# Spruce House Investment Management LLC

> Spruce House Investment Management LLC is an SEC-registered investment advisory firm in New York, NY, registered since 2014, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 163427
- Filed as: SPRUCE HOUSE INVESTMENT MANAGEMENT LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/163427
- AdvisorCensus page: https://advisorcensus.com/firm/spruce-house-investment-management-llc-new-york-ny-163427

## Quick answers

**How is Spruce House Investment Management LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Spruce House Investment Management LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**How much does Spruce House Investment Management LLC charge?**
Its Form ADV Part 2A brochure dated March 31, 2026 states: Asset-based fee: 1% of assets a year. Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Spruce House Investment Management LLC located?**
Spruce House Investment Management LLC's principal office is in New York, NY, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Spruce House Investment Management LLC registered with the SEC or a state?**
Spruce House Investment Management LLC is an SEC-registered investment advisory firm, registered since 2014. Status as filed: Approved. CRD 163427.

**How much does Spruce House Investment Management LLC manage?**
Spruce House Investment Management LLC reports $5,235,479,309 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Spruce House Investment Management LLC's assets and staff changed since 2021?**
In the Form ADV data for Spruce House Investment Management LLC: Regulatory assets under management: $4,087,748,116 in the October 2021 data and $5,235,479,309 in the October 2026 data, up 28%. Total employees: 9 in October 2021 and 9 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Spruce House Investment Management LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (3).

**Does Spruce House Investment Management LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/163427

**What changed in Spruce House Investment Management LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 5 to 4. Regulatory assets under management went from $3,552,879,746 to $5,235,479,309 (+47%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Asset-based fee: 1% of assets a year

> The Management Fee is generally payable quarterly in arrears and is at an annual rate of 1.0 % of the value of each investor’s account as of the first day of the applicable quarter.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $5,235,479,309
- Discretionary: $5,235,479,309
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 3 | $5,235,479,309 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2014 (12 years)
- Employees: 9 total, 4 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CO
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Aspen, CO

### Websites listed on Form ADV (Item 1.I)
- [sprucehousecapital.com](https://sprucehousecapital.com)

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $4,087,748,116 | 9 | March 31, 2021 |
| October 2022 | $4,686,597,375 | 9 | March 31, 2022 |
| October 2023 | $1,318,097,419 | 10 | March 31, 2023 |
| October 2024 | $2,277,183,030 | 9 | March 29, 2024 |
| October 2025 | $3,552,879,746 | 10 | March 31, 2025 |
| October 2026 | $5,235,479,309 | 9 | March 31, 2026 |

Regulatory assets under management: $4,087,748,116 in the October 2021 data and $5,235,479,309 in the October 2026 data, up 28%.
Total employees: 9 in October 2021 and 9 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 5 to 4.
- Regulatory assets under management went from $3,552,879,746 to $5,235,479,309 (+47%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Spruce House Investment Management LLC (CRD 163427): Form ADV filing data as of October 2026.