Brookfield Business (BBU) director Herkes discloses exchangeable shares and unit holdings

Rhea-AI Filing Summary

Brookfield Business Partners L.P. director Anne Ruth Herkes filed an initial ownership report showing her equity stake in the company’s structure. She directly holds 12,581 Class A Exchangeable Subordinate Voting Shares of Brookfield Business Corporation, which are exchangeable on a one-for-one basis into Non-Voting Limited Partnership Units of Brookfield Business Partners L.P. or their cash equivalent at the partnership’s election. She also directly owns 1,106 Non-Voting Limited Partnership Units of Brookfield Business Partners L.P. These entries reflect reported holdings rather than new open-market purchases or sales.

Insights

Equity ownership analyst

Form 3 shows initial holdings, with no buy or sell activity.

This Form 3 establishes that director Anne Ruth Herkes holds 12,581 exchangeable Class A shares linked to Non-Voting Limited Partnership Units, plus 1,106 Non-Voting Limited Partnership Units directly. The exchangeable shares carry a stated exercise price of $0.0000, highlighting their role as an equity-linked instrument rather than a traditional option.

The filing lists these positions without recording any open-market purchases, sales, or gifts, and the transaction summary shows only holding entries with unknown transaction codes. Subsequent filings on or after March 18, 2026 would be needed to reveal any future transactions that change this ownership profile.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Herkes Anne Ruth

Role Director

Type	Security	Shares	Price	Value
holding	Class A Exchangeable Subordinate Voting Shares	--	--	--
holding	Non-Voting Limited Partnership Units	--	--	--

Holdings After Transaction: Class A Exchangeable Subordinate Voting Shares — 12,581 shares (Direct); Non-Voting Limited Partnership Units — 1,106 shares (Direct)

Footnotes (1)

1. F1. Represents Class A Exchangeable Subordinate Voting Shares of Brookfield Business Corporation which are exchangeable into Non-Voting Limited Partnership Units of Brookfield Business Partners L.P. on a one-for-one basis (subject to adjustment to reflect certain capital events) or its cash equivalent (the form of payment to be determined at the election of Brookfield Business Partners L.P.).

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Accepted by SEC EDGAR 03/18/2026 - 04:29 PM Learn about SEC filing dates

FAQ

What does Anne Ruth Herkes report owning in Brookfield Business Partners (BBU)?

Anne Ruth Herkes reports holding 12,581 Class A Exchangeable Subordinate Voting Shares and 1,106 Non-Voting Limited Partnership Units. The exchangeable shares link to the limited partnership units, giving her exposure through both direct units and exchangeable equity in the Brookfield Business structure.

Are there any buy or sell transactions in this Brookfield Business Partners (BBU) Form 3?

No, this Form 3 records only existing holdings, not new trades. The transactions are classified as holdings with unknown transaction codes, and the transaction summary shows no buys, sells, exercises, gifts, or tax-withholding events associated with Anne Ruth Herkes on the reported date.

How do the Class A Exchangeable Subordinate Voting Shares for BBU work?

The Class A Exchangeable Subordinate Voting Shares of Brookfield Business Corporation are exchangeable into Non-Voting Limited Partnership Units of Brookfield Business Partners L.P. on a one-for-one basis or a cash equivalent. Brookfield Business Partners L.P. can choose whether the holder receives units or cash when an exchange occurs.

What derivative position does Anne Ruth Herkes hold related to Brookfield Business Partners (BBU)?

She holds a derivative-style position in 12,581 Class A Exchangeable Subordinate Voting Shares with an exercise price of $0.0000 per share. These are exchangeable into 12,581 underlying Non-Voting Limited Partnership Units, giving her potential to hold more partnership units or receive cash, at the issuer’s election.

Does this Brookfield Business Partners (BBU) Form 3 indicate indirect ownership or just direct holdings?

This Form 3 shows only direct ownership for Anne Ruth Herkes. Both the exchangeable Class A shares and the 1,106 Non-Voting Limited Partnership Units are coded as direct holdings, with no indication of trusts, family entities, or other indirect ownership structures in the reported data.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Herkes Anne Ruth

(Last) (First) (Middle)

C/O BROOKFIELD BUSINESS PARTNERS L.P.

73 FRONT STREET, FIFTH FLOOR

(Street)

HAMILTON HM 12

(City) (State) (Zip)

BERMUDA

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Brookfield Business Partners L.P. [ BBU ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Non-Voting Limited Partnership Units	1,106	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class A Exchangeable Subordinate Voting Shares(1)	(1)	(1)	Non-Voting Limited Partnership Units	12,581	(1)	D

Explanation of Responses:

1. Represents Class A Exchangeable Subordinate Voting Shares of Brookfield Business Corporation which are exchangeable into Non-Voting Limited Partnership Units of Brookfield Business Partners L.P. on a one-for-one basis (subject to adjustment to reflect certain capital events) or its cash equivalent (the form of payment to be determined at the election of Brookfield Business Partners L.P.).

Remarks:

Exhibit List - Exhibit 24 - Power of Attorney

	/s/ Arin Jonathan Silber, Attorney-in-Fact	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)