13D·WATCH Activist + Insider Intelligence Live feed Blog About Pilot
SCHEDULE 13D Filed 2026-04-06 Event 2026-03-31 SEC 0001493152-26-015315 →

SPRUCE HOUSE INVESTMENT MANAGEMENT LLC Colliers International Group Inc. CIGI

Stake: 5.13% Shares: 2,511,000 CUSIP: 194693107 Class: Subordinate Voting Shares

Item 4 — Purpose of Transaction

The Reporting Persons are filing this statement solely because as of March 31, 2026, the Reporting Persons' beneficial ownership of the Issuer's Shares exceeded five percent of the outstanding Shares and Mr. Stein is on the Issuer's board of directors. The increase in ownership above the five percent threshold resulted from open-market purchases and is not in connection with any plan or proposal intended to change or influence the control of the Issuer. The Reporting Persons hold the Shares they beneficially own for investment purposes and believe that the Shares are undervalued and represent an attractive investment opportunity. The Reporting Persons last reported their beneficial ownership of the Issuer's securities in a statement on Schedule 13D filed with the Securities and Exchange Commission on February 28, 2022. Mr. Stein has continually served as a director of the Issuer since September 14, 2017 and the Reporting Persons are supportive of the efforts of the senior management of the Issuer, which have generated, and in the Reporting Persons' views, will continue to generate, significant shareholder value. The Reporting Persons do not have any present plans or proposals that relate to or would result in any of the matters described in subparagraphs (a) through (j) of Item 4 of Schedule 13D. Any discussions the Reporting Persons may have with members of the Issuer's management or board of directors will be in the ordinary course of Mr. Stein's service as a director and not for the purpose of changing or influencing control of the Issuer. Subject to applicable legal requirements, and depending on various factors including, without limitation, the Issuer's financial position and strategic direction, general economic and industry conditions, securities market conditions, the market price of the Shares, the Reporting Persons' investment objectives, liquidity needs and tax considerations, the Reporting Persons may from time to time acquire additional Shares or dispose of some or all of the Shares beneficially owned by them in open market transactions, privately negotiated transactions or otherwise. The Reporting Persons reserve the right to change their intentions with respect to any and all matters referred to in this Item 4.

Cross-References

Insider Activity (last 365d)
0 transactions
0 buys · 0 sales · 0 awards/exercises
Issuer Cluster
1 13D/G filings on this issuer
0 other filings besides this one
Filer Track Record
1 filings by this filer
0 other filings in the data moat
Short Interest · settle 2026-03-31
DTC 1.70
700,258 shares short · -3.8% vs prior

Institutional Consensus · 2025-12-31

Held by elite portfolio managers
1 holder · $1.15M
Point72 Asset Mgmt

Want this depth on every filing the moment it hits SEC EDGAR?

Full feed access · API · daily intelligence brief · custom alerts. $1,500/mo. Pilots welcome.

Request a pilot →