SCHEDULE: Oaktree Sells 6.3M Garrett Motion Shares in Block Sale

Oaktree Capital Group Holdings and its affiliates reduced their stake in Garrett Motion Inc. by selling 6.3 million shares at $17.00 per share.

Summary

• Oaktree Capital Group Holdings and its affiliated funds (Reporting Persons) filed an Amendment No. 11 to their Schedule 13D, detailing changes in their beneficial ownership of Garrett Motion Inc. common stock.
• On November 10, 2025, the Direct Holders sold an aggregate of 6,300,000 shares of Common Stock in a block sale to BofA Securities, Inc. at a price of $17.00 per share.
• Following this transaction, the Reporting Persons beneficially own 17,094,816 shares of Common Stock, representing approximately 8.9% of Garrett Motion Inc.'s outstanding Common Stock.
• The percentage of class is calculated based on 194,482,518 shares outstanding as of October 17, 2025, as reported in the Issuer's Form 10-Q, decreased by 2,500,000 shares repurchased by the Issuer from the Reporting Persons on November 3, 2025.

Sentiment

Score: 4

Explanation: The significant reduction in stake by a major institutional investor like Oaktree, even after a prior share repurchase by the issuer, generally signals a less positive outlook from that investor. While the repurchase itself is positive, the large block sale suggests a strategic exit or rebalancing, which can be perceived negatively by the market.

Positives

• Garrett Motion Inc. previously repurchased 2,500,000 shares from the Reporting Persons on November 3, 2025, which can be a positive signal for shareholder value and capital allocation.

Negatives

• A major institutional investor, Oaktree, significantly reduced its stake by selling 6,300,000 shares, potentially signaling a lack of conviction or a strategic portfolio rebalancing.
• The block sale at $17.00 per share could put downward pressure on the stock price or indicate a perceived valuation ceiling by a sophisticated investor.

Future Outlook

NA

Industry Context

This filing primarily concerns a change in institutional ownership for Garrett Motion Inc. and does not provide broader industry trends. The sale by Oaktree, a prominent distressed debt and value investor, could reflect a strategic exit or rebalancing within their portfolio, rather than a specific commentary on the automotive or turbocharger industry.

Related Party Transactions

• Garrett Motion Inc. repurchased 2,500,000 shares from the Reporting Persons (Oaktree entities) on November 3, 2025.

Stakeholder Impact

• Shareholders: The significant reduction in Oaktree's stake could lead to increased selling pressure or a re-evaluation of the stock's fair value by other investors.
• Company: The share repurchase by Garrett Motion Inc. could be seen as a positive use of capital, reducing the share count and potentially increasing earnings per share.

Key Dates

Recommendation

While the company's share repurchase is a positive signal, the substantial block sale by a major institutional investor like Oaktree suggests a strategic re-evaluation of the investment. This could indicate that Oaktree sees limited upside at the current valuation or is rebalancing its portfolio. Investors should hold and monitor future developments, including the company's next earnings report and any further changes in institutional ownership, to assess the long-term implications of this significant divestment.

Keywords

Garrett Motion Inc., Oaktree Capital, Schedule 13D/A, Block Sale, Share Sale, Institutional Ownership, Common Stock, Equity Stake, Beneficial Ownership, BofA Securities