SPRUCE HOUSE INVESTMENT MANAGEMENT LLC Long-Term Concentrated

CIK: 0001543170 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $3,448,349 (100.0% shares, 0.0% debt)

Holdings (10)

Increased Positions (2)

DKNG DRAFTKINGS INC NEW 4.2%

Value ($000) $144,864 (+1191.1%) Shares 4,203,834 (+1301.3%) Est. Cost $33.37 Unrealized -1.5%

CPAY CORPAY INC 7.2%

Value ($000) $249,772 (+104.0%) Shares 830,000 (+95.3%) Est. Cost $304.89 Unrealized -4.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DKNG	DRAFTKINGS INC NEW	4,203,834 (+1301.3%)	$144,864 (+1191.1%)	4.2%	$33.37	-1.5%	COM CL A	26142V105
CPAY	CORPAY INC	830,000 (+95.3%)	$249,772 (+104.0%)	7.2%	$304.89	-4.8%	COM SHS	219948106

Decreased Positions (3)

CVNA CARVANA CO 27.8%

Value ($000) $960,096 (-29.5%) Shares 2,275,000 (-37.0%) Est. Cost $40.91 Unrealized +808.7%

APP APPLOVIN CORP 35.2%

Value ($000) $1,212,693 (-18.0%) Shares 1,799,729 (-12.5%) Est. Cost $54.58 Unrealized +1054.4%

CMPR CIMPRESS PLC 2.8%

Value ($000) $97,579 (-24.8%) Shares 1,465,366 (-28.8%) Est. Cost $129.96 Unrealized -47.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CVNA	CARVANA CO	2,275,000 (-37.0%)	$960,096 (-29.5%)	27.8%	$40.91	+808.7%	CL A	146869102
APP	APPLOVIN CORP	1,799,729 (-12.5%)	$1,212,693 (-18.0%)	35.2%	$54.58	+1054.4%	COM CL A	03831W108
CMPR	CIMPRESS PLC	1,465,366 (-28.8%)	$97,579 (-24.8%)	2.8%	$129.96	-47.8%	SHS EURO	G2143T103

Unchanged Positions (5)

W WAYFAIR INC 8.5%

Value ($000) $293,583 Shares 2,923,845 Est. Cost $63.55 Unrealized +51.3%

CIGI COLLIERS INTL GROUP INC 5.5%

Value ($000) $191,264 Shares 1,301,133 Est. Cost $56.27 Unrealized +166.8%

CNM CORE & MAIN INC 3.2%

Value ($000) $111,736 Shares 2,150,000 Est. Cost $49.17 Unrealized +4.3%

GXO GXO LOGISTICS INCORPORATED 5.0%

Value ($000) $171,080 Shares 3,250,000 Est. Cost $47.44 Unrealized +10.8%

QXO QXO INC 0.5%

Value ($000) $15,683 Shares 813,009 Est. Cost $13.60 Unrealized +40.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
W	WAYFAIR INC	2,923,845	$293,583	8.5%	$63.55	+51.3%	CL A	94419L101
CIGI	COLLIERS INTL GROUP INC	1,301,133	$191,264	5.5%	$56.27	+166.8%	SUB VTG SHS	194693107
CNM	CORE & MAIN INC	2,150,000	$111,736	3.2%	$49.17	+4.3%	CL A	21874C102
GXO	GXO LOGISTICS INCORPORATED	3,250,000	$171,080	5.0%	$47.44	+10.8%	COMMON STOCK	36262G101
QXO	QXO INC	813,009	$15,683	0.5%	$13.60	+40.9%	COM NEW	82846H405