Vail Resorts, Inc. bonds MTN
Who owns Vail Resorts, Inc.'s debt and what their own filings say it is worth. Bond prices and yields are fund-reported marks (SEC Form N-PORT) as of Jul 2026; they lag the market by about two months. MTN stock page.
Every bond funds hold
Each bond's latest fund-reported mark. Price per 100 of face value; yield to maturity from price, coupon and maturity; spread over the matched-maturity Treasury for US-dollar bonds.
| Bond | Coupon | Maturity | Ccy | Price | Yield | Spread | Funds | Held | As of |
|---|---|---|---|---|---|---|---|---|---|
| 91879QAQ2 | 5.625% fixed | 2030-07-15 | USD | 99.60 | 5.74% | 145 bp | 29 | $58.0M | Jul 2026 |
| U90984AG7 | 5.625% fixed | 2030-07-15 | USD | 100.30 | 5.54% | 144 bp | 2 | $2.6M | May 2026 |
| 91879QAP4 | 6.5% fixed | 2032-05-15 | USD | 101.28 | 6.23% | 185 bp | 26 | $71.5M | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Price history
Median fund-marked price across the bonds, per 100 of face value.
By month
Funds file on staggered quarter-ends, so each month-end is marked by the funds that reported for it; the amount held moves with which funds filed, not only with buying and selling.
| Month-end | Bonds | Held | Median price | USD yield | USD spread | Most funds on one bond |
|---|---|---|---|---|---|---|
| Aug 2026 partial: filings still arriving | 1 | $26.7M | 101.43 | 6.20% | 177 bp | 1 |
| Jul 2026 | 2 | $129.5M | 100.44 | 5.99% | 165 bp | 29 |
| Jun 2026 | 2 | $297.1M | 100.88 | 5.88% | 166 bp | 60 |
| May 2026 | 3 | $129.8M | 100.30 | 5.54% | 144 bp | 30 |
| Apr 2026 | 2 | $138.5M | 100.83 | 5.91% | 195 bp | 34 |
| Mar 2026 | 2 | $299.2M | 100.17 | 6.05% | 217 bp | 71 |
| Feb 2026 | 3 | $122.6M | 101.82 | 5.17% | 154 bp | 30 |
| Jan 2026 | 2 | $139.6M | 102.66 | 5.50% | 168 bp | 36 |
| Dec 2025 | 3 | $359.0M | 101.76 | 5.48% | 173 bp | 78 |
| Nov 2025 | 3 | $115.0M | 101.53 | 5.25% | 160 bp | 32 |
| Oct 2025 | 3 | $206.2M | 101.26 | 5.55% | 184 bp | 41 |
| Sep 2025 | 3 | $345.6M | 100.65 | 5.67% | 193 bp | 76 |
| Aug 2025 | 2 | $113.7M | 102.48 | 5.57% | 170 bp | 33 |
Who holds the debt
Fund series in their latest quarterly N-PORT report, largest first, with the change in face value against each fund's own previous report. Names as reported in the filings. 49 added, 31 cut, 2 new holders and 16 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Artisan High Income Fund Artisan Partners Funds Inc. | 2026-06-30 | $55.0M | $55.7M | $0 |
| Income Fund of America | 2026-07-31 | $34.4M | $34.7M | $3.7M |
| T. Rowe Price Capital Appreciation Fund T. ROWE PRICE CAPITAL APPRECIATION FUND, INC. | 2026-06-30 | $31.8M | $32.3M | -$29.6M |
| American High Income Trust | 2026-06-30 | $29.9M | $30.3M | $8.7M |
| VANGUARD HIGH-YIELD CORPORATE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $29.1M | $29.3M | -$13.9M |
| American Beacon SiM High Yield Opportunities Fund AMERICAN BEACON FUNDS | 2026-05-31 | $26.3M | $26.8M | $3.6M |
| BlackRock High Yield Portfolio BlackRock Funds V | 2026-06-30 | $24.7M | $24.9M | $1.5M |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $23.1M | $23.2M | $3.1M |
| BrandywineGLOBAL - HIGH YIELD FUND Legg Mason Partners Investment Trust | 2026-06-30 | $18.6M | $18.6M | $9.4M |
| JPMorgan High Yield Fund JPMorgan Trust II | 2026-05-31 | $16.0M | $16.2M | $224K |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $14.9M | $15.1M | $1.3M |
| BrandywineGLOBAL - CORPORATE CREDIT FUND Legg Mason Partners Investment Trust | 2026-06-30 | $12.9M | $12.9M | $7.1M |
| Shenkman Capital Short Duration High Income Fund Advisors Series Trust | 2026-06-30 | $11.5M | $11.4M | $7.3M |
| American Funds Multi-Sector Income Fund | 2026-06-30 | $10.7M | $10.8M | $0 |
| JPMorgan Income Fund JPMorgan Trust I | 2026-05-31 | $10.0M | $10.1M | $580K |
| Guggenheim Total Return Bond Fund Guggenheim Funds Trust | 2026-06-30 | $9.0M | $9.1M | $0 |
| First Trust Smith Opportunistic Fixed Income ETF First Trust Exchange-Traded Fund VIII | 2026-05-31 | $8.3M | $8.3M | $0 |
| Oakmark Equity and Income Fund HARRIS ASSOCIATES INVESTMENT TRUST | 2026-06-30 | $7.8M | $7.7M | $0 |
| JNL/T. Rowe Price Capital Appreciation Fund JNL Series Trust | 2026-06-30 | $7.6M | $7.7M | -$6.2M |
| First Trust Smith Unconstrained Bond ETF First Trust Exchange-Traded Fund VIII | 2026-05-31 | $7.2M | $7.2M | $0 |
| Guggenheim Limited Duration Fund Guggenheim Funds Trust | 2026-06-30 | $7.0M | $7.0M | $0 |
| JPMorgan Core Plus Bond Fund JPMorgan Trust II | 2026-05-31 | $6.8M | $6.9M | $485K |
| JPMorgan Active High Yield ETF J.P. Morgan Exchange-Traded Fund Trust | 2026-05-31 | $6.3M | $6.4M | $1.1M |
| Guggenheim Macro Opportunities Fund Guggenheim Funds Trust | 2026-06-30 | $6.3M | $6.3M | $0 |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $6.0M | $6.0M | -$163K |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): VictoryShares Core Plus Bond ETF ($717K), Invesco Corporate Bond Fund ($585K), CANTOR FITZGERALD HIGH INCOME FUND ($500K), iShares ESG Advanced High Yield Corporate Bond ETF ($476K), Invesco Global Strategic Income Fund ($319K), Muzinich Flexible U.S. High Yield Income Fund ($300K), Columbia Total Return Bond Fund ($297K), Muzinich Dynamic Income Fund ($250K), Columbia Variable Portfolio - Intermediate Bond Fund ($246K), Nuveen ESG High Yield Corporate Bond ETF ($200K).
ETFs holding these bonds
From each ETF's own latest N-PORT report: the issuer's bonds as a share of the ETF's net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Face value | Value | % of net assets |
|---|---|---|---|---|---|
| USHY iShares Broad USD High Yield Corporate Bond ETF | 2026-07-31 | 2 | $23.1M | $23.2M | 0.08% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 2 | $14.9M | $15.1M | 0.09% |
| FIXD First Trust Smith Opportunistic Fixed Income ETF | 2026-05-31 | 1 | $8.3M | $8.3M | 0.25% |
| UCON First Trust Smith Unconstrained Bond ETF | 2026-05-31 | 1 | $7.2M | $7.2M | 0.22% |
| JPHY JPMorgan Active High Yield ETF | 2026-05-31 | 2 | $6.3M | $6.4M | 0.29% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 2 | $6.0M | $6.0M | 0.08% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 1 | $4.6M | $4.6M | 0.06% |
| JCPB JPMorgan Core Plus Bond ETF | 2026-05-31 | 1 | $3.9M | $4.0M | 0.03% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 2 | $3.9M | $4.0M | 0.04% |
| JPIE JPMorgan Income ETF | 2026-05-31 | 1 | $3.9M | $3.9M | 0.04% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 2 | $3.4M | $3.4M | 0.10% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 2 | $2.2M | $2.2M | 0.09% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 2 | $1.9M | $2.0M | 0.08% |
| CGMS Capital Group U.S. Multi-Sector Income ETF | 2026-06-30 | 2 | $1.5M | $1.5M | 0.03% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 2 | $1.3M | $1.3M | 0.00% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 4.93: safer than 48% of companies (46th percentile in Consumer Cyclical). Market-implied, prices to 2026-10-16, balance sheet 2026-07-31.
| Equity value | $5.38B |
| Debt barrier (short-term + ½ long-term debt) | $1.64B |
| Equity volatility (1 year) | 37.9% |
| Asset value / asset volatility (solved) | $6.94B / 29.3% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 165 bp spread prices in about 2.8% a year of default odds (spread ÷ (1 − 40% recovery)). Fund-reported marks as of Jul 2026; the spread also pays for liquidity and risk premium, so this overstates actual defaults.
Accounts: Altman Z
Altman Z'' = 0.64 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in MTN's stock and options. Options are reported at the value of the underlying shares, not the premium paid; 13F lists long positions only, lags 45 days after quarter-end, and does not show whether puts hedge a stock position.
| Quarter-end | Stock holders | Stock value | Put managers | Puts (underlying value) | Call managers | Calls (underlying value) | Convertible holders |
|---|---|---|---|---|---|---|---|
| 2026-09-30 filings still arriving | 39 | $26.2M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 431 | $6.21B | 10 | $127.2M | 17 | $91.1M | 0 |
| 2026-03-31 | 429 | $5.26B | 12 | $144.1M | 15 | $179.6M | 0 |
| 2025-12-31 | 449 | $5.44B | 17 | $136.6M | 12 | $89.1M | 39 |
| 2025-09-30 | 461 | $6.32B | 15 | $150.7M | 19 | $204.7M | 49 |
| 2025-06-30 | 446 | $6.44B | 17 | $100.0M | 18 | $177.5M | 41 |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.