Gotham City Research LLC

We have on-the-record evidence of Carvana stating that Bridgecrest, not itself, is the lienholder, on cars that Carvana sold. We have identified 34 new vehicles/VINs that Carvana sold, and where Bridgecrest is the ultimate lienholder. Detailed lienholder history records reveal that Bridgecrest, not CVNA, is the most recent lienholder, of the original 34 vehicles/VINs discussed in our previous report. CVNA sells cars without title, and issues temporary plates to customers from

GOTHAM CITY RESEARCH’S OPINIONS CVNA 2023-2024 earnings are overstated by $1 billion+, and far more dependent on related parties than disclosed. DriveTime’s leverage fuels CVNA Adj EBITDA. Without DriveTime credit, CVNA earnings collapse, and CVNA Adjusted EBITDA doesn’t cover its interest expense. CVNA 2025 10K will be delayed, 2023/2024 10Ks restated, BLAST ABS restated, & Grant Thornton will resign as auditor. CVNA and DriveTime creditors’ ability and willingness to fund t

GOTHAM CITY RESEARCH’S OPINIONS IRM manipulates adjusted leverage & EBITDA to artificially reduce reported leverage to 5x when we calculate it as 9x. IRM is under scrutiny from government agencies and facing lawsuits over its suspect accounting and exploitative business practices. We expect these to intensify. Should our estimate of IRM’s true leverage and cash flow be correct, IRM will face higher financing costs and/or a dividend cut. we believe shares are uninvestible. We