Compass (COMP) Company Report

Compass, Inc. executed a Revolving Credit and Guaranty Agreement dated November 17, 2025, with Morgan Stanley Senior Funding, Inc. as the Administrative Agent and Collateral Agent, and other lenders.
This agreement is associated with the Aspen Acquisition, which involves Compass, Inc.'s acquisition of Aspen and its subsidiaries, and many financial covenants and debt limits are modified on and after the Aspen Acquisition Effective Date.
Prior to the Aspen Acquisition Effective Date, Compass, Inc. is required to maintain minimum liquidity of $150,000,000 and consolidated total revenue of at least $4,000,000,000 for the trailing four fiscal quarters.
The maximum Total Net Leverage Ratio covenant will increase from 3.00:1.00 before the Aspen Acquisition Effective Date to 5.00:1.00 on or prior to September 30, 2027, then decrease to 4.50:1.00 by December 31, 2027, and 4.25:1.00 by December 31, 2028.
Post-Aspen Acquisition, the company's debt capacity expands, allowing for up to $750,000,000 under a Bridge Credit Agreement/Replacement Facility and up to $1,140,000,000 for Aspen Second Lien Notes.

Nov 17, 2025, 10:15 PM

8-K

Compass Therapeutics Reports Q3 2025 Financial Results and Provides Corporate Update

COMP

Earnings

Guidance Update

New Projects/Investments

Compass Therapeutics reported a net loss of $14.3 million or $0.08 per share for the third quarter ended September 30, 2025.
As of September 30, 2025, the company held $220 million in cash and marketable securities, which is expected to provide a cash runway into 2028.
Key pipeline updates include expected overall survival and progression-free survival analyses for tovecimig in late Q1 2026 , planned cohort expansions for CTX-8371 in Q4 2025 , and an IND filing for CTX-10726 in Q4 2025.

Nov 5, 2025, 12:30 PM

Press Release

LTC Properties Reports Q3 2025 Results and Raises Guidance

COMP

Earnings

Guidance Update

New Projects/Investments

LTC Properties reported its 2025 third quarter results and increased its full-year 2025 guidance for the third time, driven by acquisitions and SHOP outperformance.
The company's SHOP portfolio grew to nearly $450 million by September 30, 2025, representing approximately 20% of its total investment portfolio with an average occupancy of 87%.
LTC expects to close an additional $70 million in SHOP acquisitions by year-end 2025 and $110 million in January 2026.
For the third quarter ended September 30, 2025, Diluted Core FFO per share was $0.69 and Diluted Core FAD per share was $0.72. The updated full-year 2025 guidance for Diluted Core FFO is $2.69 to $2.71 per share and for Diluted Core FAD is $2.82 to $2.84 per share.

Nov 4, 2025, 9:17 PM

Press Release

Compass Reports Record Q3 2025 Results and Provides Q4 and FY 2025 Guidance

COMP

Earnings

Guidance Update

Revenue Acceleration/Inflection

Compass achieved record Q3 2025 results, with revenue of $1,846.0 million, representing a 24% year-over-year increase.
Profitability significantly improved in Q3 2025, with Adjusted EBITDA reaching $93.6 million (up $41.6 million year-over-year) and an Adjusted EBITDA margin of 5.1% (an increase of 159 basis points).
The company reported strong cash flow generation, with Free Cash Flow of $73.6 million (up $40.8 million year-over-year) and Operating Cash Flow growing by 102% to $75.5 million in Q3 2025.
For Q4 2025, Compass provided guidance for revenue between $1.590 billion and $1.690 billion and Adjusted EBITDA between $35 million and $49 million. Additionally, the full-year 2025 guidance for Non-GAAP Operating Expenses was reduced to $1.000 billion to $1.005 billion, and the company anticipates positive Free Cash Flow for FY 2025.

Nov 4, 2025, 1:30 PM

Presentation

Compass Inc. Reports Record Q3 2025 Results and Increases Anywhere Merger Synergy Target

COMP

Earnings

Guidance Update

M&A

Compass Inc. reported record third-quarter results for Q3 2025, with revenue of $1.85 billion, an increase of 23.6% year-over-year, and adjusted EBITDA of $93.6 million, an 80% increase from the prior year. The company also generated $73.6 million in free cash flow.
For Q4 2025, Compass expects revenue between $1.59 billion and $1.69 billion and adjusted EBITDA between $35 million and $49 million. The full-year 2025 OPEX guidance was further reduced to $1 billion - $1.005 billion.
Regarding the pending merger with Anywhere Real Estate, Compass increased its commitment for net cost synergies to more than $300 million, with $150 million expected to be realized in the first year post-close. The merger is anticipated to close in the second half of 2026.
The company achieved a record 851 gross principal agents added organically in Q3 2025 and maintained a 97.3% principal agent retention rate. Compass also reported a 5.6% market share in Q3, an increase of 83 basis points year-over-year.
Compass completed alpha testing for Compass AI 2.0 with real estate professionals, with a full launch expected before the next earnings call, aiming to enhance agent productivity and drive efficiency.

Nov 4, 2025, 1:30 PM

Transcript

Compass, Inc. Reports Record Third Quarter 2025 Results

COMP

Earnings

Guidance Update

Revenue Acceleration/Inflection

Compass, Inc. reported record third quarter 2025 results, with revenue growing 23.6% year-over-year to $1.85 billion and Adjusted EBITDA increasing 80% year-over-year to $93.6 million.
The company generated $73.6 million in Free Cash Flow, marking its seventh consecutive quarter of positive Free Cash Flow, and concluded Q3 2025 with $170.3 million in cash and cash equivalents.
Operationally, Compass added a record 851 principal agents organically in Q3 2025, contributing to a total of 21,550 principal agents (up 22.8% year-over-year), while total transactions grew 21.5% year-over-year and total quarterly market share increased by 83 basis points to 5.63%.
For Q4 2025, the company provided guidance for revenue between $1.590 billion and $1.690 billion and Adjusted EBITDA between $35 million and $49 million.

Nov 4, 2025, 12:01 PM

8-K

Compass, Inc. Reports Record Third Quarter 2025 Results

COMP

Earnings

Guidance Update

Revenue Acceleration/Inflection

Compass, Inc. reported record Q3 2025 results, with revenue growing 23.6% year-over-year to $1.85 billion, meeting the high-end of its guidance range.
The company achieved Adjusted EBITDA of $93.6 million in Q3 2025, an 80% increase from Q3 2024, and generated $73.6 million in Free Cash Flow, marking its seventh consecutive quarter of positive Free Cash Flow.
Operationally, Compass added a record 851 gross principal agents organically in Q3 2025, and total transactions increased by 21.5% year-over-year to 67,886.
For Q4 2025, Compass provided guidance of revenue between $1.590 billion and $1.690 billion and Adjusted EBITDA between $35 million and $49 million.

Nov 4, 2025, 12:00 PM

Press Release

Compass Pathways Announces Q3 2025 Results and Accelerated Commercial Launch Plans

COMP

Earnings

Guidance Update

New Projects/Investments

Compass Pathways reported a net loss of $137.7 million for the third quarter ended September 30, 2025, and held a cash position of $185.9 million as of the same date.
The company is accelerating commercialization readiness plans by 9-12 months for COMP360 in Treatment Resistant Depression (TRD), following the completion of COMP006 trial enrollment and positive discussions with the FDA on NDA submission strategies.
Disclosure of 9-week data (Part A) from COMP006 and 26-week data (Part B) from COMP005 is expected in Q1 2026, with 26-week (Part B) COMP006 data anticipated in early Q3 2026.
Full year 2025 net cash used in operating activities is projected to be between $120 million and $145 million, and the current cash position is expected to fund operating expenses and capital expenditure requirements into 2027.

Nov 4, 2025, 11:30 AM

Press Release

Compass Announces Definitive Merger Agreement with Anywhere Real Estate

COMP

M&A

Debt Issuance

Revenue Acceleration/Inflection

Compass has entered into a definitive merger agreement to combine with Anywhere Real Estate, a transaction valued at $4.2 billion. This includes an equity component of $1.6 billion (issuing approximately 175 million Compass shares) and the assumption of $2.6 billion in net debt.
The combination is expected to create a premier residential real estate platform with approximately 340,000 agents globally , significantly expanding Compass's owned brokerage operations and diversifying revenue into franchise and ancillary services, including Anywhere's $4.7 billion in 2024 revenue from owned brokerage operations.
The company anticipates achieving $225 million in net cost synergies within three years of closing and aims to reduce the combined company's leverage ratio to approximately 1.5 times by year-end 2028.
The transaction is expected to close in 2026, subject to shareholder and regulatory approvals.

Sep 22, 2025, 12:00 PM

Transcript

Compass to Combine with Anywhere Real Estate

COMP

M&A

Guidance Update

Compass, Inc. announced its plan to combine with Anywhere Real Estate Inc. in an all-stock transaction valued at $4.2 billion, which will result in 78% pro-forma ownership for Compass shareholders and 22% for Anywhere shareholders.
The transaction is expected to generate over $225 million in net cost synergies within 3 years of closing, contributing to a goal of reaching ~1.5x net leverage by year-end 2028.
The combined company is projected to have a full-year 2025 Adjusted EBITDA outlook of ~$590 million and will diversify Compass with over $1 billion in additional revenue from franchise, title & escrow, and relocation services.
The transaction is anticipated to close in 2H 2026, subject to shareholder and regulatory approvals.

Sep 22, 2025, 12:00 PM

Presentation

Earnings Transcripts

Quarterly earnings call transcripts for Compass.

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