{"url":"https://nivawealth.com/firms/varde-management-148949","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/148949","regulatoryAum":16128137848,"crd":"148949","secFileNumber":"801-69821","legalName":"Varde Management, L.P.","displayName":"Varde Management","website":"https://www.varde.com","linkedinUrl":"https://www.linkedin.com/company/varde-partners","founded":null,"organization":"Delaware limited partnership","fiscalYearEnd":"December","headquarters":{"street":"520 Madison Avenue, 34th Floor","city":"New York","state":"NY","stateName":"New York","country":"United States","postalCode":"10022"},"tradeNames":[],"registration":{"secApproved":"2 January 2009","noticeFilings":null,"latestNoticeFiling":null},"staff":{"employees":197,"advisory":64,"brokerDealerReps":0,"insuranceAgents":0,"promoters":0},"aum":{"discretionary":16128137848,"discretionaryAccounts":121,"nonDiscretionary":0,"nonDiscretionaryAccounts":0,"wrapProgram":null,"nonUsClientsPct":49,"nonAumClients":0},"clientTypes":[{"label":"Pooled investment vehicles","clients":118,"regulatoryAum":14341420785},{"label":"Other","clients":3,"regulatoryAum":1786717063}],"fees":[],"feeNotes":[],"feePrograms":[],"brochureCoverage":{"scope":"known_documents","status":"not_processed","checkedAt":null,"documents":[]},"custodians":[],"custodyNote":"Varde Management has custody of $10.72B for 118 clients.","otherCustodians":[],"leadership":[{"name":"Anthony Iannazzo","title":"Chief Operating Officer and Limited Partner","crd":"3003966"},{"name":"Kevin Medina","title":"Global Chief Compliance Officer","crd":"4188562"},{"name":"Ilfryn Carstairs","title":"Co-Executive Chair and Limited Partner","crd":"5898236"},{"name":"Melissa Dolski","title":"Limited Partner","crd":"8244235"},{"name":"James Dunbar","title":"Limited Partner","crd":"5639301"},{"name":"Shannon Gallagher","title":"Limited Partner","crd":"7887839"},{"name":"George Hicks","title":"Co-Executive Chair and Limited Partner","crd":"1448893"},{"name":"Haseeb Malik","title":"Limited Partner","crd":"3117523"},{"name":"Andrew Malone","title":"General Counsel and Limited Partner","crd":"7529161"},{"name":"Francisco Milone","title":"Limited Partner","crd":"5396283"},{"name":"Timothy Mooney","title":"Limited Partner","crd":"6632002"},{"name":"Marcia Page","title":"Chair Emerita and Limited Partner","crd":"1448939"},{"name":"Carlos Sanz Esteve","title":"Limited Partner","crd":"7529219"}],"ownership":[{"label":"George Hicks","detail":"Co-executive chair and limited partner in the 5% to 10% ownership band and a control person, since March 2006."},{"label":"Ilfryn Carstairs","detail":"Co-executive chair and limited partner in the 5% to 10% ownership band and a control person, since January 2011."},{"label":"Timothy Mooney","detail":"Limited partner in the 10% to 25% ownership band and a control person, since January 2016."},{"label":"Francisco Milone","detail":"Limited partner in the 5% to 10% ownership band and a control person, since January 2018."},{"label":"Haseeb Malik","detail":"Limited partner in the 5% to 10% ownership band and a control person, since January 2019."},{"label":"Andrew Malone","detail":"General counsel and limited partner in the 5% to 10% ownership band and a control person, since January 2022."},{"label":"Shannon Gallagher","detail":"Limited partner in the 5% to 10% ownership band and a control person, since January 2024."},{"label":"James Dunbar","detail":"Limited partner in the 5% to 10% ownership band and a control person, since January 2022."},{"label":"Carlos Sanz Esteve","detail":"Limited partner in the 5% to 10% ownership band and a control person, since January 2022."},{"label":"Anthony Iannazzo","detail":"Chief operating officer and limited partner in the 5% to 10% ownership band and a control person, since January 2024."},{"label":"Melissa Dolski","detail":"Limited partner in the 5% to 10% ownership band and a control person, since October 2025."}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":1,"privateResidences":0},"listedOfficeAddresses":2,"officesByState":[{"state":"Minnesota","offices":1,"addresses":[{"street":"350 N 5th Street","city":"Minneapolis"}]},{"state":"New York","offices":1,"addresses":[{"street":"520 Madison Avenue, 34th Floor","city":"New York","headquarters":true}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"212-321-3780","stateRegisteredReps":0,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Performance-based fees"],"activities":["Portfolio management for pooled investment vehicles (other than investment companies)","Portfolio management for businesses (other than small businesses) or institutional clients"],"financialPlanningClients":null,"assetMix":[{"label":"Non-exchange-traded equity securities","percent":90},{"label":"Non-investment grade corporate bonds","percent":2},{"label":"Securities issued by registered investment companies or business development companies","percent":3},{"label":"Cash and cash equivalents","percent":5},{"label":"Other","percent":1,"detail":"Includes Other Loans and Other Balance Sheet Assets."}],"privateFunds":46},"sources":{"adv1FilingDate":"26 June 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/148949/PDF/148949.pdf","brochureDate":null,"brochureUrl":null,"iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Varde Management have?","answer":"Varde Management has 121 clients and manages $16.1 billion for them, as of June 2026. They include 118 pooled investment vehicles and 3 other clients.","source":"Form ADV Part 1A, Items 5.D and 5.F, filed 26 June 2026","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Varde Management offer?","answer":"Varde Management provides portfolio management for pooled vehicles and portfolio management for institutions.","source":"Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How many financial advisors does Varde Management have?","answer":"Varde Management has 0 investment adviser representatives registered with state securities authorities, out of 197 employees, and 64 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.","source":"Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Varde Management invest in?","answer":"At the end of its last fiscal year, Varde Management’s separately managed accounts held 90% non-exchange-traded equities, 5% cash and equivalents, 3% registered funds (mutual funds, ETFs, BDCs), 2% high-yield corporate bonds and 1% includes other loans and other balance sheet assets.. It advises 46 private funds.","source":"Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Varde Management?","answer":"Varde Management’s direct owners are George Hicks, Ilfryn Carstairs, Timothy Mooney, Francisco Milone, Haseeb Malik, Andrew Malone, Shannon Gallagher, James Dunbar, Carlos Sanz Esteve, Anthony Iannazzo and Melissa Dolski, each holding 25% or less.","source":"Form ADV Part 1A, Schedules A and B, filed 26 June 2026","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Varde Management get paid?","answer":"Varde Management is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.","source":"Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}}],"holdings":{"url":"https://nivawealth.com/firms/varde-management-148949/holdings","form":"13F-HR","periodOfReport":"2026-06-30","filedOn":"2026-08-14","filingIndexUrl":"https://www.sec.gov/Archives/edgar/data/1559130/000119312526350252/0001193125-26-350252-index.html","totalValue":68419316,"positionCount":5,"top10Share":1,"top10":[{"issuer":"Ziff Davis Inc","titleOfClass":"COM","cusip":"48123V102","value":32680346,"shares":624028,"shareType":"SH","priorValue":22407815,"priorShares":534028},{"issuer":"Surgery Partners Inc","titleOfClass":"COM","cusip":"86881A100","value":16857910,"shares":1003447,"shareType":"SH","priorValue":9004821,"priorShares":755438},{"issuer":"EchoStar Corp","titleOfClass":"CL A","cusip":"278768106","value":16179100,"shares":159400,"shareType":"SH","priorValue":17256118,"priorShares":147400},{"issuer":"ZipRecruiter Inc","titleOfClass":"CL A","cusip":"98980B103","value":1392960,"shares":371456,"shareType":"SH","priorValue":639450,"priorShares":347527},{"issuer":"Trump Media & Technology Group Corp","titleOfClass":"COM","cusip":"25400Q105","value":1309000,"shares":8500,"shareType":"SH","putCall":"Put"}],"positionsListed":5,"positions":[{"issuer":"Ziff Davis Inc","titleOfClass":"COM","cusip":"48123V102","value":32680346,"shares":624028,"shareType":"SH","priorValue":22407815,"priorShares":534028},{"issuer":"Surgery Partners Inc","titleOfClass":"COM","cusip":"86881A100","value":16857910,"shares":1003447,"shareType":"SH","priorValue":9004821,"priorShares":755438},{"issuer":"EchoStar Corp","titleOfClass":"CL A","cusip":"278768106","value":16179100,"shares":159400,"shareType":"SH","priorValue":17256118,"priorShares":147400},{"issuer":"ZipRecruiter Inc","titleOfClass":"CL A","cusip":"98980B103","value":1392960,"shares":371456,"shareType":"SH","priorValue":639450,"priorShares":347527},{"issuer":"Trump Media & Technology Group Corp","titleOfClass":"COM","cusip":"25400Q105","value":1309000,"shares":8500,"shareType":"SH","putCall":"Put"}]},"notice":"Compiled from public SEC Form ADV filings on the dates in `sources`. Facts as filed; not a rating, ranking, or recommendation. Niva Wealth is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}