Hybrid FII (FoF + CRI) managed by Safra Asset, with 83% in FII units, 12% in CRIs, and 4% in cash. Multi-category/paper fund.
Segment: Hybrid - FoF + Paper · Price R$ 6.79 · P/BV 0.7587 · BV/unit R$ 8.95 · Net assets R$ 694 Mi · 26,388 unitholders
JSAF11 (JS Ativos Financeiros) is a Brazilian REIT in the Hybrid - FoF + Paper segment. Hybrid FII (FoF + CRI) managed by Safra Asset, with 83% in FII units, 12% in CRIs, and 4% in cash. Multi-category/paper fund.
Managed by Safra Asset, it invests in dozens of other real estate funds and real estate-backed debt securities to distribute earnings monthly — providing FII diversification in a single ticker. Be aware: distributions were cut in 2025 and the safety reserve remains tight.
This page gathers the factual snapshot of JSAF11 in 2026: what the fund is, what it invests in, what it charges, who manages it and how it got here. Opinion, score and recommendation live in the analysis; payout calendar and projections live in dividends.
Management: Safra Asset (Manager) + Banco J. Safra (Administrator).
JSAF11 is managed by Safra Asset, the wealth management arm of Grupo Safra, and administered by Banco J. Safra S.A. Safra Asset has a strong tradition in fixed income and private credit, and JSAF is its flagship listed real estate vehicle. Positive points: active allocation that rotates top holdings (FPAB, RCRB, BROF, BTLG vs. more defensive ones like KNCR/KNHF) in search of alpha; high transparency in the monthly management report; clear communication with unitholders via a dedicated email ([email protected]). Negative points: maintained a DPU of R$ 0.091 above recurring earnings for over a year by burning reserves — only correcting when the market began pricing in the cut; took a position in SARE11 (5.7% in Oct/25) admitting to an "unlock thesis" — exited quickly, but displayed questionable risk appetite for a FoF.See our analysis of Safra Asset (Manager) + Banco J. Safra (Administrator) →
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| FPAB11 — Projeto Água Branca FII | — | 8.8% | — |
| RCRB11 — Rio Bravo Renda Corporativa | — | 7.0% | — |
| PSEC11 — Pátria Securities | — | 6.6% | — |
| RBRY11 — RBR Crédito Imobiliário High Yield | — | 5.1% | — |
| HREC11 — Hedge Recebíveis Imobiliários | — | 4.5% | — |
| HSML11 — HSI Malls | — | 4.5% | — |
| TRBL11 — Tellus Rio Bravo Renda Logística | — | 4.0% | — |
| BTLG11 — BTG Pactual Logística | — | 3.9% | — |
| HSLG11 CRI / Bemol — Manaus Warehouse | — | 3.8% | — |
| PCIP11 — Pátria Crédito Imobiliário Índices de Preços | — | 3.6% | — |
last close R$ 6.79 · all-time low R$ 6.19 · high R$ 10.63 · book value per unit R$ 8.95.
| Period | What happened |
|---|---|
| IPO | Launched on 10/27/2021 with an initial price of R$ 10.00 (offering costs of R$ 0.43 → initial cash of R$ 9.57). Right at the start of the interest rate hike cycle (Selic at 7.75% and rising). |
| High yield (R$ 0.091) | Distributed R$ 0.091/unit for almost the entire period, maintaining an annualized dividend yield between 12-14% even with the Selic rate at 13.75%. Expressive growth in unitholders: grew from 18.2k (Sep/24) to 23.2k (Sep/25). |
| DPU Reset | Management admitted distributions were above recurring earnings. In Sep/25 it cut the DPU to R$ 0.085 and in Nov/25 to R$ 0.080. Reserves reached -R$ 0.011 per unit in Nov/25 (negative) before beginning rebuilding. |
| Equalização | DPU stabilized at R$ 0.080. Average monthly earnings of R$ 6-7.5M covering distributions (R$ 6.2M). Reserves return to R$ 0.020/unit. Management guidance indicates a band of R$ 0.075-0.095 through Jun/26. |