Form 4: Oaktree Entities Divest Sitio Royalties Stake Post-Merger

Oaktree-affiliated entities have fully divested their beneficial ownership in Sitio Royalties Corp. following its merger with Viper Energy, Inc.

Summary

• Oaktree-affiliated entities, including Source Energy Permian II, LLC, Sierra Energy Royalties, LLC, Source Energy Partners, LLC, OCM FIE, LLC, Oaktree Capital Management LP, Oaktree Capital Holdings, LLC, and Oaktree Capital Group Holdings GP, LLC, disposed of all their beneficial ownership in Sitio Royalties Corp.
• The disposal occurred on August 19, 2025, in connection with the merger of Sitio Royalties Corp. with Viper Energy, Inc., as per an Agreement and Plan of Merger dated June 2, 2025.
• Securities disposed of include 10,431 shares of Class A Common Stock, 15,443,610 shares of Class C Common Stock, and 15,443,610 Sitio Royalties Operating Partnership, LP Units.
• Following the reported transactions, the reporting persons hold zero beneficial ownership of Sitio Royalties Corp. securities.

Sentiment

Score: 6

Explanation: The filing reports a planned and expected transaction (disposal due to merger), which is a neutral event in itself but signifies a major shareholder exit. For the reporting person, it represents the completion of a strategic investment cycle. For the issuer, it confirms the finalization of a major corporate action and a change in its ownership structure.

Positives

• The transaction represents the successful completion of the merger consideration exchange for the reporting persons, indicating a planned and executed investment exit.

Negatives

• A significant institutional investor group (Oaktree-affiliated entities), previously a 10% owner and director, has fully exited its position in Sitio Royalties Corp.

Future Outlook

NA

Industry Context

This transaction is a direct consequence of the merger between Sitio Royalties Corp. and Viper Energy, Inc., which consolidates assets within the mineral and royalty interest sector of the energy industry. The exit of a major institutional investor like Oaktree from the combined entity's shareholder base is a notable event in the context of industry consolidation.

Related Party Transactions

• Oaktree-affiliated entities, identified as 10% owners and directors of Sitio Royalties Corp., disposed of all their beneficial ownership in the company as part of the merger consideration, representing a significant related-party dealing.

Stakeholder Impact

• Shareholders of Sitio Royalties Corp. will see a change in the institutional ownership structure, as a major 10% owner and director group (Oaktree) has fully exited its position.
• The Oaktree-affiliated funds have completed their investment cycle in Sitio Royalties Corp. by exchanging their shares for merger consideration.

Key Dates

Keywords

Sitio Royalties Corp., STR, Oaktree Capital Management, Viper Energy Inc., Merger, Beneficial Ownership, Form 4, SEC Filing, Energy Royalties, Oil and Gas