## RBRL11 Surges with 46% Higher Profit in September; RPRI11 Ensures Over 15% Annual Yield

RBR Log (RBRL11) brought good news in its September 2025 results: a profit of R$ 7.337 million, representing a 46% increase compared to the previous month (R$ 5.025 million). Total revenue reached R$ 8.593 million, with controlled expenses of R$ 1.255 million. Distributions to unitholders totaled R$ 5.015 million, which amounts to R$ 0.75 per unit – maintaining the fund manager’s (guidance) for the second half of the year.

Meanwhile, the real estate fund RPRI11 announced a distribution of R$ 0.90 per unit in dividends for October, with payment scheduled for November 13, 2025. Considering the closing price, the yield offers a dividend yield of 1.06%. _Source: RBR Asset Management_

## Above-Expected Returns: RPRI11 Delivers IPCA + 10.90% Annually

The numbers for RPRI11 catch attention: a monthly result of R$ 3.1 million, corresponding to an annualized dividend yield of 15.45% – or adjusted to IPCA + 10.90% per year. For individual investors, there is no Income Tax on dividends, making the investment even more attractive.

The performance reflects careful portfolio management. In July, the fund allocated R$ 4.2 million in two existing operations: CRI Creditas II Meza and CRI Pulverizado MK IPCA. As a result, the total portfolio ended the month with 24 operations, all current with their obligations. The variations of IPCA (May: 0.26%, June: 0.24%, July: 0.26%) impact the results with a two-month lag as established in the contracts.

## Shielded Portfolio: 95% of Structured Operations Internally Managed

The quality of the portfolio is a key differentiator. RBR Asset Management, the fund manager, emphasizes that 95% of the operations were “anchored” by the manager itself – meaning they were structured internally or the fund had more than 50% participation in the issuance. This ensures greater control and diligence.

The guarantees are solid: an average LTV (Loan-to-Value) of 56%. The geographic concentration also follows a well-defined strategy: 68% of guarantees are in São Paulo, with 43% of this total in the “prime” regions of the capital (Faria Lima, Jardins, Pinheiros). The entire portfolio receives monthly monitoring of indicators by a dedicated team.

## Prudent Management in Response to Virgo Case: Secure Asset Migration

The report also addressed the situation of securitizer Virgo, which is under investigation by the Securities and Exchange Commission (CVM) for suspected misuse of resources. RBR Asset reassures investors: RPRI11’s exposure to Virgo assets is limited and controlled, with all CRIs up to date with payments.

As a preventive measure, the manager has already initiated the process of transferring these operations. The CRIs will be migrated to other partner securitizers, with an independent external agent overseeing the transition – reinforcing the commitment to unitholder security.

## RBRL11 Accelerates Portfolio Recycling: Sale to XPLG11 Extends Until November

The major move for RBRL11 is the full sale of its real estate portfolio to XP Log (XPLG11), valued at R$ 688.97 million (cap rate of 9.24%). The goal is to recycle assets and reposition the fund in logistics operations with a better risk-return profile.

Initially scheduled for an earlier date, the completion has been extended until the end of November 2025. The closing still awaits fulfillment of conditions: completion of due diligence by XPLG11, signing of definitive contracts, and approval by the administrators of both funds.

In parallel, the fund adjusted its lease contract by 3.03% in September (effect starting in October), and the works of CL Imigrantes V – Maria Loprete in São Bernardo do Campo (SP) – in which it holds a 2.82% stake – are expected to be delivered in October 2025. The sales team remains active, with multiple visits from potential tenants.