O que HSML11 Distributed in Q2/2026?
In the second quarter of 2026 (April to June), HSML11 generated R$ 2.23 per share and distributed R$ 2.11 — payout of 95% on the financial result of the period. Equivalent to about R$ 0.70/unit per month, within the guidance of R$ 0.74–0.78.
The number came out of the Fund Structured Quarterly Report (competency 2/2026, data base 30/06/2026).). It is a quarter of operational stability: shopping malls are still full, average default has improved and the fund has confirmed the partial sale of one of its assets. In the next few blocks, we will untangle what each number means — and why a specific mall has stunned the rest.
The payout of 128% per month: what does it mean?
Here it is worth separating two accounts that look the same, but are not. Olhando o trimestre inteiro, the fund generated R$ 2.23/unit and distributed R$ 2.11/unit — a healthy and sustainable payout of 95%. Just that, looking at the historical record. mensal From February to June of 2026, the average payout was 128%. In other words: on a monthly basis, the HSML11 had been distributing more than it generated from recurring cash.
Where does this difference come from? From the reservation. The fund has about R$ 2.95 / unit of accumulated free liquidity and has been using part of it to keep the monthly distribution at a higher level than the recurring cashier would sustain alone. The estimated recurring generation, after the debt relief that came with the sale of Maceió Patio, around R$ 0.65/unit per month — while the fund paid near R$ 0.70/unit/month in the quarter.
Distribute more than it generates não é automaticamente ruim. It is a management choice that softens the dividend for the quoter while the recurring cashier rises. The important thing is to keep up with two things: how long the reserve holds up this pace, and whether the claimant is actually rising towards the distributed value. If the applicant touches the distributed, the reserve stops being consumed and the distribution becomes organic 100%.
Indebtedness: what has improved and what has not improved?
On average, portfolio default declined quarter by quarter — but the average hides opposing movements between assets. Most shopping malls have improved; two have worsened. See the photo active by active:
| Shopping | Local | Occupy. Q2 | Occupy. Q1 | Inad. Q2 | Inad. Q1 |
|---|---|---|---|---|---|
| Maceio Patio Maceio | Maceió-AL | 97,38% | 96,48% | 2,08% | 3,94% |
| Granja Vianna | Cotia-SP | 95,28% | 93,70% | 3,76% | 3,21% |
| Super Shopping Osasco | Osasco-SP | 96,80% | 94,80% | 2,29% | 2,99% |
| Via Verde | Rio Branco-ACX | 98,21% | 98,18% | 1,23% | 1,77% |
| Metrô Tucuruvi | São Paulo-SPX | 92,65% | 91,52% | 2,99% | 3,54% |
| Shopping Paralela | Salvador-BA | 98,23% | 97,91% | 2,94% | 4,57% |
| Shopping Uberaba Shopping | Uberaba-MG | 97,50% | 98,03% | -0,36% | 3,22% |
| Patio Cianê | Sorocaba-SP | 86,26% | 87,17% | 4,41% | 2,75% |
The most expressive improvements came from the Shopping Paralela (inadimplência de 4,57% para 2,94%), do Via Verde (1.77% for 1.23%) and of the Shopping Uberaba Shopping, which closed the quarter with negative default of −0.36% — that is, received more than was due in the period, probably recovering old delays. In the opposite sense, the or. Granja Vianna It rose from 3.21% to 3.76% and the 3.76%. Patio Cianê jumped from 2.75% to 4.41%. The latter is the point of attention of the quarter.
Patio Cianê: why is he the outlier?
O O O Patio Cianê (Sorocaba-SP) was the only active to worsen on both fronts at the same time: the occupation fell from 87.17% to 86.26% and the default rose from 2.75% to 4.41%. It was once the least occupied shopping mall in the portfolio and now also concentrates the largest default.
The counterweight is size: the Cianê Courtyard accounts for only 0.89% of fund revenues — it is the smallest asset of the HSML11. This means that his worsening, alone, moves little on the consolidated result. It deserves monitoring in the 3T2026, but, by weight, it is not an item that redesign the thesis of the background.
The sale of Maceió Patio: what has changed in the recipe
Em 26/05/2026, o fundo concluiu a alienação de 19% do Pátio Maceió — 8.287,04 m² —, operação já registrada no informe trimestral. The portion sold represented 5.0% of the total invested by the fund and 6.5% of the net worth.
The effect on revenue is direct and helps explain the quarter. The Maceió Courtyard, which accounted for 15.7% of fund revenues in Q1, passed to 5.2% in Q2. Quarterly rental revenue declined from R$ 69.9 million (Q1) to R$ 54.8 million (Q2), largely because of this partial sale. In contrast, the operation released cash that was used in debt relief — which supports the expectation of recurring generation around R$ 0.65/unit/month from now on.
Vale lembrar o pano de fundo da estrutura de capital: o fundo carrega cerca de R$ 545,9 milhões em CRIs (64% atrelados a IPCA+7,29% e 36% a CDI+2,75%), e a maior parte dos contratos de aluguel é longa e indexada — 57,42% vencem em prazo superior a 36 meses, com IPCA (52,43%), IGP-M (33,76%) e IGP-DI (10,97%) como principais indexadores das receitas.
What to follow in the coming months
No guessing about price, the Q2/2026 leaves a clear list of indicators for the quote keep looking:
- Income from cash per share in the next Management Report: the question is if the appellant is rising towards R$ 0.65/unit/month. The closer to the distributed value, the less the reserve is consumed.
- Default of the Cianê Courtyard in 3XT2026: If the jump to 4.41% was an off-curve point or the start of a trend in the weaker asset of the portfolio.
- Delivery of the expansion of Uberaba: planned for the 3T2026 (54.1% completed in March), it adds NOI — more leasable area generating revenue.
- Guidance Maintenance: If the fund remains comfortable in reasserting the range of R$ 0.74–0.78/unit per month in 2026.
In the consolidated quarter, the quarter confirmed an operationally stable background: full malls, falling average default, distribution aligned with the guidance and an asset sale that exchanged present revenue for debt relief. The current portfolio thesis remains to accumulate (note 7.3) — but the above data is what the investor himself needs to reread at each report to decide what to do with the position.
