Compass is a residential real estate brokerage that facilitates home sales through a network of independent contractor agents. Following its January 2026 acquisition of Anywhere Real Estate, Compass operates a portfolio of well-known brands — including Coldwell Banker, Sotheby's International Realty, Century 21, Corcoran, ERA, Better Homes and Gardens Real Estate, and @properties — across both owned-and-operated brokerages and a franchise network spanning roughly 120 countries, with over 340,000 real estate professionals combined. Compass earns revenue primarily by taking a share of the gross commission on each home sale, with commission payouts to agents representing roughly 81-82% of revenue. The franchise segment earns royalties as a percentage of franchisee gross commissions, and carries higher margins since Compass bears minimal incremental cost per franchisee transaction. Compass also offers title, escrow, and settlement services across 44 states, and holds a 49.9% interest in a mortgage joint venture with Guaranteed Rate. Management estimates that attaching title and escrow to a brokerage transaction can nearly double per-transaction unit economics, making attach rate growth a key margin lever. Compass also provides corporate relocation services through Cartus, acquired via Anywhere. Compass's proprietary technology platform — spanning CRM, marketing, transaction management, and title/escrow — is central to its agent recruitment pitch. Compass's growth strategy centers on organic agent recruitment, tuck-in M&A targeting fragmented regional brokerages, growing attach rates in title and mortgage, and expanding its franchise network.