Indivior stake cut as Oaktree files exit 13D

Indivior Pharmaceuticals, Inc. is the subject of an amended Schedule 13D in which several Oaktree-managed funds report a reduced position.

Rhea-AI Filing Summary

Indivior Pharmaceuticals, Inc. is the subject of an amended Schedule 13D in which several Oaktree-managed funds report a reduced position. The group now beneficially owns 909,053 shares of common stock on an as-converted basis, representing 0.76% of Indivior’s outstanding shares.

The position is held through $37.872 million principal amount of the Issuer’s 0.625% Convertible Senior Notes due 2031, convertible into common stock at an approximate conversion rate of $41.66 per share. Indivior had 118,013,649 shares outstanding as of July 28, 2026.

Within 60 days before this amendment, the Oaktree entities executed substantial open-market sales of Indivior common stock, including a sale of 4,542,968 shares at $37.75 on August 12, 2026, and multiple smaller trades. They also traded the convertible notes in the open market. As a result of these transactions through August 10, 2026, the group ceased to be a beneficial owner of more than five percent of Indivior’s common stock. Additional sales on August 11, 2026 triggered a material ownership change, and this amendment serves as an exit filing by the reporting persons.

Key Figures

Beneficial ownership stake: 0.76% of common stock Shares beneficially owned (as-converted): 909,053 shares Convertible notes principal: $37.872 million +3 more

6 metrics

Beneficial ownership stake 0.76% of common stock Aggregate shares issuable upon conversion of notes held by Oaktree reporting group

Shares beneficially owned (as-converted) 909,053 shares Common stock issuable upon conversion of $37.872 million of notes

Convertible notes principal $37.872 million 0.625% Convertible Senior Notes due 2031 held by reporting persons

Conversion price $41.66 per share Approximate conversion rate of the 0.625% Convertible Senior Notes

Shares outstanding 118,013,649 shares Indivior common stock outstanding as of July 28, 2026

Largest reported stock sale 4,542,968 shares at $37.75 Open-market sale of Indivior common stock on August 12, 2026

Key Terms

beneficially own, Convertible Senior Notes, exit filing, joint filing agreement, +1 more

5 terms

beneficially own financial

"The Reporting Persons beneficially own an aggregate of 909,053 shares of Common Stock"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

Convertible Senior Notes financial

"0.625% Convertible Senior Notes due 2031 (the "Notes"), which are convertible"

Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.

exit filing regulatory

"this Amendment No. 6, which serves as an exit filing by the Reporting Persons"

joint filing agreement regulatory

"Exhibit 24.1 Joint Filing Agreement, dated as of August 13, 2026"

separately managed account financial

"Boston Patriot Arlington St LLC, an SMA account which directly holds 103,622 shares"

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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake in Indivior (INDV) do the Oaktree funds currently report?

The Oaktree reporting group now beneficially owns 909,053 shares of Indivior common stock on an as-converted basis, representing 0.76% of shares outstanding, based on 118,013,649 shares plus the shares underlying their convertible notes.

What securities do the Oaktree entities hold in Indivior (INDV)?

They hold Indivior’s 0.625% Convertible Senior Notes due 2031 with an aggregate principal of $37.872 million, convertible into 909,053 shares of common stock at an approximate conversion rate of $41.66 per share.

Why did the Oaktree group file Amendment No. 6 for Indivior (INDV)?

They filed Amendment No. 6 because, after recent open-market sales of Indivior common stock and trades in the convertible notes, they ceased to own more than five percent of the stock. The amendment functions as an exit filing reflecting this reduced stake.

What recent Indivior (INDV) stock sales did the Oaktree funds report?

Within 60 days, they reported multiple open-market sales, including 4,542,968 shares at $37.75 on August 12, 2026 and several earlier trades in June, July, and early August at prices generally between $38.56 and $42.13 per share.

How were the Oaktree Indivior (INDV) ownership percentages calculated?

Ownership percentages use 118,013,649 shares of Indivior common stock outstanding as of July 28, 2026, as disclosed in a Form 10-Q, and are increased by 909,053 shares issuable upon conversion of the notes held by the reporting persons.

Which Oaktree funds directly hold Indivior (INDV) convertible exposure?

Direct holders include Oaktree Value Opportunities Fund, L.P. (385,037 shares on conversion), Oaktree London Liquid Value Opportunities Fund (VOF), L.P. (180,169), Oaktree Phoenix Investment Fund, L.P. (51,271), and a separately managed account plus affiliated funds managed by Oaktree Capital Management, L.P.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/13/2026 - 05:30 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 6)

Indivior Pharmaceuticals, Inc.

(Name of Issuer)

Common stock, $0.001 par value per share

(Title of Class of Securities)

45579U109

(CUSIP Number)

Martin Boskovich
333 South Grand Avenue, 28th Floor
Los Angeles, CA, 90071
(213) 830-6759

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

08/11/2026

(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): 45579U109

1

Name of reporting person

Oaktree Value Opportunities Fund, 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)

WC

5

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

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 385,037.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 385,037.00

11

Aggregate amount beneficially owned by each reporting person

385,037.00

12

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

13

Percent of class represented by amount in Row (11)

0.32 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The reported securities represent 385,037 shares of common stock ("Common Stock") issuable upon conversion of Notes (as defined below). The reported percentage is calculated based on 118,013,649 shares of Common Stock outstanding as of July 28, 2026, as disclosed by the Issuer in its Quarterly Report on Form 10-Q filed with the SEC on August 3, 2026 (the "Form 10-Q"), and as increased by 909,053 shares of Common Stock issuable upon conversion of Notes beneficially owned by the Reporting Persons.

SCHEDULE 13D

CUSIP Number(s): 45579U109

1

Name of reporting person

Oaktree London Liquid Value Opportunities Fund (VOF), 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)

WC

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 180,169.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 180,169.00

11

Aggregate amount beneficially owned by each reporting person

180,169.00

12

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

13

Percent of class represented by amount in Row (11)

0.15 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The reported securities represent 180,169 shares of Common Stock issuable upon conversion of Notes. The reported percentage is calculated based on 118,013,649 shares of Common Stock outstanding as of July 28, 2026, as disclosed in the Form 10-Q, as increased by 909,053 shares of Common Stock issuable upon conversion of Notes beneficially owned by the Reporting Persons.

SCHEDULE 13D

CUSIP Number(s): 45579U109

1

Name of reporting person

Oaktree Phoenix Investment Fund, 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)

WC

5

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

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 51,271.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 51,271.00

11

Aggregate amount beneficially owned by each reporting person

51,271.00

12

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

13

Percent of class represented by amount in Row (11)

0.04 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The reported securities represent 51,271 shares of Common Stock issuable upon conversion of Notes. The reported percentage is calculated based on 118,013,649 shares of Common Stock outstanding as of July 28, 2026, as disclosed in the Form 10-Q, as increased by 909,053 shares of Common Stock issuable upon conversion of Notes beneficially owned by the Reporting Persons.

SCHEDULE 13D

CUSIP Number(s): 45579U109

1

Name of reporting person

Oaktree Capital Management, 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)

WC

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 292,576.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 292,576.00

11

Aggregate amount beneficially owned by each reporting person

292,576.00

12

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

13

Percent of class represented by amount in Row (11)

0.25 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The reported securities represent 292,576 shares of Common Stock issuable upon conversion of Notes. The reported percentage is calculated based on 118,013,649 shares of Common Stock outstanding as of July 28, 2026, as disclosed in the Form 10-Q, as increased by 909,053 shares of Common Stock issuable upon conversion of Notes beneficially owned by the Reporting Persons.

SCHEDULE 13D

CUSIP Number(s): 45579U109

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)

WC

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 616,477.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 616,477.00

11

Aggregate amount beneficially owned by each reporting person

616,477.00

12

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

13

Percent of class represented by amount in Row (11)

0.52 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The reported securities represent 616,477 shares of Common Stock issuable upon conversion of Notes. The reported percentage is calculated based on 118,013,649 shares of Common Stock outstanding as of July 28, 2026, as disclosed in the Form 10-Q, as increased by 909,053 shares of Common Stock issuable upon conversion of Notes beneficially owned by the Reporting Persons.

SCHEDULE 13D

CUSIP Number(s): 45579U109

1

Name of reporting person

Oaktree Capital 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)

WC

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 909,053.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 909,053.00

11

Aggregate amount beneficially owned by each reporting person

909,053.00

12

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

13

Percent of class represented by amount in Row (11)

0.76 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The reported securities represent 909,053 shares of Common Stock issuable upon conversion of Notes. The reported percentage is calculated based on 118,013,649 shares of Common Stock outstanding as of July 28, 2026, as disclosed in the Form 10-Q, as increased by 909,053 shares of Common Stock issuable upon conversion of Notes beneficially owned by the Reporting Persons.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common stock, $0.001 par value per share
(b)	Name of Issuer: Indivior Pharmaceuticals, Inc.
(c)	Address of Issuer's Principal Executive Offices: 10710 Midlothian Turnpike, Suite 125, North Chesterfield, VIRGINIA , 23235.
Item 1 Comment: This Amendment No. 6 (this "Amendment No. 6") amends and supplements the Schedule 13D, originally filed on October 2, 2024, as amended by Amendment No. 1 filed on November 7, 2024, as amended by Amendment No. 2 filed on December 18, 2024, as amended by Amendment No. 3 filed on March 4, 2025, as amended by Amendment No. 4 filed on November 13, 2025, and as amended by Amendment No. 5 filed on December 30, 2025. Except as set forth herein, the Schedule 13D remains in full force and effect. Each capitalized term used but not defined herein has the meaning ascribed to such term in the Schedule 13D.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of the Schedule 13D is hereby amended and supplemented to insert the following at the end thereof: On various dates since the filing of Amendment No. 5, the Reporting Persons and certain of their affiliated funds and accounts engaged in open market purchases and sales of the Issuer's 0.625% Convertible Senior Notes due 2031 (the "Notes"), which are convertible into shares of Common Stock at an approximate conversion rate of $41.66 per share. The purchases of the Notes were pursuant to open market transactions, funded with working capital. As of the filing of this Statement, the Reporting Persons beneficially own an aggregate principal amount of $37.872 million of Notes convertible into 909,053 shares of Common Stock.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a)-(c) and (e) of the Schedule 13D is hereby amended and restated as follows and as set forth in subsection (b), (c) and (e) hereto: The information set forth in rows (11) and (13) of each cover page of this Amendment No. 6 is incorporated by reference into this Item 5(a). The Reporting Persons beneficially own an aggregate of 909,053 shares of Common Stock issuable upon conversion of $37.872 million of Notes, representing 0.76% of the Common Stock outstanding as of the date hereof. All such ownership percentages of the securities reported herein are calculated assuming 118,013,649 shares of Common Stock outstanding as of July 28, 2026, as disclosed by the Issuer in its Form 10-Q, as increased by 909,053 shares of Common Stock issuable upon conversion of Notes beneficially owned by the Reporting Persons. In this regard, OVO Fund is the direct holder of 385,037 shares of Common Stock issuable upon conversion of Notes. VOF Fund is the direct holder of 180,169 shares of Common Stock issuable upon conversion of Notes. OPI Fund is the direct holder of 51,271 shares of Common Stock issuable upon conversion of Notes. OC Management is the investment manager to Boston Patriot Arlington St LLC, an SMA account which directly holds 103,622 shares of Common Stock issuable upon conversion of Notes. OC Management is also the investment manager of, and has included in its beneficial ownership securities held by, certain affiliated funds and accounts of the Reporting Persons that collectively hold 188,954 shares of Common Stock issuable upon conversion of Notes. Oaktree GP I is the indirect general partner of OVO Fund, VOF, and OPI Fund, and as such may be deemed to beneficially own an aggregate of 616,477 shares of Common Stock issuable upon conversion of Notes. OC Holdings is the indirect general partner of OVO Fund, VOF, OPI Fund, and Oaktree GP I, and is the sole managing member of the general partner of OC Management, and as such may be deemed to beneficially own an aggregate of 909,053 shares of Common Stock issuable upon conversion of Notes. Each of the Reporting Persons disclaims beneficial ownership of the reported securities, and the filing of this Statement shall not be construed as an admission of such beneficial ownership for the purposes of Section 13(d) or 13(g) of the Exchange Act or for any other purpose.
(b)	The information set forth in rows (7) through (10) of each cover page of this Amendment No. 6 and the information set forth in Item 5(a) hereof is incorporated by reference into this Item 5(b).
(c)	Within the last 60 days of the filing of this Amendment No. 6, the Reporting Persons have disposed of shares of Common Stock in open market transactions (collectively, the "Common Stock Transactions") as follows: Date Purchase/Sale Amount of Shares Price 26-Jun Sale 231,398 42.1308 26-Jun Sale 118,602 41.7051 16-Jul Sale 14,900 40.614 16-Jul Sale 25,100 40.6395 5-Aug Sale 432,613 38.8552 6-Aug Sale 428,711 39.2151 10-Aug Sale 235,364 38.6389 10-Aug Sale 143,935 38.5563 11-Aug Sale 303,621 38.7858 12-Aug Sale 4,542,968 37.75 Within the last 60 days of the filing of this Amendment No. 6, the Reporting Persons and certain of their affiliated funds and accounts have acquired and disposed of Notes in open market transactions as follows (collectively, the "Notes Transactions" and, together with the Common Stock Transactions, the "Transactions"): Date Purchase/Sale Principal Amount Price 23-Jun Sale $91,000 118.104 25-Jun Sale $70,000 120.327 9-Jul Purchase $500,000 121.285 4-Aug Sale $1,750,000 111.904 5-Aug Sale $2,000,000 116.201 6-Aug Sale $2,000,000 116.278 12-Aug Sale $111,000 114.168
(e)	As a result of the Transactions on or prior to August 10, 2026, the Reporting Persons ceased to be the beneficial owners of more than five percent of the Common Stock on such date. Additional sales on August 11, 2026 resulted in a material shift in ownership requiring the filing of this Amendment No. 6, which serves as an exit filing by the Reporting Persons.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 24.1 Joint Filing Agreement, dated as of August 13, 2026, by and among the Reporting Persons

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.

Oaktree Value Opportunities Fund, L.P.

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Managing Director
Date:	08/13/2026

Oaktree London Liquid Value Opportunities Fund (VOF), L.P.

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Managing Director
Date:	08/13/2026

Oaktree Phoenix Investment Fund, L.P.

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Managing Director
Date:	08/13/2026

Oaktree Capital Management, L.P.

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Managing Director
Date:	08/13/2026

Oaktree Fund GP I, L.P.

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Managing Director
Date:	08/13/2026

Oaktree Capital Holdings, LLC

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Managing Director
Date:	08/13/2026