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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 $3,870,807,636 across 10 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001543170-25-000013

Period
2025-09-30
Reported value
$3.87B
Holdings
10
Top 10 weight
100%
New
1
Sold out
0

Part of the filer group SPRUCE HOUSE INVESTMENT MANAGEMENT LLC

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
CPAYnew+425,000$122M

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
GXOreduced-350,000-$18.5M
CNMreduced-300,000-$16.1M
Wreduced-76,155-$6.8M

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, Q3 2025

Share positions as resolved from 13F-HR 0001543170-25-000013, largest first. % of portfolio is the value over $3,870,807,636, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
APPAPPLOVIN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,600,000 shares; 2024Q4: 3,107,024 shares; 2025Q1: 2,057,024 shares; 2025Q2: 2,057,024 shares; 2025Q3: 2,057,024 shares 2,057,024$1.48B38.18%0Timeline
CVNACARVANA COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,000,000 shares; 2024Q4: 4,921,000 shares; 2025Q1: 3,609,288 shares; 2025Q2: 3,609,288 shares; 2025Q3: 3,609,288 shares 3,609,288$1.36B35.18%0Timeline
WWAYFAIR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,637,000 shares; 2024Q4: 2,180,385 shares; 2025Q1: 2,180,385 shares; 2025Q2: 3,000,000 shares; 2025Q3: 2,923,845 shares 2,923,845$261M6.75%-76,155Timeline
CIGICOLLIERS INTL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,301,132 shares; 2024Q4: 1,301,133 shares; 2025Q1: 1,301,133 shares; 2025Q2: 1,301,133 shares; 2025Q3: 1,301,133 shares 1,301,133$203M5.26%02026-09-24, 13D/A: 3,282,012 shares, 6.6% of the class, 13D/A filed 2026-09-28 Timeline
GXOGXO LOGISTICS INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 900,000 shares; 2024Q4: 2,100,000 shares; 2025Q1: 4,253,997 shares; 2025Q2: 3,600,000 shares; 2025Q3: 3,250,000 shares 3,250,000$172M4.44%-350,000Timeline
CMPRCIMPRESS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,058,904 shares; 2024Q4: 2,058,904 shares; 2025Q1: 2,058,904 shares; 2025Q2: 2,058,904 shares; 2025Q3: 2,058,904 shares 2,058,904$130M3.35%0Timeline
CPAYCORPAY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 425,000 shares 425,000$122M3.16%newTimeline
CNMCORE & MAIN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,500,000 shares; 2024Q4: 1,500,000 shares; 2025Q1: 2,450,000 shares; 2025Q2: 2,450,000 shares; 2025Q3: 2,150,000 shares 2,150,000$116M2.99%-300,000Timeline
QXOQXO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 813,009 shares; 2025Q2: 813,009 shares; 2025Q3: 813,009 shares 813,009$15.5M0.4%0Timeline
DKNGDRAFTKINGS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 300,000 shares; 2025Q1: 300,000 shares; 2025Q2: 300,000 shares; 2025Q3: 300,000 shares 300,000$11.2M0.29%0Timeline

How Q3 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 0001543170-25-000013 base2025-11-14acceptance time not in the bulk data set