SPRUCE HOUSE INVESTMENT MANAGEMENT LLC: CARVANA CO (CVNA): Quarterly 13F Position History
As of Q1 2026, SPRUCE HOUSE INVESTMENT MANAGEMENT LLC reported 2,335,000 shares of CARVANA CO (CVNA), worth $734.1M and representing 26.2% of its 13F equity book. Quarter-over-quarter share count change: + 60,000 (+2.6%) . The position first appeared in Q1 2018 and has been disclosed across 33 13F-HR filings in Pactolio's tracked window.
- 2,335,000Shares Held (Latest Filing)
- $734.1MReported Market Value (Latest Filing)
- 26.2%Portfolio Weight (% of 13F Equity Book)
- +60,000Quarter-over-Quarter Share Change
- -$226.0MQuarter-over-Quarter Value Change
- 10,000,000Peak Reported Shares (Historical)
Quarterly 13F-HR Disclosure History Source: SEC 13F-HR filings, 33 quarter s
| Quarter | Shares | QoQ Share Change | Share Change (%) | Market Value | Weight | Implied Price |
|---|---|---|---|---|---|---|
| Q1 2026 | 2,335,000 | +60,000 | +2.6% | $734.1M | 26.2% | $314.4 |
| Q4 2025 | 2,275,000 | 1,334,288 | -37.0% | $960.1M | 27.8% | $422.0 |
| Q3 2025 | 3,609,288 | 0 | — | $1.4B | 35.2% | $377.2 |
| Q2 2025 | 3,609,288 | 0 | — | $1.2B | 44.9% | $337.0 |
| Q1 2025 | 3,609,288 | 1,311,712 | -26.7% | $754.6M | 39.2% | $209.1 |
| Q4 2024 | 4,921,000 | 79,000 | -1.6% | $1.0B | 36.8% | $203.4 |
| Q3 2024 | 5,000,000 | 0 | — | $870.5M | 42.7% | $174.1 |
| Q2 2024 | 5,000,000 | 0 | — | $643.6M | 42.4% | $128.7 |
| Q1 2024 | 5,000,000 | 4,490,000 | -47.3% | $439.6M | 31.6% | $87.9 |
| Q4 2023 | 9,490,000 | 510,000 | -5.1% | $502.4M | 39.5% | $52.9 |
| Q3 2023 | 10,000,000 | 0 | — | $419.8M | 37.3% | $42.0 |
| Q2 2023 | 10,000,000 | 0 | — | $259.2M | 29.6% | $25.9 |
| Q1 2023 | 10,000,000 | 0 | — | $97.9M | 19.2% | $9.8 |
| Q4 2022 | 10,000,000 | +3,450,000 | +52.7% | $47.4M | 12.6% | $4.7 |
| Q3 2022 | 6,550,000 | +400,000 | +6.5% | $133.0M | 24.0% | $20.3 |
| Q2 2022 | 6,150,000 | +1,150,000 | +23.0% | $138.9M | 20.0% | $22.6 |
| Q1 2022 | 5,000,000 | +1,250,000 | +33.3% | $596.5M | 34.5% | $119.3 |
| Q4 2021 | 3,750,000 | 0 | — | $869.2M | 27.3% | $231.8 |
| Q3 2021 | 3,750,000 | 213,463 | -5.4% | $1.1B | 29.3% | $301.5 |
| Q2 2021 | 3,963,463 | 0 | — | $1.2B | 28.6% | $301.8 |
| Q1 2021 | 3,963,463 | 0 | — | $1.0B | 29.8% | $262.4 |
| Q4 2020 | 3,963,463 | 358,759 | -8.3% | $949.4M | 29.1% | $239.5 |
| Q3 2020 | 4,322,222 | 0 | — | $964.1M | 23.7% | $223.1 |
| Q2 2020 | 4,322,222 | 0 | — | $519.5M | 17.7% | $120.2 |
| Q1 2020 | 4,322,222 | 1,277,778 | -22.8% | $238.1M | 15.0% | $55.1 |
| Q4 2019 | 5,600,000 | 0 | — | $515.5M | 16.8% | $92.0 |
| Q3 2019 | 5,600,000 | 0 | — | $369.6M | 13.4% | $66.0 |
| Q2 2019 | 5,600,000 | 0 | — | $350.5M | 13.2% | $62.6 |
| Q1 2019 | 5,600,000 | +100,000 | +1.8% | $325.1M | 11.9% | $58.1 |
| Q4 2018 | 5,500,000 | +630,000 | +12.9% | $179.9M | 8.3% | $32.7 |
| Q3 2018 | 4,870,000 | 0 | — | $287.8M | 9.5% | $59.1 |
| Q2 2018 | 4,870,000 | +4,587,123 | +1621.6% | $202.6M | 7.4% | $41.6 |
| Q1 2018 | 282,877 | — | — | $6.5M | 0.3% | $22.9 |
Methodology & FAQ
How This Position History Is Sourced
Each row is one SEC Form 13F-HR filing disclosing this position. Share count, market value, and reported quarter are taken verbatim from the filing; portfolio weight is recomputed against the same filing's total reported equity book. Implied price-per-share is market value divided by shares — a quarter-end mark, not the manager's cost basis. See the full methodology document for the normalization rules.
When did SPRUCE HOUSE INVESTMENT MANAGEMENT LLC first disclose a CVNA position in 13F-HR filings?
SPRUCE HOUSE INVESTMENT MANAGEMENT LLC first reported CARVANA CO (CVNA) on its 13F-HR filing for the period ending 2018-03-31 (Q1 2018). The position has appeared on 33 reported quarters within Pactolio's tracked window.
What was SPRUCE HOUSE INVESTMENT MANAGEMENT LLC's most recent quarter-over-quarter share-count change in CVNA?
Between Q4 2025 and Q1 2026, SPRUCE HOUSE INVESTMENT MANAGEMENT LLC added 60,000 shares of CVNA (+2.6%), bringing the total reported position to 2,335,000 shares at a market value of $734.1M.
Does the implied price-per-share represent SPRUCE HOUSE INVESTMENT MANAGEMENT LLC's cost basis in CVNA?
No. The implied price-per-share column is the 13F-HR reported market value divided by reported share count on the filing date (end of quarter). It is a quarter-end mark, not a cost basis or transaction price. Use it as a sanity check on the value column, not as an indicator of the manager's entry or exit price.