SCHEDULE 13G/A: Investment Firm CAS Investment Partners Updates Stake in Carvana Co. to 4.2%

CAS Investment Partners, LLC and its managing member Clifford Sosin have filed an amended Schedule 13G, disclosing a beneficial ownership of 4.2% of Carvana Co.'s Class A Common Stock as of March 31, 2025.

Summary

• CAS Investment Partners, LLC and Clifford Sosin reported beneficial ownership of 5,685,029 shares of Carvana Co. Class A Common Stock.
• This ownership represents 4.20% of the total outstanding Class A Common Stock of Carvana Co.
• The shares are held through Sosin Master, L.P. (3,142,229 shares) and CSWR Partners, L.P. (2,542,800 shares), with CAS Investment Partners, LLC acting as the investment manager holding sole voting and dispositive power.
• The percentage of ownership is calculated based on 135,023,435 shares of Class A Common Stock outstanding as of May 5, 2025, as reported in Carvana Co.'s Form 10-Q filed with the SEC on May 7, 2025.
• This filing is an Amendment No. 3 to a previously filed Schedule 13G, indicating an update to their beneficial ownership position.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing disclosing beneficial ownership and does not contain information that indicates a positive or negative sentiment towards the issuer's performance or outlook.

Positives

• The filing confirms a continued significant, albeit passive, investment by CAS Investment Partners, LLC and Clifford Sosin in Carvana Co.

Negatives

• The document does not contain any negative information regarding Carvana Co.'s performance or outlook, as it is solely an ownership disclosure.

Risks

• No specific business risks of the issuer (Carvana Co.) are detailed in this ownership filing.
• Clifford Sosin disclaims beneficial ownership of any securities covered by this Schedule 13G for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, which is a standard legal disclaimer.

Future Outlook

This document, a Schedule 13G amendment, does not contain any forward-looking statements or guidance regarding Carvana Co.'s future performance or strategic outlook from either the issuer or the reporting persons.

Management Comments

• Clifford Sosin, as Managing Member of CAS Investment Partners, LLC, certified that the securities were acquired and are held in the ordinary course of business and not for the purpose or with the effect of changing or influencing the control of the issuer.

Industry Context

This document is a specific beneficial ownership disclosure and does not provide broader industry context, trends, or competitive analysis related to the automotive retail sector.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership in Carvana Co.

Key Dates

Keywords

Carvana Co., CVNA, Schedule 13G, beneficial ownership, institutional investor, CAS Investment Partners, Clifford Sosin, Class A Common Stock, SEC filing, investment management