Spruce House Investment Management LLC Discloses 5.04% Stake in Colliers International Group Inc. (CIGI)

Spruce House Investment Management LLC, along with affiliated entities and individuals Zachary Sternberg and Benjamin Stein, filed a Schedule 13D on April 6, 2026, reporting a 5.04% stake in Colliers International Group Inc. (CIGI). The reporting group beneficially owns 2,511,000 Subordinate Voting Shares, which were primarily acquired through open-market purchases and an underwritten public offering. Benjamin Stein, a manager of the filing entities, also serves on the Issuer's board of directors and personally holds additional shares and options, bringing his individual beneficial ownership to 5.13%. The group's increase in ownership above the 5% threshold was driven by significant open-market activity between February and March 2026, with prices ranging from approximately $99.33 to $119.08 per share. The Reporting Persons stated the shares are held for investment purposes, citing a belief that the stock is undervalued. They expressed support for current management and indicated they have no present plans for a change in control or significant corporate restructuring.