KNUQ11 — Kinea Unique HY CDI

A paper REIT (FII) managed by Kinea Investimentos focused on high-yield CRIs indexed to the CDI. General investor (non-restricted).

Segment: Paper REIT (FII) — High Yield CRI (CDI+) · Price R$ 104.01 · P/BV 1.0344 · BV/unit R$ 100.55 · Net assets R$ 2,16 Bi · 55,379 unitholders

What is KNUQ11

KNUQ11 (Kinea Unique HY CDI) is a Brazilian REIT in the Paper REIT (FII) — High Yield CRI (CDI+) segment. A paper REIT (FII) managed by Kinea Investimentos focused on high-yield CRIs indexed to the CDI. General investor (non-restricted).

A Kinea fund (Itaú arm) that finances developers and homebuilders via dozens of real estate contracts, passing on CDI+ interest as monthly income. Note: distributions fall when Selic is cut, and rate cuts are continuing into 2026.

This page gathers the factual snapshot of KNUQ11 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.

KNUQ11 numbers in 2026

Net assets: R$ 2,16 Bi
Book value per share: R$ 100.55
Number of shareholders: 55,379
Occupancy: 100%
WAULT (years): 3.1

Portfolio composition

Pulverized Residential: 38.3%
Residencial: 32.5%
Logístico: 12.9%
Home Equity: 8.7%
Loteamentos: 1.4%
Outros: 6.1%

Fees

Global Fee (Admin + Management): 1,40% a.a.
Performance fee: Não há
Custody Fee: 0%

Manager

Management: Kinea Investimentos (Itaú).

KNUQ11 is managed by Kinea Investimentos Ltda., an asset manager tied to Itaú Unibanco and one of Brazil's largest REIT-style fund (FII) managers. Kinea manages R$ 27.9B in paper REITs (FIIs) (Apr/26), with a solid track record in CRIs since 2012 (KNCR, KNIP, KNSC, KNHY, KNHF, KCRE). KNUQ is the retail-accessible HY-CDI vehicle — mirroring KNHY (HY-IPCA, qualified). Strengths: origination scale (Itaú trading desk), robust credit process, high transparency in monthly reports (detailed income statements by revenue line, yield sensitivity to market prices, monthly video). Weaknesses: the 1.40% p.a. global fee is higher than mid-yield CDI peers (KNCR 1.08%); thematic concentration in pulverized residential is a deliberate management decision, but requires confidence in the process.

Fund Inception: Fev/2023
Patrimônio: R$ 2,18 Bi
Gestão: Ativa

See our analysis of Kinea Investimentos (Itaú) →

KNUQ11 portfolio: what the fund invests in

Asset	Location	% of NAV	Occupancy
Top 5 CRIs (~24.0% of net assets)	—	—	—
Thematic concentration — Pulverized Residential	—	—	—
Inflation+/Fixed-rate Mezzanine Bet (growing in Apr/26)	—	—	—
Cash and Liquidity	—	—	—

Price, P/BV and book value

Units trade at a 4.4% premium to book value.

last close R$ 104.01 · all-time low R$ 93.02 · high R$ 107.65 · book value per unit R$ 100.55.

KNUQ11 track record

KNUQ11 is Kinea's young HY-CDI vehicle, with 3 years of operations and net assets of R$ 2.18B. Its track record is short, but it demonstrates a high and stable spread (CDI+4.67% to 4.92% MTM) and top-tier origination. The 15% CDI party is over: DPU has already fallen from R$ 1.50 (Jul/25) to R$ 1.10-1.17 (Feb-May/26). This is not a locked-in income thesis; it is a carry thesis of CDI plus spread, which fluctuates with monetary policy. The positive takeaway is that management has begun shifting tactics (IPCA+/fixed-rate CRIs in Mar/26) — anticipating the drop in Selic rates, which could safeguard the fund's recurring dividend yield in the next cycle.

Period	What happened
IPO + Ramp-up	Established in Dec/2022 with the 1st capital call on Feb 17, 2023. A mirror of KNHY11 (qualified, IPCA+) but in CDI and open to retail.
Growth + High Selic	The fund grew via public offerings. Selic started at 13.75%, was subsequently cut to 10.5%, and later rose again. DPU fluctuated between R$ 0.65 (Jun/23, partial month) and R$ 1.40 (Oct/24).
Selic peak at 15% — DPU of R$ 1.50	Selic reached 15% in Jul/2025, and DPU hit peaks of R$ 1.50 (Jul/25) and R$ 1.40 (Jun/25 and Aug/25). The 4th offering in Aug/25 raised R$ 624.9M (6.17M units) and pushed cash to 18.8%.
Falling Selic — DPU R$ 1.10-1.30	Selic cut to 14.50% in Apr/26 (Copom meeting on Apr 29, unanimous -0.25 pp cut) with Focus survey projecting 12.5% by end-2026. Recurring DPU settles in the R$ 1.10-1.30/unit range. Accumulated reserves rose to R$ 0.63/unit (Apr/26), softening mark-to-market impacts. The 5th offering in Dec/25 brought units to 21.48M.