Varde Management, L.P.

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Varde Management, L.P. reported 4 stock positions worth $67.1 million. Its top holding was Ziff Davis (ZD) at 48.7% of the portfolio, followed by Surgery Partners (SGRY, 25.1%) and Echostar Class A (ECHO, 24.1%). Compared with Q1 2026, it added to 4. The biggest buy was Surgery Partners (SGRY, shares +33%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001559130
Portfolio Value
$67.1M (Q2 2026)
SEC Filing
0001193125-26-350252 ↗ filed Aug 14, 2026

Holdings Value

0$50.0M$100.0M$150.0M Q1 2024: $43.0M Q1 2024 Q2 2024: $30.4M Q2 2024 Q3 2024: $117.5M Q3 2024 Q4 2024: $118.8M Q4 2024 Q1 2025: $142.7M Q1 2025 Q2 2025: $75.5M Q2 2025 Q3 2025: $75.2M Q3 2025 Q4 2025: $37.4M Q4 2025 Q1 2026: $49.3M Q1 2026 Q2 2026: $67.1M $67.1M Q2 2026

Holdings 4 stocks · $67.1M
ZD Ziff Davis Inc. 48.70% 624,028 $32.7M Add +16.9%
SGRY Surgery Partners Inc. 25.12% 1,003,447 $16.9M Add +32.8%
ECHO Echostar Corp. Class A 24.11% 159,400 $16.2M Add +8.1%
ZIP Ziprecruiter Inc. Class A 2.08% 371,456 $1.4M Add +6.9%

Options reported separately and not counted above: DJT puts ($1.3M).

Portfolio Sells Q1 2026 → Q2 2026
None this quarter.

Portfolio Buys Q1 2026 → Q2 2026
SGRY Surgery Partners Inc. Add +32.8% 25.12% +6.86
ZD Ziff Davis Inc. Add +16.9% 48.70% +3.25
ZIP Ziprecruiter Inc. Class A Add +6.9% 2.08% +0.78
ECHO Echostar Corp. Class A Add +8.1% 24.11% −10.89

Options Activity Q1 2026 → Q2 2026
DJT Trump Media & Technology Gro put New 8,500 $1.3M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 4$67.1MZD, SGRY, ECHO, ZIP
Q1 2026 4$49.3MZD, ECHO, SGRY, ZIP
Q4 2025 3$37.4MECHO, NBR, AHT
Q3 2025 4$75.2MNBR, ECHO, SVC, AHT
Q2 2025 4$75.5MNBR, LTM, TDW, AHT
Q1 2025 4$142.7MLTM, NBR, AHT, TDW
Q4 2024 5$118.8MLTM, OMF, VAL, TDW, ASHFORD HOSPITALITY TR INC
Q3 2024 3$117.5MLTM, OMF, ASHFORD HOSPITALITY TR INC
Q2 2024 2$30.4MOMF, ASHFORD HOSPITALITY TR INC
Q1 2024 2$43.0MOMF, ASHFORD HOSPITALITY TR INC