Varde Management, L.P.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 15, 2025), Varde Management, L.P. reported 4 stock positions worth $75.5 million. Its top holding was Nabors Industries (NBR) at 79.2% of the portfolio, followed by Latam Airlines Group SA-ADR (LTM, 17.4%) and Tidewater (TDW, 1.9%). Compared with Q1 2025, it reduced 2. The biggest sale was Latam Airlines Group SA-ADR (LTM, shares −89%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001559130
Portfolio Value
$75.5M (Q2 2025)
SEC Filing
0000950123-25-008465 ↗ filed Aug 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 Q1 2025 Q2 2025: $75.5M $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 · $75.5M
NBR Nabors Industries Ltd. 79.21% 1,718,430 $59.8M Reduce -14.7%
LTM Latam Airlines Group SA-ADR 17.43% 303,036 $13.1M Reduce -89.3%
TDW Tidewater Inc. 1.88% 28,390 $1.4M No change
AHT Ashford Hospitality Trust 1.48% 175,512 $1.1M No change

Portfolio Sells Q1 2025 → Q2 2025
LTM Latam Airlines Group SA-ADR Reduce -89.3% 17.43% −45.06
NBR Nabors Industries Ltd. Reduce -14.7% 79.21% +43.16

Portfolio Buys Q1 2025 → Q2 2025
None this quarter.

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