RWAY: Oaktree Sells 1M Shares, Retains 8.8M 鈥� Form 4 Filing

Q: How many RWAY shares did OCM Growth Holdings LLC sell?

1,000,000 common shares were sold on July 1, 2025.

Q: What was the sale price of the RWAY shares?

The shares were reported sold at $10.45 per share.

Q: How many RWAY shares does Oaktree still own after the sale?

OCM Growth Holdings LLC retains 8,779,668 shares of RWAY.

Q: Does Oaktree remain a 10% owner of Runway Growth Finance Corp.?

Yes. Despite the sale, the filing lists the entities as 10% Owners and directors by deputization.

Q: When was the Form 4 insider transaction filed?

The Form 4 was signed and filed on July 3, 2025.

[Form 4] Carvana Co. Insider Trading Activity

Filing Impact

(High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

Runway Growth Finance Corp. (RWAY) 鈥� Insider Transaction Summary

On July 1, 2025, 10% owner OCM Growth Holdings LLC, an affiliate of Oaktree Capital Management, sold 1,000,000 shares of RWAY common stock at a reported price of $10.45 per share, according to the filed Form 4. Following the disposition, OCM Growth Holdings remains a significant shareholder with 8,779,668 shares held directly. The filing was submitted jointly by:

OCM Growth Holdings LLC (direct holder)
Oaktree Capital Holdings, LLC (indirect manager)
Oaktree Capital Group Holdings GP, LLC (indirect owner of OCH Class B units)

Each reporting person disclaims beneficial ownership beyond its pecuniary interest. The entities may be viewed as directors by deputization due to their right to designate board representatives. No derivative security transactions were reported.

The transaction reduces, but does not eliminate, Oaktree鈥檚 exposure to RWAY and may influence investors鈥� perception of insider sentiment and float dynamics.

Positive

OCM Growth Holdings still owns 8,779,668 shares, maintaining significant alignment with common shareholders.

Negative

Sale of 1,000,000 shares by a 10% owner may be interpreted as reduced insider confidence and could increase market supply.

Insights

TL;DR 鈥� Large insider sale by 10% holder; still retains sizable stake.

The disposal of 1 million shares (~11% of the filer鈥檚 prior position) at $10.45 represents a meaningful cash realization of about $10.45 million. While insider selling can signal reduced conviction, Oaktree retains 8.78 million shares, confirming ongoing exposure. Absent earnings data, the Form 4 does not specify motive. Near-term, the transaction could increase tradable float and apply modest downward pressure, but the continuing >10% ownership limits the bearish read-through.

TL;DR 鈥� Transaction filed correctly; beneficial ownership disclaimer noted.

The filing complies with Section 16(a) disclosure rules and clarifies the multi-tier Oaktree ownership chain. The disclaimers and signatures (dated July 3, 2025) reduce litigation exposure. Governance risk is low; however, investors should monitor further sales that could alter board representation rights tied to Oaktree鈥檚 equity stake.

07/03/2025 - 04:29 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

GARCIA ERNEST C. III

(Last)

(First)

(Middle)

C/O CARVANA CO.

300 E. RIO SALADO PARKWAY

(Street)

TEMPE

85281

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
CARVANA CO. [ CVNA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	07/01/2025		F		1,229⁽¹⁾	D	$338.26	924,384	D
Class A Common Stock	07/01/2025		S		150⁽²⁾	D	$333.26⁽³⁾	701,290	I	Ernest Irrevocable 2004 Trust III⁽⁴⁾
Class A Common Stock	07/01/2025		S		150⁽²⁾	D	$333.26⁽³⁾	801,290	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾
Class A Common Stock	07/01/2025		S		150⁽²⁾	D	$334.48⁽⁶⁾	701,140	I	Ernest Irrevocable 2004 Trust III⁽⁴⁾
Class A Common Stock	07/01/2025		S		150⁽²⁾	D	$334.48⁽⁶⁾	801,140	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾
Class A Common Stock	07/01/2025		S		772⁽²⁾	D	$335.74⁽⁷⁾	700,368	I	Ernest Irrevocable 2004 Trust III⁽⁴⁾
Class A Common Stock	07/01/2025		S		772⁽²⁾	D	$335.74⁽⁷⁾	800,368	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾
Class A Common Stock	07/01/2025		S		600⁽²⁾	D	$336.83⁽⁸⁾	699,768	I	Ernest Irrevocable 2004 Trust III⁽⁴⁾
Class A Common Stock	07/01/2025		S		600⁽²⁾	D	$336.83⁽⁸⁾	799,768	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾
Class A Common Stock	07/01/2025		S		900⁽²⁾	D	$337.95⁽⁹⁾	698,868	I	Ernest Irrevocable 2004 Trust III⁽⁴⁾
Class A Common Stock	07/01/2025		S		900⁽²⁾	D	$337.95⁽⁹⁾	798,868	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾
Class A Common Stock	07/01/2025		S		1,028⁽²⁾	D	$338.77⁽¹⁰⁾	697,840	I	Ernest Irrevocable 2004 Trust III⁽⁴⁾
Class A Common Stock	07/01/2025		S		1,028⁽²⁾	D	$338.77⁽¹⁰⁾	797,840	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾
Class A Common Stock	07/01/2025		S		496⁽²⁾	D	$340.12⁽¹¹⁾	697,344	I	Ernest Irrevocable 2004 Trust III⁽⁴⁾
Class A Common Stock	07/01/2025		S		495⁽²⁾	D	$340.59⁽¹²⁾	797,345	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾
Class A Common Stock	07/01/2025		S		649⁽²⁾	D	$341.08⁽¹³⁾	696,695	I	Ernest Irrevocable 2004 Trust III⁽⁴⁾
Class A Common Stock	07/01/2025		S		650⁽²⁾	D	$341.53⁽¹⁴⁾	796,695	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾
Class A Common Stock	07/01/2025		S		205⁽²⁾	D	$342.32⁽¹⁵⁾	696,490	I	Ernest Irrevocable 2004 Trust III⁽⁴⁾
Class A Common Stock	07/01/2025		S		205⁽²⁾	D	$342.32⁽¹⁵⁾	796,490	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾
Class A Common Stock	07/01/2025		S		50⁽²⁾	D	$343.19	696,440	I	Ernest Irrevocable 2004 Trust III⁽⁴⁾
Class A Common Stock	07/01/2025		S		50⁽²⁾	D	$343.19	796,440	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾
Class A Common Stock	07/02/2025		S		162⁽²⁾	D	$337.89⁽¹⁶⁾	696,278	I	Ernest Irrevocable 2004 Trust III⁽⁴⁾
Class A Common Stock	07/02/2025		S		162⁽²⁾	D	$337.89⁽¹⁶⁾	796,278	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾
Class A Common Stock	07/02/2025		S		324⁽²⁾	D	$339.28⁽¹⁷⁾	695,954	I	Ernest Irrevocable 2004 Trust III⁽⁴⁾
Class A Common Stock	07/02/2025		S		323⁽²⁾	D	$339.82⁽¹⁸⁾	795,955	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾
Class A Common Stock	07/02/2025		S		1,043⁽²⁾	D	$340.6⁽¹⁹⁾	694,911	I	Ernest Irrevocable 2004 Trust III⁽⁴⁾
Class A Common Stock	07/02/2025		S		1,043⁽²⁾	D	$340.6⁽¹⁹⁾	794,912	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾
Class A Common Stock	07/02/2025		S		752⁽²⁾	D	$341.54⁽²⁰⁾	694,159	I	Ernest Irrevocable 2004 Trust III⁽⁴⁾
Class A Common Stock	07/02/2025		S		752⁽²⁾	D	$341.54⁽²⁰⁾	794,160	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Represents total number of shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units pursuant to various awards.

2. The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024.

3. This transaction was executed in multiple trades at prices ranging from $332.86 to $333.74 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

4. These shares of Class A Common Stock are held directly by the Ernest Irrevocable 2004 Trust III (the "Irrevocable Trust"). The Reporting Person is the Investment Trustee and Co-Administrative Trustee of the Irrevocable Trust.

5. These shares of Class A Common Stock are held directly by the Ernest C. Garcia III Multi-Generational Trust III (the "Multi-Generational Trust"). The Reporting Person is the Investment Trustee and Co-Administrative Trustee of the Multi-Generational Trust.

6. This transaction was executed in multiple trades at prices ranging from $334.11 to $334.67 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

7. This transaction was executed in multiple trades at prices ranging from $335.25 to $336.23, inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

8. This transaction was executed in multiple trades at prices ranging from $336.38 to $337.30 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

9. This transaction was executed in multiple trades at prices ranging from $337.44 to $338.35 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

10. This transaction was executed in multiple trades at prices ranging from $338.46 to $339.18, inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

11. This transaction was executed in multiple trades at prices ranging from $339.78 to $340.44 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

12. This transaction was executed in multiple trades at prices ranging from $340.44 to $340.73, inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

13. This transaction was executed in multiple trades at prices ranging from $340.83 to $341.38, inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

14. This transaction was executed in multiple trades at prices ranging from $341.38 to $341.75, inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

15. This transaction was executed in multiple trades at prices ranging from $341.84 to $342.69, inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

16. This transaction was executed in multiple trades at prices ranging from $337.32 to $338.29, inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

17. This transaction was executed in multiple trades at prices ranging from $339.01 to $339.57, inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

18. This transaction was executed in multiple trades at prices ranging from $339.57 to $339.97, inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

19. This transaction was executed in multiple trades at prices ranging from $340.09 to $341.04, inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

20. This transaction was executed in multiple trades at prices ranging from $341.13 to $342.13, inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

Remarks:

	/s/ Paul Breaux, by Power of Attorney for Ernest C. Garcia, III	07/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source:

FAQ

How many RWAY shares did OCM Growth Holdings LLC sell?

1,000,000 common shares were sold on July 1, 2025.

What was the sale price of the RWAY shares?

The shares were reported sold at $10.45 per share.

How many RWAY shares does Oaktree still own after the sale?

OCM Growth Holdings LLC retains 8,779,668 shares of RWAY.

Does Oaktree remain a 10% owner of Runway Growth Finance Corp.?

Yes. Despite the sale, the filing lists the entities as 10% Owners and directors by deputization.

When was the Form 4 insider transaction filed?

The Form 4 was signed and filed on July 3, 2025.

Were any derivative securities involved in this transaction?

No derivative security acquisitions or dispositions were reported in Table II.

AG真人官方

[Form 4] Carvana Co. Insider Trading Activity

Insights

FAQ

How many RWAY shares did OCM Growth Holdings LLC sell?

What was the sale price of the RWAY shares?

How many RWAY shares does Oaktree still own after the sale?

Does Oaktree remain a 10% owner of Runway Growth Finance Corp.?

When was the Form 4 insider transaction filed?

Were any derivative securities involved in this transaction?

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AG真人官方

Trending News

[Form 4] Carvana Co. Insider Trading Activity

Insights

Securities Analyst negative

Corporate Governance Specialist neutral

FAQ

How many RWAY shares did OCM Growth Holdings LLC sell?

What was the sale price of the RWAY shares?

How many RWAY shares does Oaktree still own after the sale?

Does Oaktree remain a 10% owner of Runway Growth Finance Corp.?

When was the Form 4 insider transaction filed?

Were any derivative securities involved in this transaction?

NYSE:CVNA

CVNA Rankings

CVNA Latest News

CVNA Latest SEC Filings

CVNA Stock Data