Clifford Sosin – CAS Investment Partners Portfolio Activity & Recent Trades (Sep 30, 2025)

As of Sep 30, 2025, the CAS Investment Partners portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 14, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q3 2025, the filing reported:

New Buys – Latham Group, Inc.

Increases –

None reported

Reductions – Cardlytics, Inc. Common Stock, Capital One Financial Corporati, Carvana Co., Hilton Grand Vacations Inc.

Complete Exits –

None reported

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q3 2025	CDLX Cardlytics, Inc. Common Stock	Cardlytics, Inc. Common Stock	Sell	-415,855	-7.4%	$12.63M	5,198,067
Q3 2025	COF Capital One Financial Corporati	Capital One Financial Corporati	Sell	-36,711	-5.2%	$141.47M	665,470
Q3 2025	CVNA Carvana Co.	Carvana Co.	Sell	-32,594	-0.7%	$1.84B	4,889,674
Q3 2025	HGV Hilton Grand Vacations Inc.	Hilton Grand Vacations Inc.	Sell	-16,027	-0.3%	$235.97M	5,643,776
Q3 2025	SWIM Latham Group, Inc.	Latham Group, Inc.	Buy - Position Entry	+1,000,000	-	$7.61M	1,000,000
Q2 2025	COF Capital One Financial Corporati	Capital One Financial Corporati	Sell	-7,114	-1.0%	$149.40M	702,181
Q2 2025	CVNA Carvana Co.	Carvana Co.	Sell	-762,761	-13.4%	$1.66B	4,922,268
Q2 2025	HGV Hilton Grand Vacations Inc.	Hilton Grand Vacations Inc.	Sell	-56,838	-1.0%	$235.05M	5,659,803
Q1 2025	CDLX Cardlytics, Inc. Common Stock	Cardlytics, Inc. Common Stock	Sell	-754,988	-11.9%	$10.22M	5,613,922
Q1 2025	COF Capital One Financial Corporati	Capital One Financial Corporati	Sell	-97,094	-12.0%	$127.18M	709,295
Q1 2025	CVNA Carvana Co.	Carvana Co.	Sell	-692,768	-10.9%	$1.19B	5,685,029
Q1 2025	HGV Hilton Grand Vacations Inc.	Hilton Grand Vacations Inc.	Sell	-775,703	-11.9%	$213.86M	5,716,641
Q4 2024	CDLX Cardlytics, Inc. Common Stock	Cardlytics, Inc. Common Stock	Sell	-50,823	-0.8%	$23.63M	6,368,910
Q4 2024	COF Capital One Financial Corporati	Capital One Financial Corporati	Sell	-5,111	-0.6%	$143.80M	806,389
Q4 2024	CVNA Carvana Co.	Carvana Co.	Sell	-75,797	-1.2%	$1.30B	6,377,797
Q4 2024	HGV Hilton Grand Vacations Inc.	Hilton Grand Vacations Inc.	Buy	+129,333	+2.0%	$252.88M	6,492,344
Q4 2024	WRLD World Acceptance Corporation	World Acceptance Corporation	Sell - Position Exit	-93,299	-100.0%	$0.00	-
Q3 2024	CDLX Cardlytics, Inc. Common Stock	Cardlytics, Inc. Common Stock	Sell	-45,126	-0.7%	$20.54M	6,419,733
Q3 2024	COF Capital One Financial Corporati	Capital One Financial Corporati	Buy	+125,448	+18.3%	$121.51M	811,500
Q3 2024	CVNA Carvana Co.	Carvana Co.	Sell	-77,300	-1.2%	$1.12B	6,453,594
Q3 2024	HGV Hilton Grand Vacations Inc.	Hilton Grand Vacations Inc.	Sell	-83,650	-1.3%	$231.10M	6,363,011
Q3 2024	WRLD World Acceptance Corporation	World Acceptance Corporation	Sell	-158,473	-62.9%	$11.01M	93,299
Q2 2024	CDLX Cardlytics, Inc. Common Stock	Cardlytics, Inc. Common Stock	Buy	+91,183	+1.4%	$53.08M	6,464,859
Q2 2024	COF Capital One Financial Corporati	Capital One Financial Corporati	Buy	+40,800	+6.3%	$94.98M	686,052
Q2 2024	WRLD World Acceptance Corporation	World Acceptance Corporation	Sell	-86,392	-25.5%	$31.11M	251,772
Q1 2024	CDLX Cardlytics, Inc. Common Stock	Cardlytics, Inc. Common Stock	Buy	+957,560	+17.7%	$92.35M	6,373,676
Q1 2024	COF Capital One Financial Corporati	Capital One Financial Corporati	Buy	+111,792	+21.0%	$96.07M	645,252
Q1 2024	CVNA Carvana Co.	Carvana Co.	Sell	-296,909	-4.3%	$574.13M	6,530,894
Q1 2024	HGV Hilton Grand Vacations Inc.	Hilton Grand Vacations Inc.	Sell	-322,259	-4.8%	$304.35M	6,446,661
Q1 2024	WRLD World Acceptance Corporation	World Acceptance Corporation	Sell	-224,327	-39.9%	$49.03M	338,164