SHIM

Spruce House Investment Management’s Carvana CVNA Stock Holding History

Quarter	Market Value	Status	Shares	Shares Change %	Trade Value	Portfolio Weight	Portfolio Position
2025 Q2	$1.22B	Hold	3,609,288	–	–	44.87%	1
2025 Q1	$755M	Sell	3,609,288 -1,311,712	-27%	-$274M	39.19%	1
2024 Q4	$1B	Sell	4,921,000 -79,000	-2%	-$16.1M	36.79%	2
2024 Q3	$871M	Hold	5,000,000	–	–	42.68%	1
2024 Q2	$644M	Hold	5,000,000	–	–	42.38%	1
2024 Q1	$440M	Sell	5,000,000 -4,490,000	-47%	-$395M	31.61%	1
2023 Q4	$502M	Sell	9,490,000 -510,000	-5%	-$27M	39.5%	1
2023 Q3	$420M	Hold	10,000,000	–	–	37.32%	1
2023 Q2	$259M	Hold	10,000,000	–	–	29.62%	1
2023 Q1	$97.9M	Hold	10,000,000	–	–	19.16%	4
2022 Q4	$47.4M	Buy	10,000,000 +3,450,000	+53%	+$16.4M	12.57%	5
2022 Q3	$133M	Buy	6,550,000 +400,000	+7%	+$8.12M	23.97%	1
2022 Q2	$139M	Buy	6,150,000 +1,150,000	+23%	+$26M	20.05%	2
2022 Q1	$596M	Buy	5,000,000 +1,250,000	+33%	+$149M	34.49%	1
2021 Q4	$869M	Hold	3,750,000	–	–	27.26%	2
2021 Q3	$1.13B	Sell	3,750,000 -213,463	-5%	-$64.4M	29.29%	2
2021 Q2	$1.2B	Hold	3,963,463	–	–	28.48%	2
2021 Q1	$1.04B	Hold	3,963,463	–	–	29.83%	2
2020 Q4	$949M	Sell	3,963,463 -358,759	-8%	-$85.9M	29.05%	2
2020 Q3	$964M	Hold	4,322,222	–	–	5.22%	2
2020 Q2	$520M	Hold	4,322,222	–	–	6.97%	2
2020 Q1	$238M	Sell	4,322,222 -1,277,778	-23%	-$70.4M	15.04%	4
2019 Q4	$515M	Hold	5,600,000	–	–	16.83%	3
2019 Q3	$370M	Hold	5,600,000	–	–	13.37%	4
2019 Q2	$351M	Hold	5,600,000	–	–	13.17%	4
2019 Q1	$325M	Buy	5,600,000 +100,000	+2%	+$5.81M	11.95%	5
2018 Q4	$180M	Buy	5,500,000 +630,000	+13%	+$20.6M	8.28%	6
2018 Q3	$288M	Hold	4,870,000	–	–	9.47%	6
2018 Q2	$203M	Buy	4,870,000 +4,587,123	+1,622%	+$191M	7.41%	6
2018 Q1	$6.49M	Buy	+282,877	New	+$6.49M	0.28%	8