[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"documento:SNCI11:22170":3,"seo:\u002Fdetalhes\u002FSNCI11\u002Fdocumentos\u002F22170":16,"fii-documento:SNCI11":96},{"id":4,"descricao":5,"assunto":6,"tipo":7,"situacao":8,"texto":9,"link_pdf":10,"estruturado":11,"link_original":12,"data_referencia":13,"data_entrega":14,"versao":15},22170,"(SNCI) Relatório gerencial em inglês - 30\u002F09\u002F2026","Relatório gerencial em inglês","Outras Informações","(Ativo)","\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_0_Picture_0.jpeg\">\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>\u003Ci> Free translation — the Portuguese version prevails. Amounts in Brazilian reais (R$). \u003C\u002Fi>\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>14.54% R$ 1.00 R$ 403.47 MM\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Ch3>CONTENTS\u003C\u002Fh3>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>Executive\u003Cbr>Summary\u003C\u002Fth>\u003Cth>03\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Manager's\u003Cbr>Letter\u003C\u002Ftd>\u003Ctd>04\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Macro\u003Cbr>&\u003Cbr>Real\u003Cbr>Estate\u003Cbr>Backdrop\u003C\u002Ftd>\u003Ctd>08\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Portfolio\u003Cbr>Summary\u003C\u002Ftd>\u003Ctd>09\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Asset\u003Cbr>Portfolio\u003C\u002Ftd>\u003Ctd>11\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Accounting\u003Cbr>Information\u003C\u002Ftd>\u003Ctd>13\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Trading,\u003Cbr>Liquidity\u003Cbr>&\u003Cbr>Yields\u003C\u002Ftd>\u003Ctd>14\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Asset\u003Cbr>Monitoring\u003C\u002Ftd>\u003Ctd>15\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Asset Detail\u003C\u002Ftd>\u003Ctd>17\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>AGTs\u003C\u002Ftd>\u003Ctd>18\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Learn\u003Cbr>More\u003Cbr>\u002F\u003Cbr>FAQ\u003C\u002Ftd>\u003Ctd>19\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Glossary\u003C\u002Ftd>\u003Ctd>21\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Ci> SNCI11 Management Report — September 2026 \u003C\u002Fi>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_1_Picture_3.jpeg\">\u003C\u002Fp>\u003Ch3>EXECUTIVE SUMMARY\u003C\u002Fh3>\u003Cp>\u003C\u002Fp>\u003Cp>Manager\u003C\u002Fp>\u003Cp>Suno Gestora de Recursos LTDA\u003C\u002Fp>\u003Cp>Administrator\u003C\u002Fp>\u003Cp>BTG Pactual Serviços Financeiros S.A.\u003C\u002Fp>\u003Cp>Fund Inception\u003C\u002Fp>\u003Cp>October 2021\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_2_Picture_8.jpeg\">\u003C\u002Fp>\u003Cp>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\u002FVP, 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.\u003C\u002Fp>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>1,00 1,00 1,00 1,00 1,00 1,00 1,00 1,00 1,00 1,00 1,00 1,00\u003C\u002Fp>\u003Ch3>Number of Unitholders\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_2_Figure_13.jpeg\">\u003C\u002Fp>\u003Cp>Dividend Yield (annualized) Net Assets Distribution per Unit 14.54% R$ 403.47 MM R$ 1.00\u003C\u002Fp>\u003Cp>P\u002FVP\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>Assets in Portfolio\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>Weighted Average LTV\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>Market Price \u002F NAV per Unit 54 0.86 R$ 82.55 \u002F R$ 96.06\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>Market Value\u003C\u002Fp>\u003Cp>Closing Cash\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>63.53% R$ 346.71 MM R$ 7.13 MM\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>Average Portfolio Yield\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>Accumulated Profit\u003C\u002Fp>\u003Cp>Number of Unitholders\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>17.18% R$ 0.25 34,004\u003C\u002Fp>\u003Cp>\u003Ci> Units outstanding: 4,200,000 \u003C\u002Fi>\u003C\u002Fp>\u003Ch3>MANAGER'S LETTER\u003C\u002Fh3>\u003Cp>\u003C\u002Fp>\u003Ch3>\u003Cb> Manager's Letter — September 2026 \u003C\u002Fb>\u003C\u002Fh3>\u003Cp>SNCI11 – Suno Recebíveis Imobiliários FII | Information through mid-October 2026\u003C\u002Fp>\u003Ch3>\u003Cb> Highlights of the month \u003C\u002Fb>\u003C\u002Fh3>\u003Cp>\u003C\u002Fp>\u003Cul>\u003Cli>\u003Cb> Result of R$ 0.79\u002Funit \u003C\u002Fb>, below the distribution of R$ 1.00\u002Funit; the accumulated reserve decreases to R$ 0.25\u002Funit. We reaffirm the distribution guidance of R$ 1.00 to R$ 1.10 per unit for 4Q 2026.\u003C\u002Fli>\u003Cli>\u003Cb> Market price: +2.54% \u003C\u002Fb>, versus −0.20% for the IFIX; P\u002FVP of 0.86 and NAV per unit of R$ 96.06.\u003C\u002Fli>\u003Cli>\u003Cb> R$ 56.7 million in purchases \u003C\u002Fb>, notably CRI MRV Flex XIV (R$ 31.0 million) and CRI-focused FIIs (R$ 21.2 million), and \u003Cb> R$ 10.1 million in sales \u003C\u002Fb>.\u003C\u002Fli>\u003Cli>\u003Cb> Net leverage of 9.74% of NAV \u003C\u002Fb>, with R$ 46.4 million in repos at CDI + 0.97% and cash of R$ 7.1 million (see Additional considerations).\u003C\u002Fli>\u003Cli>\u003Cb> Recovery at RDR: \u003C\u002Fb> 10th round of R$ 794 thousand, above the R$ 700 thousand expected.\u003C\u002Fli>\u003C\u002Ful>\u003Ch4>\u003Cb> Performance \u003C\u002Fb>\u003C\u002Fh4>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>Adjusted return\u003C\u002Fth>\u003Cth>September 2026\u003C\u002Fth>\u003Cth>12 months\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Ctd>SNCI11 — market price\u003C\u002Ftd>\u003Ctd>+2.54%\u003C\u002Ftd>\u003Ctd>+14.28%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>SNCI11 — NAV per unit\u003C\u002Ftd>\u003Ctd>+1.07%\u003C\u002Ftd>\u003Ctd>+7.46%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>IFIX\u003C\u002Ftd>\u003Ctd>−0.20%\u003C\u002Ftd>\u003Ctd>+4.62%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>The market price rose 2.54%, against a 0.20% decline in the IFIX, and the P\u002FVP 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\u002Funit, to R$ 96.06: portfolio marking added about R$ 0.90\u002Funit and offset the R$ 0.21\u002Funit drawn from the reserve.\u003C\u002Fp>\u003Ch4>\u003Cb> Result and distribution \u003C\u002Fb>\u003C\u002Fh4>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>Result for the month\u003C\u002Fth>\u003Cth>Sep\u002F26 distribution\u003C\u002Fth>\u003Cth>Reserve after\u003Cbr>distribution\u003C\u002Fth>\u003Cth>Oct\u002F26 distribution\u003C\u002Fth>\u003Cth>4Q26 guidance\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>R$ 0.79\u002Funit\u003C\u002Fth>\u003Cth>R$ 1.00\u002Funit\u003C\u002Fth>\u003Cth>R$ 0.25\u002Funit\u003C\u002Fth>\u003Cth>R$ 1.00\u002Funit\u003C\u002Fth>\u003Cth>R$ 1.00 to 1.10\u002Funit\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>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\u002Funit, the reserve decreases to R$ 0.25\u002Funit.\u003C\u002Fp>\u003Ch3>MANAGER'S LETTER\u003C\u002Fh3>\u003Ch4>Portfolio movements\u003C\u002Fh4>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>Transaction\u003C\u002Fth>\u003Cth>Туре\u003C\u002Fth>\u003Cth>R$ mm\u003C\u002Fth>\u003Cth>Rate \u002F price\u003C\u002Fth>\u003Cth>Comment\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI MRV Flex XIV (senior)\u003C\u002Ftd>\u003Ctd>Purchase\u003C\u002Ftd>\u003Ctd>31.01\u003C\u002Ftd>\u003Ctd>IPCA + 10.85%\u003C\u002Ftd>\u003Ctd>Assignment of a performing portfolio, in the previous pipeline\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI BIT Series 5 (senior)\u003C\u002Ftd>\u003Ctd>Purchase\u003C\u002Ftd>\u003Ctd>3.00\u003C\u002Ftd>\u003Ctd>CDI + 5.50%\u003C\u002Ftd>\u003Ctd>New senior series approved at AGT, in the previous pipeline\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI LocPay II (senior)\u003C\u002Ftd>\u003Ctd>Purchase\u003C\u002Ftd>\u003Ctd>1.44\u003C\u002Ftd>\u003Ctd>CDI + 5.50%\u003C\u002Ftd>\u003Ctd>New paid-in tranches of the series\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI-focused FIIs (basket of six funds – see Allocation)\u003C\u002Ftd>\u003Ctd>Purchase\u003C\u002Ftd>\u003Ctd>21.24\u003C\u002Ftd>\u003Ctd>P\u002FVP from 0.58 to\u003Cbr>0.94\u003C\u002Ftd>\u003Ctd>Paper FIIs trading at a discount\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI BIT Series 4\u003C\u002Ftd>\u003Ctd>Sale\u003C\u002Ftd>\u003Ctd>10.15\u003C\u002Ftd>\u003Ctd>CDI + 5.50%\u003C\u002Ftd>\u003Ctd>Internal reallocation within the CRI\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cb> Liquidity: \u003C\u002Fb> 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).\u003C\u002Fp>\u003Ch4>\u003Cb> Pipeline \u003C\u002Fb>\u003C\u002Fh4>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>Transaction\u003C\u002Fth>\u003Cth>Amount\u003C\u002Fth>\u003Cth>Expected rate\u003C\u002Fth>\u003Cth>Stage\u003C\u002Fth>\u003Cth>Expected timing\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Construction-completion CRI, developer in Vila\u003Cbr>Velha\u002FES\u003C\u002Ftd>\u003Ctd>up to R$6 mm\u003C\u002Ftd>\u003Ctd>CDI + 6.00%\u003C\u002Ftd>\u003Ctd>Collateral being registered\u003C\u002Ftd>\u003Ctd>October 2026\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Corporate real-estate development CRI\u003C\u002Ftd>\u003Ctd>up to R$3 mm\u003C\u002Ftd>\u003Ctd>CDI + 4.90%\u003C\u002Ftd>\u003Ctd>Under negotiation\u003C\u002Ftd>\u003Ctd>October 2026\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Contributions to complete construction at MZM\u003C\u002Ftd>\u003Ctd>up to R$5 mm\u003C\u002Ftd>\u003Ctd>IPCA + 12.95%\u003C\u002Ftd>\u003Ctd>Pending AGT resolution\u003C\u002Ftd>\u003Ctd>November 2026\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Construction-completion CRI, developer in Guaratuba\u002FPR\u003C\u002Ftd>\u003Ctd>up to R$ 12 mm\u003C\u002Ftd>\u003Ctd>CDI + 6.00%\u003C\u002Ftd>\u003Ctd>Being structured\u003C\u002Ftd>\u003Ctd>November 2026\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>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.\u003C\u002Fp>\u003Ch4>Additional considerations\u003C\u002Fh4>\u003Cp>\u003Cb> Leverage. \u003C\u002Fb> 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.\u003C\u002Fp>\u003Cp>\u003Cb> Construction in the final stretch. \u003C\u002Fb> 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.\u003C\u002Fp>\u003Ch3>MANAGER'S LETTER\u003C\u002Fh3>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>Transaction\u003C\u002Fth>\u003Cth>% of NAV\u003C\u002Fth>\u003Cth>Construction\u003C\u002Fth>\u003Cth>Sales\u003C\u002Fth>\u003Cth>Current GR \u002F limit\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI Supreme Garden\u003C\u002Fth>\u003Cth>8.56%\u003C\u002Fth>\u003Cth>98.2%\u003C\u002Fth>\u003Cth>73.2%\u003C\u002Fth>\u003Cth>127.8% \u002F 130%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI BIT Barueri\u003C\u002Fth>\u003Cth>6.07%\u003C\u002Fth>\u003Cth>79.2%\u003C\u002Fth>\u003Cth>73.3%\u003C\u002Fth>\u003Cth>119.8% \u002F 133%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI Gafisa Sorocaba\u003C\u002Fth>\u003Cth>5.89%\u003C\u002Fth>\u003Cth>95.4%\u003C\u002Fth>\u003Cth>96.0%\u003C\u002Fth>\u003Cth>89.1% \u002F 130%\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cb> Management fee waiver. \u003C\u002Fb> 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.\u003C\u002Fp>\u003Ch3>\u003Cb> Resolutions at AGTs \u003C\u002Fb>\u003C\u002Fh3>\u003Cp>\u003Ci> Full agenda in the AGTs of the Month section. \u003C\u002Fi>\u003C\u002Fp>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>Asset\u003C\u002Fth>\u003Cth>Date\u003C\u002Fth>\u003Cth>Resolution\u003C\u002Fth>\u003Cth>Vote\u003C\u002Fth>\u003Cth>Effect on SNCI11\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Arpoador\u003C\u002Ftd>\u003Ctd colspan=\"2\">Extraordinary release of the surplus to the debtor from\u003Cbr>September\u003Cbr>Sep. to Dec. 2026, up to R$ 918 thousand in total (on top\u003Cbr>17, 2026\u003Cbr>of the R$ 200 thousand already approved), subject to a\u003Cbr>coverage ratio of at least 180%\u003C\u002Ftd>\u003Ctd>In favor\u003C\u002Ftd>\u003Ctd>Waterfall returns to\u003Cbr>normal after\u003Cbr>December 21, 2026\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI Gafisa\u003Cbr>Sorocaba\u003C\u002Fth>\u003Cth colspan=\"2\">Acceleration from a third-party cross-default waived;\u003Cbr>September\u003Cbr>Reserve Fund moved to the Construction Fund, to be\u003Cbr>22, 2026\u003Cbr>replenished by December 21, 2026\u003C\u002Fth>\u003Cth>In favor\u003C\u002Fth>\u003Cth>Keeps the\u003Cbr>construction\u003Cbr>schedule on track\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>\u003Cb> Watchlist \u003C\u002Fb>\u003C\u002Fh3>\u003Cp>Assets with acceleration, default or restructuring with a haircut, ordered by market exposure. They total 2.80% of NAV at market.\u003C\u002Fp>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth colspan=\"3\">CRI AIZ (Pesa) — long and short series\u003C\u002Fth>\u003Cth colspan=\"3\">Restructured · Warehouse sale extended to October 30, 2026\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth colspan=\"2\">EXPOSURE\u003Cbr>1.43% of NAV · short series\u003Cbr>under correction by the\u003Cbr>Administrator\u003C\u002Fth>\u003Cth>MARKING\u003Cbr>Series 301 – 80% of the\u003Cbr>estimated recovery value ·\u003Cbr>Series 302 – marked at R$ 0\u003C\u002Fth>\u003Cth>EXPECTED RECOVERY\u003Cbr>High, after haircuts of ~20%\u003Cbr>and ~48% on the two series\u003C\u002Fth>\u003Cth>NEXT MILESTONE\u003Cbr>Warehouse sale · by\u003Cbr>October 30, 2026\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>What changed\u003C\u002Fth>\u003Cth colspan=\"6\">No AGT in the month. The short series remains marked at zero, with the correction underway at the\u003Cbr>Administrator. The structuring of a new CRI has begun to enable the purchase of the warehouse and the\u003Cbr>payoff of the existing CRI. The new CRI will be backed by the warehouse's rental receivables and owed\u003Cbr>by third-party players. AIZ will be outside the scope of the new CRI.\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>Status\u003C\u002Fth>\u003Ctd colspan=\"5\">Final restructuring approved at the AGT of December 24, 2025, with the sale of the main collateral\u003Cbr>property below the appraisal's forced-sale value. The series with a fiduciary lien will be fully settled with\u003Cbr>the sale, already with a haircut of ~20%. The series without real collateral was extended for 10 years at\u003Cbr>CDI + 3.50% p.a., with monthly interest from Jan\u002F27 and reinforcement of the remaining collateral (~R$ 10\u003Cbr>million at market). Delays in the sale led to three deadline extensions in 2026.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Cth>Effect on SNCI11\u003C\u002Fth>\u003Cth colspan=\"4\">−R$ 0.22\u002Funit on cash result and +R$ 0.26\u002Funit on NAV (estimated); residual expense contribution.\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>Next steps\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>By October 30, 2026: Warehouse sale. Within 60 days after: AGT on the new CCB and CRI schedules.\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>EXPOSURE\u003Cbr>0.72% of NAV · less than 4%\u003Cbr>of the issuance\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>MARKING\u003Cbr>At cost\u003C\u002Fth>\u003Cth>EXPECTED RECOVERY\u003Cbr>Between 60~70% of cost\u003C\u002Fth>\u003Cth>NEXT MILESTONE\u003Cbr>Hiring of a contractor for\u003Cbr>completion and occupancy\u003Cbr>permit (Habite-se)\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>What changed\u003C\u002Fth>\u003Cth>R$ 31.2 million.\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>No AGT in the month. September monitoring maintains receivables of R$ 47.9 million and inventory of\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Status\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd colspan=\"4\">Acceleration following the diversion of sales by the contractor. All units, except swaps (permutas) and\u003Cbr>fully paid units, are registered in the name of the securitization company. Jonathan Nunes: construction\u003Cbr>completed, occupancy permit blocked by documentation issues at Vanguarda Engenharia, with legal\u003Cbr>action in progress and possible replacement of the technical manager. Dom Severino: 75% executed,\u003Cbr>site halted until the construction is transferred.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Effect on SNCI11\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd colspan=\"4\">Contributions proportional to the position, residual and with no effect on the distribution. NAV\u003Cbr>remarking will be negligible given the low exposure.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Next steps\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd colspan=\"4\">Hiring of a contractor for completion and occupancy permit; contributions per schedule; measures\u003Cbr>against Vanguarda Engenharia based on the audit.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI RDR Itu\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Matured on August 20, 2025 · under recovery, partially novated\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>EXPOSURE\u003Cbr>0.56% of NAV at market in\u003Cbr>the CRI · cost of ~R$ 16.0\u003Cbr>mm with the novations\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>MARKING\u003Cbr>At cost, considering the\u003Cbr>recoveries obtained\u003C\u002Ftd>\u003Ctd>EXPECTED RECOVERY\u003Cbr>Portfolio at PV of R$ 4.9 mm\u003Cbr>+ inventory of R$ 1.5 mm +\u003Cbr>additional collateral +\u003Cbr>R$ 13.5 mm in debt\u003Cbr>acknowledgment\u003Cbr>agreements\u003C\u002Ftd>\u003Ctd>NEXT MILESTONE\u003Cbr>11th recovery round\u003Cbr>expected for October 25 –\u003Cbr>R$ 100 thousand.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>What changed\u003C\u002Ftd>\u003Ctd colspan=\"4\">The 10th recovery round totaled R$ 794 thousand, above the R$ 700 thousand expected. The debt\u003Cbr>acknowledgment agreements remain current. The remaining portfolio totals R$ 4.9 million at PV and\u003Cbr>inventory, R$ 1.5 million.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Status\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd colspan=\"4\">Construction completed; we chose not to extend the maturity. The March AGT approved the dation in\u003Cbr>payment (in-kind settlement) of part of the units and the restructuring of part of the CRI into separate\u003Cbr>debts for each partner and for the company, with R$ 13.5 million novated into three debt\u003Cbr>acknowledgment agreements. After the outstanding issues are resolved and the final portfolio audit is\u003Cbr>completed, we will grant a haircut on the updated outstanding balance, with no further NAV or cash\u003Cbr>effect, because the asset is already marked at cost.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Effect on SNCI11\u003C\u002Ftd>\u003Ctd colspan=\"4\">None on the distribution: the transaction already accrued interest and generated no monthly income in\u003Cbr>the result.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Next steps\u003C\u002Ftd>\u003Ctd colspan=\"3\">Coming months: debt acknowledgment installments, portfolio collections and sale of additional\u003Cbr>collateral. After the audit: formal haircut.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Solar Junior\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Matured and in default since November 21, 2025\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>EXPOSURE\u003Cbr>0.09% of NAV\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>MARKING\u003Cbr>70% of cost\u003C\u002Ftd>\u003Ctd>EXPECTED RECOVERY\u003Cbr>Not yet estimable\u003C\u002Ftd>\u003Ctd>NEXT MILESTONE\u003Cbr>Receive the legal\u003Cbr>enforcement plan from the\u003Cbr>securitization company\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>What changed\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>No new event in the month.\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Status\u003C\u002Ftd>\u003Ctd colspan=\"4\">The securitization company is conducting the operational and legal recovery measures. We continue to\u003Cbr>gather information from the securitization company, the fiduciary agent and the majority investors.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Effect on SNCI11\u003C\u002Ftd>\u003Ctd colspan=\"4\">Extremely residual, given the very low exposure.\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>MACRO & REAL ESTATE BACKDROP\u003C\u002Fh3>\u003Cp>\u003C\u002Fp>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>Selic\u003C\u002Fth>\u003Cth>13.75%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>IPCA (2026e)\u003C\u002Fth>\u003Cth>4.58%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>FX (R$\u002FUSD)\u003C\u002Fth>\u003Cth>R$ 5.18\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>Brazil GDP (2026e)\u003C\u002Fth>\u003Cth>1.8%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>Unemployment (2026e)\u003C\u002Fth>\u003Cth>5.3%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>Gross Debt (% of GDP)\u003C\u002Fth>\u003Cth>82.9%\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_7_Figure_3.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_7_Figure_4.jpeg\">\u003C\u002Fp>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>Number of Assets in Portfolio\u003C\u002Fth>\u003Cth>Average FII Yield\u003C\u002Fth>\u003Cth>Avg. Rate IPCA+ CRIs\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Ctd>54\u003C\u002Ftd>\u003Ctd>14.83%\u003C\u002Ftd>\u003Ctd>IPCA + 10.58%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Average Leverage Cost\u003C\u002Ftd>\u003Ctd>Average CRI Yield (All-In)\u003C\u002Ftd>\u003Ctd>Avg. Rate IGPM+ CRIs\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CDI + 0.97%\u003C\u002Ftd>\u003Ctd>17.96%\u003C\u002Ftd>\u003Ctd>IGPM + 7.94%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>P\u002FVP\u003C\u002Ftd>\u003Ctd>Net Leverage\u003C\u002Ftd>\u003Ctd>Avg. Rate INCC+ CRIs\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>0.86\u003C\u002Ftd>\u003Ctd>9.74% of NAV\u003C\u002Ftd>\u003Ctd>INCC + 0.00%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Weighted Portfolio Duration\u003C\u002Ftd>\u003Ctd>Repo Volume\u003C\u002Ftd>\u003Ctd>Avg. Rate CDI+ CRIs\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>1.60\u003C\u002Ftd>\u003Ctd>R$ 39.31 MM\u003C\u002Ftd>\u003Ctd>CDI + 5.52%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>Sector\u003C\u002Fth>\u003Cth>% of NAV\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Development\u003C\u002Ftd>\u003Ctd>50.7%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Energy\u003C\u002Ftd>\u003Ctd>10.7%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FIIs\u003C\u002Ftd>\u003Ctd>16.6%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Repos\u003C\u002Ftd>\u003Ctd>18.0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Industrial\u003C\u002Ftd>\u003Ctd>6.2%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Healthcare\u003C\u002Ftd>\u003Ctd>4.4%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Cash\u003C\u002Ftd>\u003Ctd>1.8%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Land Subdivision\u003C\u002Ftd>\u003Ctd>2.4%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Aviation\u003C\u002Ftd>\u003Ctd>2.0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Other\u003C\u002Ftd>\u003Ctd>-12.7%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch4>\u003Cb> MAIN PORTFOLIO SECTORS EXPOSURE BY INDEX (% NAV) \u003C\u002Fb>\u003C\u002Fh4>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_8_Figure_6.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_8_Figure_7.jpeg\">\u003C\u002Fp>\u003Ch3>PORTFOLIO SUMMARY\u003C\u002Fh3>\u003Cp>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_9_Figure_2.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_9_Figure_3.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_9_Figure_4.jpeg\">\u003C\u002Fp>\u003Ch4>\u003Cb> EXPOSURE BY DURATION (% of NAV) \u003C\u002Fb>\u003C\u002Fh4>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_9_Figure_6.jpeg\">\u003C\u002Fp>\u003Ch3>\u003Cb> CRI EXPOSURE BY COLLATERAL (% of CRIs) \u003C\u002Fb>\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_9_Figure_8.jpeg\">\u003C\u002Fp>\u003Ch3>\u003Cb> EXPOSURE BY LOCATION \u003C\u002Fb> © Microsoft, OpenStreetMap, Overture Maps Fundation Powered by Bing 30% 8… 6% 1% 1% 2% 1% 15%\u003C\u002Fh3>\u003Ch3>SUNO ( ASSET )\u003C\u002Fh3>\u003Ch3>ASSET PORTFOLIO\u003C\u002Fh3>\u003Cp>CRI and Asset Portfolio — September 2026\u003C\u002Fp>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>Asset\u003C\u002Fth>\u003Cth>Profile\u003C\u002Fth>\u003Cth>CETIP Code\u003C\u002Fth>\u003Cth>Sector\u003C\u002Fth>\u003Cth>Rtg\u003C\u002Fth>\u003Cth>ldx\u003C\u002Fth>\u003Cth>Yield\u003Cbr>MTM\u003C\u002Fth>\u003Cth>Yield\u003Cbr>HTM\u003C\u002Fth>\u003Cth>Dur.\u003C\u002Fth>\u003Cth>%\u003Cbr>NAV\u003C\u002Fth>\u003Cth>LTV\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI SUPREME\u003Cbr>GARDEN\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>22B0338247\u003C\u002Fth>\u003Cth>Dev.\u003C\u002Fth>\u003Cth>Α4\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>10.50%\u003C\u002Fth>\u003Cth>10.50%\u003C\u002Fth>\u003Cth>0.06\u003C\u002Fth>\u003Cth>7.73%\u003C\u002Fth>\u003Cth>65%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI MRV Flex XIV\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>26F2538567\u003C\u002Fth>\u003Cth>Dev.\u003C\u002Fth>\u003Cth>A2\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>11.00%\u003C\u002Fth>\u003Cth>10.85%\u003C\u002Fth>\u003Cth>2.44\u003C\u002Fth>\u003Cth>7.62%\u003C\u002Fth>\u003Cth>80%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI GS SOUTO\u003C\u002Fth>\u003Cth>Contr.\u003C\u002Fth>\u003Cth>21K0732283\u003C\u002Fth>\u003Cth>Energy\u003C\u002Fth>\u003Cth>АЗ\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>9.78%\u003C\u002Fth>\u003Cth>11.13%\u003C\u002Fth>\u003Cth>3.24\u003C\u002Fth>\u003Cth>6.21%\u003C\u002Fth>\u003Cth>62%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI GAFISA\u003Cbr>SOROCABA (new)\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>25L3104624\u003C\u002Fth>\u003Cth>Dev.\u003C\u002Fth>\u003Cth>АЗ\u003C\u002Fth>\u003Cth>CDI\u003C\u002Fth>\u003Cth>6.00%\u003C\u002Fth>\u003Cth>6.00%\u003C\u002Fth>\u003Cth>0.20\u003C\u002Fth>\u003Cth>5.89%\u003C\u002Fth>\u003Cth>90%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI MRV\u003C\u002Fth>\u003Cth>Corp.\u003C\u002Fth>\u003Cth>21D0001232\u003C\u002Fth>\u003Cth>Dev.\u003C\u002Fth>\u003Cth>А3\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>11.74%\u003C\u002Fth>\u003Cth>5.43%\u003C\u002Fth>\u003Cth>3.15\u003C\u002Fth>\u003Cth>5.69%\u003C\u002Fth>\u003Cth>-\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI CERATTI\u003Cbr>MAGNA\u003C\u002Fth>\u003Cth>Contr.\u003C\u002Fth>\u003Cth>22E0120555\u003C\u002Fth>\u003Cth>Industrial\u003C\u002Fth>\u003Cth>Al\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>8.54%\u003C\u002Fth>\u003Cth>9.40%\u003C\u002Fth>\u003Cth>0.62\u003C\u002Fth>\u003Cth>4.75%\u003C\u002Fth>\u003Cth>60%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI ITABIRA\u003C\u002Fth>\u003Cth>Contr.\u003C\u002Fth>\u003Cth>23L2160618\u003C\u002Fth>\u003Cth>Energy\u003C\u002Fth>\u003Cth>A2\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>11.00%\u003C\u002Fth>\u003Cth>11.00%\u003C\u002Fth>\u003Cth>4.24\u003C\u002Fth>\u003Cth>4.50%\u003C\u002Fth>\u003Cth>95%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI OPY HEALTH\u003C\u002Fth>\u003Cth>Corp.\u003C\u002Fth>\u003Cth>21H0888186\u003C\u002Fth>\u003Cth>Healthcare\u003C\u002Fth>\u003Cth>Al\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>9.54%\u003C\u002Fth>\u003Cth>7.36%\u003C\u002Fth>\u003Cth>0.23\u003C\u002Fth>\u003Cth>4.41%\u003C\u002Fth>\u003Cth>45%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI OLIVEIRA\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>26E4609469\u003C\u002Fth>\u003Cth>Dev.\u003C\u002Fth>\u003Cth>A4\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>11.71%\u003C\u002Fth>\u003Cth>12.68%\u003C\u002Fth>\u003Cth>2.32\u003C\u002Fth>\u003Cth>4.14%\u003C\u002Fth>\u003Cth>-\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI MRV II\u003C\u002Fth>\u003Cth>Corp.\u003C\u002Fth>\u003Cth>22B0006022\u003C\u002Fth>\u003Cth>Dev.\u003C\u002Fth>\u003Cth>A3\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>12.61%\u003C\u002Fth>\u003Cth>6.50%\u003C\u002Fth>\u003Cth>1.79\u003C\u002Fth>\u003Cth>2.67%\u003C\u002Fth>\u003Cth>-\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI MZM III\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>2211466156\u003C\u002Fth>\u003Cth>Dev.\u003C\u002Fth>\u003Cth>A4\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>11.76%\u003C\u002Fth>\u003Cth>12.95%\u003C\u002Fth>\u003Cth>0.48\u003C\u002Fth>\u003Cth>2.25%\u003C\u002Fth>\u003Cth>70%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI BIT Series 3\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>22J2609554\u003C\u002Fth>\u003Cth>Dev.\u003C\u002Fth>\u003Cth>А3\u003C\u002Fth>\u003Cth>CDI\u003C\u002Fth>\u003Cth>6.03%\u003C\u002Fth>\u003Cth>5.50%\u003C\u002Fth>\u003Cth>0.06\u003C\u002Fth>\u003Cth>2.05%\u003C\u002Fth>\u003Cth>60%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI LATAM\u003C\u002Fth>\u003Cth>Contr.\u003C\u002Fth>\u003Cth>21C0818332\u003C\u002Fth>\u003Cth>Aviation\u003C\u002Fth>\u003Cth>A2\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>8.26%\u003C\u002Fth>\u003Cth>4.50%\u003C\u002Fth>\u003Cth>2.62\u003C\u002Fth>\u003Cth>2.04%\u003C\u002Fth>\u003Cth>45%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI COMPORTE\u003C\u002Fth>\u003Cth>Corp.\u003C\u002Fth>\u003Cth>2311270600\u003C\u002Fth>\u003Cth>Transport\u003C\u002Fth>\u003Cth>A2\u003C\u002Fth>\u003Cth>CDI\u003C\u002Fth>\u003Cth>3.54%\u003C\u002Fth>\u003Cth>3.80%\u003C\u002Fth>\u003Cth>1.80\u003C\u002Fth>\u003Cth>2.02%\u003C\u002Fth>\u003Cth>60%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI MZM\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>2211465810\u003C\u002Fth>\u003Cth>Dev.\u003C\u002Fth>\u003Cth>A4\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>11.76%\u003C\u002Fth>\u003Cth>12.95%\u003C\u002Fth>\u003Cth>0.48\u003C\u002Fth>\u003Cth>1.77%\u003C\u002Fth>\u003Cth>70%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI BIT\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>22J1411295\u003C\u002Fth>\u003Cth>Dev.\u003C\u002Fth>\u003Cth>A3\u003C\u002Fth>\u003Cth>CDI\u003C\u002Fth>\u003Cth>6.01%\u003C\u002Fth>\u003Cth>5.50%\u003C\u002Fth>\u003Cth>0.06\u003C\u002Fth>\u003Cth>1.62%\u003C\u002Fth>\u003Cth>60%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI MZM II\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>2211466133\u003C\u002Fth>\u003Cth>Dev.\u003C\u002Fth>\u003Cth>A4\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>10.69%\u003C\u002Fth>\u003Cth>12.95%\u003C\u002Fth>\u003Cth>0.48\u003C\u002Fth>\u003Cth>1.55%\u003C\u002Fth>\u003Cth>70%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI PESA \u002F AIZ\u003Cbr>(Long)\u003C\u002Fth>\u003Cth>Contr.\u003C\u002Fth>\u003Cth>21F0568504\u003C\u002Fth>\u003Cth>Industrial\u003C\u002Fth>\u003Cth>A5\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>0.00%\u003C\u002Fth>\u003Cth>7.00%\u003C\u002Fth>\u003Cth>0.34\u003C\u002Fth>\u003Cth>1.43%\u003C\u002Fth>\u003Cth>-\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI LOCPAY II\u003Cbr>(SENIOR)\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>26F4020125\u003C\u002Fth>\u003Cth>Receiv.\u003C\u002Fth>\u003Cth>A3\u003C\u002Fth>\u003Cth>CDI\u003C\u002Fth>\u003Cth>5.50%\u003C\u002Fth>\u003Cth>5.50%\u003C\u002Fth>\u003Cth>3.09\u003C\u002Fth>\u003Cth>1.42%\u003C\u002Fth>\u003Cth>-\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI GF6\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>25G5823976\u003C\u002Fth>\u003Cth>Land Sub.\u003C\u002Fth>\u003Cth>A2\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>14.44%\u003C\u002Fth>\u003Cth>15.00%\u003C\u002Fth>\u003Cth>3.14\u003C\u002Fth>\u003Cth>1.25%\u003C\u002Fth>\u003Cth>50%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI MAHALO\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>26D0059264\u003C\u002Fth>\u003Cth>Dev.\u003C\u002Fth>\u003Cth>A2\u003C\u002Fth>\u003Cth>CDI\u003C\u002Fth>\u003Cth>6.00%\u003C\u002Fth>\u003Cth>6.00%\u003C\u002Fth>\u003Cth>2.69\u003C\u002Fth>\u003Cth>1.22%\u003C\u002Fth>\u003Cth>75%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI CONCEITO\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>25J2612796\u003C\u002Fth>\u003Cth>Land Sub.\u003C\u002Fth>\u003Cth>A2\u003C\u002Fth>\u003Cth>CDI\u003C\u002Fth>\u003Cth>6.50%\u003C\u002Fth>\u003Cth>6.50%\u003C\u002Fth>\u003Cth>2.37\u003C\u002Fth>\u003Cth>1.18%\u003C\u002Fth>\u003Cth>46%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI LOCPAY\u003Cbr>(SENIOR)\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>25H2417003\u003C\u002Fth>\u003Cth>Receiv.\u003C\u002Fth>\u003Cth>АЗ\u003C\u002Fth>\u003Cth>Fixe\u003Cbr>d\u003C\u002Fth>\u003Cth>23.37%\u003C\u002Fth>\u003Cth>23.87%\u003C\u002Fth>\u003Cth>1.56\u003C\u002Fth>\u003Cth>1.01%\u003C\u002Fth>\u003Cth>-\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI MITRE 2025\u003C\u002Fth>\u003Cth>Corp.\u003C\u002Fth>\u003Cth>25A1810636\u003C\u002Fth>\u003Cth>Dev.\u003C\u002Fth>\u003Cth>A2\u003C\u002Fth>\u003Cth>CDI\u003C\u002Fth>\u003Cth>1.99%\u003C\u002Fth>\u003Cth>3.50%\u003C\u002Fth>\u003Cth>1.92\u003C\u002Fth>\u003Cth>1.00%\u003C\u002Fth>\u003Cth>-\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI BIT Series 2\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>22J1411297\u003C\u002Fth>\u003Cth>Dev.\u003C\u002Fth>\u003Cth>A3\u003C\u002Fth>\u003Cth>CDI\u003C\u002Fth>\u003Cth>5.50%\u003C\u002Fth>\u003Cth>5.50%\u003C\u002Fth>\u003Cth>0.06\u003C\u002Fth>\u003Cth>0.93%\u003C\u002Fth>\u003Cth>60%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI SUPREME\u003Cbr>GARDEN 509\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>25F2808184\u003C\u002Fth>\u003Cth>Dev.\u003C\u002Fth>\u003Cth>A4\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>10.50%\u003C\u002Fth>\u003Cth>10.50%\u003C\u002Fth>\u003Cth>0.06\u003C\u002Fth>\u003Cth>0.83%\u003C\u002Fth>\u003Cth>65%\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>SUNO ( ASSET )\u003C\u002Fh3>\u003Ch3>ASSET PORTFOLIO\u003C\u002Fh3>\u003Cp>CRI and Asset Portfolio — September 2026\u003C\u002Fp>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>Asset\u003C\u002Fth>\u003Cth>Profile\u003C\u002Fth>\u003Cth>CETIP Code\u003C\u002Fth>\u003Cth>Sector\u003C\u002Fth>\u003Cth>Rtg\u003C\u002Fth>\u003Cth>ldx\u003C\u002Fth>\u003Cth>Yield\u003Cbr>MTM\u003C\u002Fth>\u003Cth>Yield\u003Cbr>HTM\u003C\u002Fth>\u003Cth>Dur.\u003C\u002Fth>\u003Cth>% NAV\u003C\u002Fth>\u003Cth>LTV\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI BIT Series 5\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>26H5593131\u003C\u002Fth>\u003Cth>Dev.\u003C\u002Fth>\u003Cth>А3\u003C\u002Fth>\u003Cth>CDI\u003C\u002Fth>\u003Cth>5.77%\u003C\u002Fth>\u003Cth>5.50%\u003C\u002Fth>\u003Cth>0.54\u003C\u002Fth>\u003Cth>0.74%\u003C\u002Fth>\u003Cth>60%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI BIT Series 4\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>22J2609555\u003C\u002Fth>\u003Cth>Dev.\u003C\u002Fth>\u003Cth>A3\u003C\u002Fth>\u003Cth>CDI\u003C\u002Fth>\u003Cth>5.50%\u003C\u002Fth>\u003Cth>5.50%\u003C\u002Fth>\u003Cth>0.06\u003C\u002Fth>\u003Cth>0.72%\u003C\u002Fth>\u003Cth>60%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI VANGUARDA\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>22G1233041\u003C\u002Fth>\u003Cth>Dev.\u003C\u002Fth>\u003Cth>D\u003C\u002Fth>\u003Cth>INCC\u003C\u002Fth>\u003Cth>0.00%\u003C\u002Fth>\u003Cth>11.00%\u003C\u002Fth>\u003Cth>0.00\u003C\u002Fth>\u003Cth>0.72%\u003C\u002Fth>\u003Cth>52%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI RDR ITU\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>21K0660418\u003C\u002Fth>\u003Cth>Dev.\u003C\u002Fth>\u003Cth>D\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>0.00%\u003C\u002Fth>\u003Cth>12.00%\u003C\u002Fth>\u003Cth>0.00\u003C\u002Fth>\u003Cth>0.53%\u003C\u002Fth>\u003Cth>80%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI ARPOADOR (SUBORDINATED)\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>23J2809383\u003C\u002Fth>\u003Cth>Dev.\u003C\u002Fth>\u003Cth>Αl\u003C\u002Fth>\u003Cth>CDI\u003C\u002Fth>\u003Cth>12.00%\u003C\u002Fth>\u003Cth>12.00%\u003C\u002Fth>\u003Cth>1.14\u003C\u002Fth>\u003Cth>0.34%\u003C\u002Fth>\u003Cth>43%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI ESTOQUE HELBOR\u003C\u002Fth>\u003Cth>Corp.\u003C\u002Fth>\u003Cth>22H1104501\u003C\u002Fth>\u003Cth>Dev.\u003C\u002Fth>\u003Cth>A2\u003C\u002Fth>\u003Cth>CDI\u003C\u002Fth>\u003Cth>2.71%\u003C\u002Fth>\u003Cth>2.30%\u003C\u002Fth>\u003Cth>0.51\u003C\u002Fth>\u003Cth>0.33%\u003C\u002Fth>\u003Cth>80%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI GRAMADO GVI\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>21F0950048\u003C\u002Fth>\u003Cth>Timeshare\u003C\u002Fth>\u003Cth>A5\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>58.29%\u003C\u002Fth>\u003Cth>9.50%\u003C\u002Fth>\u003Cth>1.12\u003C\u002Fth>\u003Cth>0.30%\u003C\u002Fth>\u003Cth>26%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI ESATAS\u003C\u002Fth>\u003Cth>Contr.\u003C\u002Fth>\u003Cth>21C0572241\u003C\u002Fth>\u003Cth>Infra.\u003C\u002Fth>\u003Cth>Al\u003C\u002Fth>\u003Cth>IGP\u003C\u002Fth>\u003Cth>7.94%\u003C\u002Fth>\u003Cth>7.56%\u003C\u002Fth>\u003Cth>6.87\u003C\u002Fth>\u003Cth>0.28%\u003C\u002Fth>\u003Cth>80%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI ARPOADOR (SENIOR)\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>23J2266231\u003C\u002Fth>\u003Cth>Dev.\u003C\u002Fth>\u003Cth>A1\u003C\u002Fth>\u003Cth>CDI\u003C\u002Fth>\u003Cth>4.50%\u003C\u002Fth>\u003Cth>4.50%\u003C\u002Fth>\u003Cth>1.19\u003C\u002Fth>\u003Cth>0.28%\u003C\u002Fth>\u003Cth>43%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>REDE DUQUE (Series 443)\u003C\u002Fth>\u003Cth>Corp.\u003C\u002Fth>\u003Cth>2110855537\u003C\u002Fth>\u003Cth>Oil & Gas\u003C\u002Fth>\u003Cth>A4\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>12.33%\u003C\u002Fth>\u003Cth>7.25%\u003C\u002Fth>\u003Cth>3.08\u003C\u002Fth>\u003Cth>0.22%\u003C\u002Fth>\u003Cth>67%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>REDE DUQUE (Series 444)\u003C\u002Fth>\u003Cth>Corp.\u003C\u002Fth>\u003Cth>2110855623\u003C\u002Fth>\u003Cth>Oil & Gas\u003C\u002Fth>\u003Cth>A4\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>12.37%\u003C\u002Fth>\u003Cth>7.25%\u003C\u002Fth>\u003Cth>3.07\u003C\u002Fth>\u003Cth>0.22%\u003C\u002Fth>\u003Cth>67%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI SOLAR JUNIOR\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>19K1139245\u003C\u002Fth>\u003Cth>Timeshare\u003C\u002Fth>\u003Cth>D\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>0.00%\u003C\u002Fth>\u003Cth>16.64%\u003C\u002Fth>\u003Cth>0.00\u003C\u002Fth>\u003Cth>0.09%\u003C\u002Fth>\u003Cth>68%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI RDR ITU SERIES 3\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>21K0661041\u003C\u002Fth>\u003Cth>Dev.\u003C\u002Fth>\u003Cth>D\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>0.00%\u003C\u002Fth>\u003Cth>12.00%\u003C\u002Fth>\u003Cth>0.00\u003C\u002Fth>\u003Cth>0.02%\u003C\u002Fth>\u003Cth>80%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI RDR ITU SERIES 2\u003C\u002Fth>\u003Cth>Pulv.\u003C\u002Fth>\u003Cth>21K0660445\u003C\u002Fth>\u003Cth>Dev.\u003C\u002Fth>\u003Cth>D\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>0.00%\u003C\u002Fth>\u003Cth>12.00%\u003C\u002Fth>\u003Cth>0.00\u003C\u002Fth>\u003Cth>0.01%\u003C\u002Fth>\u003Cth>80%\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI Pesa \u002F AIZ (Short)\u003C\u002Fth>\u003Cth>Contr.\u003C\u002Fth>\u003Cth>21F0569265\u003C\u002Fth>\u003Cth>Industrial\u003C\u002Fth>\u003Cth>A5\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>0.00%\u003C\u002Fth>\u003Cth>5.50%\u003C\u002Fth>\u003Cth>0.00\u003C\u002Fth>\u003Cth>0.00%\u003C\u002Fth>\u003Cth>-\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>FIIs\u003C\u002Fth>\u003Cth>Sector\u003C\u002Fth>\u003Cth>Qty.\u003C\u002Fth>\u003Cth>Price\u003C\u002Fth>\u003Cth>Yield\u003C\u002Fth>\u003Cth>Yield on\u003Cbr>Cost\u003C\u002Fth>\u003Cth>P\u002FVP\u003C\u002Fth>\u003Cth>%\u003Cbr>NAV\u003C\u002Fth>\u003Cth>%\u003Cbr>Cash\u003C\u002Fth>\u003Cth>Avg. Cost\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>SNMEII\u003C\u002Fth>\u003Cth>Hybrid\u003C\u002Fth>\u003Cth>3,731,239\u003C\u002Fth>\u003Cth>R$ 9.50\u003C\u002Fth>\u003Cth>13.27%\u003C\u002Fth>\u003Cth>12.93%\u003C\u002Fth>\u003Cth>0.97\u003C\u002Fth>\u003Cth>4.1%\u003C\u002Fth>\u003Cth>26.4%\u003C\u002Fth>\u003Cth>R$ 9.75\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>INOI\u003C\u002Fth>\u003Cth>Logistics\u003C\u002Fth>\u003Cth>35,000\u003C\u002Fth>\u003Cth>R$ 104.66\u003C\u002Fth>\u003Cth>9.07%\u003C\u002Fth>\u003Cth>9.49%\u003C\u002Fth>\u003Cth>1.00\u003C\u002Fth>\u003Cth>0.9%\u003C\u002Fth>\u003Cth>-\u003C\u002Fth>\u003Cth>R$ 100.00\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>TGARII\u003C\u002Fth>\u003Cth>Hybrid\u003C\u002Fth>\u003Cth>164,474\u003C\u002Fth>\u003Cth>R$ 88.29\u003C\u002Fth>\u003Cth>16.85%\u003C\u002Fth>\u003Cth>12.24%\u003C\u002Fth>\u003Cth>0.41\u003C\u002Fth>\u003Cth>1.2%\u003C\u002Fth>\u003Cth>0.1%\u003C\u002Fth>\u003Cth>R$ 121.60\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>RECD11\u003C\u002Fth>\u003Cth>Paper\u003C\u002Fth>\u003Cth>400,000\u003C\u002Fth>\u003Cth>R$ 10.00\u003C\u002Fth>\u003Cth>15.01%\u003C\u002Fth>\u003Cth>15.01%\u003C\u002Fth>\u003Cth>1.00\u003C\u002Fth>\u003Cth>0.6%\u003C\u002Fth>\u003Cth>5.7%\u003C\u002Fth>\u003Cth>R$ 10.00\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>ZAVC11\u003C\u002Fth>\u003Cth>Paper\u003C\u002Fth>\u003Cth>57,972\u003C\u002Fth>\u003Cth>R$ 9.13\u003C\u002Fth>\u003Cth>18.49%\u003C\u002Fth>\u003Cth>16.31%\u003C\u002Fth>\u003Cth>0.91\u003C\u002Fth>\u003Cth>0.1%\u003C\u002Fth>\u003Cth>13.2%\u003C\u002Fth>\u003Cth>R$ 10.35\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>ARRI11\u003C\u002Fth>\u003Cth>Paper\u003C\u002Fth>\u003Cth>720,873\u003C\u002Fth>\u003Cth>R$ 4.86\u003C\u002Fth>\u003Cth>13.07%\u003C\u002Fth>\u003Cth>13.70%\u003C\u002Fth>\u003Cth>0.58\u003C\u002Fth>\u003Cth>0.9%\u003C\u002Fth>\u003Cth>2.1%\u003C\u002Fth>\u003Cth>R$ 4.64\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>VCRI11\u003C\u002Fth>\u003Cth>Paper\u003C\u002Fth>\u003Cth>715,776\u003C\u002Fth>\u003Cth>R$ 7.56\u003C\u002Fth>\u003Cth>15.26%\u003C\u002Fth>\u003Cth>15.63%\u003C\u002Fth>\u003Cth>0.80\u003C\u002Fth>\u003Cth>1.3%\u003C\u002Fth>\u003Cth>1.6%\u003C\u002Fth>\u003Cth>R$ 7.38\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>VRTMII\u003C\u002Fth>\u003Cth>Hybrid\u003C\u002Fth>\u003Cth>304,693\u003C\u002Fth>\u003Cth>R$ 6.85\u003C\u002Fth>\u003Cth>15.69%\u003C\u002Fth>\u003Cth>11.07%\u003C\u002Fth>\u003Cth>0.72\u003C\u002Fth>\u003Cth>2.3%\u003C\u002Fth>\u003Cth>7.6%\u003C\u002Fth>\u003Cth>R$ 9.71\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>GCRI11\u003C\u002Fth>\u003Cth>Paper\u003C\u002Fth>\u003Cth>48,144\u003C\u002Fth>\u003Cth>R$ 68.29\u003C\u002Fth>\u003Cth>16.00%\u003C\u002Fth>\u003Cth>16.48%\u003C\u002Fth>\u003Cth>0.74\u003C\u002Fth>\u003Cth>0.8%\u003C\u002Fth>\u003Cth>1.0%\u003C\u002Fth>\u003Cth>R$ 66.30\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>VCJR11\u003C\u002Fth>\u003Cth>Paper\u003C\u002Fth>\u003Cth>149,000\u003C\u002Fth>\u003Cth>R$ 67.40\u003C\u002Fth>\u003Cth>14.20%\u003C\u002Fth>\u003Cth>14.24%\u003C\u002Fth>\u003Cth>0.73\u003C\u002Fth>\u003Cth>2.5%\u003C\u002Fth>\u003Cth>9.0%\u003C\u002Fth>\u003Cth>R$ 67.21\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>HREC11\u003C\u002Fth>\u003Cth>Paper\u003C\u002Fth>\u003Cth>28,883\u003C\u002Fth>\u003Cth>R$ 8.26\u003C\u002Fth>\u003Cth>14.71%\u003C\u002Fth>\u003Cth>14.98%\u003C\u002Fth>\u003Cth>0.94\u003C\u002Fth>\u003Cth>0.1%\u003C\u002Fth>\u003Cth>1.6%\u003C\u002Fth>\u003Cth>R$ 8.11\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>RBRY11\u003C\u002Fth>\u003Cth>Paper\u003C\u002Fth>\u003Cth>85,407\u003C\u002Fth>\u003Cth>R$ 83.00\u003C\u002Fth>\u003Cth>15.46%\u003C\u002Fth>\u003Cth>15.78%\u003C\u002Fth>\u003Cth>0.83\u003C\u002Fth>\u003Cth>1.8%\u003C\u002Fth>\u003Cth>2.9%\u003C\u002Fth>\u003Cth>R$ 81.29\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>Repos\u003C\u002Fth>\u003Cth>-\u003C\u002Fth>\u003Cth>-\u003C\u002Fth>\u003Cth>-\u003C\u002Fth>\u003Cth>-\u003C\u002Fth>\u003Cth>-\u003C\u002Fth>\u003Cth>-\u003C\u002Fth>\u003Cth>18.0%\u003C\u002Fth>\u003Cth>-\u003C\u002Fth>\u003Cth>-\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>REPOS\u003C\u002Fth>\u003Cth>Profile\u003C\u002Fth>\u003Cth>CETIP\u003Cbr>Code\u003C\u002Fth>\u003Cth>Sector\u003C\u002Fth>\u003Cth>ldx\u003C\u002Fth>\u003Cth>Yield HTM\u003C\u002Fth>\u003Cth>Repo Rate\u003C\u002Fth>\u003Cth>Vol. (MM)\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI Esatas Viracopos\u003C\u002Fth>\u003Cth>Contr.\u003C\u002Fth>\u003Cth>21C0572241\u003C\u002Fth>\u003Cth>Infrastructure\u003C\u002Fth>\u003Cth>IGP\u003C\u002Fth>\u003Cth>8.00%\u003C\u002Fth>\u003Cth>8.00%\u003C\u002Fth>\u003Cth>R$ 8.00\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>Rede Duque (Series\u003Cbr>443)\u003C\u002Fth>\u003Cth>Corp.\u003C\u002Fth>\u003Cth>2110855537\u003C\u002Fth>\u003Cth>Oil & Gas\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>7.25%\u003C\u002Fth>\u003Cth>7.25%\u003C\u002Fth>\u003Cth>R$ 5.00\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>Rede Duque (Series\u003Cbr>444)\u003C\u002Fth>\u003Cth>Corp.\u003C\u002Fth>\u003Cth>2110855623\u003C\u002Fth>\u003Cth>Oil & Gas\u003C\u002Fth>\u003Cth>IPCA\u003C\u002Fth>\u003Cth>7.25%\u003C\u002Fth>\u003Cth>7.25%\u003C\u002Fth>\u003Cth>R$ 5.00\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>ACCOUNTING INFORMATION\u003C\u002Fh3>\u003Cp>\u003Cb> R$ 3.74 M \u003C\u002Fb>\u003C\u002Fp>\u003Cp>\u003Cb> Distributable Revenue \u003C\u002Fb>\u003C\u002Fp>\u003Cp>generated in the month\u003C\u002Fp>\u003Cp>\u003Cb> R$ 0.79 \u003C\u002Fb>\u003C\u002Fp>\u003Cp>\u003Cb> Result\u002FUnit \u003C\u002Fb>\u003C\u002Fp>\u003Cp>net result for the month\u003C\u002Fp>\u003Cp>\u003Cb> R$ -0.43 M \u003C\u002Fb>\u003C\u002Fp>\u003Cp>\u003Cb> Expenses \u003C\u002Fb>\u003C\u002Fp>\u003Cp>fees + operating costs\u003C\u002Fp>\u003Cp>\u003Cb> R$ 1.00 M \u003C\u002Fb>\u003C\u002Fp>\u003Cp>\u003Cb> Distribution \u003C\u002Fb>\u003C\u002Fp>\u003Cp>R$ 4.20 MM total distributed\u003C\u002Fp>\u003Cp>\u003Cb> R$ 3.31 M \u003C\u002Fb>\u003C\u002Fp>\u003Cp>\u003Cb> Final Result \u003C\u002Fb>\u003C\u002Fp>\u003Cp>R$ 0.79\u002Funit\u003C\u002Fp>\u003Cp>\u003Cb> R$ 1.06 M \u003C\u002Fb>\u003C\u002Fp>\u003Cp>\u003Cb> Reserve Movement \u003C\u002Fb>\u003C\u002Fp>\u003Cp>reserve: R$ 0.25\u002Funit\u003C\u002Fp>\u003Cp>\u003Cb> JUL\u002F26 AUG\u002F26 SEP\u002F26 R$\u002FUnit (M0) LTM \u003C\u002Fb>\u003C\u002Fp>\u003Ch4>\u003Cb> INCOME STATEMENT — SEPTEMBER 2026 \u003C\u002Fb>\u003C\u002Fh4>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>DISTRIBUTABLE REVENUE\u003C\u002Fth>\u003Cth>R$ 3,504,273\u003C\u002Fth>\u003Cth>R$ 5,946,118\u003C\u002Fth>\u003Cth>R$ 3,794,455\u003C\u002Fth>\u003Cth>R$ 0.903\u003C\u002Fth>\u003Cth>R$ 57,672,719\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Cash Yield\u003C\u002Ftd>\u003Ctd>R$ 366,970\u003C\u002Ftd>\u003Ctd>R$ 313,259\u003C\u002Ftd>\u003Ctd>R$ 184,879\u003C\u002Ftd>\u003Ctd>R$ 0.044\u003C\u002Ftd>\u003Ctd>R$ 3,359,128\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Trading Gains\u003C\u002Ftd>\u003Ctd>-R$ 1,381,849\u003C\u002Ftd>\u003Ctd>R$ 2,819,970\u003C\u002Ftd>\u003Ctd>R$ 78,984\u003C\u002Ftd>\u003Ctd>R$ 0.019\u003C\u002Ftd>\u003Ctd>R$ 11,625,803\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Interest\u003C\u002Ftd>\u003Ctd>R$ 3,588,367\u003C\u002Ftd>\u003Ctd>R$ 2,105,810\u003C\u002Ftd>\u003Ctd>R$ 2,931,560\u003C\u002Ftd>\u003Ctd>R$ 0.698\u003C\u002Ftd>\u003Ctd>R$ 30,597,747\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Inflation Adjustment\u003C\u002Ftd>\u003Ctd>R$ 277,977\u003C\u002Ftd>\u003Ctd>R$ 333,533\u003C\u002Ftd>\u003Ctd>R$ 133,758\u003C\u002Ftd>\u003Ctd>R$ 0.032\u003C\u002Ftd>\u003Ctd>R$ 3,990,620\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII Income\u003C\u002Ftd>\u003Ctd>R$ 652,808\u003C\u002Ftd>\u003Ctd>R$ 373,547\u003C\u002Ftd>\u003Ctd>R$ 452,693\u003C\u002Ftd>\u003Ctd>R$ 0.108\u003C\u002Ftd>\u003Ctd>R$ 8,118,357\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Repo Operations\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Other Revenue\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>R$ 12,582\u003C\u002Ftd>\u003Ctd>R$ 0.003\u003C\u002Ftd>\u003Ctd>-R$ 18,937\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CASH EXPENSES\u003C\u002Ftd>\u003Ctd>-R$ 360,873\u003C\u002Ftd>\u003Ctd>-R$ 199,446\u003C\u002Ftd>\u003Ctd>-R$ 484,994\u003C\u002Ftd>\u003Ctd>-R$ 0.115\u003C\u002Ftd>\u003Ctd>-R$ 7,154,335\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Administration Fee\u003C\u002Ftd>\u003Ctd>-R$ 259,367\u003C\u002Ftd>\u003Ctd>-R$ 121,430\u003C\u002Ftd>\u003Ctd>-R$ 258,494\u003C\u002Ftd>\u003Ctd>-R$ 0.062\u003C\u002Ftd>\u003Ctd>-R$ 2,921,082\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Income Tax Expenses\u003C\u002Ftd>\u003Ctd>-R$ 60,396\u003C\u002Ftd>\u003Ctd>-R$ 57,112\u003C\u002Ftd>\u003Ctd>-R$ 66,222\u003C\u002Ftd>\u003Ctd>-R$ 0.016\u003C\u002Ftd>\u003Ctd>-R$ 762,405\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Leverage Costs\u003C\u002Ftd>\u003Ctd>R$ 0\u003C\u002Ftd>\u003Ctd>R$ 0\u003C\u002Ftd>\u003Ctd>-R$ 52,379\u003C\u002Ftd>\u003Ctd>-R$ 0.012\u003C\u002Ftd>\u003Ctd>-R$ 2,582,101\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Other Expenses\u003C\u002Ftd>\u003Ctd>-R$ 41,110\u003C\u002Ftd>\u003Ctd>-R$ 20,903\u003C\u002Ftd>\u003Ctd>-R$ 107,899\u003C\u002Ftd>\u003Ctd>-R$ 0.026\u003C\u002Ftd>\u003Ctd>-R$ 888,747\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>RESULT FOR THE PERIOD\u003C\u002Ftd>\u003Ctd>R$ 3,143,400\u003C\u002Ftd>\u003Ctd>R$ 5,746,672\u003C\u002Ftd>\u003Ctd>R$ 3,309,461\u003C\u002Ftd>\u003Ctd>R$ 0.788\u003C\u002Ftd>\u003Ctd>R$ 50,518,385\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Prior Retained Earnings\u003C\u002Ftd>\u003Ctd>R$ 1,458,529\u003C\u002Ftd>\u003Ctd>R$ 401,930\u003C\u002Ftd>\u003Ctd>R$ 1,948,602\u003C\u002Ftd>\u003Ctd>R$ 0.464\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FINAL RESULT\u003C\u002Ftd>\u003Ctd>R$ 4,601,930\u003C\u002Ftd>\u003Ctd>R$ 6,148,602\u003C\u002Ftd>\u003Ctd>R$ 5,258,063\u003C\u002Ftd>\u003Ctd>R$ 1.252\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Number of Units\u003C\u002Ftd>\u003Ctd>4,200,000\u003C\u002Ftd>\u003Ctd>4,200,000\u003C\u002Ftd>\u003Ctd>4,200,000\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>DISTRIBUTION\u003C\u002Ftd>\u003Ctd>R$ 4,200,000\u003C\u002Ftd>\u003Ctd>R$ 4,200,000\u003C\u002Ftd>\u003Ctd>R$ 4,200,000\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Distribution (R$\u002FUnit)\u003C\u002Ftd>\u003Ctd>R$ 1.00\u003C\u002Ftd>\u003Ctd>R$ 1.00\u003C\u002Ftd>\u003Ctd>R$ 1.00\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Accum. Result (R$\u002FUnit)\u003C\u002Ftd>\u003Ctd>R$ 0.096\u003C\u002Ftd>\u003Ctd>R$ 0.464\u003C\u002Ftd>\u003Ctd>R$ 0.252\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>TRADING, LIQUIDITY & YIELDS\u003C\u002Fh3>\u003Cp>\u003C\u002Fp>\u003Cp>\u003Cb> R$ 7.09 MM \u003C\u002Fb>\u003C\u002Fp>\u003Cp>Monthly Volume\u003C\u002Fp>\u003Cp>\u003Cb> 338k \u003C\u002Fb>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_13_Picture_5.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cb> 34,004 \u003C\u002Fb>\u003C\u002Fp>\u003Cp>Unitholders\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_13_Picture_7.jpeg\">\u003C\u002Fp>\u003Cp>Daily Average\u003C\u002Fp>\u003Cp>\u003Cb> R$ 83 \u003C\u002Fb>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_13_Picture_10.jpeg\">\u003C\u002Fp>\u003Cp>Market Price\u003C\u002Fp>\u003Cp>\u003Cb> $ R$ 96.06 \u003C\u002Fb>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_13_Picture_13.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cb> \u003Csup> P \u003C\u002Fsup> 0.86x \u003C\u002Fb>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_13_Picture_15.jpeg\">\u003C\u002Fp>\u003Cp>P\u002FVP\u003C\u002Fp>\u003Cp>\u003Cb> R$ 1.00 \u003C\u002Fb>\u003C\u002Fp>\u003Cp>Distribution\u002FUnit\u003C\u002Fp>\u003Cp>September 2026 distribution\u003C\u002Fp>\u003Cp>\u003Cb> 15.55% \u003C\u002Fb>\u003C\u002Fp>\u003Cp>NAV per Unit\u003C\u002Fp>\u003Cp>Annualized DY\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Cp>\u003Cb> 14.54% \u003C\u002Fb>\u003C\u002Fp>\u003Cp>12-Month DY\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Ch4>\u003Cb> DISTRIBUTION HISTORY \u003C\u002Fb>\u003C\u002Fh4>\u003Cp>Active management of real-estate CRIs and portfolio diversification underpin consistency in distributions and value\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_13_Figure_28.jpeg\">\u003C\u002Fp>\u003Ch3>ASSET MONITORING\u003C\u002Fh3>\u003Ch4>\u003Cb> CONSTRUCTION PHYSICAL PROGRESS \u003C\u002Fb>\u003C\u002Fh4>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_14_Figure_3.jpeg\">\u003C\u002Fp>\u003Ch4>\u003Cb> RECEIVABLES PORTFOLIO DELINQUENCY \u003C\u002Fb>\u003C\u002Fh4>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_14_Figure_5.jpeg\">\u003C\u002Fp>\u003Ch3>\u003Cb> PORTFOLIO SALES LEVEL \u003C\u002Fb>\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_14_Figure_7.jpeg\">\u003C\u002Fp>\u003Ch3>ASSET MONITORING\u003C\u002Fh3>\u003Ch4>\u003Cb> PORTFOLIO AT PV & INVENTORY \u003C\u002Fb>\u003C\u002Fh4>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_15_Figure_3.jpeg\">\u003C\u002Fp>\u003Ch4>\u003Cb> GUARANTEE RATIO STATUS \u003C\u002Fb>\u003C\u002Fh4>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_15_Figure_5.jpeg\">\u003C\u002Fp>\u003Ch4>MAXIMUM RECEIVABLES PORTFOLIO CONCENTRATION\u003C\u002Fh4>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_15_Figure_7.jpeg\">\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Ch3>ASSET DETAIL\u003C\u002Fh3>\u003Ch3>Detail of portfolio\u002Frepo transactions (>0.5% of NAV)\u003C\u002Fh3>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>Debtor \u002F Asset\u003C\u002Fth>\u003Cth>UF\u003C\u002Fth>\u003Cth>Description\u003C\u002Fth>\u003Cth>Collateral*\u003C\u002Fth>\u003Cth>Maturity\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI MZM\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>Residential development in São Bernardo do Campo. Multiple series (I-V). IPCA +\u003Cbr>12.95%. Construction in final phase.\u003C\u002Ftd>\u003Ctd>AF, CF & FR\u003C\u002Ftd>\u003Ctd>Jun\u002F26\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Supreme Garden\u003C\u002Ftd>\u003Ctd>SC\u003C\u002Ftd>\u003Ctd>Development in Itajaí. IPCA + 10.50%. Construction 93% complete, 74% sold.\u003C\u002Ftd>\u003Ctd>AF, CF & FR\u003C\u002Ftd>\u003Ctd>Jun\u002F26\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI BIT\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>Development in Barueri. CDI + 5.50%. Series I-IV. Construction 66%, sales 75%.\u003C\u002Ftd>\u003Ctd>AF, CF & FR\u003C\u002Ftd>\u003Ctd>Jul\u002F26\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Gafisa Sorocaba\u003C\u002Ftd>\u003Ctd>RJ\u003C\u002Ftd>\u003Ctd>Gafisa WE development. CDI + 6.00%. Construction 87%, sales 92%.\u003C\u002Ftd>\u003Ctd>AF, CF & FR\u003C\u002Ftd>\u003Ctd>Sep\u002F26\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI LATAM\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>Aviation – Maintenance center in Guarulhos. IPCA + 5.73%. Atypical BTS (built-to\u003Cbr>suit).\u003C\u002Ftd>\u003Ctd>AF & CF\u003C\u002Ftd>\u003Ctd>Aug\u002F32\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI GS Souto\u003C\u002Ftd>\u003Ctd>MG\u003C\u002Ftd>\u003Ctd>Energy – Distributed-generation small hydro plants (CGHs). IPCA + 11.00%.\u003Cbr>Prepayment expected.\u003C\u002Ftd>\u003Ctd>AF & CF\u003C\u002Ftd>\u003Ctd>Apr\u002F26\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI MRV Flex XIV\u003C\u002Ftd>\u003Ctd>Div.\u003C\u002Ftd>\u003Ctd>Pulverized senior – Assignment of a performing MRV receivables portfolio. IPCA +\u003Cbr>10.85%.\u003C\u002Ftd>\u003Ctd>AF, CF, FR &\u003Cbr>Aval\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI MRV I\u003C\u002Ftd>\u003Ctd>Div.\u003C\u002Ftd>\u003Ctd>MRV corporate. IPCA + 6.50%. Backed by debentures.\u003C\u002Ftd>\u003Ctd>Clean\u003C\u002Ftd>\u003Ctd>Feb\u002F29\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI RDR Itu\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>Development in Itu. IPCA + 12.00%. Construction 100%. Under recovery.\u003C\u002Ftd>\u003Ctd>AF\u003C\u002Ftd>\u003Ctd>Matured\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI OPY Health\u003C\u002Ftd>\u003Ctd>MG\u003C\u002Ftd>\u003Ctd>Healthcare – ONM Health (Opy). IPCA + 10.50%. Hospital PPPs (public-private\u003Cbr>partnerships).\u003C\u002Ftd>\u003Ctd>AF & CF\u003C\u002Ftd>\u003Ctd>Aug\u002F31\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Itabira\u003C\u002Ftd>\u003Ctd>MG\u003C\u002Ftd>\u003Ctd>Energy – UFV Itabira (solar PV plant). IPCA + 11.00%. Operational.\u003C\u002Ftd>\u003Ctd>AF & CF\u003C\u002Ftd>\u003Ctd>Dec\u002F38\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Ceratti Magna\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>Logistics warehouse in Vinhedo. IPCA + 8.50%. Magna and Ceratti contracts.\u003C\u002Ftd>\u003Ctd>AF, CF & FR\u003C\u002Ftd>\u003Ctd>May\u002F27\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI AXS III\u003C\u002Ftd>\u003Ctd>Div.\u003C\u002Ftd>\u003Ctd>Energy – AXS EnergyTech. IPCA + 11.00%. Series III.\u003C\u002Ftd>\u003Ctd>AF & FR\u003C\u002Ftd>\u003Ctd>Jul\u002F30\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI MRV II\u003C\u002Ftd>\u003Ctd>Div.\u003C\u002Ftd>\u003Ctd>MRV corporate. IPCA + 6.50%. 2nd series, debentures.\u003C\u002Ftd>\u003Ctd>Clean\u003C\u002Ftd>\u003Ctd>Feb\u002F29\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Comporte\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>Corporate – São Paulo transport. CDI + 3.50%\u003C\u002Ftd>\u003Ctd>AF & FR\u003C\u002Ftd>\u003Ctd>Sep\u002F30\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Copagril\u003C\u002Ftd>\u003Ctd>PR\u003C\u002Ftd>\u003Ctd>Corporate – Agribusiness cooperative. IPCA + 6.50%\u003C\u002Ftd>\u003Ctd>AF & FR\u003C\u002Ftd>\u003Ctd>Jun\u002F31\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Pesa\u002FAIZ\u003C\u002Ftd>\u003Ctd>PR\u003C\u002Ftd>\u003Ctd>Corporate – Heavy machinery. IPCA + 5.5% and 7.0%. Under recovery.\u003C\u002Ftd>\u003Ctd>AF, CF & FR\u003C\u002Ftd>\u003Ctd>Dec\u002F37\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Conceito\u003C\u002Ftd>\u003Ctd>MA\u003C\u002Ftd>\u003Ctd>Pulverized – Development in São José do Ribamar\u002FMA. CDI + 6.50%.\u003C\u002Ftd>\u003Ctd>AF, CF & FR\u003C\u002Ftd>\u003Ctd>Oct\u002F29\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI GF6\u003C\u002Ftd>\u003Ctd>MA\u003C\u002Ftd>\u003Ctd>Pulverized – Land subdivision portfolio in Imperatriz\u002FMA. IPCA + 15.00%.\u003C\u002Ftd>\u003Ctd>AF, CF & FR\u003C\u002Ftd>\u003Ctd>Aug\u002F33\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Mahalo\u003C\u002Ftd>\u003Ctd>ES\u003C\u002Ftd>\u003Ctd>Pulverized – Development in Vila Velha\u002FES. CDI + 6.00%.\u003C\u002Ftd>\u003Ctd>AF, CF & FR\u003C\u002Ftd>\u003Ctd>May\u002F30\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Oliveira\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>Corporate, backed by a development in Sorocaba\u002FSP. IPCA + 12.68%.\u003C\u002Ftd>\u003Ctd>AF, CF & FR\u003C\u002Ftd>\u003Ctd>May\u002F30\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Wimo IV\u003C\u002Ftd>\u003Ctd>Div.\u003C\u002Ftd>\u003Ctd>Pulverized – Senior home equity. IPCA + 8.00%.\u003C\u002Ftd>\u003Ctd>AF, CF & FR\u003C\u002Ftd>\u003Ctd>Jan\u002F37\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI LocPay\u003C\u002Ftd>\u003Ctd>Div.\u003C\u002Ftd>\u003Ctd>Pulverized senior – Assignment of rents. Fixed rate of 23.87% p.a.\u003C\u002Ftd>\u003Ctd>CF & FR\u003C\u002Ftd>\u003Ctd>Jul\u002F31\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Mitre 2025\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>Corporate – Upper-middle-income developer in São Paulo\u002FSP.\u003C\u002Ftd>\u003Ctd>Clean\u003C\u002Ftd>\u003Ctd>Dec\u002F29\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Esatas\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>Contractual – Lease receivables, Campinas\u002FSP airport. IGPM + 8.0%.\u003C\u002Ftd>\u003Ctd>AF, CF & FR\u003C\u002Ftd>\u003Ctd>Apr\u002F36\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Rede Duque\u003C\u002Ftd>\u003Ctd>SP\u003C\u002Ftd>\u003Ctd>Corporate – Receivables from BR gas stations in SP. IPCA + 8.20%.\u003C\u002Ftd>\u003Ctd>AF, CF & FR\u003C\u002Ftd>\u003Ctd>Sep\u002F33\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Arpoador\u003C\u002Ftd>\u003Ctd>ES\u003C\u002Ftd>\u003Ctd>Pulverized – Development in Vila Velha\u002FES. CDI + 6.00%.\u003C\u002Ftd>\u003Ctd>AF, CF & FR\u003C\u002Ftd>\u003Ctd>Jan\u002F28\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Vanguarda\u003C\u002Ftd>\u003Ctd>PI\u003C\u002Ftd>\u003Ctd>Pulverized – Development in Teresina\u002FPI. INCC + 11%. Under recovery.\u003C\u002Ftd>\u003Ctd>AF, CF & FR\u003C\u002Ftd>\u003Ctd>Matured\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Real Estate Fund\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TGAR11\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>Hybrid FII TG Auro. Annualized DY 14.38%.\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>SNME11\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>Hybrid FII managed by Suno Asset. Annualized DY 14.14%.\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>INOI\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>FII of logistics warehouses in Paraná, managed by Inter Asset.\u003C\u002Ftd>\u003Ctd>Subord.\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>VRTM11\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>Multi-strategy FII managed by Fator.\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>RECD11\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>Receivables FII managed by Real Estate Capital.\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>AGTs OF THE MONTH\u003C\u002Fh3>\u003Cp>\u003C\u002Fp>\u003Ctable>\u003Ctbody>\u003Ctr>\u003Cth>Asset\u003C\u002Fth>\u003Cth>Date\u003C\u002Fth>\u003Cth>Agenda\u003C\u002Fth>\u003Cth>Resolution\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI\u003Cbr>Arpoador\u003C\u002Fth>\u003Cth>September\u003Cbr>17, 2026\u003C\u002Fth>\u003Cth>(i) Temporary amendment to the Payment Waterfall (clause 4.11 of the Securitization Term, \"TS\"),\u003Cbr>exclusively on the Payment Dates of September 21, 2026, October 20, 2026, November 20, 2026 and\u003Cbr>December 21, 2026 set out in Annex VIII, to release on an extraordinary basis to the Debtor the surplus of\u003Cbr>the Real Estate Receivables in the Segregated Estate Account, calculated after full compliance with\u003Cbr>items (a) to (e) of the Waterfall and before the Compulsory Amortization or Compulsory Early\u003Cbr>Redemption, up to: (a) R$ 241,000.00 on September 21, 2026 and (b) R$ 201,000.00 on October 20, 2026,\u003Cbr>both in addition to the R$ 200,000.00 already approved at the Extraordinary Meeting (AEI) of April 29,\u003Cbr>2026 (totals of up to R$ 441,000.00 and R$ 401,000.00); (c) R$ 228,000.00 on November 20, 2026; and (d)\u003Cbr>R$ 248,000.00 on December 21, 2026.\u003Cbr>(ii) Cumulative conditions per Payment Date: there must be a surplus after items (a) to (e) of the\u003Cbr>Waterfall and the Coverage Ratio must be maintained at 180% or more, including after the effects of the\u003Cbr>release (clause 8.4.2 of the TS).\u003Cbr>(iii) The amount released is the lowest of the limit in sub-items (a) to (d), the available surplus and the\u003Cbr>amount that keeps the Coverage Ratio at no less than 180%.\u003Cbr>(iv) If the Coverage Ratio is calculated below 180%, or if the release would reduce it below that level, no\u003Cbr>release takes place until compliance is restored.\u003Cbr>(v) Without prejudice to this special condition, non-compliance with the minimum Coverage Ratio\u003Cbr>under the Transaction Documents follows the cure procedures of clause 7.1 (iii) of the TS.\u003Cbr>(vi) After each release, the remaining funds go to the Compulsory Early Amortization and\u002For Compulsory\u003Cbr>Early Redemption, according to the subsequent items of the Waterfall.\u003Cbr>(vii) After the Payment Date of December 21, 2026, the Waterfall is again fully observed as worded in\u003Cbr>clause 4.11 of the TS.\u003C\u002Fth>\u003Cth>In favor of all.\u003Cbr>The extraordinary release is capped per\u003Cbr>payment date, conditional on a Coverage\u003Cbr>Ratio of at least 180%, and reverts after\u003Cbr>December 21, 2026, preserving the\u003Cbr>protection of the Segregated Estate.\u003C\u002Fth>\u003C\u002Ftr>\u003Ctr>\u003Cth>CRI Gafisa\u003C\u002Fth>\u003Cth>September\u003Cbr>22, 2026\u003C\u002Fth>\u003Cth>(i) No declaration of the Non-Automatic Acceleration of the Real Estate Receivables or of the\u003Cbr>consequent redemption of the CRIs (clauses 11.3 and 17.2 (vi) of the Securitization Term, \"TS\"), in view of\u003Cbr>the event in clause 10.2 (xxv) of the Commercial Notes Issuance Instrument (\"TE\") — declaration of\u003Cbr>acceleration, by the Issuer, of contracts or obligations in the local or international market in an individual\u003Cbr>or aggregate amount equal to or greater than R$ 1,000,000.00, or aggregate amount greater than\u003Cbr>R$ 2,000,000.00 —, characterized by the Material Fact published on September 2, 2026 by Riza\u003Cbr>Securitizadora, which reported the automatic acceleration of Bank Credit Note (CCB) No. 51500044-2 for\u003Cbr>real estate financing, under the CRIs of the 250th and 502nd Series of the 4th Issuance.\u003Cbr>(ii) Prior consent waiving the effects of the Automatic Acceleration of the Real Estate Receivables for\u003Cbr>failure to meet a monetary obligation (clauses 10.2 (viii) and 8.1.5 of the TE and 11.1 (i) and 11.4 of the TS),\u003Cbr>authorizing the transfer of funds from the Reserve Fund to the Construction Fund, with an additional\u003Cbr>period of 90 calendar days from September 22, 2026, ending on December 21, 2026, for the Debtor to\u003Cbr>replenish the Reserve Fund (clauses 8.1.5 of the TE and 9.1.4 of the TS).\u003C\u002Fth>\u003Cth>In favor of all.\u003Cbr>The cross-default arises from a third-party\u003Cbr>transaction and does not affect this\u003Cbr>project's performance; the transfer to the\u003Cbr>Construction Fund keeps the construction\u003Cbr>schedule, with a short replenishment\u003Cbr>period.\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>SUNO ASSET FUNDS\u003C\u002Fh3>\u003Cp>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_18_Picture_2.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_18_Picture_3.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_18_Picture_4.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_18_Picture_5.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_18_Picture_6.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_18_Picture_7.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_18_Picture_8.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_18_Picture_9.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_18_Picture_10.jpeg\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_18_Picture_11.jpeg\">\u003C\u002Fp>\u003Ch3>LEARN MORE\u003C\u002Fh3>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_18_Picture_13.jpeg\">\u003C\u002Fp>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"Figura do documento\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F22170\u002F_page_18_Picture_16.jpeg\">\u003C\u002Fp>\u003Ch3>FAQ\u003C\u002Fh3>\u003Ch3>\u003Cb> What is SNCI11? \u003C\u002Fb>\u003C\u002Fh3>\u003Cp>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.\u003C\u002Fp>\u003Ch4>\u003Cb> What is the fund's objective? \u003C\u002Fb>\u003C\u002Fh4>\u003Cp>To generate predictable, low-volatility monthly income, with diversified investments in CRIs residential development, land subdivisions, energy and corporate credit.\u003C\u002Fp>\u003Ch3>\u003Cb> Are distributions taxed? \u003C\u002Fb>\u003C\u002Fh3>\u003Cp>For individuals, distributions are exempt from Brazilian income tax, under FII legislation (Law No. 8,668\u002F1993).\u003C\u002Fp>\u003Ch4>\u003Cb> What is the risk profile? \u003C\u002Fb>\u003C\u002Fh4>\u003Cp>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.\u003C\u002Fp>\u003Ch3>\u003Cb> Where are official reports available? \u003C\u002Fb>\u003C\u002Fh3>\u003Cp>At suno.com.br\u002Fasset\u002Ffundos\u002Fsnci11\u003C\u002Fp>\u003Ch3>\u003Cb> Where does the fund invest? \u003C\u002Fb>\u003C\u002Fh3>\u003Cp>Mainly in CRIs (≈60% IPCA, ≈20% CDI), FIIs (≈17%), repos and cash, diversifying across development, energy and healthcare.\u003C\u002Fp>\u003Ch3>\u003Cb> Are the units liquid? \u003C\u002Fb>\u003C\u002Fh3>\u003Cp>Yes. Traded on B3 (SNCI11), with average volume of R$ 0.34 MM\u002Fday and more than 34.0 thousand unitholders.\u003C\u002Fp>\u003Ch3>\u003Cb> How do distributions work? \u003C\u002Fb>\u003C\u002Fh3>\u003Cp>Monthly payments. In September 2026: R$ 1.00\u002Funit, annualized DY of 14.54%. Guidance: R$ 1.00 to R$ 1.10 in 4Q26.\u003C\u002Fp>\u003Ch4>\u003Cb> What does P\u002FVP mean? \u003C\u002Fb>\u003C\u002Fh4>\u003Cp>Market price \u002F net asset value. SNCI11 trades at 0.86x, a ~14% discount to NAV.\u003C\u002Fp>\u003Ch4>\u003Cb> How are the assets managed? \u003C\u002Fb>\u003C\u002Fh4>\u003Cp>Active origination in the real estate market, rigorous credit analysis and continuous monitoring of real collateral and construction.\u003C\u002Fp>\u003Ch3>NOTICE \u002F \u003Ci> DISCLAIMER \u003C\u002Fi>\u003C\u002Fh3>\u003Cp>\u003C\u002Fp>\u003Cp>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.\u003C\u002Fp>\u003Cp>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.\u003C\u002Fp>\u003Cp>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.\u003C\u002Fp>\u003Cp>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.\u003C\u002Fp>\u003Cp>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.\u003C\u002Fp>\u003Cp>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.\u003C\u002Fp>\u003Cp>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:\u002F\u002Fwww.suno.com.br\u002Fasset\u002Ffundos\u002Fsnci11.\u003C\u002Fp>\u003Cp>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.\u003C\u002Fp>\u003Ch3>GLOSSARY\u003C\u002Fh3>\u003Cp>\u003C\u002Fp>\u003Cp>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.\u003C\u002Fp>\u003Cp>\u003Cb> FII: \u003C\u002Fb> 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.\u003C\u002Fp>\u003Cp>\u003Cb> CRI: \u003C\u002Fb> Certificado de Recebíveis Imobiliários – real-estate receivable certificate; a securitized fixed-income instrument backed by propertyrelated credits, issued by a securitization company.\u003C\u002Fp>\u003Cp>\u003Cb> CCB \u002F Commercial Note (NC): \u003C\u002Fb> Cédula de Crédito Bancário (bank credit note) and Nota Comercial – debt instruments commonly used as the underlying credit of a CRI.\u003C\u002Fp>\u003Cp>\u003Cb> Securitization company (securitizadora) \u002F Securitization Term: \u003C\u002Fb> the CRI issuer and the deed (Termo de Securitização) that governs each issuance, its series, payment waterfall and covenants.\u003C\u002Fp>\u003Cp>\u003Cb> Segregated Estate (patrimônio separado): \u003C\u002Fb> the ring-fenced pool of assets and obligations of a given CRI issuance, insulated from the issuer's other deals.\u003C\u002Fp>\u003Cp>\u003Cb> Senior \u002F subordinated series: \u003C\u002Fb> CRI tranches with different payment priority; subordinated series absorb losses before senior series.\u003C\u002Fp>\u003Cp>\u003Cb> AGT: \u003C\u002Fb> Assembleia Geral de Titulares – general meeting of CRI holders, where waivers, restructurings and other deal resolutions are voted.\u003C\u002Fp>\u003Cp>\u003Cb> Administrator \u002F Manager: \u003C\u002Fb> 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.\u003C\u002Fp>\u003Cp>\u003Cb> IPCA: \u003C\u002Fb> Brazil's official consumer-price inflation index (IBGE).\u003C\u002Fp>\u003Cp>\u003Cb> IGP-M (IGPM): \u003C\u002Fb> general market price index (FGV), widely used to adjust rents and contracts.\u003C\u002Fp>\u003Cp>\u003Cb> INCC: \u003C\u002Fb> national construction-cost index, used to adjust contracts for properties under construction.\u003C\u002Fp>\u003Cp>\u003Cb> CDI \u002F DI Rate: \u003C\u002Fb> Brazilian interbank deposit rate; the main floating-rate benchmark, closely tracking the Selic.\u003C\u002Fp>\u003Cp>\u003Cb> Selic \u002F Copom: \u003C\u002Fb> the Central Bank of Brazil's policy interest rate, set by its Monetary Policy Committee (Copom).\u003C\u002Fp>\u003Cp>\u003Cb> Fixed-rate (pré \u002F prefixado): \u003C\u002Fb> remuneration set as a fixed annual rate, not linked to an index.\u003C\u002Fp>\u003Cp>\u003Cb> B3 \u002F CETIP code: \u003C\u002Fb> B3 S.A. – Brasil, Bolsa, Balcão is the Brazilian exchange; the CETIP code identifies a security registered in B3's OTC registry.\u003C\u002Fp>\u003Cp>\u003Cb> IFIX: \u003C\u002Fb> B3's benchmark index of listed Brazilian real-estate funds.\u003C\u002Fp>\u003Cp>\u003Cb> Paper FIIs (FIIs de papel): \u003C\u002Fb> FIIs that invest mainly in real-estate credit (CRIs), as opposed to physical property.\u003C\u002Fp>\u003Cp>\u003Cb> NAV \u002F PL: \u003C\u002Fb> 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.\u003C\u002Fp>\u003Cp>\u003Cb> P\u002FVP: \u003C\u002Fb> price-to-NAV: the unit's market price divided by its NAV per unit.\u003C\u002Fp>\u003Cp>\u003Cb> DY (dividend yield): \u003C\u002Fb> distributions divided by the unit's market price, annualized or over the last 12 months.\u003C\u002Fp>\u003Cp>\u003Cb> Yield MTM \u002F HTM: \u003C\u002Fb> MTM: yield implied by the asset's market marking; HTM: contractual (hold-to-maturity) rate at acquisition.\u003C\u002Fp>\u003Cp>\u003Cb> LTV: \u003C\u002Fb> loan-to-value: outstanding credit divided by the appraised value of the collateral.\u003C\u002Fp>\u003Cp>\u003Cb> Guarantee Ratio (GR \u002F Razão de Garantia): \u003C\u002Fb> collateral (receivables and inventory) over the outstanding balance of a CRI, tested against a contractual minimum.\u003C\u002Fp>\u003Cp>\u003Cb> AF \u002F CF \u002F FR \u002F Aval: \u003C\u002Fb> 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.\u003C\u002Fp>\u003Cp>\u003Cb> Profile: Contr. \u002F Pulv. \u002F Corp.: \u003C\u002Fb> contractual (credit backed by a specific lease or contract), pulverized (granular pool of many individual buyers' receivables) and corporate (credit risk of a company).\u003C\u002Fp>\u003Cp>\u003Cb> Development (incorporação) \u002F Land subdivision (loteamento): \u003C\u002Fb> real-estate development of units for sale; subdivision of land into lots sold in installments.\u003C\u002Fp>\u003Cp>\u003Cb> Occupancy permit (Habite-se): \u003C\u002Fb> municipal certificate that a building is complete and fit for occupancy.\u003C\u002Fp>\u003Cp>\u003Cb> Onlending (repasse): \u003C\u002Fb> transfer of buyers' balances to bank mortgage financing after completion, which repays the development credit.\u003C\u002Fp>\u003Cp>\u003Cb> Repo (operação compromissada): \u003C\u002Fb> repurchase agreement; short-term secured funding (passive repo) or lending (active repo) backed by securities.\u003C\u002Fp>\u003Cp>\u003Cb> Acceleration \u002F mandatory redemption: \u003C\u002Fb> vencimento antecipado (early maturity of the debt upon default) and resgate compulsório (compulsory early redemption of the CRI).\u003C\u002Fp>\u003Cp>\u003Cb> Novation \u002F debt acknowledgment \u002F dation in payment: \u003C\u002Fb> 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).\u003C\u002Fp>\u003Cp>\u003Cb> UF \u002F Div.: \u003C\u002Fb> Brazilian state (unidade federativa), e.g., SP = São Paulo; Div. = diversified across states.\u003C\u002Fp>\u003Cp>\u003Cb> 3Q26 \u002F 4Q26 \u002F 2H25: \u003C\u002Fb> third \u002F fourth quarter of 2026 \u002F second half of 2025. R$ MM (or mm): millions of Brazilian reais.\u003C\u002Fp>\u003Cp>\u003Cb> FGC: \u003C\u002Fb> Fundo Garantidor de Créditos – Brazil's deposit guarantee fund; it does NOT cover investment funds.\u003C\u002Fp>","https:\u002F\u002Fwww.kartac.com.br\u002Fapi\u002Ffiis\u002FSNCI11\u002Fdocumentos\u002F22170\u002Fpdf",false,"https:\u002F\u002Ffnet.bmfbovespa.com.br\u002Ffnet\u002Fpublico\u002FdownloadDocumento?id=1359086","2026-09-30","2026-10-26 20:25:00",1,{"title":17,"description":18,"canonical":19,"image":20,"json_ld":21,"nome":46,"resumo":88},"Relatório gerencial em inglês SNCI11 de setembro de 2026 | Kartac","Relatório gerencial em inglês de setembro de 2026 do SNCI11, entrega em 26\u002F10\u002F2026. DY 12 meses de 13,75% e P\u002FVP 0,83 em 04\u002F11\u002F2026.","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FSNCI11\u002Fdocumentos\u002F22170","https:\u002F\u002Fwww.kartac.com.br\u002Fimages\u002Fog.png",{"@context":22,"@graph":23},"https:\u002F\u002Fschema.org",[24,30,35,44,59,74],{"@type":25,"@id":26,"name":27,"url":28,"logo":29},"Organization","https:\u002F\u002Fwww.kartac.com.br\u002F#organizacao","Kartac","https:\u002F\u002Fwww.kartac.com.br\u002F","https:\u002F\u002Fwww.kartac.com.br\u002Fandroid-chrome-512x512.png",{"@type":31,"@id":32,"name":27,"url":28,"inLanguage":33,"publisher":34},"WebSite","https:\u002F\u002Fwww.kartac.com.br\u002F#site","pt-BR",{"@id":26},{"@type":36,"@id":37,"url":19,"name":17,"description":18,"inLanguage":33,"isPartOf":38,"dateModified":39,"mainEntity":40,"breadcrumb":42},"WebPage","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FSNCI11\u002Fdocumentos\u002F22170#pagina",{"@id":32},"2026-10-27",{"@id":41},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FSNCI11\u002Fdocumentos\u002F22170#documento",{"@id":43},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FSNCI11\u002Fdocumentos\u002F22170#migalhas",{"@type":45,"@id":41,"name":46,"alternateName":5,"url":19,"inLanguage":33,"about":47,"genre":7,"datePublished":49,"temporalCoverage":50,"author":51,"publisher":57,"isBasedOn":12},"Report","Relatório gerencial em inglês SNCI11 de setembro de 2026",{"@id":48},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FSNCI11#fundo","2026-10-26","2026-09",{"@type":25,"name":52,"identifier":53},"SUNO GESTORA DE RECURSOS LTDA",{"@type":54,"propertyID":55,"value":56},"PropertyValue","CNPJ","11.304.223\u002F0001-69",{"@type":25,"name":58},"BTG PACTUAL SERVICOS FINANCEIROS S.A. DISTRIBUIDOR",{"@type":60,"@id":48,"name":61,"alternateName":62,"url":65,"category":66,"identifier":67,"provider":72},"InvestmentFund","Suno Recebíveis Imobiliários",[63,64],"SNCI11","SUNO RECEBÍVEIS IMOBILIÁRIOS FUNDO DE INVESTIMENTO IMOBILIÁRIO RESPONSABILIDADE LIMITADA","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FSNCI11","Papel",[68,70],{"@type":54,"propertyID":69,"value":63},"Ticker B3",{"@type":54,"propertyID":55,"value":71},"41.076.710\u002F0001-82",{"@type":25,"name":52,"identifier":73},{"@type":54,"propertyID":55,"value":56},{"@type":75,"@id":43,"itemListElement":76},"BreadcrumbList",[77,80,84,86],{"@type":78,"position":15,"name":79,"item":28},"ListItem","Início",{"@type":78,"position":81,"name":82,"item":83},2,"FIIs","https:\u002F\u002Fwww.kartac.com.br\u002Franking",{"@type":78,"position":85,"name":63,"item":65},3,{"@type":78,"position":87,"name":5,"item":19},4,{"atualizado_em":89,"frases":90},"2026-11-05",[91,92,93,94,95],"Relatório gerencial em inglês do Suno Recebíveis Imobiliários (SNCI11), fundo imobiliário de papel, referente a setembro de 2026, com entrega no FundosNet (B3) em 26\u002F10\u002F2026.","No pregão de 04\u002F11\u002F2026, a cota do SNCI11 fechou a R$ 80,00, com P\u002FVP de 0,83 (valor patrimonial de R$ 96,06 por cota no informe mensal de setembro de 2026).","O último rendimento foi de R$ 1,00 por cota, com pagamento em out\u002F2026, e o dividend yield dos últimos 12 meses é de 13,75% sobre a cotação de 04\u002F11\u002F2026.","O patrimônio líquido era de R$ 403,5 milhões no informe mensal de setembro de 2026.","Os indicadores são os mais recentes da base do Kartac, não os do período do documento.",{"id":97,"empresa":98,"gestor":102,"cotacoes":108,"patrimonio":221,"vpa":222,"p_vpa":223,"tipo_gestao":224,"mandato":225,"segmento":226,"categoria":66,"grupo":66,"preco_atual":219,"cotacao_atualizada_em":227,"ultima_variacao_cotacao_24h":228,"variacao_cotacao_7d":229,"variacao_cotacao_1m":230,"variacao_cotacao_3m":231,"variacao_cotacao_6m":232,"variacao_cotacao_12m":233,"vacancia_fisica":225,"liquidez_atual":234,"ultimo_dividendo":235,"ultimo_dividend_yield":236,"mes_pagamento_ultimo_dividendo":237,"dividend_yield_3m":238,"dividend_yield_6m":239,"dividend_yield_12m":240,"dividend_yield_medio_12m":241,"qtd_dividendos_pagos_ano_passado":242,"data_ultima_cotacao":217,"pregoes_com_negocio_21":243,"alertas":244,"updated_at":245,"liquidez_media_reais":246,"administrador":58,"taxa_administracao_paga":225,"balanco":247,"resultado_distribuido":254,"publico_alvo":259,"mercados_negociacao_cotas":260,"data_funcionamento":262,"data_final":225,"quantidade_cotas":263,"quantidade_cotistas":264,"detalhes_cotistas":265,"total_investido":268,"investimentos_fundo":269,"imoveis":272,"contratos":225,"custodiante":274,"auditor_independente":281,"formador_mercado":225,"distribuidor_cotas":225,"consultor_especializado":225,"administrador_locacoes":225,"relatorio_anual":288,"analise_administrador":291},804,{"nome":64,"nome_simplificado":99,"nome_comercial":61,"ticker":63,"nome_ticker":100,"nome_pregao":101,"cnpj":71},"SUNO RECEBÍVEIS IMOBILIÁRIOS  RESPONSABILIDADE LIMITADA","SNCI11 - SUNO RECEBÍVEIS IMOBILIÁRIOS FUNDO DE INVESTIMENTO IMOBILIÁRIO RESPONSABILIDADE LIMITADA","FII SUNO CRI",{"id":103,"nome":52,"cnpj":104,"endereco":105,"telefone":106,"created_at":107,"updated_at":107},152,"11304223000169","AV PRES JUSCELINO KUBITSCHEK, 2041, BL D AND 23 COND W TORRE JK - VILA NOVA CONCEICA, SAO PAULO - SP - 04543-011","(11) 996648349","2026-10-03T19:10:40.000000Z",[109,115,121,126,132,138,143,148,154,160,166,172,178,182,187,191,197,203,209,215],{"id":110,"data":111,"abertura":112,"ultimo":113,"volume":114},3288929,"2026-10-06",83.86,86.74,4438,{"id":116,"data":117,"abertura":118,"ultimo":119,"volume":120},3289849,"2026-10-07",86.85,86.31,2828,{"id":122,"data":123,"abertura":124,"ultimo":118,"volume":125},3290209,"2026-10-08",86.37,3021,{"id":127,"data":128,"abertura":129,"ultimo":130,"volume":131},3291218,"2026-10-09",85.14,87.53,3512,{"id":133,"data":134,"abertura":135,"ultimo":136,"volume":137},3356994,"2026-10-13",87.49,86.73,3898,{"id":139,"data":140,"abertura":135,"ultimo":141,"volume":142},3375728,"2026-10-14",86.89,4396,{"id":144,"data":145,"abertura":130,"ultimo":146,"volume":147},3376171,"2026-10-15",88.25,4550,{"id":149,"data":150,"abertura":151,"ultimo":152,"volume":153},3377184,"2026-10-16",88,85.36,6867,{"id":155,"data":156,"abertura":157,"ultimo":158,"volume":159},3445175,"2026-10-19",85.08,85,3258,{"id":161,"data":162,"abertura":163,"ultimo":164,"volume":165},3446576,"2026-10-20",85.55,85.1,3580,{"id":167,"data":168,"abertura":169,"ultimo":170,"volume":171},3459374,"2026-10-21",84.84,85.45,3246,{"id":173,"data":174,"abertura":175,"ultimo":176,"volume":177},3473763,"2026-10-22",85.5,85.94,1642,{"id":179,"data":180,"abertura":176,"ultimo":175,"volume":181},3488272,"2026-10-23",4658,{"id":183,"data":49,"abertura":184,"ultimo":185,"volume":186},3529503,83.79,81.98,9427,{"id":188,"data":39,"abertura":185,"ultimo":189,"volume":190},3567172,82,3953,{"id":192,"data":193,"abertura":194,"ultimo":195,"volume":196},3581183,"2026-10-28",80.36,81,5537,{"id":198,"data":199,"abertura":200,"ultimo":201,"volume":202},3596003,"2026-10-29",80.35,80.47,3301,{"id":204,"data":205,"abertura":206,"ultimo":207,"volume":208},3611611,"2026-10-30",80.45,81.11,3835,{"id":210,"data":211,"abertura":212,"ultimo":213,"volume":214},3668954,"2026-11-03",80.59,78.77,7881,{"id":216,"data":217,"abertura":218,"ultimo":219,"volume":220},3682445,"2026-11-04",77.18,80,13266,403470954.37,96.06,"0.83","Ativa",null,"Outros","2026-11-05 09:00","0.0156","-0.0058","-0.0777","-0.0599","-0.1088","-0.0092",542,"1.0000","0.0113","Out\u002F2026","0.0250","0.0625","0.1375","0.0105",12,21,[],"05\u002F11\u002F2026 07:00",404238.68,{"data_referencia":248,"ativo":249,"passivo":250,"obrigacoes_imoveis":251,"obrigacoes_securitizacao":251,"liquidez":252,"valores_receber":253},"2026-09-01",440948052.09,37477097.72,0,7087231.64,9502160.49,{"data_referencia":255,"resultado":256,"rendimentos":257,"percentual":258},"2026-06-30",26199735.23,25200000,0.9618417811774199,"Investidores em Geral",[261],"Bolsa","2021-07-05",4200000,34004,{"Pessoa Física":266,"Pessoa jurídica não financeira":267,"Investidores não residentes":87,"Outros fundos de investimento":87,"Fundos de investimento imobiliário":85},33957,36,424358659.96,{"CRI \u002F CRA":270,"Cotas de FIIs":271},330791239.35,93567420.61,{"vacancia_total":251,"lista_imoveis":273,"data_referencia":255,"vacancia_suspeita":11},[],{"id":275,"nome":276,"cnpj":277,"endereco":278,"telefone":279,"created_at":280,"updated_at":280},5,"BANCO BTG PACTUAL S A","30306294000145","PR BOTAFOGO, 501, BLII SLO 501 BLC II SAL 601 - BOTAFOGO, RIO DE JANEIRO - RJ - 22250-911","(21) 32629600","2026-10-03T18:47:06.000000Z",{"id":282,"nome":283,"cnpj":284,"endereco":285,"telefone":286,"created_at":287,"updated_at":287},16,"Ernst & Young Assessoria Empresarial Ltda.","59527788000131","Av. Pres. Juscelino Kubitschek, 1909 - Torre Norte - Itaim Bibi, São Paulo - SP","(11) 2573-3000","2026-10-03T18:51:02.000000Z",{"ano_referencia":289,"data_disponibilizacao":290},"2025","2026-03-30",{"ResultadoFundo":292,"ConjunturaEconomica":293,"PerspectivaPeriodoSeguinte":294},"O Fundo encerrou o exercício social com o valor da cota patrimonial em R$ 98,85.","Em 2025, o mercado imobiliário brasileiro apresentou um crescimento moderado, influenciado por juros ainda elevados, que limitaram o crédito, enquanto a demanda seguiu aquecida em função de políticas públicas, valorização dos imóveis acima da inflação e maior interesse dos compradores.\n","As perspectivas para 2026 apontam um mercado imobiliário ainda positivo, com tendência de aquecimento moderado, impulsionado sobretudo pela provável queda da Selic, maior acesso ao crédito e continuidade da demanda."]