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Item 1. Financial Statements

2025-05-07 compared with 2024-11-06 · 176 added, 285 removed, 493 unchanged (48% of the section changed)

2 unchanged sentences

CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data) September 30, 2024 December 31, 2023

(in millions, except share and per share data) March 31, 2025 December 31, 2024

Assets (unaudited)

7 unchanged sentences

Short-term contract assets, net of allowance of $ 1.6 and $ 1.6

Prepaid and other 637.2 567.4

Restricted cash, prepaid and other 580.3 651.3

Total current assets 7,233.7 7,478.5

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions, except share and per share data) (unaudited) Three Months Ended September 30, Nine Months Ended September 30,

2024 2023 2024 2023

(in millions, except share and per share data) (unaudited) Three Months Ended March 31,

Revenue $ 5,746.4 5,124.5

12 unchanged sentences

Net income 57.5 65.6

Net (loss) income attributable to noncontrolling interest ( 0.3 ) ( 0.4 ) ( 0.7 ) 0.8

Net income (loss) attributable to noncontrolling interest 2.2 ( 0.5 )

Net income attributable to common shareholders $ 55.3 66.1

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Foreign currency translation adjustments 36.8 ( 37.7 )

Comprehensive income (loss) attributable to common shareholders $ 271.0 ( 0.3 ) $ 362.0 29.8

Comprehensive income attributable to common shareholders $ 91.6 28.7

See accompanying notes to Consolidated Financial Statements.

1 unchanged sentence

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024

Company Shareholders' Equity

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December 31, 2024 47,415,584 $ 0.5 2,032.7 6,334.9 ( 11.8 ) ( 937.9 ) ( 646.9 ) 123.6 $ 6,895.1

Net income (loss) — — — 66.1 — — — ( 0.5 ) 65.6

Net income — — — 55.3 — — — 2.2 57.5

Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes 171,231 — ( 52.8 ) ( 7.2 ) — 34.1 — — ( 25.9 )

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March 31, 2025 47,513,451 $ 0.5 2,001.9 6,383.0 ( 12.1 ) ( 923.5 ) ( 610.6 ) 122.9 $ 6,962.1

Net income — — — 84.4 — — — 0.1 84.5

Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes 103,674 — ( 8.2 ) ( 0.1 ) — 8.0 — — ( 0.3 )

Stock-based compensation — — 45.7 — — — — — 45.7

Shares held in trust — — — — ( 1.6 ) — — — ( 1.6 )

Repurchase of common stock ( 103,714 ) — — — — ( 20.4 ) — — ( 20.4 )

Foreign currency translation adjustments — — — — — — ( 22.1 ) — ( 22.1 )

Increase in amounts due to noncontrolling interest — — — — — — — 4.9 4.9

June 30, 2024 47,497,305 $ 0.5 2,013.3 5,941.9 ( 11.9 ) ( 913.6 ) ( 651.0 ) 119.1 $ 6,498.3

Net income (loss) — — — 155.1 — — — ( 0.3 ) 154.8

Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes 59,771 — ( 14.5 ) ( 2.4 ) — 11.8 — — ( 5.1 )

Stock-based compensation — — 22.0 — — — — — 22.0

Shares held in trust — — — — ( 0.2 ) — — — ( 0.2 )

Repurchase of common stock ( 85,451 ) — — — — ( 20.0 ) — — ( 20.0 )

Foreign currency translation adjustments — — — — — — 115.9 — 115.9

Increase in amounts due to noncontrolling interest — — — — — — — 3.3 3.3

September 30, 2024 47,471,625 $ 0.5 2,020.8 6,094.6 ( 12.1 ) ( 921.8 ) ( 535.1 ) 122.1 $ 6,769.0

Accumulated other comprehensive income (loss)

Noncontrolling interest

JONES LANG LASALLE INCORPORATED

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

Company Shareholders' Equity

4 unchanged sentences

December 31, 2023 47,509,750 $ 0.5 2,019.7 5,795.6 ( 10.4 ) ( 920.1 ) ( 591.5 ) 116.1 $ 6,409.9

Net (loss) income

— — — ( 9.2 ) — — — 0.5 ( 8.7 )

Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes 101,446 — ( 58.0 ) ( 14.5 ) — 51.1 — — ( 21.4 )

Stock-based compensation — — 16.7 — — — — — 16.7

Foreign currency translation adjustments — — — — — — 26.8 — 26.8

Decrease in amounts due to noncontrolling interest — — — — — — — ( 0.7 ) ( 0.7 )

March 31, 2023 47,609,204 $ 0.5 1,981.3 5,566.7 ( 9.8 ) ( 883.5 ) ( 621.4 ) 121.4 $ 6,155.2

Net income (3)

— — — 2.5 — — — 0.6 3.1

Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes 184,068 — ( 2.3 ) ( 1.6 ) — 7.2 — — 3.3

Stock-based compensation — — 36.3 — — — — — 36.3

Shares held in trust — — — — ( 1.8 ) — — — ( 1.8 )

Repurchase of common stock ( 72,322 ) — — — — ( 19.5 ) — — ( 19.5 )

Change in pension liabilities, net of tax — — — — — — ( 1.1 ) — ( 1.1 )

Foreign currency translation adjustments — — — — — — 11.1 — 11.1

Decrease in amounts due to noncontrolling interest — — — — — — — ( 1.8 ) ( 1.8 )

June 30, 2023 47,720,950 $ 0.5 2,015.3 5,567.6 ( 11.6 ) ( 895.8 ) ( 611.4 ) 120.2 $ 6,184.8

Net income (loss) — — — 66.1 — — — ( 0.5 ) 65.6

— — — 59.7 — — — ( 0.1 ) 59.6

Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes 132,118 — ( 55.1 ) ( 4.1 ) — 38.9 — — ( 20.3 )

2 unchanged sentences

Repurchase of common stock ( 144,523 ) — — — — ( 20.0 ) — — ( 20.0 )

Change in pension liabilities, net of tax — — — — — — 0.3 — 0.3

Foreign currency translation adjustments — — — — — — ( 37.7 ) — ( 37.7 )

Decrease in amounts due to noncontrolling interest — — — — — — — ( 1.5 ) ( 1.5 )

September 30, 2023 47,612,205 $ 0.5 2,009.5 5,624.5 ( 11.4 ) ( 907.2 ) ( 671.4 ) 118.4 $ 6,162.9

March 31, 2024 47,497,345 $ 0.5 1,975.8 5,857.6 ( 10.3 ) ( 901.2 ) ( 628.9 ) 114.1 $ 6,407.6

Accumulated other comprehensive income (loss)

Noncontrolling interest

(3) Excludes net (loss) income attributable to redeemable noncontrolling interest of $(0.3) million and $0.1 million for the three months ended September 30, 2023 and June 30, 2023, respectively.

See accompanying notes to Consolidated Financial Statements.

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CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions) (unaudited) 2025 2024

4 unchanged sentences

Equity losses 25.6 3.7

Net loss on dispositions — 0.5

Distributions of earnings from investments 1.6 3.2

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Net capital additions – property and equipment ( 44.5 ) ( 43.2 )

Business acquisitions, net of cash acquired ( 40.8 ) ( 13.6 )

Capital contributions to investments ( 112.9 ) ( 17.4 )

Distributions of capital from investments 4.9 5.7

Acquisition of controlling interest, net of cash acquired 3.7 —

Other, net ( 0.3 ) 0.6

4 unchanged sentences

Proceeds from issuance of commercial paper 1,000.0 —

Repayments of commercial paper ( 300.0 ) —

Net repayments of short-term borrowings ( 67.2 ) ( 18.7 )

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Repurchase of common stock ( 19.7 ) ( 20.0 )

Noncontrolling interest contributions (distributions), net 2.1 ( 4.2 )

Noncontrolling interest distributions, net ( 2.9 ) ( 1.5 )

Other, net ( 28.9 ) ( 23.3 )

11 unchanged sentences

Operating leases 48.7 48.7

Non-cash activities:

Business acquisitions (including contingent consideration) $ 13.5 —

Deferred business acquisition obligations 5.9 —

See accompanying notes to Consolidated Financial Statements.

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Management's Discussion and Analysis of Financial Condition and Results of Operations and to Note 2, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements in our 2024 Annual Report on Form 10-K for further discussion of our significant accounting policies and estimates.

Our Consolidated Financial Statements as of September 30, 2024, and for the periods ended September 30, 2024 and 2023, are unaudited.

Our Consolidated Financial Statements as of March 31, 2025, and for the periods ended March 31, 2025 and 2024, are unaudited.

In the opinion of management, we have included all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the Consolidated Financial Statements for these interim periods.

As discussed within our 2023 Annual Report on Form 10-K, specific to our Consolidated Statements of Changes in Equity and Consolidated Statements of Cash Flows, we have made certain presentation changes and recast prior-period information to conform with the current presentation.

Historically, our quarterly revenue and profits have tended to increase from quarter to quarter as the year progresses.

This is the result of a general focus in the real estate industry on completing transactions by calendar year end, while certain expenses are recognized evenly throughout the year.

Growth in our Property Management and Workplace Management businesses as well as other annuity-based services has, to an extent, lessened the seasonality in our revenue and profits during the past several years.

Within our Markets Advisory and Capital Markets segments, revenue from transaction-based activities is driven by the size and timing of our clients' transactions and can fluctuate significantly from period to period.

Our LaSalle Investment Management ("LaSalle") segment generally earns investment-generated performance fees on clients' real estate investment returns when assets are sold, the timing of which is geared toward the benefit of our clients, as well as co-investment equity gains and losses, primarily dependent on underlying valuations.

Growth in our Workplace Management and Property Management businesses as well as other annuity-based services has, to an extent, lessened the seasonality in our revenue and profits during the past several years.

Within our Leasing Advisory and Capital Markets Services segments, revenue from transaction-based activities is driven by the size and timing of our clients' transactions and can fluctuate significantly from period to period.

Our Investment Management segment generally earns investment-generated performance fees on clients' real estate investment returns when assets are sold, the timing of which is geared toward the benefit of our clients, as well as co-investment equity gains and losses, primarily dependent on underlying valuations.

A significant portion of our compensation and benefits expense is from incentive compensation plans, which we generally accrue throughout the year based on progress toward annual performance targets.

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Changes in the geographic mix of income can impact our estimated effective tax rate.

As a result of the items mentioned above, the results for the periods ended September 30 are not fully indicative of what our results will be for the full fiscal year.

As a result of the items mentioned above, the results for the periods ended March 31 are not fully indicative of what our results will be for the full fiscal year.

NEW ACCOUNTING STANDARDS

Recently issued accounting guidance

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures , which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually.

The FASB issued the ASU in response to requests from investors for companies to disclose more information about their financial performance at the segment level.

The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments.

This ASU is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted.

This ASU will result in additional disclosures related to each reportable segment but will not have any material impact on our consolidated operating results or financial position.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

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We are evaluating the effect this guidance will have on our tax disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) , which requires disaggregated disclosure of income statement expenses for public entities.

The ASU does not change the expense captions an entity presents on the face of the income statement;

rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements.

This ASU is effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted.

We are evaluating the effect this guidance will have on our disclosures.

REVENUE RECOGNITION

Capital Markets revenue excluded from the scope of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers ("ASC Topic 606")

Capital Markets Services revenue excluded from the scope of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers ("ASC Topic 606")

Our mortgage banking and servicing operations, comprised of (i) all Loan Servicing revenue and (ii) activities related to mortgage servicing rights ("MSR" or "MSRs") and loan origination fees (included in Investment Sales, Debt/Equity Advisory and Other), are not considered revenue from contracts with customers, and accordingly are excluded from the scope of ASC Topic 606.

Such out-of-scope revenue is presented below.

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(in millions) 2025 2024

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Such contract assets and liabilities are presented below.

(in millions) September 30, 2024 December 31, 2023

(in millions) March 31, 2025 December 31, 2024

Contract assets, gross $ 372.5 388.3

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Remaining performance obligations represent the aggregate transaction price for contracts where our performance obligations have not yet been satisfied.

As of September 30, 2024, the aggregate amount of transaction price allocated to remaining performance obligations represented less than 5 % of our total revenue.

In accordance with ASC Topic 606, excluded from the aforementioned remaining performance obligations are (i) amounts attributable to contracts expected to be completed within 12 months and (ii) variable consideration for services performed as a series of daily performance obligations, such as facilities management, property management and LaSalle contracts.

As of March 31, 2025, the aggregate amount of transaction price allocated to remaining performance obligations represented an insignificant amount of our total revenue.

A significant portion of our customer contracts, which are not expected to be fulfilled within 12 months, are represented by the contracts within these businesses.

BUSINESS SEGMENTS

Effective January 1, 2025, we report Property Management (historically included in Markets Advisory, which was renamed Leasing Advisory) within Real Estate Management Services (formerly referred to as Work Dynamics).

Prior period financial information was recast to conform with this presentation.

Additionally, Capital Markets, LaSalle and JLL Technologies were renamed to Capital Markets Services, Investment Management and Software and Technology Solutions, respectively.

We manage and report our operations as five global business segments:

(1) Markets Advisory,

(2) Capital Markets,

(3) Work Dynamics,

(4) JLL Technologies and

Markets Advisory offers a wide range of real estate services, including agency leasing and tenant representation, property management, advisory and consulting services.

Capital Markets service offerings include investment sales, debt and equity advisory, value and risk advisory, and loan servicing.

Our Work Dynamics business provides a broad suite of integrated services to occupiers of real estate, including facility and project management, as well as portfolio and other services.

Our JLL Technologies segment offers software products, solutions and services, while LaSalle provides investment management services on a global basis to institutional investors and high-net-worth individuals.

(1) Real Estate Management Services,

(2) Leasing Advisory,

(3) Capital Markets Services,

(4) Investment Management and

(5) Software and Technology Solutions.

Real Estate Management Services business provides a broad suite of integrated services to occupiers of real estate, including facility and property management, project management, and portfolio and other services.

Leasing Advisory offers agency leasing and tenant representation, as well as advisory and consulting services.

Capital Markets Services offerings include investment sales, debt and equity advisory, value and risk advisory, and loan servicing.

Investment Management provides services on a global basis to institutional investors and high-net-worth individuals, while our Software and Technology Solutions segment offers various software products and services to our clients.

We allocate all indirect expenses to our segments, other than interest and income taxes, as nearly all expenses incurred benefit one or more of the segments.

Allocated expenses primarily consist of corporate functional costs across the globe, which we allocate to the business segments using an expense-specific driver-based methodology.

Adjusted EBITDA does not include (i) Restructuring and acquisition charges, (ii) gain/loss on disposal, (iii) interest on employee loans, net of forgiveness, (iv) Equity earnings/losses for Investment Management and Software and Technology Solutions, (v) credit losses on convertible note investments, (vi) net non-cash MSR and mortgage banking derivative activity, (vii) Interest expense, net of interest income, (viii) Income tax provision and (ix) Depreciation and amortization, which are otherwise included in Net income on the Consolidated Statements of Comprehensive Income.

The Other segment items caption includes (i) other income/loss, (ii) gain/loss on disposal, (iii) interest on employee loans, net of forgiveness, (iv) credit losses on convertible note investments, (v) net non-cash MSR and mortgage banking derivative activity, (vi) net income/loss attributable to noncontrolling interest, (vii) the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders and (viii) the noncontrolling interest portion of Equity earnings/losses which are not attributable to common shareholders.

The Chief Operating Decision Maker ("CODM") of JLL measures and evaluates the segment results based on Adjusted EBITDA for purposes of making decisions about allocating resources and assessing performance.

Adjusted EBITDA does not include (i) Restructuring and acquisition charges, (ii) gain/loss on disposal, (iii) interest on employee loans, net of forgiveness, (iv) Equity earnings/losses for JLL Technologies and LaSalle, (v) credit losses on convertible note investments, (vi) net non-cash MSR and mortgage banking derivative activity, (vii) Interest expense, net of interest income, (viii) Income tax provision and (ix) Depreciation and amortization, which are otherwise included in Net income on the Consolidated Statements of Comprehensive Income.

In the first quarter of 2024, we revised the definition of segment Adjusted EBITDA to exclude certain Equity earnings/losses from investments.

The impact of this revision is limited to the JLL Technologies and LaSalle segments.

Comparable periods have been recast to conform to the revised presentation.

Equity earnings/losses from unconsolidated operating ventures (not investments) remain included in Adjusted EBITDA.

Our CODM is not provided with total asset information by segment and accordingly does not measure or allocate resources based on total assets information.

Therefore, we have not disclosed asset information by segment.

As of March 31, 2025, we define our Global Executive Board, collectively, as our CODM.

Summarized financial information by business segment is as follows.

Three Months Ended September 30, Nine Months Ended September 30,

Real Estate Management Services Three Months Ended March 31,

(in millions) 2025 2024

Markets Advisory

Leasing $ 665.4 547.7 $ 1,781.8 1,626.1

Workplace Management $ 3,263.6 2,871.7

Project Management 747.5 656.4

Property Management 445.6 429.7

Advisory, Consulting and Other 26.1 25.5 72.3 68.8

Portfolio Services and Other 112.7 111.4

Revenue $ 4,569.4 4,069.2

Depreciation and amortization (1)

$ 16.3 15.9 $ 49.2 48.5

Platform compensation and benefits $ 431.6 400.5

Platform operating, administrative and other 139.2 128.6

Gross contract costs 3,930.3 3,469.1

Equity earnings 0.4 1.1

Other segment items ( 2.4 ) ( 0.7 )

Adjusted EBITDA $ 66.3 71.4

Capital Markets

Depreciation and amortization (1)

(1) Excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.

Leasing Advisory Three Months Ended March 31,

(in millions) 2025 2024

Leasing $ 566.1 497.3

Advisory, Consulting and Other 20.0 23.1

Revenue $ 586.1 520.4

Platform compensation and benefits $ 426.8 381.8

Platform operating, administrative and other 60.4 57.6

Gross contract costs 2.0 6.4

Equity losses — —

Other segment items 0.1 0.2

Adjusted EBITDA $ 97.0 74.8

Depreciation and amortization $ 12.0 9.1

Capital Markets Services Three Months Ended March 31,

(in millions) 2025 2024

Investment Sales, Debt/Equity Advisory and Other $ 312.6 258.7

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Revenue $ 435.3 377.6

Depreciation and amortization $ 16.6 16.4 $ 50.3 48.5

Equity earnings $ 0.2 0.7 $ 0.8 6.1

Adjusted EBITDA $ 65.7 50.3 $ 124.5 97.0

Work Dynamics

Workplace Management $ 3,164.6 2,637.1 $ 9,057.4 7,687.7

Project Management 771.3 747.0 2,215.8 2,126.5

Portfolio Services and Other 132.3 130.1 367.8 350.8

Revenue $ 4,068.2 3,514.2 $ 11,641.0 10,165.0

Depreciation and amortization $ 24.8 19.7 $ 66.3 58.9

Platform compensation and benefits $ 329.5 287.6

Platform operating, administrative and other 70.7 60.8

Gross contract costs 1.1 13.6

Equity earnings 1.6 0.1

Other segment items 13.0 9.3

Adjusted EBITDA $ 48.6 25.0

JLL Technologies

Revenue $ 56.7 58.9 $ 167.0 180.9

Depreciation and amortization $ 18.9 16.4

Adjusted EBITDA (2)

$ ( 7.8 ) ( 5.7 ) $ ( 23.8 ) ( 25.2 )

Equity earnings (losses) $ 11.6 ( 3.0 ) $ 1.6 ( 102.0 )

Investment Management Three Months Ended March 31,

(in millions) 2025 2024

Advisory fees $ 89.3 92.3

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Revenue $ 98.5 103.4

Platform compensation and benefits $ 58.3 61.3

Platform operating, administrative and other 16.3 12.9

Gross contract costs 8.2 8.4

Other segment items 0.1 0.2

Adjusted EBITDA $ 15.8 21.0

Depreciation and amortization $ 2.9 2.0

Equity losses $ ( 6.1 ) ( 3.9 )

Software and Technology Solutions Three Months Ended March 31,

(in millions) 2025 2024

Revenue $ 57.1 53.9

Platform compensation and benefits $ 45.5 47.3

Platform operating, administrative and other 14.5 10.5

Gross contract costs 0.7 1.2

Other segment items 0.7 —

Adjusted EBITDA $ ( 2.9 ) ( 5.1 )

$ 14.0 26.0 $ 57.7 83.9

Depreciation and amortization $ 6.3 4.5

Equity losses $ ( 21.5 ) ( 1.0 )

(1) Excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.

(2) JLL Technologies and LaSalle Adjusted EBITDA excludes Equity earnings/losses.

The following table is a reconciliation of Adjusted EBITDA to Net income attributable to common shareholders.

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(in millions) 2025 2024

Adjusted EBITDA - Markets Advisory $ 151.9 85.1 $ 376.8 256.1

Adjusted EBITDA - Capital Markets 65.7 50.3 124.5 97.0

Adjusted EBITDA - Work Dynamics 74.3 61.6 196.3 143.5

Adjusted EBITDA - JLL Technologies ( 7.8 ) ( 5.7 ) ( 23.8 ) ( 25.2 )

Adjusted EBITDA - LaSalle 14.0 26.0 57.7 83.9

Adjusted EBITDA - Real Estate Management Services $ 66.3 71.4

Adjusted EBITDA - Leasing Advisory 97.0 74.8

Adjusted EBITDA - Capital Markets Services 48.6 25.0

Adjusted EBITDA - Investment Management 15.8 21.0

Adjusted EBITDA - Software and Technology Solutions ( 2.9 ) ( 5.1 )

Adjusted EBITDA - Consolidated $ 224.8 187.1

Restructuring and acquisition charges $ ( 19.7 ) ( 1.7 )

Net gain (loss) on disposition — 1.3 — ( 0.5 )

Interest on employee loans, net of forgiveness 1.6 1.0

Equity earnings (losses) - JLL Technologies and LaSalle ( 2.2 ) ( 12.1 ) ( 23.4 ) ( 125.0 )

Equity losses - Investment Management and Software and Technology Solutions (1)

( 28.7 ) ( 4.9 )

Credit losses on convertible note investments ( 0.5 ) —

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Net income attributable to common shareholders $ 55.3 66.1

(1) This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.

(1) This adjustment excludes the noncontrolling interest portion which is not attributable to common shareholders.

BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS

2025 Business Combinations Activity

During the nine months ended September 30, 2024, we completed one strategic acquisition.

This strategic acquisition is presented below.

Acquired Company Quarter of Acquisition Country Primary Segment

SKAE Power Solutions (SKAE) Q2 United States Work Dynamics

Aggregate terms of our acquisitions included:

(i) cash paid at closing of $ 40.8 million, (ii) guaranteed deferred consideration of $ 5.9 million and (iii) contingent earn-out consideration of $ 13.5 million, payable upon satisfaction of certain performance conditions and which we have initially recorded at their respective acquisition date fair value.

A preliminary allocation of purchase consideration resulted in (i) goodwill of $ 43.8 million, (ii) identifiable intangibles of $ 15.5 million and (iii) other net assets (acquired assets less assumed liabilities) of $ 0.9 million.

As of September 30, 2024, we have not completed our analysis to assign fair values to all of the identifiable intangible and tangible assets acquired and, therefore, we may further refine the purchase price allocations for this acquisition during the open measurement period.

During the nine months ended September 30, 2024 and 2023, we paid $ 5.1 million and $ 22.8 million, respectively, for deferred business acquisition and earn-out obligations for acquisitions completed in prior years.

During the three months ended March 31, 2025 and 2024, we paid $ 0.6 million and $ 3.1 million, respectively, for deferred business acquisition and earn-out obligations for acquisitions completed in prior years.

We completed no strategic acquisitions in either period.

Earn-Out Payments

($ in millions) September 30, 2024 December 31, 2023

($ in millions) March 31, 2025 December 31, 2024

Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria 12 13

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Goodwill and Other Intangible Assets

Goodwill and unamortized intangibles as of September 30, 2024 consisted of:

Goodwill and unamortized intangibles as of March 31, 2025 consisted of:

(i) goodwill of $ 4,642.5 million, (ii) identifiable intangibles of $ 653.2 million amortized over their remaining finite useful lives and (iii) $ 48.6 million of identifiable intangibles with indefinite useful lives that are not amortized.

1 unchanged sentence

dollar, which means a portion of the movements in the reported book value of these balances is attributable to movements in foreign currency exchange rates.

In conjunction with our new organizational structure described more fully in Note 4, Business Segments, we reassessed our reporting units as of January 1, 2025.

As a result of the changes in Real Estate Management Services and Leasing Advisory, we reassigned goodwill to these reporting units using a relative fair value approach.

Under this methodology, the fair value of each impacted reporting unit was determined using a combination of the income approach and the market approach, and this resulting relative fair value was used to reassign the balance of goodwill.

We considered the change to Real Estate Management Services and Leasing Advisory reporting units a triggering event requiring the testing of our goodwill for impairment as of January 1, 2025.

We performed a quantitative test relying on the discounted cash flow ("DCF") method, an income approach, and a market approach in determining the estimated fair value of these reporting units.

Our analysis relied on significant judgments and assumptions in determining the inputs, specifically, forecasted revenue growth, forecasted profitability margin and the discount rate used to present value the estimated future cash flows.

Our analysis indicated that no impairment existed as the estimated fair value of both Real Estate Management Services and Leasing Advisory reporting units exceeded their respective carrying value.

The following table details, by reporting segment, movements in goodwill.

(in millions) Markets Advisory Capital Markets Work Dynamics JLL Technologies LaSalle Consolidated

Balance as of December 31, 2023 $ 1,759.3 1,986.4 537.7 247.7 56.3 $ 4,587.4

Additions, net of adjustments — 3.4 40.4 — — 43.8

Impact of exchange rate movements 14.5 16.3 4.4 — 0.8 36.0

Balance as of September 30, 2024 $ 1,773.8 2,006.1 582.5 247.7 57.1 $ 4,667.2

(in millions) Markets Advisory Capital Markets Work Dynamics JLL Technologies LaSalle Consolidated

Balance as of December 31, 2022 $ 1,742.9 1,949.2 532.6 247.7 55.6 $ 4,528.0

Additions, net of adjustments — 18.7 — — — 18.7

Dispositions ( 0.4 ) ( 0.2 ) — — — ( 0.6 )

(in millions) Real Estate Management Services Leasing Advisory Capital Markets Services Investment Management Software and Technology Solutions Consolidated

Balance as of January 1, 2025 $ 961.2 1,372.6 1,971.5 55.9 250.1 $ 4,611.3

Impact of exchange rate movements 4.0 12.8 14.2 0.5 ( 0.3 ) 31.2

Balance as of September 30, 2023 $ 1,740.8 1,965.7 532.1 247.6 55.6 $ 4,541.8

Balance as of March 31, 2025 $ 965.2 1,385.4 1,985.7 56.4 249.8 $ 4,642.5

The following tables detail, by intangible type, movements in the gross carrying amount and accumulated amortization of our identifiable intangibles.

5 unchanged sentences

Impact of exchange rate movements — 2.7 2.7

Balance as of September 30, 2024 $ 828.5 553.6 $ 1,382.1

Balance as of March 31, 2025 $ 859.6 546.5 $ 1,406.1

Accumulated Amortization

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Impact of exchange rate movements — ( 1.0 ) ( 1.0 )

Balance as of September 30, 2024 $ ( 367.1 ) ( 293.9 ) $ ( 661.0 )

Net book value as of September 30, 2024 $ 461.4 259.7 $ 721.1

Balance as of March 31, 2025 $ ( 395.5 ) ( 308.8 ) $ ( 704.3 )

Net book value as of March 31, 2025 $ 464.1 237.7 $ 701.8

(1) Included in this amount for MSRs was $ 0.8 million relating to write-offs due to prepayments of sold warehouse receivables for which we retained the servicing rights.

6 unchanged sentences

Impact of exchange rate movements — ( 2.2 ) ( 2.2 )

Balance as of September 30, 2023 $ 794.1 541.5 $ 1,335.6

Balance as of March 31, 2024 $ 818.4 534.8 $ 1,353.2

Accumulated Amortization

4 unchanged sentences

Impact of exchange rate movements — 0.6 0.6

Balance as of September 30, 2023 $ ( 296.6 ) ( 235.8 ) $ ( 532.4 )

Net book value as of September 30, 2023 $ 497.5 305.7 $ 803.2

Balance as of March 31, 2024 $ ( 331.0 ) ( 259.6 ) $ ( 590.6 )

Net book value as of March 31, 2024 $ 487.4 275.2 $ 762.6

(1) Included in this amount for MSRs was $ 1.6 million relating to write-offs due to prepayments of sold warehouse receivables for which we retained the servicing rights.

Amortization of MSRs is included in Revenue within the Consolidated Statements of Comprehensive Income.

Summarized investment balances as of September 30, 2024 and December 31, 2023 are presented in the following table.

(in millions) September 30, 2024 December 31, 2023

JLL Technologies investments $ 423.4 397.6

LaSalle co-investments 411.0 388.3

Summarized investment balances as of March 31, 2025 and December 31, 2024 are presented in the following table.

(in millions) March 31, 2025 December 31, 2024

Investment Management co-investments $ 514.5 406.1

Software and Technology Solutions investments 352.9 372.8

Other investments 35.0 33.8

Total $ 902.4 812.7

Our JLL Technologies investments are, generally, investments in early to mid-stage proptech companies as well as proptech funds, while our LaSalle co-investments are, primarily, direct investments in 47 separate property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement.

We have maximum potential unfunded commitments to direct investments or investment vehicles of $ 233.0 million and $ 10.5 million as of September 30, 2024 for our LaSalle Investment Management business and JLL Technologies, respectively.

LaSalle Investment Management’s potential unfunded commitments decline in 2024 was primarily due to the legal release of a $ 60.3 million remaining unfunded commitment in a specific underlying fund.

There were no significant other-than-temporary impairment charges on investments for the nine months ended September 30, 2024 and 2023.

Our Investment Management co-investments are primarily direct investments in 50 separate property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement, while our Software and Technology Solutions investments are generally investments in early to mid-stage proptech companies as well as proptech funds.

We have maximum potential unfunded commitments to direct investments or investment vehicles of $ 192.2 million and $ 8.8 million as of March 31, 2025 for our Investment Management and Software and Technology Solutions businesses, respectively.

There were no significant other-than-temporary impairment charges on investments for the three months ended March 31, 2025 and 2024.

We report a majority of our investments at fair value.

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The table below shows the movement in our investments reported at fair value.

The table below does not include our $ 9.9 million investment in certain mid-stage non-public companies as they are non-marketable equity investments accounted for under the measurement alternative, defined as cost minus impairment.

(in millions) 2025 2024

4 unchanged sentences

Foreign currency translation adjustments, net 7.4 ( 6.3 )

Fair value investments as of September 30, $ 795.5 792.8

(1) Included in this caption are Notes receivable, inclusive of accrued interest, which converted to unconsolidated equity investments;

these amounts were $ 8.4 million and $ 66.9 million for the nine months ended September 30, 2024 and 2023, respectively.

Transfers in 24.6 3.2

Fair value investments as of March 31, $ 856.0 743.8

See Note 7, Fair Value Measurements, for additional discussion of our investments reported at fair value.

STOCK-BASED COMPENSATION

Stock Unit Awards

Restricted stock unit ("RSU") and performance stock unit ("PSU") awards activity is presented in the following tables.

(in 000's) PSU Shares

(in 000's) Total Shares

(in 000's) Weighted Average

Unvested as of June 30, 2024

1,098.1 511.4 1,609.5 $ 180.52

Granted 81.3 — 81.3 246.99

Vested ( 83.0 ) — ( 83.0 ) 181.41

Forfeited ( 14.3 ) ( 1.8 ) ( 16.1 ) 179.09

Unvested as of September 30, 2024

1,082.1 509.6 1,591.7 $ 184.62

Unvested as of June 30, 2023

1,003.4 463.6 1,467.0 $ 174.54

Granted 175.3 2.4 177.7 165.96

Vested ( 66.4 ) — ( 66.4 ) 145.97

Forfeited ( 39.6 ) ( 4.2 ) ( 43.8 ) 176.43

Unvested as of September 30, 2023

1,072.7 461.8 1,534.5 $ 174.73

(in 000's) PSU Shares

(in 000's) Total Shares

(in 000's) Weighted Average

Unvested as of December 31, 2023

990.1 458.1 1,448.2 $ 175.07

Granted 453.7 168.8 622.5 205.79

Vested ( 315.9 ) ( 109.0 ) ( 424.9 ) 184.44

Forfeited ( 45.8 ) ( 8.3 ) ( 54.1 ) 174.50

Unvested as of September 30, 2024

1,082.1 509.6 1,591.7 $ 184.62

Unvested as of December 31, 2022

841.3 567.0 1,408.3 $ 170.78

Granted 520.5 185.2 705.7 143.64

Vested ( 227.1 ) ( 257.2 ) ( 484.3 ) 120.53

Forfeited ( 62.0 ) ( 33.2 ) ( 95.2 ) 161.55

Unvested as of September 30, 2023

1,072.7 461.8 1,534.5 $ 174.73

As of September 30, 2024, we had $ 107.2 million of unamortized deferred compensation related to unvested RSUs and PSUs, which we expect to be recognized over a weighted average period of 1.4 years.

FAIR VALUE MEASUREMENTS

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The fair value and carrying value of our debt are presented in the following table.

(in millions) September 30, 2024 December 31, 2023

(in millions) March 31, 2025 December 31, 2024

Long-term debt, fair value $ 797.5 785.2

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We did not consider any adjustments to NAV estimates provided by investees, including adjustments for any restrictions to the transferability of ownership interests embedded within investment agreements to which we are a party, to be necessary based upon (i) our understanding of the methodology utilized and inputs incorporated to estimate NAV at the investee level, (ii) consideration of market demand for the specific types of real estate assets held by each venture and (iii) contemplation of real estate and capital markets conditions in the localities in which these ventures operate.

As of September 30, 2024 and December 31, 2023, investments at fair value using NAV were $ 368.3 million and $ 321.8 million, respectively.

As of March 31, 2025 and December 31, 2024, investments at fair value using NAV were $ 502.4 million and $ 367.9 million, respectively.

As these investments are not required to be classified in the fair value hierarchy, they have been excluded from the following table.

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The following table categorizes by level in the fair value hierarchy the estimated fair value of our assets and liabilities measured at fair value on a recurring basis.

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

(in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3

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The following table details the gross notional value and net basis of these contracts.

(in billions) September 30, 2024 December 31, 2023

(in billions) March 31, 2025 December 31, 2024

Foreign currency forward contracts, gross notional value $ 2.16 2.21

2 unchanged sentences

The outstanding balances of these contracts are presented in the following table.

(in millions) September 30, 2024 December 31, 2023

(in millions) March 31, 2025 December 31, 2024

Net asset, receivable positions $ 4.0 5.4

5 unchanged sentences

Warehouse Receivables

As of September 30, 2024 and December 31, 2023, all of our Warehouse receivables were under commitment to be purchased by government-sponsored enterprises ("GSEs") or by a qualifying investor as part of a U.S.

The fair value of the Warehouse receivables is based on already locked-in security-buy prices.

As of March 31, 2025 and December 31, 2024, all of our Warehouse receivables included in the Consolidated Balance Sheets were under commitment to be purchased by government-sponsored enterprises ("GSEs") or by a qualifying investor as part of a U.S.

government or GSE mortgage-backed security program.

The Warehouse receivables are classified as Level 2 in the fair value hierarchy as all significant inputs are readily observable.

Deferred Compensation

3 unchanged sentences

The components of the plan are presented in the following table.

(in millions) September 30, 2024 December 31, 2023

(in millions) March 31, 2025 December 31, 2024

Deferred compensation plan assets $ 673.4 664.0

6 unchanged sentences

Both our interest rate lock commitments to prospective borrowers and forward sale contracts with prospective investors are undesignated derivatives and considered Level 3 valuations due to significant unobservable inputs related to nonperformance risk.

Although non-performance risk does not currently have a material impact, an increase in nonperformance risk assumptions would result in a lower fair value measurement.

Although nonperformance risk does not currently have a material impact, an increase in nonperformance risk assumptions would result in a lower fair value measurement.

The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).

(in millions) Balance as of June 30, 2024 Net change in fair value Foreign CTA (1)

Purchases / Additions Settlements Balance as of September 30, 2024

Investments $ 367.8 9.5 1.5 — — $ 378.8

Mortgage banking derivative assets and liabilities, net 31.7 17.3 — 32.8 ( 56.1 ) 25.7

Earn-out liabilities 53.7 ( 20.9 ) 0.2 2.4 ( 0.2 ) 35.2

(in millions) Balance as of June 30, 2023 Net change in fair value Foreign CTA (1)

Purchases / Additions Settlements Transfers in (2)

Balance as of September 30, 2023

Investments $ 438.1 ( 2.0 ) ( 1.0 ) 0.5 — 3.1 $ 438.7

Mortgage banking derivative assets and liabilities, net 59.1 18.0 — 25.3 ( 71.5 ) — 30.9

Earn-out liabilities 64.3 0.1 ( 0.1 ) — ( 0.1 ) — 64.2

(in millions) Balance as of December 31, 2024 Net change in fair value Foreign CTA (1)

Purchases / Additions Settlements Transfers in (out) (2)

Balance as of

September 30, 2024

Purchases / Additions Settlements Transfers out Balance as of

March 31, 2025

Investments $ 330.3 ( 19.9 ) 0.7 — ( 0.1 ) — $ 311.0

3 unchanged sentences

Purchases / Additions Settlements Transfers in (2)

Balance as of September 30, 2023

Balance as of March 31, 2024

Investments $ 367.3 ( 1.1 ) ( 0.2 ) 0.5 — 3.2 $ 369.7

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Our determination of fair value primarily relies on Level 3 inputs.

We did not recognize any significant investment-level impairment losses during either of the nine months ended September 30, 2024 or 2023.

We did not recognize any significant investment-level impairment losses during either of the three months ended March 31, 2025 or 2024.

See Note 6, Investments, for additional information, including information related to impairment charges recorded at the investee level.

Debt is composed of the following obligations.

($ in millions) September 30, 2024 December 31, 2023

($ in millions) March 31, 2025 December 31, 2024

Short-term debt:

9 unchanged sentences

Commercial Paper Program

On June 27, 2024, we established a commercial paper program (the “Program”) in which we may issue up to $ 2.5 billion of short-term, unsecured and unsubordinated commercial paper notes at any time, under the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.

We maintain a commercial paper program (the "Program") in which we may issue up to $ 2.5 billion of short-term, unsecured and unsubordinated commercial paper notes at any time.

Amounts available under the Program may be borrowed, repaid and re-borrowed from time to time.

Payment of the Program notes will be fully and unconditionally guaranteed on an unsecured and unsubordinated basis.

We intend to use net proceeds of the Program for general corporate purposes, including the repayment of outstanding borrowings under the Facility.

Notes issued under the Program will be sold under customary market terms in the U.S.

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The maturities of the Program notes may vary but may not exceed 397 days from the date of issuance.

The Program notes and guarantee of payment thereof will rank pari passu with all other unsecured and unsubordinated indebtedness.

We intend to use net proceeds of the Program for general corporate purposes, including the repayment of outstanding borrowings under our credit facilities.

Credit Facilities

We have a $ 3.3 billion unsecured revolving credit facility (the "Facility") that matures on November 3, 2028.

Pricing on the Facility ranges from Adjusted Term Secured Overnight Financing Rate ("SOFR") plus 0.875% to 1.35% , with pricing including facility fees, as of September 30, 2024 at Adjusted Term SOFR plus 0.98 %.

In addition to outstanding borrowings under the Facility presented in the above table, we had outstanding letters of credit under the Facility of $ 0.4 million as of both September 30, 2024 and December 31, 2023.

We will continue to use the Facility for, but not limited to, business acquisitions, working capital needs (including payment of accrued incentive compensation), co-investment activities, share repurchases and capital expenditures.

Undiscounted pricing on the Facility ranges from Adjusted Term Secured Overnight Financing Rate ("SOFR") plus 0.875% to 1.35% , with pricing including facility fees, as of March 31, 2025 at Adjusted Term SOFR plus 0.86 %.

In addition, we have an uncommitted credit agreement (the "Uncommitted Facility"), which allows for discretionary short-term liquidity of up to $ 400.0 million.

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Between quarter-end dates, we intend to use the proceeds to reduce indebtedness under the Facility at a lower interest rate.

As such, the Uncommitted Facility had no outstanding balance as of both September 30, 2024 and December 31, 2023.

The following table provides additional information on our Facility, Uncommitted Facility and the Program, collectively.

Three Months Ended September 30, Nine Months Ended September 30,

As such, the Uncommitted Facility had no outstanding balance as of both March 31, 2025 and December 31, 2024.

The following table provides additional information on our Program, Facility and Uncommitted Facility, collectively.

Three Months Ended March 31,

($ in millions) 2025 2024

1 unchanged sentence

Average effective interest rate 5.0 % 6.1 %

Short-Term and Long-Term Debt

1 unchanged sentence

Amounts outstanding are presented in the debt table above.

As of September 30, 2024, our issuer and senior unsecured ratings are investment grade:

As of March 31, 2025, our issuer and senior unsecured ratings are investment grade:

Baa1 from Moody’s Investors Service, Inc.

1 unchanged sentence

Our Facility and senior notes are subject to customary financial and other covenants, including cash interest coverage ratios and leverage ratios, as well as event of default conditions.

We remained in compliance with all covenants as of September 30, 2024.

We remained in compliance with all covenants as of March 31, 2025.

Warehouse Facilities

September 30, 2024 December 31, 2023

We maintain our Warehouse facilities with third-party lenders for the purpose of funding mortgage loans that will be resold (Warehouse receivables).

The following table shows our gross cash activity related to Warehouse receivables as well as the corresponding, and largely offsetting, net change of our Warehouse facilities.

This activity, in aggregate, is reflected as net cash flows from operating activities in our Consolidated Statements of Cash Flows.

Three Months Ended March 31,

(in millions) 2025 2024

Origination of mortgage loans $ ( 1,824.1 ) ( 1,587.3 )

Proceeds from the sales of mortgage loans 2,064.3 1,929.4

Net decrease in Warehouse facilities ( 240.3 ) ( 340.5 )

The following table provides details regarding our Warehouse facilities lines of credit.

March 31, 2025 December 31, 2024

($ in millions) Outstanding Balance Maximum Capacity Outstanding Balance Maximum Capacity

11 unchanged sentences

Total warehouse facilities $ 600.7 2,300.0 841.0 3,200.0

(1) Warehouse facility has been amended since December 31, 2023.

Refer to our previously filed Form 10-K for specific terms of the agreement as of the comparative period.

(2) In October 2024, we extended the term of the Warehouse facility to October 23, 2025.

(1) As Soon As Pooled ("ASAP") funding program

2 unchanged sentences

Pursuant to these facilities, we are required to comply with certain financial covenants regarding (i) minimum net worth, (ii) minimum servicing-related loans and (iii) minimum adjusted leverage ratios.

We remained in compliance with all covenants under our facilities as of September 30, 2024.

We remained in compliance with all covenants under our facilities as of March 31, 2025.

COMMITMENTS AND CONTINGENCIES

6 unchanged sentences

In addition, we have established receivables from third-party insurance providers for claim amounts in excess of the risk retained by our captive insurance company.

There was no such receivable recorded as of September 30, 2024.

As of December 31, 2023, a receivable of $ 2.5 million was included in Notes and other receivables on our Consolidated Balance Sheet.

In total, these receivables were $ 0.5 million as of both March 31, 2025 and December 31, 2024, and are included in Notes and other receivables on our Consolidated Balance Sheet.

The following table shows the professional indemnity accrual activity and related payments.

1 unchanged sentence

December 31, 2024 $ 4.2

New claims 0.3

Prior year claims adjustments (including foreign currency changes) 0.2

Claims paid ( 2.4 )

September 30, 2024 $ 3.7

March 31, 2025 $ 2.0

December 31, 2023 $ 9.4

2 unchanged sentences

Claims paid ( 2.4 )

September 30, 2023 $ 5.7

March 31, 2024 $ 7.2

Delegated Underwriting and Servicing ("DUS") Program Loan Loss-Sharing

2 unchanged sentences

Generally, we share approximately one-third of incurred losses, subject to a cap of 20% of the principal balance of the mortgage at origination.

As of September 30, 2024 and December 31, 2023, we had loans, funded and sold, subject to such loss-sharing arrangements with an aggregate unpaid principal balance of $ 22.3 billion and $ 20.8 billion, respectively.

As of March 31, 2025 and December 31, 2024, we had loans, funded and sold, subject to such loss-sharing arrangements with an aggregate unpaid principal balance of $ 23.4 billion and $ 23.0 billion, respectively.

For all DUS program loans with loss-sharing obligations, we record a non-contingent liability equal to the estimated fair value of the guarantee obligations undertaken upon sale of the loan, which reduces our gain on sale of the loan.

Subsequently, this liability is amortized over the estimated life of the loan and recognized as Revenue on the Consolidated Statements of Comprehensive Income.

As of September 30, 2024 and December 31, 2023, the loss-sharing guarantee obligations were $ 29.9 million and $ 30.9 million, respectively, and are included in Other liabilities on our Consolidated Balance Sheets.

There were no loan losses incurred during the nine months ended September 30, 2024 and 2023.

As of March 31, 2025 and December 31, 2024, the loss-sharing guarantee obligations were $ 30.6 million and $ 30.0 million, respectively, and are included in Other liabilities on our Consolidated Balance Sheets.

There were no loan losses incurred during the three months ended March 31, 2025 and 2024.

The loss-sharing aspect of the program represents an off-balance sheet credit exposure.

We record a separate contingent reserve for this risk calculated on an individual loan level.

As of September 30, 2024 and December 31, 2023, the loan loss guarantee reserve was $ 29.0 million and $ 23.4 million, respectively, and is included within Other liabilities on our Consolidated Balance Sheets.

Loan Repurchase

In August of 2024, we repurchased a loan, which we originated and sold to Fannie Mae, with an unpaid principal balance ("UPB") of $ 74.25 million.

For the nine months ended September 30, 2024, we recognized net expense of $ 17.8 million within Operating, administrative and other expenses, for the estimated loss associated with the repurchase in our results.

This amount primarily reflects the difference between our estimate of the current fair value of the repurchased loan and the repurchase price, including amounts in excess of the UPB for items such as unpaid interest.

The acquired asset is not held for investment and is included in Prepaid and other on our Consolidated Balance Sheets.

As of March 31, 2025 and December 31, 2024, the loan loss guarantee reserve was $ 27.6 million and $ 28.5 million, respectively, and is included within Other liabilities on our Consolidated Balance Sheets.

RESTRUCTURING AND ACQUISITION CHARGES

3 unchanged sentences

Restructuring and acquisition charges are presented in the table below.

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(in millions) 2025 2024

4 unchanged sentences

Restructuring and acquisition charges $ 19.7 1.7

We expect nearly all expenses related to (i) severance and other employment-related charges and (ii) restructuring, pre-acquisition and post-acquisition charges as of September 30, 2024 will be paid during the next twelve months.

We expect nearly all expenses related to (i) severance and other employment-related charges and (ii) restructuring, pre-acquisition and post-acquisition charges as of March 31, 2025 will be paid during the next twelve months.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT

1 unchanged sentence

(in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total

Balance as of June 30, 2024 $ ( 63.5 ) ( 587.5 ) $ ( 651.0 )

Other comprehensive income before reclassification

— 107.2 107.2

Amounts reclassified from AOCI after tax expense of

$ -, $ - and $ - — 8.7 8.7

Other comprehensive income after tax expense of $ - , $ - and $ -

— 115.9 115.9

Balance as of September 30, 2024 $ ( 63.5 ) ( 471.6 ) $ ( 535.1 )

(in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total

Balance as of June 30, 2023 $ ( 65.3 ) ( 546.1 ) $ ( 611.4 )

Other comprehensive loss before reclassification

( 60.0 ) ( 60.0 )

Amounts reclassified from AOCI after tax expense of

$ - , $ - and $ - — — —

Other comprehensive loss after tax expense of $ - , $ - and $ -

— ( 60.0 ) ( 60.0 )

Balance as of September 30, 2023 $ ( 65.3 ) ( 606.1 ) $ ( 671.4 )

(in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total

Balance as of December 31, 2024 $ ( 55.5 ) ( 591.4 ) $ ( 646.9 )

Other comprehensive income before reclassification

Other comprehensive (loss) income before reclassification

( 0.5 ) 36.8 36.3

1 unchanged sentence

$ -, $ - and $ - — — —

Other comprehensive income after tax expense of $ - , $ - and $ -

Other comprehensive (loss) income after tax expense of $ - , $ - and $ -

( 0.5 ) 36.8 36.3

Balance as of September 30, 2024 $ ( 63.5 ) ( 471.6 ) $ ( 535.1 )

Balance as of March 31, 2025 $ ( 56.0 ) ( 554.6 ) $ ( 610.6 )

(in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total

Balance as of December 31, 2023 $ ( 63.8 ) ( 527.7 ) $ ( 591.5 )

Other comprehensive loss before reclassification

Other comprehensive income (loss) before reclassification

0.3 ( 37.7 ) ( 37.4 )

1 unchanged sentence

$ - , $ - and $ - — — —

Other comprehensive loss after tax expense of $ - , $ - and $ -

Other comprehensive income (loss) after tax expense of $ - , $ - and $ -

0.3 ( 37.7 ) ( 37.4 )

Balance as of September 30, 2023 $ ( 65.3 ) ( 606.1 ) $ ( 671.4 )

For pension and postretirement benefits, we report amounts reclassified from Accumulated other comprehensive income (loss) in Other income within the Consolidated Statements of Comprehensive Income.

SUBSEQUENT EVENTS

On October 16, 2024, we closed our acquisition of Raise Commercial Real Estate (“Raise”), a U.S.-based technology-powered brokerage company that provides client solutions using a transformative digital real estate platform.

The acquisition of Raise was considered a business combination under U.S.

GAAP and will be accounted for using the acquisition method.

As such, the total consideration of approximately $ 28 million will be allocated to Raise’s tangible and intangible assets acquired, as well as liabilities assumed, based on their respective fair values with any excess allocated to goodwill.

This allocation is dependent on certain valuations and other fair value analyses that have not yet been completed.

Balance as of March 31, 2024 $ ( 63.5 ) ( 565.4 ) $ ( 628.9 )

For pension and postretirement benefits, we report amounts reclassified from Accumulated other comprehensive loss in Other income within the Consolidated Statements of Comprehensive Income.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements