CoStar (CSGP) shareholder D.E. Shaw on Tuesday criticized the board of the commercial real estate data provider, saying recent changes in the company's reporting segments "reduce transparency into the financial results."

The new reporting approach "effectively buries the poor financial results of Homes.com within a new, amalgamated 'Residential' segment that incorporates the larger and more profitable Apartments.com business," Shaw said in an open letter to the board.

Additionally, CoStar has also stopped disclosing net new bookings for Homes.com, a key operating metric used by investors to track the progress of the business, the investment management firm said.

"We view the recent segment reorganization as the board's latest attempt to shield Homes.com from scrutiny rather than subject it to rigorous oversight," D.E. Shaw said.

CoStar did not immediately respond to MT Newswires' request for comment.

CoStar shares were 2% lower in Tuesday trading.