Director Matarazzo-linked entity adds 30,000 Patria (PAX) Class A shares in open-market buys

Rhea-AI Filing Summary

Patria Investments director Neto Olimpio Matarazzo reported open-market purchases of Class A Common Shares associated with an entity he owns and controls. On May 29 and May 28, 2026, an affiliated entity, Olympic Bahamas Limited, bought a total of 30,000 Class A Common Shares at weighted average prices of $11.46 and $11.50 per share, within disclosed intraday price ranges. Following these transactions, indirect holdings reported for this entity increased to 105,000 Class A Common Shares. Matarazzo also reports direct ownership of 425,724 Class A Common Shares, consisting of 71,340 unvested restricted share units, 69,675 unvested share units under a matching share program, and 284,709 directly owned Class A Common Shares, giving investors a clearer view of his overall equity position.

Insights

Equity ownership analyst

Director-related entity made a modest net open-market share purchase.

The filing shows entities associated with director Neto Olimpio Matarazzo buying 30,000 Class A Common Shares of Patria Investments Ltd in open-market transactions at prices around $11.50 per share. These purchases were executed by Olympic Bahamas Limited, owned and controlled by the reporting person.

After the trades, indirect holdings through the entity total 105,000 shares, while direct holdings stand at 425,724 shares, including unvested units. The purchased amount is relatively small compared with the aggregate position reported in this Form 4, suggesting a routine increase in exposure rather than a transformational change.

The transactions were executed across price ranges disclosed in the footnotes, with weighted average prices reported. Subsequent company filings may provide additional context on any future changes in the director’s ownership levels.

Insider Trade Summary

Net Buyer: 30,000 shares ($344,400)

Net Buy 3 txns

Insider Neto Olimpio Matarazzo

Role null

Bought 30,000 shs ($344K)

Type	Security	Shares	Price	Value
Purchase	Class A Common Shares	15,000	$11.46	$172K
Purchase	Class A Common Shares	15,000	$11.50	$173K
holding	Class A Common Shares	--	--	--

Holdings After Transaction: Class A Common Shares — 105,000 shares (Indirect, See Footnote); Class A Common Shares — 425,724 shares (Direct, null)

Footnotes (1)

1. The price reported in Column 4 is a weighted average price. These Class A Common Shares were purchased in multiple transactions at prices ranging from $11.40 to $11.62, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon full request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (1) to this Form 4. The price reported in Column 4 is a weighted average price. These Class A Common Shares were purchased in multiple transactions at prices ranging from $11.42 to $11.48, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon full request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (2) to this Form 4. Represents Class A Common Shares beneficially owned by Patria Holdings Limited, which were purchased and are directly held by Olympic Bahamas Limited, an entity owned and controlled by the Reporting Person. Consists of 71,340 unvested restricted share units, 69,675 unvested share units pursuant to the Issuer's matching share program, and 284,709 Class A Comon Shares owned by the Reporting Person.

Key Figures

Open-market purchase 1: 15,000 shares at $11.46 Open-market purchase 2: 15,000 shares at $11.50 Indirect holdings after trades: 105,000 shares +4 more

7 metrics

Open-market purchase 1 15,000 shares at $11.46 Class A Common Shares bought on May 29, 2026, indirect

Open-market purchase 2 15,000 shares at $11.50 Class A Common Shares bought on May 28, 2026, indirect

Indirect holdings after trades 105,000 shares Class A Common Shares held by Olympic Bahamas Limited

Direct holdings total 425,724 shares Direct Class A Common Shares and units as of May 28, 2026

Unvested RSUs 71,340 units Unvested restricted share units within direct holdings

Unvested matching units 69,675 units Unvested units under issuer’s matching share program

Direct common shares 284,709 shares Directly owned Class A Common Shares by reporting person

Key Terms

weighted average price, restricted share units, matching share program, beneficially owned

4 terms

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

restricted share units financial

"Consists of 71,340 unvested restricted share units, 69,675 unvested share units..."

Restricted share units (RSUs) are a promise from a company to give an employee or service provider actual shares or cash equal to the shares after certain conditions are met, typically staying with the company for a set time or hitting performance targets. Think of them like a time-locked gift card that becomes usable only after you’ve earned it. For investors, RSUs matter because they align employee incentives with company performance and can increase the number of shares outstanding over time, diluting existing ownership and affecting earnings per share.

matching share program financial

"69,675 unvested share units pursuant to the Issuer's matching share program..."

beneficially owned financial

"Represents Class A Common Shares beneficially owned by Patria Holdings Limited..."

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.

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Form 4 Insider Transactions: What Each Field Means →

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^*

Neto Olimpio Matarazzo

(Last) (First) (Middle)

C/O PATRIA INVESTMENTS LTD

60 NEXUS WAY, 4TH FLOOR

(Street)

CAMANA BAY, GEORGE TOWN GRAND CAYMAN KYL-9006

(City) (State) (Zip)

CAYMAN ISLANDS

(Country)

2. Issuer Name and Ticker or Trading Symbol
Patria Investments Ltd [ PAX ]

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

3. Date of Earliest Transaction (Month/Day/Year)
05/28/2026

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
Class A Common Shares	05/28/2026		P		15,000	A	$11.5(1)	90,000	I	See Footnote(3)
Class A Common Shares	05/29/2026		P		15,000	A	$11.46(2)	105,000	I	See Footnote(3)
Class A Common Shares								425,724(4)	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:

1. The price reported in Column 4 is a weighted average price. These Class A Common Shares were purchased in multiple transactions at prices ranging from $11.40 to $11.62, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon full request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (1) to this Form 4.

2. The price reported in Column 4 is a weighted average price. These Class A Common Shares were purchased in multiple transactions at prices ranging from $11.42 to $11.48, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon full request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (2) to this Form 4.

3. Represents Class A Common Shares beneficially owned by Patria Holdings Limited, which were purchased and are directly held by Olympic Bahamas Limited, an entity owned and controlled by the Reporting Person.

4. Consists of 71,340 unvested restricted share units, 69,675 unvested share units pursuant to the Issuer's matching share program, and 284,709 Class A Comon Shares owned by the Reporting Person.

	/s/ Olimpio Matarazzo Neto	06/01/2026
	** 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)

FAQ

How many Patria Investments (PAX) shares were bought in this Form 4?

The filing reports open-market purchases totaling 30,000 Class A Common Shares. These were executed in two blocks of 15,000 shares each, at weighted average prices of $11.46 and $11.50 per share across disclosed intraday price ranges.

Who executed the Patria Investments (PAX) share purchases reported for Neto Olimpio Matarazzo?

The purchases were made by Olympic Bahamas Limited, which directly holds the acquired shares. According to the filing, Olympic Bahamas Limited is owned and controlled by the reporting person and its holdings are beneficially owned by Patria Holdings Limited.

What prices were paid for the Patria Investments (PAX) shares in this Form 4?

The reported weighted average prices were $11.46 and $11.50 per share. Footnotes explain that actual trades occurred in multiple transactions within ranges of $11.40–$11.62 and $11.42–$11.48, with details available upon request from the reporting person.

How many Patria Investments (PAX) shares does Neto Olimpio Matarazzo hold after these transactions?

After these transactions, indirect holdings through Olympic Bahamas Limited total 105,000 Class A Common Shares. Direct holdings are reported as 425,724 shares, including unvested restricted share units, unvested matching share units, and directly owned Class A Common Shares combined.

What portion of Neto Olimpio Matarazzo’s Patria Investments (PAX) stake is unvested equity?

The filing specifies 71,340 unvested restricted share units and 69,675 unvested share units under the issuer’s matching share program. These unvested units form part of the reported 425,724 direct shares, alongside 284,709 directly owned Class A Common Shares.

Does this Patria Investments (PAX) Form 4 include any derivative or option exercises?

No derivative or option exercises are reported in this Form 4. The filing only shows open-market purchases of Class A Common Shares and updated direct and indirect holdings, with the derivative position summary section containing no remaining derivative securities.