SCHEDULE: Oaktree Maintains ADC Therapeutics Stake, Brookfield Exits Group

Oaktree entities report 4.14% beneficial ownership in ADC Therapeutics SA, while Brookfield entities cease to report beneficial ownership as part of the group.

Summary

• Oaktree Fund Administration, LLC, Oaktree Capital Holdings, LLC, and Oaktree Capital Group Holdings GP, LLC (collectively, "Oaktree Reporting Persons") beneficially own 4,673,441 common shares of ADC Therapeutics SA.
• This ownership represents 4.14% of the class of securities.
• The reported securities consist of 4,409,794 shares of Common Stock and 263,647 shares of Common Stock issuable upon exercise of warrants.
• The percentage is calculated based on 112,499,395 shares of Common Stock outstanding as of August 1, 2025, as reported in the Issuer's Form 10-Q filed with the SEC on August 12, 2025, plus 263,647 Common Stock issuable in respect of the warrants.
• Brookfield Asset Management ULC, Brookfield Corporation, Brookfield Asset Management, Ltd., and BAM Partners Trust (collectively, "Brookfield Reporting Persons") previously reported together with Oaktree.
• Brookfield Reporting Persons have ceased to act together with Oaktree and no longer beneficially own any securities covered by this statement, reporting 0% ownership.

Sentiment

Score: 4

Explanation: While Oaktree maintains its significant stake, the complete cessation of beneficial ownership by the Brookfield entities, who previously reported as part of the same group, could be perceived negatively by the market as a major investor group has dissolved its reported stake.

Positives

• Oaktree Reporting Persons maintain a significant beneficial ownership stake of 4.14% in ADC Therapeutics SA.

Negatives

• Brookfield Reporting Persons, who previously reported together with Oaktree, have ceased to be beneficial owners of any securities covered by this statement, indicating a complete divestment or change in reporting structure for their previous holdings.

Future Outlook

NA

Industry Context

This filing primarily concerns changes in institutional ownership structure rather than broader industry trends. The dissolution of a reporting group involving major investment firms like Oaktree and Brookfield could reflect strategic shifts in their investment mandates or a re-evaluation of the specific asset.

Stakeholder Impact

• Shareholders: The dissolution of the Oaktree-Brookfield reporting group and Brookfield's exit from beneficial ownership could lead to questions regarding the investment thesis or future support from these institutional investors. Oaktree's continued significant stake might offer some stability.

Key Dates

Keywords

ADC Therapeutics SA, Oaktree, Brookfield, Beneficial Ownership, Schedule 13G, Common Shares, Warrants, Institutional Ownership, SEC Filing