The Monthly Report of May/2026 (doc CVM 1220773, delivered today) registered R$ 0,00 in distributed yields for the competence of May. The fund did not declare a formal dividend for the month.
The context, however, is reassuring. The DPS of April/2026 (R$ 1,72/unit) was paid in 08/06/2026 as expected (doc 1208152) — the March/April operational gap began to resolve exactly as we designed. May is that he was left without a formal statement.
And the motive is not lack of money. The Report shows R$ 8,39 millions available box more R$ 2,44 million/month on rent (applicant, confirmed). The fund has plenty of resources. The question is the fund manager’s timetable/decision — the most likely scenario is: May group with June/2026 (declaration in July) or the awaitment of the residual of R$ 2,4 million judicial deposit before declaring.
Quotation impact: with VP/unit R$ 172,92 (PL of R$ 223,6 mi, 5.220 unit holders) and quotation a R$ 172,00, o P/VP dropped to 0,9947 — below VP for the first time in months. It is the complete inversion of the 7,2% agio that existed when we published this article: who bought it in May agio is now practically in equity value.
Position: ACUUMULAR ZQX note maintained. The transaction follows contractual and normal — the risk here is that payment schedule, not the default of the D'Or Network. The fund generates and has cash; what is missing is the formal declaration of the month of May.
What the unitholder needs to know now
Three days ago we published the analysis NSLU11: why the dividend of March and April was zero, explaining the mechanical gap created by the extraordinary amortization of R$ 16,69/unit in 31/03/2026. At that moment, the bottom cashier had fallen to R$ 182 thousand — practically zeroed — and there was a reasonable doubt: NSLU11 Would you be able to rebuild the cash register fast enough to resume monthly distribution without a new hiccups?
The March management report, released on 22/05 (doc 1201714), answers two critical questions. First, the net result of the month was R$ 2,65 millions — R$ 2,05 per unit, validating the recurrent DPS thesis. Second, the April liquidity box closed in R$ 8,67 million — fully recomposed. The extraordinary amortization drained cash, but the operational flow of the atypical contract with the D'Or Network restored in a single month.
With that, we keep the note 6,6 ACUMULAR. . The technical reading has not changed — it follows a monoactive with binary risk and 7,2% agio over VP — but the central axis of the nowcast improved: the sustainable DPS is greater than the conservative projection indicated and the operational gap is moving towards closure.
What the RG Mar/2026 showed
The line-by-line reading of the management report is direct. O contractual base rent is R$ 1,836 million per month And there's still one portion of the extrajudicial agreement of R$ 605,8 thousand, totaling R$ 2,442 million recurring monthly revenue. . Uncounted administrative costs, management fee and operational expenses, left to the unit the net result of R$ 2,65 million — equivalent to the observed R$ 2,05/unit.
The important point: R$ 2,05/unit is recurring dividing, not extraordinary. . There is no asset recycling, event prize or capital gain built in. It is the monthly rental of the Hospital Nossa Senhora de Lourdes translated into distribution. As long as the D'Or Network continues to pay the contract — something reasonable to assume for an operator with AAA rating by Fitch and atypical contract until 2055 — this level tends to remain, corrected by IPCA.
The previous projection of R$ 1,72/unit was conservative precisely because it considered pass-through uncertainties of the extrajudicial agreement and non-recurring costs. The actual result came up and establishes a firmer operating floor for the next 12 months.
| Indicator | Previous analysis (19/05) | Review (22/05) |
|---|---|---|
| Recurrent DPS | R$ 1,72/unit (projection) | R$ 2,05/unit (RG Mar/26) |
| Liquidity box | R$ 182 thousand (Mar/26) | R$ 8,67 million (Apr/26) |
| Status of gap | Open (Mar/26 zeroed) | Closing (box OK) |
| Quotation | ~R$ 180 | R$ 184,78 |
| Note | 6,6 ACUMULAR | ZQX0ZX ACUMULAR (maintained) |
Dividend gap: When closes?
Until 22/05/2026 there was no formal declaration of income for March and April. For the unitholder, silence bothers — but the R$ 8,67 million cashier in April answers objectively: money exists. . The most likely reading is that the fund groups the distribution of Mar/26 + Apr/26 in a single statement in June/2026, normalizing the calendar from there.
Worth making the head account: R$ 8,67 millions divided by 1.293.286 shares gives R$ 6,70 per box unit. . If the fund manager distributes the accumulated result of the two months (something close to R$ 4 per unit, in line with the recurrent rhythm), there are still about R$ 2,70/cot of mattress. The fund is not only distributing what it can — it is distributing with preserved box clearance.
The practical reading is that the investor you bought in the scare of the March/April zero dividend will probably receive a relevant group distribution in June.. . Anyone who understands that the gap is strictly mechanical — the effect of extraordinary depreciation of R$ 16,69/unit — captures this window.
Verdict
The NSLU11 exits the RG Mar/2026 with the reinforced central thesis: Recurrent R$ 2,05/validated unit DPS, recomposed R$ 8,67 mi box and closing distribution gap. R$ 184,78, the fund negotiates with 7,2% agio over VP (R$ 172,33) and offers DY of 13,31% via atypical 30-year contract with D'Or Network. It makes sense as a satellite position up to 5-7% of the FII portfolio for those who accept the binary risk of the monoactive. It makes no sense as a core position or for those who need intra-IFI diversification.
Risks that have not changed
The March RG does not change the structural risk profile of the fund — and that is an important observation. Three points remain unchanged:
1) Monoactive + monolocatary. NSLU11 has a property (Hospital Our Lady of Lourdes, in Jabaquara/SP) with a tenant (D'Or São Luiz Network, RDOR3). If the D'Or Network terminates, delays or renegotiates the contract under adverse conditions, the impact on the unit is direct and severe. The atypical contract mitigates (heavy fine, duration up to 2055) but does not eliminate the binary risk.
2) Property devalued 17,45% in 2025. The Binswanger report reviewed the market value of the hospital of R$ 260,6 million for R$ 215,1 million. . The loss of equity value does not affect the rent — which is corrected by IPCA according to contract — but compresses the VP and reduces the equity cushion in case of departure from the tenant or sale. This is the main reason why the PVP of 1.07x seems high: the PV was newly marked down.
3) Nine years without rent review. The existing atypical contract fixes correction only by the IPCA until October/2034, no review. If specific health sector inflation (which historically runs 2-4 percentage points above full IPCA) is above IPCA, the unit holder loses real rental purchasing power over the next 9 years. The percentage rental component on billing of the hospital operation also ends — an upperside that existed in previous structures.
Who does it make sense to?
The NSLU11 is a specific thesis background and little confuses those who understand what they are buying. It makes sense. for the investor who wants an IPCA+ rental flow for 30 years with AAA tenant quality, accepts the binary risk of the monoactive and uses as satellite position (5-7% of the maximum FII portfolio). It's a fund for those who seek contractual predictability in exchange for taking over extreme concentration.
Within the hospital segment, the HCRI11 offers neighbouring exposure — also monoactive D'Or Network, in slightly different structure — for those who want to diversify within the thesis itself. The combination NSLU11 + HCRI11 does not eliminate the binary risk of the lessee (the D'Or Network is on both sides), but geographically distributes the risk of the property.
It doesn't make sense. for investor who (i) needs to spray tenants, (ii) does not tolerate periods of zero dividing by extraordinary amortization, (iii) seeks protection of PV in scenarios of patrimonial review, or (iv) prioritizes multi-active brick FIIs. For these profiles, allocation into funds such as HGLG11, KNRI11 or XPML11 offers more conventional risk structure.
Follow the full analysis of NSLU11 with updated indicators, dividend history and comparison with peer.
