A fragmented credit FII in partnership with fintech Creditas. Portfolio consists of 85% Home Equity (residential real estate-backed loans) + 15% Developer receivables (Pro-soluto) (MRV/Tenda). 97% IPCA+, average maturity of 14 years, and 7.5% leveraged via reverse repurchase agreements.
Segment: Paper · IPCA · General · high risk · Price R$ 8.48 · P/BV 0.9138 · BV/unit R$ 9.28 · Net assets R$ 334 Mi · 16,207 unitholders · 49 assets
KCRE11 (Kinea Creditas FII) is a Brazilian REIT in the Paper · IPCA · General · high risk segment. A fragmented credit FII in partnership with fintech Creditas. Portfolio consists of 85% Home Equity (residential real estate-backed loans) + 15% Developer receivables (Pro-soluto) (MRV/Tenda). 97% IPCA+, average maturity of 14 years, and 7.5% leveraged via reverse repurchase agreements.
A Kinea (Itaú) fund that lends to individuals with real estate as collateral via fintech Creditas, passing interest on as monthly income. Note: borrower delinquency has risen and has not yet returned to historical levels.
This page gathers the factual snapshot of KCRE11 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: Kinea Investimentos (Itaú Unibanco).
Kinea Investimentos (Itaú Unibanco Group) is Brazil's largest paper FII platform, with R$ 27.8B distributed across 7 funds: KNCR11, KNIP11, KNHY11, KNUQ11, KNHF11, KNSC11, and KCRE11. Strong track record in corporate CRIs (navigated the pandemic + Selic at 13.75% + Selic at 15% without material defaults). KCRE11 is the house's fragmented high-yield experiment: a partnership with fintech Creditas to access Home Equity (retail property-backed loans), a segment neither KNCR11 nor KNIP11 touch. Administration by Intrag DTVM (62.418.140/0001-31, part of Itaú) ensures vertical integration among Kinea, Intrag, and Itaú custody. Strengths: professional team, rigorous due diligence, interactive website dashboards. Caution: KCRE11 has only a 4-year track record (launched 01/18/2022)—it has not yet weathered a full high-delinquency cycle in Home Equity.| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Creditas Home Equity Senior CRI Portfolio | — | — | — |
| Creditas Home Equity Mezzanine CRI Portfolio | — | — | — |
| MRV Developer receivables (Pro-soluto) CRI (series 153, 154, 178, 224, 429) | — | — | — |
| Tenda Developer receivables (Pro-soluto) CRI (series 142) | — | — | — |
last close R$ 8.48 · all-time low R$ 7.65 · high R$ 10.16 · book value per unit R$ 9.28.
| Period | What happened |
|---|---|
| Launch (Jan/22) | Fund launched on 01/18/2022 with the thesis of accessing Creditas Home Equity via fragmented CRIs. Initial offering of 36 million units at R$ 10 (initial net assets of R$ 360M). |
| Creditas crisis | Creditas faced a global funding crunch (U.S. interest rates rose, venture capital cut credit to fintechs). It laid off ~30% of its staff and restructured operations. KCRE11 suffered negative mark-to-market adjustments, with unit prices dropping below R$ 8 (P/BV < 0.80). |
| Recuperação | Creditas returned to profit, and Brazil's high Selic rate cycle sustained the portfolio's IPCA+ yield. Units recovered to R$ 9.00-9.50. 91+ day delinquency held around 2.0-2.5% throughout the year. |
| High prepayments | Selic rose again (12.25% → 14.75%). Extraordinary prepayments reached 2.0x-2.4x expectations in certain months (May/25, Jul/25). DPU oscillated from R$ 0.08 to R$ 0.14. Delinquency began to rise in the 2nd half of the year (2.0% in Jul → 4.0% in Sep/25). |
| Stabilization and DPU recovery | Delinquency fell to 3.0-3.3% in Feb-Mar/26. Jan/26 and Feb/26 DPU stood at R$ 0.08, rebounding to R$ 0.10 in Mar/26 and recovering to R$ 0.11 in Apr/26 and May/26 (paid on 05/14 and 06/12). The portfolio received new investments (R$ 11.2M in Mar/26 in series 152 and 154). Unit prices held at R$ 8.90-9.40. |