SCHEDULE 13G/A 0001705079 XXXXXXXX LIVE 9 Class A Common Stock, par value $0.001 per share 06/30/2025 0001690820 Carvana Co. 146869102 300 E. Rio Salado Parkway Tempe AZ 85281 Rule 13d-1(d) CVAN Holdings, LLC DE 0 6195377 0 6195377 6195377 N 4.30 OO CVAN Holding Company, LLC DE 0 6195377 0 6195377 6195377 N 4.30 OO TWG Public Investments, LLC DE 0 6195377 0 6195377 6195377 N 4.30 OO TWG Private Investment Holdings, LLC DE 0 6195377 0 6195377 6195377 N 4.30 OO TWG MB Portfolio Holdings, LLC 0 6195377 0 6195377 6195377 N 4.30 OO TWG MB Holding Company, LLC DE 0 6195377 0 6195377 6195377 N 4.30 OO TWG Global, LLC DE 0 6195377 0 6195377 6195377 N 4.30 OO TWG Global Manager, LLC DE 0 6195377 0 6195377 6195377 N 4.30 OO Mark Walter X1 0 6195377 0 6195377 6195377 N 4.30 IN CVAN Holdings Sub I, LLC DE 0 5995376 0 5995376 5995376 N 4.16 OO Carvana Co. 1930 W. Rio Salado Parkway, Tempe, Arizona 85281 1. CVAN Holdings, LLC ("CVAN") 2. CVAN Holdings Sub I, LLC ("CVAN Sub") 3. CVAN Holding Company, LLC ("CVAN Holdco") 4. TWG Public Investments, LLC ("Public Investments") 5. TWG Private Investment Holdings, LLC ("Investment Holdings") 6. TWG MB Portfolio Holdings, LLC ("MB Portfolio") 7. TWG MB Holding Company, LLC ("MB Holdco") 8. TWG Global, LLC ("TWG") 9. TWG Global Manager, LLC ("TWG Manager") 10. Mark Walter ("Mr. Walter") The principal business address of each of CVAN, CVAN Sub, CVAN Holdco, Public Investments, Investment Holdings, MB Portfolio, MB Holdco, TWG, TWG Manager and Mr. Walter is: 227 West Monroe, Suite 4800, Chicago, IL 60606 See responses to Item 4 on each cover page. Y Comprises (i) 1 share of Class A Common Stock ("Class A Shares"), (ii) 5,995,376 Class A Shares issuable in exchange for Class A common units ("Class A Units") of Carvana Group, LLC, a Delaware limited liability company and subsidiary of the Issuer, pursuant to an exchange agreement ("Exchange Agreement") entered into by and among the Issuer and certain holders of Class A Units party thereto immediately prior to the effectiveness of the Registration Statement on Form S-1 (File No. 333-217085) relating to the Issuer's initial public offering, and (iii) 200,000 Class A Shares that may be acquired within 60 days upon the settlement of certain exchange-traded options. CVAN Sub is a wholly-owned subsidiary of CVAN and holds directly Class A Units exchangeable for 5,995,376 Class A Shares. CVAN may be deemed to indirectly share voting and dispositive power over the securities held directly by CVAN Sub, and as a result, may be deemed to have or share beneficial ownership of, the securities held directly by CVAN Sub. CVAN disclaims beneficial ownership of such securities except to the extent of its respective pecuniary interest therein. CVAN Sub has pledged all of such Class A Units and 5,995,376 shares of Class B common stock of the Issuer to secure its obligations under one or more prepaid variable forward sale contracts and certain margin loans with an unaffiliated third party. CVAN holds directly 1 Class A Share and exchange-traded options to acquire 200,000 Class A Shares. CVAN is a wholly-owned subsidiary of CVAN Holdco. CVAN Holdco is a wholly-owned subsidiary of Public Investments. Public Investments is a wholly-owned subsidiary of Investment Holdings. Investment Holdings is a wholly-owned subsidiary of MB Portfolio. MB Portfolio is a wholly-owned subsidiary of MB Holdco. MB Holdco is a wholly-owned subsidiary of TWG. Each of CVAN Holdco, Public Investments, Investment Holdings, MB Portfolio, MB Holdco and TWG is managed by TWG Manager, and TWG Manager is controlled by Mr. Walter. Each of CVAN Holdco, Public Investments, Investment Holdings, MB Portfolio, MB Holdco, TWG, TWG Manager and Mr. Walter may be deemed to indirectly share voting and dispositive power over the securities held by CVAN and CVAN Sub, and as a result, may be deemed to have or share beneficial ownership of, the securities held by CVAN and CVAN Sub. Each of CVAN Holdco, Public Investments, Investment Holdings, MB Portfolio, MB Holdco, TWG, TWG Manager and Mr. Walter disclaim beneficial ownership of such securities except to the extent of their respective pecuniary interest therein. Based on 138,083,496 Class A Shares outstanding, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on July 30, 2025. The percentage assumes the exchange of all Class A Units held by CVAN Sub for Class A Shares, in accordance with Rule 13d-3 of the Securities Act of 1933, as amended. See the Cover Pages for each of the Reporting Persons and the response to Item 4(a) above. See the Cover Pages for each of the Reporting Persons and the response to Item 4(a) above. See the Cover Pages for each of the Reporting Persons and the response to Item 4(a) above. See the Cover Pages for each of the Reporting Persons and the response to Item 4(a) above. Y Y Y Y Y Y CVAN Holdings, LLC /s/ Joseph Nicosia 08/15/2025 CVAN Holding Company, LLC /s/ Joseph Nicosia 08/15/2025 TWG Public Investments, LLC /s/ Joseph Nicosia 08/15/2025 TWG Private Investment Holdings, LLC /s/ Joseph Nicosia 08/15/2025 TWG MB Portfolio Holdings, LLC /s/ Joseph Nicosia 08/15/2025 TWG MB Holding Company, LLC /s/ Joseph Nicosia 08/15/2025 TWG Global, LLC /s/ Joseph Nicosia 08/15/2025 TWG Global Manager, LLC /s/ Joseph Nicosia 08/15/2025 Mark Walter /s/ Mark Walter 08/15/2025 CVAN Holdings Sub I, LLC /s/ Joseph Nicosia 08/15/2025