Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
dLocal Ltd (DLO) reports that Alberto Eduardo Azar beneficially owns 15,114,490 Class A common shares, or 8.5% of the class; Aqua Crystal Investments Ltd. reports beneficial ownership of 15,039,273 shares, also 8.5%. Azar’s reported total includes 15,039,273 shares held by Aqua Crystal Investments and 75,217 shares held directly. The reported percentages are based on 176,920,470 Class A common shares outstanding as of November 8, 2026. Azar disclaims beneficial ownership beyond any pecuniary interest he may have directly or indirectly.
Key Figures
Azar reported beneficial ownership:15,114,490 Class A common sharesAqua Crystal Investments reported beneficial ownership:15,039,273 Class A common sharesShares held directly by Azar:75,217 Class A common shares+1 more
4 metrics
Azar reported beneficial ownership15,114,490 Class A common sharesReported as 8.5% of the class
Aqua Crystal Investments reported beneficial ownership15,039,273 Class A common sharesReported as 8.5% of the class
Shares held directly by Azar75,217 Class A common sharesIncluded in Azar’s reported beneficial ownership
Class A common shares outstanding176,920,470 sharesAs of November 8, 2026; basis for the reported ownership percentages
"Aggregate amount beneficially owned by each reporting person"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared voting powertechnical
"Shared voting power over 15,039,273 shares"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powertechnical
"Shared dispositive power over 15,039,273 shares"
pecuniary interesttechnical
"to the extent of any pecuniary interest he may have"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many DLO shares does Alberto Eduardo Azar report owning?
Alberto Eduardo Azar reports beneficial ownership of 15,114,490 Class A common shares. The reported total includes 15,039,273 shares held by Aqua Crystal Investments Ltd. and 75,217 shares held directly.
What percentage of DLO does Aqua Crystal Investments report owning?
Aqua Crystal Investments Ltd. reports beneficial ownership of 8.5% of dLocal’s Class A common shares, totaling 15,039,273 shares. The reported percentage is based on 176,920,470 Class A common shares outstanding as of November 8, 2026.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
dLocal Ltd
(Name of Issuer)
Class A Common Shares, par value $0.002 per share
(Title of Class of Securities)
G29018101
(CUSIP Number)
09/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
G29018101
1
Names of Reporting Persons
Azar Alberto Eduardo
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED KINGDOM
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
75,217.00
6
Shared Voting Power
15,039,273.00
7
Sole Dispositive Power
75,217.00
8
Shared Dispositive Power
15,039,273.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
15,114,490.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.5 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP Number(s):
G29018101
1
Names of Reporting Persons
Aqua Crystal Investments Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
GIBRALTAR
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
15,039,273.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
15,039,273.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
15,039,273.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.5 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
dLocal Ltd
(b)
Address of issuer's principal executive offices:
Dr. Luis Bonavita, 1294, Montevideo, Uruguay, 11300
Item 2.
(a)
Name of person filing:
This Schedule 13G is being filed by Alberto Eduardo Azar and Aqua Crystal Investments Ltd. (the "Reporting Persons"). The Reporting Persons are shareholders of the Issuer.
(b)
Address or principal business office or, if none, residence:
The principal office and business address of the Reporting person is Dr. Luis Bonavita, 1294, Montevideo, Uruguay, 11300.
(c)
Citizenship:
See row 4 of the cover pages to this Schedule 13G.
(d)
Title of class of securities:
Class A Common Shares, par value $0.002 per share
(e)
CUSIP No.:
G29018101
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
All ownership percentages assume that there are 176,920,470 Class A common shares outstanding as of November 8, 2026, as reported by the Issuer to the Reporting Person.
The information set forth in Item 2 above is incorporated by reference for the Reporting Person. The ownership consists of 15,039,273 Class A common shares held by Aqua Crystal Investments Ltd and beneficially owned by Alberto Eduardo Azar and 75,217 Class A common shares held by Alberto Eduardo Azar directly.
Alberto Eduardo Azar disclaims any beneficial ownership of the shares other than to the extent of any pecuniary interest he may have therein, directly or indirectly.
See row 9 of the cover pages to this Schedule 13G.
(b)
Percent of class:
See row 11 of the cover pages to this Schedule 13G.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See row 5 of the cover pages to this Schedule 13G.
(ii) Shared power to vote or to direct the vote:
See row 6 of the cover pages to this Schedule 13G.
(iii) Sole power to dispose or to direct the disposition of:
See row 7 of the cover pages to this Schedule 13G.
(iv) Shared power to dispose or to direct the disposition of:
See row 8 of the cover pages to this Schedule 13G.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Not Applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
