Patria Investments is acquiring RBR Gestão de Recursos Ltda., which will hold approximately US$ 1.5 billion in listed Real Estate Investment Trusts (REITs) in Brazil following an internal corporate reorganization. RBR Gestão currently manages 12 funds, including 11 listed REITs focused mainly on credit and multi-asset strategies. After the transaction closes, Patria will become the leading manager of listed REITs in Brazil, further expanding its scale across office, logistics, credit, multi-asset, and urban retail strategies. The addition of about US$ 1.3 billion in fee-earning assets under management will bring Patria's total real estate fee-earning assets to US$ 8.5 billion on a pro-forma basis as of the third quarter of 2025. The transaction is expected to close in the first quarter of 2026.