Varde Management, L.P.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Varde Management, L.P. reported 5 stock positions worth $118.8 million. Its top holding was Latam Airlines Group SA-ADR (LTM) at 82.1% of the portfolio, followed by Onemain (OMF, 13.2%) and Valaris (VAL, 2.2%). Compared with Q3 2024, it opened 2 new positions and reduced 1. The biggest buy was a new position in Valaris (VAL) and the biggest sale Onemain (OMF, shares −37%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001559130
Portfolio Value
$118.8M (Q4 2024)
SEC Filing
0000950123-25-001963 ↗ filed Feb 13, 2025

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 $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 Q2 2026

Holdings 5 stocks · $118.8M
LTM Latam Airlines Group SA-ADR 82.06% 3,533,858 $97.5M No change
OMF Onemain Holdings Inc. 13.16% 299,792 $15.6M Reduce -37.5%
VAL Valaris Ltd. 2.21% 59,220 $2.6M New
TDW Tidewater Inc. 1.31% 28,390 $1.6M New
ASHFORD HOSPITALITY TR INC 1.27% 2,092,981 $1.5M No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $2.9M (not counted above)
SecurityClassShares / PrincipalValueChange
CHEGG INC (CHGG 0.125 03/15/25) NOTE 0.125% 3/1 · principal 3,000,000$2.9MNew

Total filed on the 13F, all lines: $121.7M.

Portfolio Sells Q3 2024 → Q4 2024
OMF Onemain Holdings Inc. Reduce -37.5% 13.16% −6.05

Portfolio Buys Q3 2024 → Q4 2024
VAL Valaris Ltd. New 2.21% +2.21
TDW Tidewater Inc. New 1.31% +1.31

Notes & Other Activity Q3 2024 → Q4 2024
CHEGG INC (CHGG 0.125 03/15/25) NOTE 0.125% 3/1 · principal New 3,000,000 $2.9M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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