54K BrasilAgro (LND) ADRs bought by company director over four days

Rhea-AI Filing Summary

BrasilAgro - Brazilian Agricultural Real Estate Co director buys shares. Director Alejandro Gustavo Elsztain reported open-market purchases of a total of 54,000 American Depositary Receipts (ADRs) in four transactions between May 19 and May 22, 2026 at prices around $3.74–$3.82 per ADR.

After these trades, he directly holds 612,370 ADRs. ADRs are certificates that represent shares of a foreign company and trade on U.S. markets like regular stocks.

Insights

Equity market & insider-trading analyst

BrasilAgro director made net open-market share purchases, modestly increasing direct ownership.

Alejandro Gustavo Elsztain, a director of BrasilAgro, executed four open-market purchases of American Depositary Receipts, totaling 54,000 ADRs at prices between $3.7402 and $3.8212. These are straightforward buy transactions, with no derivative exercises or tax-related dispositions reported.

Following the trades, he directly owns 612,370 ADRs, so the purchases increase an already sizable position. With all transactions coded as open-market purchases (P), this filing reflects a clear net-buy pattern rather than routine option activity. Actual impact depends on how investors interpret director buying relative to overall trading volumes.

Insider Trade Summary

Net Buyer: 54,000 shares

Net Buy 4 txns

Insider Elsztain Alejandro Gustavo

Role Director

Bought 54,000 shs ($205K)

Type	Security	Shares	Price	Value
Purchase	American Depositary Receipts (ADR)	13,500	$3.8009	$51K
Purchase	American Depositary Receipts (ADR)	13,500	$3.8212	$52K
Purchase	American Depositary Receipts (ADR)	13,500	$3.794	$51K
Purchase	American Depositary Receipts (ADR)	13,500	$3.7402	$50K

Holdings After Transaction: American Depositary Receipts (ADR) — 612,370 shares (Direct)

Key Figures

Total ADRs purchased: 54,000 ADRs Per-trade share amount: 13,500 ADRs Purchase price range: $3.7402–$3.8212 per ADR +2 more

5 metrics

Total ADRs purchased 54,000 ADRs Sum of four open-market purchases reported in Form 4

Per-trade share amount 13,500 ADRs Each of the four purchase transactions

Purchase price range $3.7402–$3.8212 per ADR Prices paid across trades from May 19–22, 2026

Holdings after final trade 612,370 ADRs Direct ownership following May 22, 2026 transaction

Number of buy transactions 4 purchases All coded P for open-market purchase

Key Terms

American Depositary Receipts (ADR), open-market purchase, Form 4, non-derivative

4 terms

American Depositary Receipts (ADR) financial

"reported open-market purchases of a total of 54,000 American Depositary Receipts (ADRs)"

open-market purchase financial

"transaction_action": "open-market purchase""

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

Form 4 regulatory

"as disclosed in the Form 4 insider trading report"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

non-derivative financial

"All reported transactions are open-market purchases of non-derivative ADRs"

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 05/22/2026 - 05:49 PM Learn about SEC filing dates

FAQ

How many BrasilAgro (LND) ADRs did director Alejandro Gustavo Elsztain buy?

He bought a total of 54,000 BrasilAgro ADRs in the open market. The purchases occurred in four equal blocks of 13,500 ADRs each, as disclosed in the Form 4 insider trading report.

Over what dates did the BrasilAgro (LND) director purchase ADRs?

The director purchased ADRs on May 19, 20, 21, and 22, 2026. Each day’s trade involved 13,500 ADRs, and all were reported as open-market purchases in the Form 4 filing.

At what prices were the BrasilAgro (LND) ADR purchases made?

The ADRs were bought at prices between $3.7402 and $3.8212 per ADR. Each of the four transactions had a specific per-share price within this narrow range, reflecting clustered buying over consecutive trading days.

How many BrasilAgro (LND) ADRs does the director own after these trades?

After the reported purchases, the director directly owns 612,370 ADRs. This figure represents his direct holdings following the final transaction dated May 22, 2026, according to the Form 4 disclosure.

What type of transactions were reported in this BrasilAgro (LND) Form 4 filing?

All reported transactions are open-market purchases of non-derivative ADRs, coded as “P.” There are no derivative exercises, gifts, or tax-withholding entries, indicating straightforward buying activity by the director.

Does this BrasilAgro (LND) Form 4 involve derivatives or options?

No, the filing shows only non-derivative ADR purchases and a blank derivative position summary. That means there were no reported option exercises, warrant conversions, or other derivative transactions in this particular Form 4.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Elsztain Alejandro Gustavo

(Last) (First) (Middle)

CARLOS DELLA PAOLERA 261, 9TH FLOOR

(Street)

BUENOS AIRES C1001ADA

(City) (State) (Zip)

ARGENTINA

(Country)

2. Issuer Name and Ticker or Trading Symbol
BrasilAgro - Brazilian Agricultural Real Estate Co [ LND ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol
[AGRO3]

3. Date of Earliest Transaction (Month/Day/Year)
05/19/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
American Depositary Receipts (ADR)	05/19/2026		P		13,500	A	$3.7402	571,870	D
American Depositary Receipts (ADR)	05/20/2026		P		13,500	A	$3.794	585,370	D
American Depositary Receipts (ADR)	05/21/2026		P		13,500	A	$3.8212	598,870	D
American Depositary Receipts (ADR)	05/22/2026		P		13,500	A	$3.8009	612,370	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	Amalia Cristina Sternheim as Attorney-in-Fact for Alejandro Gustavo Elsztain	05/22/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)