Please wait

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Name of Issuer)

(Title of Class of Securities)

(CUSIP Number)

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13D/A 0001001085 XXXXXXXX LIVE 11 Limited Partnership Units 01/16/2026 false 0001654795 G16234109 BROOKFIELD BUSINESS PARTNERS L.P. 73 FRONT STREET, 5TH FLOOR HAMILTON D0 HM12 Swati Mandava (416) 363-9491 Brookfield Corporation, Brookfield Place 181 Bay Street, Suite 100 Toronto A6 M5J 2T3 0001001085 N BROOKFIELD CORPORATION b OO N A6 0.00 142552877.00 0.00 142552877.00 142552877.00 N 68.5 CO In reference to Rows 8, 10 and 11 above, amounts for Brookfield Corporation ("BN") includes (i) 374,533 limited partnership units ("Units") of Brookfield Business Partners L.P. (the "Issuer" or "BBU") 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 87,637,824 Units of the Issuer outstanding as of January 15, 2026. 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 76.4%. 0001861643 N BAM PARTNERS TRUST b OO N A6 0.00 142552877.00 0.00 142552877.00 142552877.00 N 68.5 OO 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 87,637,824 Units of the Issuer outstanding as of January 15, 2026. 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 76.4%. Y BNT BBU HOLDING LP b OO N D0 0.00 51599716.00 0.00 51599716.00 51599716.00 N 24.8 PN In reference to Rows 8, 10 and 11 above, this amount includes 51,599,716 REUs beneficially owned by BNT BBU Holding LP ("Holding LP"). In reference to Row 13 above, percentage ownership is based on an aggregate of approximately 87,637,824 Units of the Issuer outstanding as of January 15, 2026. 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 37.1%. Y BPEG BN HOLDINGS LP b OO N A6 0.00 23180542.00 0.00 23180542.00 23180542.00 N 11.1 PN In reference to Rows 8, 10 and 11 above, this amount includes 23,180,542 BBUC exchangeable shares owned by BPEG. In reference to Row 13 above, percentage ownership is based on an aggregate of approximately 87,637,824 Units of the Issuer outstanding as of January 15, 2026. 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 20.9%. 0001703170 N BROOKFIELD TITAN HOLDINGS LP b OO N DE 0.00 374533.00 0.00 374533.00 374533.00 N 0.2 PN In reference to Row 13 above, percentage ownership is based on an aggregate of approximately 87,637,824 Units of the Issuer outstanding as of January 15, 2026. 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%. Limited Partnership Units BROOKFIELD BUSINESS PARTNERS L.P. 73 FRONT STREET, 5TH FLOOR HAMILTON D0 HM12 Explanatory Note This Amendment No. 11 (this "Amendment No. 11") to Schedule 13D amends and supplements the Schedule 13D originally filed on June 30, 2016 (and as amended through Amendment No. 10 thereto, the "Schedule 13D") to reflect the transactions as described in Item 4 of this Amendment No. 11. 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. 11. Item 4 of the original Schedule 13D is hereby supplemented as follows: On January 16, 2026, wholly-owned subsidiaries of BN (the "BN Parties") terminated the financing arrangements described in Item 4 of Amendment No. 9 that were entered into on September 26, 2025 and September 29, 2025 with wholly-owned subsidiaries of Brookfield Wealth Solutions Ltd., a paired entity to BN (the "BNT Parties"). In connection with the termination of the financing arrangements, and in accordance with their terms, the BNT Parties transferred an aggregate of 24,289,723 Class A Shares to the BN Parties in exchange for an aggregate cash payment of $406,615,283.33. Items 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 87,637,824 outstanding as of January 15, 2026, 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. Other than the transactions described in Item 4 in this Amendment No. 10, there have been no transactions by the Reporting Persons in the Units during the past 60 days. BROOKFIELD CORPORATION /s/ Swati Mandava Swati Mandava, Managing Director, Legal and Regulatory 01/16/2026 BAM PARTNERS TRUST /s/ Kathy Sarpash Kathy Sarpash, Secretary, BAM CLASS B PARTNERS INC., trustee to BAM PARTNERS TRUST 01/16/2026 BNT BBU HOLDING LP /s/ A.J. Silber A.J. Silber, Director, BROOKFIELD BBU GP INC., general partner of BNT BBU HOLDING LP 01/16/2026 BPEG BN HOLDINGS LP /s/ A.J. Silber A.J. Silber, Director, BROOKFIELD PRIVATE EQUITY INC., general partner of BPEG BN HOLDINGS LP 01/16/2026 BROOKFIELD TITAN HOLDINGS LP /s/ Ron Bloom Ron Bloom, Managing Partner & Vice Chairman, TITAN CO-INVESTMENT GP, LLC, general partner of BROOKFIELD TITAN HOLDINGS LP 01/16/2026