[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"documento:ZAVC11:4031":3,"fii-documento:ZAVC11":16,"seo:\u002Fdetalhes\u002FZAVC11\u002Fdocumentos\u002F4031":210},{"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},4031,"(ZAVC) Relatório Gerencial - 31\u002F12\u002F2025","Relatório Gerencial","Relatórios","(Ativo)","\u003Ch3>ZAVIT\u002FcAPITaL\u003C\u002Fh3>\u003Ch3>Zavit Crédito Imobiliário | ZAVC11\u003C\u002Fh3>\u003Cp>Relatório Gerencial Dezembro de 2025\u003C\u002Fp>\u003Ch3>Objetivo e Perfil do Fundo\u003C\u002Fh3>\u003Cp>O fundo tem como objetivo a obtenção de renda e ganho de capital mediante investimento em ativos de renda fixa de caráter imobiliário, em especial os Certificados de Recebíveis Imobiliários (CRI).\u003C\u002Fp>\u003Cp>O fundo busca operações oportunísticas com boas métricas de \u003Cstrong>retorno ajustado ao risco,\u003C\u002Fstrong> priorizando a estruturação e alocações em operações no mercado primário.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_1_image_6.jpg\">\u003C\u002Fp>\u003Ch3>Dados Gerais\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Encerramento 1º Oferta: 20\u002F03\u002F2024\u003C\u002Fth>\u003Cth>Patrimônio Líquido: R$ 36.294.665,67\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Administradora: Vórtx DTVM\u003C\u002Ftd>\u003Ctd>Valor Patrimonial da Cota¹: R$ 10,13\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Gestora: Zavit Gestão de Recursos LTDA\u003C\u002Ftd>\u003Ctd>Valor de Mercado do Fundo: R$ 32.814.976,36\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Código de Negociação: ZAVC11\u003C\u002Ftd>\u003Ctd>Valor de Mercado da Cota²: R$ 9,16\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Periodicidade de Rendimentos: Mensal\u003C\u002Ftd>\u003Ctd>Dividendo do mês: R$ 0,13 \u002F cota\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Quantidade de Emissões: 2\u003C\u002Ftd>\u003Ctd>Dividend Yield³: 16,8% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Taxa de Performance: 20% do excedente de IPCA + 6% a.a.\u003C\u002Ftd>\u003Ctd>Taxa de Adm\u002FGestão: 1,25% a.a.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Nº de Cotistas 586\u003C\u002Ftd>\u003Ctd>Prazo do Fundo Indeterminado\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cstrong>Sobre o Fundo:\u003C\u002Fstrong> O Zavit Crédito Imobiliário FII foi constituído em setembro de 2023 e concluiu sua primeira oferta para investidores profissionais em março de 2024. A Zavit, gestora do fundo, abarca um \u003Cstrong>time multidisciplinar\u003C\u002Fstrong> que realiza \u003Cstrong>investimentos no mercado imobiliário e de capitais desde 2018\u003C\u002Fstrong>, tendo estruturado, aproximadamente, \u003Cstrong>R$611 milhões de reais em transações\u003C\u002Fstrong>, tanto via equity como dívida, nos mais diversos formatos e veículos.\u003C\u002Fp>\u003Cp>\u003Cstrong>Rendimentos:\u003C\u002Fstrong> No dia 28\u002F11, o fundo comunicou a distribuição de rendimentos equivalentes a \u003Cstrong>R$ 0,13\u002Fcota\u003C\u002Fstrong>, provisionados para pagamento no dia 12\u002F12. Esse valor equivale a um dividend yield de 1,3% a.m. e anualizado de 16,8% a.a.\u003C\u002Fp>\u003Cp>\u003Cstrong>Destaques:\u003C\u002Fstrong> As operações com atualização atrelada ao IPCA apresentaram um resultado ameno no mês, visto que o IPCA de outubro¹ foi de 0,09%. As operações de \u003Cstrong>CRI Marca 397, CRI Marca 396, CRI Marca 508, CRI Balaroti e CRI Comporte\u003C\u002Fstrong> seguiram com a amortização ordinária de R$ 38 mil, R$ 28 mil, R$ 107 mil, R$ 67 mil e R$ 92 mil, respectivamente. Os \u003Cstrong>CRI Ariatam e CRI Moov\u003C\u002Fstrong> apresentaram amortização extraordinária de R$ 318 mil e R$ 106 mil.\u003C\u002Fp>\u003Cp>O \u003Cstrong>CRI Almeida Jr\u003C\u002Fstrong> foi resgatado antecipadamente pelo devedor, com o pagamento de um prêmio de pré-pagamento. Como o Fundo havia adquirido a operação com deságio, o resultado consolidado do evento de resgate foi de aproximadamente \u003Cstrong>R$ 29 mil\u003C\u002Fstrong>. Por fim, a performance do CRI Almeida Jr no período que ficou na Carteira foi:\u003C\u002Fp>\u003Cp>\u003Cstrong>CRI\u003C\u002Fstrong> Almeida Jr\u003C\u002Fp>\u003Cp>\u003Cstrong>Prazo na Carteira\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>4 meses\u003C\u002Fp>\u003Cp>\u003Cstrong>TIR a.a.\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>24,6%\u003C\u002Fp>\u003Cp>\u003Cstrong>% CDI (com gross-up)\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>200%\u003C\u002Fp>\u003Cp>\u003Cstrong>Taxa média de aquisição\u003C\u002Fstrong>\u003C\u002Fp>\u003Ch3>Pipeline Janeiro\u002F26\u003C\u002Fh3>\u003Cp>CDI + 1,30% a.a.\u003C\u002Fp>\u003Cp>\u003Cstrong>Mercado\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Secundário\u003C\u002Fp>\u003Cp>\u003Cstrong>Papel\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Taxa de Emissão\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>CRI JL 272\u003C\u002Fp>\u003Cp>CDI + 4,25% a.a.\u003C\u002Fp>\u003Cp>\u003Cstrong>Volume (R$ Milhões)\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>R$ 3,0\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_2_image_25.jpg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_3_chart_0.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Informações Financeiras ZAVC11\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>[R$ milhares]\u003C\u002Fp>\u003Cp>Demonstração de Resultados\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Demonstração de Resultados\u003C\u002Fth>\u003Cth>dez\u002F25\u003C\u002Fth>\u003Cth>dez\u002F25R$\u002Fcota¹\u003C\u002Fth>\u003Cth>Acum. 2S 2025\u003C\u002Fth>\u003Cth>Acum. 2S 2025 R$\u002Fcota¹\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Receita CRIs\u003C\u002Ftd>\u003Ctd>389\u003C\u002Ftd>\u003Ctd>0,11\u003C\u002Ftd>\u003Ctd>2.620\u003C\u002Ftd>\u003Ctd>0,73\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Juros\u003C\u002Ftd>\u003Ctd>342\u003C\u002Ftd>\u003Ctd>0,10\u003C\u002Ftd>\u003Ctd>2.056\u003C\u002Ftd>\u003Ctd>0,57\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Correção Monetária\u003C\u002Ftd>\u003Ctd>17\u003C\u002Ftd>\u003Ctd>0,00\u003C\u002Ftd>\u003Ctd>216\u003C\u002Ftd>\u003Ctd>0,06\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Taxa de Estruturação\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>32\u003C\u002Ftd>\u003Ctd>0,01\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Mercado Secundário\u002FOutros\u003C\u002Ftd>\u003Ctd>29\u003C\u002Ftd>\u003Ctd>0,01\u003C\u002Ftd>\u003Ctd>315\u003C\u002Ftd>\u003Ctd>0,09\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Receitas Financeira\u003C\u002Ftd>\u003Ctd>68\u003C\u002Ftd>\u003Ctd>0,02\u003C\u002Ftd>\u003Ctd>502\u003C\u002Ftd>\u003Ctd>0,14\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Despesas - Total\u003C\u002Ftd>\u003Ctd>(43)\u003C\u002Ftd>\u003Ctd>(0,01)\u003C\u002Ftd>\u003Ctd>(242)\u003C\u002Ftd>\u003Ctd>(0,07)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Despesas Operacionais\u003C\u002Ftd>\u003Ctd>(37)\u003C\u002Ftd>\u003Ctd>(0,01)\u003C\u002Ftd>\u003Ctd>(208)\u003C\u002Ftd>\u003Ctd>(0,06)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Outras Despesas\u003C\u002Ftd>\u003Ctd>(6)\u003C\u002Ftd>\u003Ctd>(0,00)\u003C\u002Ftd>\u003Ctd>(34)\u003C\u002Ftd>\u003Ctd>(0,01)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Resultado Operacional\u003C\u002Ftd>\u003Ctd>414\u003C\u002Ftd>\u003Ctd>0,12\u003C\u002Ftd>\u003Ctd>2.880\u003C\u002Ftd>\u003Ctd>0,80\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Resultado Operacional (Não Caixa)\u003C\u002Ftd>\u003Ctd>5\u003C\u002Ftd>\u003Ctd>0,00\u003C\u002Ftd>\u003Ctd>11\u003C\u002Ftd>\u003Ctd>0,00\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Resultado Distribuído\u003C\u002Ftd>\u003Ctd>466\u003C\u002Ftd>\u003Ctd>0,13\u003C\u002Ftd>\u003Ctd>2.794\u003C\u002Ftd>\u003Ctd>0,78\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Reserva de Lucro + Correção²\u003C\u002Ftd>\u003Ctd>(47)\u003C\u002Ftd>\u003Ctd>(0,01)\u003C\u002Ftd>\u003Ctd>300\u003C\u002Ftd>\u003Ctd>0,08³\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Distribuições de Dividendos\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_4_chart_8.jpg\">\u003C\u002Fp>\u003Cp>Fonte: Zavit Capital e Administrador. ¹Cálculos por cota consideram 3.582.421 cotas. ²Reserva de lucro do somado com a correção acumulada dos CRIs e LCIs. ³Considera R$ 0,06\u002Fcota de reservas dos semestres anteriores.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_5_chart_0.jpg\">\u003C\u002Fp>\u003Ch3>Composição da Carteira\u003C\u002Fh3>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Ctd>Ativo\u003C\u002Ftd>\u003Ctd>Código IF\u003C\u002Ftd>\u003Ctd>Nome\u003C\u002Ftd>\u003Ctd>Segmento\u003C\u002Ftd>\u003Ctd>Indexador\u003C\u002Ftd>\u003Ctd>Taxa de Aquisição\u003C\u002Ftd>\u003Ctd>Série\u003C\u002Ftd>\u003Ctd>Região\u003C\u002Ftd>\u003Ctd colspan=\"2\">Exposição % (R$ mil) Carteira\u003C\u002Ftd>\u003Ctd>LTV\u003C\u002Ftd>\u003Ctd>Duration (anos)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>23I1270600\u003C\u002Ftd>\u003Ctd>Comporte\u003C\u002Ftd>\u003Ctd>Transporte\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>3,62%\u003C\u002Ftd>\u003Ctd>Única\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>6.720\u003C\u002Ftd>\u003Ctd>18,3%\u003C\u002Ftd>\u003Ctd>54%\u003C\u002Ftd>\u003Ctd>2,2\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>24C2248334\u003C\u002Ftd>\u003Ctd>Felicitá\u003C\u002Ftd>\u003Ctd>Incorporação\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>12,34%\u003C\u002Ftd>\u003Ctd>Única\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>4.135\u003C\u002Ftd>\u003Ctd>11,2%\u003C\u002Ftd>\u003Ctd>51%\u003C\u002Ftd>\u003Ctd>1,4\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>24H1453741\u003C\u002Ftd>\u003Ctd>Ariatam\u003C\u002Ftd>\u003Ctd>Incorporação\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>12,98%\u003C\u002Ftd>\u003Ctd>Única\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>3.716\u003C\u002Ftd>\u003Ctd>10,1%\u003C\u002Ftd>\u003Ctd>36%\u003C\u002Ftd>\u003Ctd>1,3\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>19J0133907\u003C\u002Ftd>\u003Ctd>Balaroti\u003C\u002Ftd>\u003Ctd>Varejo\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>2,99%\u003C\u002Ftd>\u003Ctd>Única\u003C\u002Ftd>\u003Ctd>PR\u003C\u002Ftd>\u003Ctd>3.092\u003C\u002Ftd>\u003Ctd>8,4%\u003C\u002Ftd>\u003Ctd>32%\u003C\u002Ftd>\u003Ctd>1,7\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>23E1206892\u003C\u002Ftd>\u003Ctd>Moov\u003C\u002Ftd>\u003Ctd>Incorporação\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>12,22%\u003C\u002Ftd>\u003Ctd>Única\u003C\u002Ftd>\u003Ctd>MT\u003C\u002Ftd>\u003Ctd>2.492\u003C\u002Ftd>\u003Ctd>6,8%\u003C\u002Ftd>\u003Ctd>63%\u003C\u002Ftd>\u003Ctd>1,8\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>25J2605770\u003C\u002Ftd>\u003Ctd>Impegno\u003C\u002Ftd>\u003Ctd>Incorporação\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>13,50%\u003C\u002Ftd>\u003Ctd>Única\u003C\u002Ftd>\u003Ctd>SC\u003C\u002Ftd>\u003Ctd>2.105\u003C\u002Ftd>\u003Ctd>5,7%\u003C\u002Ftd>\u003Ctd>63%\u003C\u002Ftd>\u003Ctd>2,0\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>22K1448235\u003C\u002Ftd>\u003Ctd>Miríade\u003C\u002Ftd>\u003Ctd>Incorporação\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>13,50%\u003C\u002Ftd>\u003Ctd>Única\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>1.388\u003C\u002Ftd>\u003Ctd>3,8%\u003C\u002Ftd>\u003Ctd>38%\u003C\u002Ftd>\u003Ctd>3,8\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>25J2612796\u003C\u002Ftd>\u003Ctd>Garden Ville\u003C\u002Ftd>\u003Ctd>Incorporação\u003C\u002Ftd>\u003Ctd>CDI\u003C\u002Ftd>\u003Ctd>6,50%\u003C\u002Ftd>\u003Ctd>Única\u003C\u002Ftd>\u003Ctd>MA\u003C\u002Ftd>\u003Ctd>1.104\u003C\u002Ftd>\u003Ctd>3,0%\u003C\u002Ftd>\u003Ctd>53%\u003C\u002Ftd>\u003Ctd>2,9\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>24J2339041\u003C\u002Ftd>\u003Ctd>Marca 508\u003C\u002Ftd>\u003Ctd>Loteamento\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>15,39%\u003C\u002Ftd>\u003Ctd>Única\u003C\u002Ftd>\u003Ctd>MG\u003C\u002Ftd>\u003Ctd>1.030\u003C\u002Ftd>\u003Ctd>2,8%\u003C\u002Ftd>\u003Ctd>49%\u003C\u002Ftd>\u003Ctd>0,6\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>21L0025258\u003C\u002Ftd>\u003Ctd>Marca 397\u003C\u002Ftd>\u003Ctd>Loteamento\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>15,39%\u003C\u002Ftd>\u003Ctd>Única\u003C\u002Ftd>\u003Ctd>MG\u003C\u002Ftd>\u003Ctd>359\u003C\u002Ftd>\u003Ctd>1,0%\u003C\u002Ftd>\u003Ctd>49%\u003C\u002Ftd>\u003Ctd>0,6\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>21L0025202\u003C\u002Ftd>\u003Ctd>Marca 396\u003C\u002Ftd>\u003Ctd>Loteamento\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003Ctd>15,39%\u003C\u002Ftd>\u003Ctd>Única\u003C\u002Ftd>\u003Ctd>MG\u003C\u002Ftd>\u003Ctd>266\u003C\u002Ftd>\u003Ctd>0,7%\u003C\u002Ftd>\u003Ctd>49%\u003C\u002Ftd>\u003Ctd>0,6\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Caixa\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Caixa\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>8.131\u003C\u002Ftd>\u003Ctd>22,1%\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>LCI\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Caixa Econômica Federal\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>2.238\u003C\u002Ftd>\u003Ctd>6,1%\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>ATIVO\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>IPCA+ CDI+\u003C\u002Ftd>\u003Ctd>12,62%3,95%\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>36.776\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>49%¹\u003C\u002Ftd>\u003Ctd>1,8¹\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>¹ LTV médio e Duration médio da carteira\u003C\u002Fp>\u003Ch3>Instrumento\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_7_chart_4.jpg\">\u003C\u002Fp>\u003Ch3>Indexadores\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_7_chart_6.jpg\">\u003C\u002Fp>\u003Cp>¹ Considera somente a parcela alocada em CRIs.\u003C\u002Fp>\u003Cp>Distribuição Regional\u003C\u002Fp>\u003Cp>% Carteira¹\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_7_image_10.jpg\">\u003C\u002Fp>\u003Ch3>Consolidado\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Sudeste\u003C\u002Fth>\u003Cth>66%\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Sul\u003C\u002Ftd>\u003Ctd>20%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Centro-Oeste\u003C\u002Ftd>\u003Ctd>9%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Nordeste\u003C\u002Ftd>\u003Ctd>4%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>Indicadores da Carteira\u003C\u002Fh3>\u003Cp>Segmento\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_8_chart_3.jpg\">\u003C\u002Fp>\u003Cp>¹ Considera somente a parcela alocada em CRIs.\u003C\u002Fp>\u003Ch3>Breakdown da Alocação\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_8_chart_6.jpg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_8_chart_7.jpg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_9_chart_0.jpg\">\u003C\u002Fp>\u003Ch3>Portfólio ZAVC11\u003C\u002Fh3>\u003Ch3>CRI Comporte\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_10_image_3.jpg\">\u003C\u002Fp>\u003Ch3>CRI Felicitá\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_10_image_5.jpg\">\u003C\u002Fp>\u003Ch3>CRI Ariatam\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_10_image_7.jpg\">\u003C\u002Fp>\u003Cp>Disclaimer: Os valores dos indicadores de obra e vendas são atualizados com base nos relatórios mais recentes dos servicers.\u003C\u002Fp>\u003Cp>\u003Cstrong>Taxa\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>CDI + 3,62%\u003C\u002Fp>\u003Cp>\u003Cstrong>Segmento\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>%PL\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Transporte\u003C\u002Fp>\u003Cp>\u003Cstrong>Duration\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>18,3%\u003C\u002Fp>\u003Cp>\u003Cstrong>LTV\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>2,2 anos\u003C\u002Fp>\u003Cp>54%\u003C\u002Fp>\u003Cp>\u003Cstrong>Taxa\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Segmento\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>IPCA + 12,34%\u003C\u002Fp>\u003Cp>\u003Cstrong>%PL\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Incorporação\u003C\u002Fp>\u003Cp>11,2%\u003C\u002Fp>\u003Cp>\u003Cstrong>Duration\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>LTV\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>1,4 anos\u003C\u002Fp>\u003Cp>51%\u003C\u002Fp>\u003Cp>\u003Cstrong>Taxa\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>IPCA + 12,98%\u003C\u002Fp>\u003Ch3>Segmento\u003C\u002Fh3>\u003Cp>Incorporação\u003C\u002Fp>\u003Cp>\u003Cstrong>%PL\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>10,1%\u003C\u002Fp>\u003Cp>\u003Cstrong>Duration\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>1,3 anos\u003C\u002Fp>\u003Cp>\u003Cstrong>LTV\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>36%\u003C\u002Fp>\u003Cp>CRI corporativo para a Viação Piracicaba, controlada do Grupo Comporte. O grupo atua no setor de transporte de passageiros por vias terrestres e sobre trilhos e transporte de encomendas.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_10_image_40.jpg\">\u003C\u002Fp>\u003Cp>A operação conta com a alienação fiduciária de 12 imóveis, cujo valor de avaliação é de R$ 234 milhões, a cessão fiduciária de contratos de locação e aval da Comporte Participações S.A.\u003C\u002Fp>\u003Cp>\u003Cstrong>N\u002FA\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Término de obra de um empreendimento residencial localizado no bairro da Pompeia em São Paulo\u002FSP. A obra encontra-se em estágio avançado de construção com previsão de término em fevereiro de 2026.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_10_image_44.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>95%\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>A operação conta com a cessão fiduciária dos recebíveis, alienação fiduciária das cotas da SPE, alienação fiduciária do terreno, aval dos sócios e fundo de reserva.\u003C\u002Fp>\u003Cp>\u003Cstrong>40%\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Término de obra de um empreendimento residencial localizado na cidade de Piracicaba\u002FSP. A obra encontra-se concluída com habite-se emitido.\u003C\u002Fp>\u003Cp>A operação conta com a cessão fiduciária dos recebíveis, alienação fiduciária das cotas da SPE, alienação fiduciária do terreno, aval dos sócios e fundo de reserva.\u003C\u002Fp>\u003Cp>\u003Cstrong>100%\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_10_image_51.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>60%\u003C\u002Fstrong>\u003C\u002Fp>\u003Ch3>CRI Balaroti\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_11_image_3.jpg\">\u003C\u002Fp>\u003Ch3>CRI Moov\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_11_image_5.jpg\">\u003C\u002Fp>\u003Ch3>CRI Impegno\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_11_image_7.jpg\">\u003C\u002Fp>\u003Cp>Disclaimer: Os valores dos indicadores de obra e vendas são atualizados com base nos relatórios mais recentes dos servicers.\u003C\u002Fp>\u003Cp>\u003Cstrong>Taxa\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>CDI + 2,99%\u003C\u002Fp>\u003Cp>\u003Cstrong>Segmento\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>%PL\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Varejo\u003C\u002Fp>\u003Cp>\u003Cstrong>Duration\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>8,4%\u003C\u002Fp>\u003Cp>\u003Cstrong>LTV\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>1,7 anos\u003C\u002Fp>\u003Cp>32%\u003C\u002Fp>\u003Cp>\u003Cstrong>Taxa\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Segmento\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>IPCA + 12,22%\u003C\u002Fp>\u003Cp>\u003Cstrong>%PL\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Incorporação\u003C\u002Fp>\u003Cp>\u003Cstrong>Duration\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>6,8%\u003C\u002Fp>\u003Cp>\u003Cstrong>LTV\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>1,8 anos\u003C\u002Fp>\u003Cp>63%\u003C\u002Fp>\u003Cp>\u003Cstrong>Taxa\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>IPCA + 13,50%\u003C\u002Fp>\u003Ch3>Segmento\u003C\u002Fh3>\u003Cp>Incorporação\u003C\u002Fp>\u003Cp>\u003Cstrong>%PL\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>5,7%\u003C\u002Fp>\u003Cp>\u003Cstrong>Duration\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>2,0 anos\u003C\u002Fp>\u003Cp>\u003Cstrong>LTV\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>63%\u003C\u002Fp>\u003Cp>CRI corporativo para a Balaroti, empresa fundada em 1975 que atua no comércio de materiais de construção, acabamento e decoração, em especial na região Sul do país.\u003C\u002Fp>\u003Cp>A operação conta com alienação fiduciária de 7 lojas locadas para a Balaroti, cessão fiduciária de recebíveis das vendas de suas lojas, fiança do sócio e fundo de reserva.\u003C\u002Fp>\u003Cp>Término de obra de um empreendimento residencial localizado na cidade de Cuiabá\u002FMT. A obra já foi finalizada e possui habite-se emitido.\u003C\u002Fp>\u003Cp>A operação conta com a cessão fiduciária dos recebíveis, alienação fiduciária das unidades, alienação fiduciária das cotas da SPE, aval dos sócios e fundo de reserva.\u003C\u002Fp>\u003Cp>Término de obra de um empreendimento residencial localizado na cidade de Itajaí\u002FSC. A obra se encontra em estágio avançado de construção e o empreendimento está 100% vendido.\u003C\u002Fp>\u003Cp>A operação conta com a cessão fiduciária dos recebíveis, alienação fiduciária de cotas, alienação fiduciária do terreno, aval dos sócios e fundo de reserva.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_11_image_45.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>N\u002FA\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>N\u002FA\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Obra\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_11_image_49.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>100%\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>74%\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_11_image_52.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>64%\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Vendas\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>100%\u003C\u002Fstrong>\u003C\u002Fp>\u003Ch3>CRI Miríade\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_12_image_3.jpg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_12_image_4.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Taxa\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>IPCA + 13,50%\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_12_image_7.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Segmento\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>%PL\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Incorporação\u003C\u002Fp>\u003Cp>\u003Cstrong>Duration\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>LTV\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>3,8%\u003C\u002Fp>\u003Cp>3,8 anos\u003C\u002Fp>\u003Ch3>CRI Garden Ville – Fase 1\u003C\u002Fh3>\u003Cp>38%\u003C\u002Fp>\u003Cp>\u003Cstrong>Taxa\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>CDI + 6,50%\u003C\u002Fp>\u003Cp>\u003Cstrong>Segmento\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Incorporação\u003C\u002Fp>\u003Cp>\u003Cstrong>%PL\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>3,0%\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_12_image_23.jpg\">\u003C\u002Fp>\u003Cp>Disclaimer: Os valores dos indicadores de obra e vendas são atualizados com base nos relatórios mais recentes dos servicers.\u003C\u002Fp>\u003Cp>\u003Cstrong>Duration\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>LTV\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>2,9 anos\u003C\u002Fp>\u003Cp>53%\u003C\u002Fp>\u003Ch3>CRI Marca 508\u003C\u002Fh3>\u003Cp>\u003Cstrong>Taxa\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>IPCA + 15,39%\u003C\u002Fp>\u003Cp>\u003Cstrong>Segmento\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>%PL\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Loteamento\u003C\u002Fp>\u003Cp>2,8%\u003C\u002Fp>\u003Cp>\u003Cstrong>Duration\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>0,6 anos\u003C\u002Fp>\u003Cp>\u003Cstrong>LTV\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>49%\u003C\u002Fp>\u003Cp>Término de obra de um empreendimento residencial localizado na cidade de Ubatuba\u002FSP. A obra já foi finalizada e possui habite-se emitido.\u003C\u002Fp>\u003Cp>A operação conta com a cessão fiduciária dos recebíveis, alienação fiduciária das cotas da SPE, alienação fiduciária das unidades, fiança dos sócios e fundo de reserva.\u003C\u002Fp>\u003Cp>Término de obra de dois empreendimentos residenciais horizontais localizados no Maranhão. A operação conta com 5 séries independentes com objetivo de financiar as fases dos empreendimentos. O Fundo integralizou a primeira série cuja fase objeto do financiamento está totalmente vendida.\u003C\u002Fp>\u003Cp>A operação conta com a cessão fiduciária dos recebíveis, alienação fiduciária das cotas da SPE, alienação fiduciária das unidades, aval dos sócios e fundo de reserva.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_12_image_44.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Obra\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_12_image_46.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>100%\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>A operação conta com a cessão fiduciária dos recebíveis, alienação fiduciária das cotas da SPEs, fiança e coobrigação dos sócios na pessoa física e fundo de reserva.\u003C\u002Fp>\u003Cp>\u003Cstrong>98%\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_12_image_50.jpg\">\u003C\u002Fp>\u003Cp>Securitização de carteira de dois loteamentos performados: Serra da Liberdade e Mirante do Sol, próximos a Serra do Cipó\u002FMG.\u003C\u002Fp>\u003Cp>\u003Cstrong>51%\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_12_image_53.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>100%\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_12_image_55.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>100%\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_12_image_57.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>100%\u003C\u002Fstrong>\u003C\u002Fp>\u003Ch3>CRI Marca 397\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_13_image_3.jpg\">\u003C\u002Fp>\u003Ch3>CRI Marca 396\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_13_image_5.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Taxa\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Segmento\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>%PL\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>IPCA + 15,39%\u003C\u002Fp>\u003Cp>\u003Cstrong>Duration\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Loteamento\u003C\u002Fp>\u003Cp>\u003Cstrong>LTV\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Taxa\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Segmento\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>0,6 anos\u003C\u002Fp>\u003Cp>1,0%\u003C\u002Fp>\u003Cp>\u003Cstrong>%PL\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>49%\u003C\u002Fp>\u003Cp>IPCA + 15,39%\u003C\u002Fp>\u003Cp>\u003Cstrong>Duration\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Loteamento\u003C\u002Fp>\u003Cp>\u003Cstrong>LTV\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>0,7%\u003C\u002Fp>\u003Cp>0,6 anos\u003C\u002Fp>\u003Cp>49%\u003C\u002Fp>\u003Cp>Securitização de carteira de dois loteamentos performados: Serra da Liberdade e Mirante do Sol, próximos a Serra do Cipó\u002FMG.\u003C\u002Fp>\u003Cp>A operação conta com a cessão fiduciária dos recebíveis, alienação fiduciária das cotas da SPEs, fiança e coobrigação dos sócios na pessoa física e fundo de reserva.\u003C\u002Fp>\u003Cp>Securitização de carteira de dois loteamentos performados: Serra da Liberdade e Mirante do Sol, próximos a Serra do Cipó\u002FMG.\u003C\u002Fp>\u003Cp>A operação conta com a cessão fiduciária dos recebíveis, alienação fiduciária das cotas da SPEs, fiança e coobrigação dos sócios na pessoa física e fundo de reserva.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_13_image_30.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Obra\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>100%\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_13_image_33.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Vendas\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>100%\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_13_image_36.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Obra\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_13_image_38.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>100%\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Vendas\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>100%\u003C\u002Fstrong>\u003C\u002Fp>\u003Ch3>ZavIT\u002FcapITaL\u003C\u002Fh3>\u003Cp>Gestão de Recursos\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_14_image_3.jpg\">\u003C\u002Fp>\u003Cp>Av. Brig. Faria Lima, 1800, 6°A\u003C\u002Fp>\u003Cp>01451-001, Jardim Paulistano\u003C\u002Fp>\u003Cp>São Paulo, SP\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_14_image_7.jpg\">\u003C\u002Fp>\u003Cp>www.zavit.com.br\u003C\u002Fp>\u003Cp>Zavit Capital\u003C\u002Fp>\u003Cp>+55 11 3819-2655\u003C\u002Fp>\u003Cp>Relação com Investidores\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F4031\u002Fpage_14_image_12.jpg\">\u003C\u002Fp>\u003Cp>\u003Cstrong>ri@zavit.com.br\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>documento não const meramente informativo e é para u evendo ser u s. Recomendam • º s temas nem es indicadas no material e não rar qualquer condição, nados ne\u003C\u002Fp>","https:\u002F\u002Fwww.kartac.com.br\u002Fapi\u002Ffiis\u002FZAVC11\u002Fdocumentos\u002F4031\u002Fpdf",false,"https:\u002F\u002Ffnet.bmfbovespa.com.br\u002Ffnet\u002Fpublico\u002FdownloadDocumento?id=1098136","2025-12-31","2026-01-30 18:15:00",1,{"id":17,"empresa":18,"gestor":26,"cotacoes":33,"patrimonio":136,"vpa":137,"p_vpa":138,"tipo_gestao":139,"mandato":140,"segmento":141,"categoria":142,"grupo":142,"preco_atual":117,"cotacao_atualizada_em":143,"ultima_variacao_cotacao_24h":144,"variacao_cotacao_7d":145,"variacao_cotacao_1m":146,"variacao_cotacao_3m":147,"variacao_cotacao_6m":148,"variacao_cotacao_12m":149,"vacancia_fisica":140,"liquidez_atual":150,"ultimo_dividendo":151,"ultimo_dividend_yield":152,"mes_pagamento_ultimo_dividendo":153,"dividend_yield_3m":154,"dividend_yield_6m":155,"dividend_yield_12m":156,"dividend_yield_medio_12m":157,"qtd_dividendos_pagos_ano_passado":158,"data_ultima_cotacao":134,"pregoes_com_negocio_21":159,"alertas":160,"updated_at":161,"liquidez_media_reais":162,"administrador":163,"taxa_administracao_paga":140,"balanco":164,"resultado_distribuido":171,"publico_alvo":176,"mercados_negociacao_cotas":177,"data_funcionamento":179,"data_final":140,"quantidade_cotas":180,"quantidade_cotistas":181,"detalhes_cotistas":182,"total_investido":186,"investimentos_fundo":187,"imoveis":188,"contratos":140,"custodiante":190,"auditor_independente":195,"formador_mercado":140,"distribuidor_cotas":202,"consultor_especializado":140,"administrador_locacoes":140,"relatorio_anual":203,"analise_administrador":206},601,{"nome":19,"nome_simplificado":20,"nome_comercial":21,"ticker":22,"nome_ticker":23,"nome_pregao":24,"cnpj":25},"ZAVIT CRÉDITO IMOBILIÁRIO FUNDO DE INVESTIMENTO IMOBILIÁRIO - RESPONSABILIDADE LIMITADA","ZAVIT CRÉDITO IMOBILIÁRIO   RESPONSABILIDADE LIMITADA","Zavit Crédito Imobiliário","ZAVC11","ZAVC11 - ZAVIT CRÉDITO IMOBILIÁRIO FUNDO DE INVESTIMENTO IMOBILIÁRIO - RESPONSABILIDADE LIMITADA","FII ZAVIT C","52.101.897\u002F0001-43",{"id":27,"nome":28,"cnpj":29,"endereco":30,"telefone":31,"created_at":32,"updated_at":32},80,"ZAVIT GESTÃO DE RECURSOS LTDA.","38136258000192","Av Brigadeiro Faria Lima, 1800 6° andar\n01451-001 - São Paulo – SP","(11) 3819-2655","2026-10-03T18:55:44.000000Z",[34,40,46,51,55,60,65,71,77,82,86,92,96,102,108,114,119,123,127,132],{"id":35,"data":36,"abertura":37,"ultimo":38,"volume":39},3288801,"2026-10-06",9.27,9.22,77,{"id":41,"data":42,"abertura":43,"ultimo":44,"volume":45},3289530,"2026-10-07",9.37,9.23,4353,{"id":47,"data":48,"abertura":44,"ultimo":49,"volume":50},3290518,"2026-10-08",9.26,595,{"id":52,"data":53,"abertura":43,"ultimo":38,"volume":54},3290986,"2026-10-09",160,{"id":56,"data":57,"abertura":44,"ultimo":58,"volume":59},3356945,"2026-10-13",9.24,1568,{"id":61,"data":62,"abertura":63,"ultimo":49,"volume":64},3375555,"2026-10-14",9.42,140,{"id":66,"data":67,"abertura":68,"ultimo":69,"volume":70},3376198,"2026-10-15",9.4,9.39,484,{"id":72,"data":73,"abertura":74,"ultimo":75,"volume":76},3377055,"2026-10-16",9.52,9.57,319,{"id":78,"data":79,"abertura":75,"ultimo":80,"volume":81},3445222,"2026-10-19",9.56,164,{"id":83,"data":84,"abertura":80,"ultimo":69,"volume":85},3446589,"2026-10-20",345,{"id":87,"data":88,"abertura":89,"ultimo":90,"volume":91},3459774,"2026-10-21",9.55,9.46,49,{"id":93,"data":94,"abertura":74,"ultimo":68,"volume":95},3473632,"2026-10-22",307,{"id":97,"data":98,"abertura":99,"ultimo":100,"volume":101},3488172,"2026-10-23",9.5,9.49,263,{"id":103,"data":104,"abertura":105,"ultimo":106,"volume":107},3566184,"2026-10-26",9.48,9.19,816,{"id":109,"data":110,"abertura":111,"ultimo":112,"volume":113},3580086,"2026-10-27",9.2,8.99,2276,{"id":115,"data":116,"abertura":117,"ultimo":117,"volume":118},3594240,"2026-10-28",9,1553,{"id":120,"data":121,"abertura":117,"ultimo":117,"volume":122},3608991,"2026-10-29",678,{"id":124,"data":125,"abertura":117,"ultimo":117,"volume":126},3624873,"2026-10-30",1839,{"id":128,"data":129,"abertura":130,"ultimo":112,"volume":131},3682177,"2026-11-03",8.96,486,{"id":133,"data":134,"abertura":117,"ultimo":117,"volume":135},3695712,"2026-11-04",446,37053512.52,10.34,"0.87","Ativa",null,"Outros","Papel","2026-11-05 09:00","0.0011","0.0000","-0.0239","-0.0260","-0.0364","-0.0323",33,"0.1300","0.0144","Nov\u002F2026","0.0433","0.0867","0.1700","0.0138",12,21,[],"05\u002F11\u002F2026 06:00",7796.48,"BRL TRUST DTVM S.A.",{"data_referencia":165,"ativo":166,"passivo":167,"obrigacoes_imoveis":168,"obrigacoes_securitizacao":168,"liquidez":169,"valores_receber":170},"2026-09-01",37557948.83,504436.31,0,3118895.94,4550.83,{"data_referencia":172,"resultado":173,"rendimentos":174,"percentual":175},"2026-06-30",2748390.57,2672545.8615,0.9724039554902126,"Investidor Profissional",[178],"Bolsa","2023-09-28",3582421,883,{"Pessoa Física":183,"Fundos de investimento imobiliário":184,"Pessoa jurídica não financeira":185},874,7,2,34434502.06,{"CRI \u002F CRA":186},{"vacancia_total":168,"lista_imoveis":189,"data_referencia":172,"vacancia_suspeita":11},[],{"id":185,"nome":163,"cnpj":191,"endereco":192,"telefone":193,"created_at":194,"updated_at":194},"13486793000142","R. Alves Guimarães, 1216 - Pinheiros, São Paulo - SP, 05410-002","(11) 3509-0600","2026-06-07T17:17:20.000000Z",{"id":196,"nome":197,"cnpj":198,"endereco":199,"telefone":200,"created_at":201,"updated_at":201},64,"ECOVIS WFA AUDITORES IDEPENDENTES S\u002FS","40221974000110","AV. NAÇÕES UNODAS, 14401 - CHACARA SANTO ANTONIO","(11) 5183-5422","2026-10-03T18:54:38.000000Z",{"id":185,"nome":163,"cnpj":191,"endereco":192,"telefone":193,"created_at":194,"updated_at":194},{"ano_referencia":204,"data_disponibilizacao":205},"2026","2026-09-28",{"ResultadoFundo":207,"ConjunturaEconomica":208,"PerspectivaPeriodoSeguinte":209},"De Julho de 2025 a Junho de 2026, o fundo gerou R$ 5.628 milhões de resultado caixa. A distribuição no período foi de R$ 5.481 milhões, equivalente a R$ 1,53 por cota em uma base de 3.582.421 cotas. ","Nos últimos anos, o mercado imobiliário enfrentou uma crise prolongada, marcada pelo endividamento de empresas, escassez de crédito e altas taxas de juros, o que dificultou as transações de compra e venda de imóveis, tanto para uso residencial quanto para investimento. Entretanto, recentemente o setor mostrou sinais de recuperação. Com uma leve recuperação econômica, houve uma retomada das construções e um aumento na demanda por imóveis.\n\nNo entanto, a inflação persistente e o aumento dos custos de insumos e materiais de construção têm pressionado o mercado, impactando diretamente os preços dos imóveis. Adicionalmente, o aumento das taxas de financiamento imobiliário em conjunto com as restrições, ainda refletem um cenário econômico de cautela, o que mantém os valores dos imóveis elevados. Essa combinação de fatores está redefinindo a dinâmica do mercado imobiliário, exigindo uma análise criteriosa por parte de investidores e compradores.","Diante da escassez de recursos no mercado de poupança e da Selic acima dos dois dígitos, o cenário atual apresenta taxas de financiamento mais elevadas. Esse contexto abre boas oportunidades para a estruturação de operações com maior rentabilidade e garantias mais sólidas, uma vez que a desaceleração nas vendas de empreendimentos, combinada com o alto custo do setor, tem criado um ambiente favorável para negociações mais vantajosas.",{"title":211,"description":212,"canonical":213,"image":214,"json_ld":215,"nome":240,"resumo":274},"Relatório Gerencial ZAVC11 de dezembro de 2025 | Kartac","Relatório Gerencial de dezembro de 2025 do ZAVC11 (Zavit Crédito Imobiliário), entrega em 30\u002F01\u002F2026. DY 12 meses de 17,00% e P\u002FVP 0,87 em 04\u002F11\u002F2026.","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FZAVC11\u002Fdocumentos\u002F4031","https:\u002F\u002Fwww.kartac.com.br\u002Fimages\u002Fog.png",{"@context":216,"@graph":217},"https:\u002F\u002Fschema.org",[218,224,229,238,251,261],{"@type":219,"@id":220,"name":221,"url":222,"logo":223},"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":225,"@id":226,"name":221,"url":222,"inLanguage":227,"publisher":228},"WebSite","https:\u002F\u002Fwww.kartac.com.br\u002F#site","pt-BR",{"@id":220},{"@type":230,"@id":231,"url":213,"name":211,"description":212,"inLanguage":227,"isPartOf":232,"dateModified":233,"mainEntity":234,"breadcrumb":236},"WebPage","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FZAVC11\u002Fdocumentos\u002F4031#pagina",{"@id":226},"2026-11-02",{"@id":235},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FZAVC11\u002Fdocumentos\u002F4031#documento",{"@id":237},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FZAVC11\u002Fdocumentos\u002F4031#migalhas",{"@type":239,"@id":235,"name":240,"alternateName":5,"url":213,"inLanguage":227,"about":241,"genre":7,"datePublished":243,"temporalCoverage":244,"author":245,"publisher":250,"isBasedOn":12},"Report","Relatório Gerencial ZAVC11 de dezembro de 2025",{"@id":242},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FZAVC11#fundo","2026-01-30","2025-12",{"@type":219,"name":28,"identifier":246},{"@type":247,"propertyID":248,"value":249},"PropertyValue","CNPJ","38.136.258\u002F0001-92",{"@type":219,"name":163},{"@type":252,"@id":242,"name":21,"alternateName":253,"url":254,"category":142,"identifier":255,"provider":259},"InvestmentFund",[22,19],"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FZAVC11",[256,258],{"@type":247,"propertyID":257,"value":22},"Ticker B3",{"@type":247,"propertyID":248,"value":25},{"@type":219,"name":28,"identifier":260},{"@type":247,"propertyID":248,"value":249},{"@type":262,"@id":237,"itemListElement":263},"BreadcrumbList",[264,267,270,272],{"@type":265,"position":15,"name":266,"item":222},"ListItem","Início",{"@type":265,"position":185,"name":268,"item":269},"FIIs","https:\u002F\u002Fwww.kartac.com.br\u002Franking",{"@type":265,"position":271,"name":22,"item":254},3,{"@type":265,"position":273,"name":5,"item":213},4,{"atualizado_em":275,"frases":276},"2026-11-05",[277,278,279,280,281],"Relatório Gerencial do Zavit Crédito Imobiliário (ZAVC11), fundo imobiliário de papel, referente a dezembro de 2025, com entrega no FundosNet (B3) em 30\u002F01\u002F2026.","No pregão de 04\u002F11\u002F2026, a cota do ZAVC11 fechou a R$ 9,00, com P\u002FVP de 0,87 (valor patrimonial de R$ 10,34 por cota no informe mensal de setembro de 2026).","O último rendimento foi de R$ 0,13 por cota, com pagamento em nov\u002F2026, e o dividend yield dos últimos 12 meses é de 17,00% sobre a cotação de 04\u002F11\u002F2026.","O patrimônio líquido era de R$ 37,1 milhões no informe mensal de setembro de 2026.","Os indicadores são os mais recentes da base do Kartac, não os do período do documento."]