Varde Management, L.P. — Q1 2026 13F-HR

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Q1 2026 · 13F-HR

Varde Management, L.P.holdings as filed

Filed 2026-05-15 · accession 0001193125-26-225680

$49.3M

Reported value

Positions

2026-03-31

Period end

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The Brief · Varde Management, L.P. · Q1 2026

AI · grounded in 13F

Varde Management, L.P. established a new position in Ziff Davis Inc ZD valued at $22.4M. The fund also opened new stakes in Surgery Partners Inc SGRY for $9M and ZipRecruiter Inc ZIP for $639K. These additions coincided with the complete exit of positions in Nabors Industries Ltd NBR, totaling $14.3M, and Ashford Hospitality Tr Inc AHT for $747K. Additionally, the fund reduced its holding in EchoStar Corp SATS by 28.2%.

Holdings as filed

CUSIP	Ticker	Issuer	Value	% port.	Shares	Class	Voting
48123V102	ZD	Ziff Davis Inc	$22.4M	45.4%	534,028	Common	SOLE
278768106	SATS	EchoStar Corp	$17.3M	35.0%	147,400	Common	SOLE
86881A100	SGRY	Surgery Partners Inc	$9.0M	18.3%	755,438	Common	SOLE
98980B103	ZIP	ZipRecruiter Inc	$639,450	1.30%	347,527	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.