KNCR11 pays dividends every month, without exception since its IPO in October 2012. The last announced income was R$ 1.10 per unit, for the May 2026 reference period, with payment on June 12, 2026. With the unit trading around R$ 106.41, this represents a monthly dividend yield of about 1.03% and a DY accumulated over the last 12 months of approximately 13.72% — income exempt from income tax for individuals.
To understand the current level, context is needed: between July and October 2025, when the Selic rate was at 15%, KNCR11 distributed up to R$ 1.35 per unit per month, the fund's all-time high. With the start of the Copom rate-cut cycle (the Selic rate fell to 14.75% in March 2026), distributions gradually eased to R$ 1.15 in March and R$ 1.10 in April and May. This dynamic is intrinsic to the fund: since the portfolio is made up of 88 Real-Estate Receivable Certificates (CRIs) indexed to the CDI, income rises with the interest rate and falls when it recedes.
KNCR11 is a strictly high-grade paper fund — it does not fall into the high-yield universe. This means the CRI portfolio prioritizes credit quality over a high spread: the portfolio's average rate is CDI+2.05% (MTM), with top-tier borrowers such as Brookfield, JHSF Malls, Allos, Iguatemi, Even and JW Marriott. No CRI in the portfolio has defaulted since the fund's founding in 2012.
The direct consequence is that KNCR11's DY will not be the highest in the paper market. High-yield funds, such as KNHY11 (also from the manager Kinea), usually offer larger spreads, but with significantly higher credit risk. KNCR11 delivers a DY above the net CDI — the 13.7% DY over the last 12 months equals about 122% of the gross-up CDI, considering the income-tax exemption for individuals — with credit risk close to the market minimum for real estate.
KNCR11's dividend trajectory almost perfectly tracks the curve of Brazil's Selic rate. At the worst historical moment for the fund — August 2020, when the Selic rate hit its 2% per year low —, monthly distributions fell to values close to R$ 0.25 per unit. With the rate-hike cycle that took the Selic from 2% to 13.75% between 2021 and 2022, dividends rose progressively, going from R$ 0.95 in February 2024 to R$ 1.35 at the August 2025 peak.
Over the last 12 months, the monthly history was:
The 2025 half-year cumulative (2nd half) totaled R$ 648.3 M in cash profit and R$ 643.5 M distributed — a payout of 99.3%, a sign that not a single cent of the dividends came from extra reserves or return of capital.
KNCR11 pays dividends monthly, without interruption since 2012. The historical pattern is consistent: the ex-date (cut-off date for those entitled to the income) is usually the last business day of the reference month, and payment occurs between the 11th and 14th business day of the following month.
For example: the May 2026 income (ex-date 05/29/2026) was paid on June 12, 2026. The April 2026 income (ex-date 04/30/2026) was paid on May 14, 2026. Anyone who buys units up to the ex-date receives the income normally in their brokerage account, without any additional action — the amounts are credited directly to the account, free of income tax for individuals holding exchange-traded units.
The next dividend announcement usually occurs a few days before or right after the end of the month, via a Material Fact published on the CVM's FundosNET. Fund unitholders can follow the notices directly on the fund's website or on specialized platforms.
KNCR11's sustainability analysis is one of the most reassuring in the paper segment. The average payout over the last 12 months was 98.9% of the cash result — that is, virtually every distributed dividend corresponds to income effectively generated by the CRI portfolio in that month, without the use of accumulated reserves. In March 2026, the fund generated R$ 132.7 M in cash and distributed R$ 123.2 M (payout of 92.8%), forming a surplus that reinforces the operating cash of R$ 993 M.
The undistributed accumulated reserve stood at R$ 0.25 per unit in March 2026 — a low value compared with funds from the same manager that keep larger cushions. This is a real point of attention: in months with a slightly below-target cash result, the cushion is small to absorb the variation. Even so, the CDI+ structure has an inherent predictability: given the Selic level and the portfolio's average spread (CDI+2.05%), it is possible to estimate the monthly result with reasonable precision even before the month-end close.
The central scenario points to a gradual decline in DPS over the next 12 months, as the Focus Report projects the Selic rate near 11% by the end of 2026. Each percentage point of reduction in the Selic rate compresses the monthly dividend by about R$ 0.08 per unit. In the base case, the projected range for the next 6 months is R$ 0.95 to R$ 1.20 per unit — with the floor in the scenario of a faster-falling Selic, and the ceiling if the cuts are paused by persistent inflation or external shocks.
The allocation of the R$ 2.2 billion under active due diligence (stated in the March 2026 Management Report) is the main positive catalyst for DY recomposition: when that cash migrates from LCI (94% CDI) to CRIs at CDI+2-2.5%, the monthly result increases proportionally, partly offsetting the effect of the falling CDI.
With 100 units and the current dividend of R$ 1.10 per unit, the investor receives R$ 110.00 net per month (income-tax exempt for individuals), or R$ 1,320.00 over 12 months. With 500 units — an investment of about R$ 53,200 at the market price — the monthly income rises to R$ 550.00. With 1,000 units (~R$ 106,400), the monthly income is close to R$ 1,100.00.
It is important to remember that this amount varies every month according to the fund's cash result and the CDI level. At the August 2025 peak, 100 units earned R$ 135.00 per month. If the Selic rate reaches 11%, the estimate is R$ 93.00 to R$ 100.00 per month for the same lot — a real decline but still competitive against taxed fixed-income alternatives.
For details on the fund's analysis, fair value and whether it is worth buying now, see the full KNCR11 analysis page.
| Reference period | Income/unit | DY for the month | Base price | Ex-date | Payment |
|---|---|---|---|---|---|
| 2026-05 | R$ 1.1 | 1.028% | R$ 107.0 | 2026-05-29 | 2026-06-12 |
| 2026-04 | R$ 1.1 | 1.032% | R$ 106.59 | 2026-04-30 | 2026-05-14 |
| 2026-03 | R$ 1.15 | 1.082% | R$ 106.25 | — | 2026-04-14 |
| 2026-02 | R$ 1.0 | 0.955% | R$ 104.7 | — | 2026-03-12 |
| 2026-01 | R$ 1.2 | 1.137% | R$ 105.58 | — | 2026-02-12 |
| 2025-12 | R$ 1.3 | 1.231% | R$ 105.61 | — | 2026-01-14 |
| 2025-11 | R$ 1.11 | 1.055% | R$ 105.25 | — | 2025-12-11 |
| 2025-10 | R$ 1.33 | 1.272% | R$ 104.55 | — | 2025-11-13 |
| 2025-09 | R$ 1.35 | 1.294% | R$ 104.36 | — | 2025-10-13 |
| 2025-08 | R$ 1.35 | 1.276% | R$ 105.83 | — | 2025-09-11 |
| 2025-07 | R$ 1.35 | 1.305% | R$ 103.43 | — | 2025-08-13 |
| 2025-06 | R$ 1.2 | 1.161% | R$ 103.33 | — | 2025-07-11 |
| 2025-05 | R$ 1.2 | 1.174% | R$ 102.23 | — | 2025-06-12 |
| 2025-04 | R$ 1.16 | 1.133% | R$ 102.4 | — | 2025-05-14 |
| 2025-03 | R$ 1.04 | 1.013% | R$ 102.67 | — | 2025-04-11 |
| 2025-02 | R$ 1.07 | 1.051% | R$ 101.84 | — | 2025-03-17 |
| 2025-01 | R$ 1.07 | 1.078% | R$ 99.28 | — | 2025-02-13 |
| 2024-12 | R$ 1.0 | 0.98% | R$ 102.05 | — | 2025-01-14 |
| 2024-11 | R$ 0.95 | 0.971% | R$ 97.8 | — | 2024-12-12 |
| 2024-10 | R$ 1.02 | 0.99% | R$ 102.98 | — | 2024-11-13 |
| 2024-09 | R$ 0.95 | 0.913% | R$ 104.08 | — | 2024-10-11 |
| 2024-08 | R$ 0.95 | 0.905% | R$ 105.0 | — | 2024-09-12 |
| 2024-07 | R$ 0.95 | 0.915% | R$ 103.87 | — | 2024-08-13 |
| 2024-06 | R$ 1.0 | 0.96% | R$ 104.22 | — | 2024-07-11 |
| 2024-05 | R$ 1.0 | 0.959% | R$ 104.3 | — | 2024-06-13 |
| 2024-04 | R$ 1.0 | 0.976% | R$ 102.48 | — | 2024-05-14 |
| 2024-03 | R$ 0.95 | 0.92% | R$ 103.24 | — | 2024-04-11 |
| 2024-02 | R$ 0.95 | 0.93% | R$ 102.16 | — | 2024-03-13 |
| 2024-01 | R$ 1.07 | 1.032% | R$ 103.73 | — | 2024-02-15 |
| 2023-12 | R$ 1.01 | 0.979% | R$ 103.15 | — | 2024-01-12 |
| 2023-11 | R$ 1.01 | 0.995% | R$ 101.5 | — | 2023-12-13 |
| 2023-10 | R$ 1.11 | 1.09% | R$ 101.79 | — | 2023-11-14 |
| 2023-09 | R$ 1.1 | 1.089% | R$ 101.05 | — | 2023-10-13 |
| 2023-08 | R$ 1.2 | 1.211% | R$ 99.1 | — | 2023-09-14 |
| 2023-07 | R$ 1.15 | 1.163% | R$ 98.87 | — | 2023-08-11 |
| 2023-06 | R$ 1.15 | 1.163% | R$ 98.88 | — | 2023-07-13 |
| 2023-05 | R$ 1.24 | 1.316% | R$ 94.24 | — | 2023-06-14 |
| 2023-04 | R$ 1.0 | 1.052% | R$ 95.1 | — | 2023-05-12 |
| 2023-03 | R$ 1.22 | 1.257% | R$ 97.04 | — | 2023-04-14 |
| 2023-02 | R$ 1.0 | 1.018% | R$ 98.21 | — | 2023-03-13 |
| 2023-01 | R$ 1.2 | 1.216% | R$ 98.68 | — | 2023-02-13 |
| 2022-12 | R$ 1.2 | 1.225% | R$ 97.92 | — | 2023-01-12 |
| 2022-11 | R$ 1.1 | 1.12% | R$ 98.25 | — | 2022-12-13 |
| 2022-10 | R$ 1.1 | 1.104% | R$ 99.65 | — | 2022-11-14 |
| 2022-09 | R$ 1.2 | 1.186% | R$ 101.19 | — | 2022-10-14 |
Yes. KNCR11 has distributed income monthly since its IPO in October 2012, with no month suspended. Payment occurs between the 11th and 14th business day of the month following the reference period.
In 2026 KNCR11 paid R$ 1.20 in January, R$ 1.00 in February, R$ 1.15 in March, R$ 1.10 in April and R$ 1.10 in May. The DY accumulated over the last 12 months is approximately 13.72%, exempt from income tax for individuals.
KNCR11's paying agent is Intrag Distribuidora de Títulos e Valores Mobiliários Ltda., CNPJ 62.418.140/0001-31. The income statement is provided annually by the administrator for the income-tax return — REIT income is exempt for individuals, but must be declared.
The trend is for a gradual decline, since the Selic rate is in a downcycle (from 15% in 2025 to a projection of 11% by December 2026 per the Focus Report). Each 1 p.p. fall in the Selic rate reduces DPS by about R$ 0.08/unit. The base case projects DPS between R$ 0.95 and R$ 1.10 over the next 6 to 12 months.
No. The fund has distributed income monthly since October 2012, even during the 2020 pandemic (Selic at 2%), when the dividend fell to about R$ 0.25/unit but was not suspended. The CRI portfolio kept a 100% performing record across all cycles.
The DY accumulated over the last 12 months is approximately 13.72%, based on the unit at R$ 106.41 and the R$ 14.10/unit distributed over the period. This equals about 122% of the gross-up CDI, considering the income-tax exemption for individuals.