Varde Management, L.P.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Varde Management, L.P. reported 4 stock positions worth $142.7 million. Its top holding was Latam Airlines Group SA-ADR (LTM) at 62.5% of the portfolio, followed by Nabors Industries (NBR, 36.1%) and Ashford Hospitality Trust (AHT, 0.7%). Compared with Q4 2024, it opened 2 new positions, sold out of 3 and reduced 1. The biggest buy was a new position in Nabors Industries (NBR) and the biggest sale Latam Airlines Group SA-ADR (LTM, shares −20%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001559130
Portfolio Value
$142.7M (Q1 2025)
SEC Filing
0000950123-25-005592 ↗ filed May 15, 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 Q4 2024 Q1 2025: $142.7M $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 4 stocks · $142.7M
LTM Latam Airlines Group SA-ADR 62.49% 2,835,660 $89.2M Reduce -19.8%
NBR Nabors Industries Ltd. 36.06% 2,013,930 $51.5M New
AHT Ashford Hospitality Trust 0.74% 175,512 $1.0M New
TDW Tidewater Inc. 0.72% 28,390 $1.0M No change

Portfolio Sells Q4 2024 → Q1 2025
LTM Latam Airlines Group SA-ADR Reduce -19.8% 62.49% −19.57
OMF Onemain Holdings Inc. Sold out 0.00% −13.16
VAL Valaris Ltd. Sold out 0.00% −2.21
ASHFORD HOSPITALITY TR INC Sold out 0.00% −1.27

Portfolio Buys Q4 2024 → Q1 2025
NBR Nabors Industries Ltd. New 36.06% +36.06
AHT Ashford Hospitality Trust New 0.74% +0.74

Notes & Other Activity Q4 2024 → Q1 2025
CHEGG INC (CHGG 0.125 03/15/25) NOTE 0.125% 3/1 · principal Sold out 3,000,000 $2.9Mbefore exit

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