Short And Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2025

Total indebtedness is as follows:


	September 30, 2025		December 31, 2024
Revolving Credit Facility	$	415	$	490
9.75% Senior Secured Second Lien Notes	491		—
7.00% Senior Secured Second Lien Notes	631		630
5.75% Senior Notes	559		558
5.25% Senior Notes	444		444
0.25% Exchangeable Senior Notes	36		399
Total Short-Term & Long-Term Debt	$	2,576	$	2,521
Securitization Obligations:
Apple Ridge Funding LLC	$	180	$	140

Schedule of Debt

As of September 30, 2025, the Company’s borrowing arrangements were as follows:


	Interest Rate	Expiration Date	Principal Amount		Unamortized Premium and Debt Issuance Costs		Net Amount
Revolving Credit Facility (a)	(b)	July 2027 (c)	$	415	$ *		$	415
Senior Secured Second Lien Notes (d)	9.75%	April 2030	500		9		491
Senior Secured Second Lien Notes	7.00%	April 2030	640		9		631
Senior Notes	5.75%	January 2029	559		—		559
Senior Notes	5.25%	April 2030	449		5		444
Exchangeable Senior Notes (d)	0.25%	June 2026	36		—		36
Total Short-Term & Long-Term Debt			$	2,599	$	23	$	2,576
Securitization obligations: (e)
Apple Ridge Funding LLC		January 2026	$	180	$ *		$	180

*The debt issuance costs related to our Revolving Credit Facility and securitization obligations are classified as a deferred financing asset within other assets.

(a)As of September 30, 2025, the Company had $1,100 million of borrowing capacity under its Revolving Credit Facility. As of September 30, 2025, there were $415 million of outstanding borrowings under the Revolving Credit Facility and $30 million of outstanding undrawn letters of credit. The Merger Agreement includes customary covenants, including the following limits on outstanding borrowings under the Revolving Credit Facility: (i) $800 million from September 22, 2025 to May 31, 2026; (ii) $700 million from June 1, 2026 to December 31, 2026; (iii) $800 million from January 1, 2027 to March 31, 2027, and (iv) $700 million from April 1, 2027 to December 31, 2027. Under the Merger Agreement, Compass may consent to increases to these limits, and such consent shall not be unreasonably withheld, delayed, or conditioned. On November 3, 2025, the Company had $425 million of outstanding borrowings under the Revolving Credit Facility and $30 million of outstanding undrawn letters of credit.

(b)The interest rate with respect to revolving loans under the Revolving Credit Facility at September 30, 2025 is based on, at the Company's option, Term Secured Overnight Financing Rate ("SOFR") plus a 10 basis point credit spread adjustment or JP Morgan Chase Bank, N.A.'s prime rate ("ABR") plus (in each case) an additional margin subject to adjustment based on the then current senior secured leverage ratio. Based on the previous quarter's senior secured leverage ratio, the SOFR margin was 1.75% and the ABR margin was 0.75% for the three months ended September 30, 2025.

(c)The maturity date of the Revolving Credit Facility is July 27, 2027; however, it may spring forward to March 16, 2026 if the Exchangeable Senior Notes have not been extended, refinanced or replaced to have a maturity date after October 26, 2027 (or are not otherwise discharged, defeased or repaid by March 16, 2026).

(d)See below under the header "Issuance of 9.75% Senior Secured Second Lien Notes due 2030 and Partial Repurchases of Exchangeable Senior Notes" for additional information related to the debt transactions during the second and third quarters of 2025.

(e)In May 2025, Anywhere Group entered into an amendment of the Apple Ridge Funding LLC securitization program that reduced the size of the facility to $180 million (from $200 million) and extended the securitization program until January 15, 2026. The Company is currently seeking to extend the program which may, upon mutual agreement of the parties, be extended to May 29, 2026. As of September 30, 2025, the Company had $180 million of borrowing capacity under the Apple Ridge Funding LLC securitization

program with $180 million being utilized, leaving no available capacity. Any capacity in the future will be subject to maintaining sufficient relocation related assets to collateralize the securitization obligation. Certain of the funds that Anywhere Group receives from relocation receivables and related assets are required to be utilized to repay securitization obligations. These obligations are collateralized by $246 million and $156 million of underlying relocation receivables and other related relocation assets at September 30, 2025 and December 31, 2024, respectively. Substantially all relocation related assets are realized in less than twelve months from the transaction date. Accordingly, all of Anywhere Group's securitization obligations are classified as current in the accompanying Condensed Consolidated Balance Sheets. Interest incurred in connection with borrowings under the facility amounted to $3 million for both the three months ended September 30, 2025 and 2024, as well as $8 million and $7 million for the nine months ended September 30, 2025 and 2024, respectively. This interest is recorded within net revenues in the accompanying Condensed Consolidated Statements of Operations as related borrowings are utilized to fund Anywhere Group's relocation operations where interest is generally earned on such assets. The securitization obligations represent floating rate debt for which the average weighted interest rate was 6.8% and 8.1% for the nine months ended September 30, 2025 and 2024, respectively.

Schedule of Maturities of Long-term Debt


Year	Amount
Remaining 2025 (a)	$	415
2026	36
2027	—
2028	—
2029	559

(a)Remaining 2025 includes $415 million of outstanding borrowings under the Revolving Credit Facility, which expires in July 2027 (subject to earlier springing maturity) but are classified on the balance sheet as current due to the revolving nature of borrowings and terms and conditions of the facility. The current portion of long-term debt of $451 million shown on the Condensed Consolidated Balance Sheets consists of $415 million of outstanding borrowings under the Revolving Credit Facility and $36 million of the Exchangeable Senior Notes due June 2026.