Vail Resorts: Potential Group Reports 9% Ownership

Oasis Management says the Oasis Fund paid approximately $456 million, excluding commissions, to acquire its Vail Resorts shares.

Rhea-AI Filing Summary

Vail Resorts (MTN) is the issuer named in an amended Schedule 13D reporting 3,222,085 shares as beneficially owned by each of Oasis Management Co. Ltd. and Seth Fischer, with shared voting and dispositive power reported for each. M. Ashton Hudson reports sole voting and dispositive power over 1,350 shares; Robert Chapek, Bryce Roberts and Picabo Street each report zero beneficial ownership.

The reporting persons state that they may be deemed to have formed a group that may be deemed to beneficially own 3,223,435 shares, approximately 9.0% of the common stock. The ownership percentages use 35,635,298 shares outstanding as of September 23, 2026. Each reporting person disclaims beneficial ownership of shares beneficially owned by the others.

Filing Explained

This amendment says the Oasis Fund bought the reported shares in open-market trades for about $456 million, excluding commissions—purchases of existing shares, not a Vail Resorts issuance. The shares are held in commingled margin accounts that may extend credit and pledge positions as collateral, but the filing cannot determine how much, if any, margin was used to buy them.

Key Figures

Beneficial ownership reported for Oasis Management and Seth Fischer: 3,222,085 shares M. Ashton Hudson beneficial ownership: 1,350 shares Potential group beneficial ownership: 3,223,435 shares +4 more

7 metrics

Beneficial ownership reported for Oasis Management and Seth Fischer 3,222,085 shares Each reported shared voting and dispositive power over this amount

M. Ashton Hudson beneficial ownership 1,350 shares Sole voting and dispositive power

Potential group beneficial ownership 3,223,435 shares The reporting persons may be deemed to beneficially own this amount as a group

Potential group ownership percentage approximately 9.0% Of Vail Resorts common stock

Common shares outstanding 35,635,298 shares As of September 23, 2026

Oasis Fund acquisition cost approximately $456 million, excluding commissions For the reported shares

M. Ashton Hudson acquisition cost approximately $0.2 million, excluding commissions For 1,350 shares

Key Terms

beneficial ownership, shared voting power, shared dispositive power, commingled margin accounts

4 terms

beneficial ownership regulatory

"aggregate amount beneficially owned"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

shared voting power regulatory

"Shared Voting Power 3,222,085.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power regulatory

"Shared Dispositive Power 3,222,085.00"

commingled margin accounts financial

"held in commingled margin accounts"

FAQ

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

How many MTN shares are reported for Oasis Management and the potential group?

Oasis Management Co. Ltd. and Seth Fischer each report beneficial ownership of 3,222,085 shares, with shared voting and dispositive power. The reporting persons may be deemed to have formed a group that may be deemed to beneficially own 3,223,435 shares, approximately 9.0% of the common stock.

How much did the Oasis Fund pay for Vail Resorts shares?

The Oasis Fund paid approximately $456 million, excluding commissions, to acquire its reported shares. The shares were purchased in open-market transactions using the fund's working capital.

Were the Oasis Fund's Vail Resorts shares held in margin accounts?

The Oasis Fund's reported shares are held in commingled margin accounts. Those accounts may extend margin credit from time to time, subject to applicable federal margin regulations, stock exchange rules and credit policies; when they do, the share positions are pledged as collateral for repayment of account debit balances.

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

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 09/29/2026 - 09:04 AM Accepted by SEC EDGAR 09/29/2026 - 09:03 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. 2)

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)

09/25/2026

(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 3,222,085.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,222,085.00

11

Aggregate amount beneficially owned by each reporting person

3,222,085.00

12

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

13

Percent of class represented by amount in Row (11)

9.0 %

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 3,222,085.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,222,085.00

11

Aggregate amount beneficially owned by each reporting person

3,222,085.00

12

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

13

Percent of class represented by amount in Row (11)

9.0 %

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, Broomfield, COLORADO , 80021.
Item 1 Comment: This Amendment No. 2 ("Amendment No. 2") 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," and the Original Schedule 13D as amended, the "Schedule 13D"), with respect to the Common Stock of the Issuer. This Amendment No. 2 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. 2 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 $456 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 35,635,298 shares of Common Stock outstanding as of September 23, 2026, as reported in the Issuer's Annual Report on Form 10-K for the fiscal year ended July 31, 2026, filed with the SEC on September 28, 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 3,223,435 shares of Common Stock, representing approximately 9.0% 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 Amendment No. 1 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:	09/29/2026

Seth Fischer

Signature:	/s/ Seth Fischer
Name/Title:	Seth Fischer, individually
Date:	09/29/2026

Robert Chapek

Signature:	/s/ Robert Chapek
Name/Title:	Robert Chapek, individually
Date:	09/29/2026

M. Ashton Hudson

Signature:	/s/ M. Ashton Hudson
Name/Title:	M. Ashton Hudson, individually
Date:	09/29/2026

Bryce Roberts

Signature:	/s/ Bryce Roberts
Name/Title:	Bryce Roberts, individually
Date:	09/29/2026

Picabo Street

Signature:	/s/ Picabo Street
Name/Title:	Picabo Street, individually
Date:	09/29/2026