Spruce House discloses 5% Colliers (CIGI) stake and board-linked holding

Rhea-AI Filing Summary

Spruce House Investment Management and affiliates have filed a Schedule 13D reporting a more than 5% stake in Colliers International Group Inc. Subordinate Voting Shares. The Spruce House Partnership LLC holds 2,511,000 shares, representing about 5.04% of Colliers’ 49,778,127 shares outstanding as of March 26, 2026.

Manager Benjamin Stein directly beneficially owns 41,883 shares, including 24,187 shares issuable upon exercise of stock options, bringing his total beneficial interest to approximately 5.13% of the class. Most shares were acquired in open-market purchases and in a February 28, 2024 underwritten public offering at $121 per share.

The reporting group states it holds the position for investment purposes, believes Colliers’ shares are undervalued, and currently has no plans or proposals to change or influence control of the company, though it may buy or sell shares over time based on market and business conditions.

Key Figures

Spruce Partnership shares: 2,511,000 shares Spruce Partnership ownership: 5.04% Shares outstanding: 49,778,127 shares +5 more

8 metrics

Spruce Partnership shares 2,511,000 shares Beneficially owned by The Spruce House Partnership LLC

Spruce Partnership ownership 5.04% Percent of Colliers Subordinate Voting Shares outstanding

Shares outstanding 49,778,127 shares Colliers Subordinate Voting Shares outstanding as of March 26, 2026

Open-market purchases $169,217,896 Aggregate purchase price for 2,345,800 shares, including commissions

Public offering purchase $19,989,200 165,200 shares bought February 28, 2024 at $121.00 per share

Stein direct shares 41,883 shares Directly beneficially owned by Benjamin Stein, including option shares

Stein beneficial ownership 5.13% Percent of class including partnership interest and direct holdings

Deferred share units 3,688 DSUs Director compensation units payable in cash, not counted as shares

Key Terms

Subordinate Voting Shares, beneficial owner, deferred share units, Joint Filing Agreement, +2 more

6 terms

Subordinate Voting Shares financial

"This statement relates to the Subordinate Voting Shares (the "Shares") of Colliers International Group Inc."

Subordinate voting shares are a type of company stock that typically carry fewer voting rights than regular shares, meaning holders have less influence over company decisions. They are often used to raise capital while allowing founders or main shareholders to retain control. For investors, understanding the difference helps assess their level of influence in company decisions and the potential risks or benefits of holding different types of shares.

beneficial owner financial

"may be deemed the beneficial owner of the 2,511,000 Shares owned by Spruce Partnership"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

deferred share units financial

"Mr. Stein also holds 3,688 deferred share units ("DSUs") granted as director compensation."

Deferred share units are promises that give an executive or director the right to receive company shares or their cash value at a future date, often when they retire or leave the company. Think of them as a paycheck held in a savings account that converts into stock later; they matter to investors because they tie pay to long-term performance, create potential future dilution of shares, and represent a delayed cash or share obligation the company must eventually fulfill.

Joint Filing Agreement regulatory

"The Reporting Persons entered into a Joint Filing Agreement in which, among other things, the Reporting Persons agreed to the joint filing"

margin loans financial

"purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business)."

Margin loans are loans from a brokerage that let an investor borrow money using their existing stocks, bonds or cash as collateral to buy more securities. They matter because borrowing magnifies both gains and losses—like using a lever to move a heavier load—so small market moves can have outsized effects on your returns; investors also pay interest and risk a margin call, where the broker may force sales if collateral falls below required levels.

Schedule 13D regulatory

"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"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

Colliers International Group Inc.

(Name of Issuer)

Subordinate Voting Shares

(Title of Class of Securities)

(CUSIP Number)

Keith Cozza
Spruce House Investment Management LLC, 435 Hudson Street, Suite 804
New York, NY, 10014
(646) 661-1774

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/31/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

SPRUCE HOUSE INVESTMENT MANAGEMENT LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,511,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,511,000.00

11

Aggregate amount beneficially owned by each reporting person

2,511,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.04 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

SPRUCE HOUSE CAPITAL LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,511,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,511,000.00

11

Aggregate amount beneficially owned by each reporting person

2,511,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.04 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

THE SPRUCE HOUSE PARTNERSHIP LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,511,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,511,000.00

11

Aggregate amount beneficially owned by each reporting person

2,511,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.04 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

ZACHARY STERNBERG

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,511,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,511,000.00

11

Aggregate amount beneficially owned by each reporting person

2,511,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.04 %

14

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

BENJAMIN STEIN

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF, PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 41,883.00
8	Shared Voting Power 2,511,000.00
9	Sole Dispositive Power 41,883.00
10	Shared Dispositive Power 2,511,000.00

11

Aggregate amount beneficially owned by each reporting person

2,552,883.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.13 %

14

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Subordinate Voting Shares
(b)	Name of Issuer: Colliers International Group Inc.
(c)	Address of Issuer's Principal Executive Offices: 1140 Bay Street, Suite 4000, Toronto, ONTARIO, CANADA , M5S 2B4.
Item 1 Comment: This statement relates to the Subordinate Voting Shares (the "Shares") of Colliers International Group Inc., a Canadian corporation (the "Issuer").
Item 2.	Identity and Background
(a)	This statement is filed by: (i) Spruce House Investment Management LLC, a Delaware limited liability company ("Spruce Investment"); (ii) Spruce House Capital LLC, a Delaware limited liability company ("Spruce Capital"); (iii) The Spruce House Partnership LLC, a Delaware limited liability company ("Spruce Partnership"); (iv) Zachary Sternberg; and (v) Benjamin Stein. Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." Each of the Reporting Persons is party to that certain Joint Filing Agreement, as further described in Item 6. Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D.
(b)	The address of the principal office of each of the Reporting Persons is 435 Hudson Street, Suite 804, New York, New York 10014.
(c)	The principal business of Spruce Investment is serving as the investment adviser to certain funds, including The Spruce House Partnership (AI) LP, a Delaware limited partnership ("Spruce AI") and The Spruce House Partnership (QP) LP, a Delaware limited partnership ("Spruce QP"). The principal business of Spruce Capital is serving as the general partner of certain funds, including Spruce AI and Spruce QP. Spruce AI and Spruce QP are each members of Spruce Partnership. Messrs. Sternberg and Stein are the managers of each of Spruce Investment and Spruce Capital.
(d)	No Reporting Person has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	No Reporting Person has, during the last five years, been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding any violation with respect to such laws.
(f)	The citizenship or place of organization for each of the Reporting Persons is listed in Row 6 of the cover pages hereto.
Item 3.	Source and Amount of Funds or Other Consideration
	The 2,511,000 Shares beneficially owned by Spruce Partnership were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). Of such 2,511,000 Shares, 2,345,800 Shares were purchased in open market transactions for an aggregate purchase price of approximately $169,217,896, including brokerage commissions and, on February 28, 2024, 165,200 Shares were purchased in an underwritten public offering at a price of $121.00 per Share for an aggregate purchase price of $19,989,200, including brokerage commissions. Of the 41,883 Shares owned directly by Benjamin Stein, 17,696 were purchased with personal funds through the exercise of stock options that were received in connection with Mr. Stein's tenure as a member of the board of directors of the Issuer for an aggregate purchase price of approximately $1,184,863, including brokerage commissions and 24,187 Shares are issuable upon the exercise of stock options that were received in connection with Mr. Stein's tenure as a member of the board of directors of the Issuer.
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.
Item 5.	Interest in Securities of the Issuer
(a)	The aggregate percentage of Shares beneficially owned by each person named herein is based upon 49,778,127 Shares outstanding, as of March 26, 2026, which is the total number of Shares outstanding as reported in the Issuer's Form 40-F filed with the Securities and Exchange Commission on March 27, 2026. As of the date hereof, Spruce Investment, as the investment adviser of Spruce AI and Spruce QP, which are each members of Spruce Partnership, may be deemed the beneficial owner of the 2,511,000 Shares owned by Spruce Partnership, representing approximately 5.04% of the outstanding Shares. As of the date hereof, Spruce Capital, as the general partner of Spruce AI and Spruce QP, which are each members of Spruce Partnership, may be deemed the beneficial owner of the 2,511,000 Shares owned by Spruce Partnership, representing approximately 5.04% of the outstanding Shares. As of the date hereof, 2,511,000 Shares are held in the account of Spruce Partnership, representing approximately 5.04% of the outstanding Shares. As of the date hereof, Mr. Sternberg, as the manager of each of Spruce Investment and Spruce Capital, may be deemed the beneficial owner of the 2,511,000 Shares owned by Spruce Partnership, representing approximately 5.04% of the outstanding Shares. As of the date hereof, Mr. Stein directly beneficially owned 41,883 Shares, including 24,187 Shares issuable upon exercise of stock options held by Mr. Stein that are currently exercisable or will become exercisable within 60 days of the date hereof. Mr. Stein, as the manager of each of Spruce Investment and Spruce Capital, may be deemed the beneficial owner of the 2,511,000 Shares owned by Spruce Partnership, representing (together with the Shares directly beneficially owned thereby) approximately 5.13% of the outstanding Shares. In addition, Mr. Stein holds stock options to acquire an additional 9,563 Shares that are not exercisable within 60 days and are not counted as beneficially owned securities for purposes of Rule 13d-3 under the Act and are excluded from the amounts reported above. Mr. Stein also holds 3,688 deferred share units ("DSUs") granted as director compensation. These DSUs are fully vested; however, they are payable in cash following cessation of his service on the Issuer's board of directors and do not entitle the holder to acquire Shares within 60 days. Accordingly, the DSUs are not counted as beneficially owned securities for purposes of Rule 13d-3 under the Act and are excluded from the amounts reported above. The Reporting Persons may be deemed to constitute a "person" or "group" within the meaning of Section 13(d)(3) of the Act. Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its or his pecuniary interest therein, and the filing of this statement shall not be construed as an admission of such beneficial ownership or that the Reporting Persons constitute a person or group.
(b)	See rows (7) through (10) of the cover pages to this statement for the number of Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and the sole or shared power to dispose or to direct the disposition.
(c)	Except as set forth on Schedule I hereto, none of the Reporting Persons has effected any transaction with respect to the Shares during the past sixty (60) days. The prices set forth in the table include commissions.
(d)	No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares beneficially owned by the Reporting Persons.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	The information disclosed under Item 3 above is incorporated herein by reference. On April 6, 2026, the Reporting Persons entered into a Joint Filing Agreement in which, among other things, the Reporting Persons agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer. The Joint Filing Agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 7.	Material to be Filed as Exhibits.
	Schedule I annexed hereto lists all transactions in securities of the Issuer by the Reporting Persons during the past sixty days. Exhibit 99.1: Joint Filing Agreement by and among Spruce House Investment Management LLC, Spruce House Capital LLC, The Spruce House Partnership LLC, Zachary Sternberg, and Benjamin Stein, dated April 6, 2026.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

SPRUCE HOUSE INVESTMENT MANAGEMENT LLC

Signature:	/s/ Zachary Sternberg
Name/Title:	Zachary Sternberg/Managing Member
Date:	04/06/2026

SPRUCE HOUSE CAPITAL LLC

Signature:	/s/ Zachary Sternberg
Name/Title:	Zachary Sternberg/Managing Member
Date:	04/06/2026

THE SPRUCE HOUSE PARTNERSHIP LLC

Signature:	/s/ Zachary Sternberg
Name/Title:	Zachary Sternberg/Managing Member
Date:	04/06/2026

ZACHARY STERNBERG

Signature:	/s/ Zachary Sternberg
Name/Title:	Zachary Sternberg
Date:	04/06/2026

BENJAMIN STEIN

Signature:	/s/ Benjamin Stein
Name/Title:	Benjamin Stein
Date:	04/06/2026

FAQ

What stake in Colliers (CIGI) does Spruce House report in this Schedule 13D?

Spruce House reports beneficial ownership of 2,511,000 Colliers Subordinate Voting Shares, or about 5.04% of the class. This stake is held through The Spruce House Partnership LLC and crosses the five percent disclosure threshold under U.S. securities rules.

How much of Colliers’ stock does Benjamin Stein beneficially own?

Benjamin Stein beneficially owns 41,883 Colliers shares directly, including 24,187 issuable upon stock option exercise, and may be deemed to share ownership of 2,511,000 partnership shares. Together, this represents about 5.13% of Colliers’ Subordinate Voting Shares outstanding.

How were Spruce House’s Colliers (CIGI) shares acquired and at what cost?

Spruce House’s 2,511,000 shares were bought with working capital, mainly via open-market purchases totaling about $169,217,896 including commissions. An additional 165,200 shares were acquired in a February 28, 2024 underwritten public offering at $121.00 per share for $19,989,200.

Why did Spruce House file a Schedule 13D for Colliers International Group?

The filing was triggered because, as of March 31, 2026, Spruce House and related parties beneficially owned more than five percent of Colliers’ shares and Benjamin Stein serves on its board. Crossing this threshold requires public disclosure of holdings and intentions.

What is Spruce House’s stated intent regarding its Colliers (CIGI) investment?

Spruce House states it holds Colliers shares for investment purposes and believes they are undervalued. It currently has no plans to change or influence control of the company but may buy or sell shares in the future depending on market, company, and portfolio considerations.

How many Colliers shares were outstanding when Spruce House calculated its ownership?

Spruce House based its ownership percentages on 49,778,127 Colliers Subordinate Voting Shares outstanding as of March 26, 2026. This figure comes from Colliers’ Form 40-F and serves as the denominator for the reported 5.04% and 5.13% beneficial ownership stakes.