[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"seo:\u002Fdetalhes\u002FBTHF11\u002Fdocumentos\u002F1889":3,"documento:BTHF11:1889":87,"fii-documento:BTHF11":96},{"title":4,"description":5,"canonical":6,"image":7,"json_ld":8,"nome":33,"resumo":79},"Relatório Gerencial BTHF11 de maio de 2026 | Kartac","Relatório Gerencial de maio de 2026 do BTHF11 (BTG Pactual Real Estate Hedge Fund), entrega em 08\u002F06\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\u002F1889","https:\u002F\u002Fwww.kartac.com.br\u002Fimages\u002Fog.png",{"@context":9,"@graph":10},"https:\u002F\u002Fschema.org",[11,17,22,31,49,64],{"@type":12,"@id":13,"name":14,"url":15,"logo":16},"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":18,"@id":19,"name":14,"url":15,"inLanguage":20,"publisher":21},"WebSite","https:\u002F\u002Fwww.kartac.com.br\u002F#site","pt-BR",{"@id":13},{"@type":23,"@id":24,"url":6,"name":4,"description":5,"inLanguage":20,"isPartOf":25,"dateModified":26,"mainEntity":27,"breadcrumb":29},"WebPage","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBTHF11\u002Fdocumentos\u002F1889#pagina",{"@id":19},"2026-11-01",{"@id":28},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBTHF11\u002Fdocumentos\u002F1889#documento",{"@id":30},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBTHF11\u002Fdocumentos\u002F1889#migalhas",{"@type":32,"@id":28,"name":33,"alternateName":34,"url":6,"inLanguage":20,"about":35,"genre":37,"datePublished":38,"temporalCoverage":39,"author":40,"publisher":46,"isBasedOn":48},"Report","Relatório Gerencial BTHF11 de maio de 2026","(BTHF) Relatório Gerencial - 29\u002F05\u002F2026",{"@id":36},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FBTHF11#fundo","Relatórios","2026-06-08","2026-05",{"@type":12,"name":41,"identifier":42},"BTG PACTUAL GESTORA DE RECURSOS LTDA.",{"@type":43,"propertyID":44,"value":45},"PropertyValue","CNPJ","09.631.542\u002F0001-37",{"@type":12,"name":47},"BTG PACTUAL SERVICOS FINANCEIROS S.A. DISTRIBUIDOR","https:\u002F\u002Ffnet.bmfbovespa.com.br\u002Ffnet\u002Fpublico\u002FdownloadDocumento?id=1213598",{"@type":50,"@id":36,"name":51,"alternateName":52,"url":55,"category":56,"identifier":57,"provider":62},"InvestmentFund","BTG Pactual Real Estate Hedge Fund",[53,54],"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",[58,60],{"@type":43,"propertyID":59,"value":53},"Ticker B3",{"@type":43,"propertyID":44,"value":61},"45.188.176\u002F0001-57",{"@type":12,"name":41,"identifier":63},{"@type":43,"propertyID":44,"value":45},{"@type":65,"@id":30,"itemListElement":66},"BreadcrumbList",[67,71,75,77],{"@type":68,"position":69,"name":70,"item":15},"ListItem",1,"Início",{"@type":68,"position":72,"name":73,"item":74},2,"FIIs","https:\u002F\u002Fwww.kartac.com.br\u002Franking",{"@type":68,"position":76,"name":53,"item":55},3,{"@type":68,"position":78,"name":34,"item":6},4,{"atualizado_em":80,"frases":81},"2026-11-05",[82,83,84,85,86],"Relatório Gerencial do BTG Pactual Real Estate Hedge Fund (BTHF11), fundo imobiliário de fundos (FoF), referente a maio de 2026, com entrega no FundosNet (B3) em 08\u002F06\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":88,"descricao":34,"assunto":89,"tipo":37,"situacao":90,"texto":91,"link_pdf":92,"estruturado":93,"link_original":48,"data_referencia":94,"data_entrega":95,"versao":69},1889,"Relatório Gerencial","(Ativo)","\u003Ch3>FII BTG Pactual Real Estate Hedge Fund\u003C\u002Fh3>\u003Cp>\u003Cstrong>BTHF11\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Relatório Mensal\u003C\u002Fp>\u003Cp>Maio 2026\u003C\u002Fp>\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>\u003Cstrong>MERCADO :\u003C\u002Fstrong> No cenário doméstico, o mês foi marcado pela turbulência eleitoral, com enfraquecimento de Flávio Bolsonaro nas pesquisas e ampliação da vantagem de Lula . No campo econômico, o IPCA -15 veio com composição mais desfavorável que o esperado, com pressões disseminadas em bens industriais e alimentação, enquanto o Focus confirmou deterioração das expectativas, com a mediana do IPCA 2026 acima de 5,00 %. Os dados de atividade reforçaram a reaceleração da economia no primeiro semestre, puxada pelo consumo .\u003C\u002Fp>\u003Cp>\u003Cstrong>RESULTADO :\u003C\u002Fstrong> No mês, o BTHF 11 apresentou um resultado de R$ 0,113 por cota, com destaque para a linha de resultado com operações em ações, que abordaremos especificamente nesse relatório . Mantivemos a distribuição para R$ 0,101 por cota, seguindo o guidance de distribuição anunciado para esse semestre, no intervalo de R$ 0,100 e R$ 0,105 por cota . O retorno total em 12 m foi de 31 %, frente aos 16 % do IFIX .\u003C\u002Fp>\u003Cp>\u003Cstrong>MOVIMENTAÇÃO :\u003C\u002Fstrong> No mês de março, realizamos R$ 268 milhões em operações no mercado secundário, utilizando R$ 102 milhões de caixa . O destaque ficou com o encerramento da posição em TEND 3, que gerou um ganho de capital de aproximadamente R$ 5 milhões, com TIR de 111 ,2% na operação . No consolidado, as movimentações resultaram em cerca de R$ 4,8 milhões de resultado líquido, verificado na DRE da pg . 4 deste relatório . Além disso, o caixa foi majoritariamente utilizado na compra de HSRE 11 , co -investimento com investidor institucional em posição minoritária no fundo para obtenção do controle, comprando um FII de Renda Urbana com imóveis superiores a 10 ,5% de cap rate e custo histórico inferior a 50 % do PL atual do fundo .\u003C\u002Fp>\u003Cp>\u003Cstrong>CARTEIRA :\u003C\u002Fstrong> O Fundo encerrou o mês com 38 % em FIIs tijolo, 19 % em FIIs de papel, 20 % em CRIs, 15 % em Caixa , 7% em Ativos Reais e 1% em Ações .\u003C\u002Fp>\u003Ch3>Principais Indicadores\u003C\u002Fh3>\u003Cp>\u003Cstrong>VALOR DE MERCADO\u003C\u002Fstrong> R$ 1,929 bilhões\u003C\u002Fp>\u003Cp>\u003Cstrong>COTA MERCADO\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>R$ 9,27 por cota\u003C\u002Fp>\u003Cp>\u003Cstrong>VALOR PATRIMONIAL\u003C\u002Fstrong> 1 R$ 2,096 bilhões\u003C\u002Fp>\u003Cp>\u003Cstrong>COTA PATRIMONIAL\u003C\u002Fstrong> 1 R$ 10,07 por cota\u003C\u002Fp>\u003Cp>\u003Cstrong>DIVIDEND YIELD\u003C\u002Fstrong> 1 13,08%\u003C\u002Fp>\u003Cp>\u003Cstrong>RENDIMENTO MENSAL\u003C\u002Fstrong> R$ 0,101 por cota\u003C\u002Fp>\u003Cp>\u003Cstrong>COTISTAS\u003C\u002Fstrong> 320.236\u003C\u002Fp>\u003Cp>R$ 3,76 milhões\u003C\u002Fp>\u003Cp>\u003Cstrong>RETORNO 12m - BTHF vs IFIX\u003C\u002Fstrong> 31% vs 16%\u003C\u002Fp>\u003Cp>\u003Cstrong>PREÇO\u002FVALOR PATRIMONIAL\u003C\u002Fstrong> 0,92x\u003C\u002Fp>\u003Cp>Em maio de 2026 , o ambiente macroeconômico doméstico foi marcado pelo turbulento cenário eleitoral e por sinais de maior adversidade para a condução da política monetária . Ao longo do mês, houve enfraquecimento do desempenho do senador Flávio Bolsonaro nas pesquisas, tanto em cenários de primeiro quanto de segundo turno, ampliando a vantagem de Lula e elevando também sua rejeição em alguns levantamentos .\u003C\u002Fp>\u003Cp>No campo econômico, a leitura do IPCA -15 trouxe composição mais desfavorável do que o esperado, com pressões disseminadas e piora qualitativa, especialmente em bens industriais e alimentação, enquanto o Boletim Focus confirmou a deterioração das expectativas inflacionárias, com a mediana do IPCA de 2026 acima de 5,00 % e piora também em horizontes mais longos . Ao mesmo tempo, os dados de atividade divulgados no mês, reforçaram o cenário de reaceleração da economia no primeiro semestre de 2026 , puxado principalmente pelo consumo .\u003C\u002Fp>\u003Cp>Nesse contexto, o Real chegou a se apreciar para níveis R$ 4,90 por dólar na primeira quinzena, mas devolveu parte do movimento na segunda metade do mês, voltando ao patamar de R$5,00 por dólar . Diante desse quadro, e em meio à continuidade da guerra entre Irã e Israel, o governo federal anunciou novas medidas, incluindo subsídio temporário à gasolina, o programa “Desenrola 2.0”, novas linhas de crédito e a eliminação do imposto federal sobre importações de pequenos valores .\u003C\u002Fp>\u003Cp>No cenário internacional, maio foi marcado por elevada volatilidade associada ao conflito no Oriente Médio e à continuidade das restrições severas no Estreito de Ormuz, já em seu quarto mês . As perdas acumuladas de oferta dos produtores do Golfo desde o início do conflito já superam 1 bilhão de barris, configurando um choque de oferta de grande magnitude .\u003C\u002Fp>\u003Cp>Nesse ambiente, o preço do petróleo oscilou entre US $ 95 e US $ 115 ao longo do mês, encerrando maio próximo de US $ 93 diante de notícias de possível avanço nas negociações . Nos Estados Unidos, os dados de inflação mostraram aceleração do PCE para 3,8% a\u002Fa . Já o mercado de trabalho sinalizou estabilização, com criação de 115 mil postos em abril, desemprego estável em 4,3% e desaceleração dos salários .\u003C\u002Fp>\u003Cp>A conjuntura de inflação acima da meta, atividade resiliente e choque de oferta ainda não resolvido elevou a complexidade do balanço de riscos para o Fed , reduziu o espaço para flexibilização monetária no curto prazo e levou o mercado a retirar a precificação de cortes, que passou a atribuir cerca de 38 % de probabilidade de alta de juros ainda em 2026 .\u003C\u002Fp>\u003Cp>Destacamos a conclusão do desinvestimento da posição em Construtora Tenda S .A. (TEND 3), iniciada em agosto de 2025 . A seguir, detalhamos o racional por trás dessa estratégia e os resultados obtidos para o fundo .\u003C\u002Fp>\u003Cp>Ao longo do primeiro semestre de 2025 , a Tenda vinha entregando uma virada operacional consistente, impulsionada pelo bom momento do programa Minha Casa Minha Vida e por melhorias estruturais implementadas internamente após a pandemia . No entanto, o mercado permanecia cético quanto à sustentabilidade desse crescimento e à capacidade de a companhia converter o resultado operacional em lucro líquido robusto, ceticismo que se refletia na precificação da ação . No 2T25 , por exemplo, o EBITDA ajustado atingiu R$ 166 ,3 milhões, quase 70 % acima do mesmo período do ano anterior, enquanto o consenso de mercado estimava apenas R$ 47 milhões para essa linha . A assimetria entre os fundamentos que enxergávamos e o que o mercado precificava representou, a nosso ver, uma oportunidade clara de alocação . Iniciamos a construção da posição em TEND 3 em agosto de 2025 , aproveitando o desconto com que a ação negociava frente ao potencial de geração de resultado da companhia . Nos trimestres seguintes, a tese se confirmou de forma acelerada : no acumulado de 2025 , a Tenda registrou lucro líquido consolidado de R$ 505 ,7 milhões, quase cinco vezes superior ao de 2024 , estabelecendo novo recorde histórico para a companhia, com receita líquida de R$ 3,284 bilhões .\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1889\u002Fpage_3_chart_4.jpg\">\u003C\u002Fp>\u003Cp>A estratégia de alocação em TEND 3 resultou em retornos expressivos para o BTHF 11 , com uma Taxa Interna de Retorno (TIR) de 111 ,2% sobre o capital alocado, gerando R$ 7,2 mm de lucro caixa, com desinvestimento iniciado em janeiro de 2026 . O retorno capturado reflete tanto a valorização do papel ao longo do período quanto o momento de entrada, quando o mercado não havia incorporado a extensão da virada operacional da companhia .\u003C\u002Fp>\u003Cp>Essa operação reforça a visão do fundo em relação à alocação em ações e o propósito desse mandato, que não é especular no mercado acionário ou buscar capturar tendências macroeconômicas . Pelo contrário, essa parcela da carteira funciona como uma ferramenta adicional para extrair valor de ativos e situações com fundamento imobiliário e operacional claro . Seguimos atentos ao mercado e às empresas do setor para continuar aproveitando oportunidades que estejam alinhadas com a estratégia e os interesses dos nossos cotistas .\u003C\u002Fp>\u003Cp>\u003Cstrong>Distribuição de Dividendos\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Composição do Resultado por Cota\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>18.847.485 0,092\u003C\u002Fth>\u003Cth>\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>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>79.201.819 0,385\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>83.162.164 0,404\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1889\u002Fpage_4_chart_10.jpg\">\u003C\u002Fp>\u003Cp>Histórico de Dividendos\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1889\u002Fpage_4_chart_12.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>Mai.25\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>\u003C\u002Ftr>\u003Ctr>\u003Ctd>DY book\u003C\u002Ftd>\u003Ctd>0,91%\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>\u003C\u002Ftr>\u003Ctr>\u003Ctd colspan=\"13\">DY mkt 1,06% 1,05% 1,11% 1,11% 1,06% 1,09% 1,10% 1,17% 1,03% 1,05% 1,04% 1,09%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CDI (\u003Csup>1\u003C\u002Fsup>)\u003C\u002Ftd>\u003Ctd>0,97%\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>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Rentabilidade desde o IPO\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1889\u002Fpage_5_chart_5.jpg\">\u003C\u002Fp>\u003Ch3>Sensibilidade Carteira vs Cota Mercado\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>Spread over NTNB\u003C\u002Fth>\u003Cth>Yield CDI\u003C\u002Fth>\u003Cth>Upside to\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Cota a mercado\u003C\u002Ftd>\u003Ctd>Dividend Yield\u003C\u002Ftd>\u003Ctd>(bps)\u003C\u002Ftd>\u003Ctd>líq(\u003Csup>1\u003C\u002Fsup>). +\u003C\u002Ftd>\u003Ctd>book\u003C\u002Ftd>\u003C\u002Ftr>\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>\u003Ctbody>\u003Ctr>\u003Ctd colspan=\"2\">CRIs ( 16,5%)\u003C\u002Ftd>\u003C\u002Ftr>\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>\u003Ctr>\u003Ctd colspan=\"2\">Flls Papel (19,6%)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd colspan=\"2\">Upside dacarteira|DY\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>67%\u003C\u002Ftd>\u003Ctd>19% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>62%\u003C\u002Ftd>\u003Ctd>18% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>57%\u003C\u002Ftd>\u003Ctd>18% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>52%\u003C\u002Ftd>\u003Ctd>17% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>48%\u003C\u002Ftd>\u003Ctd>17% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>43%\u003C\u002Ftd>\u003Ctd>16% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>39%\u003C\u002Ftd>\u003Ctd>16% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>36%\u003C\u002Ftd>\u003Ctd>15% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>32%\u003C\u002Ftd>\u003Ctd>15% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>29%\u003C\u002Ftd>\u003Ctd>15% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>25%\u003C\u002Ftd>\u003Ctd>14% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>23%\u003C\u002Ftd>\u003Ctd>14% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\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 7,8% de desconto patrimonial . Se considerarmos o “duplo desconto ”, ou seja , o valor patrimonial dos FIIs investidos pelo fundo , esse desconto chega a \u003Cstrong>17 ,9%.\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1889\u002Fpage_6_chart_4.jpg\">\u003C\u002Fp>\u003Cp>Cotação Histórica e Volume Mensal\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1889\u002Fpage_6_chart_6.jpg\">\u003C\u002Fp>\u003Cp>Evolução ADTV\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1889\u002Fpage_6_chart_8.jpg\">\u003C\u002Fp>\u003Cp>Notas : (1) O Fundo em 2022 e 2023 era negociado na CETIP\u003C\u002Fp>\u003Cp>Evolução Cotistas\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1889\u002Fpage_6_chart_11.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>CRIs\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>38 #Ativos\u003C\u002Fp>\u003Cp>1R$ 406 milhões\u003C\u002Fp>\u003Cp>FIIs & Ações\u003C\u002Fp>\u003Cp>53 #Ativos\u003C\u002Fp>\u003Cp>\u003Cstrong>CDI + 3,6% IPCA + 10,5%\u003C\u002Fstrong> Taxa Média (MTM) (1)\u003C\u002Fp>\u003Cp>R$ 1,21 bilhões\u003C\u002Fp>\u003Cp>11,66% Dividend Yield\u003C\u002Fp>\u003Cp>\u003Cstrong>Ativo Real\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>2 #Imóveis\u003C\u002Fp>\u003Cp>R$ 138 milhões\u003C\u002Fp>\u003Cp>13.108 m² ABL\u003C\u002Fp>\u003Cp>Classe de Ativo (% do PL)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1889\u002Fpage_7_chart_15.jpg\">\u003C\u002Fp>\u003Cp>Setor (CRIs e FIIs em % da carteira)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1889\u002Fpage_7_chart_17.jpg\">\u003C\u002Fp>\u003Cp>Indexador (CRIs em % do PL)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1889\u002Fpage_7_chart_19.jpg\">\u003C\u002Fp>\u003Cp>Duration (CRIs em % do PL)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1889\u002Fpage_7_chart_21.jpg\">\u003C\u002Fp>\u003Cp>Lista de Ativos - CRIs\u003C\u002Fp>\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>Portfólio Imob Div.\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>52,8\u003C\u002Ftd>\u003Ctd>2,5%\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>2,2\u003C\u002Ftd>\u003Ctd>SC\u003C\u002Ftd>\u003Ctd>40,7\u003C\u002Ftd>\u003Ctd>2,0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3\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>5,0\u003C\u002Ftd>\u003Ctd>PR - SC - RS\u003C\u002Ftd>\u003Ctd>28,1\u003C\u002Ftd>\u003Ctd>1,4%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4\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>1,8\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>25,1\u003C\u002Ftd>\u003Ctd>1,2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5\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>3,3\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>22,6\u003C\u002Ftd>\u003Ctd>1,1%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>6\u003C\u002Ftd>\u003Ctd>Patriani II\u003C\u002Ftd>\u003Ctd>23D1695281\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>5,00%\u003C\u002Ftd>\u003Ctd>3,75%\u003C\u002Ftd>\u003Ctd>1,6\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>20,2\u003C\u002Ftd>\u003Ctd>1,0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>7\u003C\u002Ftd>\u003Ctd>Patriani IV\u003C\u002Ftd>\u003Ctd>23D1695285\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>5,00%\u003C\u002Ftd>\u003Ctd>2,60%\u003C\u002Ftd>\u003Ctd>1,6\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>19,5\u003C\u002Ftd>\u003Ctd>0,9%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>8\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>3,3\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>18,8\u003C\u002Ftd>\u003Ctd>0,9%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>9\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>14,7\u003C\u002Ftd>\u003Ctd>0,7%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>10\u003C\u002Ftd>\u003Ctd>Higienópolis - SI\u003C\u002Ftd>\u003Ctd>21L0329279\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>4,25%\u003C\u002Ftd>\u003Ctd>3,50%\u003C\u002Ftd>\u003Ctd>1,0\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>14,5\u003C\u002Ftd>\u003Ctd>0,7%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>11\u003C\u002Ftd>\u003Ctd>You Corporativo - SI\u003C\u002Ftd>\u003Ctd>22D0847833\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>4,00%\u003C\u002Ftd>\u003Ctd>4,00%\u003C\u002Ftd>\u003Ctd>1,2\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>13,9\u003C\u002Ftd>\u003Ctd>0,7%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>12\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>3,0\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>11,1\u003C\u002Ftd>\u003Ctd>0,5%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>13\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>6,6\u003C\u002Ftd>\u003Ctd>SC\u003C\u002Ftd>\u003Ctd>9,2\u003C\u002Ftd>\u003Ctd>0,4%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>14\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>6,9\u003C\u002Ftd>\u003Ctd>SC\u003C\u002Ftd>\u003Ctd>8,8\u003C\u002Ftd>\u003Ctd>0,4%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>15\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>6,7\u003C\u002Ftd>\u003Ctd>SC\u003C\u002Ftd>\u003Ctd>8,8\u003C\u002Ftd>\u003Ctd>0,4%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>16\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>2,8\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>7,7\u003C\u002Ftd>\u003Ctd>0,4%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>17\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>6,5\u003C\u002Ftd>\u003Ctd>0,3%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>18\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>6,9\u003C\u002Ftd>\u003Ctd>SC\u003C\u002Ftd>\u003Ctd>5,1\u003C\u002Ftd>\u003Ctd>0,2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>19\u003C\u002Ftd>\u003Ctd>Souza Cruz - S2\u003C\u002Ftd>\u003Ctd>17I0142635\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>9,73%\u003C\u002Ftd>\u003Ctd>8,82%\u003C\u002Ftd>\u003Ctd>0,8\u003C\u002Ftd>\u003Ctd>RS\u003C\u002Ftd>\u003Ctd>5,0\u003C\u002Ftd>\u003Ctd>0,2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>20\u003C\u002Ftd>\u003Ctd>Souza Cruz - S2\u003C\u002Ftd>\u003Ctd>17I0142635\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>9,73%\u003C\u002Ftd>\u003Ctd>8,82%\u003C\u002Ftd>\u003Ctd>0,8\u003C\u002Ftd>\u003Ctd>RS\u003C\u002Ftd>\u003Ctd>5,0\u003C\u002Ftd>\u003Ctd>0,2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>21\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>2,8\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>4,3\u003C\u002Ftd>\u003Ctd>0,2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>22\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>2,8\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>4,2\u003C\u002Ftd>\u003Ctd>0,2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>23\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>2,8\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>3,3\u003C\u002Ftd>\u003Ctd>0,2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>24\u003C\u002Ftd>\u003Ctd>Patriani I S3\u003C\u002Ftd>\u003Ctd>23D1695269\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>3,50%\u003C\u002Ftd>\u003Ctd>2,60%\u003C\u002Ftd>\u003Ctd>1,6\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>3,1\u003C\u002Ftd>\u003Ctd>0,2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>25\u003C\u002Ftd>\u003Ctd>Patriani I S1\u003C\u002Ftd>\u003Ctd>23D1695011\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>3,50%\u003C\u002Ftd>\u003Ctd>2,40%\u003C\u002Ftd>\u003Ctd>1,6\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>3,0\u003C\u002Ftd>\u003Ctd>0,1%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>26\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>2,8\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>2,4\u003C\u002Ftd>\u003Ctd>0,1%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>27\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>2,8\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>1,7\u003C\u002Ftd>\u003Ctd>0,1%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>28\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>2,8\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>1,0\u003C\u002Ftd>\u003Ctd>0,0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>29\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>2,8\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>1,0\u003C\u002Ftd>\u003Ctd>0,0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>30\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>2,8\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0,7\u003C\u002Ftd>\u003Ctd>0,0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>31\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>2,8\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0,5\u003C\u002Ftd>\u003Ctd>0,0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>32\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>2,8\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0,4\u003C\u002Ftd>\u003Ctd>0,0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>33\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>2,8\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0,2\u003C\u002Ftd>\u003Ctd>0,0%\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>2,8\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>363,9\u003C\u002Ftd>\u003Ctd>17,4%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Nº\u003C\u002Fth>\u003Cth>CRIs Táticos\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>CRI Campinas Shopping\u003C\u002Ftd>\u003Ctd>22K1362572\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>7,65%\u003C\u002Ftd>\u003Ctd>7,99%\u003C\u002Ftd>\u003Ctd>5,7\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>34,6\u003C\u002Ftd>\u003Ctd>1,6%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2\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>0,5\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>7,3\u003C\u002Ftd>\u003Ctd>0,3%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3\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>6,3\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0,7\u003C\u002Ftd>\u003Ctd>0,0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4\u003C\u002Ftd>\u003Ctd>CRI Brazilian Sr. II\u003C\u002Ftd>\u003Ctd>11H0022430\u003C\u002Ftd>\u003Ctd>PRE\u003C\u002Ftd>\u003Ctd>12,50%\u003C\u002Ftd>\u003Ctd>12,50%\u003C\u002Ftd>\u003Ctd>1,7\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0,1\u003C\u002Ftd>\u003Ctd>0,0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5\u003C\u002Ftd>\u003Ctd>CRI Brazilian Sr. I\u003C\u002Ftd>\u003Ctd>11K0018241\u003C\u002Ftd>\u003Ctd>IGPM\u003C\u002Ftd>\u003Ctd>8,00%\u003C\u002Ftd>\u003Ctd>6,88%\u003C\u002Ftd>\u003Ctd>4,8\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0,1\u003C\u002Ftd>\u003Ctd>0,0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>6\u003C\u002Ftd>\u003Ctd>Estoque Helbor\u003C\u002Ftd>\u003Ctd>22H1104501\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>2,30%\u003C\u002Ftd>\u003Ctd>2,71%\u003C\u002Ftd>\u003Ctd>1,1\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>0,0\u003C\u002Ftd>\u003Ctd>0,0%\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>4,8\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>42,2\u003C\u002Ftd>\u003Ctd>2,2%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>Lista de Ativos - FIIs\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Ticker B3\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>12.2%\u003C\u002Ftd>\u003Ctd>0.97\u003C\u002Ftd>\u003Ctd>206,645.06\u003C\u002Ftd>\u003Ctd>Renda Urbana\u003C\u002Ftd>\u003Ctd>9.97%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>BTHI11\u003C\u002Ftd>\u003Ctd>12.2%\u003C\u002Ftd>\u003Ctd>0.68\u003C\u002Ftd>\u003Ctd>120,563.03\u003C\u002Ftd>\u003Ctd>Hotelaria\u003C\u002Ftd>\u003Ctd>5.81%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>HTMX11\u003C\u002Ftd>\u003Ctd>10.6%\u003C\u002Ftd>\u003Ctd>0.91\u003C\u002Ftd>\u003Ctd>83,845.21\u003C\u002Ftd>\u003Ctd>Hotelaria\u003C\u002Ftd>\u003Ctd>4.04%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TRXF11\u003C\u002Ftd>\u003Ctd>12.4%\u003C\u002Ftd>\u003Ctd>0.91\u003C\u002Ftd>\u003Ctd>69,318.51\u003C\u002Ftd>\u003Ctd>Renda Urbana\u003C\u002Ftd>\u003Ctd>3.34%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>BPML11\u003C\u002Ftd>\u003Ctd>12.0%\u003C\u002Ftd>\u003Ctd>0.74\u003C\u002Ftd>\u003Ctd>56,274.20\u003C\u002Ftd>\u003Ctd>Shoppings\u003C\u002Ftd>\u003Ctd>2.71%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>INLG11\u003C\u002Ftd>\u003Ctd>10.3%\u003C\u002Ftd>\u003Ctd>0.66\u003C\u002Ftd>\u003Ctd>39,921.93\u003C\u002Ftd>\u003Ctd>Logística\u003C\u002Ftd>\u003Ctd>1.93%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>GARE11\u003C\u002Ftd>\u003Ctd>12.0%\u003C\u002Ftd>\u003Ctd>0.88\u003C\u002Ftd>\u003Ctd>36,801.92\u003C\u002Ftd>\u003Ctd>Logística\u003C\u002Ftd>\u003Ctd>1.77%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>BRCR11\u003C\u002Ftd>\u003Ctd>10.5%\u003C\u002Ftd>\u003Ctd>0.55\u003C\u002Ftd>\u003Ctd>34,219.94\u003C\u002Ftd>\u003Ctd>Lajes Corporativas\u003C\u002Ftd>\u003Ctd>1.65%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TRBL11\u003C\u002Ftd>\u003Ctd>14.0%\u003C\u002Ftd>\u003Ctd>0.91\u003C\u002Ftd>\u003Ctd>31,890.62\u003C\u002Ftd>\u003Ctd>Logística\u003C\u002Ftd>\u003Ctd>1.54%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FAED11\u003C\u002Ftd>\u003Ctd>13.0%\u003C\u002Ftd>\u003Ctd>0.70\u003C\u002Ftd>\u003Ctd>21,570.61\u003C\u002Ftd>\u003Ctd>Educacional\u003C\u002Ftd>\u003Ctd>1.04%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Outros\u003C\u002Ftd>\u003Ctd>11.8%\u003C\u002Ftd>\u003Ctd>0.44\u003C\u002Ftd>\u003Ctd>91,635.26\u003C\u002Ftd>\u003Ctd>Renda Urbana\u003C\u002Ftd>\u003Ctd>4.42%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total\u003C\u002Ftd>\u003Ctd>11,91%\u003C\u002Ftd>\u003Ctd>0,80\u003C\u002Ftd>\u003Ctd>792.686\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>38,2%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Ticker B3\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>13.9%\u003C\u002Ftd>\u003Ctd>0.77\u003C\u002Ftd>\u003Ctd>210,161.02\u003C\u002Ftd>\u003Ctd>Papel\u003C\u002Ftd>\u003Ctd>10.14%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>BTCI11\u003C\u002Ftd>\u003Ctd>11.9%\u003C\u002Ftd>\u003Ctd>0.92\u003C\u002Ftd>\u003Ctd>65,686.13\u003C\u002Ftd>\u003Ctd>Papel\u003C\u002Ftd>\u003Ctd>3.17%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>BTYU11\u003C\u002Ftd>\u003Ctd>16.2%\u003C\u002Ftd>\u003Ctd>0.79\u003C\u002Ftd>\u003Ctd>39,304.49\u003C\u002Ftd>\u003Ctd>Papel\u003C\u002Ftd>\u003Ctd>1.90%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>RBHG11\u003C\u002Ftd>\u003Ctd>15.1%\u003C\u002Ftd>\u003Ctd>0.78\u003C\u002Ftd>\u003Ctd>32,540.76\u003C\u002Ftd>\u003Ctd>Papel\u003C\u002Ftd>\u003Ctd>1.57%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>VGHF11\u003C\u002Ftd>\u003Ctd>12.6%\u003C\u002Ftd>\u003Ctd>0.78\u003C\u002Ftd>\u003Ctd>10,142.12\u003C\u002Ftd>\u003Ctd>Hedge Fund\u003C\u002Ftd>\u003Ctd>0.49%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>GCRI11\u003C\u002Ftd>\u003Ctd>15.2%\u003C\u002Ftd>\u003Ctd>0.74\u003C\u002Ftd>\u003Ctd>7,488.61\u003C\u002Ftd>\u003Ctd>Papel\u003C\u002Ftd>\u003Ctd>0.36%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>PSEC11\u003C\u002Ftd>\u003Ctd>12.7%\u003C\u002Ftd>\u003Ctd>0.82\u003C\u002Ftd>\u003Ctd>6,903.15\u003C\u002Ftd>\u003Ctd>FOF\u003C\u002Ftd>\u003Ctd>0.33%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>PCIP11\u003C\u002Ftd>\u003Ctd>12.0%\u003C\u002Ftd>\u003Ctd>0.91\u003C\u002Ftd>\u003Ctd>6,756.43\u003C\u002Ftd>\u003Ctd>Papel\u003C\u002Ftd>\u003Ctd>0.33%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Outros\u003C\u002Ftd>\u003Ctd>13.6%13,83%\u003C\u002Ftd>\u003Ctd>0.830,81\u003C\u002Ftd>\u003Ctd>23,128.05402.110\u003C\u002Ftd>\u003Ctd>Outros\u003C\u002Ftd>\u003Ctd>1.12%19,4%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total FIIs\u003C\u002Ftd>\u003Ctd>11,11%\u003C\u002Ftd>\u003Ctd>0,81\u003C\u002Ftd>\u003Ctd>1.194.797\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>57,6%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>(Tijolo + Papel)\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>Lista de Ativos - Ações\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Empresa\u003C\u002Fth>\u003Cth>Ticker B3\u003C\u002Fth>\u003Cth>Estratégia\u003C\u002Fth>\u003Cth>R$(`000)\u003C\u002Fth>\u003Cth>Setor\u003C\u002Fth>\u003Cth>% PL\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Allos AS\u003C\u002Ftd>\u003Ctd>ALOS3\u003C\u002Ftd>\u003Ctd>Tático\u003C\u002Ftd>\u003Ctd>21.578\u003C\u002Ftd>\u003Ctd>Shopping Center\u003C\u002Ftd>\u003Ctd>1,0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>21.578\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>1,0%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>Lista de Ativos – Ativo Real\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Ativo Real\u003C\u002Fth>\u003Cth>Ticker B3\u003C\u002Fth>\u003Cth>DY\u003C\u002Fth>\u003Cth>P\u002FVP\u003C\u002Fth>\u003Cth>R$(`000)\u003C\u002Fth>\u003Cth>Setor\u003C\u002Fth>\u003Cth>% PL\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Pátio Maceió\u003C\u002Ftd>\u003Ctd>n.a.\u003C\u002Ftd>\u003Ctd>n.a.\u003C\u002Ftd>\u003Ctd>n.a.\u003C\u002Ftd>\u003Ctd>121.899\u003C\u002Ftd>\u003Ctd>Shopping\u003C\u002Ftd>\u003Ctd>5,8%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Ez Tower Torre B\u003C\u002Ftd>\u003Ctd>n.a.\u003C\u002Ftd>\u003Ctd>n.a.\u003C\u002Ftd>\u003Ctd>n.a.\u003C\u002Ftd>\u003Ctd>17.045\u003C\u002Ftd>\u003Ctd>Laje\u003C\u002Ftd>\u003Ctd>0,8%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>136.649\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>6,8%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cstrong>Pátio Maceió :\u003C\u002Fstrong> Investido via FII “RE Structured ”, também controlado pelo BTHF 11 , é responsável pela posição de 27 % no Shopping Pátio Maceió, que foi adquirido por meio de uma operação estruturada . Em suma, compramos o imóvel de forma parcelada, no qual a vendedor tem um opção de recompra do imóvel num valor pré - determinado a partir de dois anos do fechamento do negócio, em que o BTHF 11 terá de auferir uma TIR de no mínimo 18 % a.a.\u003C\u002Fp>\u003Cp>\u003Cstrong>Ez Tower Torre B:\u003C\u002Fstrong> Investido via FII monoativo , controlado pelo BTHF 11 , detém 0,4% 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>232.242\u003C\u002Ftd>\u003Ctd>100,00%\u003C\u002Ftd>\u003Ctd>11,2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Compromissada\u003C\u002Ftd>\u003Ctd>Liquidez\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>79.709\u003C\u002Ftd>\u003Ctd>116,00%\u003C\u002Ftd>\u003Ctd>3,8%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Total\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>357.424\u003C\u002Ftd>\u003Ctd>105,72%\u003C\u002Ftd>\u003Ctd>18,5%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cstrong>PL R$ (`000)\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>R$ 2.073.590.309,55\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Lista de Ativos – FIIs (% do PL)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F1889\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>\u003Cp>Logístico\u003C\u002Fp>\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>\u003Cp>Logístico\u003C\u002Fp>\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>\u003Ch3>Publicações\u003C\u002Fh3>\u003Ch3>Abril de 2026:\u003C\u002Fh3>\u003Cp>\u003Cstrong>04 \u002F05 \u002F2026 – Relatório Gerencial\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>\u003Cu>Acesse\u003C\u002Fu>\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>12 \u002F05 \u002F2026 – Informe Trimestral Estruturado\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>14 \u002F05 \u002F2026 – Informe Mensal Estruturado\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>15 \u002F05 \u002F2026 – Alteração no Regulamento\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>\u003Cu>Acesse\u003C\u002Fu>\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>\u003Cu>Acesse\u003C\u002Fu>\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>\u003Cu>Acesse\u003C\u002Fu>\u003C\u002Fstrong>\u003C\u002Fp>\u003Ch3>Contato:\u003C\u002Fh3>\u003Cp>Mais informações sobre o fundo, incluindo documentos e comunicados oficiais, estão disponíveis no site oficial : BTHF 11 .\u003C\u002Fp>\u003Cp>\u003Cstrong>ADTV ( Average Daily Trading Volume):\u003C\u002Fstrong> 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>\u003Cstrong>Alocação Estrutural:\u003C\u002Fstrong> Alocações que priorizam a tese fundamentalista, exposições setoriais e com geração de valor a médio\u002Flongo prazo.\u003C\u002Fp>\u003Cp>\u003Cstrong>Alocação tática:\u003C\u002Fstrong> Alocações que vislumbram oportunidades de arbitragem e ganhos de capital no curto prazo.\u003C\u002Fp>\u003Cp>\u003Cstrong>Cota Patrimonial:\u003C\u002Fstrong> Representação do valor financeiro de uma cota dentro do patrimônio líquido do Fundo. (arredondada em duas casas decimais).\u003C\u002Fp>\u003Cp>\u003Cstrong>CRI (Certificado de Recebíveis Imobiliários):\u003C\u002Fstrong> 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>\u003Cstrong>Dividend Yield (DY):\u003C\u002Fstrong> 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>\u003Cstrong>Duration :\u003C\u002Fstrong> 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>\u003Cstrong>FII de Papel:\u003C\u002Fstrong> 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>\u003Cstrong>High Grade:\u003C\u002Fstrong> 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>\u003Cstrong>High Yield :\u003C\u002Fstrong> 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>\u003Cstrong>Indexador:\u003C\u002Fstrong> 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>\u003Cstrong>Liquidez:\u003C\u002Fstrong> Capacidade de converter um ativo (como cotas de FIIs) em dinheiro.\u003C\u002Fp>\u003Cp>\u003Cstrong>LTV (Loan -to-value):\u003C\u002Fstrong> 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>\u003Cstrong>Marcação a Mercado:\u003C\u002Fstrong> 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>\u003Cstrong>Preço\u002Fvalor patrimonial (P\u002FVP):\u003C\u002Fstrong> 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>\u003Cstrong>Risco de Crédito:\u003C\u002Fstrong> Possibilidade de inadimplência dos devedores dos CRIs.\u003C\u002Fp>\u003Cp>\u003Cstrong>Risco de Mercado:\u003C\u002Fstrong> 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>\u003Cstrong>Spread:\u003C\u002Fstrong> Diferença entre a taxa de remuneração paga e o custo de captação do emissor.\u003C\u002Fp>\u003Cp>\u003Cstrong>Subordinação:\u003C\u002Fstrong> 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>\u003Cstrong>Código de negociação :\u003C\u002Fstrong> BTHF 11 \u003Cstrong>Administrador\u003C\u002Fstrong>: BTG Pactual Serviços Financeiros \u003Cstrong>Gestor\u003C\u002Fstrong>: BTG Pactual Gestora de Recursos \u003Cstrong>Quantidade de Emissões\u003C\u002Fstrong>: 3 \u003Cstrong>Periodicidade dos Rendimentos\u003C\u002Fstrong>: Mensal \u003Cstrong>Prazo de Duração\u003C\u002Fstrong>: Indeterminado \u003Cstrong>Taxa Global\u003C\u002Fstrong>: 1,05% a.a. \u003Cstrong>Quantidade cotas\u003C\u002Fstrong>: 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\u002F1889\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\u002F1889\u002Fpdf",false,"2026-05-29","2026-06-08 10:49:00",{"id":97,"empresa":98,"gestor":102,"cotacoes":108,"patrimonio":218,"vpa":219,"p_vpa":220,"tipo_gestao":221,"mandato":222,"segmento":223,"categoria":56,"grupo":56,"preco_atual":216,"cotacao_atualizada_em":224,"ultima_variacao_cotacao_24h":225,"variacao_cotacao_7d":226,"variacao_cotacao_1m":227,"variacao_cotacao_3m":228,"variacao_cotacao_6m":229,"variacao_cotacao_12m":230,"vacancia_fisica":222,"liquidez_atual":231,"ultimo_dividendo":232,"ultimo_dividend_yield":233,"mes_pagamento_ultimo_dividendo":234,"dividend_yield_3m":235,"dividend_yield_6m":236,"dividend_yield_12m":237,"dividend_yield_medio_12m":238,"qtd_dividendos_pagos_ano_passado":239,"data_ultima_cotacao":215,"pregoes_com_negocio_21":240,"alertas":241,"updated_at":242,"liquidez_media_reais":243,"administrador":47,"taxa_administracao_paga":244,"balanco":245,"resultado_distribuido":252,"publico_alvo":257,"mercados_negociacao_cotas":258,"data_funcionamento":260,"data_final":222,"quantidade_cotas":261,"quantidade_cotistas":262,"detalhes_cotistas":263,"total_investido":269,"investimentos_fundo":270,"imoveis":274,"contratos":222,"custodiante":276,"auditor_independente":283,"formador_mercado":222,"distribuidor_cotas":289,"consultor_especializado":222,"administrador_locacoes":222,"relatorio_anual":292,"analise_administrador":295},342,{"nome":54,"nome_simplificado":99,"nome_comercial":51,"ticker":53,"nome_ticker":100,"nome_pregao":101,"cnpj":61},"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":103,"nome":41,"cnpj":104,"endereco":105,"telefone":106,"created_at":107,"updated_at":107},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",[109,115,120,126,131,137,142,148,154,160,165,170,175,179,185,191,196,202,207,213],{"id":110,"data":111,"abertura":112,"ultimo":113,"volume":114},3288835,"2026-10-06",8.9,9.12,756981,{"id":116,"data":117,"abertura":113,"ultimo":118,"volume":119},3289818,"2026-10-07",9.22,464779,{"id":121,"data":122,"abertura":123,"ultimo":124,"volume":125},3290355,"2026-10-08",9.07,9.08,605875,{"id":127,"data":128,"abertura":113,"ultimo":129,"volume":130},3291104,"2026-10-09",9.2,473017,{"id":132,"data":133,"abertura":134,"ultimo":135,"volume":136},3357024,"2026-10-13",9.18,8.95,425455,{"id":138,"data":139,"abertura":135,"ultimo":140,"volume":141},3375646,"2026-10-14",8.89,443670,{"id":143,"data":144,"abertura":145,"ultimo":146,"volume":147},3376538,"2026-10-15",9.01,9.03,480005,{"id":149,"data":150,"abertura":151,"ultimo":152,"volume":153},3377140,"2026-10-16",9.05,8.94,317123,{"id":155,"data":156,"abertura":157,"ultimo":158,"volume":159},3445276,"2026-10-19",8.98,8.92,392340,{"id":161,"data":162,"abertura":163,"ultimo":158,"volume":164},3446527,"2026-10-20",8.97,433995,{"id":166,"data":167,"abertura":168,"ultimo":140,"volume":169},3460022,"2026-10-21",8.96,392200,{"id":171,"data":172,"abertura":112,"ultimo":173,"volume":174},3473806,"2026-10-22",9.02,942026,{"id":176,"data":177,"abertura":173,"ultimo":113,"volume":178},3488060,"2026-10-23",998503,{"id":180,"data":181,"abertura":182,"ultimo":183,"volume":184},3566080,"2026-10-26",8.65,8.63,1114243,{"id":186,"data":187,"abertura":188,"ultimo":189,"volume":190},3580115,"2026-10-27",8.74,8.52,659362,{"id":192,"data":193,"abertura":189,"ultimo":194,"volume":195},3594359,"2026-10-28",8.31,707716,{"id":197,"data":198,"abertura":199,"ultimo":200,"volume":201},3609051,"2026-10-29",8.3,8.22,379523,{"id":203,"data":204,"abertura":200,"ultimo":205,"volume":206},3624642,"2026-10-30",8.26,553800,{"id":208,"data":209,"abertura":210,"ultimo":211,"volume":212},3682294,"2026-11-03",8.28,7.85,734677,{"id":214,"data":215,"abertura":211,"ultimo":216,"volume":217},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":246,"ativo":247,"passivo":248,"obrigacoes_imoveis":249,"obrigacoes_securitizacao":249,"liquidez":250,"valores_receber":251},"2026-09-01",1937387027,2004586.12,0,60943644.82,30357534.92,{"data_referencia":253,"resultado":254,"rendimentos":255,"percentual":256},"2026-06-30",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":76,"Entidade aberta de previdência complementar":69,"SSociedade de capitalização e de arrendamento mercantil":69,"Outros tipos de cotistas não relacionados":69},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":249,"lista_imoveis":275,"data_referencia":253,"vacancia_suspeita":93},[],{"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":76,"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":47,"cnpj":290,"endereco":291,"telefone":281,"created_at":107,"updated_at":107},"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."]