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VM

Varde Management Portfolio holdings

AUM $49.3M
1-Year Est. Return 87.64%
This Fund
S&P 500
This Quarter Est. Return
+37.31%
1 Year Est. Return
+87.64%
3 Year Est. Return
+108.1%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$37.4M
AUM Growth
-$37.8M
Cap. Flow
-$69.2M
Cap. Flow %
-184.88%
Top 10 Hldgs %
100%
Holding
4
New
–
Increased
1
Reduced
1
Closed
1

Top Buys

Rank Stock Value
1
ECHO
EchoStar
ECHO
+$5.39M

Top Sells

Rank Stock Value
1
NBR icon
Nabors Industries
NBR
+$70.9M
2
SVC
Service Properties Trust
SVC
+$3.7M

Sector Composition

Rank Sector Weight
1 Communication Services 59.66%
2 Energy 38.34%
3 Real Estate 2%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ECHO
1
EchoStar
ECHO
$25.7B
$22.3M 59.66%
205,400
+66,200
+48% +$5.39M
NBR icon
2
Nabors Industries
NBR
$1.33B
$14.3M 38.34%
264,220
-1,454,210
-85% -$70.9M
AHT
3
Ashford Hospitality Trust
AHT
$20.4M
$748K 2%
175,512
– –
SVC
4
Service Properties Trust
SVC
$1.04B
– –
-272,714
Closed -$3.7M

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Varde Management's Q4 2025 Portfolio in Review

As of Q4 2025, Varde Management held 4 positions worth $37.4M, down 50% from $75.2M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Varde Management withdrew a net $69.2M in Q4 2025, closing 1 position and reducing 1 holding. Its most notable exit was Service Properties Trust, an estimated $3.7M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 60% of assets, up from 14% a quarter earlier, followed by Energy and Real Estate.

Against the trend, Varde Management added an estimated $5.39M to EchoStar.

  • Varde Management added most to EchoStar in Q4 2025, an estimated $5.39M increase.
  • Varde Management's biggest Q4 2025 reduction was Nabors Industries, cutting an estimated $70.9M.
  • Varde Management fully exited Service Properties Trust in Q4 2025, selling an estimated $3.7M.
  • Varde Management's ten largest holdings make up 100% of its $37.4M portfolio in Q4 2025.
  • Varde Management opened 0 new positions and closed 1 in Q4 2025.
  • Varde Management's portfolio value fell 50% quarter-over-quarter to $37.4M.

Based on Varde Management's 13F filing for Q4 2025, filed 12 Feb 2026.