Clifford Sosin - CAS Investment Partners 13F Activity & Position Changes (Q4 2025)

As of Dec 31, 2025, the CAS Investment Partners portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Feb 17, 2026. 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 Q4 2025, the filing reported:

New Buys - None reported

Increases - None reported

Reductions - Capital One Financial Corporati, Carvana Co., Latham Group, Inc.

Complete Exits - Cardlytics, Inc. Common Stock, Hilton Grand Vacations Inc.

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
Q4 2025	CDLX Cardlytics, Inc. Common Stock	Cardlytics, Inc. Common Stock	Sell - Position Exit	-5,198,067	-100.0%	$0.00	-
Q4 2025	COF Capital One Financial Corporati	Capital One Financial Corporati	Sell	-81,345	-12.2%	$141.57M	584,125
Q4 2025	CVNA Carvana Co.	Carvana Co.	Sell	-279,474	-5.7%	$1.95B	4,610,200
Q4 2025	HGV Hilton Grand Vacations Inc.	Hilton Grand Vacations Inc.	Sell - Position Exit	-5,643,776	-100.0%	$0.00	-
Q4 2025	SWIM Latham Group, Inc.	Latham Group, Inc.	Sell	-57,603	-5.8%	$5.98M	942,397