O que o resultado do WHGR11 no 2T26 revela?
The real estate fund. WHGR11 gerou R$ 0,2511/cota de caixa no 2T26 (R$ 0,0837/mês) — 34% abaixo do 1T26. Even so he paid R$ 0.10/month, the 45 consecutive month at this level, using accumulated reserve. The dividend scorched in the remainder of the semester, not in the quarter generation.
Why did the result fall 34%%
The drop from R$ 0.3812 to R$ 0.2511 per unit has four components that are worth separating, because not all are equally bad.
The negative market markup (-R$ 5.81 millions). This is what led to the result. the accounting Quarterly for red (-R$ 26,889.85). Marking the market is the adjustment of the value of FIIs and portfolio securities at the closing price — if the third party shares that the WHGR11 carries fell in the period, the balance sheet records this loss even without a sale. It is a loss of paper: not a penny comes out of the box and disappears if prices recover. That is why the fund distributes on the result. financeiro (cash), not on the accounting.
Revenue of interest of CRIs and TVM (R$ 7.92 million). It is the real motor of the background. The CRIs (more than 30 positions spread by securitizers such as Virgo, RB Capital, True, Habitasec, Vert, Barigui and Riza) pay indexed interest to IPCA+ — this is the line that sustains the cash month by month. Com IPCA menor no trimestre, a parcela inflacionária desses juros desacelera, e é aí que mora boa parte da diferença para o 1T26.
Win on sale of TVM (R$ 1.17 million). It comes from the rotation of securities and securities of the portfolio — the realization of positions sold with profit. It is real cash income, but by a non-recurring nature: it appears when management rotates the portfolio and not in every quarter.
The Mathematics of Dividends: How Many Reserve Months Left?
No 2T26 o fundo declarou R$ 0,30/cota (R$ 0,10 × 3), mas gerou só R$ 0,2511 — payout de 119% no trimestre isolado. The difference came from the reservation. No semestre, porém, o quadro é mais confortável: o resultado financeiro do 1º semestre foi R$ 0,6323/cota e os rendimentos declarados somaram R$ 0,5999/cota, o que dá payout de 94,89% — ainda dentro do teto legal de 95% que os FIIs precisam distribuir.
Rest of the semester to be paid: R$ 3,091,237.90, or about R$ 0.10/unit. That's the available reserve — approximately. um mês de DPS extra. A leitura prática:
- The 1T26, stronger, generated the clearance that is banking the 2T26. The reserve is not infinite: it is of the order of a month's dividend.
- If Q3 2026 keeps generation near R$ 0.09 per unit a month, the R$ 0.10 payout keeps eating into that reserve little by little, until it runs out.
- What can reverse the account on the generation side: the resolution of the CRI You-Perdizes (expiry in ten/2026) and the monetization of residential swaps in SP — two events that, if unlocked, return box to the bottom.
Portfolio under active rotation
Entre o 1T26 e o 2T26 a gestão não ficou parada. The most expressive movements concentrate portfolio in construction companies and in FII shopping malls:
- HGBS11: from 100 to 299,842 quotes. A near-zero entry into a shopping mall FII — the most striking move of the quarter.
- PLPL3 (Plano&Plano): de 381.500 para 650.000 ações (+70%). Reinforcement in a popular segment builder.
- CYRE4 (Preferred Cyrel): from 9,479 to 60,000 shares (+533%). Strong display enlargement to incorporate.
- HPDP11: reduction of ~22 thousand units (from 108,518 to 86,076).
- ALOS3 (Allos): from 270,000 to 220,000 stock (-18%). Partial cut in shopping malls via action, while increasing shopping malls via FII (HGBS11).
- TOPP11: from 24,591 to 39,374 quotes — increase; and MCRE11 stable in 1,649,966 units, with falling value from R$ 15.5 Mi to R$ 15.0 Mi.
The sign of the quarter is a reinforced bet on the residential and shopping mall real estate cycle: more builders (PLPL3, CYRE4) and a larger foot in shopping malls by the bottom vehicle. It is consistent with the multi-strategy thesis of WHGR11, but raises the exposure to interest-sensitive cyclical names — which helps explain negative market markup when those prices fall.
The CRI You-Perdizess The CRI You-Perdizes
The Quarterly Report does not bring news about the CRI You-Perdizes (about 4.5% of PL, defaulter, with partial provision constituted in jun/2026). Follow-up remains a key piece of the thesis — the details are in the article on the default of the CRI You-Perdizess You-Perdizes article on the default of the CRI You-Perdizess.
What to watch in the coming quarters
- Ten/2026 — Expiration of CRI You-Perdizes (~4.5% of PL). The resolution decides the fate of the provision: if the credit is honored, the provision is reversed and returns result; if not, it becomes effective loss.
- 2027–2028 — monetization of residential exchanges in SP (VGV ~R$ 278 Mi). Includes the outcome of the property Itá Conceição (10 of the 29 units still in portfolio, 19 already repurchased by the incorporator), operation still in progress.
- 3T26 — next Quarterly Report. It is the data that confirms whether the cash generation recovers from the level of R$ 0.0837/month or if the reserve continues to be drained to sustain the DPS of R$ 0.10.
