# Varde Management, L.P.

> Varde Management, L.P. is an SEC-registered investment advisory firm in New York, NY, registered since 2009, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated June 26, 2026.

- CRD: 148949
- Filed as: VARDE MANAGEMENT, L.P.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: June 26, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/148949
- AdvisorCensus page: https://advisorcensus.com/firm/varde-management-l-p-new-york-ny-148949

## Quick answers

**How is Varde Management, L.P. compensated?**
On its Form ADV (Item 5.E, October 2026), Varde Management, L.P. reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Varde Management, L.P. located?**
Varde Management, L.P.'s principal office is in New York, NY, according to its Form ADV; the July 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Varde Management, L.P. registered with the SEC or a state?**
Varde Management, L.P. is an SEC-registered investment advisory firm, registered since 2009. Status as filed: Approved. CRD 148949.

**How much does Varde Management, L.P. manage?**
Varde Management, L.P. reports $16,128,137,848 in regulatory assets under management in its Form ADV filing dated June 26, 2026 (100% discretionary).

**How have Varde Management, L.P.'s assets and staff changed since 2021?**
In the Form ADV data for Varde Management, L.P.: Regulatory assets under management: $23,362,563,388 in the October 2021 data and $16,128,137,848 in the October 2026 data, down 31%. Total employees: 314 in October 2021 and 197 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Varde Management, L.P. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (118); other (3).

**Does Varde Management, L.P. report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/148949

**What changed in Varde Management, L.P.'s recent Form ADV filings?**
In the May 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Regulatory assets under management (Item 5.F)
- Total: $16,128,137,848
- Discretionary: $16,128,137,848
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 118 | $14,341,420,785 |
| Other | 3 | $1,786,717,063 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2009 (17 years)
- Employees: 197 total, 64 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: MN
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the July 2026 filing
- Minneapolis, MN

### Websites listed on Form ADV (Item 1.I)
- [varde.com](https://varde.com)
- LinkedIn @VARDE-PARTNERS

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $23,362,563,388 | 314 | April 29, 2021 |
| October 2022 | $21,577,231,000 | 280 | April 28, 2022 |
| October 2023 | $19,180,445,119 | 246 | September 29, 2023 |
| October 2024 | $18,092,415,340 | 233 | July 23, 2024 |
| October 2025 | $17,982,087,436 | 206 | July 17, 2025 |
| October 2026 | $16,128,137,848 | 197 | June 26, 2026 |

Regulatory assets under management: $23,362,563,388 in the October 2021 data and $16,128,137,848 in the October 2026 data, down 31%.
Total employees: 314 in October 2021 and 197 in October 2026.

## Changes in the filing (last 12 months)

### May 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Regulatory assets under management went from $17,982,087,436 to $16,128,137,848 (-10%).
- Employees performing advisory functions went from 65 to 64.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Varde Management, L.P. (CRD 148949): Form ADV filing data as of October 2026.