# EDGAR Filing Document

**Accession Number:** 0001559130
**File Stem:** 0001193125-25-191446
**Filing Date:** 2025-8
**Character Count:** 5378
**Document Hash:** 404b61b5617f7546bdfe6fe5ffecd350
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-191446.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001193125-25-191446

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**EFFECTIVENESS DATE**: 20250829

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Varde Management, L.P.
- **CENTRAL INDEX KEY:** 0001559130

**ORGANIZATION NAME:**
- **EIN:** 208368769
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16215
- **FILM NUMBER:** 251275433

**BUSINESS ADDRESS:**
- **STREET 1:** 520 MADISON AVENUE
- **STREET 2:** 34TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-321-3780

**MAIL ADDRESS:**
- **STREET 1:** 520 MADISON AVENUE
- **STREET 2:** 34TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001559130

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** Varde Management, L.P.

**Address:** 520 Madison Ave., New York, NY 10022

**Telephone number:** 212-321-3780

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-16215

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** Y8Q4DL57WLZZ2M8L0J36

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                  | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                                                                                                                                                                                                                                                        | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| Ashford Hospitality Trust, Inc. | 044103869 | 5/13/2025      | RESOLVED, that the Company's stockholders hereby approve, on an advisory basis, the compensation of the named executive officers of Ashford Hospitality Trust, Inc. as disclosed in the Company's proxy statement for the 2025 annual meeting of stockholders, in accordance with the SEC's compensation disclosure rules.                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         175512 |                0 | FOR         |                                   175512 | FOR                         |  |
| Tidewater Inc.                  | 88642R109 | 6/5/2025       | RESOLVED, that the compensation paid to Tidewater Inc.'s named executive officers, as disclosed in this proxy statement, including the Compensation Discussion and Analysis, compensation tables and related narrative discussion, is hereby APPROVED on an advisory basis.                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          28390 |                0 | FOR         |                                    28390 | FOR                         |  |
| Nabors Industries Ltd.          | G6359F137 | 6/3/2025       | RESOLVED, that the Company's shareholders approve, on a non-binding, advisory basis, the compensation of the named executive officers, as disclosed in the Company's Proxy Statement for the 2025 Annual General Meeting of Shareholders pursuant to the SEC's compensation disclosure rules, including the Compensation Discussion and Analysis, the Summary Compensation Table and the other related tables and narrative disclosure. | SECTION 14A SAY-ON-PAY VOTES |        2013930 |                0 | FOR         |                                  2013930 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Varde Management, L.P.

**By (Signature):** Kevin T. Medina

**By (Printed Signature):** Kevin T. Medina

**By (Title):** Global Chief Compliance Officer

**Date:** 08/28/2025