Papo de Dividendos: Surpresas nos FIIs & FIAGROs em seus anúncios? | + TIRA-DÚVIDAS!

Added: 2026-05-25

[00:00:00]Nice to meet you, my friends. How are you all doing? Let's talk about dividends, shall we?

[00:00:06]Those funds that distribute dividends announce their dividends outside of the last business day.

[00:00:11]Actually, we're already nearing the end of May, but there's a lot of cool stuff we can talk about regarding these funds that are distributed outside of the last business day. I see that people have already left some active offers in the chat. I want to wish you all a good night. Great Hugo was here early this morning and left a like for us.

[00:00:29]Guys, please leave a like so we can reach even more people.

[00:00:34]Share our live stream in the Telegram groups you're in, like your condo group, school group, kids' group, etc., so more people can learn about real estate investment trusts and we can really reach more investors. Great Jonatas is always with us, you know. Jonatas from our community is there, if you're interested in becoming a VPF Gold member, Jonas is there, Hugo is there, and our great Ricardão is there too. Goodnight. You already said that Irim was a great surprise, man. We're going to talk about Irim. Great Sergio, good evening to you too. Say goodnight and tell us where you're calling from. I always like to see that we're reaching the whole country, you know? That's always really cool. Sometimes even a foreign audience, right? That's really cool too. Big pirate treasure chest, our friend Diego is there too, folks. Thank you very much. It was totally worth it.

[00:01:25]Please leave a like so YouTube understands that the live stream is actually relevant. And today, folks, it's going to be a different kind of live stream, okay? Today we have a guest. That's right. I'm going to introduce you to a friend, Elias Lima from Brick 360.

[00:01:45]I've already made a video using his platform, and he was super helpful and accepted this invitation for us to talk about real estate investment trusts (REITs) that paid out dividends and announced their dividends on the last business day of the month. Elias, welcome. It's a pleasure to speak with you so we can talk about dividends. Hey guys, I always ask you to welcome our guests warmly. It's always a pleasure. Elias, good evening, my friend. Thanks for being here. Give us a quick introduction, tell us a little about the history of Brick 360, because we're also going to open up the platform here in the analysis of these funds that we're going to talk about. So, this live stream is going to be really cool.

[00:02:25]Hey, Bernardo. Hey, first of all, it's a pleasure to be here with the whole network, all the friends who follow you. It's a channel that produces quality content, right? Yes, it's important for us to have people who produce content that is helpful, right? Whatever pushes the market upwards, raise the bar a little bit.

[00:02:47]So, man, congratulations on all the work you've been doing. Oh, thank you for having me here. A pleasure, an honor. So, to give you a little background here, for our audience, BRIP 360 emerged as a project to contribute to our market of real estate investment trusts (REITs), which is a market I strongly believe in.

[00:03:11]I believe in it so much that I had a career in the financial market, I worked extensively at Banco do Brasil for 15 years, building my career there. Well, I left to live off dividend income, right? So, uh, I believe I put my retirement on the line, right? Yes, indeed, believing. Well, the BRIC 360 platform actually emerged as our attempt to contribute by providing a method that helps people analyze real estate investment trusts (REITs), giving them a more in- depth understanding of them.

[00:03:54]Well, even if they don't understand the details so much, it's the financial side that has such a complete overview, right? So, what we did was bring in a method that analyzes more than 50 criteria for real estate investment funds, and automate that method by putting it on the platform.

[00:04:13]So, in addition to gathering and displaying data that people are already used to and like to follow, we tried to bring this method, which delivers a score from 1 to C at the end of the day. And the closer to five, the better, right?

[00:04:31]We see higher quality and less risk in that asset. So, it's there to serve as a consultant, an extra compass for the team to do their homework, to analyze the EFOs.

[00:04:44]That's great, man. Come on, let's explore the platform here. Well, for those who knew, you also acquired Mundo Fi, which was a platform that already had a certain level of engagement with real estate fund investors, right? You're not going through the back, there will be several of them there, he's here. [laughs] But it's a platform that was already cool and anyway, I think people will really enjoy getting to know it. We're going to put it on screen. Okay, Elias, let's get straight to the content so we don't take up too much of everyone's time or our own. Let's talk about the funds that distributed their dividends right after the last business day. Yeah, and I'm going to put the spreadsheet here that everyone's used to, right? We always start with GGRC, which distributes on the first business day. DJ came along with 10 cents, 0.98% distribution. Okay, so did you have something set aside for us to add to the GGRC platform? If you have it ready, you can put it on the screen now so we can share it while I make some comments. You can insert it there so we can upload it. Yeah, okay, GGC, alright.

[00:06:00]It's already on the needle. Here it is, man.

[00:06:04]Good one. Awesome! Let me take out my chart. Let's talk about it here. GGRC1. Here's the Brick platform. [snoring] She's, she's in light mode, right? I think there's a dark mode option that will make it more visible to people. Hey everyone, please share your thoughts in the chat. If you were already familiar with Brick 360, or if you've already explored this really cool content on GGRC, you know? What do you have to say about GGRC through the platform?

[00:06:37]Good, cool. Thanks, Bernardo. I think to start things off here, it's good to bring up this perspective of the ranking, right? So, how do we assign a rating to real estate investment funds at the end of the day?

[00:06:49]So, it's worth mentioning that in this assessment we evaluate several criteria, and I'll explain them a little here so we can see a classification of this fund.

[00:06:59]So, this fund is in the top 2%, if we consider the entire universe, right, uh, uh, what we analyze. So, there's a fund that's very well positioned at the moment, and that has a very interesting stake in the IFIX index, right? So, the 18th place in the IFIX, this vision here, it even comes from the world of wires, right? So, we brought here several contributions, several graphs, information that people told us in a survey we did, which were very valuable in the online world, and we brought them here to incorporate them. The key point I'd like to highlight here, within this context, is the risk; we see that this fund is at a good level of risk, right? So, a lower risk, right? Well, considering the various criteria at the moment, right? It's an evaluation that we do in an automated way, which considers both the recommendations of analysts, the ceiling price, the room there is to reach the ceiling price, and the correlation with economic indicators. So, all of that, calculated and verified, puts us in a neutral position, right? Neutral turning favorable with respect to GGRC.

[00:08:24]And the liquidity, right, is very good compared to the IFIX average. So here's the overall rating, and I'd like to highlight, specifically the real estate portfolio, which has a very good rating within GGRC11.

[00:08:43]Yeah, and it's been getting better, hasn't it, Bernardo?

[00:08:45]We saw a recent update done to the GGRC portfolio, which I think made a positive contribution to that score, uh, in the portfolio axis, right? Awesome! That's great, man. Even Jonatas posted it here, right? I learned about it from you, but I didn't quite understand how to use it. You're used to dealing with top-tier investors over there, man. That's it, right? With this new platform, we have that initial impression, right, that there's a lot of data, which makes things more difficult, but gradually, our idea is to disseminate and showcase these tools, because the more tools we have, the more resources we need to make our decisions. I think that 's Brick's idea, right? To really bring as much information as possible, right?

[00:09:33]Okay, okay. And, well, trying to help the Jas out here. Hey Bernardo, just a quick chat here about the price, the asset value. I think this is some really cool information that we've brought here, at the request of many of our users, right? Here we have the historical price, the historical book value, in other words, here you can see the average P/V (price-to-book ratio) of the fund. We've even plotted the average here to make it clearer for you, and shown here, allowing you to compare it with the segment and with the IFIX index.

[00:10:10]So, I think that gives a really good reference point for price, average asset value, right? Oh man, I really like this metric, man. I always use it in my videos. I'm a fan, I've already told you that. I think historical PvP, guys, is much better, much better indeed, than just using PvP, okay?

[00:10:31]So, in pricing analysis, there are several pricing methods, so much so that the platform gives a ceiling price according to various methods and factors that BRIC aggregates, but I think the historical retail price is a great indicator for everyone, you know?

[00:10:47]Okay, okay. And hey, we also have a thermometer here in the view, right? So this is kind of like a Google Flights app, uh, for PVP, right? So it shows how far or close it is to that historical average.

[00:11:01]Well, if it's heading into the red zone there, that's when it moves too far upwards, right? Or for the green zone, when it offers a discount that's quite interesting compared to the historical average.

[00:11:14]Good, wonderful, man. Okay, I'll briefly share my thoughts on GGRC here. You know, is there anything else you'd like to add?

[00:11:24]No no. One of the bullets.

[00:11:25]Ah, wonderful. You know I always like to give my two cents too, right? Just a reminder, GG has an offer of over R$1 billion in progress, okay, everyone?

[00:11:33]Well, it has already made three acquisitions as part of this 11th share issuance: the Brass Park condominium, then Galpão A, both in Garuva, Santa Catarina, and also the property in Camaçari, right? So they have already made three significant acquisitions. Well, that initial cap rate is 9.5%, an interesting and attractive cap rate, right? Just a reminder, cap rate is the annualized sum of the rent relative to the asset's value, right?

[00:12:00]9-10% is common within the logistics market, 9.5% is a good cap rate in my view, okay? The fund also grew to 340,000 investors, that's incredible, isn't it? GGRC gained 40,000 investors in two months, okay guys? There are 36 assets in the portfolio. Projected dividend of 10 cents. I think you all always like to pay attention to that, right? 10 cents by the end of the year. And the profile, as Elias pointed out in his score, has become increasingly qualified in terms of real estate, right?

[00:12:32]Today, 70% of its portfolio is focused on logistics, 13.5% on industrial, and 16.3% is hybrid. So he has really been working with this strategy of becoming more of a high- quality, high-standard logistics fund. That's why I always compare myself to you guys, right? What would be my first logistics fund shelf? Well, HGLG is there, BTLG is there, in my view, LVBI is there and it will be absorbed. Well, and below that, we would have other funds, such as XPLG, BRCO itself as well, first tier, and XPLG, second tier, GGRC, second tier. And they are moving towards raising that level, that asset qualification. Beauty? Well, wonderful. The people commenting here were testing formulas for calculating the ceiling price. Look how cool! The platform already has a maximum price set by the platform, right Elias?

[00:13:31]Perfect, Bernardo. And dude, how do we bring it here, right? How do we calculate this ceiling price, right? So, we're presenting this ceiling price here, right? Well, we generally consider, in fact, the risk that he receives on our platform.

[00:13:49]To assign the risk premium, it makes a projection using the Gordon model, right? So, the projection for the dividend over the next 12 months uses this risk premium, according to the risk that is assigned on our platform, based on the direct treasury bond. So, we automatically retrieve that information and use it as the risk-free rate, right? And then you'll arrive at that maximum price. And so it serves as another reference to facilitate the analysis and make decision-making easier.

[00:14:31]Very good, very good. I'm going to remove the GGRC here so we can go back to the planning stage and move forward with the other assets, okay? I see that people are already asking for Rzag. We'll talk about Fiagro at the end, okay, Alex? I just didn't quite understand. Oh, it doesn't reveal the prices too much, it wasn't written that there were many bars. Hey, those guys are drinking cachaça. I do n't know. It doesn't reveal many values.

[00:14:51]Very good. Let's go. Hack, guys.

[00:14:54]Paper background from there. Oh, just one detail, okay? Those that are golden brown here, that's what I want to elaborate on in the comments, okay, everyone? For those that are blank, we'll basically just go through the dividend. If anyone has any comments or questions, feel free to post them in the chat and we'll try to help, okay? Heck R came in at R$1.5 per share, yielding a dividend of 1.27%.

[00:15:18]The dividend yield (y) for R is very good, especially considering the discount it's trading at, right? He's trading there with his PvP quite discounted, around 0.9 or 0.91, right? So he has quite a discount, okay? And we had some bad news at Hack R this month, which was, let's say, the drop in sales for the Morumbi Plaza building, right? They had the expectation, in fact they were already in advanced negotiations to sell that asset, which, who doesn't remember, right, Morumbi Plaza, it came into Hacker R's portfolio as payment. What's that all about, man? Deu def um CRI. So they made a deal to receive this asset as payment, and obviously they were going to try to sell it, right?

[00:16:00]OR is a paper fund, not an office fund. They had already addressed this sale, but it ended up not happening. They released a relevant fact, okay?

[00:16:09][snoring] Today 92% of Hack R's portfolio is at PCA + 8.5, okay? 83% of the rental income and CDI + 4.72%, 15% of the rental income. This portion of the CDI (Interbank Deposit Certificate) has also contributed to these larger dividends, okay? An interesting point from Hacker R to wrap things up, I'll pass the ball to Eli if he wants to bring up any additional information, which is this: they have an open issue, right? I didn't quite understand that broadcast, okay? I even tried contacting management.

[00:16:42]Initially, I thought it was an issuance for the exchange of shares, for the absorption of some asset. Well, no, it doesn't seem like that's the case, okay? They made that issuance to try and gauge the market, but anyway, an issuance with the fund trading at discounted prices is a bit more complicated. Elias, would you like to add anything about Hack R? I don't think Hack R is just an interesting case, right, of a receivables fund that has a very attractive dividend, but it's always important, and I always like to emphasize, that people are paying attention to the risk, right? So, we 're taking a risk. Well, I think that, judging by the profile on your channel, people do a slightly more in-depth analysis, but for those newcomers, I always like to warn them, never just do an analysis based on dividends and P/V and think you've already covered the bottom, right? You have to understand the history a little bit, understand a little bit about where we 're getting into, right? So that a high dividend yield doesn't jeopardize the principal capital, right? Well, I think this is a warning sign, and those who have been in the industry longer have already seen this happen in other funds that are quite liquid. Actually, we're even going to talk about some of them in a little while. I just want to respond to Blend Tunes here. When you're going to buy a real estate investment trust ( FI), do you have a maximum price you're willing to pay, or do you focus more on the fund's current performance?

[00:18:17]Dude, I definitely have a price, okay?

[00:18:20]Yeah, I know there are a lot of people, but fewer today, right? But for those of us who have been around longer, like me, Elias, who've been in this game longer, there was a time, guys, when content creators, they talked a lot about price not mattering, like, " just buy good assets, guys." That's absurd, okay? Price always matters, right? And often, the price matters more than the actual quality of the asset. This might sound like heresy coming from me, but if you're trading this asset specifically for a tactical position, for a capital gain, you 'll be much more concerned with price than with quality, okay?

[00:19:00]Now, if you're really focusing on a core asset in your portfolio, that asset you want to put in your portfolio and hold for years and years, making your contributions, that's fine? Price will become less important because you'll be building your average price over the years, right? You'll be contributing every month and everything, but price is always relevant, okay? Always important. Hey, don't pay too much. I see that many investors today, Elias, still have their portfolios in the negative and are badmouthing real estate funds, not because they have bad assets, but because they paid stratospheric returns back in 2019 and 2020. And they still see their portfolios in the negative and don't understand why, thinking that real estate funds are worthless, right?

[00:19:43]Perfect, Bernardo. Dude, there's that book, it's one of my favorite books on investing, which is the most important thing for an investor, right?

[00:19:51]Howard Marx. And he talks about this a lot, he really emphasizes this point, like, "It could be the best asset in the world, but if the price is too high, then things will go wrong because you won't get a return, right?" So, price really matters, doesn't it?

[00:20:08]Exactly. Okay, let's continue from here. RBR RP11, guys, 40 cents, right?

[00:20:15]Office funds that went to Pátria.

[00:20:17]In short, they're trying to reverse the situation of a fund that still has a lot of vacancies, okay? RBRL reduced its dividends by 20%, right? People got worried about RBRL, it came in at 60 cents, 0.71%. Just a reminder, folks, RBRL sold all of its assets to XPLG.

[00:20:39]So, today he owns shares in XPLG, basically, okay? So, if you're a shareholder of RBRL, you're basically paying a double fee for nothing, because you also own shares in XPLG, okay? Rect 11, 45, 1.17% dividend, recovering, right?

[00:20:55]Rect is managing to maintain that dividend at 45 cents. It seems quite clear to me that they can maintain this level of dividends, right? Well, and the management's expectation, as I've mentioned in past live streams, is that with the progress in terms of occupancy—currently, there isn't that much vacancy, around 10% —but mainly with the gains in rental prices that they already have in their portfolio, they will be able to grow with these dividends. But it's not going to be right now, is it? I've said this several times already, in my view, it's going to take a little while, maybe in the second half of 2027, okay?

[00:21:36]Well, Deva 11 came out with 30 cents, 1.47% dividends. And here's where what we were discussing really applies, right?

[00:21:45]You look at a dividend of practically 1.5%, and you think: "Wow, this fund is sensational." But he's negotiating with a huge lack of confidence, isn't he? There's a note here, Deva, he's around, I think, 3 in his PvP, right, something like that. And that's very much in line with what we said about only looking at P/V dividends to analyze assets, right, Elias? Well, for me it's a classic example. It's being traded at 020, and that's its current book value. So, uh, it's an excellent example for us to see when that risk that's lurking in the corner or neglected materializes, right, Bernardo? Because, uh-huh.

[00:22:26]Well, for me, what happened there, you know, in Deva 11, telling a little bit of the story for those who are just arriving in this world, right? Ah, many decisions made by management there involved conflicts of interest, right? What is a conflict of interest? It's when you're doing business, uh, where your main interest isn't the business itself; you might have another interest there that conflicts with that business.

[00:22:51]So, in the case of Eva 11, the manager was within the same economic group as the person who was lending money, and on the other end, she was also receiving money from projects, all within the same economic group. It's almost like that episode of El Chavo del Ocho where El Chavo sells shisha to himself as a joke, right? [laughter] Go over to the other guy's shack. So, this type of situation puts the shareholder in second place, not first, right? So, you know, several of those securities that were bought and traded there, for example, didn't have complete transparency. And when it was made public, it was because the deal was already in a very complicated, defaulted situation.

[00:23:38]And that's not why the quota dropped so much, right?

[00:23:41]And then when the account balance is reached, the price, the asset value, sometimes remains higher. Yeah, yeah, and that's why it seems like there's a discount, but it's not for nothing, right?

[00:23:52]Exactly. Perfect. That's right. Same line as HCTR, right, guys? Almost 1.5% in dividends this month as well. Oh, and paying the 26 cents, right?

[00:24:04]Very little of what this fund has already paid out.

[00:24:06]Finally, a fund that went through many problems, along the same lines as we talked about with Deva, right? Well, then we have SPXS11, folks, it came in at 0.095, giving us 1.12%. This is a fund that I always tell you about, that I like this asset, even though it's still small, it needs to gain liquidity, it needs to gain a little more traction, right? It's a fund with a relatively small net worth, but it has a very interesting distribution, right?

[00:24:36]14.7% of the 12-month day rate, even with the discount, right? 0.8 in its RRP. Well, his portfolio basically consists of CRIs (Real Estate Receivables Certificates), real estate funds, and stocks, okay? He still has a good bit of cash left, 10% of the total, okay?

[00:24:53]Uh, BTCI 11, that one's more famous, right? Hey Elias, people like BTCI, its distribution went up a little, 0.097, uh, that's 1.03% per month. Well, good distribution. Do you like BTCI 11?

[00:25:10][snoring] Man, uh, I like it, but I wanted to take this opportunity to talk a little bit about SPXS, because I think a good point, you know, also thinking about the people who are starting out, is to emphasize size and liquidity. Uh-huh.

[00:25:27]Right? So, in our market, that matters, right? So, uh, a real estate fund that's large, man, it starts receiving offers before everyone else, right? So, like, someone wants to sell a property that's very large, they're going to knock on this guy's door because they know he can afford to buy it. And that's where the saying "the early bird catches the worm" comes in, right? So, he'll have more opportunities to say no, for example, to great opportunities before others. So, size is something to consider, right? Yeah, and liquidity again too, right? Liquidity, I think that's perhaps even more important than size, especially for those who are just starting out, right? Eh, eh, being able to leave without having to stay stuck there with the bad asset. Yes, it's very important, isn't it?

[00:26:18]No, I think that's a great comment, man, and I emphasize liquidity quite a bit. Well, I have a filter, you know, I've already told the guys, of funds that trade at least R$400,000 per day, right?

[00:26:28]Well, everyone has to have their own filter. I have this much, some people have more than that, some people are already interested in assets, trading at least 1 million a day. Ultimately, I think you need to have your filters. Well, in the case of small funds, in addition to what you very well pointed out, there's the issue that these funds tend to feel more market stress, right? This is clear to us. Smaller funds feel the impact of lower share prices much more when the market turns. It is under much more pressure precisely because of this weaker liquidity, as you rightly pointed out, and Alex mentioned here, BTCI, I see it as almost passive, safe, but with debt repayment due in a low-risk manner. He has a wallet, right, Alex? A really high-grade wallet, in fact. By the way, I'm going to release a really cool video on Saturday, comparing the major 10-based funds on the market: BTCI, MXRF, VGIR, and KNSC. And look, you're in for a surprise in this analysis. I even used BRC 360 to do this analysis.

[00:27:33]You're going to like it a lot. And I like BTCI, you know, man? I like it, a lot of people don't remember, Alex, uh, BTCI, it's the first paper fund on our stock exchange, but not as BTCI, it was FESC 11, okay? It was FESC 11, so much so that if you go to the platforms and such, you'll see that its IPO there is from 2007, right?

[00:27:55]So it's a fairly old fund, but it came from the merger of FESC 11 FC, you can still find some things about it, with BTCR, right? So, there were two funds that BTG had there in paper form. It merged, becoming BTCI 11, which is a fund that, well, based on 10, quickly gained a lot of liquidity, right? It's among the big players in terms of shareholders, based on 10, especially in credit, right? And he has a portfolio today that also includes real estate investment trusts (REITs), right?

[00:28:25]Almost 20% of his portfolio is in real estate investment trusts (REITs). That's interesting, isn't it?

[00:28:29]Because it's a paper fund, it's not a multi-strategy fund, but it has almost 20% of its position in FIS (Real Estate Investment Funds).

[00:28:38]By the way, do you like this, Elias? Do you like paper funds that open up more room for leasing in FIS (Real Estate Investment Trust) units?

[00:28:45]Leave your thoughts in the chat, guys, about what you all think about this. I know there are some very purist people who are like, " I don't like it, you have to have 0% in real estate funds." There are others who are more flexible in that regard. I have a reference. I like that a paper fund has a maximum of 10% exposure to other assets, whether it's equity shares or whatever, up to 10%, if it is a paper fund, if it identifies itself as a paper fund, not as a multi-strategy fund, a paper feed fund, in fact, I like it a little below what BTCI is at today. What do you think about this, Elis?

[00:29:25]Wait a minute, it's muted. Let me activate it here.

[00:29:29]Forgiveness. Yeah, uh, I confess that I prefer the purer ones right there, okay? Me, when I put the print on paper, I like what delivers on paper, and I leave it to me to do my own print, right? Uh, in other FS or in the same Multistrategy, in the FOF there that delivers to me, that I believe [clearing throat] can deliver there.

[00:29:54]Well, having said that, uh, I think regarding this issue of liquidity, Bernardo, if you could close the screen quickly here, I wanted to show you a cool point about this liquidity issue, which I think is a great tool to help with, right? So here we bring the fund's average liquidity, right?

[00:30:19]Well, that's all there is to it, nothing out of the ordinary. The average of the last 30 days, right? Bernardo said 400,000, right? Yes, yes, that's the minimum you recommend, right, Bernardo, for the people who want to invest.

[00:30:34]So, you'll see that 400,000 here, right? So, he has to be here. There has to be at least 400,000 here, according to the criteria Bernardo uses. So, what does this graph we put together show us? He's suggesting you put, like, "I want to allocate, I don't know, a value of 1 billion here in this fund." You'll enter the amount you want to allocate here, and the chart will calculate how long it would take for you to unwind that position up ahead. So, this one here, since it has a very interesting liquidity, it's a liquidity of more than 2 million, even putting in 1 million, you could unwind that position in a day without it affecting the trading session in a very significant way, because, well, it's within the range, right, it doesn't go much beyond the liquidity of this fund. Now, if you come here and put in a higher value, like, let's say 3 million, then it will tell you, ideally, it will take you 5 days to close this position, right? Yes, you can try to push the limits there, but then you'll probably affect the asset's price and end up losing more because of it. So, if you break this down into c days, you'll probably be able to get out of it without changing the price too much.

[00:31:57]Good. Okay, show us a less liquid asset, something you can think of off the top of your head, that can illustrate exactly how difficult it is for an investor to exit a position, even if they don't have a very significant amount of capital in that fund, right? I think this supercharger has good liquidity considering it's based on 10, I don't know.

[00:32:16]Let me take a look at it here. Yeah, it's at 400. It's gone over, it's passed your limit here, but 400 is already different, right?

[00:32:23]Let me grab a guy with lower liquidity here.

[00:32:33][snoring] I think inside Infix there are even some things you can put, like, uh, I don't know, I forgot the ticker now, man. That Gazite 11 fund. I think it has poor liquidity. We 're going to cut here, over here. Look here, it's really bad.

[00:32:58]Good.

[00:32:59]Max R.

[00:33:00]Max R 11, for example. Come on, let's go straight to him here.

[00:33:10]Okay, so a fund here with much lower liquidity is 64,000, which is the average, right? So, man, if you want to put in 150,000, you know? Well, when it comes time to leave, it would take you about 11 days, right? So, like, it's not an easy way out, is it? You'd have to slice that up and sell just a little bit each day. Well, a lot of things can happen in this kind of situation, right? Eh, eh, and make your departure even worse. So, that's why, especially for those who are just starting out and don't quite understand the dynamics yet, follow Bernardo's advice and stick to the more liquid options, right? Liquidity there, preferably up there, at the top of the Efix, so you won't have any trouble getting out, right? If you need it, it's super quick.

[00:34:06]Good. Hey Thiago, I'm late, I wanted to know the name of the tool.

[00:34:10]We're showing you, Thaago, the Brick 360, which belongs to my dear friend Elias, and promises to revolutionize the market. And I told him, "Look, I really believe that this platform has a lot of potential for that, uh, for bringing in more data, folks." I really like having more data. Finally, this platform, and I've already mentioned it several times, right? In terms of historical PVP experience, that's already a distinguishing factor that you should always be accessing BRIC, even if you're already used to it, right? I know there are other platforms that are better known and have been on the market longer, but it's a good idea for you to see the tools they're offering. And, for example, if you take that historical P/VP into account in your analyses, I'm sure it will change your perspective on some assets, okay? So, uh, Thiago, I even put the link to the brick site there so you can check it out.

[00:34:58]And at the end of the live stream, Elias will provide a coupon for anyone who wants to subscribe, with a huge discount. So, stick around until the end, it'll be worth it too. There's going to be a great coupon, but it's going to be valid for a short time, right, Elisa?

[00:35:16]That's it. It's basically for the people who are watching the live stream here.

[00:35:20]Good. Very good. Oh, Luiz Carlos here, what would be the liquidity value?

[00:35:24]Good, in my opinion, R$400,000, right, Luiz Carlos? R$400,000 per trading day is good liquidity, okay? And then you can establish your goals, okay? It depends a lot, okay? That's it. Diegão mentioned it here, it depends on your taste. I like at least 1 million. Barba already accepts 400,000. And 1 million, man, that's already a lot, you're going to have a significant restriction on funds, right? Well, you'll be left with a much smaller scope of assets to work with. Do you have any restrictions, especially regarding liquidity, Elis?

[00:35:54]Man, I like working with 800,800,000. Well, I know that it will depend, and I consider that it depends a lot on two factors, man. Knowledge comes first, right? It's the level of expertise people have, and secondly, it's the amount of capital you're allocating to the asset class, right?

[00:36:13]Perfect.

[00:36:14]Because, well, if you're going to put in 40,000, oh, okay, it probably won't be a problem. So you can use, well, up to 100,000 as a guide that passes, right? Now, look, if you're going to invest, if you're considering investing a slightly more substantial amount, like 200, 1000, 100,000 in each fund, well, then I think it's better to raise that limit a bit.

[00:36:36]Great, who knows, maybe this big table will end up on Briak's website later, huh?

[00:36:40]We'll be able to just open the fight website and get the data by date, right, for dividend disclosure. Then the sequence will be awesome too. My spreadsheet here is a seasoned Excel spreadsheet, right? There are 5500 columns already open here, but that's okay. Okay, let's go. BRCR, guys. BRCR 41 continues at that steady pace, 0.85.

[00:37:03]Eh, the JFI, shopping mall fund, 0.05, right? The dividend on this asset is low, it's fallen quite a bit, 0.6%, anyway, I don't know what the future holds for this fund, okay, folks? Well, Capitânia opened this fund, right, in partnership with Almeida Júnior. Well, those are just assets from Santa Catarina. Our friend Elias probably even knows what assets are inside there. Do you know Elias? Oh, and Elias is talking about nothing more and nothing less than Floripa, right?

[00:37:34]Hey, we're here, we're here in this good land, man. Well, to be honest, I don't know that much about it.

[00:37:42]Yes, he has, look, he has Balnear Shopping, he has, let me see here now, I just finished closing his report, but anyway, he only has assets, right, in Santa Catarina. That was the initial proposal, it came with a very attractive IPO, but I think the NAV is completely out of line, in short, it generated a huge loss for the people who bought into this asset at the beginning, at least so far. BTHF11, guys, 10:01, right? 10 cents there and a 1.07% dividend yield for the month. BTHF, that's the multi-strategy one from BTG, right?

[00:38:20]Multi-strategy home. And speaking of BTHF, what's the asset composition like? Precisely within this multi-strategy vision, he has 41 CRs, 53 FIS and stocks, basically FIS, okay? And two properties, okay? So he is indeed a multi-strategy player. I like to emphasize that. And as I've already highlighted to you in some live streams, they've been betting heavily on the recovery of IRIM 11, okay? They allocated quite a bit to go to 11. In the previous report they had dedicated two pages to discussing this position. In that report they also said: "Oh, we made asset sales here. They sold GGRC, Canip, and RBVA, and also Tesf. Uh, and a good part of the cash, quote here, okay, folks? A good part of the cash was used to increase exposure in Irim, right? So they are very optimistic, and so am I, okay, guys?

[00:39:14]We'll talk more about Irim in a little while. Uh, I'll also release a video about Irim soon. Anyway, we'll talk about that. Uh, BTHF, do you want to add anything?

[00:39:23]No, man, I think it's when the fund is multi-strategy, like, uh, just something that people need to be aware of is these transactions sometimes, uh, from one manager to another. Uh, what I, man, get a little uneasy about is when it's the manager with himself, right? So, when it's the fund from the same firm, exactly. The fund from the same firm using capital there to put into another fund from the same firm. Man, it's a lot of conflict, isn't it?" So, it might all be alright, okay? We're not accusing anyone beforehand, but when it happens, uh, I think we need to pay special attention, right?

[00:40:07]Uh, I personally don't like it when I see this type of bidding happening just so people have this reference, which I think is important.

[00:40:17]No, and I agree with that, right? I joke, right? I have some terms of mine in the market, I joke that the manager who does this is a market maker in their own house, right? I hate that, man.

[00:40:28]I'll even put the BTHF report here so people understand exactly what we're talking about. Let me change my screen here, guys. So here, on Brick 360, right? And then you scroll down to the whole data exploration section it has, which is really cool, man. It's worth it. Go there after the live stream, not now, right? Don't leave the live stream, my friend. After the live stream, go there and explore this. And then it Here at the end, right, is the last management report.

[00:40:54]Let's open the last management report here to address what I'm talking about, what Elias brought up, and what I'm talking about now, regarding the issue of conflict of interest.

[00:41:04]Look, the allocation to real estate funds. There are many funds here from BTG itself, right? For example, BTHI, HTMX, although it's a partnership with Max Invest, it's from BTG, BPML, then there's BRCR, BRCR, FPAB, Faed, and so on, it's all BTG, folks. And then, you start wondering, did n't they have anything better to allocate to than their own assets? So I agree, I'm a very critical person here. If we open, for example, the HFOF management report, it will also be a huge amount of funds from Red itself. Anyway, I agree 100% with you on this issue of... Okay, conflicts? Guys, leave a big like, 61 people. I'm very grateful on this cold day, on this Corinthians night, right, in the Libertadores. So, you're giving us priority here. I'm very grateful, guys.

[00:42:02]Uh, I'm subscribing to Abrico 360, honestly, it's been the best tool I've ever used to analyze FIs. Look how cool. Yeah, it's Jeffin. That's it, right? Jefinh or Jefinho, I don't know.

[00:42:14]Man, thanks for your comment, Elias. You already have a guy who brought a testimonial here, social proof. [laughs] Cool, cool. Thanks, Jefinhim. Thank you.

[00:42:26]And man, uh, also leave in the comments here on the live stream, what you would like to see on the platform, what's not clear, what you did n't understand yet, so maybe we can do a special to cover it, right, Bernardo?

[00:42:41]Good, for sure, man. And Elias is super soloist there, Guys, it's about exchanging ideas, and making modifications, you know, when he understands that it's also appropriate.

[00:42:51]So, it's cool. I think it will also be an advantage to be built, you know, according to the trend and the requests of investors. By the way, leave in the comments what I would like to see on a platform that analyzes real estate funds, dedicated to real estate funds, that you don't usually see, okay? I think it's very cool. Look at Carlão saying here: "Good evening, I'm happy." Brazilians are becoming interested in investing in the stock market. You deserve praise for helping. Let's go! Let's go, Carlão! It was totally worth it. Thanks for the comment, man. Okay, let's go.

[00:43:22]CC, also known as Clean 11, a paper fund, 95, 1.04% dividend, and CCME1 gave 0.086, 0.97%, is also a multi-strategy fund.

[00:43:37]PSEC 11, this one I want to highlight a little bit here, right? PSEC 11, 55 cents. Look at that, what a huge drop in dividends, right? It was paying 65 cents, it went down to 55 cents, a dividend of 0.94%, and since he announced that dividend, obviously, the share price has also responded very badly, right? The PSEC has fallen quite a bit in the secondary market. Hey everyone, I wanted to share something with you, along these lines, you know?

[00:44:06]PSEC, it's kind of cutting to the bone.

[00:44:09]What is he doing? He's selling positions in real estate funds to try and generate a more positive result later on, allocating to CRIs (Real Estate Receivables Certificates), so he's selling off REITs and generating a negative result, hence the drop in dividends. And they've already announced that the next two dividends will be lower, with the expectation of an increase in the second half of the year. So, what's the thought I'd like to share with you?

[00:44:38]We talk a lot about VGHF, right? Ah, VGHF is on that 7 cent track, maybe it'll drop to six. The distribution is very bad. At no point did VGHF make that drastic cut of selling off bad assets it holds in the FIS (Real Estate Investment Funds) segment, generating losses, having a reduction in dividends during that period of plenty, right, with good reserves and everything else, in order to be able to make a better allocation. And that's why PSEC is making this decision. Honestly, obvious, right?

[00:45:11]Well, thinking here as someone who bought Pess to receive a 65-cent dividend, expecting them to rotate that portfolio more calmly, more quietly, it's not good in the short term, but for the medium and long term, I think this decision will be good, okay? I think if you're not familiar with this, take a look at the moves PSEC has been making; it might interest you later on.

[00:45:33]Also, draw a parallel with VG HF11, okay? bottom. This is the multi-strategy PSEC from Pátria. Would you like to add something about PESC?

[00:45:43]Hey Bernardo, I also share that opinion. Unfortunately, few managers do that, you know, they have to acknowledge the loss and take responsibility for doing what needs to be done. Honestly, I really like it, I'm very pleased when I see that, those decisions that are sometimes a little too popular, for sure, right?

[00:46:08]Yeah, but man, that's what we need to do.

[00:46:10]And I think that's important, something to reflect on for us as investors as well, right? Because sometimes we buy assets, and then they start to perform poorly or change significantly from the investment thesis we had when we invested, but we just hold on to them, right? Yeah, with that hope of returning someday. So, I think it's important, you know, for us to take some time and realize the loss, you know, get rid of positions that no longer make sense, right? I'm using this example here just to leave this tip with everyone, because we always have to be looking ahead, right, with our investments. So, if that investment no longer makes sense, and you have no prospect of getting a return from it anymore, well, you have to start looking at opportunities, right? So, you know, if that money had been allocated elsewhere, which now has a better outlook, would n't it be more advantageous? So, I think, well, we have to do this as individuals, and the manager has to do it as a manager there as well.

[00:47:10]Perfect. I even made a comment on Instagram about exactly that, man.

[00:47:14]Okay, RBRY, guys, R$1 per share, a slight drop in your dividends, 1.08%.

[00:47:20]Well, I think the big point about RBRY is that we still don't know the true NAV of this fund, right? He went to 100, then to 96, then back to 101, in short, it's getting hard to trust this VP anymore. So, if you have this asset, be careful with it, okay? Yeah, I like the asset. Well, I think it's a good CDI+ option, since we don't have that many CDI+ options in paper funds, but be careful with this VP issue, which isn't quite accurate, let's say. RBRR 90 is R$1.07% positive. Irim, we've arrived at the famous IRIM 11, a 20% increase in your dividend this month, coming in at 90 cents, or 1.35%.

[00:48:06]Ricardão already left it there at the beginning of the live stream, right? Let me look it up here.

[00:48:11]Ricardão, one of our members, is over there in our community here. Irim, what a great surprise, right? So, what did you think of Irim 11? Oh, oh, Elias.

[00:48:22]Well, uh, we really weren't... uh... many people, you know, maybe we weren't expecting that, you know. Ah, it's a fund that has been doing this work after a history that's, you know, controversial, let's put it that way, right?

[00:48:40]So, I think, well, they've been doing a really cool job. Well, I think the manager back then made a mistake, right? Yeah, he suffered because of that, didn't he? And the quota suffered because of that, but I think they've been doing some work to try to rebuild, to try to address the situation. I personally see opportunities there, okay? Well, I think it's become too attractive to ignore, okay?

[00:49:12]Yes, that's right. I think it's along those lines, man. Irim, the BTHF management report came in that direction, and another firm also mentioned it, saying that the fund is really at such a discount that it's lost some of its appeal.

[00:49:28]So, I think it's cool to go to 11. It's worth reflecting on, folks. PCI 11 85 1.01%.

[00:49:36]Well, PCEP will possibly incorporate the other paper funds of Pátra. So, stay alert, okay? I see here, Luiz Carlos is saying RBR RR is one that's in my plans. Be careful, okay? Because it might have a short lifespan in your wallet, right?

[00:49:52]There's a plan from Pátria, which is the manager of these assets, right? To unify PCEIP, RBRR, RPRI, and VCJR, okay? So it's good to keep an eye on that, okay? Vegir 11 12 centavos 1.24%.

[00:50:07]Vegipe's dividend increased quite a bit, didn't it?

[00:50:10]1.08, an increase of 47.95% from its previous dividend of 1.34%.

[00:50:18]And Vegipe is somewhat like that, I think it ends up making a mistake with such high volatility in its dividends, right? The real estate investment trust (REIT) market. I don't know if you agree with me, Elias, but since you live off your dividends, I think you'll agree. Well, the dividend market has moved towards the idea that the more predictability you have in dividends, right? And I always highlight MCCI as such an asset, which, by the way, is the next one up there, at R$1 for several months now. When they're going to change the distribution, they release a semi-annual guidance. Look, the next semester will be lower, it will be higher, everything very well communicated. I think that in the case of Valora and Vegipe in particular, this ends up being negative. Do you agree, man? So, overall, because I think that's part of the proposition, you know, of this asset class, right? We, the real estate fund investors, are very interested in the monthly income that the asset class provides.

[00:51:21]Well, I think this is a good opportunity for us to talk about something that I think, man, is something our industry needs to mature in, which is precisely this issue of guidance. Look, we have to remember all the time that the owner of the real estate fund is the shareholder, man. The shareholder is the owner.

[00:51:39]The manager is the owner's service provider, man. The true owner is the shareholder. So, in my view, it's part of the process, right? Well, one would expect the manager to provide a forecast for the investor, right? It's possible that that prediction might not come true due to another factor, but then the manager comes along and explains, and tells us, for example, why that prediction didn't materialize. But it would be excellent if we started seeing guidance for at least the next 12 months in all management reports, right? So, there you have it, the year's guides, first report, year's guides, and then you're giving an account up there, right?

[00:52:20]Good. Exactly. Predictable, right? Well, MCCI, as I said, R$1 per share. Yeah, that's a good vibe, really cool. CPTS 0.09, 1.18%. The fund also provided an annual guarantee.

[00:52:34]Speaking of which, as Elias brought up, let's put CPTS on the screen, to show the platform that you can get information about CPTS 11.

[00:52:51]It's on mute there.

[00:52:55]Thanks, thanks. Yeah, sorry about that. Well, uh, I'm going to take advantage of this CPTS to show you a cool aspect of the platform, which is that we have two types of analysis here, right?

[00:53:08]Analysis that we call advanced analysis and simplified analysis, right? So, in advanced analysis, basically, what we have is open data and, damn, with several market references here, so we can, damn, compare with segments, compare with iFits and everything else. Well, on the simplified analysis side, what we have are the main indicators presented in a very objective way, with a little ruler that helps us understand and interpret those numbers. So, if you're offering a discount, make it clear that it's a positive thing, right? So what does a PVP of 0.86 mean? Well, that means there's a discount compared to the asset value. So that makes things a little easier for the user, right? If it's just someone who's just starting out.

[00:54:00]And he organizes the information in a question-and-answer format, right? So it goes through the six axes of the methodology with the question and answer in a very standardized way, in a very objective way, right? So, the price is below the historical average, so you can say if it 's cheap or expensive, right? Whether you 're a good dividend payer or you pay average, right? And always with this idea in mind, we always assign these ratings by comparing them to the market, to benchmarks, to the fund's segment, to help us have the right references, because otherwise we'd be comparing the dividend of a paper fund with a logistics fund, and that wouldn't be fair, would it? Well, those are two assets that can be very different.

[00:54:45]So, we put apples with apples, bananas with bananas, and it becomes easier to make that comparison. That's great, really awesome, man. This platform is amazing, man. Check it out, it's worth it, guys. I'm going back here to our dividends, [clearing throat] folks. I want to share some good news. FHI11, right? We're going to do a live stream with management, okay? F Invest will be here with us next Thursday. Uh, Thursday, I think it's Thursday, Wednesday or Thursday, guys, if I confirm there. There's a live dividend announcement on Friday, right? And you're going to see my face twice, because first I'll be there with Barone talking about FIS, then here talking about Fiaga, and my throat will give out. But on Wednesday or Thursday we'll talk to the guys from F. And I'd really love to have you guys there, because I'm very interested in this asset. Yeah, they have an offer in progress. We're obviously not going to talk about the offer, right? There's that quiet period, but we 'll talk about the asset, the fund, the track record, and so on—prestige, because these guys are good, and it's another offering where they 're covering costs. Well, removing the performance fee was something we requested, man, when the channel was just starting out, we had 5,000 subscribers, and they saw our video and they reflected on removing the performance fee, they removed the performance fee, uh, a fund that makes the report very clear, anyway, prestige, man, it's going to be really cool, it's going to be a really great conversation, okay? So, it came with a slight increase in its distribution, 1.03%, uh, in terms of dividends it gave 1.06%. And it 's funny here, right, Elias? I say, I joke with Rafael, who's the manager, that this is the weight of quality. What is the weight of quality? The fund is stable, it is perennial, and it distributes on a recurring basis. And then what happens? He stays there training, ranging from 0.98 to 1 in his PvP. And that's why management can't grow the fund, right? Because you don't leave much room to make an offer.

[00:56:42]On the other hand, if it dropped a lot, like, creating an opening, and came down to 0.95, people would get in, right? Well, it offered margin in a fund that I think is good, worthwhile, but it doesn't offer margin, so it's left with this liquidity difficulty. It's the weight, right? It's not the prize, it's the weight of the quality, right? I play with them. We'll talk about that on the live stream too, it'll be a cool topic. Do you like Fega there? Do you know?

[00:57:04]Cool, man. I'm not that familiar with him. Well, funds that have a consistent delivery history usually suffer from this, right, Bernardo? No, we actually keep them on our radar, and then when they present an opening, we have to act quickly because it closes fast, right?

[00:57:25]Exactly. That's it. Well, RBRX 0.09, right?

[00:57:29]The result was 1.03. RAC, right? Rac and pag, actually, not Rac, RZAC, right? Rac paid 1.10 again.

[00:57:37]Yes, RZAC, at 1.70, yielded a 1.71% dividend. This looks like a pyramid, doesn't it? But RZAT has a very specific strategy, right folks, of allocating to assets with a bit more risk. He uses a strategy where his properties, you know, they are actually very necessary properties for these tenants, but they are usually tenants who have a higher degree of risk, right? So there's more risk here, right? I always say that when people open the ranking tables and look at the logistics, you see RZAT and compare it to BTLG and HGLZ, and you think : "Wow, RZAT is a monster, the others are awful, but it's different, it has a completely different strategy."

[00:58:24]So, be careful, okay? It's important to dig a little deeper, to delve a little more into the analysis, the study, okay? MCRE, also a more aggressive fund from Mauá, is very stable in terms of dividends, at 11 cents. 1.14%.

[00:58:40]And what about those who made recent announcements, right?

[00:58:43]LZR11 at 0.79% gave 0.84. Just a reminder to update you all on LZR; he recently raised capital. Let me check the exact details so I don't say anything wrong. Well, he managed to bring in, if I'm not mistaken, R$50 million more, right, in this new fundraising. Well, LZR is growing, right? It's acquiring more and more assets. Okay, 450, folks, to give the correct data. R50 million. You've already made three acquisitions, right? A Fleuri laboratory in Campinas, São Paulo, and a logistics center for Shopee in Ibitinga, São Paulo, which is actually near me. Oh, and the single-user office at Rebolsas, right? That's a very interesting asset. So, those were the three allocations within those 450 million reais. Important point, right? I was watching their live stream with Barone, they're going to update, or rather, they're calling a meeting to update the regulations, okay? So, here are some important points for you to check out, stop by later, okay? That's correct. For example, the authorized capital increase to R$10 billion, potential conflicts of interest in asset acquisitions, share buybacks, and several other important points for shareholders to consider when voting. And that's an interesting detail, isn't it? The fund reached 200,000 investors, so the change to base 10 makes a difference, right? I remember there's a discussion, Elias, about whether it's worth it? It's not worth it, is it?

[01:00:12]Does it really bring liquidity? Ultimately, I've always harped on this, man. Fund base 10 gains liquidity. And we see this with GGRC, with GAR, and now ALZR, right? They 're even saying in the report that they gained 39,000 new investors after the stock split, a 25% increase, right? From May 2025 until now, so a year has passed, with a 25% increase.

[01:00:35]Oh, and lastly, the renewal of the Atento contract, okay? This is actually quite important. Pay attention, be aware of this, okay? Pay attention. He renewed his contract there. that they had been winning for another 5 years.

[01:00:48]We had a lot of doubts about this contract because it's a lower quality asset, and we thought we might have some difficulty reallocating it. But the attention to detail regarding the property turned out to be so positive for Alzr11's shareholders, okay?

[01:01:04]Elias, complete something about LZR.

[01:01:07]Dude, I think this one falls into that same category, right? It's difficult to find a clear opportunity to get into it there, isn't it? I think it 's a very well-managed portfolio, you know, quality, deadlines, you know, anyway, I think it's a very good asset, in my view, it's one that's hard to find an opportunity to own, right? And that's partly why its dividend yield suffers a bit, right?

[01:01:35]So, the price is always high, it's difficult to get a good entry point there, right? Perfect. XP Mols 92 0.84%.

[01:01:45]XP Malls is also doing very well, with important new acquisitions.

[01:01:51]Well, the fund, let me see, made a small sale this month, but a very insignificant sale of CJ Shops, where it received shares from JCCJ, okay, everyone? So he didn't actually generate cash, he received shares from JCCJ, a JSF fund, okay? Well, the fund has had a bit of a price drop, right? PvP level 097 currently and his guardance is between 86 and 92, okay? It continues in the same vein.

[01:02:25]CPSH 11 cents, 1.04%, has fallen significantly in price in recent days. This asset has suffered considerably in the secondary market.

[01:02:34]Btlg11 81 also follows the same good trend in my view. 81 cents there with a 0.78% dividend, and there's also an issue, and it's a huge issue, right? Issuance of 1.6 billion reais. It's a fund that's already quite large, right behind HG LG, who knows, right?

[01:02:55]I think we can look for it further ahead. Do you like BTLG?

[01:02:59]I like, I really like the thesis, uh, I really like the stability with which the fund is managed, it's one of the things I really like.

[01:03:12]Good one, SNCI, R$1 per share, 1.1%, so this is the Suno team, right? SNF 0.72 0.96%, SNME 10 1.05% and SNEL 11 10 also 1.17%.

[01:03:29]Okay, just two details, alright? First, SNF will also go through this incorporation process, right? So it's going to be SNF, SNME, and Kizu, okay? They will all be incorporated into the SNME, okay? So be alert. If you have SNF, if you have Kizu, you'll probably receive SNME quotas later on, okay? And the other detail is SNEL, right? I made a video, guys, talking about SNEL, uh, a ranking of others, right? What are the others? These are funds that don't exactly belong to a specific sector, right? In the case of SNEL, it is the sector. And then I talked a lot about the SNEL thesis, I saw that Air commented here about SNEL 11 and stuff. So, folks, I like assets that have more comparables, that have a thesis that has been running for a longer time, although Snell, you know, has already passed three years, which is a timeframe I like to let run before an IPO, it has a somewhat specific thesis, and it also depends a bit on the generation of results from those photovoltaic plants it has, okay? So it's not such a trivial asset after all, is it? It's not simply a matter of owning an office and renting it out, okay? In my view, that's it. Do you like SNEL? Are you following along, Elias?

[01:04:41]Well, about SNEL, I also have the same view. I like to see the piers there, you know, the comparables, so we can have a fairer analysis of the assets. But it fulfills a role that I think is really cool here in our industry, which is precisely to explore new frontiers, right? When we look, for example, at the class of REITs, or real estate investment trusts, over there in the United States—let's say they're cousins ​​of real estate investment funds— we see many sectors that are still not represented, or well represented, in Brazil. So, you can see a lot of real estate that exploits cell towers, data centers, and, well, a series of assets that we don't yet have so well represented here, and which are very possible to be exploited and enrich the industry here. So, I think it's cool that he brings this to our industry in the sense of starting to open up more borders for our industry. That's awesome, man. Uh, I'll put the bric-a-brac on the screen too, okay? We're wrapping things up now. Guys, we've already done 1 hour and 10 minutes of live streaming, I have another commitment now and I'll leave Fiagro for tomorrow, okay?

[01:06:03]So, please don't complain. Be lenient, you have a soft heart, don't you? Don't worry, you're not supposed to watch the Corinthians game. I have, I already told Elias, really, right? I have a commitment, and so I'm going, you know, to also keep my commitment to you all.

[01:06:18]We'll do Fiagro tomorrow, okay? And I have Vio's data, I'm not messing with you guys, am I? I'll even put it on the screen for you guys here, right? The Fiagros are here, right? The guys who distributed it, EGAF, well, everyone's here, EGAF, GRX, everyone's there. We'll talk about all these people in detail tomorrow. [laughs] Look at those Canadians, right? They're there, right? Traitor. You guys are fire. But look, we'll talk about these people tomorrow, okay? There's a lot of good stuff to talk about. I made several important notes to share with you. You can see that almost all of them experienced a drop in dividends, right? This is largely due to the fewer working days we had in April. And get ready, okay? May has even fewer working days than April, so this whole thing here is likely to continue bleeding us dry. We'll talk about that tomorrow. Elias, I'll come back here to the brickyard, right, to let you go too.

[01:07:10]Uh, I just wanted to point out a screen that I think is really cool that you have on the site, man, it's this one at the very end here. Uh, here, right? I'm here on the Brick screen, okay? And here at the end, in the advanced analysis, we have this data here, indicators for 5 and 10 years. Man, I think this is really cool, right? So you can see here, what the PVP was in 2025, in 2024, the dividend, and you can see the growth in liquidity, the vacancy rate of the fund, right? You see, look, I have BTLG open, man, vacancy today is 2.6%, but its average vacancy here is 25, 0.68, 0.67, the growth in the number of shareholders, right?

[01:07:53]So you've got some really cool data here, man. This is gold too, okay, everyone? You don't usually see this kind of open data on free platforms. So head over there and check it out. I think it's really cool. Yeah, I really like this screen. So I'm asking you, hey, uh, hey, here it is, where's the coupon, right? I'm messing with everyone here, staying until the end to see if I can get a coupon to pay less. You guys are terrible, are n't you? I want to pay less. I want to pay less. I'll enter the coupon there. Let's put the coupon there. Good.

[01:08:27]A promise is a debt, right?

[01:08:28]Go, go through the back, okay? Yes, that's right, isn't it, Elias? It's the V that's bigger, the P that's bigger, and the F that's bigger, right? VPF.

[01:08:36]So, marking the "Go through the back" option. It's important to point out that this coupon will only be valid until Saturday, meaning it's for the people who are watching live, sacrificing the Corinthians game to watch Bernard. So, uh uh, he wins and can't use it anymore, okay? That's a much bigger discount than what we usually offer, which is to favor the people who follow us and go through the funds, who I know will use the platform, right? They're going to do some analysis there, look for that data.

[01:09:13]So there's the exclusive discount coupon for those who go through the back door. And once again, let's reiterate and make it clear here, folks, that feedback is worth more to us than dividends, okay? So, uh, it's a startup, right? We, as a startup, have this spirit of building together with our users, with those who are there with us. So, damn it, give us your feedback, uh, give us your comments so we can implement them. Bernardo himself has already brought several here, we've been bringing annoying ones, right? That's incredibly boring. right?

[01:09:50]Right now we're bringing the agricultural products onto the platform, so we're adding whatever makes sense to improve our business environment here in Brazil, okay?

[01:10:06]Look how cool this is, everyone! You're in a BTLG, right? So here you have an average PVP of 0.99 for BTLG, right?

[01:10:14]He's trading at 1.01.

[01:10:16]And the average of the IFIX, right? The historical average for the IFIX, if you take a year, it trades at 0.90, 0.91, but the maximum here for the IFIX, look how great this is, folks, since May 2016, right? Look at this, since May 2016, guys, isn't this awesome?

[01:10:33]You see, you see how having more data, more information is important, and I'm really quite pleased with this data here. You have the logistics sector here, right, to make the comparison, anyway. Well, here's the growth in dividends. Elias put the total here, right?

[01:10:51]Annualized total. I already told him, put that on a monthly basis, it'll be much better.

[01:10:54]Put on three years. Mark 3 years there, Bernardo.

[01:10:57]Ah, oh. That turned out great, huh? What's that?

[01:11:01]Wow, that's awesome! It turned out great, man.

[01:11:03]Very good indeed. Just look. And when we do it [laughs], it 's a suggestion. Predictability of dividends, folks. That's awesome, isn't it?

[01:11:11]Look how cool! I'll put 5 years. He does n't just appear like that, but after 5 years he comes full. But look, in 2023 it's paying 76 cents, 24 also stays at 76. Then it goes up to 78, 25 is a whole number, 78. Now it gets to 0.80, 0.81, it's in that range, right? This is really cool to see with real estate funds, which is what we expect in the long term, dividends rising, rising absurdly, no, it will rise to compensate for inflation, it will rise slowly and we will also be able to increase our monthly income, right, which is what we expect, as Elias said, living off dividends, we can even do a live stream in the future to talk about this, man. Well, I really like to talk to people who are already in the enjoyment phase, I don't know if you have this data, you probably do, but how much of your dividends do you reinvest these days? On average, studies indicate that 25% of income should be reinvested. Do you reinvest something around that amount, or do you reinvest another percentage?

[01:12:13]Ah, I'm a little more conservative, so I opted for visa 30 just to have a little more security, you know? So I spend 30% of the dividends.

[01:12:25]Mass. Oh, Brick also has a portfolio consolidator, right? Oh, Elias, yes, we do. We have some options for my wallets here, right? You can create a portfolio or import one from B3, right?

[01:12:42]Very cool, very cool.

[01:12:44]For now, we're letting you download the spreadsheet from B3 with your portfolio, import it, and it will update everything so you don't have to enter everything manually. Very soon, we'll make the connection so you can connect directly without needing anyone or anything else. Awesome!

[01:13:01]Bernardo, advertise your portfolio on Brick.com. Dude, I've already thought about making a channel wallet. I'm very reluctant to do that, especially because our members, Thaago, our VPF Gold members, they have access to my wallet, right? So, it would be a little unfair to those who are already our members, but by the way, become a member too, okay?

[01:13:19]We have a complete course on FIF, agriculture, and fixed income available on YouTube.

[01:13:24]We have a community on Telegram, okay, for people to exchange ideas, our community is really cool, super active. And it's a monthly group mentoring session where we ask questions, and I show my portfolio, I say, " Look, this is my portfolio, these are the movements I'm making," and so on. Well, I think it would be unfair to those people to expose my wallet, okay? But I've thought about it, yes, I've thought about it. Who knows, right? We've already talked about this, haven't we, Elias? That's it. Hey guys, let's make a portfolio for the channel. Those guys are fire, man. They are terrible.

[01:13:57]Wow, man, the community is awesome. Very good.

[01:13:59]Diegão from the pirate's trunk is there with us. Guys, thank you so, so much. 50 heroes stayed until the end. 55, right? I just updated it here. 55. Elias, thanks a lot for being here, man. I was very pleased with the comments you made while exploring the platform. Congratulations on the initiative, man. It's very difficult to start a business in this country. So, I'm really flattered to be a small part of it, you know? If suddenly tomorrow there's a lot of traffic on that site, we'll know it came from here. I'll be very, very happy.

[01:14:32]But congratulations, man. Last words there. Anyway. And remember, here's the coupon code, how much is the coupon, man? Did I hear right? 50%, is that correct? That's right. 50% off only until Saturday, right, Bernardo? Wow, that's something! 50% good, huh?

[01:14:50]Yeah, I actually just want to say thank you here, okay? Yeah, thanks for the opportunity here on the channel, man. Congratulations once again on the work you've been doing.

[01:15:02]I think this work is fundamental, it 's really super important for our industry. Well, I think we build, you know, the environment we want to invest in, by being a part of it, right? So, you know, those calls you make for transparency, for example, uh, it's Adriano, I think I know Adriano, man. I think Adriano is a former colleague and friend from Banco do Brasil, man. I was working there at the time. [laughs] Awesome.

[01:15:36]I think it's him, man. Well, uh, that 's it, right? Well, very soon, Bernardo, we'll be bringing a really cool update to the platform regarding the management axis, where we've built criteria to analyze all management reports and assign a transparency score to managers. A manager who discloses everything, discloses a lot, will receive that positive spotlight on the platform, making it easier for investors to know if the manager they 're putting their money with is actually helpful or not.

[01:16:13]Awesome, man. Congratulations. The platform is amazing. Hey, I already told you, right? In the future, I want to see a forum, I want to see the mobile version, then it will take off. Hey everyone, give them a hand, go check it out, and leave some feedback here on the live stream too. That's what I said, right? Elias is a super soloist right there, come on, man, I wish I had that. Oh, I'd love to have that, of course, right? Not everything can be implemented, but what he does, he's always updating, he's always tinkering with things. It's really cool and we're very happy with the launch of this platform, which I think will bring more information, more data, and as I always tell you, the more information, the more data, the more support. Well, I never make recommendations here, like, "Oh, you saw my video, you can buy it tomorrow, it's at the bottom."

[01:16:54]No, my idea is for you to have more information. When you disagree with me, that's great for me, because I say, " Wow, really, man, Elias brought up some information that I hadn't looked at, man, that's cool." Yeah, maybe that makes sense, man. No, man, Elias, I think you're not seeing this side of things, dude. And this debate in the real estate investment trust industry, that's sensational. Guys, thank you so much. I apologize for the delay. Tomorrow we're doing Fiagro, I'll be there tomorrow and I want you all here, okay? I'll try to schedule it for 7:30. 7:30 is better, I think it will be too rushed. Okay, so you tell your ladies to be patient and you can keep watching me a little longer, okay? Barba, thank you for your dedication, you're the best. Thank you darling. Thanks a lot, Elias. Thanks a lot, man. Thanks for the support. Congratulations, and come back soon! It cost.

[01:17:44]It cost. Thank you, Bernard. Thanks, everyone.