Relatório gerencial em inglês SNCI11 de setembro de 2026

Free translation — the Portuguese version prevails. Amounts in Brazilian reais (R$).

14.54% R$ 1.00 R$ 403.47 MM

CONTENTS

SNCI11 Management Report — September 2026

EXECUTIVE SUMMARY

Manager

Suno Gestora de Recursos LTDA

Administrator

BTG Pactual Serviços Financeiros S.A.

Fund Inception

October 2021

In September, the Fund distributed R$ 1.00 per unit, in line with the guidance of R$ 1.00 to R$ 1.10 for 3Q26. The annualized DY (dividend yield) closed at 14.54% on the market price, with the unit trading at R$ 82.55 (0.86x P/VP, price-to-NAV). The consolidated credit spread was 4.46%, above the previous month due to a change in the curves considered, at a healthy level. Net leverage ended the month at 9.74% of NAV (PL), with the Fund a net borrower in repos (R$ 39.31 MM). Management was active in the holders' meetings, notably on resolutions for the Arpoador and Gafisa Sorocaba CRIs. The Fund ended the month with four assets under special treatment: CRI AIZ, CRI Vanguarda, CRI RDR and CRI Solar Junior.

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Number of Unitholders

Dividend Yield (annualized) Net Assets Distribution per Unit 14.54% R$ 403.47 MM R$ 1.00

P/VP

Assets in Portfolio

Weighted Average LTV

Market Price / NAV per Unit 54 0.86 R$ 82.55 / R$ 96.06

Market Value

Closing Cash

63.53% R$ 346.71 MM R$ 7.13 MM

Average Portfolio Yield

Accumulated Profit

Number of Unitholders

17.18% R$ 0.25 34,004

Units outstanding: 4,200,000

MANAGER'S LETTER

Manager's Letter — September 2026

SNCI11 – Suno Recebíveis Imobiliários FII | Information through mid-October 2026

Highlights of the month

• Result of R$ 0.79/unit , below the distribution of R$ 1.00/unit; the accumulated reserve decreases to R$ 0.25/unit. We reaffirm the distribution guidance of R$ 1.00 to R$ 1.10 per unit for 4Q 2026.
• Market price: +2.54% , versus −0.20% for the IFIX; P/VP of 0.86 and NAV per unit of R$ 96.06.
• R$ 56.7 million in purchases , notably CRI MRV Flex XIV (R$ 31.0 million) and CRI-focused FIIs (R$ 21.2 million), and R$ 10.1 million in sales .
• Net leverage of 9.74% of NAV , with R$ 46.4 million in repos at CDI + 0.97% and cash of R$ 7.1 million (see Additional considerations).
• Recovery at RDR: 10th round of R$ 794 thousand, above the R$ 700 thousand expected.

Performance

The market price rose 2.54%, against a 0.20% decline in the IFIX, and the P/VP moved from 0.85 to 0.86, reflecting a stronger recovery of SNCI11 relative to its peers. The NAV per unit rose R$ 0.69/unit, to R$ 96.06: portfolio marking added about R$ 0.90/unit and offset the R$ 0.21/unit drawn from the reserve.

Result and distribution

The result of R$ 3.31 million comprised R$ 2.93 million of CRI interest, R$ 0.45 million from FIIs, R$ 0.18 million of cash yield, R$ 0.13 million of inflation adjustment and R$ 0.08 million of trading gains. Expenses totaled R$ 0.48 million, with the administration fee back to its normal level and R$ 52 thousand of repo costs. With the distribution of R$ 1.00/unit, the reserve decreases to R$ 0.25/unit.

MANAGER'S LETTER

Portfolio movements

Liquidity: cash of R$ 7.13 million (1.77% of NAV) and R$ 46.44 million in repo borrowings at a cost of CDI + 0.97%, with net leverage of 9.74% of NAV (R$ 39.31 million). The 10th recovery round of CRI RDR returned R$ 794 thousand to the Fund (see Watchlist).

Pipeline

In September, the Fund executed the previous pipeline in MRV Flex XIV (R$ 31.0 million, IPCA + 10.85%) and in the 5th senior series of BIT (R$ 3.0 million). Vila Velha and Guaratuba come in above the portfolio average in CDI (CDI + 6.00% vs. CDI + 5.52%) and MZM in IPCA (IPCA + 12.95% vs. IPCA + 10.58%). The transactions may not materialize for various reasons.

Additional considerations

Leverage. The Fund ended September with R$ 46.4 million in repo borrowings, at a cost of CDI + 0.97%, and cash of R$ 7.1 million, bringing net leverage to 9.74% of NAV. The proceeds funded the entry into MRV Flex XIV and discounted CRI-focused FIIs. The portfolio's average yield of 17.18% remains above the cost of the repos (14.65% p.a., with the CDI at 13.65%). We expect to reduce leverage by yearend with onlending (repasse) proceeds from Supreme Garden, Gafisa and Conceito.

Construction in the final stretch. Supreme Garden, BIT Barueri and Gafisa Sorocaba together account for 20.5% of NAV. At Gafisa Sorocaba, the AGT of September 22 waived the acceleration triggered by a third-party cross-default and moved the Reserve Fund to the Construction Fund, to be replenished by December 21, 2026; its occupancy permit (Habite-se) remains expected for end-October 2026. Next month, we expect the occupancy permit at Supreme Garden. Bit Barueri and MZM should be delivered in early 2027.

MANAGER'S LETTER

Management fee waiver. The second and final R$ 150 thousand installment of the management fee waiver, which returns to unitholders the revenue earned by Suno S.A. from structuring the CRI Mahalo, will be applied in October.

Resolutions at AGTs

Full agenda in the AGTs of the Month section.

Watchlist

Assets with acceleration, default or restructuring with a haircut, ordered by market exposure. They total 2.80% of NAV at market.

MACRO & REAL ESTATE BACKDROP

MAIN PORTFOLIO SECTORS EXPOSURE BY INDEX (% NAV)

PORTFOLIO SUMMARY

EXPOSURE BY DURATION (% of NAV)

CRI EXPOSURE BY COLLATERAL (% of CRIs)

EXPOSURE BY LOCATION © Microsoft, OpenStreetMap, Overture Maps Fundation Powered by Bing 30% 8… 6% 1% 1% 2% 1% 15%

SUNO ( ASSET )

ASSET PORTFOLIO

CRI and Asset Portfolio — September 2026

SUNO ( ASSET )

ASSET PORTFOLIO

CRI and Asset Portfolio — September 2026

ACCOUNTING INFORMATION

R$ 3.74 M

Distributable Revenue

generated in the month

R$ 0.79

Result/Unit

net result for the month

R$ -0.43 M

Expenses

fees + operating costs

R$ 1.00 M

Distribution

R$ 4.20 MM total distributed

R$ 3.31 M

Final Result

R$ 0.79/unit

R$ 1.06 M

Reserve Movement

reserve: R$ 0.25/unit

JUL/26 AUG/26 SEP/26 R$/Unit (M0) LTM

INCOME STATEMENT — SEPTEMBER 2026

TRADING, LIQUIDITY & YIELDS

R$ 7.09 MM

Monthly Volume

338k

34,004

Unitholders

Daily Average

R$ 83

Market Price

$ R$ 96.06

^P 0.86x

P/VP

R$ 1.00

Distribution/Unit

September 2026 distribution

15.55%

NAV per Unit

Annualized DY

14.54%

12-Month DY

DISTRIBUTION HISTORY

Active management of real-estate CRIs and portfolio diversification underpin consistency in distributions and value

ASSET MONITORING

CONSTRUCTION PHYSICAL PROGRESS

RECEIVABLES PORTFOLIO DELINQUENCY

PORTFOLIO SALES LEVEL

ASSET MONITORING

PORTFOLIO AT PV & INVENTORY

GUARANTEE RATIO STATUS

MAXIMUM RECEIVABLES PORTFOLIO CONCENTRATION

ASSET DETAIL

Detail of portfolio/repo transactions (>0.5% of NAV)

AGTs OF THE MONTH

SUNO ASSET FUNDS

LEARN MORE

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FAQ

What is SNCI11?

Suno Asset's Real Estate Credit FII (CRI-focused fund) that invests in real-estate receivables, focusing on development, land subdivision, home equity and energy, seeking return and diversification.

What is the fund's objective?

To generate predictable, low-volatility monthly income, with diversified investments in CRIs residential development, land subdivisions, energy and corporate credit.

Are distributions taxed?

For individuals, distributions are exempt from Brazilian income tax, under FII legislation (Law No. 8,668/1993).

What is the risk profile?

Moderate (middle-risk), with 41 diversified CRIs, weighted rating A3, average LTV of 63.53% and active management with continuous monitoring of credits and real collateral.

Where are official reports available?

At suno.com.br/asset/fundos/snci11

Where does the fund invest?

Mainly in CRIs (≈60% IPCA, ≈20% CDI), FIIs (≈17%), repos and cash, diversifying across development, energy and healthcare.

Are the units liquid?

Yes. Traded on B3 (SNCI11), with average volume of R$ 0.34 MM/day and more than 34.0 thousand unitholders.

How do distributions work?

Monthly payments. In September 2026: R$ 1.00/unit, annualized DY of 14.54%. Guidance: R$ 1.00 to R$ 1.10 in 4Q26.

What does P/VP mean?

Market price / net asset value. SNCI11 trades at 0.86x, a ~14% discount to NAV.

How are the assets managed?

Active origination in the real estate market, rigorous credit analysis and continuous monitoring of real collateral and construction.

NOTICE / DISCLAIMER

This document is a free English translation of the management report (Relatório Gerencial) of Suno Recebíveis Imobiliários Fundo de Investimento Imobiliário (SNCI11), prepared solely for the convenience of readers who do not read Portuguese. The Portuguese version is the sole official version, is the one filed with the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) and disclosed under applicable Brazilian regulation and ANBIMA self-regulation, and prevails over this translation in the event of any divergence, omission or doubt as to interpretation. It does not replace or amend the Portuguese version, the Fund's bylaws (regulamento) or any other document of the Fund.

All figures refer to the same reference date as the Portuguese version and are stated in Brazilian reais (R$), the Fund's functional currency, in which its assets, liabilities and results are recorded and reported to CVM and ANBIMA. Suno Asset assumes no obligation to update this translation.

This document is informational only and does not constitute an offer, solicitation, advertisement or recommendation to buy, sell or subscribe for any security, nor legal, tax or investment advice. SNCI11 is a Brazilian real estate investment fund (Fundo de Investimento Imobiliário – FII), regulated and supervised by CVM, registered for public distribution and admitted to trading exclusively in Brazil, on B3 S.A. – Brasil, Bolsa, Balcão. It is not registered for offer or distribution in any other jurisdiction.

This document is not directed at any person in any jurisdiction where its distribution or use would be contrary to applicable law or would require any registration or authorisation not already obtained. Readers access it on their own initiative and are responsible for observing the rules applicable in their own jurisdiction, including tax and exchange control rules.

Estimates, projections and distribution guidance herein reflect the current judgement of Suno Asset as at the date of disclosure and are subject to change without notice. They are not free from error, offer no assurance that the scenarios described will occur, and do not constitute a promise or guarantee of return, of any future distribution or of capital preservation.

Investment funds are not guaranteed by the fund's administrator, by the portfolio manager, by any insurance mechanism or by the Brazilian credit guarantee fund (Fundo Garantidor de Créditos in Portuguese, or "FGC"). Past performance is not a guarantee of future results. Investors are advised to carefully read the Fund's prospectus and bylaws (regulamento) before investing. Investors must be prepared to accept the risks inherent to the various markets in which investment funds operate and, consequently, possible fluctuations in the invested capital. The Administrator is not liable for any errors or omissions in this material, nor for the use of the information contained herein. In addition, the Administrator is not liable for investors' decisions regarding the matters addressed in this material, nor for the acts or facts of professionals and specialists consulted by the investor.

This material does not relate to the specific investment objectives, financial situation or particular needs of any specific recipient and should not be relied upon as the sole source of information in the investor's decision-making process. Before deciding, the investor should carry out — preferably with the assistance of a duly qualified professional — a careful assessment of the product and its respective risks against his or her personal objectives and risk tolerance (suitability). The Portuguese version of this report and the Fund's other official documents are available at https://www.suno.com.br/asset/fundos/snci11.

Suno Gestora de Recursos Ltda. ("Suno Asset") is the manager of the fund(s) covered by this material and belongs to the Suno business group ("Grupo Suno"), which also includes Suno Research, Suno Índices and Suno Consultoria. These companies, although part of Grupo Suno, have segregated and autonomous structures.

GLOSSARY

This report uses terms, acronyms and indices specific to the Brazilian market. Brazilian acronyms are kept as in the original report; the key concepts are explained below.

FII: Fundo de Investimento Imobiliário – Brazilian real-estate investment fund, listed on B3 and regulated by CVM. Distributions to individual investors may be exempt from income tax, subject to the conditions set in Brazilian tax law.

CRI: Certificado de Recebíveis Imobiliários – real-estate receivable certificate; a securitized fixed-income instrument backed by propertyrelated credits, issued by a securitization company.

CCB / Commercial Note (NC): Cédula de Crédito Bancário (bank credit note) and Nota Comercial – debt instruments commonly used as the underlying credit of a CRI.

Securitization company (securitizadora) / Securitization Term: the CRI issuer and the deed (Termo de Securitização) that governs each issuance, its series, payment waterfall and covenants.

Segregated Estate (patrimônio separado): the ring-fenced pool of assets and obligations of a given CRI issuance, insulated from the issuer's other deals.

Senior / subordinated series: CRI tranches with different payment priority; subordinated series absorb losses before senior series.

AGT: Assembleia Geral de Titulares – general meeting of CRI holders, where waivers, restructurings and other deal resolutions are voted.

Administrator / Manager: under CVM rules, the administrator (administradora) is responsible for the fund's fiduciary administration, accounting and asset marking; the manager (gestora, Suno Asset) makes the investment decisions.

IPCA: Brazil's official consumer-price inflation index (IBGE).

IGP-M (IGPM): general market price index (FGV), widely used to adjust rents and contracts.

INCC: national construction-cost index, used to adjust contracts for properties under construction.

CDI / DI Rate: Brazilian interbank deposit rate; the main floating-rate benchmark, closely tracking the Selic.

Selic / Copom: the Central Bank of Brazil's policy interest rate, set by its Monetary Policy Committee (Copom).

Fixed-rate (pré / prefixado): remuneration set as a fixed annual rate, not linked to an index.

B3 / CETIP code: B3 S.A. – Brasil, Bolsa, Balcão is the Brazilian exchange; the CETIP code identifies a security registered in B3's OTC registry.

IFIX: B3's benchmark index of listed Brazilian real-estate funds.

Paper FIIs (FIIs de papel): FIIs that invest mainly in real-estate credit (CRIs), as opposed to physical property.

NAV / PL: net asset value (patrimônio líquido, PL). "% of NAV" corresponds to "% do PL" in the Portuguese report; NAV per unit (cota patrimonial) is NAV divided by units outstanding.

P/VP: price-to-NAV: the unit's market price divided by its NAV per unit.

DY (dividend yield): distributions divided by the unit's market price, annualized or over the last 12 months.

Yield MTM / HTM: MTM: yield implied by the asset's market marking; HTM: contractual (hold-to-maturity) rate at acquisition.

LTV: loan-to-value: outstanding credit divided by the appraised value of the collateral.

Guarantee Ratio (GR / Razão de Garantia): collateral (receivables and inventory) over the outstanding balance of a CRI, tested against a contractual minimum.

AF / CF / FR / Aval: collateral types: AF – fiduciary lien on property (alienação fiduciária); CF – fiduciary assignment of receivables (cessão fiduciária); FR – reserve fund (fundo de reserva); Aval – personal guarantee by the debtor's shareholders or group companies.

Profile: Contr. / Pulv. / Corp.: contractual (credit backed by a specific lease or contract), pulverized (granular pool of many individual buyers' receivables) and corporate (credit risk of a company).

Development (incorporação) / Land subdivision (loteamento): real-estate development of units for sale; subdivision of land into lots sold in installments.

Occupancy permit (Habite-se): municipal certificate that a building is complete and fit for occupancy.

Onlending (repasse): transfer of buyers' balances to bank mortgage financing after completion, which repays the development credit.

Repo (operação compromissada): repurchase agreement; short-term secured funding (passive repo) or lending (active repo) backed by securities.

Acceleration / mandatory redemption: vencimento antecipado (early maturity of the debt upon default) and resgate compulsório (compulsory early redemption of the CRI).

Novation / debt acknowledgment / dation in payment: novação (replacement of an obligation by a new one), confissão de dívida (debt acknowledgment agreement) and dação em pagamento (settlement in kind, e.g., with units).

UF / Div.: Brazilian state (unidade federativa), e.g., SP = São Paulo; Div. = diversified across states.

3Q26 / 4Q26 / 2H25: third / fourth quarter of 2026 / second half of 2025. R$ MM (or mm): millions of Brazilian reais.

FGC: Fundo Garantidor de Créditos – Brazil's deposit guarantee fund; it does NOT cover investment funds.