Varde Management, L.P.

Portfolio Overview

Varde Management, L.P. disclosed 4 positions worth $49.3M in its Form 13F-HR for Q1 2026, led by $ZD (ZIFF DAVIS, INC.) at 45.4% of the equity portfolio, followed by $ECHO and $SGRY. During the quarter the fund opened 3 new positions and exited 2 — including a new stake in $ZD and a full exit from $NBR. The portfolio is most concentrated in Communication Services (80.4% of disclosed assets). All figures are sourced directly from Varde Management, L.P.’s Form 13F-HR filing with the SEC under CIK 1559130.

• 

  ZIFF DAVIS, INC.

  $ZD

  51.3#1,407

  Quality

  $22.4M534,028 sh
• 

  EchoStar CORP

  $ECHO

  29.5#2,405

  Quality

  $17.3M147,400 sh
• 

  Surgery Partners, Inc.

  $SGRY

  48.0#1,578

  Quality

  $9.0M755,438 sh
• 

  ZIPRECRUITER, INC.

  $ZIP

  22.2

  Quality

  $639.5K347,527 sh

Company	Quality	Value	Shares
ZIFF DAVIS, INC.$ZD	51.3#1,407	$22.4M	534,028
EchoStar CORP$ECHO	29.5#2,405	$17.3M	147,400
Surgery Partners, Inc.$SGRY	48.0#1,578	$9.0M	755,438
ZIPRECRUITER, INC.$ZIP	22.2	$639.5K	347,527

Showing top 4 of 4 holdings.

Full Holdings — Varde Management, L.P. (Q1 2026)

All 4 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.

#	Ticker	Company	Value	Weight	QoQ	Quality
1	$ZD	ZIFF DAVIS, INC.	$22.4M	45.4%	NEW	51.3
2	$ECHO	EchoStar CORP	$17.3M	35.0%	-28%	29.5
3	$SGRY	Surgery Partners, Inc.	$9.0M	18.3%	NEW	48
4	$ZIP	ZIPRECRUITER, INC.	$639,450	1.3%	NEW	22.2