The stake in Puerto Rico-based First BanCorp. of funds managed by Oaktree Capital Management LP is now down to 4.7%, representing aggregate beneficial ownership of 9,993,581 common shares out of the company's 215,991,652 outstanding common shares as of Aug. 1.

This follows the sale by two affiliates of the investor group of 8,273,000 common shares and another 1,727,000 shares, respectively, on Aug. 7.

The investment group is part of a shareholder offering for First BanCorp. stock, where Oaktree Capital put 10 million of the company's common shares up for sale.

The other party to the shareholder offering — funds affiliated with Thomas H. Lee Partners LP — reported aggregate beneficial ownership of 9,993,582 shares. The investment group sold 10 million shares in the offering at $5.655 apiece.