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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 $3,448,349,253 across 10 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001543170-26-000004

Period
2025-12-31
Reported value
$3.45B
Holdings
10
Top 10 weight
100%
New
0
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
DKNGadded+3,903,834$135M
CPAYadded+405,000$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
CVNAreduced-1,334,288-$563M
APPreduced-257,295-$173M
CMPRreduced-593,538-$39.5M

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, Q4 2025

Share positions as resolved from 13F-HR 0001543170-26-000004, largest first. % of portfolio is the value over $3,448,349,253, 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; 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; 2025Q4: 1,799,729 shares 1,799,729$1.21B35.17%-257,295Timeline
CVNACARVANA COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,275,000 shares 2,275,000$960M27.84%-1,334,288Timeline
WWAYFAIR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,923,845 shares 2,923,845$294M8.51%0Timeline
CPAYCORPAY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 425,000 shares; 2025Q4: 830,000 shares 830,000$250M7.24%+405,000Timeline
CIGICOLLIERS INTL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,301,133 shares 1,301,133$191M5.55%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; 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; 2025Q4: 3,250,000 shares 3,250,000$171M4.96%0Timeline
DKNGDRAFTKINGS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 300,000 shares; 2025Q1: 300,000 shares; 2025Q2: 300,000 shares; 2025Q3: 300,000 shares; 2025Q4: 4,203,834 shares 4,203,834$145M4.2%+3,903,834Timeline
CNMCORE & MAIN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,150,000 shares 2,150,000$112M3.24%0Timeline
CMPRCIMPRESS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,465,366 shares 1,465,366$97.6M2.83%-593,538Timeline
QXOQXO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 813,009 shares; 2025Q2: 813,009 shares; 2025Q3: 813,009 shares; 2025Q4: 813,009 shares 813,009$15.7M0.45%0Timeline

How Q4 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 0001543170-26-000004 base2026-02-17acceptance time not in the bulk data set