ADW Capital argues that internalizing the firm’s external manager and carry vehicle remains the most viable path forward. According to the activist fund, this structural overhaul could generate between $50 and $60 in value per share. The letter explicitly accuses Compass board members of harboring conflicts of interest, alleging these ties have caused leadership to bypass strategies aimed at returning capital to investors.

While the stock has climbed to $10.43, marking a gain of more than 100% since the beginning of the year, ADW maintains that the current market performance masks deeper inefficiencies. The firm’s public pressure campaign seeks to force the board to address these governance concerns directly rather than continuing the status quo.