Vail Resorts, Inc. (MTN) received a Schedule 13G filing showing that Oasis Management Company Ltd. and Seth Fischer beneficially own 1,851,234 shares of its common stock, representing 5.2% of the company. This stake is based on 35,775,575 shares outstanding as of December 5, 2025.
The filers report shared voting and dispositive power over all of these shares and no sole power. They certify the position was acquired and is held in the ordinary course of business and not for the purpose of changing or influencing control of Vail Resorts.
Positive
None.
Negative
None.
Insights
Oasis reports a 5.2% passive stake in Vail Resorts.
The filing shows Oasis Management and Seth Fischer jointly beneficially owning 1,851,234 Vail Resorts common shares, or 5.2% of the company, calculated using 35,775,575 shares outstanding as of December 5, 2025.
The stake is reported on a Schedule 13G, with a certification that the position is held in the ordinary course of business and not with the purpose or effect of changing or influencing control. That indicates a passive investment posture under current disclosure.
Both Oasis Management and Seth Fischer report shared voting and dispositive power over the same share block, clarifying their coordinated beneficial ownership. Subsequent filings may update their percentage if Vail Resorts’ share count or their position changes.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Vail Resorts, Inc.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
91879Q109
(CUSIP Number)
12/31/2025
(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)
SCHEDULE 13G
CUSIP No.
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
1,851,234.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,851,234.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,851,234.00
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)
5.2 %
12
Type of Reporting Person (See Instructions)
IA, OO
SCHEDULE 13G
CUSIP No.
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
1,851,234.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,851,234.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,851,234.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
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 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 Ordinary Shares 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 35,775,575 shares of Common Stock outstanding as of December 5, 2025, as reported in the Company's Form 10-Q for the quarterly period ended October 31, 2025, filed with the Securities and Exchange Commission on December 10, 2025.
(b)
Percent of class:
5.2%
(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 percentage of Vail Resorts (MTN) shares does Oasis Management own?
Oasis Management and Seth Fischer report beneficial ownership of 5.2% of Vail Resorts. This corresponds to 1,851,234 common shares, calculated against 35,775,575 shares outstanding as of December 5, 2025, as disclosed in Vail Resorts’ Form 10-Q.
How many Vail Resorts (MTN) shares are reported in the Oasis 13G filing?
The Schedule 13G reports beneficial ownership of 1,851,234 Vail Resorts common shares. This position represents shared voting and dispositive power over all of those shares and equals 5.2% of the company’s outstanding common stock based on the disclosed share count.
Is Oasis Management’s stake in Vail Resorts (MTN) reported as passive or active?
The stake is reported on Schedule 13G, which is used for qualifying passive holders. Oasis certifies the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Vail Resorts.
Who are the reporting persons in the Vail Resorts (MTN) Schedule 13G filing?
The filing lists Oasis Management Company Ltd., a Cayman Islands exempted company, and Seth Fischer, a German citizen. Fischer supervises investment activities of Oasis Management related to the shares held by Oasis Investments II Master Fund Ltd., giving both shared beneficial ownership.
What is the reference share count used in Oasis’s Vail Resorts (MTN) ownership calculation?
The reported 5.2% ownership is calculated using 35,775,575 Vail Resorts common shares outstanding as of December 5, 2025. That outstanding share figure comes from Vail Resorts’ Form 10-Q for the quarter ended October 31, 2025.
Does Oasis Management have sole or shared voting power over Vail Resorts (MTN) shares?
The reporting persons disclose shared voting and dispositive power over 1,851,234 shares and no sole voting or dispositive power. This means decisions to vote or sell these Vail Resorts shares are made jointly under the arrangements described in the Schedule 13G.
