Varde Management, L.P.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Varde Management, L.P. reported 3 stock positions worth $37.4 million. Its top holding was Echostar Class A (ECHO) at 59.7% of the portfolio, followed by Nabors Industries (NBR, 38.3%) and Ashford Hospitality Trust (AHT, 2.0%). Compared with Q3 2025, it sold out of 1, added to 1 and reduced 1. The biggest buy was Echostar Class A (ECHO, shares +48%) and the biggest sale Nabors Industries (NBR, shares −85%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001559130
- Portfolio Value
- $37.4M (Q4 2025)
- SEC Filing
- 0001193125-26-048126 ↗ filed Feb 12, 2026
Holdings Value
Holdings 3 stocks · $37.4M
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
| ECHO Echostar Corp. Class A | Add +47.6% | 59.66% | +45.53 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 4 | $67.1M | ZD, SGRY, ECHO, ZIP |
| Q1 2026 | 4 | $49.3M | ZD, ECHO, SGRY, ZIP |
| Q4 2025 | 3 | $37.4M | ECHO, NBR, AHT |
| Q3 2025 | 4 | $75.2M | NBR, ECHO, SVC, AHT |
| Q2 2025 | 4 | $75.5M | NBR, LTM, TDW, AHT |
| Q1 2025 | 4 | $142.7M | LTM, NBR, AHT, TDW |
| Q4 2024 | 5 | $118.8M | LTM, OMF, VAL, TDW, ASHFORD HOSPITALITY TR INC |
| Q3 2024 | 3 | $117.5M | LTM, OMF, ASHFORD HOSPITALITY TR INC |
| Q2 2024 | 2 | $30.4M | OMF, ASHFORD HOSPITALITY TR INC |
| Q1 2024 | 2 | $43.0M | OMF, ASHFORD HOSPITALITY TR INC |