Vail Resorts Inc. Schedule 13G/A reports that Oasis Management Co. Ltd. and Seth Fischer beneficially hold 2,808,396 shares of Common Stock, representing 7.9% of the class based on 35,633,051 shares outstanding as of March 4, 2026. The disclosure states the total includes 800,000 shares issuable upon exercise of call options. The filing attributes shared voting and dispositive power to the Reporting Persons and clarifies the statement is not an admission of beneficial ownership under Section 13.
Positive
None.
Negative
None.
Insights
Large passive stake disclosure: 7.9% of the outstanding common stock.
Oasis Management and Seth Fischer report shared voting and shared dispositive power over 2,808,396 shares, equal to 7.9% of the class based on March 4, 2026. The filing notes 800,000 shares are issuable upon exercise of call options.
Cash‑flow treatment and any planned sales are not stated in the excerpt; future filings would disclose transactions or changes. Position size relative to outstanding shares is the primary observable factor here.
Key Figures
Beneficial ownership:2,808,396 sharesPercent of class:7.9%Shares outstanding (basis):35,633,051 shares+1 more
4 metrics
Beneficial ownership2,808,396 sharesReported holding by Oasis Management and Seth Fischer
Percent of class7.9%Calculated using 35,633,051 shares outstanding as of March 4, 2026
Shares outstanding (basis)35,633,051 sharesOutstanding shares used to calculate percentage, as of March 4, 2026
Issuable upon exercise800,000 sharesIncluded in the reported beneficial ownership total as call option exercisable shares
Key Terms
call options, beneficially owned, shared dispositive power
3 terms
call optionsfinancial
"Includes 800,000 shares of Common Stock issuable upon exercise of call options."
A call option is a contract that gives its buyer the right, but not the obligation, to buy a specific number of shares at a predetermined price within a set time. Think of it like a refundable reservation to purchase a stock later at today’s agreed price: investors use calls to profit from expected price rises with smaller upfront cost than buying the stock outright, or to hedge and manage exposure, while the most they can lose is the amount paid for the contract.
beneficially ownedregulatory
"Amount beneficially owned: The information required by Item 4(a) is set forth"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared dispositive powerregulatory
"Shared Dispositive Power 2,808,396.00"
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
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)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
91879Q109
1
Names of Reporting Persons
Oasis Management Co Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,808,396.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,808,396.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,808,396.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.9 %
12
Type of Reporting Person (See Instructions)
IA, OO
Comment for Type of Reporting Person: Includes 800,000 shares of Common Stock (as defined in Item 2(a)) issuable upon exercise of call options.
SCHEDULE 13G
CUSIP Number(s):
91879Q109
1
Names of Reporting Persons
Seth Fischer
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
GERMANY
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,808,396.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,808,396.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,808,396.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.9 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: Includes 800,000 shares of Common Stock issuable upon exercise of call options.
This statement is filed by:
i. Oasis Management Company Ltd., a Cayman Islands exempted company ("Oasis Management" or the "Investment Manager"), with respect to the shares of common stock, par value $0.01 per share ("Common Stock"), of Vail Resorts, Inc. (the "Company") held by (and underlying options held by) Oasis Investments II Master Fund Ltd. (the "Oasis Fund"); and
ii. Seth Fischer ("Mr. Fischer"), responsible for the supervision and conduct of all investment activities of the Investment Manager, including all investment decisions with respect to the assets of the Oasis Fund, with respect to the Common Stock held by (and underlying options held by) the Oasis Fund.
The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons."
The filing of this statement should not be construed as an admission that any of the Reporting Persons is, for the purposes of Section 13 of the Securities Exchange Act of 1934, the beneficial owner of the securities reported herein.
(b)
Address or principal business office or, if none, residence:
The address of the business office of Oasis Management is 4th Floor Anderson Square, 64 Shedden Road, P.O. Box 10324 Grand Cayman, Cayman Islands KY-1103. The address of the business office of Mr. Fischer is c/o Oasis Management (Hong Kong) 25/F, LHT Tower, 31 Queen's Road Central, Central, Hong Kong.
(c)
Citizenship:
Oasis Management is a Cayman Islands exempted company. Mr. Fischer is a citizen of Germany.
(d)
Title of class of securities:
Common Stock, par value $0.01 per share
(e)
CUSIP No.:
91879Q109
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
The percentages set forth in this Schedule 13G are calculated based upon an aggregate of 35,633,051 shares of Common Stock outstanding as of March 4, 2026, as reported in the Company's Form 10-Q for the quarterly period ended January 31, 2026, filed with the Securities and Exchange Commission on March 9, 2026.
(b)
Percent of class:
7.9%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
See Item 2(a).
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
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.
What stake does Oasis Management report in Vail Resorts (MTN)?
They report beneficial ownership of 2,808,396 shares, representing 7.9% of the class. This percentage is calculated using 35,633,051 shares outstanding as of March 4, 2026, per the filing's stated basis.
Do the reported holdings include options in the Vail Resorts filing?
Yes. The filing states the reported amount includes 800,000 shares issuable upon exercise of call options. Those option‑related shares are explicitly counted in the 2,808,396 share total.
Who is legally responsible for the investment decisions for the reported shares?
Seth Fischer is identified as responsible for supervision and conduct of investment activities of the Investment Manager. The filing lists Oasis Management Co. Ltd. as the Investment Manager for the Oasis Fund.
Does the Schedule 13G/A indicate Oasis plans to sell or buy shares?
No. The excerpt does not state any planned purchases or sales. The filing discloses ownership and voting/dispositive power; transaction intentions are not included in the provided text.
What voting or dispositive power do the reporting persons claim?
The filing reports 0 sole voting power and 2,808,396 shared voting power, and similarly 0 sole dispositive power with 2,808,396 shared dispositive power over the same shares.
