The two pilots were conducting multiple cross-country flights the day of the accident with the purpose of building flight time as part of an air carrier pilot development program. The pilots departed for the fourth leg of the day and the left seat pilot was primarily flying for this leg. Both pilots reported that while enroute they noticed the fuel level was low. Subsequently, about 15 nautical miles from the destination, the engine lost all power. The left seat pilot reported that the right seat pilot took control of the airplane after the loss of power. About 600 feet above ground level (agl) the right seat pilot deployed the ballistic parachute recovery system when it became clear that they would not be able to glide to an airport. The impact with the ground resulted in substantial damage to the fuselage. Post-accident inspection of the fuel system showed no fuel visible in either wing tank and no fuel visible in the inline fuel filters. The left seat pilot reported that there were no preaccident mechanical malfunctions or failures of the airplane that would have precluded normal operation.