Institutional
Varde Management, L.P.
CIK 0001559130
$49.3M
Reported AUM
4
Positions
Q1 2026
Period
2026-05-15
Filed
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%.
Portfolio · Q1 2026
Top holdings
QoQ vs Q4 2025
| # | Ticker | Issuer | Value | % of book | Δ shares (QoQ) | Status |
|---|---|---|---|---|---|---|
| 1 | ZD | Ziff Davis Inc | $22.4M | 45.44% | +534,028 | NEW |
| 2 | SATS | EchoStar Corp | $17.3M | 35.00% | -58,000 | -28.2% |
| 3 | SGRY | Surgery Partners Inc | $9.0M | 18.26% | +755,438 | NEW |
| 4 | ZIP | ZipRecruiter Inc | $639K | 1.30% | +347,527 | NEW |
| 5 | NBR | Nabors Industries Ltd | — | — | -264,220 | EXITED |
| 6 | AHT | Ashford Hospitality Tr Inc | — | — | -175,512 | EXITED |
Source: SEC EDGAR · accession 0001193125-26-225680. 13F discloses long positions only — shorts, foreign equities, and options are excluded.