Oaktree Capital Management has taken a major stake in Eagle Bulk Shipping by converting bonds into shares seven months after its exit left the door open to the bulker owner’s takeover by Star Bulk Carriers.

A securities filing by Star Bulk said that Oaktree elected to turn a portion of its convertible notes into nearly 1.1m shares.

A joint securities filing by Oaktree, together with Brookfield Corp and BAM Partners Trust, shows that the shares have given the firms a 9.96%