Kopernik reports 6.34% BrasilAgro (LND) stake held for advisory clients

Rhea-AI Filing Summary

Kopernik Global Investors, LLC and David B. Iben have reported a passive stake in BrasilAgro - Brazilian Agricultural Real Estate Co. They report beneficial ownership of 6,509,500 common shares, equal to 6.34% of BrasilAgro’s outstanding common shares, based on 102,683,444 shares outstanding.

Their clients hold all of the shares, with no shares held directly by the reporting persons. Voting power is shared for 6,183,700 shares and dispositive power is shared for 6,509,500 shares. The filers certify the position is held in the ordinary course of business and not for the purpose of changing or influencing control of BrasilAgro.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

BrasilAgro - Brazilian Agricultural Real Estate Co

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

10554B104

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 10554B104

1

Names of Reporting Persons

Kopernik Global Investors, LLC

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,183,700.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,509,500.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,509,500.00

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)

6.34 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: (1) Based on 102,683,444 common shares outstanding as set forth in the Issuer's Form 20-F for the fiscal year ended June 30, 2025 filed with the Securities and Exchange Commission on October 30, 2025.

SCHEDULE 13G

CUSIP No. 10554B104

1

Names of Reporting Persons

David B. Iben

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 STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,183,700.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,509,500.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,509,500.00

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)

6.34 %

12

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person: (1) Based on 102,683,444 common shares outstanding as set forth in the Issuer's Form 20-F for the fiscal year ended June 30, 2025 filed with the Securities and Exchange Commission on October 30, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: BrasilAgro - Brazilian Agricultural Real Estate Co
(b)	Address of issuer's principal executive offices: 1309 Av. Brigadeiro Faria Lima, 5th floor, Sao Paulo, Sao Paulo 01452-002, Brazil
Item 2.
(a)	Name of person filing: This Schedule 13G is jointly filed by Kopernik Global Investors, LLC ("Kopernik Global Investors") and David B. Iben (collectively, the "Reporting Persons"). Kopernik Global Investors is an investment adviser. Mr. Iben is the controlling member and Chief Investment Officer of Kopernik Global Investors.
(b)	Address or principal business office or, if none, residence: 2502 N. Rocky Point Dr, Suite 300 Tampa, FL 33607
(c)	Citizenship: Kopernik Global Investors is a limited liability company organized under the laws of Delaware. Mr. Iben is a citizen of the United States of America.
(d)	Title of class of securities: Common Shares, no par value
(e)	CUSIP No.: 10554B104
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: The Reporting Persons beneficially own, in the aggregate, 6,509,500 Common Shares. None of the securities are held by the Reporting Persons. The filing of this statement shall not be construed as an admission that either of the Reporting Persons is the beneficial owner of any of the securities covered by this Schedule 13G for any other purpose.
(b)	Percent of class: The number of Common Shares beneficially owned by the Reporting Persons represents 6.34% of the Issuer's outstanding Common Shares based on 102,683,444 common shares outstanding as set forth in the Issuer's Form 20-F for the fiscal year ended June 30, 2025 filed with the Securities and Exchange Commission on October 30, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: (i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: (ii) Shared power to vote or to direct the vote: 6,183,700
	(iii) Sole power to dispose or to direct the disposition of: (iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: (iv) Shared power to dispose or to direct the disposition of: 6,509,500
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Securities reported on this Schedule 13G are beneficially owned by investment advisory clients which may include investment companies registered under the Investment Company Act and/or other separately managed accounts. No such person beneficially owns over 5%.
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:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

Kopernik Global Investors, LLC

Signature:	/s/ Sarah L. Bertrand
Name/Title:	Sarah L. Bertrand General Counsel and Chief Compliance Officer
Date:	02/02/2026

David B. Iben

Signature:	/s/ David B. Iben by Sarah L. Bertrand, power of attorney
Name/Title:	David B. Iben by Sarah L. Bertrand, power of attorney
Date:	02/02/2026

Comments accompanying signature: 99.1 Joint Filing Agreement, dated July 25, 2025, by and between Kopernik Global Investors, LLC and David B. Iben is incorporated herein by reference to Exhibit 99.1 of Schedule 13G filed with the SEC via EDGAR Accession 0000930413-25-002234 on July 25, 2025. 99.2 Power of Attorney appointing Sarah L. Bertrand, dated October 25, 2024, signed by David B. Iben is incorporated herein by reference to Exhibit 99.2 of Schedule 13G filed with the SEC via EDGAR Accession 0000930413-25-002234 on July 25, 2025.

FAQ

What ownership stake in BrasilAgro (LND) did Kopernik report?

Kopernik Global Investors and David B. Iben reported beneficial ownership of 6,509,500 BrasilAgro common shares, representing 6.34% of the outstanding class. This percentage is based on 102,683,444 common shares outstanding from BrasilAgro’s Form 20-F for the year ended June 30, 2025.

Who are the reporting persons in this BrasilAgro (LND) Schedule 13G/A?

The Schedule 13G/A is jointly filed by Kopernik Global Investors, LLC, an investment adviser organized in Delaware, and David B. Iben, its controlling member and Chief Investment Officer. They are collectively referred to as the reporting persons in the ownership disclosure.

Do Kopernik and David Iben directly hold BrasilAgro (LND) shares?

The filing states that none of the securities are held directly by Kopernik Global Investors or David B. Iben. The 6,509,500 BrasilAgro shares are beneficially owned by investment advisory clients, including possible registered investment companies and separately managed accounts.

What voting and dispositive powers are reported over BrasilAgro (LND) shares?

The reporting persons show 0 shares with sole voting or dispositive power. They report shared voting power over 6,183,700 shares and shared dispositive power over 6,509,500 shares, reflecting their role as investment adviser for client accounts that hold the securities.

Is Kopernik’s BrasilAgro (LND) position intended to influence control?

The filers certify the BrasilAgro shares were acquired and held in the ordinary course of business and not for the purpose or effect of changing or influencing control of the issuer. They also state the holdings are not part of any control-related transaction.

Do any single clients of Kopernik own more than 5% of BrasilAgro (LND)?

The filing notes that the securities are beneficially owned by investment advisory clients, which may include registered investment companies and other accounts. It specifically states that no such person beneficially owns over 5% of BrasilAgro’s common shares individually.