Credit Fiagro (CRAs + Fiagros + cash)
Segment: Paper Fiagro (Agribusiness CRAs and CRIs) · Price R$ 47.6 · P/BV 0.5848 · BV/unit R$ 81.4 · Net assets R$ 143 Mi · 6,505 unitholders
GCRA11 (Galápagos Recebíveis do Agronegócio - Real Estate Fiagro) is a Brazilian REIT in the Paper Fiagro (Agribusiness CRAs and CRIs) segment. Credit Fiagro (CRAs + Fiagros + cash)
Fiagro that lends money to rural producers and cooperatives in grains, eucalyptus, and sugarcane, distributing the interest as monthly income. Note: part of the portfolio is in court-supervised reorganization, and the distribution depends on the outcome of collateral foreclosure proceedings.
This page gathers the factual snapshot of GCRA11 in 2026: what the fund is, what it invests in, what it charges, who manages it and how it got here. Opinion, score and recommendation live in the analysis; payout calendar and projections live in dividends.
Management: Galapagos Capital.
Galapagos Capital manages GCRA11, the first registered Fiagro in Brazil. The firm structured the fund in August 2021 and executed three offerings in little over a year (the 3rd, closed in August 2022, raised R$ 101.2 million). Administration is handled by QI CTVM S.A., with a contracted market maker (presence in 100% of trading sessions).
The management's credit history is the most sensitive point: the portfolio accumulated four major defaults (Castilhos, Três Irmãos, Mitre, Portal Agro) and the fund had to reclassify 14 months of distributions as capital amortization per CVM requirements in 2025. Conversely, management maintains detailed communication in management reports regarding the legal progress of each recovery and continues to execute real collateral (land auctions/sales). IR contact: [email protected].
| Breakdown | Share |
|---|---|
| By state | Bahia (BA) 24.1% · Mato Grosso (MT) 10.6% · Minas Gerais (MG) 8.2% · São Paulo (SP) 8.0% · Mid-West (Fiagros) 10.2% |
| By index | CDI 69.0% · IPCA 31.0% |
Unit price at R$ 54.76 (Apr/2026 close) versus book value per unit of R$ 88.19 (Apr/26). Discount of 38% — one of the deepest in the paper Fiagro segment. Reflects the ~22% of NAV in delinquent credits, market memory of the 2025 CVM reclassification, and ongoing unitholder outflows.
last close R$ 47.6 · all-time low R$ 38.98 · high R$ 76.87 · book value per unit R$ 81.4.
Average daily volume (21 sessions) of R$ 220,710 · 12-month average of R$ 156,000.
Low-to-medium liquidity. A R$ 1M position takes ~22 business days to liquidate without moving the price — incompatible with urgent exits. Jan-Feb/26 volume (R$ 220 thousand/day) is above the annual average (R$ 150 thousand/day), signaling recent heavier activity.
| Period | What happened |
|---|---|
| IPO — Brazil's first Fiagro | Launch of GCRA11 with the 1st offering (restricted offering for professional investors), concurrent with the CVM's creation of the Fiagro asset class. Initial unit price: R$ 100. Initial net assets: ~R$ 29M. |
| 2nd offering — general public | Closing of the 2nd unit offering. Target audience expands to general investors. Units outstanding jump to ~1.4M. |
| Trading commencement on B3 | Trading begins on the secondary market. Debut in January 2022. |
| 3rd offering — capital raise of R$ 101M | Closing of the 3rd offering. Capital raised: R$ 101.2M. Units outstanding reach 1,750,865 (maintained to date). |
| Castilhos Reorganization Granted | Castilhos CRA debtor and guarantors file for court-supervised reorganization, which is granted. CRA credit is subsequently reclassified as outside-reorganization. Initiation of real estate collateral enforcement. |
| Mitre Reorganization Plan Approved | General creditors' meeting approves the Mitre Group's court-supervised reorganization plan, providing for a competitive process to sell farms pledged to the CRA. Ratification suspended due to third-party challenges. |
| CVM Mandates Accrual Accounting | Joint Circular Letter 1/2025/CVM/SSE/SNC requires Fiagros to adopt accrual accounting (vs. cash basis) for income calculation. Retroactive reclassification: distributions from Apr/24 to Jun/25 become capital amortization . Name change: "Real Estate Fiagro" → "Limited Liability Fiagro". |
| Administrator Change | Singulare CTVM (original administrator) is merged into QI CTVM, which assumes fund administration. Singulare remains as custodian. |
| Buyback Program Activated | Announcement of a buyback program for up to 10% of units (175,086 units) over 12 months, effective through Nov/2026. Buyback restricted to prices below the previous day's book value. |
| Portal Agro Restructuring Investment | GCRA invests in the senior subclass of Jatobá Fiagro (CDI+5% p.a.) to enable the acquisition of credits from the delinquent Portal Agro CRA. Commencement of credit restructuring. |
| Riad CRA Repayment and Restructuring Progress | Full repayment of Riad Sammour CRA. Completion of definitive property registration for Três Irmãos CRA areas under the CRA's name — areas under negotiation for sale. Fund closes Feb/26 with 21 CRA operations + 3 Fiagro quotas. |
| ATUAL (DATA ANÁLISE) | Unit price R$ 54.76 (Apr/26), P/BV 0.62, DPU R$ 0.68 (dividend yield 14.9%). Net assets R$ 154.4M, 6,721 unitholders, 23 operations (69% CDI / 31% IPCA). Castilhos: properties consolidated in the name of the securitization company, auction to conclude in June 2026. Três Irmãos: definitive registration completed (Feb/26), areas for sale. Mitre: reorganization plan approved, ratification suspended. |