Marcus Lemonis group reports 34.8% Camping World (CWH) stake

Rhea-AI Filing Summary

Camping World Holdings’ major shareholder group reports a large, continued stake in the company. CWGS Holding, LLC, ML Acquisition Company, LLC and Marcus Lemonis together report beneficial ownership of 33,235,716 shares of Class A common stock, representing 34.8% of the class.

The group’s stake is based on 62,819,556 Class A shares outstanding as of October 24, 2025. CWGS Holding, LLC holds 32,584,700 common units of CWGS Enterprises, LLC that are redeemable one-for-one for Class A shares, while Marcus Lemonis directly holds 651,016 Class A shares.

ML Acquisition Company, LLC wholly owns CWGS Holding, LLC, and Marcus Lemonis is the sole director of ML Acquisition Company, LLC. As a result, ML Acquisition and Lemonis may be deemed to share voting and dispositive power over the 32,584,700 units held by CWGS Holding, in addition to Lemonis’ sole power over his directly held shares.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 9)

Camping World Holdings, Inc.

(Name of Issuer)

Class A Common Stock, par value $0.01 per share

(Title of Class of Securities)

13462K109

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 13462K109

1

Names of Reporting Persons

CWGS Holding, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 32,584,700.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 32,584,700.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

32,584,700.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

34.2 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 13462K109

1

Names of Reporting Persons

ML Acquisition Company, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 32,584,700.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 32,584,700.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

32,584,700.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

34.2 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 13462K109

1

Names of Reporting Persons

Marcus Lemonis

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 651,016.00
6	Shared Voting Power 32,584,700.00
7	Sole Dispositive Power 651,016.00
8	Shared Dispositive Power 32,584,700.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

33,235,716.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

34.8 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Camping World Holdings, Inc.
(b)	Address of issuer's principal executive offices: 2 Marriott Drive Lincolnshire, IL, 60069
Item 2.
(a)	Name of person filing: Each of the following is hereinafter individually referred to as a "Reporting Person" and collectively as the "Reporting Persons." This statement is filed on behalf of: CWGS Holding, LLC ML Acquisition Company, LLC Marcus Lemonis
(b)	Address or principal business office or, if none, residence: The address of each of the Reporting Persons is c/o Camping World Holdings, Inc., 2 Marriott Drive, Lincolnshire, IL 60069.
(c)	Citizenship: CWGS Holding, LLC and ML Acquisition Company, LLC are organized in the State of Delaware. Marcus Lemonis is a citizen of the United States.
(d)	Title of class of securities: Class A Common Stock, par value $0.01 per share
(e)	CUSIP No.: 13462K109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The ownership information presented below represents beneficial ownership of Class A Common Stock of the Issuer as of December 31, 2025, based upon 62,819,556 shares of Class A Common Stock outstanding as of October 24, 2025, based on the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on October 30, 2025. The ownership information assumes the redemption of the common units of CWGS Enterprises, LLC (the "Common LLC Units") held by the Reporting Persons for shares of Class A Common Stock of the Issuer on a one-to-one basis. CWGS Holding, LLC is the record holder of 32,584,700 Common LLC Units and Mr. Lemonis is the record holder of 651,016 shares of Class A Common Stock. Pursuant to the terms of the CWGS Enterprises, LLC amended and restated limited liability company agreement, the Common LLC Units may be redeemed by the Reporting Persons at any time for shares of Class A Common Stock on a one-for-one basis. CWGS Holding, LLC is a wholly-owned subsidiary of ML Acquisition Company, LLC. Mr. Lemonis is the sole director of ML Acquisition Company, LLC. As a result, each of ML Acquisition Company, LLC and Mr. Lemonis may be deemed to share beneficial ownership of the securities held of record by CWGS Holding, LLC.
(b)	Percent of class: CWGS Holding, LLC: 34.2% ML Acquisition Company, LLC: 34.2% Marcus Lemonis: 34.8%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: CWGS Holding, LLC: 0 ML Acquisition Company, LLC: 0 Marcus Lemonis: 651,016
	(ii) Shared power to vote or to direct the vote: CWGS Holding, LLC: 32,584,700 ML Acquisition Company, LLC: 32,584,700 Marcus Lemonis: 32,584,700
	(iii) Sole power to dispose or to direct the disposition of: CWGS Holding, LLC: 0 ML Acquisition Company, LLC: 0 Marcus Lemonis: 651,016
	(iv) Shared power to dispose or to direct the disposition of: CWGS Holding, LLC: 32,584,700 ML Acquisition Company, LLC: 32,584,700 Marcus Lemonis: 32,584,700
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

CWGS Holding, LLC

Signature:	/s/ Lindsey Christen
Name/Title:	Lindsey Christen, Attorney-in-Fact
Date:	02/13/2026

ML Acquisition Company, LLC

Signature:	/s/ Lindsey Christen
Name/Title:	Lindsey Christen, Attorney-in-Fact
Date:	02/13/2026

Marcus Lemonis

Signature:	/s/ Lindsey Christen
Name/Title:	Lindsey Christen, Attorney-in-Fact
Date:	02/13/2026

Exhibit Information

Power of Attorney (incorporated by reference to Exhibit 24 to the Schedule 13G filed by the Reporting Persons on February 12, 2025). Joint Filing Agreement (incorporated by reference to Exhibit 99 to the Schedule 13G filed by the Reporting Persons on February 10, 2017).

FAQ

How much of Camping World Holdings (CWH) does Marcus Lemonis’ group beneficially own?

The reporting group beneficially owns 33,235,716 shares of Camping World Class A common stock, representing 34.8% of the class. This includes units and shares held through CWGS Holding, LLC, ML Acquisition Company, LLC, and shares directly owned by Marcus Lemonis.

What is the direct share ownership of Marcus Lemonis in Camping World (CWH)?

Marcus Lemonis directly owns 651,016 shares of Camping World Class A common stock. He also may be deemed to share beneficial ownership of 32,584,700 additional shares through CWGS Holding, LLC and ML Acquisition Company, LLC, where he serves as sole director.

How many Camping World (CWH) shares are held through CWGS Holding, LLC?

CWGS Holding, LLC is the record holder of 32,584,700 common units of CWGS Enterprises, LLC. These common units are redeemable at any time on a one-for-one basis for shares of Camping World Class A common stock under the LLC agreement.

What percentage of Camping World (CWH) does CWGS Holding, LLC and ML Acquisition Company, LLC each report?

Both CWGS Holding, LLC and ML Acquisition Company, LLC each report beneficial ownership of 34.2% of Camping World’s Class A common stock. This percentage is based on 62,819,556 shares outstanding as of October 24, 2025, as disclosed in the company’s Form 10-Q.

How is the beneficial ownership in Camping World (CWH) calculated in this Schedule 13G/A?

The beneficial ownership is calculated using 62,819,556 Class A shares outstanding as of October 24, 2025. It assumes redemption of 32,584,700 common LLC units held by CWGS Holding, LLC into Class A shares on a one-to-one basis, plus shares directly held by Marcus Lemonis.

Why is ML Acquisition Company, LLC reported as a beneficial owner of Camping World (CWH)?

ML Acquisition Company, LLC wholly owns CWGS Holding, LLC, which holds 32,584,700 common LLC units. Because of this ownership structure, ML Acquisition may be deemed to share beneficial ownership of these securities, along with Marcus Lemonis as its sole director.