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SPRUCE HOUSE INVESTMENT MANAGEMENT LLC

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13F filer, CIK 1543170, NEW YORK, NY

SPRUCE HOUSE INVESTMENT MANAGEMENT LLC reported $1,925,699,928 across 9 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001543170-25-000003

Period
2025-03-31
Reported value
$1.93B
Holdings
9
Top 10 weight
100%
New
1
Sold out
3

Part of the filer group SPRUCE HOUSE INVESTMENT MANAGEMENT LLC

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
GXOadded+2,153,997$84.2M
CNMadded+950,000$45.9M
QXOnew+813,009$11M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
APPreduced-1,050,000-$278M
CVNAreduced-1,311,712-$274M
BEACON ROOFING SUPPLY INCexited-500,000-$50.8M
DASHexited-300,000-$50.3M
GPIexited-29,500-$12.4M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001543170-25-000003, largest first. % of portfolio is the value over $1,925,699,928, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
CVNACARVANA COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,000,000 shares; 2024Q4: 4,921,000 shares; 2025Q1: 3,609,288 shares 3,609,288$755M39.19%-1,311,712Timeline
APPAPPLOVIN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,600,000 shares; 2024Q4: 3,107,024 shares; 2025Q1: 2,057,024 shares 2,057,024$545M28.3%-1,050,000Timeline
GXOGXO LOGISTICS INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 900,000 shares; 2024Q4: 2,100,000 shares; 2025Q1: 4,253,997 shares 4,253,997$166M8.63%+2,153,997Timeline
CIGICOLLIERS INTL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,301,132 shares; 2024Q4: 1,301,133 shares; 2025Q1: 1,301,133 shares 1,301,133$157M8.18%02026-09-24, 13D/A: 3,282,012 shares, 6.6% of the class, 13D/A filed 2026-09-28 Timeline
CNMCORE & MAIN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,500,000 shares; 2024Q4: 1,500,000 shares; 2025Q1: 2,450,000 shares 2,450,000$118M6.15%+950,000Timeline
CMPRCIMPRESS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,058,904 shares; 2024Q4: 2,058,904 shares; 2025Q1: 2,058,904 shares 2,058,904$93.1M4.84%0Timeline
WWAYFAIR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,637,000 shares; 2024Q4: 2,180,385 shares; 2025Q1: 2,180,385 shares 2,180,385$69.8M3.63%0Timeline
QXOQXO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 813,009 shares 813,009$11M0.57%newTimeline
DKNGDRAFTKINGS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 300,000 shares; 2025Q1: 300,000 shares 300,000$9.96M0.52%0Timeline

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
BEACON ROOFING SUPPLY INCBEACON ROOFING SUPPLY INC500,000$50.8Mshares
DASHDOORDASH INC300,000$50.3Mshares
GPIGROUP 1 AUTOMOTIVE INC29,500$12.4Mshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001543170-25-000003 base2025-05-15acceptance time not in the bulk data set