? Will you receive? When? Is it worth selling now?
Yes, you will. O NSLU11 did not pay in March or in April/2026 because the extraordinary amortization of R$ 16,69/unit on 31/03 exhausted the cashier — left R$ 182 thousand. It wasn't a D'Or Network default, it wasn't a cap, it wasn't a structural cut.
When it comes back: with R$ 2,44 million monthly revenue coming in and R$ 8,67 million cash in Apr/26, the expected recurring DPS is from R$ 1,72 to R$ 1,82/unit — probable announcement between May and June/2026.
Sell it now? Who sells R$ 182,00 locks a P/VP of 1,056 into a fund that yielded 16% of DY before the gap. Who can handle the 30 to 60 days of hiatus goes back to the recurring flow. The DPS gap is mechanical, not fundamental.
The shock between March and April/2026
What the April/2026 Monthly Report really says
The official document filed with the CVM (Monthly Information ID 1187559) has a specific field called "Revenues to be distributed". . In March and April, this field came with R$ 0,00. . It is not an error of completion, it is not "return to be determined later" — it is the formal statement that the fund will not distribute anything related to those months.
The reason is two lines below in the same report: the operational cash balance closed in March R$ 182.600. . For 1.293.286 units, this gives R$ 0,14/unit — below the floor that justifies formal announcement. The fund just didn't have anything to distribute.
In April the contractual revenue of R$ 2,44 million came in normally — the D'Or Network There's an AAA rating by Fitch, there's no delay. But the balance cycle + the conservative criterion of BTG Manager Practical led to the decision to accumulate another month before resuming the announcement.
Why this gap is mechanical — not financial
The fund received R$ 31,4 million from the D'Or Network agreement's judicial deposit in Feb/2026. It distributed R$ 21,6 mi as extraordinary amortization (R$ 16,69/unit). The cashier went to zero by design, not by crisis.
30-year contract signed on Oct/2025: R$ 1,84 mi rental + R$ 605 thousand settlement plot = R$ 2,44 mi/month. The D'Or Network did not skip any payment — it is the tenant with the best rating in the hospital segment.
With 1.293.286 units and R$ 1,72, DPS are ZQX2ZX mi per month. The Apr/26 cashier (R$ 8,67 mi) covers almost 4 months of payment — even without additional revenue. And the recipe keeps coming.
The Monthly Report does not bring vacancy, default, sinister or contractual review. The Lourdes Hospital in Jabaquara/SP operates with 198 beds and a firm contract until Oct/2055.
The equation that shows when the DPS returns
Distribution capacity from May/2026
The fund doesn't have to expect anything extraordinary to resume the DPS. The May/2026 Monthly Report (published in mid-jun/2026) is the confirmation trigger.
Recent DPS History
The R$ 3,75 DPS in Feb/26 loaded components of the judicial agreement. The pure applicant is between R$ 1,72 and R$ 1,82 — a level consistent with the contractual rent adjusted by IPCA in the April review.
What's really worrying about NSLU11 (and it's not the DPS gap)
The noise of 60 days without dividend is mechanically solved. What deserves attention from the unit are three structural risks that pre-existing the gap:
| Risk | Magnitude | Window |
|---|---|---|
| Monoactive + monolocator | HHI 1,00 — maximum concentration. It all depends on Lourdes Hospital and the D'Or Network. Any operational problem of the hospital is 100% from the fund. | Permanent |
| Property devalued 17,45% in 2025 | Laudo Binswanger out/2025: from R$ 260,6 mi to ZQX1ZX mi. Current VP/unit: R$ 172,33. P/VP 1,056 — over-balance sheet quotation. | It's already occurred. |
| 9 years without rent review | Contract locks readjustment only on IPCA until Oct/2034. Sectoral health inflation usually beats IPCA in 200–400 bps — the recipe can be left behind. | Until Oct/2034 |
In the hospital brick bucket, the NSLU11 Stay behind the TJKB11 in diversification (40 properties vs 1, P/VP 0,90 vs 1,056) and ahead of HCRI11 In DY and scale. Current note: 6,6/10 — Accumulate.
Who sells NSLU11 Today because of 60 days without dividend is paying the price of not reading the Monthly Report — and delivering Annual DY 16% for the next unit holder who knows how to separate mechanical noise from fundamental problem.
♪ To go deeper ♪
- Full NSLU11 dossier — updated, historical and comparative indicators with peer review.
