Company: HOUS
Filing Date: 2025-12-29
Form Type: 425
Source: 0001193125-25-335437
Chunk: 4

Company: Anywhere Real Estate Inc.
Filing Date: 2025-12-29
Form: 425
Chunk 4
---
 the terminal year of approximately $600 million(which analysis implied perpetuity growth rates ranging from 2.3% to 4.7%), as reflected in the Forecasts. The third paragraph on Page 71 under “Illustrative Discounted Cash Flow Analysis: Anywhere Stand-Alone” is hereby amended and supplemented as follows: Goldman Sachs then subtracted the net debt of approximately $2,549 million, and non-controllinginterest of Anywhere of approximately $4 million, each as provided by and approved for Goldman Sachs’ use by the management of Anywhere, to derive a range of illustrative equity values for Anywhere. Goldman Sachs then divided the range of illustrative equity values it derived by the number of fully diluted outstanding shares of Anywhere of approximately 121 million to approximately 122 million, as provided by and approved for Goldman Sachs’ use by the management of Anywhere, using the treasury stock method, to derive a range of illustrative present values per share ranging from $11.31 to $17.55. The second paragraph on Page 71 under “Illustrative Discounted Cash Flow Analysis: Compass Pro Forma for the Merger” is hereby amended and supplemented as follows: Using the mid-yearconvention for discounting cash flows and discount rates ranging from 11.0% to 12.0%, reflecting estimates of the weighted average cost of capital of Compass pro forma for the merger, Goldman Sachs discounted to present value as of June 30, 2025 (i) estimates of unlevered free cash flow for Compass pro forma for the merger for the last half of calendar year 2025 and calendar years 2026 through 2027, as reflected in the Forecasts, including the Synergies, and the NOL Forecasts and (ii) a range of illustrative terminal values for Compass pro forma for the merger, which were calculated by applying terminal year EV/NTM EBITDA multiples ranging from 9.0x to 11.0x to an estimate of the EBITDA to be generated by Compass pro forma for the merger in the terminal year of approximately $1,575 million(which analysis implied perpetuity growth rates ranging from 3.3% to 5.6%), as reflected in the Forecasts, including the Synergies. The third paragraph on Page 72 under “Illustrative Discounted Cash Flow Analysis: Compass Pro Forma for the Merger” is hereby amended and supplemented as follows: Goldman Sachs then subtracted the net debt and non