Carvana Co.

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 761 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• UP-C STRUCTURE, THE KEY DEFECT THIS FILE GUARDS AGAINST: Carvana Co. (the listed entity) is the sole managing member of Carvana Group, LLC and holds a Class A Units stake in it (as of 30 Jun 2026 and 31 Dec 2025, Carvana Group had 1.4 billion Class A Units and 8.1 million Class B Units outstanding in total, per the Q2 2026 10-Q; Carvana Co.'s own holding of Class A Units backs its 719,916,415 outstanding shares of Class A common stock). The Garcia Parties (Ernest C. Garcia, II and Ernest C. Garcia, III) and CVAN (Mark Walter/TWG Global) are 'Original LLC Unitholders': their retained economic interest in Carvana Group sits in Carvana Group, LLC Class A Units, exchangeable (together with a paired number of Class B common shares, at a ratio described in the 10-Q as 1.25 LLC Units per Class B share) into Carvana Co. Class A common stock. A Carvana Group Class A Unit is NOT itself a share of Carvana Co. Class A common stock.
• DENOMINATOR CHOSEN: this register uses Carvana Co.'s actual, currently outstanding total shares (Class A 719,916,415 + Class B 380,547,355 = 1,100,463,770, both from the Q2 2026 10-Q cover page, 27 Jul 2026), which is company.shares_outstanding. Every pct_of_company in this file is computed against this single number. Institutional 13F holders hold Class A ONLY (their pct_of_company is therefore necessarily smaller than their pct of Class A alone; pct_denominator is not repeated per-row for these rows beyond the method_note, since it is identical throughout: the combined basis).
• WHY CLASS B COMMON STOCK IS TREATED DIFFERENTLY FROM CHARTER'S A/N (LLC-UNITS) CASE: unlike Charter's Advance/Newhouse, which held only ONE nominal Class B share (a pure vote-carrier bearing no numeric relationship to A/N's real economic quantity of Charter Holdings LLC units), Carvana's Class B common stock is a REAL, substantial, currently-outstanding class of stock (380,547,355 shares) that IS part of the shares_outstanding total on the cover page, and each Class B share converts 1-for-1 (net of its paired LLC Units, which are retired in the exchange) into one Class A share. The proxy's own 'as-converted' beneficial-ownership percentages independently confirm this: Garcia II's 42,442,317 Class B shares are stated as 'approximately 19%' of a denominator the proxy defines as 'Class A common stock that would be outstanding if all outstanding LLC Units were exchanged and all outstanding shares of Class B common stock were converted' -- and that denominator, worked out from the proxy's own Record Date share counts (142,993,769 Class A + 76,109,471 Class B = 219,103,240), is numerically IDENTICAL to this file's chosen basis (actual current Class A + Class B combined). Checked on three rows (Garcia II ~19%, CVAN ~3%, Garcia III/officers ~13%), all reproduce within rounding. So for Carvana, unlike Blackstone's Schwarzman-units case or Charter's A/N case, the raw Class B share count already IS the correct as-exchanged economic quantity on this file's basis, and shares: null is not required for these rows. Class B stock itself carries no dividend or liquidation rights, only votes (10 votes/share for the Garcia Parties while they hold >=25% of Class A on an as-exchanged basis, 1 vote/share otherwise); voting power is recorded only in method_note (e.g. Garcia III's 33% total voting power), never in shares or pct_of_company.
• STOCK SPLIT: a 5-for-1 forward stock split of both Class A and Class B common stock was approved 5 May 2026 and effected 8 May 2026 (Certificate of Amendment). The 2026 DEF 14A (filed 25 Mar 2026, Record Date 10 Mar 2026) predates the split, so every Garcia-family and CVAN figure sourced to that proxy in this file has been restated x5 (par value $0.001/share was not adjusted by the split, so the restatement is a pure share-count multiplication). The restated Class B total for all Garcia-family + CVAN rows sums to exactly the actual outstanding Class B share count (212,211,585 Garcia II + 138,332,415 Garcia III + 29,976,880 CVAN = 380,520,880, versus 380,547,355 actual outstanding at 27 Jul 2026; the ~26,475-share gap is other, unidentified Class B holders not itemized in this proxy table), which is an internal-consistency cross-check on the x5 restatement.
• SELF-GATE, computed from this final file exactly as the chart computes it (members counted at full value, an aggregate reduced only by the one member manually subtracted from its stored value, everything else at full value): 13 register rows. No row carries rolls_up_into (the one overlap found, Garcia III inside the officers/directors group, was resolved by manually reducing the aggregate's own stored shares value rather than by the rolls_up_into/is_aggregate subtraction mechanism, because Garcia III's row mixes Class A and Class B while the aggregate is Class A only -- see that row's method_note). Summing every row's shares: Garcia II 212,211,585 + Garcia III 149,871,805 + CVAN 30,976,885 + Capital Group 100,930,455 + Vanguard 85,097,724 + T. Rowe Price 84,695,539 + BlackRock 48,494,910 + FMR 33,604,708 + State Street 29,435,364 + CAS 22,559,570 + Greenoaks 21,344,170 + Geode 16,653,349 + officers/directors residual 16,578,370 = 852,454,434 shares, which is 77.47% of shares_outstanding (1,100,463,770). This is ABOVE the brief's 55% flag threshold, checked against the three known causes: (1) NOT a mixed instrument: every institutional row is the same CUSIP 146869102 common stock read from each filer's own Q2 2026 13F-HR, cross-checked at a tightly consistent implied price of ~$65.6 to $65.8/share across 9 independent institutional filers/families (including the T. Rowe Price thousands-conversion check, which lands in the same band); the Garcia-family and CVAN rows are real Class A/Class B common stock counts from the proxy's own beneficial-ownership table, restated only for the arithmetic 5-for-1 split, not LLC units. (2) NOT a mixed basis: every pct_of_company, including the Garcia/CVAN/officers rows, is computed against the single 1,100,463,770-share combined basis; the proxy's own 'as-converted' percentages are independently reproduced by this basis (see note above) rather than copied in. (3) NOT a double count: 9 institutional families are each a distinct CIK/CIK-family reporting its own Section 13(f) position with no relationship to any other row; Garcia II, Garcia III, and CVAN are three legally and economically distinct holders (Garcia II is not a current officer or director of Carvana per the proxy, so he sits fully outside the officers/directors aggregate with no overlap to resolve); the one real overlap, Garcia III inside the officers/directors group, was found and corrected (aggregate row manually reduced by his Class A component, from 28,117,760 to 16,578,370). The 77.47% concentration is a genuine, sourced feature of this stock, structurally similar to Charter's 80.64% in the same database: Carvana is a controlled Up-C with a small number of very large holders (the two Garcias alone are 32.90% combined) sitting on top of unusually concentrated institutional ownership (Capital Group, Vanguard and T. Rowe Price alone are 24.60% combined) of a Class A float that is itself only 719.9 million shares.
• IMPLIED PER-SHARE PRICE CHECK across every institutional 13F row, all dated 30 Jun 2026: Capital Group family $65.82/sh (across its 5 holding entities), Vanguard family $65.82/sh (across its 8 entities), T. Rowe Price Associates $65.82/sh (after the thousands conversion), BlackRock $65.81/sh, FMR $65.82/sh, State Street $65.82/sh, CAS Investment Partners $65.82/sh, Greenoaks $65.82/sh, Geode $65.58/sh (a modest outlier but within a normal range). No holder implies a price materially off this band, which is the check the chunk prompt calls for on any JV-free, single-CUSIP register.
• HOLDINGS SIDE: searched the FY2025 10-K and Q2 2026 10-Q for 'equity method' (0 hits in either filing: Carvana does not appear to use equity-method accounting for any investee), 'equity investment' / 'minority equity investments' (found: risk-factor language describing 'minority equity investments... including Root, Inc.', which is the only investee named anywhere), 'non-marketable' (0 hits by that exact term, though Root's Series A preferred is functionally a non-marketable equity security per its own accounting description), 'unconsolidated' (hits only for securitization-trust VIEs, a securitization structure rather than an equity stake in an operating company, correctly excluded), 'joint venture' (0 hits describing any actual JV), and Exhibit 21.1 (a bare 4-name subsidiaries list with no ownership-percentage column: Carvana Co. Sub LLC, Carvana Group, LLC, Carvana Operations HC LLC, Carvana, LLC, and ADESA US Auction, LLC, all wholly owned; ADESA, the vehicle-auction business, is confirmed here as a wholly owned operating subsidiary, not a minority stake, and is correctly excluded from holdings per the brief). Root, Inc. is the one sourced holdings-side finding.
• The risk-factor phrase 'minority equity investments in other companies, including Root, Inc.' uses 'including', which could imply other unnamed minor equity stakes exist; none is named or quantified anywhere in the FY2025 10-K, the Q2 2026 10-Q, or Exhibit 21.1, so no further holdings-side row is created for this.