Spruce House Investment Management’s Applovin APP Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2026 Q1	$712M	Sell	1,790,000 -9,729	-0.5%	-$4.7M	25.44%	2
2025 Q4	$1.21B	Sell	1,799,729 -257,295	-13%	-$162M	35.17%	1
2025 Q3	$1.48B	Hold	2,057,024	–	–	38.18%	1
2025 Q2	$720M	Hold	2,057,024	–	–	26.57%	2
2025 Q1	$545M	Sell	2,057,024 -1,050,000	-34%	-$362M	28.3%	2
2024 Q4	$1.01B	Sell	3,107,024 -492,976	-14%	-$125M	36.98%	1
2024 Q3	$470M	Hold	3,600,000	–	–	23.04%	2
2024 Q2	$300M	Sell	3,600,000 -1,400,000	-28%	-$109M	19.73%	2
2024 Q1	$346M	Hold	5,000,000	–	–	24.89%	2
2023 Q4	$199M	Hold	5,000,000	–	–	15.66%	3
2023 Q3	$200M	Hold	5,000,000	–	–	17.76%	3
2023 Q2	$129M	Hold	5,000,000	–	–	14.7%	4
2023 Q1	$78.8M	Hold	5,000,000	–	–	15.41%	5
2022 Q4	$52.6M	Buy	5,000,000 +1,259,199	+34%	+$18.5M	13.96%	4
2022 Q3	$72.9M	Hold	3,740,801	–	–	13.14%	4
2022 Q2	$129M	Sell	3,740,801 -1,900,846	-34%	-$76.4M	18.6%	3
2022 Q1	$311M	Buy	5,641,647 +641,647	+13%	+$40.8M	17.97%	3
2021 Q4	$471M	Hold	5,000,000	–	–	14.78%	3
2021 Q3	$362M	Buy	5,000,000 +2,200,000	+79%	+$150M	9.37%	3
2021 Q2	$210M	Buy	+2,800,000	New	+$193M	5.01%	5