# EDGAR Filing Document

**Accession Number:** 0001543170
**File Stem:** 0001493152-26-015315
**Filing Date:** 2026-4
**Character Count:** 22581
**Document Hash:** d6eee27702483acd67d33658cc7c8a0d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-015315.hdr.sgml**: 20260406

**ACCESSION NUMBER**: 0001493152-26-015315

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260406

**DATE AS OF CHANGE**: 20260406

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Colliers International Group Inc.
- **CENTRAL INDEX KEY:** 0000913353
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-43581
- **FILM NUMBER:** 26841584

**BUSINESS ADDRESS:**
- **STREET 1:** 1140 BAY STREET
- **STREET 2:** SUITE 4000
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5S 2B4
- **BUSINESS PHONE:** (416) 960-9500

**MAIL ADDRESS:**
- **STREET 1:** 1140 BAY STREET
- **STREET 2:** SUITE 4000
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5S 2B4

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRSTSERVICE CORP
- **DATE OF NAME CHANGE:** 19931013
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPRUCE HOUSE INVESTMENT MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0001543170

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** 435 HUDSON STREET
- **STREET 2:** 8TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10014
- **BUSINESS PHONE:** 646-442-6727

**MAIL ADDRESS:**
- **STREET 1:** 435 HUDSON STREET
- **STREET 2:** 8TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10014

## Ex-1

Schedule I

**<u>Transactions in Securities of the Issuer During the Past Sixty Days</u>**

**<u>The Spruce House Partnership LLC</u>**

---

| | | | |
|:---|:---|:---|:---|
| **Transaction Date** | **Amount of<br> Securities** | **Price Per Share <br> ($)** | **Transaction Type** |
| 2/25/2026 | 25000 | $116.44 | Open Market Purchase |
| 2/27/2026 | 174828 | $119.08 | Open Market Purchase |
| 3/2/2026 | 69039 | $115.42 | Open Market Purchase |
| 3/3/2026 | 92553 | $114.27 | Open Market Purchase |
| 3/11/2026 | 194200 | $107.91 | Open Market Purchase |
| 3/12/2026 | 145000 | $109.41 | Open Market Purchase |
| 3/12/2026 | 148247 | $106.82 | Open Market Purchase |
| 3/27/2026 | 100000 | $99.33 | Open Market Purchase |
| 3/30/2026 | 169421 | $102.67 | Open Market Purchase |
| 3/31/2026 | 91579 | $104.98 | Open Market Purchase |

---

## Exhibit 99.1

**Exhibit 99.1**

**<u>JOINT FILING AGREEMENT</u>**

In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13D (including additional amendments thereto) with respect to the Subordinate Voting Shares of Colliers International Group Inc., a Canadian corporation. This Joint Filing Agreement shall be filed as an Exhibit to such Statement.

Dated: April 6, 2026

---

| | |
|:---|:---|
| Spruce House Investment Management LLC | Spruce House Investment Management LLC |
| By: | */s/ Zachary Sternberg* |
| Name: | Zachary Sternberg |
| Title: | Managing Member |

---

---

| | |
|:---|:---|
| Spruce House Capital LLC | Spruce House Capital LLC |
| By: | */s/ Zachary Sternberg* |
| Name: | Zachary Sternberg |
| Title: | Managing Member |

---

---

| | |
|:---|:---|
| The Spruce House Partnership LLC | The Spruce House Partnership LLC |
| By: | */s/ Zachary Sternberg* |
| Name: | Zachary Sternberg |
| Title: | Managing Member |

---

---

| |
|:---|
| */s/ Zachary Sternberg* |
| Zachary Sternberg |

---

---

| |
|:---|
| */s/ Benjamin Stein* |
| Benjamin Stein |

---

### UNITED STATES 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**<br>Spruce House Investment Management LLC<br>435 Hudson Street, Suite 804<br>New York NY 10014<br>(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)*

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**SPRUCE HOUSE INVESTMENT MANAGEMENT LLC** | Name of reporting person<br>**SPRUCE HOUSE INVESTMENT MANAGEMENT LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2511000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2511000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2511000.00** | Aggregate amount beneficially owned by each reporting person<br>**2511000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.04%** | Percent of class represented by amount in Row (11)<br>**5.04%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**SPRUCE HOUSE CAPITAL LLC** | Name of reporting person<br>**SPRUCE HOUSE CAPITAL LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2511000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2511000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2511000.00** | Aggregate amount beneficially owned by each reporting person<br>**2511000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.04%** | Percent of class represented by amount in Row (11)<br>**5.04%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**THE SPRUCE HOUSE PARTNERSHIP LLC** | Name of reporting person<br>**THE SPRUCE HOUSE PARTNERSHIP LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2511000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2511000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2511000.00** | Aggregate amount beneficially owned by each reporting person<br>**2511000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.04%** | Percent of class represented by amount in Row (11)<br>**5.04%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**ZACHARY STERNBERG** | Name of reporting person<br>**ZACHARY STERNBERG** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2511000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2511000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2511000.00** | Aggregate amount beneficially owned by each reporting person<br>**2511000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.04%** | Percent of class represented by amount in Row (11)<br>**5.04%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**BENJAMIN STEIN** | Name of reporting person<br>**BENJAMIN STEIN** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**41883.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2511000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**41883.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2511000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2552883.00** | Aggregate amount beneficially owned by each reporting person<br>**2552883.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.13%** | Percent of class represented by amount in Row (11)<br>**5.13%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**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, A6, M5S 2B4

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

**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.

### 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.

**Reporting Person:** SPRUCE HOUSE INVESTMENT MANAGEMENT LLC

**Signature:** /s/ Zachary Sternberg

**Name/Title:** Zachary Sternberg/Managing Member

**Date:** 04/06/2026

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.

**Reporting Person:** SPRUCE HOUSE CAPITAL LLC

**Signature:** /s/ Zachary Sternberg

**Name/Title:** Zachary Sternberg/Managing Member

**Date:** 04/06/2026

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.

**Reporting Person:** THE SPRUCE HOUSE PARTNERSHIP LLC

**Signature:** /s/ Zachary Sternberg

**Name/Title:** Zachary Sternberg/Managing Member

**Date:** 04/06/2026

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.

**Reporting Person:** ZACHARY STERNBERG

**Signature:** /s/ Zachary Sternberg

**Name/Title:** Zachary Sternberg

**Date:** 04/06/2026

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.

**Reporting Person:** BENJAMIN STEIN

**Signature:** /s/ Benjamin Stein

**Name/Title:** Benjamin Stein

**Date:** 04/06/2026