Oaktree Capital Management 13F, Q4 2025
Howard Marks · quarter ending 31 December 2025 · filed 17 February 2026 · SEC CIK 949509
Common stock only: shares the fund reported owning at the quarter end, valued as filed. The filing also lists 6 put and call lines, reported at the value of the underlying shares; they are not ownership and are not in these totals.
Largest positions, Q4 2025
The 25 largest of 166 positions. Weights are against the whole filed book. Changes are in shares held, against the Q3 2025 filing.
| Company | Ticker | Value | % of book | vs Q3 2025 |
|---|---|---|---|---|
| EXPAND ENERGY CORP | EXE | $558.68M | 9.1% | unchanged |
| TORM PLC | $527.29M | 8.6% | -35% shares | |
| ANGLOGOLD ASHANTI PLC | $328.16M | 5.3% | -8% shares | |
| GARRETT MOTION INC | GTX | $297.96M | 4.8% | -46% shares |
| Indivior Pharmaceuticals Inc | $255.06M | 4.1% | -97% shares | |
| VIPER ENERGY INC | VNOM | $242.79M | 3.9% | unchanged |
| TELEPHONE AND DATA SYSTEMS INC | TDS | $151.22M | 2.5% | unchanged |
| BARRICK MINING CORP | B | $129.57M | 2.1% | -10% shares |
| TALEN ENERGY CORP | TLN | $124.12M | 2.0% | +14% shares |
| CORE SCIENTIFIC INC | CORZ | $121.59M | 2.0% | +31% shares |
| NOKIA OYJ | NOK | $121.33M | 2.0% | unchanged |
| FTAI AVIATION LTD | $101.84M | 1.6% | -12% shares | |
| ITAU UNIBANCO HOLDING SA | ITUB | $98.97M | 1.6% | +9% shares |
| LIBERTY GLOBAL LTD | $95.26M | 1.5% | unchanged | |
| CBL & ASSOCIATES PROPERTIES INC | CBL | $93.15M | 1.5% | -16% shares |
| RIOT PLATFORMS INC | RIOT 0.75 01/15/30 | $92.92M | 1.5% | new |
| JETBLUE AIRWAYS CORP | JBLU 0.5 04/01/26 | $89.04M | 1.4% | +33% shares |
| GRUPO AEROMEXICO SAB DE CV | AERO | $82.94M | 1.3% | new |
| TRANSALTA CORP | TAC | $81.25M | 1.3% | unchanged |
| SUNOPTA INC | STKL | $78.88M | 1.3% | unchanged |
| NU HOLDINGS LTD/CAYMAN ISLANDS | $74.98M | 1.2% | unchanged | |
| FREEPORT-MCMORAN INC | FCX | $70.60M | 1.1% | -8% shares |
| KILROY REALTY CORP | KRC | $69.13M | 1.1% | unchanged |
| CEMEX SAB DE CV | CX | $66.06M | 1.1% | -45% shares |
| RUNWAY GROWTH FINANCE CORP | RWAY | $62.77M | 1.0% | -15% shares |
What changed since Q3 2025
Against the Q3 2025 filing, Oaktree Capital Management opened 36 new positions, added to 52, trimmed 47, left 31 unchanged and exited 29. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
- RIOT 0.75 01/15/30$92.92M
- AERO$82.94M
- ECHO 3.875 11/30/30$60.16M
- DXCM 0.375 05/15/28$25.78M
- RICE ACQUISITION CORP 3$24.66M
- DKNG 0 03/15/28$23.09M
- INFY$19.51M
- SYNA 0.75 12/01/31$18.25M
and 28 more
Exited
- ECHOwas $45.82M
- SRPT 1.25 09/15/27was $30.82M
- NABORS INDUSTRIES LTDwas $30.13M
- SEwas $25.27M
- JBS NVwas $23.60M
- FIRST MAJESTIC SILVER CORPwas $19.68M
- FOUR 0.5 08/01/27was $14.35M
- MTH 1.75 05/15/28was $13.06M
and 21 more
Other quarters
Source: SEC Form 13F-HR, accession 0000949509-26-000001, filed by OAKTREE CAPITAL MANAGEMENT LP. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.