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Here are 1-3 brief analogies for CoStar (CSGP):

• The Zillow for commercial real estate.
• Amazon for real estate data and online marketplaces.

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• CoStar Suite: A comprehensive subscription service offering data, analytics, and news for commercial real estate professionals.
• LoopNet: An online marketplace for commercial real estate listings, facilitating property sales and leases.
• Apartments.com: A leading online marketplace for apartment rentals, connecting renters with available properties.
• Ten-X: An online transaction platform for commercial real estate auctions, primarily for distressed and REO properties.
• STR: Provides global hotel industry data analytics, benchmarking, and market insights for stakeholders.
• Homes.com: A residential real estate online marketplace connecting homebuyers with properties and real estate professionals.

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• Amazon (Symbol: AMZN)

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Andrew C. Florance, Founder and Chief Executive Officer
Andrew C. Florance co-founded CoStar Group in 1987, starting it from his college dorm room with a mission to digitize property data. He spearheaded the digitization of the real estate industry and led CoStar Group through a successful IPO in 1998. Under his leadership, CoStar Group has grown into an S&P 500 and NASDAQ 100 company, expanding its portfolio to include brands such as LoopNet, Apartments.com, Homes.com, Matterport, and STR. Prior to founding CoStar, Mr. Florance was responsible for developing software products for Federal Filings, an SEC Form 13-D tracking service later acquired by Dow Jones.

Christian M. Lown, Chief Financial Officer
Christian M. Lown joined CoStar Group as Chief Financial Officer, effective July 1, 2024. He is responsible for the finance function, including investor relations, business development, and facilities. Before joining CoStar, Mr. Lown served as Executive Vice President and Chief Financial Officer at Freddie Mac for four years. His experience also includes roles as EVP and CFO at Navient Corporation and over a decade in leadership positions at investment bank Morgan Stanley, where he co-led the Global FinTech and North America Banks and Diversified Finance investment banking practices. He also held positions at UBS Investment Bank, Credit Suisse First Boston, Peregrine Investment Bank, and Credit Lyonnaise Global Emerging Markets.

Frank Simuro, Chief Technology Officer
Frank Simuro serves as the Chief Technology Officer (CTO) of CoStar Group. He has also been an Executive Vice President of Operations at CoStar Group Inc.

Lisa Ruggles, Senior Vice President, Global Operations
Lisa Ruggles serves as the Senior Vice President, Global Operations at CoStar Group. She also holds the title of Senior Vice President, Global Analytics, Research and News.

Fred G. Saint, President, Marketplaces
Fred G. Saint serves as the President of Marketplaces at CoStar Group. He has also been President of Loopnet at CoStar Group Inc.

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CoStar Group (CSGP) faces several key risks to its business, primarily stemming from its strategic investments and the inherent nature of the real estate industry.

1. High Investment in Residential Market and Profitability Pressures: CoStar has made substantial strategic investments in expanding its presence in the residential real estate market, particularly with Homes.com. This aggressive expansion has led to significantly increased operating costs, marketing, and sales expenses, resulting in a GAAP net loss in recent quarters despite robust revenue growth. The risk lies in whether these investments will ultimately yield the anticipated market dominance and profitability, or if expenses will continue to outpace revenue gains, impacting near-term profitability.
2. Cyclical Nature and Volatility of the Real Estate Market: CoStar's revenue is inherently tied to the activity and health of the commercial and residential real estate markets. The real estate cycle is subject to volatility, influenced by macroeconomic factors such as global economic uncertainties, inflation, and interest rate fluctuations. A significant downturn in these markets could lead to decreased customer demand for CoStar's data, analytics, and marketplace services, thereby adversely affecting its revenues and financial position.
3. Technological Disruption and Intense Competition: The real estate technology sector is dynamic and highly competitive. CoStar faces threats from technological disruption, including the emergence of AI and blockchain startups challenging traditional data platforms, which could erode its pricing power. Furthermore, competitors like Zillow and Reonomy are actively encroaching on CoStar's market niches, and new developments, such as Google's testing of ad formats that directly display real estate listings in search results, pose a long-term risk to CoStar's marketplace traffic and lead generation.

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• CompStak: This platform crowdsources commercial lease comparable data directly from brokers in exchange for access to the aggregated data. It challenges CoStar's proprietary and expensive researcher-driven data collection model by offering a potentially lower-cost or "free-if-you-contribute" alternative for a critical piece of commercial real estate data.
• Crexi: As an online commercial real estate marketplace, Crexi directly competes with CoStar's LoopNet by offering a platform for property listings, sales, and leases. It has gained significant traction by presenting a modern, user-friendly interface and often more flexible pricing models, attracting brokers and investors seeking alternatives to CoStar's dominant platform.

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CoStar Group (CSGP) operates in several large addressable markets for its main products and services:

• Global Real Estate Information and Marketplaces: The overall global addressable market for real estate information and marketplaces for CoStar Group is estimated to be over $100 billion.

• Commercial Real Estate Data and Analytics: The data-driven real estate investment market, where CoStar holds a significant presence with an 80.3% market share in commercial real estate information services, is estimated to be $12.6 billion globally and is projected to grow by 17.3% annually.

• International Expansion: CoStar Group has identified 14 new international markets with a projected market entry potential valued at $2.3 billion for potential expansion.

• Homes.com (U.S. Residential Market): While a total addressable market in dollar figures for Homes.com is not explicitly stated, the platform aims to capture a portion of the estimated $3 billion in annual marketing spend by America's homebuilders. Homes.com is focused on becoming the leading marketplace in the United States, with a goal of reaching 200 million unique visitors per month.

• LoopNet (Global Commercial Real Estate Marketplace): LoopNet is considered the leading commercial real estate digital marketplace globally. In 2024, searchers on LoopNet were involved in an estimated $380 billion in commercial real estate transactions, which represents over 90% of all deals that occurred that year. The primary geographic markets for LoopNet's real estate listing management are the United States, Canada, and the United Kingdom.

• Apartments.com: null

• CoStar Real Estate Manager: null

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CoStar Group (CSGP) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Growth and Monetization of Homes.com: Significant investment in the Homes.com platform, including a substantial increase in its dedicated sales force, is a primary driver. The company is focused on expanding its subscriber base, increasing net new bookings, and improving the monetization of this residential marketplace. Homes.com has seen strong growth in members and the successful launch of digital marketing packages like "Boost."
2. Continued Expansion and Performance of Apartments.com: Apartments.com remains a robust segment, consistently delivering double-digit revenue growth and strong net new bookings. This platform, which has surpassed $1 billion in annualized run rate revenue, continues to be a major contributor to CoStar's overall growth.
3. Expansion of Core Commercial Information and Marketplace Businesses (CoStar and LoopNet) & Sales Force Growth: CoStar's flagship commercial platforms, including CoStar and LoopNet, are experiencing reaccelerating growth. The company is strategically expanding its overall sales force across all platforms, which is a leading indicator for increasing net new bookings and deepening market penetration in its core commercial real estate data and marketplace segments.
4. Strategic Acquisitions and New Product Development: CoStar continues to engage in strategic acquisitions, such as Visual Lease (enhancing lease management solutions) and Matterport (3D digital twin technology), which contribute to revenue and expand its product offerings. Additionally, the company plans to launch new products, including a rent analytics tool and a new lease platform in 2026, and is developing products for lender and institutional clients, further broadening its market reach and service capabilities.

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Share Repurchases

• In February 2025, CoStar's Board of Directors authorized a stock repurchase program of up to $500 million, which has no time limit.
• The company repurchased 585,000 shares for $45 million in the second quarter of 2025.
• In the third quarter of 2025, CoStar completed a share buyback totaling $114.78 million for 1,401,375 shares under the program announced earlier in the year.

Share Issuance

• CoStar had approximately 419.6 million shares outstanding as of October 2025.
• The number of outstanding shares increased by 3.12% in 2025 to 0.41 billion, compared to 0.40 billion in 2024.
• Proceeds from the exercise of stock options and the employee stock purchase plan amounted to $6.6 million for the nine months ended September 30, 2025.

Outbound Investments

• CoStar completed the acquisition of Domain Group, an online property listing platform in Australia, for $1.92 billion in August 2025.
• The acquisition of Matterport, a global leader in 3D digital twin technology, was completed in February 2025, for a reported price of $1.6 billion in April 2024, aiming to accelerate AI-driven digital twin technology adoption.
• CoStar acquired Homes.com for $156 million in April 2021 and has significantly invested in growing this residential platform.

Capital Expenditures

• CoStar's capital expenditures for fiscal years 2020 to 2024 averaged $222.3 million.
• Capital expenditures peaked in December 2024 at $637.9 million, a substantial increase from $142.8 million in 2023.
• The significant capital investments are focused on digitizing real estate, improving property analytics, and advancing AI, computer vision, and machine learning technologies, particularly within its residential segment.