Oaktree, Brookfield (NYSE: BATL) revise Battalion Oil stake

Rhea-AI Filing Summary

Oaktree- and Brookfield-affiliated entities report updated ownership of Battalion Oil Corporation common stock. Through OCM HLCN Holdings, L.P. and related entities, they beneficially own 12,797,151 shares of common stock, representing 19.36% of the class. This total includes both currently outstanding shares and shares issuable from preferred stock.

OCM HLCN directly holds 3,988,089 common shares and beneficially owns 8,806,376 additional shares issuable upon conversion of several series of preferred stock, plus 2,686 shares held in a separately managed account. The updated conversion share amounts were reconciled with and confirmed by Battalion Oil on August 17, 2026. The reporting persons state they share voting and dispositive power over these securities, and they have not reported any trades in Battalion Oil common stock in the prior 60 days other than the adjustments to these calculations.

Key Figures

Beneficial ownership shares: 12,797,151 shares Ownership percentage: 19.36 % Shares outstanding: 57,282,155 shares +5 more

8 metrics

Beneficial ownership shares 12,797,151 shares Total Battalion Oil common shares beneficially owned by the reporting persons

Ownership percentage 19.36 % Percent of Battalion Oil common stock represented by 12,797,151 shares

Shares outstanding 57,282,155 shares Battalion Oil common shares outstanding as of August 10, 2026

Direct common shares held 3,988,089 shares Battalion Oil common stock directly held by OCM HLCN

Shares issuable from preferred 8,806,376 shares Common shares issuable upon conversion or redemption of preferred stock held by OCM HLCN

Separately managed account holdings 2,686 shares Battalion Oil common shares held in a separately managed account managed by an affiliate

Event date 08/17/2026 Date of event requiring this Schedule 13D/A Amendment No. 7

Series A-2 conversion shares 2,734,349 shares Common shares issuable upon conversion of Series A-2 Preferred Stock held by OCM HLCN

Key Terms

Preferred Stock, Conversion Ratios, beneficial ownership, dispositive power, +1 more

5 terms

Preferred Stock financial

"the shares of the Series A Preferred Stock, Series A-1 Preferred Stock, Series A-2 Preferred Stock"

Preferred stock is a type of ownership in a company that typically offers investors higher and more consistent dividend payments than common stock. Unlike regular shares, preferred stock usually doesn’t come with voting rights but provides a priority claim on the company’s assets and profits, making it a more stable and predictable investment option. This makes preferred stock attractive to those seeking steady income with lower risk.

Conversion Ratios financial

"currently convertible, based on their respective Conversion Ratios previously disclosed"

beneficial ownership financial

"The beneficial ownership reported herein has been rounded to the nearest whole share"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

dispositive power financial

"Each of the Reporting Persons may be deemed to share the power to vote or dispose"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

separately managed account financial

"includes an additional 2,686 shares of Common Stock held in a separately managed account"

A separately managed account (SMA) is a personalized investment portfolio owned by a single investor and run by a professional manager who buys and sells securities on that investor’s behalf. It matters to investors because an SMA offers tailored asset selection, tax handling, and transparency—like hiring a personal chef who prepares meals to your dietary needs rather than sharing a set menu—so you can align holdings with your goals and see exactly what you own.

FAQ

What percentage of Battalion Oil (BATL) does the Oaktree/Brookfield group report owning?

The Oaktree/Brookfield reporting group discloses beneficial ownership of 19.36% of Battalion Oil’s common stock. This percentage is based on 57,282,155 shares outstanding as of August 10, 2026, plus 8,806,376 shares issuable upon conversion of preferred stock they hold.

How many Battalion Oil (BATL) shares does OCM HLCN directly hold and potentially receive on conversion?

OCM HLCN directly holds 3,988,089 Battalion Oil common shares and beneficially owns 8,806,376 additional shares issuable from its preferred stock. These conversion amounts span several preferred series and were updated after reconciliation with the issuer’s conversion calculations on August 17, 2026.

What is the total share count underlying the Oaktree/Brookfield Schedule 13D/A for BATL?

The reporting persons state beneficial ownership of 12,797,151 Battalion Oil common shares. This total includes directly held common stock, shares issuable upon conversion of Series A and related preferred stock series, and 2,686 shares held in a separately managed account managed by an affiliate.

How were the Battalion Oil (BATL) preferred stock conversion figures updated in this Amendment No. 7?

The conversion figures for Battalion Oil preferred stock were revised after “necessary reconciliation” with the issuer. The updated amount of 8,806,376 common shares issuable upon conversion of the preferred holdings was communicated and confirmed by Battalion Oil on August 17, 2026.

Did the Oaktree/Brookfield reporting group trade Battalion Oil (BATL) stock in the last 60 days?

The reporting group states they have not effected any transactions in Battalion Oil common stock during the prior 60 days, except as reflected in this amendment’s disclosures. The key change is a recalculation of shares issuable upon conversion of their preferred stock holdings.

How many Battalion Oil (BATL) shares can each preferred series held by OCM HLCN convert into?

The preferred holdings can convert into 1,230,614 Series A, 2,065,530 Series A-1, 2,734,349 Series A-2, 1,358,894 Series A-3, and 1,416,988 Series A-4 underlying common shares. Together, these preferred series yield 8,806,376 Battalion Oil common shares upon conversion.

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Available on EDGAR 08/17/2026 - 09:31 PM Accepted by SEC EDGAR 08/17/2026 - 09:30 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 7)

Battalion Oil Corporation

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

07134L107

(CUSIP Number)

Martin Boskovich
Oaktree Capital Management, L.P., 333 S. Grand Avenue, 28th Floor
Los Angeles, CA, 90071
(213) 830-6759

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/17/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

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).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 07134L107

1

Name of reporting person

OCM HLCN Holdings, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 12,797,151.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,797,151.00

11

Aggregate amount beneficially owned by each reporting person

12,797,151.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

19.36 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The reported securities include 8,806,376 shares of Common Stock issuable upon conversion or redemption of the shares of Preferred Stock (as defined below) directly held by OCM HLCN Holdings, L.P. ("OCM HLCN"). All calculations of percentage ownership herein are based upon an aggregate of 57,282,155 shares of Common Stock outstanding as of August 10, 2026 as set forth in the Form 10-Q filed by the Issuer with the SEC on August 12, 2026, plus 8,806,376 shares of Common Stock issuable upon conversion or redemption of shares of Preferred Stock beneficially owned by the Reporting Persons.

SCHEDULE 13D

CUSIP Number(s): 07134L107

1

Name of reporting person

Oaktree Fund GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 12,797,151.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,797,151.00

11

Aggregate amount beneficially owned by each reporting person

12,797,151.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

19.36 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The reported securities include 8,806,376 shares of Common Stock issuable upon conversion or redemption of the shares of Preferred Stock (as defined below) directly held by OCM HLCN. All calculations of percentage ownership herein are based upon an aggregate of 57,282,155 shares of Common Stock outstanding as of August 10, 2026 as set forth in the Form 10-Q filed by the Issuer with the SEC on August 12, 2026, plus 8,806,376 shares of Common Stock issuable upon conversion or redemption of shares of Preferred Stock beneficially owned by the Reporting Persons.

SCHEDULE 13D

CUSIP Number(s): 07134L107

1

Name of reporting person

Oaktree Fund GP I, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 12,797,151.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,797,151.00

11

Aggregate amount beneficially owned by each reporting person

12,797,151.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

19.36 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The reported securities include 8,806,376 shares of Common Stock issuable upon conversion or redemption of the shares of Preferred Stock (as defined below) directly held by OCM HLCN. All calculations of percentage ownership herein are based upon an aggregate of 57,282,155 shares of Common Stock outstanding as of August 10, 2026 as set forth in the Form 10-Q filed by the Issuer with the SEC on August 12, 2026, plus 8,806,376 shares of Common Stock issuable upon conversion or redemption of shares of Preferred Stock beneficially owned by the Reporting Persons.

SCHEDULE 13D

CUSIP Number(s): 07134L107

1

Name of reporting person

Oaktree Capital I, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 12,797,151.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,797,151.00

11

Aggregate amount beneficially owned by each reporting person

12,797,151.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

19.36 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The reported securities include 8,806,376 shares of Common Stock issuable upon conversion or redemption of the shares of Preferred Stock (as defined below) directly held by OCM HLCN. All calculations of percentage ownership herein are based upon an aggregate of 57,282,155 shares of Common Stock outstanding as of August 10, 2026 as set forth in the Form 10-Q filed by the Issuer with the SEC on August 12, 2026, plus 8,806,376 shares of Common Stock issuable upon conversion or redemption of shares of Preferred Stock beneficially owned by the Reporting Persons.

SCHEDULE 13D

CUSIP Number(s): 07134L107

1

Name of reporting person

Brookfield OCM Holdings II, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 12,797,151.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,797,151.00

11

Aggregate amount beneficially owned by each reporting person

12,797,151.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

19.36 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The reported securities include 8,806,376 shares of Common Stock issuable upon conversion or redemption of the shares of Preferred Stock (as defined below) directly held by OCM HLCN. All calculations of percentage ownership herein are based upon an aggregate of 57,282,155 shares of Common Stock outstanding as of August 10, 2026 as set forth in the Form 10-Q filed by the Issuer with the SEC on August 12, 2026, plus 8,806,376 shares of Common Stock issuable upon conversion or redemption of shares of Preferred Stock beneficially owned by the Reporting Persons.

SCHEDULE 13D

CUSIP Number(s): 07134L107

1

Name of reporting person

Brookfield OCM Holdings, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 12,797,151.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,797,151.00

11

Aggregate amount beneficially owned by each reporting person

12,797,151.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

19.36 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The reported securities include 8,806,376 shares of Common Stock issuable upon conversion or redemption of the shares of Preferred Stock (as defined below) directly held by OCM HLCN. All calculations of percentage ownership herein are based upon an aggregate of 57,282,155 shares of Common Stock outstanding as of August 10, 2026 as set forth in the Form 10-Q filed by the Issuer with the SEC on August 12, 2026, plus 8,806,376 shares of Common Stock issuable upon conversion or redemption of shares of Preferred Stock beneficially owned by the Reporting Persons.

SCHEDULE 13D

CUSIP Number(s): 07134L107

1

Name of reporting person

Brookfield Oaktree Holdings, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 12,797,151.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,797,151.00

11

Aggregate amount beneficially owned by each reporting person

12,797,151.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

19.36 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The reported securities include 8,806,376 shares of Common Stock issuable upon conversion or redemption of the shares of Preferred Stock (as defined below) directly held by OCM HLCN. All calculations of percentage ownership herein are based upon an aggregate of 57,282,155 shares of Common Stock outstanding as of August 10, 2026 as set forth in the Form 10-Q filed by the Issuer with the SEC on August 12, 2026, plus 8,806,376 shares of Common Stock issuable upon conversion or redemption of shares of Preferred Stock beneficially owned by the Reporting Persons.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.0001 par value per share
(b)	Name of Issuer: Battalion Oil Corporation
(c)	Address of Issuer's Principal Executive Offices: 820 Gessner Road, Suite 1100, Houston, TEXAS , 77024.
Item 1 Comment: The following constitutes Amendment No. 7 ("Amendment No. 7") to the Schedule 13D filed by the undersigned with the SEC October 22, 2019 (the "Original Schedule 13D"), as amended by Amendment No. 1 thereto, filed with the SEC on March 31, 2023, Amendment No. 2 thereto, filed with the SEC on September 8, 2023, Amendment No. 3 thereto, filed with the SEC on December 19, 2023, Amendment No. 4 thereto, filed with the SEC on March 29, 2024, Amendment No. 5 thereto, filed with the SEC on May 15, 2024 and Amendment No. 6 thereto, filed with the SEC on May 15, 2026 (collectively, the "Schedule 13D"). Except as specifically provided herein, this Amendment No. 7 does not modify any of the information previously reported in the Schedule 13D. Capitalized terms used but not defined in this Amendment No. 7 shall maintain the meanings herein as are ascribed to such terms in the Schedule 13D.
Item 5.	Interest in Securities of the Issuer
(a)	Items 5(a)-(c) of Schedule 13D are hereby amended and restated as follows and set forth in subsections (b) and (c) hereof: The responses of the Reporting Persons to rows (11) and (13) on the cover pages of this Schedule 13D are incorporated by reference into this Item 5(a). OCM HLCN directly holds 3,988,089 shares of Common Stock and beneficially owns 8,806,376 shares of Common Stock issuable upon conversion of the Preferred Stock directly held by OCM HLCN. In this regard, the shares of the Series A Preferred Stock, Series A-1 Preferred Stock, Series A-2 Preferred Stock, Series A-3 Preferred Stock, and Series A-4 Preferred Stock (collectively, the "Preferred Stock") directly held by OCM HLCN are currently convertible, based on their respective Conversion Ratios previously disclosed in Item 6 of the Schedule 13D (as amended), into 1,230,614, 2,065,530, 2,734,349, 1,358,894 and 1,416,988 shares of Common Stock, respectively. Due to necessary reconciliation with the Issuer regarding the conversion calculations for the Preferred Stock, the updated amount of Common Stock issuable upon conversion of the Preferred Stock directly held by OCM HLCN was communicated and confirmed by the Issuer on August 17, 2026. The reported amount includes an additional 2,686 shares of Common Stock held in a separately managed account managed by an affiliate of the Reporting Persons. The beneficial ownership reported herein has been rounded to the nearest whole share, as applicable, unless otherwise specified. Each of the Reporting Persons may be deemed to share the power to vote or dispose of the reported securities, but the filing of this statement shall not be deemed an admission of beneficial ownership for purposes of Section 13(d) or Section 13(g) or for any other purpose.
(b)	The responses of the Reporting Persons to rows (7) through (10) on the cover pages of this Schedule 13D and the information set forth in Item 5(a) hereof are incorporated by reference into this Item 5(b).
(c)	Except as reflected herein, the Reporting Persons have not effected any transactions in the shares of Common Stock during the prior 60 days.

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.

OCM HLCN Holdings, L.P.

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Managing Director
Date:	08/17/2026

Oaktree Fund GP, LLC

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Managing Director
Date:	08/17/2026

Oaktree Fund GP I, L.P.

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Managing Director
Date:	08/17/2026

Oaktree Capital I, L.P.

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Managing Director
Date:	08/17/2026

Brookfield OCM Holdings II, LLC

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Managing Director
Date:	08/17/2026

Brookfield OCM Holdings, LLC

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Managing Director
Date:	08/17/2026

Brookfield Oaktree Holdings, LLC

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Managing Director
Date:	08/17/2026

Comments accompanying signature:

OCM HLCN HOLDINGS, L.P., By: Oaktree Fund GP, LLC Its: General Partner, By: Oaktree Fund GP I, L.P. Its: Managing Member. OAKTREE FUND GP, LLC, By: Oaktree Fund GP I, L.P. Its: Managing Member.