VM

Varde Management Portfolio holdings

AUM $143M

This Quarter Return

-1.53%

1 Year Return

-0.38%

3 Year Return

+8.03%

5 Year Return

–

10 Year Return

–

AUM

$143M

AUM Growth

+$21M (+17%)

Cap. Flow

-$214K

Cap. Flow % of AUM

-0.15%

Top 10 Holdings %Top 10 Hldgs %

100%

Holding

7

New

1

Increased

–

Reduced

2

Closed

2

Top Buys

1

Nabors Industries

$51.5M

Top Sells

1	LTM LATAM Airlines Group S.A. American Depositary Shares (each representing two thousand (2,000) shares of Common Stock) LTM	$22M
2	OneMain Financial OMF	$15.6M
3	AHT Ashford Hospitality Trust AHT	$11.5M
4	Valaris VAL	$2.62M

Sector Composition

1	Industrials	62.49%
2	Energy	36.78%
3	Real Estate	0.74%
4	Financials	0%

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
1	LTM 1 LATAM Airlines Group S.A. American Depositary Shares (each representing two thousand (2,000) shares of Common Stock) LTM $12.5B	$89.2M	62.49%	2,835,660 -698,198	-20%	-$22M
2	2 Nabors Industries NBR $503M	$51.5M	36.06%	+2,013,930	New	+$51.5M
3	AHT 3 Ashford Hospitality Trust AHT $39M	$1.05M	0.74%	175,512 -1,917,469	-92%	-$11.5M
4	4 Tidewater TDW $2.45B	$1.03M	0.72%	28,390	–	–
5	5 OneMain Financial OMF $6.89B	–	–	-299,792	Closed	-$15.6M
6	6 Valaris VAL $3.45B	–	–	-59,220	Closed	-$2.62M