Director Joshua G. Welch filed a Form 4 with the SEC on November 3, 2026, disclosing a series of in-kind liquidation distributions of America's Car-Mart, Inc. common stock from Vicuna Capital I, LP dated October 31, 2026.

Key Highlights

  • Reporting person: Joshua G. Welch, listed as a Director of Americas CarMart Inc (NASDAQ:CRMT).
  • Transaction date: All three transactions occurred on October 31, 2026, each at a price of $0.00.
  • Partnership liquidation: 149,305 shares were distributed from Vicuna Capital I, LP to the Partnership's limited partners in a pro-rata in-kind liquidation, reducing that indirect holding to 0 shares.
  • General Partner allocation: Vicuna Partners LLC, the general partner of the Partnership, acquired 52,862 shares via the same liquidation, bringing its indirect holding to 52,862 shares.
  • IRA allocation: Welch's self-directed Individual Retirement Account acquired 6,320 shares from the liquidation, resulting in a direct beneficial ownership of 18,121 shares.
  • No consideration exchanged: All distributions were made without consideration, in accordance with the Partnership's Limited Partnership Agreement.
  • Section 16 exemption: The filing states that the General Partner's and the IRA's acquisitions represent changes in form of beneficial ownership exempt from Section 16 pursuant to Rule 16a-13.

Vicuna Capital I LP Wind-Down Redistributes America's Car-Mart Shares Among Welch Vehicles

According to the filing, the transactions reported reflect a pro-rata in-kind liquidation of Vicuna Capital I, LP, a partnership in which Joshua G. Welch serves as managing member of the general partner, Vicuna Partners LLC. The liquidation resulted in three separate distributions of America's Car-Mart common stock, each carried out on October 31, 2026, at $0.00 per share, with no cash changing hands.

The largest distribution, 149,305 shares, was disposed of by Vicuna Capital I, LP and distributed to the Partnership's limited partners, reducing the Partnership's reported indirect beneficial ownership to zero. Separately, 52,862 shares were distributed to Vicuna Partners LLC as the general partner, with Welch noted as disclaiming beneficial ownership of those securities "except to the extent of his pecuniary interest therein," according to the filing. A third distribution of 6,320 shares went to Welch's self-directed Individual Retirement Account, bringing the directly held total reported for that account to 18,121 shares.

The filing notes that both the General Partner's acquisition and the IRA's acquisition "represent a change in form of beneficial ownership exempt from Section 16 pursuant to Rule 16a-13 thereunder." The Form 4 was signed by Courtney C. Crouch, III, pursuant to a Power of Attorney, and filed on November 3, 2026.

What Was Disclosed

Director Joshua G. Welch disclosed the in-kind liquidation of Vicuna Capital I, LP, redistributing a combined 208,487 shares of America's Car-Mart common stock across the Partnership's limited partners, its general partner Vicuna Partners LLC, and Welch's personal IRA, all at no monetary consideration.