OAKTREE CAPITAL MANAGEMENT LP (Howard Marks)

Holdings as of 06-30-2025

Ticker Company/ETF Total Shares Total Value ($) CUSIP Class Put/Call
TRMD TORM PLC 40,581,120 $681,587,614 G89479102 COMMON STOCK
SPY SPDR S&P 500 ETF TRUST 1,020,000 $630,207,000 78462F103 ETF Put
CHK EXPAND ENERGY CORP 5,062,364 $591,992,875 165167735 COMMON STOCK
GTX GARRETT MOTION INC 36,894,816 $387,764,516 366505105 COMMON STOCK
STR SITIO ROYALTIES CORP 12,945,551 $237,939,227 82983N108 COMMON STOCK
AU ANGLOGOLD ASHANTI PLC 4,947,737 $225,468,375 G0378L100 COMMON STOCK
INDV INDIVIOR PLC 11,009,125 $162,274,503 G4766E116 COMMON STOCK
STKL SUNOPTA INC 20,726,126 $120,187,007 8676EP108 COMMON STOCK
RWAY RUNWAY GROWTH FINANCE CORP 9,779,667 $104,935,838 78163D100 COMMON STOCK
CX CEMEX SAB DE CV 14,839,032 $102,834,491 151290889 COMMON STOCK
VIST VISTA ENERGY SAB DE CV 2,061,561 $98,563,231 92837L109 COMMON STOCK
NOK NOKIA CORP-SPON ADR 18,752,229 $97,136,546 654902204 SPONSORED ADR
FCX FREEPORT-MCMORAN INC 1,996,075 $86,529,851 35671D857 COMMON STOCK
LBTYA LIBERTY GLOBAL LTD 8,212,191 $82,204,031 G61188101 COMMON STOCK
CBL CBL & ASSOCIATES PROPERTIES INC 3,005,126 $76,300,174 124830878 COMMON STOCK
ITUB ITAU UNIBANCO HOLDING SA 11,004,494 $74,720,521 465562106 COMMON STOCK
XHB SPDR S&P HOMEBUILDERS ETF 690,000 $68,013,300 78464A888 ETF Put
B BARRICK MINING CORP 3,157,686 $65,743,022 06849F108 COMMON STOCK
TAC TRANSALTA CORP 6,085,253 $65,512,910 89346D107 COMMON STOCK
KRC KILROY REALTY CORP 1,850,011 $63,473,877 49427F108 COMMON STOCK
CRC CALIFORNIA RESOURCES CORP 1,376,753 $62,876,309 13057Q305 COMMON STOCK
PEBBLEBROOK HOTEL TRUST 62,423,000 $59,150,940 70509VAA8 CONVERTIBLE BOND
GRAB GRAB HOLDINGS LIMITED 11,569,295 $58,193,553 G4124C109 COMMON STOCK
JETBLUE AIRWAYS CORP 59,981,000 $57,581,760 477143AP6 CONVERTIBLE BOND
SBLK STAR BULK CARRIERS CORP 3,230,527 $55,726,590 Y8162K204 COMMON STOCK
IWM ISHARES RUSSELL 2000 ETF 240,000 $51,789,600 464287655 ETF Put
CABLE ONE INC 51,812,000 $49,148,863 12685JAE5 CONVERTIBLE BOND
TLNE TALEN ENERGY CORP 129,829 $37,750,378 87422Q109 COMMON STOCK
AIRBNB INC 36,300,000 $35,083,827 009066AB7 CONVERTIBLE BOND
BLCO BAUSCH + LOMB CORP 2,521,245 $32,801,397 071705107 COMMON STOCK
EC ECOPETROL SA-SPONSORED ADR 3,549,822 $31,415,924 279158109 SPONSORED ADR
SUMMIT HOTEL PROPERTIES INC 30,455,000 $29,541,350 866082AA8 CONVERTIBLE BOND
SEA LTD 30,069,000 $28,430,239 81141RAG5 CONVERTIBLE BOND
TELADOC HEALTH INC 30,338,000 $28,056,684 87918AAF2 CONVERTIBLE BOND
BZ KANZHUN LTD 1,571,272 $28,031,492 48553T106 COMMON STOCK
TX TERNIUM SA 919,709 $27,683,240 880890108 COMMON STOCK
ETSY INC 31,807,000 $27,377,875 29786AAN6 CONVERTIBLE BOND
BEKE KE HOLDINGS INC-ADR 1,513,039 $26,841,311 482497104 SPONSORED ADR
CONMED CORP 27,705,000 $26,318,850 207410AH4 CONVERTIBLE BOND
SNAP INC 29,437,000 $25,566,034 83304AAH9 CONVERTIBLE BOND
None ECHOSTAR CORP 21,447,560 $25,308,120 278768AB2 CONVERTIBLE BOND
OCSL OAKTREE SPECIALTY LENDING CORP 1,852,456 $25,304,548 67401P405 COMMON STOCK
ALARM.COM HOLDINGS INC 24,946,000 $24,322,350 011642AB1 CONVERTIBLE BOND
None MARRIOTT VACATIONS WORLDWIDE CORP 25,833,000 $24,115,105 57164YAF4 CONVERTIBLE BOND
TEO TELECOM ARGENTINA SA 2,644,263 $23,348,842 879273209 COMMON STOCK
None ENPHASE ENERGY INC 23,501,000 $22,531,413 29355AAH0 CONVERTIBLE BOND
YMM FULL TRUCK ALLIANCE -SPN ADR 1,842,337 $21,757,999 35969L108 SPONSORED ADR
WIX.COM LTD 21,116,000 $21,063,209 92940WAD1 CONVERTIBLE BOND
None ENVISTA HOLDINGS CORP 22,281,000 $20,735,256 29415FAD6 CONVERTIBLE BOND
OKTA INC 20,241,000 $20,139,795 679295AD7 CONVERTIBLE BOND
VALE VALE S.A 2,033,706 $19,747,285 91912E105 COMMON STOCK
FIRST MAJESTIC SILVER CORP 20,605,000 $19,646,867 32076VAD5 CONVERTIBLE BOND
TLNE TALEN ENERGY CORP 65,000 $18,900,050 87422Q109 COMMON STOCK Call
None DAYFORCE INC 18,080,000 $17,483,360 15677JAD0 CONVERTIBLE BOND
BRIDGEBIO PHARMA INC 18,056,000 $16,900,415 10806XAD4 CONVERTIBLE BOND
ATUS ALTICE USA INC 7,500,000 $16,050,000 02156K103 COMMON STOCK
None DEXCOM INC 16,111,000 $15,865,307 252131AK3 CONVERTIBLE BOND
None SOUTHERN CO/THE 13,459,000 $14,872,343 842587DZ7 CONVERTIBLE BOND
UNIT UNITI GROUP INC 3,397,592 $14,677,597 91325V108 COMMON STOCK
LILAK LIBERTY LATIN AMERICA CLASS C 2,328,516 $14,483,369 G9001E128 COMMON STOCK
ALVO ALVOTECH SA 1,563,676 $14,260,725 L01800108 COMMON STOCK
SE SEA LTD-ADR 83,513 $13,357,069 81141R100 SPONSORED ADR
ANYWHERE REAL ESTATE INC 13,200,000 $12,985,500 75606DAP6 CONVERTIBLE BOND
None JD.COM INC 12,352,000 $12,914,016 47215PAJ5 CONVERTIBLE BOND
None SHIFT4 PAYMENTS INC 11,913,000 $12,806,474 82452JAD1 CONVERTIBLE BOND
PPL CORP 11,381,000 $12,320,532 69352PAS2 CONVERTIBLE BOND
None ENPHASE ENERGY INC 14,755,000 $12,003,192 29355AAK3 CONVERTIBLE BOND
None MKS INC 11,985,000 $11,871,142 55306NAB0 CONVERTIBLE BOND
CMS ENERGY CORP 11,017,000 $11,738,613 125896BX7 CONVERTIBLE BOND
MX MAGNACHIP SEMICONDUCTOR CORP 2,849,858 $11,342,434 55933J203 COMMON STOCK
UPSTART HOLDINGS INC 11,901,000 $11,305,950 91680MAB3 CONVERTIBLE BOND
None COINBASE GLOBAL INC 7,894,000 $10,345,086 19260QAF4 CONVERTIBLE BOND
CHKEL EXPAND ENERGY CORP 95,294 $10,318,434 165167180 COMMON STOCK
BRY BERRY CORP 3,697,000 $10,240,690 08579X101 COMMON STOCK
REPYY YPF SA 324,330 $10,200,178 984245100 COMMON STOCK
None LIVANOVA PLC 9,995,000 $10,198,101 53802LAB8 CONVERTIBLE BOND
CRACKER BARREL OLD COUNTRY STORE INC 9,922,000 $9,500,315 22410JAB2 CONVERTIBLE BOND
SHAKE SHACK INC 8,821,000 $9,466,035 819047AB7 CONVERTIBLE BOND
BHC BAUSCH HEALTH COS INC 1,270,000 $8,458,200 071734107 COMMON STOCK
None GUARDANT HEALTH INC 7,193,000 $8,402,614 40131MAD1 CONVERTIBLE BOND
None WEC ENERGY GROUP INC 7,154,000 $8,273,601 92939UAR7 CONVERTIBLE BOND
ALVOW ALVOTECH SA 4,666,667 $8,236,667 L01800116 WARRANT
None NEXTERA ENERGY INC 7,141,000 $8,137,169 65339KCY4 CONVERTIBLE BOND
TETRA TECH INC 6,969,000 $7,866,258 88162GAB9 CONVERTIBLE BOND
None DEXCOM INC 8,288,000 $7,815,583 252131AM9 CONVERTIBLE BOND
None PARSONS CORP 7,203,000 $7,692,803 70202LAD4 CONVERTIBLE BOND
None VERINT SYSTEMS INC 7,835,000 $7,533,352 92343XAC4 CONVERTIBLE BOND
SMRT SMARTRENT INC 7,505,294 $7,430,242 83193G107 COMMON STOCK
None BLACKLINE INC 6,945,000 $7,410,894 09239BAF6 CONVERTIBLE BOND
TRAVERE THERAPEUTICS INC 7,741,000 $7,392,820 89422GAA5 CONVERTIBLE BOND
H WORLD GROUP LTD 6,884,000 $7,283,271 44332NAB2 CONVERTIBLE BOND
VAIL RESORTS INC 7,458,000 $7,271,550 91879QAN9 CONVERTIBLE BOND
CYTOKINETICS INC 6,692,000 $7,137,017 23282WAC4 CONVERTIBLE BOND
BLACKSTONE MORTGAGE TRUST INC 7,151,000 $6,979,376 09257WAE0 CONVERTIBLE BOND
None ALIBABA GROUP HOLDING LTD 5,397,000 $6,901,814 01609WBG6 CONVERTIBLE BOND
FLUOR CORP 5,011,000 $6,580,695 343412AJ1 CONVERTIBLE BOND
MARRIOTT VACATIONS WORLDWIDE CORP 6,746,000 $6,533,351 57164YAD9 CONVERTIBLE BOND
HDB HDFC BANK LTD 84,843 $6,504,912 40415F101 COMMON STOCK
MAGNITE INC 6,637,000 $6,415,432 55955DAB6 CONVERTIBLE BOND
REDFIN CORP 7,025,000 $6,340,755 75737FAE8 CONVERTIBLE BOND
None LUMENTUM HOLDINGS INC 3,997,000 $6,139,392 55024UAH2 CONVERTIBLE BOND
None NICE LTD 6,124,000 $6,062,830 653656AB4 CONVERTIBLE BOND
UPWORK INC 6,373,000 $6,028,708 91688FAB0 CONVERTIBLE BOND
ON SEMICONDUCTOR CORP 6,380,000 $5,920,320 682189AU9 CONVERTIBLE BOND
None MERITAGE HOMES CORP 6,077,000 $5,914,288 59001ABF8 CONVERTIBLE BOND
None WORKIVA INC 6,248,000 $5,802,829 98139AAD7 CONVERTIBLE BOND
None REPLIGEN CORP 5,796,000 $5,769,918 759916AD1 CONVERTIBLE BOND
INTEGRA LIFESCIENCES HOLDINGS CORP 5,761,000 $5,710,591 457985AM1 CONVERTIBLE BOND
None HAEMONETICS CORP 5,463,000 $5,448,013 405024AD2 CONVERTIBLE BOND
None FUBOTV INC 5,561,000 $5,438,658 35953DAB0 CONVERTIBLE BOND
MESA LABORATORIES INC 5,438,000 $5,408,066 59064RAA7 CONVERTIBLE BOND
PENNYMAC MORTGAGE INVESTMENT TRUST 5,411,000 $5,375,828 70932AAF0 CONVERTIBLE BOND
ZIFF DAVIS INC 5,446,000 $5,194,122 48123VAE2 CONVERTIBLE BOND
FIVERR INTERNATIONAL LTD 5,259,000 $5,159,091 33835LAA3 CONVERTIBLE BOND
ARRAY TECHNOLOGIES INC 6,448,000 $5,130,618 04271TAB6 CONVERTIBLE BOND
TWO HARBORS INVESTMENT CORP 4,765,000 $4,686,377 90187BAB7 CONVERTIBLE BOND
None GUESS INC 4,923,000 $4,679,295 401617AF2 CONVERTIBLE BOND
HDSN HUDSON TECHNOLOGIES INC 562,662 $4,568,815 444144109 COMMON STOCK
GUARDANT HEALTH INC 5,017,000 $4,562,402 40131MAB5 CONVERTIBLE BOND
None UBER TECHNOLOGIES INC 3,163,000 $4,527,834 90353TAM2 CONVERTIBLE BOND
None OKTA INC 4,657,000 $4,466,063 679295AF2 CONVERTIBLE BOND
None TRIP.COM GROUP LTD 3,996,000 $4,453,542 89677QAB3 CONVERTIBLE BOND
HAEMONETICS CORP 4,509,000 $4,367,502 405024AB6 CONVERTIBLE BOND
BMA BANCO MACRO SA 60,591 $4,254,094 05961W105 COMMON STOCK
AFFIRM HOLDINGS INC 4,291,000 $4,039,976 00827BAB2 CONVERTIBLE BOND
None DUKE ENERGY CORP 3,750,000 $3,972,187 26441CBY0 CONVERTIBLE BOND
TPIC TPI COMPOSITES INC 4,610,003 $3,961,375 87266J104 COMMON STOCK
None LI AUTO INC 3,297,000 $3,922,190 50202MAB8 CONVERTIBLE BOND
BATL BATTALION OIL CORP 3,009,912 $3,882,786 07134L107 COMMON STOCK
REDWOOD TRUST INC 3,845,000 $3,808,422 758075AF2 CONVERTIBLE BOND
None NABORS INDUSTRIES LTD 6,500,000 $3,753,750 62957HAL9 CONVERTIBLE BOND
None CERENCE INC 4,865,000 $3,729,022 156727AD1 CONVERTIBLE BOND
BANDWIDTH INC 4,301,000 $3,619,291 05988JAD5 CONVERTIBLE BOND
PAM TRANSPORTADORA DE GAS DEL SUR SA 137,630 $3,564,617 893870204 COMMON STOCK
SAREPTA THERAPEUTICS INC 4,920,000 $3,554,700 803607AD2 CONVERTIBLE BOND
None PELOTON INTERACTIVE INC 3,669,000 $3,549,757 70614WAB6 CONVERTIBLE BOND
JBS JBS NV 238,610 $3,486,092 N4732M103 COMMON STOCK
None HERBALIFE LTD 3,742,000 $3,405,220 42703MAF0 CONVERTIBLE BOND
NEOGENOMICS INC 3,819,000 $3,279,566 64049MAB6 CONVERTIBLE BOND
None SPOTIFY TECHNOLOGY SA 2,000,000 $3,034,800 84921RAB6 CONVERTIBLE BOND
UNITY SOFTWARE INC 3,216,000 $3,010,176 91332UAB7 CONVERTIBLE BOND
WAYFAIR INC 2,585,000 $2,952,070 94419LAP6 CONVERTIBLE BOND
BRIDGEBIO PHARMA INC 2,100,000 $2,622,109 10806XAB8 CONVERTIBLE BOND
SSR MINING INC 2,419,000 $2,510,317 784730AB9 CONVERTIBLE BOND
None BILL HOLDINGS INC 2,722,000 $2,487,195 090043AD2 CONVERTIBLE BOND
None CLOUDFLARE INC 2,000,000 $2,369,700 18915MAC1 CONVERTIBLE BOND
None TOPGOLF CALLAWAY BRANDS CORP 2,397,000 $2,339,472 131193AE4 CONVERTIBLE BOND
None REDFIN CORP 2,381,000 $2,334,570 75737FAC2 CONVERTIBLE BOND
None NOVOCURE LTD 2,385,000 $2,334,435 67011XAB9 CONVERTIBLE BOND
None ON SEMICONDUCTOR CORP 1,950,000 $2,315,917 682189AS4 CONVERTIBLE BOND
None BLOCK INC 2,464,000 $2,208,360 852234AK9 CONVERTIBLE BOND
None HALOZYME THERAPEUTICS INC 2,000,000 $1,997,500 40637HAD1 CONVERTIBLE BOND
PG&E CORP NOTE 4.250%12/0 1,975,000 $1,964,730 69331CAL2 CONVERTIBLE BOND
None BENTLEY SYSTEMS INC 2,052,000 $1,940,166 08265TAD1 CONVERTIBLE BOND
None SNAP INC 2,002,000 $1,816,788 83304AAF3 CONVERTIBLE BOND
ASCENDIS PHARMA A/S 1,304,000 $1,635,184 04351PAD3 CONVERTIBLE BOND
None AMERICAN AIRLINES GROUP INC 1,500,000 $1,501,311 02376RAF9 CONVERTIBLE BOND
POST HOLDINGS INC 1,300,000 $1,487,200 737446AT1 CONVERTIBLE BOND
BAK BRASKEM SA 453,167 $1,486,387 105532105 COMMON STOCK
None ESPERION THERAPEUTICS INC 1,463,000 $1,434,654 29664WAB1 CONVERTIBLE BOND
None BIOMARIN PHARMACEUTICAL INC NOTE 1.250% 5/1 1,481,000 $1,399,613 09061GAK7 NOTE 1.250% 5/1
None TRAVERE THERAPEUTICS INC 1,377,000 $1,357,996 761299AB2 CONVERTIBLE BOND
None IRHYTHM TECHNOLOGIES INC 1,050,000 $1,349,775 450056AB2 CONVERTIBLE BOND
SUNNOVA ENERGY INTERNATIONAL INC 106,199,000 $1,327,487 86745KAF1 CONVERTIBLE BOND
GROUPON INC 1,336,000 $1,311,952 399473AF4 CONVERTIBLE BOND
None PAR TECHNOLOGY CORP 1,100,000 $1,262,937 698884AE3 CONVERTIBLE BOND
None TYLER TECHNOLOGIES INC 1,000,000 $1,234,000 902252AB1 CONVERTIBLE BOND
None UBER TECHNOLOGIES INC NOTE 12/1 1,000,000 $1,199,500 90353TAJ9 NOTE 12/1
None VENTAS INC 1,000,000 $1,198,000 92277GAZ0 CONVERTIBLE BOND
None LANTHEUS HOLDINGS INC 900,000 $1,145,475 516544AB9 CONVERTIBLE BOND
None PAGERDUTY INC 1,033,000 $1,033,000 69553PAB6 CONVERTIBLE BOND
None BLACKLINE INC 1,020,000 $983,075 09239BAD1 CONVERTIBLE BOND
ALNYLAM PHARMACEUTICALS INC 750,000 $976,125 02043QAB3 CONVERTIBLE BOND
SEAGATE TECHNOLOGY HOLDINGS PLC 500,000 $900,187 81180WBL4 CONVERTIBLE BOND
None SUNNOVA ENERGY INTERNATIONAL INC 61,469,000 $768,362 86745KAH7 CONVERTIBLE BOND
BLOCK INC 514,000 $492,540 852234AJ2 CONVERTIBLE BOND
BTAI BIOXCEL THERAPEUTICS INC 241,188 $436,551 09075P204 COMMON STOCK
None LCI INDS NOTE 1.125% 5/1 161,000 $155,485 501812AB7 NOTE 1.125% 5/1