Gafisa faces debt pressure as two credit notes halt payments

Brazilian real estate developer Gafisa is seeing its debt strains worsen ahead of its scheduled second-quarter earnings release on September 28, 2026. On September 15, an operation tied to the Canto Rio development in Rio de Janeiro failed to pay investors and did not replenish its reserve fund, securitization firm Opea reported. The CRI Bait notes had an outstanding balance of BRL 154.7 million in August.

This default marks the second credit operation guaranteed by Gafisa where payments to investors were interrupted. Together, the two debt operations total BRL 215.5 million. The other note, CRI Sabiá, finances the Vinci Moema project in São Paulo and has a balance of BRL 60.8 million, with interest payments missed in July and August. At a meeting on September 17, bondholders waived early maturity acceleration and rescheduled payments to October 2.

According to data mapped by Vitrify, Gafisa has 28 debt instruments outstanding across CRIs and debentures, totaling BRL 856.6 million as of August 31. Out of that balance, BRL 581.9 million matures by May 2027, with BRL 434 million structured with bullet principal repayments at final maturity. The nearest maturity is a BRL 41.9 million debt due on September 30.

At least six real estate investment funds hold BRL 209.9 million in exposure to Gafisa-backed paper, led by Valora CRI CDI with BRL 72.1 million and Fator Verità with BRL 50.3 million. In the first quarter of 2026, Gafisa reported total debt of BRL 1.6 billion, cash of BRL 306 million, and a net loss of BRL 45.6 million.