# EDGAR Filing Document

**Accession Number:** 0001001085
**File Stem:** 0001104659-25-094559
**Filing Date:** 2025-9
**Character Count:** 21283
**Document Hash:** 886a12f95ab6a6180ecc4cd3fc3f0383
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-094559.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0001104659-25-094559

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brookfield Business Partners L.P.
- **CENTRAL INDEX KEY:** 0001654795
- **STANDARD INDUSTRIAL CLASSIFICATION:** CONSTRUCTION SPECIAL TRADE CONTRACTORS [1700]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-89549
- **FILM NUMBER:** 251357078

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 73 FRONT STREET, 5TH FLOOR
- **CITY:** HAMILTON
- **PROVINCE COUNTRY:** D0
- **BUSINESS PHONE:** (441) 294-3309

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 73 FRONT STREET, 5TH FLOOR
- **CITY:** HAMILTON
- **PROVINCE COUNTRY:** D0
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BROOKFIELD Corp /ON/
- **CENTRAL INDEX KEY:** 0001001085
- **STANDARD INDUSTRIAL CLASSIFICATION:** OPERATORS OF NONRESIDENTIAL BUILDINGS [6512]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** BROOKFIELD PLACE, 181 BAY ST, STE 100
- **STREET 2:** PO BOX 762
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J2T3
- **BUSINESS PHONE:** 416-363-9491

**MAIL ADDRESS:**
- **STREET 1:** BROOKFIELD PLACE, 181 BAY ST, STE 100
- **STREET 2:** PO BOX 762
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J2T3

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BROOKFIELD ASSET MANAGEMENT INC.
- **DATE OF NAME CHANGE:** 20051116

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BRASCAN CORP/
- **DATE OF NAME CHANGE:** 20010321

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EDPERBRASCAN CORP
- **DATE OF NAME CHANGE:** 19970904

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 9)**

**Brookfield Business Partners L.P.**

*(Name of Issuer)*

**Limited Partnership Units**

*(Title of Class of Securities)*

**G16234109**

*(CUSIP Number)*

**Swati Mandava**<br>Brookfield Corporation, Brookfield Place<br>181 Bay Street, Suite 100<br>Toronto A6 M5J 2T3<br>(416) 363-9491

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

**09/26/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **G16234109** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**BROOKFIELD Corp /ON/** | Name of reporting person<br>**BROOKFIELD Corp /ON/** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**ONTARIO** | Citizenship or place of organization<br>**ONTARIO** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**142552877.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**142552877.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**142552877.00** | Aggregate amount beneficially owned by each reporting person<br>**142552877.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**67.8%** | Percent of class represented by amount in Row (11)<br>**67.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** In reference to Rows 8, 10 and 11 amounts for Brookfield Corporation ("BN") includes (i) 374,533 limited partnership units ("Units") of Brookfield Business Partners L.P. (the "Issuer") and 51,599,716 redemption-exchange units ("REUs") of Brookfield Business L.P. ("Brookfield Business L.P.") beneficially owned by subsidiaries of BN, and (ii) 43,333,752 Units held by subsidiaries of Brookfield Wealth Solutions Ltd. ("BNT"), a paired entity to BN. This amount also includes 47,244,876 class A exchangeable subordinate voting shares (the "BBUC exchangeable shares") of Brookfield Business Corporation ("BBUC") beneficially owned by BN (through subsidiaries) and BNT.
In reference to Row 13 above, percentage ownership is based on an aggregate of approximately 88,675,926 Units of the Issuer outstanding as of September 26, 2025. Percentage assumes that all of the outstanding REUs and BBUC exchangeable shares are exchanged for Units (on a one-for-one basis). Assuming that only all of the REUs and BBUC exchangeable shares beneficially owned by BN and BNT are exchanged for Units (on a one-for-one basis), the percentage would be 76.0%.

| **CUSIP No.** | **G16234109** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**BAM PARTNERS TRUST** | Name of reporting person<br>**BAM PARTNERS TRUST** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**ONTARIO** | Citizenship or place of organization<br>**ONTARIO** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**142552877.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**142552877.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**142552877.00** | Aggregate amount beneficially owned by each reporting person<br>**142552877.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**67.8%** | Percent of class represented by amount in Row (11)<br>**67.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** In reference to Rows 8, 10 and 11 above, this amount includes Units, REUs and BBUC exchangeable shares beneficially owned by BN and BNT.
In reference to Row 13 above, percentage ownership is based on an aggregate of approximately 88,675,926 Units of the Issuer outstanding as of September 26, 2025. Percentage assumes that all of the outstanding REUs and BBUC exchangeable shares are exchanged for Units (on a one-for-one basis). Assuming that only all of the REUs and BBUC exchangeable shares beneficially owned by BN and BNT are exchanged for Units (on a one-for-one basis), the percentage would be 76.0%.

| **CUSIP No.** | **G16234109** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**BNT BBU HOLDING LP** | Name of reporting person<br>**BNT BBU HOLDING LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D0** | Citizenship or place of organization<br>**D0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**51599716.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**51599716.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**51599716.00** | Aggregate amount beneficially owned by each reporting person<br>**51599716.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**24.5%** | Percent of class represented by amount in Row (11)<br>**24.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** In reference to Rows 8, 10 and 11 above, this amount includes 51,599,716 REUs beneficially owned by Holding LP.
In reference to Row 13 above, percentage ownership is based on an aggregate of approximately 88,675,926 Units of the Issuer outstanding as of September 26, 2025. Percentage assumes that all of the outstanding REUs and BBUC exchangeable shares are exchanged for Units (on a one-for-one basis). Assuming no BBUC exchangeable shares and only REUs held by Holding LP are exchanged for Units, the percentage would be 36.8%.

| **CUSIP No.** | **G16234109** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**BPEG BN HOLDINGS LP** | Name of reporting person<br>**BPEG BN HOLDINGS LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**ONTARIO** | Citizenship or place of organization<br>**ONTARIO** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**23535005.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**23535005.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**23535005.00** | Aggregate amount beneficially owned by each reporting person<br>**23535005.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**11.1%** | Percent of class represented by amount in Row (11)<br>**11.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** In reference to Rows 8, 10 and 11 above, this amount includes 23,535,005 BBUC exchangeable shares owned by BPEG.
In reference to Row 13 above, percentage ownership is based on an aggregate of approximately 88,675,926 Units of the Issuer outstanding as of September 26, 2025. Percentage assumes that all of the outstanding REUs and BBUC exchangeable shares are exchanged for Units (on a one-for-one basis). Assuming only BBUC exchangeable shares held by BPEG are exchanged for Units, the percentage would be 21.0%.

| **CUSIP No.** | **G16234109** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**BROOKFIELD TITAN HOLDINGS LP** | Name of reporting person<br>**BROOKFIELD TITAN HOLDINGS LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**374533.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**374533.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**374533.00** | Aggregate amount beneficially owned by each reporting person<br>**374533.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.2%** | Percent of class represented by amount in Row (11)<br>**0.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** In reference to Row 13 above, percentage ownership is based on an aggregate of approximately 88,675,926 Units of the Issuer outstanding as of September 26, 2025. Percentage assumes that all of the outstanding REUs and BBUC exchangeable shares are exchanged for Units (on a one-for-one basis). Assuming no REUs and no BBUC exchangeable shares are exchanged for Units (on a one-for-one basis), the percentage would be 0.4%.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Limited Partnership Units

**(b) Name of Issuer:**
Brookfield Business Partners L.P.

**(c) Address of Issuer's Principal Executive Offices:**
73 FRONT STREET, 5TH FLOOR, HAMILTON, D0, HM12

Explanatory Note:
This Amendment No. 9 (this "Amendment No. 9") to Schedule 13D amends and supplements the Schedule 13D originally filed on June 30, 2016 (and as amended through Amendment No. 8 thereto, the "Schedule 13D") to reflect the transactions as described in Item 4 of this Amendment No. 9.
Unless otherwise indicated, all references to "$" in this Schedule 13D are to U.S. dollars.
Information reported in the original Schedule 13D remains in effect except to the extent that it is amended or superseded by information contained in this Amendment No. 9.

**Item 4. Purpose of Transaction**

Item 4 of the original Schedule 13D is hereby supplemented as follows:
On September 26, 2025 and September 29, 2025, wholly-owned subsidiaries of BN (the "BN Parties") entered into financing arrangements with wholly-owned subsidiaries of BNT, a paired entity to BN (the "BNT Parties"), pursuant to which the BN Parties transferred an aggregate of 24,289,723 BBUC exchangeable shares (collectively, the "Subject Securities") to the BNT Parties (the "Subject Securities Transfer") in exchange for an aggregate cash payment of $400,000,000 (the "Transfer Value"). The BN Parties are obligated to repurchase the Subject Securities that were transferred to the BNT Parties on September 26, 2025 and September 29, 2025 on June 22, 2026 and June 25, 2026, respectively or such earlier dates that these arrangements are terminated in accordance with their terms, at a price equal to the portion of the Transfer Value paid for the applicable Subject Securities plus a return calculated at a rate of SOFR+1.40% per annum. Unless an event of default has occurred under the financing arrangements, the BN Parties have the right to direct all decisions to be made with respect to voting of the Subject Securities while held by the BNT Parties

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a)-(c) of Schedule 13D are hereby amended and restated as follows:
(a)-(b) The information relating to the beneficial ownership of the Units by each of the Reporting Persons set forth in Rows 7 through 13 of the cover pages hereto (including the footnotes thereto) is incorporated by reference herein. Except as otherwise noted in the footnotes to the cover pages hereto, the percentage of Units of the Issuer is based on an aggregate number of Units of 88,675,926 outstanding as of September 26, 2025, and assumes that all of the outstanding REUs and BBUC exchangeable shares are exchanged for Units (on a one-for-one basis) and includes (as applicable) Units, REUs and BBUC exchangeable shares beneficially owned by subsidiaries of  BNT as described in Item 4 of Amendment No. 7 and Item 4 of Amendment No. 5 and subject to the voting arrangements described in Item 4 of Amendment No. 7.

**(b)**
Item 5(b) of Schedule 13D is hereby amended and restated as follows:
The information set forth in Item 5(a) of this Schedule 13D is hereby incorporated herein by reference.

**(c)**
Item 5(c) of Schedule 13D is hereby amended and restated as follows:
Other than the transactions described in Item 4 in this Amendment No. 9, there have been no transactions by the Reporting Persons in the Units during the past 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.

**Reporting Person:** BROOKFIELD Corp /ON/

**Signature:** /s/ Swati Mandava

**Name/Title:** Swati Mandava, Managing Director, Legal and Regulatory

**Date:** 09/29/2025

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.

**Reporting Person:** BAM PARTNERS TRUST

**Signature:** /s/ Kathy Sarpash

**Name/Title:** Kathy Sarpash, Secretary, BAM CLASS B PARTNERS INC., trustee to BAM PARTNERS TRUST

**Date:** 09/29/2025

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.

**Reporting Person:** BNT BBU HOLDING LP

**Signature:** /s/ A.J. Silber

**Name/Title:** A.J. Silber, Director, BROOKFIELD BBU GP INC., general partner of BNT BBU HOLDING LP

**Date:** 09/29/2025

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.

**Reporting Person:** BPEG BN HOLDINGS LP

**Signature:** /s/ A.J. Silber

**Name/Title:** A.J. Silber, Director, BROOKFIELD PRIVATE EQUITY INC., general partner of BPEG BN HOLDINGS LP

**Date:** 09/29/2025

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.

**Reporting Person:** BROOKFIELD TITAN HOLDINGS LP

**Signature:** /s/ Ron Bloom

**Name/Title:** Ron Bloom, Managing Partner & Vice Chairman, TITAN CO-INVESTMENT GP, LLC, general partner of BROOKFIELD TITAN HOLDINGS LP

**Date:** 09/29/2025