KNIP11 pays dividends monthly. The latest announced dividend was R$ 1.25 per unit, for May 2026, with payment made on June 12, 2026. The record date (cut-off date to be entitled to the income) was the last business day of the reference month.
The payment schedule follows a consistent pattern: the dividend is announced at the end of the reference month and paid in the middle of the following month — generally around the 12th to 14th. To receive the dividends of June 2026, for example, the investor needs to hold the units in custody through the close of the record date of June 30, with payment estimated for the middle of July.
The average of the last 12 months was around R$ 0.81 per unit per month. This figure, annualized, results in a dividend yield of 10.56% on the reference price of R$ 92.50 — income that is income-tax exempt for individuals, one of the central advantages of investing in REITs listed on B3.
This is the point that most puzzles those following the KNIP11 dividend history: in September 2025 the fund paid R$ 0.60 per unit, while in May 2026 the dividend jumped to R$ 1.25. A variation of more than 100% in a few months. The reason lies in the fund's structure, not in any operational problem.
KNIP11 is an IPCA-indexed paper REIT: its portfolio of 117 CRIs pays the investor IPCA plus a real spread — marked to market at IPCA + 10.06% per year. Because the CRIs incorporate the monetary correction with a lag of approximately two months, the monthly dividend reflects the IPCA of the previous two-month period. When inflation accelerates — as happened with the indices of February (0.70%) and March 2026 (0.88%) —, the fund's result surges and the dividend rises with it. When the IPCA decelerates, as occurred in the second half of 2025, the dividends fall proportionally.
This is volatility by construction, not credit risk. The fund's portfolio has had no relevant delinquency since 2016. The investor must look at the 12-month average as the income reference — not an isolated month — and recognize that they are buying a real income indexed to inflation, not a fixed coupon like a pre-fixed bond.
Kinea management keeps an accumulated reserve of R$ 0.85 per unit (about R$ 68 million over the 80.1 million units outstanding in April 2026), precisely to smooth the months of lower inflation. In April 2026, for example, the generated result per unit was R$ 1.22 — above the distribution of R$ 1.10 — and the surplus was added to the reserve. This dynamic prevents a one-off drop in the IPCA from abruptly impacting the unitholder's cash flow.
The month-by-month table with exact figures is available above, generated automatically with the most recent data. The narrative below contextualizes the main moves of the period:
The term high yield in the REIT market usually designates funds that pay yields well above average, but with higher credit risk — more aggressive operations, smaller debtors, weaker guarantees. KNIP11 is not a high yield REIT in that sense: it is the high grade representative of the segment, that is, the fund with the lowest credit risk and the highest portfolio quality.
The DY of 10.56% over the last 12 months is competitive for a fund with this level of safety, but it sits below the median of the comparable peers (around 12.5%). Funds such as CPTS11, IRDM11 and RECT11, which make up the reference group, carry more credit risk and compensate with a higher yield. KNIP11 offers less return and less risk — consistent with its proposition of being an institutional-quality inflation hedge, with Kinea/Itaú management and a portfolio of 117 CRIs with real guarantees.
For those who simply seek the highest possible number of monthly dividends without assessing the underlying risk, KNIP11 may not be the most suitable choice. For those who want to build a tax-exempt real income, with credit stability and daily liquidity of R$ 9.3 million on B3, it is hard to find anything better in the segment.
KNIP11's distribution is structurally sustainable. The dividends are funded by the portfolio's cash result — interest and monetary correction of the CRIs, net of the fund's expenses — not by amortizations or return of capital. The portfolio marked to market at IPCA + 10.06% per year with a 4.1-year duration is the permanent backing of the income.
The average payout of the last 12 months was approximately 97% of the generated result, with the fund distributing a little below what it produced and accumulating the difference in the reserve. This reserve of R$ 0.85 per unit is the main mechanism of predictability: in months of weak inflation, management can supplement the distribution without breaking with the dividend policy.
The projection for the next 6 to 12 months points to a range of R$ 0.70 to R$ 1.25 per unit per month, depending on the IPCA trajectory. The base case of the Focus Bulletin projects an IPCA of 4.86% for 2026, which would sustain average dividends around R$ 0.80 to R$ 1.00 per unit. In an optimistic scenario (persistent inflation), the DY of the next 12 months could reach 12%. In a sharp-disinflation scenario (IPCA around 3%), the DY compresses toward 8.5% — still with a relevant real premium over the Selic and the CDI.
An additional point of sustainability: in April 2026 the fund received in full the early redemption of the AAA Office CRI, which accounted for about 6.8% of the portfolio. The proceeds will be reallocated into new CRIs with rates higher than those of the redeemed security (IPCA + 5.85%), which tends to raise the portfolio's average carry over the medium term.
| Reference | Income/unit | DY in month | Base price | Ex-date | Payment |
|---|---|---|---|---|---|
| 2026-05 | R$ 1.25 | 1.337% | R$ 93.47 | — | 2026-06-12 |
| 2026-04 | R$ 1.1 | 1.177% | R$ 93.43 | — | 2026-05-14 |
| 2026-03 | R$ 1.05 | 1.148% | R$ 91.5 | — | 2026-04-14 |
| 2026-02 | R$ 0.65 | 0.701% | R$ 92.79 | — | — |
| 2026-01 | R$ 0.7 | 0.762% | R$ 91.81 | — | — |
| 2025-12 | R$ 0.7 | 0.773% | R$ 90.54 | — | — |
| 2025-11 | R$ 0.72 | 0.824% | R$ 87.42 | — | — |
| 2025-10 | R$ 0.62 | 0.705% | R$ 88.0 | — | — |
| 2025-09 | R$ 0.6 | 0.684% | R$ 87.77 | — | — |
| 2025-08 | R$ 0.7 | 0.82% | R$ 85.41 | — | — |
| 2025-07 | R$ 0.8 | 0.913% | R$ 87.65 | — | — |
| 2025-06 | R$ 0.8 | 0.879% | R$ 90.99 | — | — |
| 2025-05 | R$ 1.04 | 1.138% | R$ 91.35 | — | — |
| 2025-04 | R$ 1.25 | 1.369% | R$ 91.29 | — | — |
| 2025-03 | R$ 1.05 | 1.149% | R$ 91.35 | — | — |
| 2024-12 | R$ 1.0 | 1.107% | R$ 90.3 | — | — |
| 2024-11 | R$ 0.9 | 0.992% | R$ 90.73 | — | — |
| 2024-10 | R$ 0.7 | 0.765% | R$ 91.48 | — | — |
| 2024-09 | R$ 0.75 | 0.798% | R$ 94.0 | — | — |
| 2024-08 | R$ 0.76 | 0.788% | R$ 96.5 | — | — |
| 2024-07 | R$ 0.87 | 0.912% | R$ 95.38 | — | — |
| 2024-06 | R$ 0.85 | 0.896% | R$ 94.83 | — | — |
| 2024-05 | R$ 0.8 | 0.826% | R$ 96.9 | — | — |
| 2024-04 | R$ 1.05 | 1.082% | R$ 97.0 | — | — |
| 2024-03 | R$ 1.05 | 1.09% | R$ 96.32 | — | — |
| 2024-02 | R$ 0.95 | 0.972% | R$ 97.7 | — | — |
| 2024-01 | R$ 0.86 | 0.89% | R$ 96.59 | — | — |
Yes, KNIP11 distributes income every month. The payment occurs in the middle of the month following the reference period — for example, the May 2026 dividend was paid on June 12.
KNIP11's latest dividend was R$ 1.25 per unit, for May 2026, paid on 2026-06-12. The average of the previous 12 months was around R$ 0.81 per unit per month.
The trailing 12-month DY is 10.56% on the reference price. This income is income-tax exempt for individuals.
Because the fund's portfolio is made up of IPCA-indexed CRIs. The monthly dividend reflects the inflation of the previous 2 months — when the IPCA rises, the dividend rises; when it falls, it falls with it. In September 2025 the fund paid R$ 0.60 and in May 2026 it paid R$ 1.25.
Yes, for individuals the income from REITs listed on B3 is income-tax exempt, provided the fund has more than 50 unitholders and the units are exchange-traded — which is the case for KNIP11.
Yes. The distribution is supported by the carry of the portfolio of 117 CRIs at IPCA+10.06% MtM and by the accumulated reserve of R$ 0.85 per unit. The fund has had no relevant delinquency since 2016 and the generated result has been exceeding the distributions recently.