OAKTREE CAPITAL MANAGEMENT LP Q4 2025 Filing

Filed February 17, 2026

Portfolio Value

$7.0B

Holdings

170

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (170 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	EXEEXPAND ENERGY CORP	5,062,363	$558.7B	7949.64%
2	TRMDTORM PLC	26,425,059	$527.3B	7502.91%
3	AUANGLOGOLD ASHANTI PLC	3,847,991	$328.2B	4669.42%
4	SMHVANECK SEMICONDUCTOR ETF	865,000	$311.5B	4432.59%	Put
5	GTXGARRETT MOTION INC	17,094,816	$298.0B	4239.78%
6	SPYSTATE STREET CORP	385,000	$262.5B	3735.74%	Put
7	—Indivior Pharmaceuticals Inc	7,108,644	$255.1B	3629.29%
8	VNOMVIPER ENERGY INC	6,285,062	$242.8B	3454.74%
9	TLNTALEN ENERGY CORP	631,117	$236.6B	3366.18%	Call
10	TDSTELEPHONE AND DATA SYSTEMS INC	3,688,386	$151.2B	2151.79%
11	CORZCORE SCIENTIFIC INC	10,350,708	$150.7B	2144.44%	Call
12	BBARRICK MINING CORP	2,975,118	$129.6B	1843.63%
13	NOKNOKIA OYJ	18,752,229	$121.3B	1726.38%
14	FTAIFTAI AVIATION LTD	517,328	$101.8B	1449.05%
15	ITUBITAU UNIBANCO HOLDING SA	13,822,747	$99.0B	1408.27%
16	ORCLORACLE CORP	500,000	$97.5B	1386.71%	Put
17	LBTYALIBERTY GLOBAL LTD	8,551,191	$95.3B	1355.48%
18	0HQKCBL & ASSOCIATES PROPERTIES INC	2,517,576	$93.2B	1325.46%
19	RIOT 0.75 01/15/30RIOT PLATFORMS INC	81,960,000	$92.9B	1322.21%
20	JBLU 0.5 04/01/26JETBLUE AIRWAYS CORP	90,530,000	$89.0B	1266.92%
21	AEROGRUPO AEROMEXICO SAB DE CV	3,776,986	$82.9B	1180.20%
22	TACTRANSALTA CORP	6,415,253	$81.2B	1156.07%
23	SOYSUNOPTA INC	20,726,126	$78.9B	1122.45%
24	NUNU HOLDINGS LTD/CAYMAN ISLANDS	4,479,175	$75.0B	1066.92%
25	FCXFREEPORT-MCMORAN INC	1,390,053	$70.6B	1004.59%
26	KRCKILROY REALTY CORP	1,850,011	$69.1B	983.73%
27	CXCEMEX SAB DE CV	5,749,324	$66.1B	939.97%
28	RWAYRUNWAY GROWTH FINANCE CORP	7,029,667	$62.8B	893.23%
29	SATS 3.875 11/30/30ECHOSTAR CORP	18,000,000	$60.2B	856.10%
30	CABO 0 03/15/26CABLE ONE INC	58,874,000	$58.1B	827.26%
31	BLCOBAUSCH LOMB CORP	3,382,739	$57.8B	822.12%
32	GRABGRAB HOLDINGS LTD	11,207,699	$55.9B	795.79%
33	XPXP INC	3,320,159	$54.4B	773.38%
34	ABNB 0 03/15/26AIRBNB INC	50,633,000	$50.2B	714.69%
35	MARMARRIOTT INTERNATIONAL INC/MD	150,000	$46.5B	662.17%	Put
36	ETSY 0.25 06/15/28ETSY INC	50,165,000	$44.9B	639.39%
37	LILALIBERTY LATIN AMERICA LTD	5,748,780	$42.9B	610.22%
38	ECVTECOVYST INC	4,254,503	$41.4B	589.03%
39	BMRN 1.25 05/15/27BIOMARIN PHARMACEUTICAL INC	42,118,000	$40.5B	575.57%
40	AMPH 2 03/15/29AMPHASTAR PHARMACEUTICALS INC	43,578,000	$40.4B	574.88%
41	ADARRAY DIGITAL INFRASTRUCTURE INC	724,444	$38.8B	552.72%
42	CNMD 2.25 06/15/27CONMED CORP	40,324,000	$38.7B	550.83%
43	VAC 3.25 12/15/27MARRIOTT VACATIONS WORLDWIDE CORP	40,370,000	$38.5B	547.14%
44	PEB 1.75 12/15/26PEBBLEBROOK HOTEL TRUST	39,706,000	$38.4B	546.62%
45	VISTVISTA ENERGY SAB DE CV	782,250	$38.1B	541.62%
46	SEALTD 0.25 09/15/26SEA LTD	38,855,000	$37.8B	537.40%
47	YMMFULL TRUCK ALLIANCE CO LTD	3,519,764	$37.8B	537.40%
48	SBLKSTAR BULK CARRIERS CORP	1,962,892	$37.7B	536.81%
49	TDOC 1.25 06/01/27TELADOC HEALTH INC	38,479,000	$36.7B	522.88%
50	ENPH 0 03/01/28ENPHASE ENERGY INC	38,178,000	$33.4B	474.66%
51	CBRL 0.625 06/15/26CRACKER BARREL OLD COUNTRY STORE INC	33,101,000	$32.2B	458.07%
52	CRCCALIFORNIA RESOURCES CORP	694,502	$31.1B	441.83%
53	BZKANZHUN LTD	1,523,231	$31.0B	441.72%
54	ARRY 1 12/01/28ARRAY TECHNOLOGIES INC	33,284,000	$30.3B	430.62%
55	NVST 1.75 08/15/28ENVISTA HOLDINGS CORP	30,786,000	$29.6B	421.63%
56	OKTA 0.375 06/15/26OKTA INC	28,311,000	$27.8B	395.19%
57	FIVN 1 03/15/29FIVE9 INC	30,353,000	$27.4B	389.78%
58	ALRM 0 01/15/26ALARM.COM HOLDINGS INC	27,198,000	$27.3B	387.96%
59	TEOTELECOM ARGENTINA SA	2,347,508	$27.3B	387.80%
60	VALEVALE SA	2,023,706	$26.4B	375.20%
61	SPB 3.375 06/01/29SPECTRUM BRANDS HOLDINGS INC	27,496,000	$26.1B	371.00%
62	DXCM 0.375 05/15/28DEXCOM INC	27,995,000	$25.8B	366.77%
63	TXTERNIUM SA	658,565	$25.1B	357.87%
64	KRSPRICE ACQUISITION CORP 3	2,400,000	$24.7B	350.89%
65	FFC0OAKTREE SPECIALTY LENDING CORP	1,852,456	$23.6B	335.81%
66	DKNG 0 03/15/28DRAFTKINGS INC	25,225,000	$23.1B	328.55%
67	MGPI 1.875 11/15/41MGP INGREDIENTS INC	23,225,000	$22.5B	320.56%
68	INN 1.5 02/15/26SUMMIT HOTEL PROPERTIES INC	21,560,000	$21.5B	305.86%
69	XYZ 0 05/01/26BLOCK INC	20,243,000	$19.9B	283.73%
70	NBR 1.75 06/15/29NABORS INDUSTRIES LTD	24,063,000	$19.6B	278.95%
71	INFYINFOSYS LTD	1,094,752	$19.5B	277.58%
72	JD 0.25 06/01/29JD.COM INC	19,233,000	$19.3B	274.90%
73	DAY 0.25 03/15/26DAYFORCE INC	19,351,000	$19.2B	273.27%
74	WGO 3.25 01/15/30WINNEBAGO INDUSTRIES INC	20,220,000	$19.1B	271.17%
75	SNAP 0 05/01/27SNAP INC	19,576,000	$18.3B	259.74%
76	SYNA 0.75 12/01/31SYNAPTICS INC	17,250,000	$18.3B	259.68%
77	ONITONITY GROUP INC	390,835	$17.9B	254.65%
78	LIVN 2.5 03/15/29LIVANOVA PLC	15,285,000	$17.7B	252.28%
79	PPL 2.875 03/15/28PPL CORP	15,672,000	$17.2B	245.01%
80	AVAV 0 07/15/30AEROVIRONMENT INC	15,763,000	$17.1B	243.92%
81	TTEK 2.25 08/15/28TETRA TECH INC	15,289,000	$16.6B	236.58%
82	CMS 3.375 05/01/28CMS ENERGY CORP	15,199,000	$16.3B	231.84%
83	SMRTSMARTRENT INC	7,505,294	$15.2B	215.72%
84	HAE 0 03/01/26HAEMONETICS CORP	15,030,000	$14.9B	212.26%
85	JAZZ 3.125 09/15/30JAZZ PHARMACEUTICALS PLC	10,600,000	$14.1B	201.13%
86	WEC 4.375 06/01/29WEC ENERGY GROUP INC	11,957,000	$14.0B	198.88%
87	LNTH 2.625 12/15/27LANTHEUS HOLDINGS INC	11,525,000	$13.2B	188.30%
88	OPTUOPTIMUM COMMUNICATIONS INC	7,500,000	$12.4B	176.09%
89	SNAP 0.125 03/01/28SNAP INC	13,422,000	$12.2B	173.37%
90	BAND 0.5 04/01/28BANDWIDTH INC	13,650,000	$11.9B	169.66%
91	BXMT 5.5 03/15/27BLACKSTONE MORTGAGE TRUST INC	11,999,000	$11.9B	169.11%
92	RDFN 0.5 04/01/27REDFIN CORP	11,841,000	$11.1B	158.54%
93	PMT 5.5 03/15/26PENNYMAC MORTGAGE INVESTMENT TRUST	10,935,000	$11.0B	155.82%
94	ENPH 0 03/01/26ENPHASE ENERGY INC	10,911,000	$10.8B	153.69%
95	COIN 0.25 04/01/30COINBASE GLOBAL INC	10,510,000	$10.8B	153.55%
96	RGEN 1 12/15/28REPLIGEN CORP	9,830,000	$10.8B	153.51%
97	FLR 1.125 08/15/29FLUOR CORP	9,371,000	$10.7B	152.22%
98	MGNI 0.25 03/15/26MAGNITE INC	10,305,000	$10.2B	145.44%
99	LYV 2.875 01/15/30LIVE NATION ENTERTAINMENT INC	9,670,000	$10.2B	144.88%
100	ZD 1.75 11/01/26ZIFF DAVIS INC	10,091,000	$9.9B	140.71%

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