UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 13G

 

Under the Securities Exchange Act of 1934

(Amendment No. 6)*

 

NMI Holdings, Inc.
(Name of Issuer)
 
Class A common stock, $0.01 par value per share
(Title of Class of Securities)
 
629209305
(CUSIP Number)
 
December 31, 2022
(Date of Event which Requires Filing of this Statement)

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed.

Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)

 

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

  

 

 

CUSIP No. 629209305 SCHEDULE 13G Page 2 of 25

 

 

1

NAME OF REPORTING PERSON

 

Oaktree Value Equity Holdings, L.P.

 
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a) 

(b) 

3

SEC USE ONLY

  

 

 
4

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

 

NUMBER OF

SHARES

BENEFICIALLY OWNED

BY EACH REPORTING

PERSON

WITH

5

SOLE VOTING POWER

 

4,900,000 (1)

6

SHARED VOTING POWER

 

None.

7

SOLE DISPOSITIVE POWER

 

4,900,000 (1)

8

SHARED DISPOSITIVE POWER

 

None.

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

4,900,000 (1)

 
10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 

 

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

5.9% (2)

 
12

TYPE OF REPORTING PERSON

 

PN

 

 


(1)In its capacity as the direct owner of 4,900,000 shares of Class A common stock of the Issuer, $0.01 par value per share (“Shares”).
(2)All calculations of percentage ownership herein are based on a total of 83,581,031 Shares outstanding as of October 28, 2022, as reported by the Issuer in its Quarterly Report on Form 10-Q filed with the United States Securities and Exchange Commission (the “SEC”) pursuant to Rule 424(b)(3) of the Securities Act of 1933, as amended, on November 2, 2022 (the “Form 10-Q”).

 

  

 

 

CUSIP No. 629209305 SCHEDULE 13G Page 3 of 25

 

 

1

NAME OF REPORTING PERSON

 

Oaktree Value Equity Fund GP, L.P.

 
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a) 

(b) 

3

SEC USE ONLY

 

 

 
4

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Cayman Islands

 

NUMBER OF

SHARES

BENEFICIALLY OWNED

BY EACH REPORTING

PERSON

WITH

5

SOLE VOTING POWER

 

4,900,000 (1)

6

SHARED VOTING POWER

 

None.

7

SOLE DISPOSITIVE POWER

 

4,900,000 (1)

8

SHARED DISPOSITIVE POWER

 

None.

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

4,900,000 (1)

 
10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 

 

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

5.9%

 
12

TYPE OF REPORTING PERSON

 

PN

 

 


(1)  Solely in its capacity as the general partner of Oaktree Value Equity Holdings, L.P.

 

  

 

 

CUSIP No. 629209305 SCHEDULE 13G Page 4 of 25

 

 

1

NAME OF REPORTING PERSON

 

Oaktree Value Equity Fund GP Ltd.

 
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a) 

(b) 

3

SEC USE ONLY

 

 

 
4

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Cayman Islands

 

NUMBER OF

SHARES

BENEFICIALLY OWNED

BY EACH REPORTING

PERSON

WITH

5

SOLE VOTING POWER

 

4,900,000 (1)

6

SHARED VOTING POWER

 

None.

7

SOLE DISPOSITIVE POWER

 

4,900,000 (1)

8

SHARED DISPOSITIVE POWER

 

None.

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

4,900,000 (1)

 
10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 

 

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

5.9%

 
12

TYPE OF REPORTING PERSON

 

CO

 

 


(1)  Solely in its capacity as the general partner of Oaktree Value Equity Fund GP, L.P.

 

  

 

 

CUSIP No. 629209305 SCHEDULE 13G Page 5 of 25

 

 

1

NAME OF REPORTING PERSON

 

Oaktree Capital Management, L.P.

 
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a) 

(b) 

3

SEC USE ONLY

 

 

 
4

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

 

NUMBER OF

SHARES

BENEFICIALLY OWNED

BY EACH REPORTING

PERSON

WITH

5

SOLE VOTING POWER

 

4,900,000 (1)

6

SHARED VOTING POWER

 

None.

7

SOLE DISPOSITIVE POWER

 

4,900,000 (1)

8

SHARED DISPOSITIVE POWER

 

None.

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

4,900,000 (1)

 
10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 

 

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

5.9%

 
12

TYPE OF REPORTING PERSON

 

PN

 

 


(1)  Solely in its capacity as the sole director of Oaktree Value Equity Fund GP Ltd.

 

  

 

 

CUSIP No. 629209305 SCHEDULE 13G Page 6 of 25

 

 

1

NAME OF REPORTING PERSON

 

Oaktree Capital Management GP, LLC

 
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a) 

(b) 

3

SEC USE ONLY

 

 

 
4

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

 

NUMBER OF

SHARES

BENEFICIALLY OWNED

BY EACH REPORTING

PERSON

WITH

5

SOLE VOTING POWER

 

4,900,000 (1)

6

SHARED VOTING POWER

 

None.

7

SOLE DISPOSITIVE POWER

 

4,900,000 (1)

8

SHARED DISPOSITIVE POWER

 

None.

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

4,900,000 (1)

 
10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 

 

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

5.9%

 
12

TYPE OF REPORTING PERSON

 

CO

 

 


(1)  Solely in its capacity as the general partner of Oaktree Capital Management, L.P.

 

  

 

 

CUSIP No. 629209305 SCHEDULE 13G Page 7 of 25

 

 

1

NAME OF REPORTING PERSON

 

Atlas OCM Holdings LLC

 
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a) 

(b) 

3

SEC USE ONLY

 

 

 
4

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

 

NUMBER OF

SHARES

BENEFICIALLY OWNED

BY EACH REPORTING

PERSON

WITH

5

SOLE VOTING POWER

 

4,900,000 (1)

6

SHARED VOTING POWER

 

None.

7

SOLE DISPOSITIVE POWER

 

4,900,000 (1)

8

SHARED DISPOSITIVE POWER

 

None.

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

4,900,000 (1)

 
10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 

 

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

5.9%

 
12

TYPE OF REPORTING PERSON

 

OO

 

 


(1) Solely in its capacity as the sole managing member of Oaktree Capital Management GP, LLC.

 

  

 

 

CUSIP No. 629209305 SCHEDULE 13G Page 8 of 25

 

 

1

NAME OF REPORTING PERSON

 

Oaktree Fund GP I, L.P.

 
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a) 

(b) 

3

SEC USE ONLY

 

 

 
4

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

 

NUMBER OF

SHARES

BENEFICIALLY OWNED

BY EACH REPORTING

PERSON

WITH

5

SOLE VOTING POWER

 

4,900,000 (1)

6

SHARED VOTING POWER

 

None.

7

SOLE DISPOSITIVE POWER

 

4,900,000 (1)

8

SHARED DISPOSITIVE POWER

 

None.

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

4,900,000 (1)

 
10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 

 

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

5.9%

 
12

TYPE OF REPORTING PERSON

 

PN

 

 


(1) Solely in its capacity as the sole shareholder of Oaktree Value Equity Fund GP Ltd.

 

  

 

 

CUSIP No. 629209305 SCHEDULE 13G Page 9 of 25

 

 

1

NAME OF REPORTING PERSON

 

Oaktree Capital I, L.P.

 
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a) 

(b) 

3

SEC USE ONLY

 

 

 
4

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

 

NUMBER OF

SHARES

BENEFICIALLY OWNED

BY EACH REPORTING

PERSON

WITH

5

SOLE VOTING POWER

 

4,900,000 (1)

6

SHARED VOTING POWER

 

None.

7

SOLE DISPOSITIVE POWER

 

4,900,000 (1)

8

SHARED DISPOSITIVE POWER

 

None.

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

4,900,000 (1)

 
10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 

 

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

5.9%

 
12

TYPE OF REPORTING PERSON

 

PN

 

 


(1) Solely in its capacity as the general partner of Oaktree Fund GP I, L.P.

 

 

  

 

 

CUSIP No. 629209305 SCHEDULE 13G Page 10 of 25

 

 

1

NAME OF REPORTING PERSON

 

OCM Holdings I, LLC

 
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a) 

(b) 

3

SEC USE ONLY

 

 

 
4

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

 

NUMBER OF

SHARES

BENEFICIALLY OWNED

BY EACH REPORTING

PERSON

WITH

5

SOLE VOTING POWER

 

4,900,000 (1)

6

SHARED VOTING POWER

 

None.

7

SOLE DISPOSITIVE POWER

 

4,900,000 (1)

8

SHARED DISPOSITIVE POWER

 

None.

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

4,900,000 (1)

 
10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 

 

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

5.9%

 
12

TYPE OF REPORTING PERSON

 

OO

 

 


(1) Solely in its capacity as the general partner of Oaktree Capital I, L.P.

 

  

 

 

CUSIP No. 629209305 SCHEDULE 13G Page 11 of 25

 

 

1

NAME OF REPORTING PERSON

 

Oaktree Holdings, LLC

 
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a) 

(b) 

3

SEC USE ONLY

 

 

 
4

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

 

NUMBER OF

SHARES

BENEFICIALLY OWNED

BY EACH REPORTING

PERSON

WITH

5

SOLE VOTING POWER

 

4,900,000 (1)

6

SHARED VOTING POWER

 

None.

7

SOLE DISPOSITIVE POWER

 

4,900,000 (1)

8

SHARED DISPOSITIVE POWER

 

None.

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

4,900,000 (1)

 
10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 

 

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

5.9%

 
12

TYPE OF REPORTING PERSON

 

OO

 

 


(1)  Solely in its capacity as the managing member of OCM Holdings I, LLC.

 

  

 

 

CUSIP No. 629209305 SCHEDULE 13G Page 12 of 25

   

 

1

NAME OF REPORTING PERSON

 

Oaktree Capital Group, LLC

 
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a) 

(b) 

3

SEC USE ONLY

 

 

 
4

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

 

NUMBER OF

SHARES

BENEFICIALLY OWNED

BY EACH REPORTING

PERSON

WITH

5

SOLE VOTING POWER

 

4,900,000 (1)

6

SHARED VOTING POWER

 

None.

7

SOLE DISPOSITIVE POWER

 

4,900,000 (1)

8

SHARED DISPOSITIVE POWER

 

None.

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

4,900,000 (1)

 
10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 

 

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

5.9%

 
12

TYPE OF REPORTING PERSON

 

OO

 

 


(1)  Solely in its capacity as the managing member of Oaktree Holdings, LLC.

 

  

 

 

CUSIP No. 629209305 SCHEDULE 13G Page 13 of 25

 

 

1

NAME OF REPORTING PERSON

 

Oaktree Capital Group Holdings GP, LLC

 
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a) 

(b) 

3

SEC USE ONLY

 

 

 
4

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

 

NUMBER OF

SHARES

BENEFICIALLY OWNED

BY EACH REPORTING

PERSON

WITH

5

SOLE VOTING POWER

 

4,900,000 (1)

6

SHARED VOTING POWER

 

None.

7

SOLE DISPOSITIVE POWER

 

4,900,000 (1)

8

SHARED DISPOSITIVE POWER

 

None.

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

4,900,000 (1)

 
10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 

 

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

5.9%

 
12

TYPE OF REPORTING PERSON

 

OO

 

 


(1)  Solely in its capacity as the indirect owner of the class B units of each of Oaktree Capital Group, LLC and Atlas OCM Holdings, LLC.

 

 

  

 

 

CUSIP No. 629209305 SCHEDULE 13G Page 14 of 25

 

 

1

NAME OF REPORTING PERSON

 

Brookfield Corporation

 
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a) 

(b) 

3

SEC USE ONLY

 

 

 
4

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Ontario, Canada

 

NUMBER OF

SHARES

BENEFICIALLY OWNED

BY EACH REPORTING

PERSON

WITH

5

SOLE VOTING POWER

 

4,900,000 (1)

6

SHARED VOTING POWER

 

None.

7

SOLE DISPOSITIVE POWER

 

4,900,000 (1)

8

SHARED DISPOSITIVE POWER

 

None.

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

4,900,000 (1)

 
10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 

 

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

5.9%

 
12

TYPE OF REPORTING PERSON

 

OO

 

 


(1)  Solely in its capacity as the indirect owner of the class A units of each of Oaktree Capital Group, LLC and Atlas OCM Holdings, LLC.

 

  

 

 

CUSIP No. 629209305 SCHEDULE 13G Page 15 of 25

 

 

1

NAME OF REPORTING PERSON

 

Brookfield Asset Management ULC

 
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a) 

(b) 

3

SEC USE ONLY

 

 

 
4

CITIZENSHIP OR PLACE OF ORGANIZATION

 

British Columbia, Canada

 

NUMBER OF

SHARES

BENEFICIALLY OWNED

BY EACH REPORTING

PERSON

WITH

5

SOLE VOTING POWER

 

4,900,000 (1)

6

SHARED VOTING POWER

 

None.

7

SOLE DISPOSITIVE POWER

 

4,900,000 (1)

8

SHARED DISPOSITIVE POWER

 

None.

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

4,900,000 (1)

 
10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 

 

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

5.9%

 
12

TYPE OF REPORTING PERSON

 

OO

 

 


(1)  Solely in its capacity as the indirect owner of the class A units of Atlas OCM Holdings, LLC.

 

  

 

 

CUSIP No. 629209305 SCHEDULE 13G Page 16 of 25

 

 

1

NAME OF REPORTING PERSON

 

BAM Partners Trust

 
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a) 

(b) 

3

SEC USE ONLY

 

 

 
4

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Ontario, Canada

 

NUMBER OF

SHARES

BENEFICIALLY OWNED

BY EACH REPORTING

PERSON

WITH

5

SOLE VOTING POWER

 

4,900,000 (1)

6

SHARED VOTING POWER

 

None.

7

SOLE DISPOSITIVE POWER

 

4,900,000 (1)

8

SHARED DISPOSITIVE POWER

 

None.

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

4,900,000 (1)

 
10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 

 

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

5.9%

 
12

TYPE OF REPORTING PERSON

 

OO

 

 


(1)  Solely in its capacity as the sole owner of Class B Limited Voting Shares of Brookfield Corporation (f/k/a Brookfield Asset Management, Inc.)

 

  

 

 

CUSIP No. 629209305 SCHEDULE 13G Page 17 of 25

 

 

ITEM 1. (a) Name of Issuer:
     
    NMI Holdings, Inc. (the “Issuer”)
     
  (b) Address of Issuer’s Principal Executive Offices:
     
    2100 Powell Street
    Emeryville, California 94608 
     
ITEM 2. (a) - (c) Name of Person Filing; Address of Principal Business Office; and Citizenship
     
  This Schedule 13G is filed jointly by each of the following persons (collectively, the “Reporting Persons”) pursuant to a joint filing agreement attached hereto as Exhibit 1:
     
  (1) Oaktree Value Equity Holdings, L.P., a Delaware limited partnership (“VE Holdings”), in its capacity as the direct owner of 4,900,000 Shares;
     
  (2) Oaktree Value Equity Fund GP, L.P., a Cayman Islands exempted limited partnership (“VEF GP”), in its capacity as the general partner of VE Holdings;
     
  (3) Oaktree Value Equity Fund GP Ltd., a Cayman Islands exempted company (“VEF Ltd.”), in its capacity as the general partner of VEF GP;
     
  (4)  Oaktree Capital Management, L.P., a Delaware limited partnership (“Management”), in its capacity as the sole director of VEF Ltd.;
     
  (5) Oaktree Capital Management GP, LLC, a Delaware limited liability company (“Management GP”), in its capacity as the general partner of Management;
     
  (6) Atlas OCM Holdings LLC, a Delaware limited liability company (“Atlas”), in its capacity as the sole managing member of Management GP;
     
  (7)  Oaktree Fund GP I, L.P., a Delaware limited partnership (“GP I”), in its capacity as sole shareholder of VEF Ltd.;
     
  (8) Oaktree Capital I, L.P., a Delaware limited partnership (“Capital I”), in its capacity as the general partner of GP I;
     
  (9) OCM Holdings I, LLC, a Delaware limited liability company (“Holdings I”), in its capacity as the general partner of Capital I;
     
  (10) Oaktree Holdings, LLC, a Delaware limited liability company (“Holdings LLC”) in its capacity as the managing member of Holdings I;
     
  (11) Oaktree Capital Group, LLC, a Delaware limited liability company (“OCG”), in its capacity as the managing member of Holdings LLC;
     
  (12)  Oaktree Capital Group Holdings GP, LLC, a Delaware limited liability company (“OCGH”), in its capacity as the indirect owner of the class B units of each of OCG and Atlas;
     
  (13)  Brookfield Corporation (f/k/a Brookfield Asset Management Inc.), an Ontario corporation (“Brookfield”), in its capacity as the indirect owner of the class A units of each of OCG and Atlas; and
     

 

  

 

 

CUSIP No. 629209305 SCHEDULE 13G Page 18 of 25

 

 

  (14) Brookfield Asset Management ULC, a British Columbia corporation (“Brookfield ULC”), in its capacity as the indirect owner of the class A units of Atlas, in its capacity as such; and
     
  (15) BAM Partners Trust, a trust formed under the laws of Ontario (“BAM Partnership”), in its capacity as the sole owner of Class B Limited Voting Shares of Brookfield.
     
  The principal business address of each of the Oaktree Reporting Persons is 333 S. Grand Avenue, 28th Floor, Los Angeles, CA 90071. The principal business address of Brookfield Corporation and BAM Partners Trust is Brookfield Place, Suite 100, 181 Bay Street, PO Box 762, Toronto, Ontario, Canada M5J 2T3.  The principal business address of BAM ULC is 1055 West Georgia Street, Suite 1500, Royal Centre, P.O. Box 11117, Vancouver, British Columbia, Canada V6E 4N7.
     
  (d) Title of Class of Securities:
     
  Class A Common Stock, $0.01 par value per share (“Common Stock”)
     
  (e) CUSIP Number:  629209305

 

ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SS.240.13D-1(B) OR 240.13D-2(B) OR (C), CHECK WHETHER THE PERSON FILING IS A:
   
  Not applicable.

 

ITEM 4. OWNERSHIP
   
 

The information contained in Items 5-9 and 11 of the cover pages of this Schedule 13G is hereby incorporated by reference into this Item 4.

 

VE Holdings is the direct owner of 4,900,000 Shares, constituting approximately 5.9% of the Issuer’s outstanding common stock, and has the sole power to vote and dispose of such securities.

 

  

 

 

CUSIP No. 629209305 SCHEDULE 13G Page 19 of 25

 

   
 

 

VEF GP, in its capacity as the general partner of VE Holdings, has the ability to direct the management of the business of VE Holdings, including the power to vote and dispose of securities held by VE Holdings; therefore, VEF GP may be deemed to beneficially own the Shares held by VE Holdings.

VEF Ltd., in its capacity as the general partner of VEF GP, has the ability to direct the management of VEF GP’s business, including the power to vote and dispose of securities held by VE Holdings; therefore, VEF Ltd. may be deemed to have indirect beneficial ownership of the Shares held by VE Holdings.

Management, as the sole director of VEF Ltd., has the ability to direct the management of VEF Ltd., including the power to direct the decisions of VEF Ltd. regarding the vote and disposition of securities held by VE Holdings. Therefore, Management may be deemed to have indirect beneficial ownership of the Shares held by VE Holdings.

Management GP, in its capacity as the general partner of Management, has the ability to direct the management of Management’s business, including the power to vote and dispose of securities held by VE Holdings. Therefore, Management GP may be deemed to have indirect beneficial ownership of the Shares held by VE Holdings.

Atlas, in its capacity as the sole managing member of Management GP, has the ability to direct the management of Management GP’s business, including the power to direct the decisions of Management GP regarding the vote and disposition of securities held by VE Holdings. Therefore, Atlas may be deemed to have indirect beneficial ownership of the Shares held by VE Holdings.

GP I, in its capacity as the sole shareholder of VEF Ltd., has the ability to appoint and remove the directors of VEF Ltd. and, as such, may indirectly control the decisions of VEF Ltd regarding the vote and disposition of securities held by VE Holdings; therefore, GP I may be deemed to have indirect beneficial ownership of the Shares held by VE Holdings.

Capital I, in its capacity as the general partner of GP I, has the ability to direct the management of GP I’s business, including the power to direct the decisions of GP I regarding the vote and disposition of securities held by VE Holdings; therefore, Capital I may be deemed to have indirect beneficial ownership of the Shares held by VE Holdings.

Holdings I, in its capacity as the general partner of Capital I, has the ability to direct the management of Capital I’s business, including the power to direct the decisions of Capital I regarding the voting and disposition of securities held by VE Holdings; therefore, Holdings I may be deemed to have indirect beneficial ownership of the Shares held by VE Holdings.

Holdings LLC, in its capacity as the managing member of Holdings I, has the ability to direct the management of Holding I’s business, including the power to direct the decisions of Holdings I regarding the voting and disposition of securities held by VE Holdings; therefore, Holdings LLC may be deemed to have indirect beneficial ownership of the Shares held by VE Holdings.

OCG, in its capacity as the managing member of Holdings LLC, has the ability to direct the management of Holdings LLC’s business, including the power to direct the decisions of Holdings LLC regarding the vote and disposition of the Shares held by VE Holdings; therefore, OCG may be deemed to have indirect beneficial ownership of the Shares held by VE Holdings.

OCGH, in its capacity as the indirect owner of the class B units of each of OCG and Atlas, has the ability to appoint and remove certain directors of OCG and Atlas and, as such, may indirectly control the decisions of OCG and Atlas regarding the vote and disposition of securities held by VE Holdings; therefore, OCGH may be deemed to have indirect beneficial ownership of the Shares held by VE Holdings.

 

 

  

 

 

CUSIP No. 629209305 SCHEDULE 13G Page 20 of 25

 

 

 

On December 9, 2022, Brookfield Corporation (f/k/a Brookfield Asset Management Inc.) completed a plan of arrangement pursuant to the Business Corporations Act (Ontario) (the “Arrangement”) pursuant to which, among other things, Brookfield’s historical asset management business was transferred to Brookfield Asset Management ULC (“Brookfield ULC”). Following the Brookfield Arrangement, Brookfield ULC is deemed a beneficial owner of the shares directly or indirectly held by Atlas OCM Holdings, and accordingly, has been added as a reporting person in this Schedule 13G/A. Brookfield is deemed a beneficial owner of the reported shares directly or indirectly held by OCG and Holdings, and as a result of its 75% interest in Brookfield ULC, Brookfield is also deemed a beneficial owner of the reported shares beneficially owned by Brookfield ULC.

 

Brookfield, in its capacity as the indirect owner of the class A units of each of OCG and Atlas, has the ability to appoint and remove certain directors of OCG and Atlas and, as such, may indirectly control the decisions of OCG and Atlas regarding the vote and disposition of securities held by VE Holdings; therefore, Brookfield may be deemed to have indirect beneficial ownership of the Shares held by VE Holdings.

BAM Partnership, in its capacity as the sole owner of Class B Limited Voting Shares of Brookfield, has the ability to appoint and remove certain directors of Brookfield and, as such, may indirectly control the decisions of Brookfield regarding the vote and disposition of securities held by VE Holdings; therefore, BAM Partnership may be deemed to have indirect beneficial ownership of the Shares held by VE Holdings.

Pursuant to Rule 13d-4 of the Exchange Act, the Reporting Persons declare that filing this Schedule 13G shall not be construed as an admission that any such person is, for the purposes of Section 13(d) and/or Section 13(g) of the Exchange Act, the beneficial owner of any securities covered by this Schedule 13G except to the extent of such person’s pecuniary interest in the shares of Common Stock, and except to the extent of its pecuniary interest, such beneficial ownership is expressly disclaimed by each Reporting Person.

All calculations of percentage ownership herein are based on a total of 83,581,031 Shares as of October 28, 2022, as disclosed on the Form 10-Q.

 

ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
   
  If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.
   
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
   
  Not applicable
   
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
   
  Not applicable.
   
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
   
  Not applicable.
   
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
   
  Not applicable.
   

 

  

 

 

CUSIP No. 629209305 SCHEDULE 13G Page 21 of 25

 

 

ITEM 10. CERTIFICATIONS.
   
  By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

 

 

  

 

 

CUSIP No. 629209305 SCHEDULE 13G Page 22 of 25

 

SIGNATURE

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

Dated: February 14, 2023

  

  OAKTREE VALUE EQUITY HOLDINGS, L.P.  
       
  By: Oaktree Value Equity Fund GP, L.P.  
  Its: General Partner  
       
  By: Oaktree Value Equity Fund GP, Ltd.  
  Its: General Partner  
       
  By: Oaktree Capital Management, L.P.  
  Its: Director  
       
  By: /s/ Henry Orren  
  Name: Henry Orren  
  Title:    Senior Vice President  

 

  OAKTREE VALUE EQUITY FUND GP, L.P.  
       
  By: Oaktree Value Equity Fund GP, Ltd.  
  Its: General Partner  
       
  By: Oaktree Capital Management, L.P.  
  Its: Director  
       
  By: /s/ Henry Orren  
  Name: Henry Orren  
  Title:    Senior Vice President  
       
  OAKTREE VALUE EQUITY FUND GP LTD.  
       
  By: Oaktree Capital Management, L.P.  
  Its: Director  
       
  By: /s/ Henry Orren  
  Name: Henry Orren  
  Title:    Senior Vice President  

 

  

 

 

CUSIP No. 629209305 SCHEDULE 13G Page 23 of 25

 

 

  OAKTREE CAPITAL MANAGEMENT, L.P.  
       
  By: /s/ Henry Orren  
  Name: Henry Orren  
  Title: Senior Vice President  
       
 

OAKTREE CAPITAL MANAGEMENT GP, LLC

 

 
  By: Atlas OCM Holdings, LLC  
  Its: Managing Member  
       
  By: Oaktree New Holdings, LLC  
  Its: Member  
       
  By: /s/ Henry Orren  
  Name: Henry Orren  
  Title: Senior Vice President  
       
  ATLAS OCM HOLDINGS, LLC  
       
  By: Oaktree New Holdings, LLC  
  Its: Member  
       
  By: /s/ Henry Orren  
  Name: Henry Orren  
  Title: Senior Vice President  

 

  OAKTREE FUND GP I, L.P.  
       
  By: /s/ Henry Orren  
  Name: Henry Orren  
  Title: Senior Vice President  
       
  OAKTREE CAPITAL I, L.P.  
       
  By: /s/ Henry Orren  
  Name: Henry Orren  
  Title: Senior Vice President  

 

  OCM HOLDINGS I, LLC  
       
  By: /s/ Henry Orren  
  Name: Henry Orren  
  Title: Senior Vice President  
     

 

  

 

 

CUSIP No. 629209305 SCHEDULE 13G Page 24 of 25

 

 

  OAKTREE HOLDINGS, LLC  
       
  By: /s/ Henry Orren  
  Name: Henry Orren  
  Title: Senior Vice President  
       
  OAKTREE CAPITAL GROUP, LLC  
       
  By: /s/ Henry Orren  
  Name: Henry Orren  
  Title: Senior Vice President  
       
  OAKTREE CAPITAL GROUP HOLDINGS GP, LLC  
       
  By: /s/ Henry Orren  
  Name: Henry Orren  
  Title: Senior Vice President  
       
  BROOKFIELD CORPORATION  
       
  By: /s/ Swati Mandava  
  Name: Swati Mandava  
  Title: Senior Vice President Legal & Regulatory  
       
  BROOKFIELD ASSET MANAGEMENT ULC  
       
  By: /s/ Kathy Sarpash  
  Name: Kathy Sarpash  
  Title:

Senior Vice President Legal & Regulatory

 
       
  BAM PARTNERS TRUST  
     
  By: BAM Class B Partners Inc.  
  Its: Trustee  
       
  By: /s/ Kathy Sarpash  
  Name: Kathy Sarpash  
  Title: Secretary  

 

  

 

 

CUSIP No. 629209305 SCHEDULE 13G Page 25 of 25

 

 Exhibit Index

 

Exhibit 1.

Joint Filing Agreement as required by Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended.

 

 

   

 

 

EXHIBIT 1

 

JOINT FILING AGREEMENT

 

Pursuant to Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, as amended, each of the undersigned acknowledges and agrees that the foregoing statement on this Schedule 13G is filed on behalf of the undersigned and that all subsequent amendments to this statement on Schedule 13G shall be filed on behalf of the undersigned without the necessity of filing additional joint acquisition statements. Each of the undersigned acknowledges that it shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate.

 

Dated: February 14, 2023

 

  OAKTREE VALUE EQUITY HOLDINGS, L.P.  
       
  By: Oaktree Value Equity Fund GP, L.P.  
  Its: General Partner  
       
  By: Oaktree Value Equity Fund GP, Ltd.  
  Its: General Partner  
       
  By: Oaktree Capital Management, L.P.  
  Its: Director  
       
  By: /s/ Henry Orren  
  Name: Henry Orren  
  Title: Senior Vice President  

 

  OAKTREE VALUE EQUITY FUND GP, L.P.  
       
  By: Oaktree Value Equity Fund GP, Ltd.  
  Its: General Partner  
       
  By: Oaktree Capital Management, L.P.  
  Its: Director  
       
  By: /s/ Henry Orren  
  Name: Henry Orren  
  Title: Senior Vice President  
       
  OAKTREE VALUE EQUITY FUND GP LTD.  
       
  By: Oaktree Capital Management, L.P.  
  Its: Director  
       
  By: /s/ Henry Orren  
  Name: Henry Orren  
  Title: Senior Vice President  

 

  

 

 

  OAKTREE CAPITAL MANAGEMENT, L.P.  
       
  By: /s/ Henry Orren  
  Name: Henry Orren  
  Title: Senior Vice President  
       
 

OAKTREE CAPITAL MANAGEMENT GP, LLC

 

 
  By:  Atlas OCM Holdings, LLC  
  Its: Managing Member  
       
  By: Oaktree New Holdings, LLC  
  Its: Member  
       
  By: /s/ Henry Orren  
  Name: Henry Orren  
  Title: Senior Vice President  
       
  ATLAS OCM HOLDINGS, LLC  
       
  By: Oaktree New Holdings, LLC  
  Its: Member  
       
  By: /s/ Henry Orren  
  Name: Henry Orren  
  Title: Senior Vice President  

 

  OAKTREE FUND GP I, L.P.  
       
  By: /s/ Henry Orren  
  Name: Henry Orren  
  Title:    Senior Vice President  
       
  OAKTREE CAPITAL I, L.P.  
       
  By: /s/ Henry Orren  
  Name: Henry Orren  
  Title: Senior Vice President  

 

  OCM HOLDINGS I, LLC  
       
  By: /s/ Henry Orren  
  Name: Henry Orren  
  Title: Senior Vice President  
     

 

  

 

 

  OAKTREE HOLDINGS, LLC  
       
  By: /s/ Henry Orren  
  Name: Henry Orren  
  Title: Senior Vice President  
       
  OAKTREE CAPITAL GROUP, LLC  
       
  By: /s/ Henry Orren  
  Name: Henry Orren  
  Title: Senior Vice President  
       
  OAKTREE CAPITAL GROUP HOLDINGS GP, LLC  
       
  By: /s/ Henry Orren  
  Name: Henry Orren  
  Title: Senior Vice President  
       
  BROOKFIELD CORPORATION  
       
  By: /s/ Swati Mandava  
  Name: Swati Mandava  
  Title: Senior Vice President Legal & Regulatory  
       
  BROOKFIELD ASSET MANAGEMENT ULC  
       
  By: /s/ Kathy Sarpash  
  Name: Kathy Sarpash  
  Title:

Senior Vice President Legal & Regulatory

 
       
  BAM PARTNERS TRUST  
     
  By: BAM Class B Partners Inc.  
  Its: Trustee  
       
  By: /s/ Kathy Sarpash  
  Name: Kathy Sarpash  
  Title: Secretary