Oaktree reports 19.86% TORM stake after share sale

Oaktree-affiliated entities filed Amendment No. 23 to their Schedule 13D on TORM plc, updating their ownership and recent trading activity.

Rhea-AI Filing Summary

Oaktree-affiliated entities filed Amendment No. 23 to their Schedule 13D on TORM plc, updating their ownership and recent trading activity. They report beneficial ownership of 20,329,874 Class A shares, representing 19.86% of TORM’s outstanding Class A shares, based on 102,367,118 shares outstanding as of June 2, 2026. On June 22, 2026, the reporting persons sold 3,509,701 Class A shares at $29.08 per share in a single block trade pursuant to Rule 144. Aside from this sale and the updated ownership figures, prior disclosures under the original Schedule 13D remain in effect.

Insights

Equity ownership and governance analyst

Large shareholder updates TORM stake after a sizable Rule 144 block sale.

Oaktree-related reporting persons now beneficially own 20,329,874 TORM Class A shares, or 19.86% of the class, using 102,367,118 shares outstanding from a recent Form 6-K as the baseline. This confirms they remain a major shareholder.

The filing highlights a June 22, 2026 block trade of 3,509,701 Class A shares at $29.08 per share under Rule 144. A block trade concentrates supply with a single counterparty, while Rule 144 governs resales by certain holders. The transaction indicates active stake management.

The amendment states no other trades in TORM shares since the prior amendment, and expressly notes that the filing should not be taken as an admission of beneficial ownership beyond what is required. Future company or shareholder disclosures may give more detail on any further ownership changes.

Key Figures

Beneficial ownership: 20,329,874 Class A shares Ownership percentage: 19.86% Shares outstanding: 102,367,118 Class A shares +3 more

6 metrics

Beneficial ownership 20,329,874 Class A shares Shares beneficially owned by each reporting person as of Amendment No. 23

Ownership percentage 19.86% Portion of TORM Class A shares beneficially owned by reporting persons

Shares outstanding 102,367,118 Class A shares TORM shares outstanding as of June 2, 2026, from Form 6-K

Block trade size 3,509,701 Class A shares Shares sold on June 22, 2026, in a block trade

Sale price $29.08 per share Price for the June 22, 2026 block trade under Rule 144

Amendment number Amendment No. 23 Latest amendment to the original Schedule 13D on TORM

Key Terms

Schedule 13D, beneficial owner, Rule 144, block trade, +1 more

5 terms

Schedule 13D regulatory

"This Amendment No. 23 amends and supplements the statement on filed by the Reporting Persons"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

beneficial owner financial

"each of the Reporting Persons may be deemed the beneficial owner of 20,329,874 Class A Shares"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

Rule 144 regulatory

"sold 3,509,701 Class A Shares for $29.08 per share, in a block trade pursuant to Rule 144"

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

block trade financial

"sold 3,509,701 Class A Shares for $29.08 per share, in a block trade pursuant to Rule 144"

A block trade is a large, privately arranged sale or purchase of a company's shares or bonds between big investors, often negotiated to avoid upsetting the public market price. Think of it like selling a truckload of goods directly to one buyer instead of unloading it on a busy street — it moves a lot of supply at once and can signal shifting demand, affect immediate liquidity, and influence short-term stock prices.

foreign private issuer regulatory

"The Issuer is a foreign private issuer as defined in Rule 3b-4 of the Act"

A foreign private issuer is a company organized outside the United States that meets tests showing it is primarily foreign-controlled and therefore qualifies for a different set of U.S. reporting rules. For investors, that means the company files less frequent or differently formatted disclosures with U.S. regulators and may follow home-country accounting and governance practices, so buying its stock is like dining at a well-reviewed restaurant that follows its home kitchen’s rules instead of the local menu — you get access but should check what standards apply.

FAQ

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

How many TORM (TRMD) shares do the Oaktree reporting persons currently own?

The reporting persons state they beneficially own 20,329,874 TORM Class A shares. This figure comes directly from the cover pages and Item 5, and reflects their holdings as of the amendment’s date using the issuer’s latest outstanding share count.

What percentage of TORM’s Class A shares is held by the Oaktree group in this 13D/A?

The filing reports ownership of 19.86% of TORM’s outstanding Class A shares. This percentage is calculated using 102,367,118 Class A shares outstanding as of June 2, 2026, as disclosed in the issuer’s Form 6-K referenced in the amendment.

What transaction did the TORM (TRMD) Schedule 13D/A disclose for June 22, 2026?

The amendment discloses that on June 22, 2026, the reporting persons sold 3,509,701 TORM Class A shares. The sale was executed at $29.08 per share in a block trade pursuant to Rule 144, and no other transactions occurred since the prior amendment.

How was the ownership percentage in TORM (TRMD) calculated in this 13D/A?

The 19.86% ownership figure is based on 102,367,118 TORM Class A shares outstanding. That share count is taken from the issuer’s Form 6-K dated June 2, 2026, which the reporting persons use as the denominator when computing their beneficial ownership percentage.

Who are the main reporting entities in the TORM (TRMD) Schedule 13D/A Amendment No. 23?

Key reporting entities include OCM Njord Holdings S.à r.l., Oaktree Capital Management GP, LLC, Oaktree Capital Holdings, LLC, and Oaktree Capital Group Holdings GP, LLC. Each is listed with shared voting and dispositive power over 20,329,874 TORM Class A shares in the cover page tables.

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

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Accepted by SEC EDGAR 06/23/2026 - 04:15 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. 23)

TORM plc

(Name of Issuer)

Class A common shares, par value $0.01 per share

(Title of Class of Securities)

G89479102

(CUSIP Number)

Richard Ting
Oaktree Capital Management, L.P., 333 S. Grand Avenue, 28th Floor
Los Angeles, CA, 90071
(213) 830-6300

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

06/22/2026

(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): G89479102

1

Name of reporting person

OCM NJORD HOLDINGS S.A R.L.

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

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 20,329,874.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 20,329,874.00

11

Aggregate amount beneficially owned by each reporting person

20,329,874.00

12

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

13

Percent of class represented by amount in Row (11)

19.86 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percent of class is calculated based on 102,367,118 shares of Class A common shares, par value $0.01 per share (the "Class A Shares") outstanding as of June 2, 2026, as reported in Exhibit 99.1 to the Issuer's Form 6-K filed with the Securities and Exchange Commission on June 2, 2026 (the "Form 6-K").

SCHEDULE 13D

CUSIP Number(s): G89479102

1

Name of reporting person

OAKTREE CAPITAL MANAGEMENT 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)

AF

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 20,329,874.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 20,329,874.00

11

Aggregate amount beneficially owned by each reporting person

20,329,874.00

12

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

13

Percent of class represented by amount in Row (11)

19.86 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percent of class is calculated based on 102,367,118 Class A Shares outstanding as of June 2, 2026, as reported in the Issuer's Form 6-K.

SCHEDULE 13D

CUSIP Number(s): G89479102

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)

AF

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 20,329,874.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 20,329,874.00

11

Aggregate amount beneficially owned by each reporting person

20,329,874.00

12

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

13

Percent of class represented by amount in Row (11)

19.86 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percent of class is calculated based on 102,367,118 Class A Shares outstanding as of June 2, 2026, as reported in the Issuer's Form 6-K.

SCHEDULE 13D

CUSIP Number(s): G89479102

1

Name of reporting person

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

Source of funds (See Instructions)

AF

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 20,329,874.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 20,329,874.00

11

Aggregate amount beneficially owned by each reporting person

20,329,874.00

12

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

13

Percent of class represented by amount in Row (11)

19.86 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percent of class is calculated based on 102,367,118 Class A Shares outstanding as of June 2, 2026, as reported in the Issuer's Form 6-K.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A common shares, par value $0.01 per share
(b)	Name of Issuer: TORM plc
(c)	Address of Issuer's Principal Executive Offices: 4th Floor, 120 Cannon Street, London, UNITED KINGDOM , EC4N 6AS.
Item 1 Comment: This Amendment No. 23 ("Amendment No. 23") amends and supplements the statement on Schedule 13D filed by the Reporting Persons on February 5, 2018, as amended by Amendment No. 1 thereto filed March 27, 2020, Amendment No. 2 thereto filed May 19, 2020, Amendment No. 3 thereto filed June 5, 2020, Amendment No. 4 thereto filed June 17, 2020, Amendment No. 5 thereto filed September 14, 2020, Amendment No. 6 thereto filed April 26, 2023, Amendment No. 7 thereto filed June 12, 2023, Amendment No. 8 thereto filed December 4, 2023, Amendment No. 9 thereto filed January 9, 2024, Amendment No. 10 thereto filed January 18, 2024, Amendment No. 11 thereto filed March 14, 2024, Amendment No. 12 thereto filed April 8, 2024, Amendment No. 13 thereto filed June 3, 2024, Amendment No. 14 thereto filed October 3, 2024, Amendment No. 15 thereto filed March 18, 2025, Amendment No. 16 thereto filed September 5, 2025, Amendment No. 17 thereto filed September 15, 2025, Amendment No. 18 thereto filed September 29, 2025, Amendment No. 19 thereto filed November 17, 2025, Amendment No. 20 thereto filed December 23, 2025, Amendment No. 21 thereto filed January 8, 2026, and Amendment No. 22 thereto filed March 6, 2026 (the "Original 13D," and together with Amendment No. 23, the "Schedule 13D") with respect to the Class A Shares of the Issuer. Except as specifically provided herein, this Amendment No. 23 does not modify any of the information previously reported on the Schedule 13D. Capitalized terms not otherwise defined in this Amendment No. 23 shall have the same meanings ascribed thereto in the Schedule 13D. The Issuer is a foreign private issuer as defined in Rule 3b-4 of the Act and its principal executive offices are at 4th Floor, 120 Cannon Street, London, EC4N 6AS, United Kingdom.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) of the Schedule 13D is hereby amended and restated as follows: The information set forth in rows (11) and (13) of the cover pages of this Schedule 13D is incorporated by reference into this Item 5. Ownership percentages set forth in this Schedule 13D assume 102,367,118 Class A Shares outstanding as of June 2, 2026, which is based on the Issuer's Form 6-K. As of the date hereof, each of the Reporting Persons may be deemed the beneficial owner of 20,329,874 Class A Shares, which represents approximately 19.86% of the total outstanding Class A Shares. Neither the filing of this Statement nor any of its contents shall be deemed to constitute an admission by any of the Reporting Persons that such person is the beneficial owner of any of the Class A Shares referred to herein for purposes of the Act, or for any other purpose.
(b)	Item 5(b) of the Schedule 13D is hereby amended and restated as follows: The information set forth in rows (7) through (10) of the cover pages of this Schedule 13D is incorporated by reference into this Item 5.
(c)	On June 22, 2026, the Reporting Persons sold 3,509,701 Class A Shares for $29.08 per share, in a block trade pursuant to Rule 144. Except for such transaction, the Reporting Persons have not effected any other transactions in the Class A Shares since the filing of Amendment No. 22.

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 NJORD HOLDINGS S.A R.L.

Signature:	/s/ Martin Eckel
Name/Title:	Martin Eckel / Manager
Date:	06/23/2026

OAKTREE CAPITAL MANAGEMENT GP, LLC

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Senior Vice President
Date:	06/23/2026

OAKTREE CAPITAL HOLDINGS, LLC

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Senior Vice President
Date:	06/23/2026

OAKTREE CAPITAL GROUP HOLDINGS GP, LLC

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren/ Senior Vice President
Date:	06/23/2026