ADC Therapeutics SA (ADCT): Oaktree-affiliated entities filed an amended Schedule 13G reporting beneficial ownership of 4.14% of ADCT’s common shares. The filing lists 4,673,441 shares beneficially owned, comprising 4,409,794 common shares and 263,647 shares issuable upon exercise of warrants. The percentage is calculated based on 112,499,395 shares outstanding as of August 1, 2025, increased by the 263,647 warrant shares.
The Oaktree reporting persons disclose shared voting and dispositive power over 4,673,441 shares and certify the securities were not acquired to change or influence control. The Brookfield-related entities named in prior filings now report 0% beneficial ownership and state they are no longer acting together with the Oaktree reporting persons for this position.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
ADC Therapeutics SA
(Name of Issuer)
Common Shares
(Title of Class of Securities)
H0036K147
(CUSIP Number)
09/30/2025
(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)
SCHEDULE 13G
CUSIP No.
H0036K147
1
Names of Reporting Persons
Oaktree Fund Administration, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(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
0.00
6
Shared Voting Power
4,673,441.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,673,441.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,673,441.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.14 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The reported securities represent 4,409,794 shares of Common Stock and 263,647 shares of Common Stock issuable upon exercise of warrants to acquire shares of Common Stock ("Warrants").
The reported percentage is calculated based on (i) 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, as increased by (ii) 263,647 Common Stock issuable in respect of the Warrants.
SCHEDULE 13G
CUSIP No.
H0036K147
1
Names of Reporting Persons
Oaktree Capital Holdings, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(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
0.00
6
Shared Voting Power
4,673,441.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,673,441.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,673,441.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.14 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The reported securities represent 4,409,794 shares of Common Stock and 263,647 shares of Common Stock issuable upon exercise of Warrants.
The reported percentage is calculated based on (i) 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, as increased by (ii) 263,647 Common Stock issuable in respect of the Warrants.
SCHEDULE 13G
CUSIP No.
H0036K147
1
Names of Reporting Persons
Oaktree Capital Group Holdings GP, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(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
0.00
6
Shared Voting Power
4,673,441.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,673,441.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,673,441.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.14 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The reported securities represent 4,409,794 shares of Common Stock and 263,647 shares of Common Stock issuable upon exercise of Warrants.
The reported percentage is calculated based on (i) 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, as increased by (ii) 263,647 Common Stock issuable in respect of the Warrants.
SCHEDULE 13G
CUSIP No.
H0036K147
1
Names of Reporting Persons
Brookfield Asset Management ULC
2
Check the appropriate box if a member of a Group (see instructions)
(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
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The reporting person which previously reported together with the Oaktree Reporting Persons, has been determined to no longer act together with the Oaktree Reporting Persons, and therefore has ceased to be the beneficial owner of any securities covered by this Statement.
SCHEDULE 13G
CUSIP No.
H0036K147
1
Names of Reporting Persons
Brookfield Corporation
2
Check the appropriate box if a member of a Group (see instructions)
(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
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The reporting person which previously reported together with the Oaktree Reporting Persons, has been determined to no longer act together with the Oaktree Reporting Persons, and therefore has ceased to be the beneficial owner of any securities covered by this Statement.
SCHEDULE 13G
CUSIP No.
H0036K147
1
Names of Reporting Persons
Brookfield Asset Management, Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(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
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The reporting person which previously reported together with the Oaktree Reporting Persons, has been determined to no longer act together with the Oaktree Reporting Persons, and therefore has ceased to be the beneficial owner of any securities covered by this Statement.
SCHEDULE 13G
CUSIP No.
H0036K147
1
Names of Reporting Persons
BAM Partners Trust
2
Check the appropriate box if a member of a Group (see instructions)
(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
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The reporting person which previously reported together with the Oaktree Reporting Persons, has been determined to no longer act together with the Oaktree Reporting Persons, and therefore has ceased to be the beneficial owner of any securities covered by this Statement.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
ADC Therapeutics SA
(b)
Address of issuer's principal executive offices:
Biopole, Route de la Corniche 3B, Epalinges, Switzerland, 1066
Item 2.
(a)
Name of person filing:
This statement is filed by the entities and persons listed below, all of whom together are referred to herein as the "Reporting Persons":
(i) Oaktree Fund Administration, LLC ("Fund Admin.");
(ii) Oaktree Capital Holdings, LLC ("OCH"), a Delaware limited liability, in its capacity as the indirect manager of Fund Admin.;
(iii) Oaktree Capital Group Holdings GP, LLC ("OCGH," and together with Fund Admin. and OCH, the "Oaktree Reporting Persons"), a Delaware limited liability company, in its capacity as an indirect owner of OCH;
(iv) Brookfield Asset Management ULC, a British Columbia corporation ("Brookfield ULC"), in its capacity as an indirect owner of OCH;
(v) Brookfield Asset Management Ltd. ("BAM"), a British Columbia company, in its capacity as an owner of Brookfield ULC;
(vi) Brookfield Corporation, an Ontario corporation, in its capacity as an owner of BAM; and
(vii) BAM Partners Trust (together with Brookfield ULC, Brookfield Corporation, and BAM, the "Brookfield Reporting Persons"), an Ontario trust, in its capacity as the sole owner of the Class B Shares of each of Brookfield Corporation and BAM.
(b)
Address or principal business office or, if none, residence:
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 each of the Brookfield Reporting Persons is 181 Bay Street, Suite 100, Brookfield Place, Toronto, Ontario, Canada M5J 2T3.
(c)
Citizenship:
See responses to Item 4 on each cover page.
(d)
Title of class of securities:
Common Shares
(e)
CUSIP No.:
H0036K147
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
See responses to Item 9 on each cover page.
(b)
Percent of class:
See responses to Item 11 on each cover page.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See responses to Item 5 on each cover page.
(ii) Shared power to vote or to direct the vote:
See responses to Item 6 on each cover page.
(iii) Sole power to dispose or to direct the disposition of:
See responses to Item 7 on each cover page.
(iv) Shared power to dispose or to direct the disposition of:
See responses to Item 8 on each cover page.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 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 or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
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.
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.
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