Vault-13

CARVANA CO

PUT · CUSIP 146869952

1 institutional holders +0 vs Q3 2025
3,0003.0k shares reported held*
$11.2kreported value*
1 new 0 added 0 reduced 1 sold out net sold ≈ $115.5k (-31.0k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $3.73. Options: 0 managers hold calls (— notional), 15 hold puts ($1.1bn).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

001Q3 23: 0Q4 23: 0Q1 24: 0Q2 24: 0Q3 24: 0Q4 24: 0Q1 25: 0Q2 25: 1Q3 25: 1Q4 25: 11Q3 23Q1 24Q3 24Q1 25Q3 25Q4 25
Numbers
QuarterHolders
Q3 20230
Q4 20230
Q1 20240
Q2 20240
Q3 20240
Q4 20240
Q1 20250
Q2 20251
Q3 20251
Q4 20251

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
101Q1 24: 0 bought or addedQ1 24: 0 cut or sold outQ2 24: 0 bought or addedQ2 24: 0 cut or sold outQ2 24Q3 24: 0 bought or addedQ3 24: 0 cut or sold outQ4 24: 0 bought or addedQ4 24: 0 cut or sold outQ4 24Q1 25: 0 bought or addedQ1 25: 0 cut or sold outQ2 25: 1 bought or addedQ2 25: 0 cut or sold outQ2 25Q3 25: 1 bought or addedQ3 25: 1 cut or sold outQ4 25: 1 bought or addedQ4 25: 1 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 202400
Q2 202400
Q3 202400
Q4 202400
Q1 202500
Q2 202510
Q3 202511
Q4 202511

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$500m$1bn$1.5bnQ1 25 calls: $0Q1 25 puts: $614.9mQ1 25P/C —Q2 25 calls: $0Q2 25 puts: $747.4mQ2 25P/C —Q3 25 calls: $0Q3 25 puts: $748.3mQ3 25P/C —Q4 25 calls: $0Q4 25 puts: $1.1bnQ4 25P/C —
Numbers
QuarterCallsPutsP/C
Q1 2025$0$614.9m—
Q2 2025$0$747.4m—
Q3 2025$0$748.3m—
Q4 2025$0$1.1bn—

Biggest buyers

ZAZOVE ASSOCIATES LLC New +3,000+3.0k

Biggest sellers

HRT FINANCIAL LP Sold out -34,000-34.0k

Biggest calls

None

Biggest puts

IMC-Chicago, LLC Added $659.9m1.6m shares
SIMPLEX TRADING, LLC Added $198.0m469.2k shares
GROUP ONE TRADING LLC Added $148.2m351.2k shares
JPMORGAN CHASE & CO Reduced $49.2m116.5k shares
NATIONAL BANK OF CANADA /FI/ New $18.6m440 shares
RH Tailwind Management, LLC First filing $16.9m40.0k shares
Aristides Capital LLC Unchanged $14.2m33.7k shares
Optiver Holding B.V. New $9.4m22.2k shares
Capital Markets Trading UK LLP Reduced $4.2m10.0k shares
Warberg Asset Management LLC Added $3.8m9.0k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ZAZOVE ASSOCIATES LLC 0.00% of their portfolio INCLINE VILLAGE, NV 3,0003.0k $11.2k $11.2k 0.00% New