Varde Management, L.P. Activity Q2 2014-Q3 2023

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Q3 2023

			Value		Shares		↓ Weighting
	Sell	VNET Group Incnote 0.000% 02/01/26	$48,719,455	-18.3%	62,063,000	-18.5%	29.30%	-17.0%
OMF	Buy	OneMain Hlgs Inc	$41,479,760	+149.8%	1,034,666	+172.3%	24.95%	+153.7%
	Sell	Nio Incnote 0.500% 02/01/27	$28,829,054	-9.4%	33,064,000	-13.1%	17.34%	-8.0%
VAL	Exit	Valaris Limitedcl a	$0	–	-53,000	–	-1.98%	–
	Exit	Seadrill 2021 Ltd	$0	–	-95,971	–	-2.35%	–

Q2 2023

			Value		Shares		↓ Weighting
	New	VNET Group Incnote 0.000% 02/01/26	$59,607,814	–	76,163,000	–	35.30%	–
VICI	New	VICI Pptys Inc	$45,392,463	–	1,444,240	–	26.88%	–
	New	Nio Incnote 0.500% 02/01/27	$31,831,020	–	38,064,000	–	18.85%	–
OMF	New	OneMain Hlgs Inc	$16,603,685	–	380,034	–	9.83%	–
	New	Ashford Hospitality Tr Inc	$8,118,170	–	2,176,453	–	4.81%	–
	New	Seadrill 2021 Ltd	$3,960,723	–	95,971	–	2.35%	–
VAL	New	Valaris Limitedcl a	$3,335,290	–	53,000	–	1.98%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	Nio Incnote 0.000% 02/01/26	$0	–	-2,000,000	–	-0.50%	–
CCS	Exit	Century Cmntys Inc	$0	–	-57,534	–	-0.71%	–
MDC	Exit	M D C Hldgs Inc	$0	–	-98,456	–	-0.78%	–
	Exit	Carnival Corpput	$0	–	-52,320	–	-1.67%	–
	Exit	IQIYI Incnote 2.000% 04/01/25	$0	–	-8,700,000	–	-2.19%	–
TPH	Exit	Tri Pointe Homes Inc	$0	–	-518,000	–	-2.26%	–
MTH	Exit	Meritage Homes Corp	$0	–	-137,600	–	-2.79%	–
KBH	Exit	KB Home	$0	–	-428,891	–	-3.20%	–
	Exit	Ashford Hospitality Tr Inc	$0	–	-2,176,453	–	-4.27%	–
OMF	Exit	OneMain Hlgs Inc	$0	–	-989,624	–	-8.42%	–
	Exit	Nio Incnote 0.500% 02/01/27	$0	–	-55,277,000	–	-12.13%	–
	Exit	VNET Group Incnote 0.000% 02/01/26	$0	–	-68,663,000	–	-16.57%	–
	Exit	IQIYI Incnote 4.000% 12/15/26	$0	–	-92,320,000	–	-17.73%	–
VICI	Exit	VICI Pptys Inc	$0	–	-3,113,586	–	-26.78%	–

Q3 2022

			Value		Shares		↓ Weighting
	Sell	Ashford Hospitality Tr Inc	$14,822,000	+1.8%	2,176,453	-10.6%	4.27%	+13.8%
KBH	Buy	KB Home	$11,117,000	+22.1%	428,891	+34.1%	3.20%	+36.5%
MTH	Sell	Meritage Homes Corp	$9,669,000	-25.2%	137,600	-22.8%	2.79%	-16.4%
	Sell	IQIYI Incnote 2.000% 04/01/25	$7,606,000	-62.5%	8,700,000	-65.5%	2.19%	-58.0%
	New	Carnival Corpput	$5,808,000	–	52,320	–	1.67%	–
	Exit	United Airls Hldgs Incput	$0	–	-11,640	–	-0.28%	–
	Exit	Royal Caribbean Groupput	$0	–	-11,793	–	-0.29%	–
	Exit	American Airls Group Incput	$0	–	-45,455	–	-0.74%	–
	Exit	Norwegian Cruise Line Holdings Ltdput	$0	–	-66,113	–	-0.89%	–
	Exit	Carnival Corpput	$0	–	-193,500	–	-4.64%	–

Q2 2022

			Value		Shares		↓ Weighting
VICI	New	VICI Pptys Inc	$92,754,000	–	3,113,586	–	23.91%	–
	New	IQIYI Incnote 4.000% 12/15/26	$61,434,000	–	92,320,000	–	15.83%	–
	New	VNET Group Incnote 0.000% 02/01/26	$55,979,000	–	68,663,000	–	14.43%	–
	New	Nio Incnote 0.500% 02/01/27	$41,250,000	–	55,277,000	–	10.63%	–
OMF	New	OneMain Hlgs Inc	$36,992,000	–	989,624	–	9.53%	–
	New	IQIYI Incnote 2.000% 04/01/25	$20,271,000	–	25,200,000	–	5.22%	–
	New	Carnival Corpput	$17,996,000	–	193,500	–	4.64%	–
	New	Ashford Hospitality Tr Inc	$14,556,000	–	2,434,064	–	3.75%	–
MTH	New	Meritage Homes Corp	$12,927,000	–	178,300	–	3.33%	–
KBH	New	KB Home	$9,104,000	–	319,891	–	2.35%	–
TPH	New	Tri Pointe Homes Inc	$8,739,000	–	518,000	–	2.25%	–
	New	Norwegian Cruise Line Holdings Ltdput	$3,438,000	–	66,113	–	0.89%	–
MDC	New	M D C Hldgs Inc	$3,181,000	–	98,456	–	0.82%	–
	New	American Airls Group Incput	$2,864,000	–	45,455	–	0.74%	–
CCS	New	Century Cmntys Inc	$2,587,000	–	57,534	–	0.67%	–
	New	Nio Incnote 0.000% 02/01/26	$1,680,000	–	2,000,000	–	0.43%	–
	New	Royal Caribbean Groupput	$1,132,000	–	11,793	–	0.29%	–
	New	United Airls Hldgs Incput	$1,106,000	–	11,640	–	0.28%	–

Q4 2017

			Value		Shares		↓ Weighting
WRN	Exit	Western Copper and Gold Corpwestern copper and gold corp equity	$0	–	-4,071,000	–	-100.00%	–

Q3 2017

			Value		Shares		↓ Weighting
	Exit	Royal Bk Scotlnd Grp Plcroyal bk scotlnd grp plc frn 12/31/2049 usd	$0	–	-3,272,000	–	-13.05%	–
	Exit	Deutsche Bank AGdeutsche bank ag frn 12/31/2049 usd	$0	–	-18,000,000	–	-71.30%	–

Q2 2017

			Value		Shares		↓ Weighting
	New	Deutsche Bank AGdeutsche bank ag frn 12/31/2049 usd	$18,443,000	–	18,000,000	–	71.30%	–
WRN	New	Western Copper and Gold Corpwestern copper and gold corp equity	$4,050,000	–	4,071,000	–	15.66%	–
	New	Royal Bk Scotlnd Grp Plcroyal bk scotlnd grp plc frn 12/31/2049 usd	$3,375,000	–	3,272,000	–	13.05%	–

Q4 2015

			Value		Shares		↓ Weighting
USO	Exit	UNITED STATES OIL FUND LPunits	$0	–	-265,100	–	-9.51%	–
JONE	Exit	JONES ENERGY INC	$0	–	-1,000,000	–	-11.71%	–
COB	Exit	COMMUNITYONE BANCORP	$0	–	-465,503	–	-12.37%	–
RBSPRLCL	Exit	ROYAL BK SCOTLAND GROUP PLCsp adr l rp pf	$0	–	-970,919	–	-13.70%	–
ABY	Exit	ABENGOA YIELD PLC	$0	–	-452,600	–	-18.31%	–
ALLY	Exit	ALLY FINL INC	$0	–	-690,527	–	-34.40%	–

Q3 2015

			Value		Shares		↓ Weighting
ABY	New	ABENGOA YIELD PLC	$7,490,000	–	452,600	–	18.31%	–
USO	New	UNITED STATES OIL FUND LPunits	$3,891,000	–	265,100	–	9.51%	–

Q2 2015

			Value		Shares		↓ Weighting
RBSPRLCL	New	ROYAL BK SCOTLAND GROUP PLCsp adr l rp pf	$23,525,000	–	970,919	–	44.32%	–
ALLY	New	ALLY FINL INC	$15,488,000	–	690,527	–	29.18%	–
JONE	New	JONES ENERGY INC	$9,050,000	–	1,000,000	–	17.05%	–
COB	New	COMMUNITYONE BANCORP	$5,013,000	–	465,503	–	9.44%	–

Q4 2014

			Value		Shares		↓ Weighting
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-1,593	–	-0.05%	–
	Exit	ARCH COAL INCput	$0	–	-4,650	–	-0.57%	–
RBSPRRCL	Exit	ROYAL BK SCOTLAND GROUP PLC	$0	–	-130,254	–	-2.94%	–
COB	Exit	COMMUNITYONE BANCORP	$0	–	-465,503	–	-3.89%	–
SLRC	Exit	SOLAR CAP LTD	$0	–	-263,614	–	-4.66%	–
TCRD	Exit	THL CR INC	$0	–	-395,601	–	-4.83%	–
ARCC	Exit	ARES CAP CORP	$0	–	-600,000	–	-9.18%	–
MCC	Exit	MEDLEY CAP CORP	$0	–	-855,958	–	-9.57%	–
PSEC	Exit	PROSPECT CAPITAL CORPORATION	$0	–	-1,450,000	–	-13.60%	–
ALLY	Exit	ALLY FINL INC	$0	–	-990,927	–	-21.72%	–
RBSPRLCL	Exit	ROYAL BK SCOTLAND GROUP PLCsp adr l rp pf	$0	–	-1,320,919	–	-28.99%	–

Q3 2014

			Value		Shares		↓ Weighting
RBSPRLCL	Buy	ROYAL BK SCOTLAND GROUP PLCsp adr l rp pf	$30,605,000	+152.1%	1,320,919	+151.0%	28.99%	+149.7%
ALLY	New	ALLY FINL INC	$22,930,000	–	990,927	–	21.72%	–
TCRD	Sell	THL CR INC	$5,103,000	-19.0%	395,601	-12.1%	4.83%	-19.7%
SLRC	Sell	SOLAR CAP LTD	$4,924,000	-30.3%	263,614	-20.6%	4.66%	-31.0%
AAL	New	AMERICAN AIRLS GROUP INC	$56,000	–	1,593	–	0.05%	–
RBSPRPCL	Exit	ROYAL BK SCOTLAND GROUP PLCadr pfd ser p	$0	–	-33,000	–	-0.75%	–
AINV	Exit	APOLLO INVT CORP	$0	–	-1,175,000	–	-9.67%	–
FSC	Exit	FIFTH STREET FINANCE CORP	$0	–	-1,035,055	–	-9.73%	–
RBSPRNCL	Exit	ROYAL BK SCOTLAND GROUP PLCadr pref ser n	$0	–	-533,000	–	-12.24%	–

Q2 2014

			Value		Shares		↓ Weighting
PSEC	New	PROSPECT CAPITAL CORPORATION	$15,406,000	–	1,450,000	–	14.73%	–
RBSPRNCL	New	ROYAL BK SCOTLAND GROUP PLCadr pref ser n	$12,797,000	–	533,000	–	12.24%	–
RBSPRLCL	New	ROYAL BK SCOTLAND GROUP PLCsp adr l rp pf	$12,141,000	–	526,164	–	11.61%	–
MCC	New	MEDLEY CAP CORP	$11,178,000	–	855,958	–	10.69%	–
ARCC	New	ARES CAP CORP	$10,716,000	–	600,000	–	10.24%	–
FSC	New	FIFTH STREET FINANCE CORP	$10,174,000	–	1,035,055	–	9.73%	–
AINV	New	APOLLO INVT CORP	$10,116,000	–	1,175,000	–	9.67%	–
SLRC	New	SOLAR CAP LTD	$7,067,000	–	332,100	–	6.76%	–
TCRD	New	THL CR INC	$6,297,000	–	449,821	–	6.02%	–
COB	New	COMMUNITYONE BANCORP	$4,515,000	–	465,503	–	4.32%	–
RBSPRRCL	New	ROYAL BK SCOTLAND GROUP PLC	$3,075,000	–	130,254	–	2.94%	–
RBSPRPCL	New	ROYAL BK SCOTLAND GROUP PLCadr pfd ser p	$782,000	–	33,000	–	0.75%	–
	New	ARCH COAL INCput	$330,000	–	4,650	–	0.32%	–

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