Tauri Agrícola is a Brazilian agricultural trading operator focused on short-cycle commodity transactions. The company primarily trades soy, grain, and rice.

Tauri's role is to simplify and de-risk commodity sourcing for buyers. Instead of each buyer sourcing directly from many individual farmers, negotiating payments, coordinating logistics, and managing delivery risk, Tauri acts as the operating layer that aggregates supply, coordinates execution, and delivers the product.

The business is not based on long-term commodity speculation or holding large inventory. Tauri operates a high-turnover trade finance model where profitability comes from repeatedly executing short-duration commodity trades at scale.

Tauri sources agricultural commodities from farmers through an aggregator entity. This structure is used for tax and operational efficiency.

Rather than purchasing directly from many individual producers one by one, Tauri works through an aggregator structure that simplifies procurement, documentation, payment flows, and logistics. This creates a single professional counterparty for buyers and makes the operating model more scalable.

Tauri earns its margin from the spread between the cost of buying and delivering the commodity and the resale price paid by the buyer. The largest cost items are commodity procurement and logistics. Fixed overhead is relatively low compared to trading volume. Salaries, rent, and equipment are not the main cost drivers.

Over time, Tauri may purchase trucks to reduce logistics costs and improve margin control.

Tauri's operating trade cycle is the time from purchase order to invoice payment. A typical trade cycle works like this:

1. A buyer places or confirms demand.
2. Tauri sources the commodity from farmers through its aggregator structure.
3. Tauri pays for supply and coordinates logistics.
4. The commodity is delivered to the buyer.
5. The invoice is issued and paid.
6. Cash is recycled into the next trade.

The cycle from purchase order to invoice payment is typically 5 to 15 days. This short cash-conversion period allows Tauri to complete multiple underlying trades within a single investor repayment period.

The investor cycle is separate from the operating trade cycle. Investor capital is provided through vault and loan cycles with a minimum 30-day term.

This means one investor cycle can cover multiple underlying trade cycles. This creates a maturity buffer. Tauri's operating cash conversion is shorter than the investor repayment period.

Travessia provides the infrastructure that allows qualified investors to finance Tauri's short-cycle working capital needs through vault-based loans.

Investor capital is advanced in USD or USDT and used by the Borrower Group for lawful agribusiness operations, including commodity procurement, logistics, hedging, and related working capital needs.

Under the current loan agreement, Tauri Agrícola S/A (CNPJ 13.727.873-0001-42) is liable for repayment. Deposits are interest-bearing loans under Brazilian law, not equity, partnership interests, profit-sharing interests, or securities-type claims.

The simplified flow is:

• Investor deposits USD or USDT into the vault.
• Capital is advanced to the Borrower Group.
• Tauri deploys capital into short-cycle agricultural trades.
• Buyers pay invoices.
• Tauri repays principal and interest in USD or USDT.
• The investor may withdraw or roll into the next cycle.

Investor capital is not an equity investment into Tauri. It is a loan to the Borrower Group.

The loan agreement provides for a fixed 17.1% APY, calculated on a 365-day year and compounded daily. The loan may operate through rolling 30-day vault cycles.

If the investor does not request withdrawal before the applicable cutoff, principal and accrued interest can roll into the next cycle. The Borrower Group's repayment obligation is not dependent on the performance of any single agricultural contract, receivable, commodity price, or business revenue. Tauri remains obligated to repay principal and interest even if an individual trade performs poorly.

The intended source of repayment is Tauri's operating cash flow from short-cycle commodity trades. Tauri buys commodities, delivers them to buyers, issues invoices, collects payment, and recycles capital into new trades.

Because invoice settlement is typically faster than the investor cycle, the repayment pool is supported by multiple underlying trade cycles rather than one single invoice.

Tauri's model is designed around short-duration trades, small invoice sizes, liquid agricultural commodities, and borrower-level repayment obligations. The main investor question is not whether a crop succeeds months in the future. The relevant question is whether Tauri can continue to execute many small, short-duration commodity trades, collect invoices, manage FX risk, and recycle capital efficiently.

Individual invoices are usually between $3,000 and $15,000. This creates a highly granular portfolio. A single invoice represents approximately 0.01% of the portfolio at time of writing.

This means that even a real invoice default would not materially impair the overall book. Tauri has had zero invoice defaults on record so far.

Tauri sells to medium and large-scale Brazilian agricultural and industrial buyers. These include pet food producers, poultry farmers, feed operators, and other industrial clients. The buyer pool is diverse with over 17 unique buyers and no buyer taking up more than 20% of Tauri's flow.

Some buyers in Brazilian agribusiness may operate legally under CPF rather than CNPJ. This does not necessarily mean they are retail consumers. In Brazilian agriculture, medium and large-scale producers often conduct significant business activity under personal registrations.

Tauri's internal risk assessment is therefore based on commercial and operational criteria, including repayment history, asset profile, transaction volume, reputation, and product absorption capacity.

Tauri sources a variety of farmers through an aggregator entity per region for tax and operational efficiency. This reduces the complexity of dealing with many individual farmers directly and allows Tauri to standardize documentation, payments, and procurement flows.

If an invoice defaults, the underlying commodity market remains highly liquid. Soy, grain, and rice can often be resold or rerouted to other buyers quickly, including within the same day in many cases.

In addition, Tauri is required to buy up defaulted invoices with its own balance sheet before investors are affected. First loss sits with Tauri, not with external investors. Investor principal is repaid before preferred return, catch-up, and residual participation. Tauri's capital is subordinated support capital that absorbs losses before external investor capital is impaired, subject to the legal terms of the relevant investment instrument.

Tauri is not only the operator. It also has capital at risk beneath investors.

Tauri's underlying agricultural business is domestic. Its suppliers, producers, logistics providers, and buyers are in Brazil, and the operating trade cycle is settled in BRL.

Tauri hedges the BRL/USD exposure created by USD or USDT investor funding. It is a hard-currency liability backed by BRL operating cash flows and outlines a multi-layer hedge framework using instruments such as B3 dollar futures, systematic rollover structures, dynamic hedge management, and option-based collar structures.

The hedge cost is estimated at approximately 1% of monthly revenue. This cost is borne by Tauri and is part of the operator's cost structure. It is not passed through to investors as open FX exposure.

The model depends on execution. Tauri must source commodities, pay suppliers, coordinate logistics, deliver to buyers, issue invoices, collect receivables, hedge currency exposure where required, and repay investors.

The main operational risks are supplier disruption, logistics delay, buyer late payment, documentation error, FX hedge execution failure, or failure to recycle capital efficiently. These risks are mitigated by short trade duration, granular invoices, liquid resale markets, borrower-level repayment obligations, and Tauri's own balance sheet support.

Withholding tax risk is addressed in the loan agreement through a gross-up obligation. Tauri must increase the payment so the lender receives the full amount it would have received absent such withholding.

Travessia maintains a live dashboard for investors to review current operating and financial data related to the Tauri vault and underlying receivables.

Additional financial, legal, tax, regulatory, operating, and counterparty-level information is available to qualified investors upon request. To access these materials, investors can contact Travessia by email and sign an NDA.