Vail Resorts holder Oasis reports 7.4% stake

Oasis Management and affiliates report a roughly 7.4% economic stake in Vail Resorts Inc. (MTN), acquired for about $373 million in open-market purchases.

Rhea-AI Filing Summary

Vail Resorts Inc. (MTN) is the subject of an amended Schedule 13D/A in which Oasis Management Company Ltd. and related reporting persons update their ownership disclosure. Oasis Management Company Ltd. and Seth Fischer each report beneficial ownership, with shared voting and dispositive power, over 2,622,562 shares of Vail Resorts common stock, representing 7.4% of the outstanding shares.

The filing states that the reporting persons may be deemed to have formed a "group" that may beneficially own 2,623,912 shares in total, also about 7.4% of the company’s common stock, based on 35,633,526 shares outstanding as of June 3, 2026. The Oasis Fund’s stake was acquired in open-market purchases for approximately $373 million, while reporting person M. Ashton Hudson separately holds 1,350 shares, bought for about $0.2 million. Each reporting person expressly disclaims beneficial ownership of the shares held by the others.

Filing Explained

This amendment adds that the Oasis Fund’s $373 million position is held in commingled margin accounts that may pledge securities as collateral; the filing says any margin used to buy these shares cannot be determined.

Key Figures

Shares beneficially owned by Oasis Management Company Ltd. and Seth Fischer: 2,622,562 shares Ownership percentage for Oasis stake: 7.4% Shares potentially owned by reporting group: 2,623,912 shares +5 more

8 metrics

Shares beneficially owned by Oasis Management Company Ltd. and Seth Fischer 2,622,562 shares Beneficial ownership with shared voting and dispositive power

Ownership percentage for Oasis stake 7.4% Portion of Vail Resorts common stock represented by 2,622,562 shares

Shares potentially owned by reporting group 2,623,912 shares Aggregate shares that the reporting persons state a group may be deemed to beneficially own

Group ownership percentage 7.4% Portion of Vail Resorts common stock represented by 2,623,912 shares

Shares outstanding 35,633,526 shares Vail Resorts common stock outstanding as of June 3, 2026

Oasis Fund purchase cost $373 million Approximate aggregate price paid to acquire the Oasis Fund’s Vail Resorts shares, excluding commissions

Shares owned by M. Ashton Hudson 1,350 shares Sole beneficial ownership with sole voting and dispositive power

Purchase cost for Hudson’s shares $0.2 million Approximate aggregate purchase price for 1,350 shares, excluding commissions

Key Terms

beneficially own, Schedule 13D, margin accounts, Section 13(d)(3), +1 more

5 terms

beneficially own financial

"for the aggregate number of shares of Common Stock and percentages of the Common Stock beneficially owned"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

Schedule 13D regulatory

"This Amendment No. 1 amends and supplements the statement on filed"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

margin accounts financial

"The shares of Common Stock held by the Oasis Fund are held in commingled margin accounts"

A margin account is a brokerage account that lets an investor borrow money from the broker to buy more securities than they could with cash alone, using the securities in the account as security for the loan. Think of it like a mortgage for stock purchases: borrowing increases potential gains but also magnifies losses, can trigger a forced sale if the account falls below required limits, and carries interest costs—factors investors must manage carefully.

Section 13(d)(3) regulatory

"may be deemed to have formed a "group" within the meaning of Section 13(d)(3) of the Act"

dispositive power financial

"sole or shared power to dispose or to direct the disposition"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What ownership stake in Vail Resorts Inc. (MTN) does Oasis Management report in this Schedule 13D/A?

Oasis Management Company Ltd. and Seth Fischer each report beneficial ownership of 2,622,562 shares of Vail Resorts common stock, representing 7.4% of the outstanding shares, with shared voting and dispositive power over those shares.

How many Vail Resorts (MTN) shares does the reported group potentially own in total?

The reporting persons state they may be deemed a "group" that may beneficially own an aggregate of 2,623,912 shares of Vail Resorts common stock, representing approximately 7.4% of the outstanding shares.

What is the total cost of Oasis Management’s Vail Resorts (MTN) position?

The shares of Vail Resorts common stock held by the Oasis Fund were bought in open-market transactions for a total of approximately $373 million, excluding commissions, using the working capital of the Oasis Fund.

How many Vail Resorts (MTN) shares are outstanding for the ownership calculations?

The ownership percentages are calculated using 35,633,526 shares of Vail Resorts common stock outstanding as of June 3, 2026, as reported in the company’s Form 10-Q for the quarter ended April 30, 2026.

What is M. Ashton Hudson’s individual ownership in Vail Resorts (MTN)?

M. Ashton Hudson reports sole beneficial ownership of 1,350 shares of Vail Resorts common stock, with sole voting and dispositive power, acquired in open-market transactions for an aggregate purchase price of about $0.2 million.

Do all individual reporting persons in this 13D/A hold Vail Resorts (MTN) shares?

No. Robert Chapek, Bryce Roberts, and Picabo Street each report 0 shares beneficially owned, while M. Ashton Hudson reports 1,350 shares. Oasis Management Company Ltd. and Seth Fischer report 2,622,562 shares with shared voting and dispositive power.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/22/2026 - 07:30 AM Accepted by SEC EDGAR 09/22/2026 - 07:30 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

VAIL RESORTS INC

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

91879Q109

(CUSIP Number)

Oasis Management Company Ltd.
c/o Oasis Management (Hong Kong), 25/F, LHT Tower, 31 Queen's Road Central
Central, K3, 00000
(852) 2847-7708

Ele Klein
McDermott Will & Schulte LLP, 919 Third Avenue
New York, NY, 10022
212-756-2000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/18/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 91879Q109

1

Name of reporting person

Oasis Management Co Ltd.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,622,562.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,622,562.00

11

Aggregate amount beneficially owned by each reporting person

2,622,562.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.4 %

14

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13D

CUSIP Number(s): 91879Q109

1

Name of reporting person

Seth Fischer

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

GERMANY

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,622,562.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,622,562.00

11

Aggregate amount beneficially owned by each reporting person

2,622,562.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.4 %

14

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13D

CUSIP Number(s): 91879Q109

1

Name of reporting person

Robert Chapek

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 91879Q109

1

Name of reporting person

M. Ashton Hudson

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,350.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,350.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,350.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 91879Q109

1

Name of reporting person

Bryce Roberts

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 91879Q109

1

Name of reporting person

Picabo Street

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.01 per share
(b)	Name of Issuer: VAIL RESORTS INC
(c)	Address of Issuer's Principal Executive Offices: 390 Interlocken Crescent, Suite 1000, Broomfield, COLORADO , 80021.
Item 1 Comment: This Amendment No. 1 ("Amendment No. 1") amends and supplements the statement on Schedule 13D filed with the Securities and Exchange Commission (the "SEC") on September 16, 2026 (the "Original Schedule 13D," together with this Amendment No. 1, the "Schedule 13D"), with respect to the Common Stock of the Issuer. This Amendment No. 1 amends and restates Items 3 and 5(a) - (c) as set forth below. Capitalized terms used herein and not otherwise defined in this Amendment No. 1 have the meanings set forth in the Schedule 13D.
Item 3.	Source and Amount of Funds or Other Consideration
	The shares of Common Stock held by the Oasis Fund reported herein were purchased with the working capital of the Oasis Fund in open market transactions. A total of approximately $373 million (excluding commissions) was paid to acquire the shares of Common Stock held by the Oasis Fund. The shares of Common Stock held by the Oasis Fund are held in commingled margin accounts, which may extend margin credit from time to time, subject to applicable federal margin regulations, stock exchange rules and credit policies. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account. The margin accounts bear interest at a rate based upon the broker's call rate from time to time in effect. Because other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the shares of Common Stock held by the Oasis Fund. The 1,350 shares of Common Stock held by Mr. Hudson were purchased with his personal funds in open market transactions for an aggregate purchase price of approximately $0.2 million (excluding commissions).
Item 5.	Interest in Securities of the Issuer
(a)	See rows (11) and (13) of the cover pages to this Schedule 13D for the aggregate number of shares of Common Stock and percentages of the Common Stock beneficially owned by each of the Reporting Persons. The percentages used in this Schedule 13D are calculated based upon 35,633,526 shares of Common Stock outstanding as of June 3, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended April 30, 2026, filed with the SEC on June 8, 2026. The Reporting Persons may be deemed to have formed a "group" within the meaning of Section 13(d)(3) of the Act, and the "group" may be deemed to beneficially own an aggregate of 2,623,912 shares of Common Stock, representing approximately 7.4% of the outstanding shares of Common Stock. Each of the Reporting Persons expressly disclaims beneficial ownership of the Shares beneficially owned by the other Reporting Persons.
(b)	See rows (7) through (10) of the cover pages to this Schedule 13D for the number of shares of Common Stock as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	All information concerning transactions in the Common Stock since the filing of the Schedule 13D is set forth in Schedule B hereto and is incorporated by reference herein.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Oasis Management Co Ltd.

Signature:	By: /s/ Phillip Meyer
Name/Title:	Phillip Meyer, Director
Date:	09/22/2026

Seth Fischer

Signature:	/s/ Seth Fischer
Name/Title:	Seth Fischer, individually
Date:	09/22/2026

Robert Chapek

Signature:	/s/ Robert Chapek
Name/Title:	Robert Chapek, individually
Date:	09/22/2026

M. Ashton Hudson

Signature:	/s/ M. Ashton Hudson
Name/Title:	M. Ashton Hudson, individually
Date:	09/22/2026

Bryce Roberts

Signature:	/s/ Bryce Roberts
Name/Title:	Bryce Roberts, individually
Date:	09/22/2026

Picabo Street

Signature:	/s/ Picabo Street
Name/Title:	Picabo Street, individually
Date:	09/22/2026