Varde Management, L.P. — Q4 2025 13F-HR

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Q4 2025 · 13F-HR

Varde Management, L.P.holdings as filed

Filed 2026-02-12 · accession 0001193125-26-048126

$37.4M

Reported value

Positions

2025-12-31

Period end

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The Brief · Varde Management, L.P. · Q4 2025

AI · grounded in 13F

Varde Management, L.P. closed its position in Service Pptys Tr SVC, reducing its holdings by $3.69M. The fund also trimmed its stake in Nabors Industries Ltd NBR by 84.62%. Conversely, the manager accumulated shares of EchoStar Corp SATS, increasing the position by 47.56%.

Holdings as filed

CUSIP	Ticker	Issuer	Value	% port.	Shares	Class	Voting
278768106	SATS	EchoStar Corp	$22.3M	59.7%	205,400	Common	SOLE
G6359F137	NBR	Nabors Industries Ltd	$14.3M	38.3%	264,220	Common	SOLE
044103794	AHT	Ashford Hospitality Tr Inc	$747,681	2.00%	175,512	Common	SOLE

Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.