During the quarter, the Third Avenue Small-Cap Value Fund initiated a position in Compass, Inc.
Compass, Inc. has been pressured by a combination of higher mortgage rates and affordability challenges, weighing on transaction volumes and commission revenue across the industry.
Compass, Inc.'s recent transformational merger with Anywhere Real Estate creates the largest residential real estate platform globally and expands the company's agent and brand footprint.
As transaction volumes eventually normalize, Compass, Inc. expects to achieve significant profitability given the inherent operating leverage of the company's business model.
