Multi-category paper-based real estate fund (CRIs: high-grade + high-yield + land development + timeshare) managed by Kilima Gestão (in partnership with Monte Bravo Asset). CNPJ 42.273.325/0001-98 — administered by BRL Trust DTVM.
Segment: Paper — Multi-Category CRI (Other) · Price R$ 53.01 · P/BV 0.632 · BV/unit R$ 83.87 · Net assets R$ 186 Mi · 7,207 unitholders
KIVO11 (Kilima Volkano Recebíveis Imobiliários FII) is a Brazilian REIT in the Paper — Multi-Category CRI (Other) segment. Multi-category paper-based real estate fund (CRIs: high-grade + high-yield + land development + timeshare) managed by Kilima Gestão (in partnership with Monte Bravo Asset). CNPJ 42.273.325/0001-98 — administered by BRL Trust DTVM.
A fund managed by Kilima that lends money to developers and subdivision companies via real estate certificates (CRIs), receiving interest that it distributes monthly as income. Note: part of the monthly yield comes from the fund's accumulated reserves, not just the interest received during the period.
This page gathers the factual snapshot of KIVO11 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: Kilima Gestão de Recursos (partnership with Monte Bravo Asset).
Kilima Gestão de Recursos (CNPJ 34.877.615/0001-12) was authorized by the CVM in Apr/2020 and operates in the real estate fund segment in partnership with Monte Bravo Asset — the management report...See our analysis of Kilima Gestão de Recursos (partnership with Monte Bravo Asset) →
Multi-category paper portfolio — 50.3% CRIs, 21.9% REIT units, 27.9% cash post-Costa Hirota settlement
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cri-concresul | — | 4.6% | — |
| cri-telar | — | 3.4% | — |
| cri-patriarca | — | 2.2% | — |
| cri-condominio-terraz-1 | — | 3.2% | — |
| cri-condominio-terraz-2 | — | 2.9% | — |
| cri-santa-lucia | — | 2.0% | — |
| cri-realiza | — | 3.8% | — |
| cri-realiza-serie2 | — | 1.6% | — |
| cri-you-inc | — | 2.8% | — |
| cri-arquiplan | — | 0.4% | — |
| cri-fgr-2 | — | 3.1% | — |
| cri-over-urbanismo | — | 2.5% | — |
| cri-vic-engenharia | — | 1.6% | — |
| cri-ekko-live-1 | — | 0.2% | — |
| cri-keralty | — | 4.1% | — |
| cri-roldao | — | 1.9% | — |
| cri-keycash | — | 3.0% | — |
| cri-starbucks | — | 0.1% | — |
| cri-olimpo | — | 1.1% | — |
| InVista Brazilian Business Park II | — | 6.9% | — |
| Suno Energias Limpas Real Estate Fund | — | 7.3% | — |
| Alianza Renda Mais (subordinated units) | — | 1.9% | — |
| TG Ativo Real | — | 1.4% | — |
| Manatí Recebíveis Imobiliários | — | 1.5% | — |
| Zavit Crédito Imobiliário | — | 0.8% | — |
HHI 0.082 — baixa.
| Breakdown | Share |
|---|---|
| By index | IPCA+ 81.7% · CDI+ 18.3% |
P/BV of 0.72 (unit price R$ 61.86 vs book value per unit of R$ 85.58 in Mar/2026)—a 28% discount. Considering the peer median of 0.91, KIVO is 21% more discounted, but the
last close R$ 53.01 · all-time low R$ 54.91 · high R$ 103.95 · book value per unit R$ 83.87.
Average daily volume (21 sessions) of R$ 451,000 · 12-month average of R$ 451,000.
Low liquidity typical of lesser-known paper real estate funds. A R$ 500k position consumes almost 1 week of average volume —
| Period | What happened |
|---|---|
| Incorporation and initial capital call | Fund incorporated on Nov 25, 2016, with initial capital call on Dec 3, 2021 (358,100 units at R$ 100.00 — initial net assets of R$ 35.8M). Trading on B3 began on Mar 14, 2022. |
| 2nd unit offering — price R$ 98.34 | Public offering of up to 1,271,101 new units at R$ 98.34/unit (with a 3.72% distribution fee) — totaling R$ 125M to R$ 150M. Post-2nd offering, the fund reached 1,215,124 units and net assets of ~R$ 117M. |
| Starbucks enters court-supervised reorganization — delinquent CRI | SRC 6 (Starbucks operator in Brazil) enters court-supervised reorganization in Dec/2023. The Starbucks CRI (CDI+5.5%, 0.1% of net assets at the time) becomes the fund's first default. Provisioned and marked down severely to 6% |
| Fund reaches 2,222,736 units — net assets R$ 202M | Completion of the 3rd offering consolidated units at 2,222,736 (net assets reached R$ 202M in Mar/2024 — historical peak). CRI portfolio grew to match the capital injection. |
| Ekko Live 1+2 CRI declares early maturity | On Sep 6, 2024, holders voted for early maturity of the Ekko Live CRI (Granja Viana). Mark-to-market dropped to an average of 14.53% of face value. Invocation of construction completion insurance as primary g |
| Compliance with CVM Resolution 175 | On Nov 18, 2024, administrator BRL Trust reduced its specific fee to 0.135% p.a. of net assets (aggregate administration fee dropped from 1.20% to 1.15% p.a.) in compliance with CVM Resolution 175. |
| Olimpo CRI matures without payment | Olimpo CRI (3 subdivision SPEs in SP, IPCA+11%, 1.15% of net assets) matured in Jan/2025 without payment. The debtor filed a court injunction seeking judicial mediation — with no concrete progress as of Feb/2026. |
| Distribution of R$ 24.9M vs. profit of R$ 19.9M | 2025 closed with an accounting profit of R$ 19.885M and distributions of R$ 24.961M — a 125% payout. Accumulated earnings reserves dropped from ~R$ 37M to R$ 57M (replenished by the year's profit prior to distribution) |
| Recycling of R$ 4M into cash | In Feb/2026, the Costa Hirota CRI (Brooklin-SP, IPCA+11%) was settled early, generating R$ 4M for the fund. Concurrently, R$ 3.47M of the Braspark CRI was converted into subordinated units of the F |
| PwC limits opinion on 6.8% of net assets | On Mar 31, 2026, PwC issued a qualified opinion on the 2025 financial statements — failing to obtain appropriate evidence regarding the R$ 12.910M balance (6.80% of net assets) in units of the InVista Brazilian Business FII |