VARDE MANAGEMENT, L.P.

Owns50 of 69

• ACLT II, LLC

  Fund under managementCayman Islands

• ACLT, LLC

  Fund under managementCayman Islands

• CARDINAL LT, LLC

  Fund under managementCayman Islands

• Dislocation II LT, LLC

  Fund under managementCayman Islands

• Impressa LT, LLC

  Fund under managementCayman Islands

• PDLT, LLC

  Fund under managementCayman Islands

• Raya LT, LLC

  Fund under managementCayman Islands

• Skyway 2020 LT, LLC

  Fund under managementCayman Islands

• THE SUNVARD OPPORTUNITY FUND, L.P.

  Fund under managementUnited States

• THE VARDE ASIA CREDIT FUND II MASTER, L.P.

  Fund under managementCayman Islands

• THE VARDE ASIA CREDIT FUND II OFFSHORE, L.P.

  Fund under managementCayman Islands

• THE VARDE ASIA CREDIT FUND MASTER, L.P.

  Fund under managementCayman Islands

• THE VARDE ASIA CREDIT FUND OFFSHORE, L.P.

  Fund under managementCayman Islands

• THE VÄRDE ASSET LENDING FUND II (OFFSHORE) FEEDER, L.P.

  Fund under managementCayman Islands

• The Varde Asset Lending Fund, L.P.

  Fund under managementUnited States

• THE VARDE CARDINAL FUND, L.P.

  Fund under managementUnited States

• THE VÄRDE DISLOCATION FUND, L.P.

  Fund under managementCayman Islands

• The Värde Dislocation Fund (Offshore) B, LLC

  Fund under managementCayman Islands

• THE VARDE EUROPEAN REAL ESTATE FUND, L.P.

  Fund under managementUnited States

• The Värde Europe Fund (Offshore), L.P.

  Fund under managementCayman Islands

• The Värde Fraser Fund, L.P.

  Fund under managementCayman Islands

• The Värde Fraser Fund (Parallel), L.P.

  Fund under managementCayman Islands

• THE VARDE FUND XII (B) (FEEDER), L.P.

  Fund under managementUnited States

• THE VARDE FUND XII (C), L.P.

  Fund under managementUnited States

• THE VARDE FUND XII (MASTER), L.P.

  Fund under managementUnited States

• THE VÄRDE FUND X (MASTER), L.P.

  Fund under managementUnited States

• The Värde Impressa Fund, L.P.

  Fund under managementUnited States

• The Värde Järnväg Fund, L.P.

  Fund under managementCayman Islands

• THE VARDE MORTGAGE FUND III MASTER, L.P.

  Fund under managementUnited States

• THE VARDE MORTGAGE FUND II (MASTER), L.P.

  Fund under managementUnited States

• THE VARDE MORTGAGE FUND II (OFFSHORE), L.P.

  Fund under managementUnited States

• THE VARDE RAYA FUND BL-O, LLC

  Fund under managementCayman Islands

• The Varde Raya Fund, L.P.

  Fund under managementCayman Islands

• THE VARDE SCRATCH AND DENT MASTER I-A, L.P.

  Fund under managementUnited States

• THE VARDE SCRATCH AND DENT MASTER, L.P.

  Fund under managementUnited States

• The Värde Scratch and Dent Offshore Feeder, L.P.

  Fund under managementCayman Islands

• The Varde Skyway 2020 Fund, L.P.

  Fund under managementCayman Islands

• THE VARDE SKYWAY MASTER FUND, L.P.

  Fund under managementCayman Islands

• THE VARDE SKYWAY OPPORTUNITY FUND, L.P.

  Fund under managementUnited States

• Varde Asset Lending Fund II (Offshore), L.P.

  Fund under managementUnited States

• VARDE CO-INVESTMENT 2015A, L.P.

  Fund under managementCayman Islands

• Värde Co-Investment 2016A, L.P.

  Fund under managementCayman Islands

• VARDE CO-INVESTMENT D-1, L.P.

  Fund under managementUnited States

• VARDE CO-INVESTMENT D-5, L.P.

  Fund under managementUnited States

• Värde Credit Partners Master, L.P.

  Fund under managementCayman Islands

• Varde Credit Partners (Offshore), Ltd.

  Fund under managementCayman Islands

• Varde Fund VI-A, L.P.

  Fund under managementUnited States

• VARDE INDIA INVESTMENT ADVISER PRIVATE LIMITED

  Direct subsidiaryIndia

• VARDE INVESTMENT PARTNERS (OFFSHORE), LTD.

  Fund under managementCayman Islands

• VARDE INVESTMENT PARTNERS (OFFSHORE) MASTER, L.P.

  Fund under managementCayman Islands

Why no parent is reported

No direct parent reportedNo ultimate parent reported

No parent prepares consolidated accounts including it