KNSC11 — Kinea Securities FII

Kinea paper REIT (FII) holding 90 CRIs (61% IPCA+, 38% CDI+) — the retail-accessible successor to KNCR/KNIP, with a 1.20% management fee.

Segment: Paper REIT (FII) — Mid Yield CRI (IPCA+ and CDI+) · Price R$ 9,06 · P/BV 1,0307 · BV/unit R$ 8,79 · Net assets R$ 1.78 Bn · 257.675 unitholders

What is KNSC11

KNSC11 (Kinea Securities FII) is a Brazilian REIT in the Paper REIT (FII) — Mid Yield CRI (IPCA+ and CDI+) segment. Kinea paper REIT (FII) holding 90 CRIs (61% IPCA+, 38% CDI+) — the retail-accessible successor to KNCR/KNIP, with a 1.20% management fee.

This page gathers the factual snapshot of KNSC11 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.

KNSC11 numbers in 2026

Net assets: R$ 1.78 Bn
Book value per share: R$ 8,79
Number of shareholders: 257.675
Occupancy: 100%
WAULT (years): 5,8

Portfolio composition

Offices: 24,5%
Residential: 21,3%
Logistics: 20,9%
Granular Residential: 16,9%
Shopping Malls: 11,1%
Other: 5,3%

Fees

Management Fee: 1.20% p.a.
Performance Fee: None
Custody Fee: 0%

Manager

Management: Kinea Investimentos (Itaú).

KNSC11 is managed by Kinea Investimentos Ltda., a manager affiliated with Itaú Unibanco and one of the largest REIT houses in Brazil. Kinea manages more than R$ 30 Bn in REITs, with a solid track record in CRI (KNCR, KNIP, KNHY, KNSC) and a more recent one in granular credit (KCRE, KNUQ). Experienced team, robust credit process, strong proprietary origination. Strengths: origination scale, access to the Itaú desk, high transparency in the monthly report (detailed income statement by revenue line, sensitivity of yield to market price, monthly video). KNSC's specific advantage: a 1.20% p.a. management fee — the cheapest in the Kinea paper REIT family (KNHY 1.60%, KCRE 1.30%) and available to retail. Weaknesses: thematic concentration in offices (24%) at a time of high AAA vacancy; higher use of reverse repos than peers (~10.6%).

Fund Inception: Oct/2020
Net Assets: R$ 1.78 Bn
Management: Active

See our analysis of Kinea Investimentos (Itaú) →

Price, P/BV and book value

A unit price of R$ 9.12 (2026-06-01) against the book value/unit of R$ 8.79 (Mar/2026). A 3.8% premium — in line with Kinea/market mid-yield paper peers. It reflects top-tier origination (Kinea/Itaú), a low management fee (1.20%) and a stable DPS (R$ 0.09-0.11) that sustains parity with book value.

último fechamento R$ 9,06 · mínima histórica R$ 7,8 · máxima R$ 10,5 · valor patrimonial por cota R$ 8,79.

KNSC11 track record

KNSC11 is a mature mid-yield vehicle from Kinea, with 5 years of operation and net assets of R$ 1.78 Bn. Its track record shows a stable average spread (IPCA+10.31% + CDI+3.14%) and quality origination — but with volatile DPS tracking IPCA and Selic. This is not a locked-income thesis; it is a mid-yield carry thesis with high indexer diversification, available to retail.

Period	What happened
IPO	Established on 2020-10-28. Fund open to retail (General Investors) focused on IPCA+ and CDI+ CRIs with Kinea quality.
Growth	Multiple issuances expanding net assets. The portfolio diversifies into AAA offices, logistics, shopping malls and residential. The unit ranged R$ 9-10.
Maturity	Net assets above R$ 1.5 Bn. DPS ranged between R$ 0.07 and R$ 0.12 depending on IPCA and Selic. The Aug-Oct/2023 CRI crisis stressed marking but the fund kept a healthy portfolio (no negative credit event).
DPS Peak	DPS reaches R$ 0.12 in Apr/2025 with high accumulated IPCA + Selic at 15%. The fund distributes above the recurring level in several months, building an accumulated reserve. Adaptation to CVM Resolution 175 (limited liability). A new offering in Jul/2025 expands net assets.
Volatile DPS with low IPCA	DPS falls to R$ 0.08 in Feb/2026 with lower monthly IPCA (0.33% in Dec/2025 and Jan/2026). Selic eases to 14.75% in Mar/2026. The accumulated reserve (R$ 0.05/unit) acts as a buffer. DPS recovers to R$ 0.11 in Mar/2026.