Ftd>\u003Ctd>10,01%\u003C\u002Ftd>\u003Ctd>2,80\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>4,32\u003C\u002Ftd>\u003Ctd>0,21%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>25\u003C\u002Ftd>\u003Ctd>Passione -SII\u003C\u002Ftd>\u003Ctd>24D3055858\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>11,48%\u003C\u002Ftd>\u003Ctd>9,92%\u003C\u002Ftd>\u003Ctd>2,78\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>4,23\u003C\u002Ftd>\u003Ctd>0,20%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>26\u003C\u002Ftd>\u003Ctd>Platina Norte Sul -SII\u003C\u002Ftd>\u003Ctd>24D3055859\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>11,48%\u003C\u002Ftd>\u003Ctd>9,92%\u003C\u002Ftd>\u003Ctd>2,78\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>3,32\u003C\u002Ftd>\u003Ctd>0,16%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>27\u003C\u002Ftd>\u003Ctd>Patriani I Mistral-S3\u003C\u002Ftd>\u003Ctd>23D1695269\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>3,50%\u003C\u002Ftd>\u003Ctd>2,60%\u003C\u002Ftd>\u003Ctd>1,63\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>3,19\u003C\u002Ftd>\u003Ctd>0,15%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>28\u003C\u002Ftd>\u003Ctd>Patriani I Mistral -S1\u003C\u002Ftd>\u003Ctd>23D1695011\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>3,50%\u003C\u002Ftd>\u003Ctd>2,40%\u003C\u002Ftd>\u003Ctd>1,63\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>3,07\u003C\u002Ftd>\u003Ctd>0,14%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>29\u003C\u002Ftd>\u003Ctd>Soberano Sta. Paula -SII\u003C\u002Ftd>\u003Ctd>24D3055862\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>11,48%\u003C\u002Ftd>\u003Ctd>8,84%\u003C\u002Ftd>\u003Ctd>2,78\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>2,36\u003C\u002Ftd>\u003Ctd>0,11%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>30\u003C\u002Ftd>\u003Ctd>Reserva Prado -SI\u003C\u002Ftd>\u003Ctd>24D3055807\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>10,16%\u003C\u002Ftd>\u003Ctd>9,91%\u003C\u002Ftd>\u003Ctd>2,81\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>1,70\u003C\u002Ftd>\u003Ctd>0,08%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>31\u003C\u002Ftd>\u003Ctd>Reserva Prado -SIII\u003C\u002Ftd>\u003Ctd>24D3055854\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>10,16%\u003C\u002Ftd>\u003Ctd>10,01%\u003C\u002Ftd>\u003Ctd>2,80\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>1,03\u003C\u002Ftd>\u003Ctd>0,05%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>32\u003C\u002Ftd>\u003Ctd>Soberano Sta. Paula -SI\u003C\u002Ftd>\u003Ctd>24D3055829\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>10,16%\u003C\u002Ftd>\u003Ctd>9,91%\u003C\u002Ftd>\u003Ctd>2,81\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0,98\u003C\u002Ftd>\u003Ctd>0,04%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>33\u003C\u002Ftd>\u003Ctd>Platina Norte Sul -SI\u003C\u002Ftd>\u003Ctd>24D3055772\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>10,16%\u003C\u002Ftd>\u003Ctd>8,84%\u003C\u002Ftd>\u003Ctd>2,81\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0,66\u003C\u002Ftd>\u003Ctd>0,03%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>34\u003C\u002Ftd>\u003Ctd>CRI Brazilian Jr. II\u003C\u002Ftd>\u003Ctd>11F0031919\u003C\u002Ftd>\u003Ctd>TR\u003C\u002Ftd>\u003Ctd>8,00%\u003C\u002Ftd>\u003Ctd>8,00%\u003C\u002Ftd>\u003Ctd>6,25\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0,66\u003C\u002Ftd>\u003Ctd>0,03%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>35\u003C\u002Ftd>\u003Ctd>Platina Norte Sul -SIII\u003C\u002Ftd>\u003Ctd>24D3055834\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>10,16%\u003C\u002Ftd>\u003Ctd>10,01%\u003C\u002Ftd>\u003Ctd>2,80\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0,43\u003C\u002Ftd>\u003Ctd>0,02%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>36\u003C\u002Ftd>\u003Ctd>Passione -SIII\u003C\u002Ftd>\u003Ctd>24D3055831\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>10,16%\u003C\u002Ftd>\u003Ctd>10,01%\u003C\u002Ftd>\u003Ctd>2,80\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0,55\u003C\u002Ftd>\u003Ctd>0,02%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>37\u003C\u002Ftd>\u003Ctd>Passione -SI\u003C\u002Ftd>\u003Ctd>24D3055754\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>10,16%\u003C\u002Ftd>\u003Ctd>8,84%\u003C\u002Ftd>\u003Ctd>2,81\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0,22\u003C\u002Ftd>\u003Ctd>0,01%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>38\u003C\u002Ftd>\u003Ctd>Helbor 2\u003C\u002Ftd>\u003Ctd>22H1104501\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>2,30%\u003C\u002Ftd>\u003Ctd>2,71%\u003C\u002Ftd>\u003Ctd>1,10\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0,03\u003C\u002Ftd>\u003Ctd>0,00%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>39\u003C\u002Ftd>\u003Ctd>Residencial BS\u003C\u002Ftd>\u003Ctd>11H0022430\u003C\u002Ftd>\u003Ctd>PRE\u003C\u002Ftd>\u003Ctd>12,50%\u003C\u002Ftd>\u003Ctd>12,50%\u003C\u002Ftd>\u003Ctd>1,74\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0,07\u003C\u002Ftd>\u003Ctd>0,00%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Total\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>3,04\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>415,86\u003C\u002Ftd>\u003Ctd>20,1%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>Lista de Ativos - FIIs\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>TickerB3\u003C\u002Fth>\u003Cth>DY\u003C\u002Fth>\u003Cth>P\u002FVP\u003C\u002Fth>\u003Cth>R$(`000)\u003C\u002Fth>\u003Cth>Setor\u003C\u002Fth>\u003Cth>% PL\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>HSRE11\u003C\u002Ftd>\u003Ctd>12,1%\u003C\u002Ftd>\u003Ctd>0,97\u003C\u002Ftd>\u003Ctd>205.436,47\u003C\u002Ftd>\u003Ctd>Renda Urbana\u003C\u002Ftd>\u003Ctd>10,01%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>BTHI11\u003C\u002Ftd>\u003Ctd>12,4%\u003C\u002Ftd>\u003Ctd>0,67\u003C\u002Ftd>\u003Ctd>118.754,72\u003C\u002Ftd>\u003Ctd>Hotelaria\u003C\u002Ftd>\u003Ctd>5,78%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>HTMX11\u003C\u002Ftd>\u003Ctd>10,8%\u003C\u002Ftd>\u003Ctd>0,89\u003C\u002Ftd>\u003Ctd>81.414,92\u003C\u002Ftd>\u003Ctd>Hotelaria\u003C\u002Ftd>\u003Ctd>3,97%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TRXF11\u003C\u002Ftd>\u003Ctd>12,3%\u003C\u002Ftd>\u003Ctd>0,92\u003C\u002Ftd>\u003Ctd>58.914,30\u003C\u002Ftd>\u003Ctd>Renda Urbana\u003C\u002Ftd>\u003Ctd>2,87%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>BPML11\u003C\u002Ftd>\u003Ctd>12,5%\u003C\u002Ftd>\u003Ctd>0,71\u003C\u002Ftd>\u003Ctd>53.254,43\u003C\u002Ftd>\u003Ctd>Shoppings\u003C\u002Ftd>\u003Ctd>2,59%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>BTLG11\u003C\u002Ftd>\u003Ctd>9,5%\u003C\u002Ftd>\u003Ctd>1,00\u003C\u002Ftd>\u003Ctd>39.315,47\u003C\u002Ftd>\u003Ctd>Logística\u003C\u002Ftd>\u003Ctd>1,92%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>INLG11\u003C\u002Ftd>\u003Ctd>10,8%\u003C\u002Ftd>\u003Ctd>0,63\u003C\u002Ftd>\u003Ctd>37.986,32\u003C\u002Ftd>\u003Ctd>Logística\u003C\u002Ftd>\u003Ctd>1,85%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>GARE11\u003C\u002Ftd>\u003Ctd>12,0%\u003C\u002Ftd>\u003Ctd>0,89\u003C\u002Ftd>\u003Ctd>36.409,48\u003C\u002Ftd>\u003Ctd>Renda Urbana\u003C\u002Ftd>\u003Ctd>1,77%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TRBL11\u003C\u002Ftd>\u003Ctd>15,6%\u003C\u002Ftd>\u003Ctd>0,82\u003C\u002Ftd>\u003Ctd>31.521,81\u003C\u002Ftd>\u003Ctd>Logística\u003C\u002Ftd>\u003Ctd>1,54%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>BRCR11\u003C\u002Ftd>\u003Ctd>11,1%\u003C\u002Ftd>\u003Ctd>0,55\u003C\u002Ftd>\u003Ctd>29.906,50\u003C\u002Ftd>\u003Ctd>Lajes Corporativas\u003C\u002Ftd>\u003Ctd>1,46%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Outros\u003C\u002Ftd>\u003Ctd>10,4%\u003C\u002Ftd>\u003Ctd>0,65\u003C\u002Ftd>\u003Ctd>171.311,92\u003C\u002Ftd>\u003Ctd>Outros\u003C\u002Ftd>\u003Ctd>8,35%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total\u003C\u002Ftd>\u003Ctd>11,6%\u003C\u002Ftd>\u003Ctd>0,80\u003C\u002Ftd>\u003Ctd>864.226\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>42,1%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>TickerB3\u003C\u002Fth>\u003Cth>DY\u003C\u002Fth>\u003Cth>P\u002FVP\u003C\u002Fth>\u003Cth>R$(`000)\u003C\u002Fth>\u003Cth>Setor\u003C\u002Fth>\u003Cth>% PL\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>IRIM11\u003C\u002Ftd>\u003Ctd>15,9%\u003C\u002Ftd>\u003Ctd>0,81\u003C\u002Ftd>\u003Ctd>220.490,25\u003C\u002Ftd>\u003Ctd>Fundo de CRI\u003C\u002Ftd>\u003Ctd>10,74%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>BTCI11\u003C\u002Ftd>\u003Ctd>12,5%\u003C\u002Ftd>\u003Ctd>0,89\u003C\u002Ftd>\u003Ctd>58.667,55\u003C\u002Ftd>\u003Ctd>Fundo de CRI\u003C\u002Ftd>\u003Ctd>2,86%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>BTYU11\u003C\u002Ftd>\u003Ctd>14,2%\u003C\u002Ftd>\u003Ctd>0,74\u003C\u002Ftd>\u003Ctd>37.179,92\u003C\u002Ftd>\u003Ctd>Fundo de CRI\u003C\u002Ftd>\u003Ctd>1,81%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>RBHG11\u003C\u002Ftd>\u003Ctd>14,7%\u003C\u002Ftd>\u003Ctd>0,76\u003C\u002Ftd>\u003Ctd>31.131,46\u003C\u002Ftd>\u003Ctd>Fundo de CRI\u003C\u002Ftd>\u003Ctd>1,52%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>VGHF11\u003C\u002Ftd>\u003Ctd>13,6%\u003C\u002Ftd>\u003Ctd>0,74\u003C\u002Ftd>\u003Ctd>9.291,97\u003C\u002Ftd>\u003Ctd>Hedge Fund\u003C\u002Ftd>\u003Ctd>0,45%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>GCRI11\u003C\u002Ftd>\u003Ctd>15,1%\u003C\u002Ftd>\u003Ctd>0,72\u003C\u002Ftd>\u003Ctd>7.532,60\u003C\u002Ftd>\u003Ctd>Fundo de CRI\u003C\u002Ftd>\u003Ctd>0,37%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CPTS11\u003C\u002Ftd>\u003Ctd>14,3%\u003C\u002Ftd>\u003Ctd>0,86\u003C\u002Ftd>\u003Ctd>6.948,54\u003C\u002Ftd>\u003Ctd>Fundo de CRI\u003C\u002Ftd>\u003Ctd>0,34%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>PSEC11\u003C\u002Ftd>\u003Ctd>11,2%\u003C\u002Ftd>\u003Ctd>0,79\u003C\u002Ftd>\u003Ctd>6.608,73\u003C\u002Ftd>\u003Ctd>Hedge Fund\u003C\u002Ftd>\u003Ctd>0,32%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Outros\u003C\u002Ftd>\u003Ctd>11,7%14,68%\u003C\u002Ftd>\u003Ctd>0,770,81\u003C\u002Ftd>\u003Ctd>33.890,99445.110\u003C\u002Ftd>\u003Ctd>Outros\u003C\u002Ftd>\u003Ctd>1,65%20,1%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total FIIs (Tijolo + Papel)\u003C\u002Ftd>\u003Ctd>12,67%\u003C\u002Ftd>\u003Ctd>0,80\u003C\u002Ftd>\u003Ctd>1.309.859\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>62,2%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>Lista de Ativos - Ações\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Empresa\u003C\u002Fth>\u003Cth>TickerB3\u003C\u002Fth>\u003Cth>Estratégia\u003C\u002Fth>\u003Cth>R$(`000)\u003C\u002Fth>\u003Cth>Setor\u003C\u002Fth>\u003Cth>% PL\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>AllosAS\u003C\u002Ftd>\u003Ctd>ALOS3\u003C\u002Ftd>\u003Ctd>Tático\u003C\u002Ftd>\u003Ctd>25.680\u003C\u002Ftd>\u003Ctd>Shopping Center\u003C\u002Ftd>\u003Ctd>1,2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>25.680\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>1,2%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>Lista de Ativos – Ativo Real\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Ativo Real\u003C\u002Fth>\u003Cth>TickerB3\u003C\u002Fth>\u003Cth>DY\u003C\u002Fth>\u003Cth>P\u002FVP\u003C\u002Fth>\u003Cth>R$(`000)\u003C\u002Fth>\u003Cth>Setor\u003C\u002Fth>\u003Cth>% PL\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Ez Tower Torre B\u003C\u002Ftd>\u003Ctd>n.a.\u003C\u002Ftd>\u003Ctd>n.a.\u003C\u002Ftd>\u003Ctd>n.a.\u003C\u002Ftd>\u003Ctd>19.003\u003C\u002Ftd>\u003Ctd>Laje\u003C\u002Ftd>\u003Ctd>0,9%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>19.003\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0,9%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Ez Tower Torre B: Investido via FII monoativo, controlado pelo BTHF11, detém 4% da EZ Tower Torre B. Atualmente, o edifício está 91% ocupado.\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Caixa\u003C\u002Fth>\u003Cth>Estrátegia\u003C\u002Fth>\u003Cth>Índice\u003C\u002Fth>\u003Cth>R$ (`000)\u003C\u002Fth>\u003Cth>Rentabilidade (% CDI)\u003C\u002Fth>\u003Cth>% PL\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Tesouro Selic\u003C\u002Ftd>\u003Ctd>Liquidez\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>181.386\u003C\u002Ftd>\u003Ctd>100,00%\u003C\u002Ftd>\u003Ctd>12,2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Compromissada\u003C\u002Ftd>\u003Ctd>Liquidez\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>70.243\u003C\u002Ftd>\u003Ctd>116,00%\u003C\u002Ftd>\u003Ctd>3,4%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>251.630\u003C\u002Ftd>\u003Ctd>105,72%\u003C\u002Ftd>\u003Ctd>15,6%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Lista de Ativos – FIIs (% do PL)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1885\u002Fpage_11_chart_3.jpg\">\u003C\u002Fp>\u003Cp>Residencial\u003C\u002Fp>\u003Ch3>Logístico\u003C\u002Fh3>\u003Cp>Outros\u003C\u002Fp>\u003Cp>Residencial\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Devedor\u002F Ativo\u003C\u002Fth>\u003Cth>UF\u003C\u002Fth>\u003Cth>Descrição\u003C\u002Fth>\u003Cth>Vencimento\u003C\u002Fth>\u003Cth>Garantias\u003C\u002Fth>\u003Cth>LTV\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Higienópolis – Sí\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>O CRI tem por objetivo o desenvolvimento dos empreendimentos Park Mariana e Vista Madalena, localizados na Vila Mariana e Vila Madalena em São Paulo, respectivamente.\u003C\u002Ftd>\u003Ctd>09\u002F11\u002F2026\u003C\u002Ftd>\u003Ctd>Alienação fiduciária de imóveis, alienação fiduciária de cotas, cessão fiduciária de CCVs e fiança\u003C\u002Ftd>\u003Ctd>50%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Patriani I S1, S3,ⅡI & IV\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>O CRI foi constituído para financiar a exposição de obras dos empreendimentos Mistral e Vitra, ativos residenciais de alto padrão na grande São Paulo e que já foram 100% vendidos.\u003C\u002Ftd>\u003Ctd>26\u002F04\u002F2027\u003C\u002Ftd>\u003Ctd>Fiança, Alienação Fiduciária de Terrenos, Promessa de Alienação Fiduciária do estoque, Cessão Fiduciária de Recebíveis, Alienação Fiduciária de cotas das SPEs, Seguro de Obras.\u003C\u002Ftd>\u003Ctd>46%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>You Corporativo SI e SII\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>Destinado ao reforço de caixa da companhia para ampliação da operação.\u003C\u002Ftd>\u003Ctd>27\u002F04\u002F2026\u003C\u002Ftd>\u003Ctd>Alienação fiduciária de ações da holding, alienação fiduciária de cotas e dividendos de SPE desenvolvedora, fundo de reserva e fiança\u003C\u002Ftd>\u003Ctd>50%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Passione Séries 1 a 3\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>O CRI tem por objetivo o desenvolvimento do empreendimento Passione em São Caetano.\u003C\u002Ftd>\u003Ctd>27\u002F04\u002F2028\u003C\u002Ftd>\u003Ctd>Alienação fiduciária de imóveis, alienação fiduciária de cotas, cessão fiduciária de CCVs e Aval (holding e sócios).\u003C\u002Ftd>\u003Ctd>60%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Platina Norte Sul Séries 1 a 3\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>O CRI tem por objetivo o desenvolvimento do empreendimento Platina Norte Sul em Campinas.\u003C\u002Ftd>\u003Ctd>27\u002F04\u002F2028\u003C\u002Ftd>\u003Ctd>Alienação fiduciária de imóveis, alienação fiduciária de cotas, cessão fiduciária de CCVs e Aval (holding e sócios).\u003C\u002Ftd>\u003Ctd>40%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Residencial\u003C\u002Fp>\u003Ch3>Logístico\u003C\u002Fh3>\u003Cp>Outros\u003C\u002Fp>\u003Cp>Residencial\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Devedor\u002F Ativo\u003C\u002Fth>\u003Cth>UF\u003C\u002Fth>\u003Cth>Descrição\u003C\u002Fth>\u003Cth>Vencimento\u003C\u002Fth>\u003Cth>Garantias\u003C\u002Fth>\u003Cth>LTV\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>CRI Reservado Prado Séries 1 a 3\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>O CRI tem por objetivo o desenvolvimento do empreendimento Reserva Prado em Campinas.\u003C\u002Ftd>\u003Ctd>27\u002F04\u002F2028\u003C\u002Ftd>\u003Ctd>Alienação fiduciária de imóveis, alienação fiduciária de cotas, cessão fiduciária de CCVs e Aval (holding e sócios).\u003C\u002Ftd>\u003Ctd>41%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Soberano Sta. Paula Séries 1 a 3\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>O CRI tem por objetivo o desenvolvimento do empreendimento Soberano Santa Paula em São Caetano\u003C\u002Ftd>\u003Ctd>27\u002F04\u002F2028\u003C\u002Ftd>\u003Ctd>Alienação fiduciária de imóveis, alienação fiduciária de cotas, cessão fiduciária de CCVs e Aval (holding e sócios).\u003C\u002Ftd>\u003Ctd>43%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Logístico\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Devedor \u002F Ativo\u003C\u002Fth>\u003Cth>UF\u003C\u002Fth>\u003Cth>Descrição\u003C\u002Fth>\u003Cth>Vencimento\u003C\u002Fth>\u003Cth>Garantias\u003C\u002Fth>\u003Cth>LTV\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Emergent Cold\u003C\u002Ftd>\u003Ctd>Diverso S\u003C\u002Ftd>\u003Ctd>A Emergent Cold é a sétima maior companhia de logística refrigerada do mundo, tendo a Lineage Logistics (REIT que possui mais de 400 galpões logísticos) como investidora. Os recursos captados na operação foram destinados para expansão da operação em Paranaguá (PR), Itajai (SC) e Rio Grande (RS).\u003C\u002Ftd>\u003Ctd>22\u002F03\u002F2034\u003C\u002Ftd>\u003Ctd>Alienação fiduciária de galpões logísticos, cessão fiduciária de contratos de locação, fundo de reserva e aval da holding\u003C\u002Ftd>\u003Ctd>66%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Emergent Cold II\u003C\u002Ftd>\u003Ctd>PE\u003C\u002Ftd>\u003Ctd>A Emergent Cold é a sétima maior companhia de logística refrigerada do mundo, sendo investida da Lineage Logistics (REIT que possui mais de 400 galpões logísticos). Os recursos captados na operação foram destinados para expansão da operação no Brasil e contam com locatários com bom risco de crédito, como BRF, JBS e Yara.\u003C\u002Ftd>\u003Ctd>19\u002F12\u002F2029\u003C\u002Ftd>\u003Ctd>Alienação fiduciária de galpões logísticos, cessão fiduciária de contratos de locação, fundo de reserva e aval da holding\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Logístico\u003C\u002Ftd>\u003Ctd>SC\u003C\u002Ftd>\u003Ctd>O CRI foi constituído com intuito de reforço de caixa do tomador.\u003C\u002Ftd>\u003Ctd>17\u002F07\u002F2029\u003C\u002Ftd>\u003Ctd>Cessão dos contratos de locação, alienação fiduciária e fundo de reserva\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Residencial\u003C\u002Fp>\u003Ch3>Logístico\u003C\u002Fh3>\u003Cp>Outros\u003C\u002Fp>\u003Cp>Outros\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Devedor \u002F Ativo\u003C\u002Fth>\u003Cth>UF\u003C\u002Fth>\u003Cth>Descrição\u003C\u002Fth>\u003Cth>Vencimento\u003C\u002Fth>\u003Cth>Garantias\u003C\u002Fth>\u003Cth>LTV\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>CRI Rede Duque\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>A devedora da operação é a Rede Duque, uma rede de postos de combustíveis que possui mais de 80 pontos nas principais regiões da Grande São Paulo, ocupando posição de liderança no segmento. Os recursos captados foram destinados para expansão da operação e capital de giro.\u003C\u002Ftd>\u003Ctd>19\u002F09\u002F2033\u003C\u002Ftd>\u003Ctd>Alienação fiduciária de terrenos e postos de gasolina, fundo de reserva e fiança (holding e sócios)\u003C\u002Ftd>\u003Ctd>67%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>RZK Solar I a IV\u003C\u002Ftd>\u003Ctd>SC\u003C\u002Ftd>\u003Ctd>O CRI foi constituído para financiar projetos solares.\u003C\u002Ftd>\u003Ctd>29\u002F07\u002F2036\u003C\u002Ftd>\u003Ctd>Cessão Fiduciária de Direitos de Crédito, Fiança e Fundo de Despesas\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Latam\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>Os recursos desse CRI têm como destino a construção do centro de manutenção da Latam no Aeroporto de Guarulhos, localizado em São Paulo. Ressalta-se que a Latam possui um contrato de cessão de área que foi cedido para a RB Capital, com o intuito de otimizar a construção. Por sua vez, a RB Capital contratou a Libercon para executar as obras via contrato de Built-toSuit (BTS) atípico.\u003C\u002Ftd>\u003Ctd>18\u002F08\u002F2032\u003C\u002Ftd>\u003Ctd>(i) Fiança bancária do Bradesco S.A.\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Souza Cruz Séries 1 e 2\u003C\u002Ftd>\u003Ctd>RS\u003C\u002Ftd>\u003Ctd>Operação lastreada em um contrato de locação atípico pela Souza Cruz (atual BAT). A BAT é uma multinacional inglesa, com faturamento acima de £25,8 bilhões e resultado operacional de £2,7 bi. Como garantia, temos a alienação fiduciária de um galpão em Cachoeirinhas - RS, que resulta num LTV de 22%.\u003C\u002Ftd>\u003Ctd>05\u002F09\u002F2027\u003C\u002Ftd>\u003Ctd>Alienação fiduciária de galpão\u003C\u002Ftd>\u003Ctd>22%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch2>Junho de 2026:\u003C\u002Fh2>\u003Cp>15\u002F06\u002F2026 – Informe Mensal Estruturado\u003C\u002Fp>\u003Cp>\u003Cu>Acesse\u003C\u002Fu>\u003C\u002Fp>\u003Cp>08\u002F06\u002F2026 – Rendimentos e Amortizações\u003C\u002Fp>\u003Cp>\u003Cu>Acesse\u003C\u002Fu>\u003C\u002Fp>\u003Ch3>Contato:\u003C\u002Fh3>\u003Cp>Mais informações sobre o fundo, incluindo documentos e comunicados oficiais, estão disponíveis no site oficial: BTHF11.\u003C\u002Fp>\u003Cp>ADTV (Average Daily Trading Volume): Média diária de negociação das cotas de um FII na bolsa. Um ADTV alto indica que há mais facilidade para comprar ou vender cotas sem impactar o preço de mercado.\u003C\u002Fp>\u003Cp>Alocação Estrutural: Alocações que priorizam a tese fundamentalista, exposições setoriais e com geração de valor a médio\u002Flongo prazo.\u003C\u002Fp>\u003Cp>Alocação tática: Alocações que vislumbram oportunidades de arbitragem e ganhos de capital no curto prazo.\u003C\u002Fp>\u003Cp>Cota Patrimonial: Representação do valor financeiro de uma cota dentro do patrimônio líquido do Fundo. (arredondada em duas casas decimais).\u003C\u002Fp>\u003Cp>CRI (Certificado de Recebíveis Imobiliários): Título de renda fixa lastreado em recebíveis do setor imobiliário, como financiamentos, aluguéis ou contratos de compra e venda. É o principal ativo dos FIIs de papel.\u003C\u002Fp>\u003Cp>Dividend Yield (DY): Representa a rentabilidade relativa dos rendimentos pagos aos cotistas do Fundo. Calculado pela divisão do rendimento anualizado sobre a cota valor de mercado.\u003C\u002Fp>\u003Cp>Duration: Mede o prazo médio ponderado dos fluxos de um título e sua sensibilidade às variações de juros. Em FIIs de papel, durations mais longas significam maior exposição à volatilidade das taxas.\u003C\u002Fp>\u003Cp>FII de Papel: Fundo imobiliário que investe em ativos financeiros do setor imobiliário, principalmente CRIs, mas também cotas de outros FIIs. Diferente dos FIIs de tijolo, que investem em imóveis físicos.\u003C\u002Fp>\u003Cp>High Grade: Classificação de CRIs de baixo risco de crédito, geralmente atrelados a emissores mais sólidos e garantias de maior qualidade. Costumam oferecer menor retorno, mas maior segurança.\u003C\u002Fp>\u003Cp>High Yield: Classificação de CRIs de maior risco de crédito, geralmente emitidos por empresas menos consolidadas ou com garantias mais frágeis. Compensam o risco com expectativa de retorno mais elevado.\u003C\u002Fp>\u003Cp>Indexador: Índice de referência que corrige o valor dos CRIs e define sua remuneração ou utilizado como base para um contrato. Exemplos: CDI, IPCA ou IGP-M.\u003C\u002Fp>\u003Cp>Liquidez: Capacidade de converter um ativo (como cotas de FIIs) em dinheiro.\u003C\u002Fp>\u003Cp>LTV (Loan-to↓alue): Relação entre o valor do empréstimo (CRI) e o valor da garantia atrelada. Quanto menor o LTV, maior a segurança para o investidor em caso de inadimplência.\u003C\u002Fp>\u003Cp>Marcação a Mercado: Atualização do preço dos ativos do fundo (como CRIs) de acordo com o valor de mercado. Essa prática pode gerar oscilações no preço da cota patrimonial.\u003C\u002Fp>\u003Cp>Preço\u002Fvalor patrimonial (P\u002FVP): Preço da cota do Fundo no mercado secundário dividido pelo valor patrimonial da cota, calculado utilizando valores na data-base do relatório.\u003C\u002Fp>\u003Cp>Risco de Crédito: Possibilidade de inadimplência dos devedores dos CRIs.\u003C\u002Fp>\u003Cp>Risco de Mercado: Impacto que mudanças na taxa de juros ou no cenário econômico podem causar no valor da cota e na atratividade dos ativos do fundo.\u003C\u002Fp>\u003Cp>Spread: Diferença entre a taxa de remuneração paga e o custo de captação do emissor.\u003C\u002Fp>\u003Cp>Subordinação: Estrutura que define níveis de prioridade nos pagamentos de um CRI. Investidores com cotas subordinadas recebem por último, assumindo mais risco em troca de retorno potencial maior.\u003C\u002Fp>\u003Ch3>Principais Características\u003C\u002Fh3>\u003Cp>Código de negociação: BTHF11 Administrador: BTG Pactual Serviços Financeiros Gestor: BTG Pactual Gestora de Recursos Quantidade de Emissões: 3 Periodicidade dos Rendimentos: Mensal Prazo de Duração: Indeterminado Taxa Global: 1,05% a.a. Quantidade cotas: 205.846.940\u003C\u002Fp>\u003Cp>BTG Pactual Asset Management: eleita a melhor gestora de Real Estate da América Latina.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1885\u002Fpage_17_image_4.jpg\">\u003C\u002Fp>\u003Ch3>Disclaimer\u003C\u002Fh3>\u003Cp>Fundos de investimento imobiliários não contam com garantia do administrador do fundo, do gestor da carteira, de qualquer mecanismo de seguro ou, ainda, do Fundo Garantidor de Créditos - FGC. A rentabilidade obtida no passado não representa garantia de rentabilidade futura. É recomendada a leitura cuidadosa do prospecto e do regulamento do fundo de investimento pelo investidor ao aplicar seus recursos. Os investidores devem estar preparados para aceitar os riscos inerentes aos diversos mercados em que os fundos de investimento atuam e, consequentemente, possíveis variações no patrimônio investido.\u003C\u002Fp>\u003Cp>O Administrador não se responsabiliza por erros ou omissões neste material, bem como pelo uso das informações nele contidas. Adicionalmente, o Administrador não se responsabiliza por decisões dos investidores acerca do tema contido neste material nem por ato ou fato de profissionais e especialistas por ele consultados.\u003C\u002Fp>","https:\u002F\u002Fwww.kartac.com.br\u002Fapi\u002Ffiis\u002FBTHF11\u002Fdocumentos\u002F1885\u002Fpdf",false,"https:\u002F\u002Ffnet.bmfbovespa.com.br\u002Ffnet\u002Fpublico\u002FdownloadDocumento?id=1238560","2026-06-30","2026-07-02 20:28:00",2,{"title":17,"description":18,"canonical":19,"image":20,"json_ld":21,"nome":46,"resumo":89},"Relatório Gerencial BTHF11 de junho de 2026 | Kartac","Relatório Gerencial de junho de 2026 do BTHF11, entrega em 02\u002F07\u002F2026. DY 12 meses de 13,80% e P\u002FVP 0,85 em 04\u002F11\u002F2026.","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBTHF11\u002Fdocumentos\u002F1885","https:\u002F\u002Fwww.kartac.com.br\u002Fimages\u002Fog.png",{"@context":22,"@graph":23},"https:\u002F\u002Fschema.org",[24,30,35,44,60,75],{"@type":25,"@id":26,"name":27,"url":28,"logo":29},"Organization","https:\u002F\u002Fwww.kartac.com.br\u002F#organizacao","Kartac","https:\u002F\u002Fwww.kartac.com.br\u002F","https:\u002F\u002Fwww.kartac.com.br\u002Fandroid-chrome-512x512.png",{"@type":31,"@id":32,"name":27,"url":28,"inLanguage":33,"publisher":34},"WebSite","https:\u002F\u002Fwww.kartac.com.br\u002F#site","pt-BR",{"@id":26},{"@type":36,"@id":37,"url":19,"name":17,"description":18,"inLanguage":33,"isPartOf":38,"dateModified":39,"mainEntity":40,"breadcrumb":42},"WebPage","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBTHF11\u002Fdocumentos\u002F1885#pagina",{"@id":32},"2026-11-01",{"@id":41},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBTHF11\u002Fdocumentos\u002F1885#documento",{"@id":43},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBTHF11\u002Fdocumentos\u002F1885#migalhas",{"@type":45,"@id":41,"name":46,"alternateName":5,"url":19,"inLanguage":33,"about":47,"genre":7,"datePublished":49,"version":50,"dateModified":49,"temporalCoverage":51,"author":52,"publisher":58,"isBasedOn":12},"Report","Relatório Gerencial BTHF11 de junho de 2026",{"@id":48},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBTHF11#fundo","2026-07-02","2","2026-06",{"@type":25,"name":53,"identifier":54},"BTG PACTUAL GESTORA DE RECURSOS LTDA.",{"@type":55,"propertyID":56,"value":57},"PropertyValue","CNPJ","09.631.542\u002F0001-37",{"@type":25,"name":59},"BTG PACTUAL SERVICOS FINANCEIROS S.A. DISTRIBUIDOR",{"@type":61,"@id":48,"name":62,"alternateName":63,"url":66,"category":67,"identifier":68,"provider":73},"InvestmentFund","BTG Pactual Real Estate Hedge Fund",[64,65],"BTHF11","BTG PACTUAL REAL ESTATE HEDGE FUND FII - FUNDO DE INVESTIMENTO IMOBILIÁRIO RESPONSABILIDADE LIMITADA","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBTHF11","Fundo de fundos",[69,71],{"@type":55,"propertyID":70,"value":64},"Ticker B3",{"@type":55,"propertyID":56,"value":72},"45.188.176\u002F0001-57",{"@type":25,"name":53,"identifier":74},{"@type":55,"propertyID":56,"value":57},{"@type":76,"@id":43,"itemListElement":77},"BreadcrumbList",[78,82,85,87],{"@type":79,"position":80,"name":81,"item":28},"ListItem",1,"Início",{"@type":79,"position":15,"name":83,"item":84},"FIIs","https:\u002F\u002Fwww.kartac.com.br\u002Franking",{"@type":79,"position":86,"name":64,"item":66},3,{"@type":79,"position":88,"name":5,"item":19},4,{"atualizado_em":90,"frases":91},"2026-11-05",[92,93,94,95,96],"Relatório Gerencial do BTG Pactual Real Estate Hedge Fund (BTHF11), fundo imobiliário de fundos (FoF), referente a junho de 2026, com entrega no FundosNet (B3) em 02\u002F07\u002F2026.","No pregão de 04\u002F11\u002F2026, a cota do BTHF11 fechou a R$ 8,02, com P\u002FVP de 0,85 (valor patrimonial de R$ 9,40 por cota no informe mensal de setembro de 2026).","O último rendimento foi de R$ 0,101 por cota, com pagamento em out\u002F2026, e o dividend yield dos últimos 12 meses é de 13,80% sobre a cotação de 04\u002F11\u002F2026.","O patrimônio líquido era de R$ 1,9 bilhão no informe mensal de setembro de 2026.","Os indicadores são os mais recentes da base do Kartac, não os do período do documento.",{"id":98,"empresa":99,"gestor":103,"cotacoes":109,"patrimonio":219,"vpa":220,"p_vpa":221,"tipo_gestao":222,"mandato":223,"segmento":224,"categoria":67,"grupo":67,"preco_atual":217,"cotacao_atualizada_em":225,"ultima_variacao_cotacao_24h":226,"variacao_cotacao_7d":227,"variacao_cotacao_1m":228,"variacao_cotacao_3m":229,"variacao_cotacao_6m":230,"variacao_cotacao_12m":231,"vacancia_fisica":223,"liquidez_atual":232,"ultimo_dividendo":233,"ultimo_dividend_yield":234,"mes_pagamento_ultimo_dividendo":235,"dividend_yield_3m":236,"dividend_yield_6m":237,"dividend_yield_12m":238,"dividend_yield_medio_12m":239,"qtd_dividendos_pagos_ano_passado":240,"data_ultima_cotacao":216,"pregoes_com_negocio_21":241,"alertas":242,"updated_at":243,"liquidez_media_reais":244,"administrador":59,"taxa_administracao_paga":245,"balanco":246,"resultado_distribuido":253,"publico_alvo":257,"mercados_negociacao_cotas":258,"data_funcionamento":260,"data_final":223,"quantidade_cotas":261,"quantidade_cotistas":262,"detalhes_cotistas":263,"total_investido":269,"investimentos_fundo":270,"imoveis":274,"contratos":223,"custodiante":276,"auditor_independente":283,"formador_mercado":223,"distribuidor_cotas":289,"consultor_especializado":223,"administrador_locacoes":223,"relatorio_anual":292,"analise_administrador":295},342,{"nome":65,"nome_simplificado":100,"nome_comercial":62,"ticker":64,"nome_ticker":101,"nome_pregao":102,"cnpj":72},"BTG PACTUAL REAL ESTATE HEDGE FUND   RESPONSABILIDADE LIMITADA","BTHF11 - BTG PACTUAL REAL ESTATE HEDGE FUND FII - FUNDO DE INVESTIMENTO IMOBILIÁRIO RESPONSABILIDADE LIMITADA","FII BTHF",{"id":104,"nome":53,"cnpj":105,"endereco":106,"telefone":107,"created_at":108,"updated_at":108},19,"09631542000137","AV BRIG FARIA LIMA, 3477, 14 AND - PARTE - ITAIM BIBI, SAO PAULO - SP - 04538-133","(11) 25269958","2026-10-03T18:51:20.000000Z",[110,116,121,127,132,138,143,149,155,161,166,171,176,180,186,192,197,203,208,214],{"id":111,"data":112,"abertura":113,"ultimo":114,"volume":115},3288835,"2026-10-06",8.9,9.12,756981,{"id":117,"data":118,"abertura":114,"ultimo":119,"volume":120},3289818,"2026-10-07",9.22,464779,{"id":122,"data":123,"abertura":124,"ultimo":125,"volume":126},3290355,"2026-10-08",9.07,9.08,605875,{"id":128,"data":129,"abertura":114,"ultimo":130,"volume":131},3291104,"2026-10-09",9.2,473017,{"id":133,"data":134,"abertura":135,"ultimo":136,"volume":137},3357024,"2026-10-13",9.18,8.95,425455,{"id":139,"data":140,"abertura":136,"ultimo":141,"volume":142},3375646,"2026-10-14",8.89,443670,{"id":144,"data":145,"abertura":146,"ultimo":147,"volume":148},3376538,"2026-10-15",9.01,9.03,480005,{"id":150,"data":151,"abertura":152,"ultimo":153,"volume":154},3377140,"2026-10-16",9.05,8.94,317123,{"id":156,"data":157,"abertura":158,"ultimo":159,"volume":160},3445276,"2026-10-19",8.98,8.92,392340,{"id":162,"data":163,"abertura":164,"ultimo":159,"volume":165},3446527,"2026-10-20",8.97,433995,{"id":167,"data":168,"abertura":169,"ultimo":141,"volume":170},3460022,"2026-10-21",8.96,392200,{"id":172,"data":173,"abertura":113,"ultimo":174,"volume":175},3473806,"2026-10-22",9.02,942026,{"id":177,"data":178,"abertura":174,"ultimo":114,"volume":179},3488060,"2026-10-23",998503,{"id":181,"data":182,"abertura":183,"ultimo":184,"volume":185},3566080,"2026-10-26",8.65,8.63,1114243,{"id":187,"data":188,"abertura":189,"ultimo":190,"volume":191},3580115,"2026-10-27",8.74,8.52,659362,{"id":193,"data":194,"abertura":190,"ultimo":195,"volume":196},3594359,"2026-10-28",8.31,707716,{"id":198,"data":199,"abertura":200,"ultimo":201,"volume":202},3609051,"2026-10-29",8.3,8.22,379523,{"id":204,"data":205,"abertura":201,"ultimo":206,"volume":207},3624642,"2026-10-30",8.26,553800,{"id":209,"data":210,"abertura":211,"ultimo":212,"volume":213},3682294,"2026-11-03",8.28,7.85,734677,{"id":215,"data":216,"abertura":212,"ultimo":217,"volume":218},3695735,"2026-11-04",8.02,554387,1935382440.88,9.4,"0.85","Ativa",null,"Outros","2026-11-05 09:00","0.0217","-0.0243","-0.1206","-0.0979","-0.1413","-0.0598",7156,"0.1010","0.0110","Out\u002F2026","0.0252","0.0630","0.1380","0.0101",12,21,[],"05\u002F11\u002F2026 08:15",5155750.27,0.00944566411976558,{"data_referencia":247,"ativo":248,"passivo":249,"obrigacoes_imoveis":250,"obrigacoes_securitizacao":250,"liquidez":251,"valores_receber":252},"2026-09-01",1937387027,2004586.12,0,60943644.82,30357534.92,{"data_referencia":13,"resultado":254,"rendimentos":255,"percentual":256},122517191.2,124743245.64,1.0181693231635236,"Investidores em Geral",[259],"MBO","2023-01-31",205846940,310520,{"Pessoa Física":264,"Pessoa jurídica não financeira":265,"Investidores não residentes":266,"Outros fundos de investimento":267,"Fundos de investimento imobiliário":268,"Entidade fechada de previdência complementar":86,"Entidade aberta de previdência complementar":80,"SSociedade de capitalização e de arrendamento mercantil":80,"Outros tipos de cotistas não relacionados":80},310190,280,20,14,10,1846085847.26,{"Cotas de FIIs":271,"CRI \u002F CRA":272,"Ações de sociedades imobiliárias":273},1455698463.11,368189723.63,22197660.52,{"vacancia_total":250,"lista_imoveis":275,"data_referencia":13,"vacancia_suspeita":11},[],{"id":277,"nome":278,"cnpj":279,"endereco":280,"telefone":281,"created_at":282,"updated_at":282},5,"BANCO BTG PACTUAL S A","30306294000145","PR BOTAFOGO, 501, BLII SLO 501 BLC II SAL 601 - BOTAFOGO, RIO DE JANEIRO - RJ - 22250-911","(21) 32629600","2026-10-03T18:47:06.000000Z",{"id":86,"nome":284,"cnpj":285,"endereco":286,"telefone":287,"created_at":288,"updated_at":288},"PRICEWATERHOUSECOOPERS AUDITORES INDEPENDENTES LTDA.","61562112000120","Avenida Brigadeiro Faria Lima, 3732, Edifício B32, 16º andar - Itaim Bibi, São Paulo - SP, 04538-132","(11) 4004-8000","2026-06-07T17:17:20.000000Z",{"id":266,"nome":59,"cnpj":290,"endereco":291,"telefone":281,"created_at":108,"updated_at":108},"59281253000123","PR BOTAFOGO, 501, 5 AND - PARTE - BOTAFOGO, RIO DE JANEIRO - RJ - 22250-040",{"ano_referencia":293,"data_disponibilizacao":294},"2026","2026-09-28",{"ResultadoFundo":296,"ConjunturaEconomica":297,"PerspectivaPeriodoSeguinte":298},"O Fundo encerrou o exercício social em linha com sua estratégia de investimentos, conforme detalhado no informe mensal de junho de 2026","No período, o mercado imobiliário e os fundos de investimento imobiliário (FIIs) operaram em um ambiente desafiador, marcado pela manutenção de taxas de juros em patamares elevados, o que impactou a atratividade relativa do setor e levou os investidores a adotarem uma postura mais cautelosa e seletiva. Apesar desse cenário, os fundamentos do mercado imobiliário permaneceram resilientes, especialmente em ativos com capacidade de geração recorrente de renda e características de maior qualidade.","Para o próximo período, espera-se que o mercado imobiliário mantenha desempenho resiliente, embora ainda influenciado pelo cenário de juros elevados e condições de crédito mais restritivas. A expectativa é de gradual melhora das condições de mercado, o que poderá favorecer a atividade do setor e a valorização dos ativos imobiliários."]