SCHEDULE 13D/A: Oaktree Capital Reduces Stake in Runway Growth Finance Corp. to 26.19% Amid Group Restructuring

Oaktree Capital Management entities have reduced their beneficial ownership in Runway Growth Finance Corp. by selling 1 million shares, while Brookfield Asset Management ULC has ceased to be part of the reporting group.

Summary

• Oaktree Capital Management entities, including OCM Growth Holdings LLC, Oaktree Capital Holdings, LLC, and Oaktree Capital Group Holdings GP, LLC (collectively, the "Oaktree Parties"), now collectively hold 9,779,668 shares of Runway Growth Finance Corp. Common Stock.
• This ownership represents approximately 26.19% of the 37,347,428 shares of Common Stock outstanding as of March 18, 2025, as reported in the Issuer's Form 10-K Amendment No. 1.
• On April 1, 2025, the Oaktree Parties sold an aggregate of 1,000,000 shares of Common Stock at a price of $10.35 per share, executed as a Rule 144 sale.
• Brookfield Asset Management ULC, which previously reported together with the Oaktree Parties, has been determined to no longer act in concert with them and has ceased to be a beneficial owner of more than five percent of the securities.
• This document is Amendment No. 18 to the original Schedule 13D filed on December 28, 2016, updating previous disclosures regarding beneficial ownership.

Sentiment

Score: 5

Explanation: Neutral. The document reports a factual change in beneficial ownership and a share sale by a major holder, which is a routine event for institutional investors. It does not contain positive or negative operational news about the company itself.

Negatives

• The Oaktree Parties sold 1,000,000 shares, which could be perceived by the market as a reduction in confidence or a portfolio rebalancing by a significant institutional investor.
• Brookfield Asset Management ULC has ceased to be part of the reporting group and is no longer a beneficial owner of more than 5%, indicating a significant change in the composition of the major investor group.

Future Outlook

NA

Industry Context

This filing is a routine disclosure of a change in beneficial ownership by a significant institutional investor. Such Schedule 13D amendments are common as large funds adjust their portfolio holdings. The dissolution of the joint filing arrangement with Brookfield Asset Management ULC indicates a change in the strategic alignment or investment approach of the involved parties.

Stakeholder Impact

• Shareholders: The sale of 1,000,000 shares by a significant holder like Oaktree Capital Management could lead to increased supply in the market, potentially impacting share price. The change in the reporting group with Brookfield's exit also alters the composition of major investors.

Key Dates

Keywords

Runway Growth Finance Corp., Oaktree Capital Management, Schedule 13D, Beneficial Ownership, Share Sale, Common Stock, SEC Filing, Institutional Investor, Rule 144, Brookfield Asset Management