What happened to the WHGR11 in June?
O O O WHGR11 constituted a partial provision on CRI You – Perdizes Authentique (4.5% of PL) after You Inc. entered into financial restructuring with delay in the works. Provisioning knocked CRI revenue down and drove the June operating result to R$ -125,865, the first negative of the fund's history.
The distribution of R$ 0.10/unit was maintained — it is the 42X consecutive month at the same value —, but in June it did not leave the result of the month, but from the accumulated reserves. When a fund distributes R$ 3.09 millions with a negative operating result, the difference comes from the stock of profits retained in previous periods. It is a legitimate and common but finite resource: each negative month consumes a portion of that reserve.
O CRI You – Authentic Perdizes Authentic
The asset at the center of the reanalysis is the CRI code 21L0666218, class CDI+4.30% a.a., valued at R$ 13.36 million — equivalent to R$ 13.36 million — equivalent to R$ 13.36 million. 4,5% do patrimônio líquido The bottom of the bottom. The maturity is 16/12/2026 and the duration is only 0.4 years. The ballast is the You – Perdizes Authentique venture, incorporated by You Inc.
You Inc. is reportedly in the final stages of funding restructuring. The declared objective is to enable the necessary contribution to complete the undertaking and define a new execution schedule. There is no set deadline for the solution. The delay in the works and the restructuring were what motivated the management to constitute the partial provision on the paper.
What the LTV of 66% implies. Loan-to-value is the ratio between the debt balance of the CRI and the amount of the guarantee. One LTV of 66% means that, in the current assessment, the warranty is worth about 1.5 time what is due. In theory, there is a mattress: even in a poor execution, there would be room to cover the main. In practice, the guarantee here is an undertaking in works — whose value depends precisely on the conclusion that the restructuring seeks to finance. A comfortable LTV on paper is worth less when the collateral asset is not yet ready.
What "80% of the pair" says. The CRI is traded in the secondary market at 80% of face value. This discount is the reading that buyers make, today, of the chances of full recovery: they only top buy the paper by paying R$ 0.80 for R$ 1.00 of face value. It is not an accounting mark of the bottom, it is an external thermometer — the market is pricing some loss or, at the very least, the cost of time and uncertainty until resolution.
What the maturity in ten/2026 means. The duration of 0.4 years and the maturity in 16/12/2026 shorten the window. In less than five months CRI needs to be paid, renegotiated or executed. Short term has two sides: it reduces the exposure time of the fund to the asset, but also compresses the interval in which You Inc. restructuring would have to materialize for payment to occur at full value.
Impact on outcome is not the result.
The provision appeared directly in the revenue line of CRI, which went from R$ 3.23 million positive in May to R$ 468,810X. Negative negatives In June. As this is the main source of income of the fund, the effect contaminated the top of the DRE: total revenues fell from R$ 3.88 million to R$ 236,865.
| Item | Jun/26 | Mai/26 |
|---|---|---|
| Receitas totais | R$ 236.865 | R$ 3.880.339 |
| Receipts CRIX | R$ -468.810 | R$ 3.233.125 |
| FIIs Income and Shares | R$ 400.270 | R$ 475.361 |
| Real Estate Receipts | R$ 236.414 | R$ 122.206 |
| Dispensational expenses | R$ -362.730 | R$ -534.035 |
| Adm. and Perf. Rate | R$ -473.683 | R$ -233.572 |
| Resultado operacional | R$ -125.865 | R$ 3.346.304 |
| Distribuição total | R$ 3.091.238 | R$ 3.091.238 |
| Distribution/cotata/distribution | R$ 0,100 | R$ 0,100 |
It is worth registering a data that the report itself does not explain: the administration and performance rate jumped from R$ 233,572 in May to R$ 473,683 in June — almost double, without explicit justification in the document. Added to the negative revenue of CRI, this line contributed to push the result below zero. Other revenues behaved: FIIs and shares yielded R$ 400,270 and the real estate line rose to R$ 236,414. The expenses, even, fell against May.
The patrimonial reflection also appeared. The VP/unit fell from R$ 9.918 in May to R$ 9.62 in June, and net worth fell from R$ 300.6 million to R$ 296.0 million. The provision, therefore, did not affect only the result of the month: it reduced the capital value of the unit.
What the rest of the portfolio did in June
Apart from CRI You, the portfolio continued to operate normally. A composição em junho ficou em 73,5% de CRIs IPCA+/CDI+ (era 74,4%), 17,3% em FIIs listados e ações (era 17,5%), 8,2% em imóveis e permutas (era 7,3%) e 1,9% em caixa (era 2,1%). The MTM of the CRIs wallet IPCA+ rose to 10.30% a.a. (was 9.73%), while the CDI+'s declined to 2.75% a.a. (was 4.61%). The duration of the IPCA+ is in 3.58 years.
- Nova aquisição de crédito: the fund bought, in the secondary, the CRI Vista Faria Lima, with a contribution of R$ 1.8 million to IPCA+9.70%.
- Rotation in the book of FIIs and shares: the fund manager reduced urban income (-R$ 907 thousand) and increased slabs (TOPP11 +R$ 473 mil), incorporadoras (CYRE4, PLPL3 +R$ 292 mil) e shoppings (ALOS3 +R$ 224 mil).
- Ganho de capital: the accumulated of 2026 in the book listed reached R$ 2.65 millions, or R$ 0.086/unit.
- Yield of the book listed: DY of 13.27% a.a., with shopping malls to 39.2%, hedge funds to 30.1% and residential to 13.6%.
This behavior explains why the distribution could be maintained even with the negative result: the portfolio of healthy CRIs, the book of FIIs/stocks and accumulated capital gains form the mattress from which the reserves used in June came out.
The history and basis of cotistass
Apesar do mês negativo, o fundo mantém, desde dezembro de 2021, uma performance acumulada de 62,1% contra 43,3% do IFIX — o equivalente a 144% do índice. The quotation base remained practically stable: 15,121 in June, compared to 15,134 in May. That is, at the end of the month, there was no expressive movement of exit associated with the announcement of the provision.
What to follow from here forward
- Resolution of the restructuring of You Inc.:: the outcome of the funding and the definition of a new schedule of works determine whether the provision will be reversed, maintained or extended.
- Vencimento do CRI em 16/12/2026: In less than five months the paper expires. Full payment, renegotiation of deadline or execution of warranty are the possible ways, and each has different effect on the VP.
- Continuity of distribution: The maintenance of R$ 0.10/unit depended on reserves in June. New months of pressurized earnings consume this stock, so it is worth monitoring how much remains and if the operating result returns to the positive.
- Behavior of the paper in secondary:: The trading price of CRI (today 80% of the pair) functions as a continuous thermometer of the market recovery expectation.
- Upcoming Management Reports: the evolution of the revenue line of CRI, the administration/performance rate and the VP/unit in the coming months will show whether June was a one-time provisioning event or the beginning of a deterioration.
