[SCHEDULE 13G] BrasilAgro - Companhia Brasileira de Propriedades Agra­colas SEC Filing

Rhea-AI Filing Summary

Kopernik Global Investors, LLC and its controlling member David B. Iben have filed a Schedule 13G disclosing a passive stake in BrasilAgro (NYSE: LND). As of 30 June 2025, the reporting persons beneficially own 5,161,700 common shares (held as ADSs), representing 5.03 % of the company’s outstanding equity (based on 102.7 M shares reported in the issuer’s 6-K dated 8 May 2025).

The holding is entirely shared: 4,643,600 shares carry shared voting power and 5,161,700 shares carry shared dispositive power; neither party has sole voting or dispositive authority. Kopernik is classified as an investment adviser (IA); Mr. Iben is reported as a parent holding/control person (HC). Both certify the stake is held in the ordinary course of business and not for the purpose of influencing control.

The disclosure crosses the 5 % threshold that triggers a Schedule 13G filing but contains no indication of activist intent, additional transactions, or changes to BrasilAgro’s operations.

Insights

Portfolio Manager

TL;DR – Passive 5.03 % stake; signalling institutional interest, but no control intentions.

The filing shows Kopernik and David Iben collectively own just over 5 % of BrasilAgro, giving them the right—but not the intention—to influence governance. Because the form is 13G (not 13D), the investors declare a passive approach. Kopernik’s position size is modest relative to BrasilAgro’s market cap and does not, by itself, imply strategic change. However, the disclosure confirms that a respected value-oriented manager considers the shares attractive, which some investors may view as a vote of confidence. No purchase prices, cost basis, or incremental buying patterns are provided, so trading implications are limited.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

BrasilAgro - Brazilian Agricultural Real Estate Company

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

10554B104

(CUSIP Number)

06/30/2025

(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 4,643,600.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,161,700.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,161,700.00

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)

5.03 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Based on 102,683,444 common shares outstanding as set forth in the Issuer's Form 6-K for the quarter ended March 31, 2025 filed with the Securities and Exchange Commission on May 8, 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 4,643,600.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,161,700.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,161,700.00

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)

5.03 %

12

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person: Based on 102,683,444 common shares outstanding as set forth in the Issuer's Form 6-K for the quarter ended March 31, 2025 filed with the Securities and Exchange Commission on May 8, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: BrasilAgro - Brazilian Agricultural Real Estate Company
(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: Two Harbour Place 302 Knights Run Avenue, Suite 1225 Tampa, FL 33602
(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, 5,161,700 Common Shares via American Depositary 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 via American Depositary Shares by the Reporting Persons represents 5.03% of the Issuer's outstanding Common Shares based on 102,683,44 common shares outstanding as set forth in the Issuer's Form 6-K for the quarter ended March 31, 2025 filed with the Securities and Exchange Commission on May 8, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 4,643,600
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 5,161,700
Item 5.	Ownership of 5 Percent or Less of a Class.
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:	07/25/2025

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:	07/25/2025

Exhibit Information

99.1 Joint Filing Agreement, dated July 25, 2025, by and between Kopernik Global Investors, LLC and David B. Iben. 99.2 Power of Attorney appointing Sarah L. Bertrand, dated October 25, 2024, signed by David B. Iben.