## Real Estate Investment Trusts Gain Momentum in 2026: KNCR11 Surpasses 515,000 Shareholders with R$ 461 Million Injection

Asset management in the Brazilian real estate fund market continues to demonstrate resilience. KNCR11, managed by Kinea, closed 2025 with figures that reinforce its status among the largest on B3. The investor base exceeded the symbolic mark of 515,000 shareholders, reflecting confidence in the business model focused on high-quality real estate credit.

During the last month of the year, the fund allocated approximately R$ 461.7 million to new Real Estate Receivables Certificates. The allocations favored defensive segments: logistics properties, shopping centers, and AAA corporate buildings. Each operation includes robust protection structures, such as fiduciary alienation and reserve mechanisms, ensuring flow stability even in sector disturbance scenarios.

## KNCR11's CDI Strategy and Positioning for Interest Rate Cuts

As of December 31, approximately 85.8% of the net assets were concentrated in assets indexed to the CDI, remunerated at CDI plus 2.09% per year. The average maturity of these securities was set at 3.8 years, a structure that proved advantageous during the high-rate cycle that characterized 2025.

With Brazil’s official inflation closing the year at 4.26% (within the target), Bank of America analysts repositioned their recommendations for Brazil, anticipating significant reductions in the Selic rate already in the first quarter of 2026. This normalization scenario of interest rates tends to favor high-quality credit—precisely the segment where KNCR11 concentrates its bets. The main risk zone remains the national fiscal trajectory: the National Treasury revised projections for gross public debt, forecasting a debt of 88.6% of GDP by 2032.

## Market Premium and KNCR11 Cash Flow

The net asset value per share ended 2025 at R$ 102.26, while trading on B3 reached R$ 107.51—a premium of approximately 5% over the book value. Still, the fund continues to attract buying demand thanks to the scarcity of assets with stable spreads in the market. The manager confirmed the distribution of dividends for December, with payment scheduled for January 2026, maintaining predictable cash flow for investors.

## NUIF11 Alternates Between Structural Carry and Cash Protection

Meanwhile, the infrastructure segment also shows resilience. NUIF11, managed by Nu Asset, closed 2025 with a total return of 15.9%—equivalent to IMA-B plus 4.9% or 131% of CDI, already net of Income Tax adjustments.

The main driver of this performance was primarily the carry: 12.9 percentage points came directly from holding the securities until maturity in a high real interest rate environment. An additional 3.3 percentage points stemmed from spread movements and trading, resulting from the exploitation of selective opportunities in assets that remained valued even after corrections.

## December Brought Caution: Infrastructure Spreads Widen and Normalize

The behavior of the infrastructure market in December reflected increased apprehension. After a 50 basis point opening in October, the curves entered a stabilization phase, with the opening of NTN-Bs impacting the face value of the securities. The fund’s monthly performance approached neutrality, offsetting operational gains.

In light of this volatility, Nu Asset opted for strategic cash preservation: 11% of the portfolio remains in liquidity, with no new allocations made during the month. The manager seeks flexibility to capture opportunities during periods of greater stability, avoiding defensive purchases in unfavorable environments.

## Yield of 14.8% and NUIF11’s Attractiveness for Wealth Building

The scheduled dividend distribution for January 15, 2026, will be R$ 1.10 per share. This amount implies an annualized dividend yield of 14.8% over the December 31 market price, equivalent to 112% of CDI with the tax exemption benefit for individual investors.

In the last 12 months, the fund accumulated R$ 13.80 in dividends per share—134% of CDI—reinforcing the attractiveness of incentivized assets for those seeking to build net worth steadily over time.