What changed in this filing

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Item 1. Financial Statements

2025-11-05 compared with 2025-08-06 · 152 added, 103 removed, 633 unchanged (29% of the section changed)

2 unchanged sentences

CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data) June 30, 2025 December 31, 2024

(in millions, except share and per share data) September 30, 2025 December 31, 2024

Assets (unaudited)

55 unchanged sentences

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions, except share and per share data) (unaudited) Three Months Ended June 30, Six Months Ended June 30,

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

2025 2024 2025 2024

8 unchanged sentences

Interest expense, net of interest income 29.2 38.1 89.1 110.3

Equity losses ( 27.4 ) ( 15.4 ) ( 53.0 ) ( 19.1 )

Equity earnings (losses) 27.4 ( 0.9 ) ( 25.6 ) ( 20.0 )

Other income 3.1 2.9 7.3 14.1

2 unchanged sentences

Net income 222.4 154.8 390.4 304.9

Net (loss) income attributable to noncontrolling interest ( 1.8 ) 0.1 0.4 ( 0.4 )

Net loss attributable to noncontrolling interest ( 0.4 ) ( 0.3 ) — ( 0.7 )

Net income attributable to common shareholders $ 222.8 155.1 $ 390.4 305.6

10 unchanged sentences

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

Company Shareholders' Equity

21 unchanged sentences

June 30, 2025 47,378,977 $ 0.5 2,039.4 6,494.7 ( 12.0 ) ( 958.5 ) ( 524.2 ) 121.7 $ 7,161.6

Net income (loss) — — — 222.8 — — — ( 0.4 ) 222.4

Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes 58,489 — ( 15.4 ) ( 3.4 ) — 13.0 — — ( 5.8 )

Stock-based compensation — — 22.4 — — — — — 22.4

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

Repurchase of common stock ( 243,444 ) — — — — ( 70.3 ) — — ( 70.3 )

Foreign currency translation adjustments — — — — — — ( 33.5 ) — ( 33.5 )

Decrease in amounts due to noncontrolling interest — — — — — — — ( 0.5 ) ( 0.5 )

September 30, 2025 47,194,022 $ 0.5 2,046.4 6,714.1 ( 12.2 ) ( 1,015.8 ) ( 557.7 ) 120.8 $ 7,296.1

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, 2025 AND 2024

Company Shareholders' Equity

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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)

3 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended June 30,

Nine Months Ended September 30,

(in millions) (unaudited) 2025 2024

1 unchanged sentence

Net income $ 390.4 304.9

Reconciliation of net income to net cash used in operating activities:

Reconciliation of net income to net cash provided by (used in) operating activities:

Depreciation and amortization 196.9 188.8

12 unchanged sentences

Accrued compensation (including net deferred compensation) ( 445.1 ) ( 327.4 )

Net cash used in operating activities ( 434.8 ) ( 403.6 )

Net cash provided by (used in) operating activities 182.3 ( 142.0 )

Cash flows from investing activities:

3 unchanged sentences

Distributions of capital from investments 42.1 14.3

Acquisition of controlling interest, net of cash acquired — 3.7

Other, net ( 0.9 ) ( 0.7 )

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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 June 30, 2025, and for the periods ended June 30, 2025 and 2024, are unaudited.

Our Consolidated Financial Statements as of September 30, 2025, and for the periods ended September 30, 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.

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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 June 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 September 30 are not fully indicative of what our results will be for the full fiscal year.

NEW ACCOUNTING STANDARDS

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

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

This ASU will result in expanded disclosures related to income taxes but will have no impact on our financial statements or results of operations.

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.

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This ASU will result in expanded disclosures related to expenses but will have no impact on our financial statements or results of operations.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets , which provides a practical expedient and an accounting policy election related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606.

The practical expedient permits an entity to assume current conditions as of the balance sheet date do not change for the remaining life of the current accounts receivable and current contract assets.

The practical expedient is available to all entities.

The accounting policy election allows an entity to consider cash collection activity after the balance sheet date when estimating expected credit losses on current accounts receivable and current contract assets.

The policy election is available to entities other than public business entities and is therefore not applicable to us.

This ASU is effective for annual periods beginning after December 15, 2025, with early adoption permitted.

We are evaluating the effect this would have on our financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software , which amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40.

The ASU aims to better align the accounting with how software is developed.

Specifically, software development has shifted from using a prescriptive and sequential development method to using an incremental and iterative development method.

This ASU makes targeted improvements to increase the operability of the recognition guidance considering different methods of software development.

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

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

REVENUE RECOGNITION

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Such out-of-scope revenue is presented below.

Three Months Ended June 30, Six Months Ended June 30,

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

(in millions) 2025 2024 2025 2024

4 unchanged sentences

Such contract assets and liabilities are presented below.

(in millions) June 30, 2025 December 31, 2024

(in millions) September 30, 2025 December 31, 2024

Contract assets, gross $ 384.0 388.3

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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 June 30, 2025, the aggregate amount of transaction price allocated to remaining performance obligations represented an insignificant amount of our total revenue.

As of September 30, 2025, the aggregate amount of transaction price allocated to remaining performance obligations represented an insignificant amount 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 Investment Management contracts.

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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.

Effective July 1, 2025, we report the balances and activity associated with the investments historically reported within Software and Technology Solutions in “All Other.” These investments (inclusive of convertible notes receivable) in proptech funds and early to mid-stage proptech companies ("Proptech Investments") do not constitute an operating or reporting segment.

Prior period financial information was recast to conform with the presentation changes described above.

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

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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.

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 Proptech Investments, (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) net non-cash MSR and mortgage banking derivative activity, (v) net income/loss attributable to noncontrolling interest, (vi) the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders and (vii) 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.

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Therefore, we have not disclosed asset information by segment.

As of June 30, 2025, we continue to define our Global Executive Board, collectively, as our CODM.

As of September 30, 2025, we continue to define our Global Executive Board, collectively, as our CODM.

Effective January 1, 2026, the Software & Technology Solutions segment will merge into Real Estate Management Services with revenues reported as a subsegment within Real Estate Management Services.

There are no changes to the Company’s other segments (Leasing Advisory, Capital Markets Services and Investment Management).

Summarized financial information by business segment is as follows.

Real Estate Management Services Three Months Ended June 30, Six Months Ended June 30,

Real Estate Management Services Three Months Ended September 30, Nine Months Ended September 30,

(in millions) 2025 2024 2025 2024

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

Leasing Advisory Three Months Ended June 30, Six Months Ended June 30,

Leasing Advisory Three Months Ended September 30, Nine Months Ended September 30,

(in millions) 2025 2024 2025 2024

9 unchanged sentences

Depreciation and amortization $ 10.9 9.1 $ 33.9 27.2

Capital Markets Services Three Months Ended June 30, Six Months Ended June 30,

Capital Markets Services Three Months Ended September 30, Nine Months Ended September 30,

(in millions) 2025 2024 2025 2024

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Depreciation and amortization $ 9.8 16.6 $ 46.2 50.3

Investment Management Three Months Ended June 30, Six Months Ended June 30,

Investment Management Three Months Ended September 30, Nine Months Ended September 30,

(in millions) 2025 2024 2025 2024

9 unchanged sentences

Depreciation and amortization $ 2.7 1.9 $ 8.4 5.9

Equity losses $ ( 1.3 ) ( 7.3 ) $ ( 7.4 ) ( 11.2 )

Software and Technology Solutions Three Months Ended June 30, Six Months Ended June 30,

Equity earnings (losses) $ 9.3 ( 13.8 ) $ 1.9 ( 25.0 )

Software and Technology Solutions Three Months Ended September 30, Nine Months Ended September 30,

(in millions) 2025 2024 2025 2024

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Depreciation and amortization $ 8.2 4.9 $ 20.7 14.2

Equity losses $ ( 27.4 ) ( 9.0 ) $ ( 48.9 ) ( 10.0 )

The following table is a reconciliation of segment revenue to consolidated revenue.

Three Months Ended June 30, Six Months Ended June 30,

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

(in millions) 2025 2024 2025 2024

6 unchanged sentences

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

Three Months Ended June 30, Six Months Ended June 30,

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

(in millions) 2025 2024 2025 2024

4 unchanged sentences

Adjusted EBITDA - Software and Technology Solutions ( 1.1 ) ( 5.6 ) ( 15.2 ) ( 19.5 )

Adjusted EBITDA - All Other ( 4.3 ) ( 2.2 ) 0.6 ( 4.3 )

Adjusted EBITDA - Consolidated $ 347.3 298.1 $ 863.8 731.5

1 unchanged sentence

Interest on employee loans, net of forgiveness 1.5 1.8 5.1 4.1

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

Equity earnings (losses) - Investment Management and Proptech Investments (1)

26.6 ( 2.2 ) ( 29.1 ) ( 23.4 )

9 unchanged sentences

Business Combinations Activity

During the six months ended June 30, 2025, we paid $ 18.7 million for business acquisitions, which included $ 12.6 million for deferred business acquisition and earn-out obligations for acquisitions completed in prior years.

During the six months ended June 30, 2024, we paid $ 44.2 million for business acquisitions, which included $ 39.3 million of payments relating to acquisitions in 2024 and $ 4.9 million for deferred business acquisition and earn-out obligations related to acquisitions completed in prior years.

The following table details cash payments relating to acquisitions.

Payments for current-year acquisitions are included in cash used in investing activities, while payments for prior-year acquisitions are primarily reflected in cash used in financing activities.

Nine Months Ended September 30,

(in millions) 2025 2024

Payments relating to current-year acquisitions $ 6.1 40.8

Payments for deferred business acquisition and earn-out obligations 16.3 5.1

Total paid for business acquisitions 22.4 45.9

Earn-Out Payments

($ in millions) June 30, 2025 December 31, 2024

($ in millions) September 30, 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 June 30, 2025 consisted of:

Goodwill and unamortized intangibles as of September 30, 2025 consisted of:

(i) goodwill of $ 4,705.5 million, (ii) identifiable intangibles of $ 619.3 million amortized over their remaining finite useful lives and (iii) $ 52.1 million of identifiable intangibles with indefinite useful lives that are not amortized.

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Impact of exchange rate movements 13.9 32.6 39.9 1.3 ( 0.1 ) 87.6

Balance as of June 30, 2025 $ 977.7 1,408.0 2,022.6 57.5 250.0 $ 4,715.8

Balance as of September 30, 2025 $ 975.1 1,405.2 2,018.0 57.2 250.0 $ 4,705.5

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 — 9.7 9.7

Balance as of June 30, 2025 $ 867.2 553.1 $ 1,420.3

Balance as of September 30, 2025 $ 882.2 335.9 $ 1,218.1

Accumulated Amortization

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Impact of exchange rate movements — ( 3.7 ) ( 3.7 )

Balance as of June 30, 2025 $ ( 410.9 ) ( 327.4 ) $ ( 738.3 )

Net book value as of June 30, 2025 $ 456.3 225.7 $ 682.0

(1) Included in this amount for MSRs was $ 2.3 million relating to write-offs due to prepayments of sold warehouse receivables for which we retained the servicing rights.

Balance as of September 30, 2025 $ ( 426.4 ) ( 120.3 ) $ ( 546.7 )

Net book value as of September 30, 2025 $ 455.8 215.6 $ 671.4

(1) Included in this amount for MSRs was $ 5.8 million related 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.

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Impact of exchange rate movements — 1.8 1.8

Balance as of June 30, 2024 $ 820.5 549.3 $ 1,369.8

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

Accumulated Amortization

4 unchanged sentences

Impact of exchange rate movements — ( 1.1 ) ( 1.1 )

Balance as of June 30, 2024 $ ( 349.7 ) ( 276.2 ) $ ( 625.9 )

Net book value as of June 30, 2024 $ 470.8 273.1 $ 743.9

(1) Included in this amount for MSRs was $ 4.2 million relating to write-offs due to prepayments of sold warehouse receivables for which we retained the servicing rights.

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

(1) Included in this amount for MSRs was $ 6.0 million related 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 June 30, 2025 and December 31, 2024 are presented in the following table.

(in millions) June 30, 2025 December 31, 2024

Summarized investment balances as of September 30, 2025 and December 31, 2024 are presented in the following table.

(in millions) September 30, 2025 December 31, 2024

Investment Management co-investments $ 502.4 406.1

Software and Technology Solutions investments 334.7 372.8

Proptech Investments 357.2 372.8

Other investments 35.5 33.8

Total $ 895.1 812.7

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 $ 211.4 million and $ 8.1 million as of June 30, 2025, for our Investment Management and Software and Technology Solutions businesses, respectively.

During the six months ended June 30, 2025, we recognized an investment-level impairment charge of $ 2.2 million on one investment accounted for under the measurement alternative.

Our Investment Management co-investments are primarily direct investments in property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement, while our Proptech 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 $ 210.1 million and $ 7.7 million as of September 30, 2025 for our Investment Management business and Proptech Investments, respectively.

In June of 2025, we recognized an investment-level impairment charge of $ 2.2 million on one investment accounted for under the measurement alternative, defined below.

This activity was included within Equity earnings on our Consolidated Statements of Comprehensive Income.

There were no other significant impairments in 2025.

In addition, there were no significant other-than-temporary impairment charges on Investments for the six months ended June 30, 2024.

In addition, there were no significant other-than-temporary impairment charges on Investments for the nine months ended September 30, 2024.

We report a majority of our investments at fair value.

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Transfers in 24.6 8.4

Fair value investments as of June 30, $ 833.7 744.7

Fair value investments as of September 30, $ 844.7 795.5

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

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

(in millions) June 30, 2025 December 31, 2024

(in millions) September 30, 2025 December 31, 2024

Long-term debt, fair value $ 840.2 785.2

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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 June 30, 2025 and December 31, 2024, investments at fair value using NAV were $ 495.1 million and $ 367.9 million, respectively.

As of September 30, 2025 and December 31, 2024, investments at fair value using NAV were $ 489.8 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.

June 30, 2025 December 31, 2024

September 30, 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) June 30, 2025 December 31, 2024

(in billions) September 30, 2025 December 31, 2024

Foreign currency forward contracts, gross notional value $ 2.24 2.21

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

(in millions) June 30, 2025 December 31, 2024

(in millions) September 30, 2025 December 31, 2024

Net asset, receivable positions $ 1.5 5.4

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

As of June 30, 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.

As of September 30, 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.

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employees that allows them to defer portions of their compensation.

We recorded this plan on our Consolidated Balance Sheet as Deferred compensation plan assets, long-term deferred compensation plan liabilities, included in Deferred compensation, and as a reduction of equity, Shares held in trust.

We recorded this plan on our Consolidated Balance Sheets as Deferred compensation plan assets, long-term deferred compensation plan liabilities, included in Deferred compensation, and as a reduction of equity, Shares held in trust.

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

(in millions) June 30, 2025 December 31, 2024

(in millions) September 30, 2025 December 31, 2024

Deferred compensation plan assets $ 716.0 664.0

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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 March 31, 2025 Net change in fair value Foreign CTA (1)

Purchases / Additions Settlements Transfers in Balance as of June 30, 2025

(in millions) Balance as of June 30, 2025 Net change in fair value Foreign CTA (1)

Purchases / Additions Settlements Transfers in (out) Balance as of September 30, 2025

Investments $ 293.1 15.4 ( 0.3 ) 0.8 — — $ 309.0

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Earn-out liabilities 19.1 0.4 ( 0.1 ) — ( 3.3 ) — 16.1

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

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

Balance as of June 30, 2024

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

Purchases / Additions Settlements Transfers in (out) Balance as of September 30, 2024

Investments $ 367.8 9.5 1.5 — — — $ 378.8

2 unchanged sentences

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

Purchases / Additions Settlements Transfers out Balance as of

June 30, 2025

Purchases / Additions Settlements Transfers in (out) Balance as of

September 30, 2025

Investments $ 330.3 ( 29.8 ) 1.8 6.8 ( 0.1 ) — $ 309.0

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

Balance as of June 30, 2024

Balance as of September 30, 2024

Investments $ 367.3 ( 0.9 ) 1.2 2.8 — 8.4 $ 378.8

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

During the six months ended June 30, 2025, we recognized an investment-level impairment charge on one investment accounted for under the measurement alternative, as further described in Note 6, Investments.

We did not recognize any significant investment-level impairment losses during the six months ended June 30, 2024.

During the nine months ended September 30, 2025, we recognized an investment-level impairment charge on one investment accounted for under the measurement alternative, as further described in Note 6, Investments.

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

Debt is composed of the following obligations.

($ in millions) June 30, 2025 December 31, 2024

($ in millions) September 30, 2025 December 31, 2024

Short-term debt:

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

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 June 30, 2025 at Adjusted Term SOFR plus 0.98 %.

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 September 30, 2025 at Adjusted Term SOFR plus 0.93 %.

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 June 30, 2025, and December 31, 2024.

As such, the Uncommitted Facility had no outstanding balance as of both September 30, 2025 and December 31, 2024.

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

Three Months Ended June 30, Six Months Ended June 30,

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

($ in millions) 2025 2024 2025 2024

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Short-Term and Long-Term Debt

In addition to our credit facilities, we have the capacity to borrow up to an additional $ 46.1 million as of June 30, 2025, under local overdraft facilities.

In addition to our credit facilities, we have the capacity to borrow up to $ 59.5 million as of September 30, 2025, under local overdraft facilities.

Amounts outstanding are presented in the debt table above.

As of June 30, 2025, our issuer and senior unsecured ratings are investment grade:

As of September 30, 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 June 30, 2025.

We remained in compliance with all covenants as of September 30, 2025.

Warehouse Facilities

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

We maintain our Warehouse facilities with third-party lenders for the purpose of funding mortgage loans that will be resold, included in 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.

Six Months Ended June 30,

Nine Months Ended September 30,

(in millions) 2025 2024

1 unchanged sentence

Proceeds from the sales of mortgage loans 8,524.7 4,741.5

Net increase (decrease) in Warehouse facilities 382.5 ( 7.2 )

Net increase in Warehouse facilities 165.5 1,390.4

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

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

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

11 unchanged sentences

Total warehouse facilities $ 1,006.5 2,400.0 841.0 3,200.0

(1) In the second quarter of 2025, JLL temporarily increased the maximum borrowing capacity of the facility from $ 400.0 million to $ 1,900.0 million, with an expiration date of August 29, 2025.

After August 29, 2025 the maximum capacity will revert to the original amount.

(1) Warehouse facility has been amended since prior periods.

Refer to our previous filings for specific terms of agreements.

(2) In October 2025, we extended the term of the Warehouse facility to October 22, 2026.

(3) 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 June 30, 2025.

We remained in compliance with all covenants under our facilities as of September 30, 2025.

COMMITMENTS AND CONTINGENCIES

4 unchanged sentences

We contract third-party insurance companies to provide coverage of risk in excess of this amount.

When a potential loss event occurs, we estimate the ultimate cost of the claim and accrue the amount in Other current and long-term liabilities on our Consolidated Balance Sheets when probable and estimable.

When a potential loss event occurs, we estimate the ultimate cost of the claim and accrue the amount in other liabilities on our Consolidated Balance Sheets when probable and estimable.

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.

In total, these receivables were $ 0.5 million as of both June 30, 2025, and December 31, 2024, and are included in Notes and other receivables on our Consolidated Balance Sheet.

There was no such receivable recorded as of September 30, 2025.

As of December 31, 2024, a receivable of $ 0.5 million was included in Notes and other receivables on our Consolidated Balance Sheets.

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

4 unchanged sentences

Claims paid ( 6.1 )

June 30, 2025 $ 5.0

September 30, 2025 $ 2.3

December 31, 2023 $ 9.4

2 unchanged sentences

Claims paid ( 7.2 )

June 30, 2024 $ 2.8

September 30, 2024 $ 3.7

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 June 30, 2025 and December 31, 2024, we had loans, funded and sold, subject to such loss-sharing arrangements with an aggregate unpaid principal balance of $ 24.0 billion and $ 23.0 billion, respectively.

As of September 30, 2025 and December 31, 2024, we had loans, funded and sold, subject to such loss-sharing arrangements with an aggregate unpaid principal balance of $ 24.7 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 June 30, 2025 and December 31, 2024, the loss-sharing guarantee obligations were $ 30.2 million and $ 30.0 million, respectively, and are included in Other liabilities on our Consolidated Balance Sheets.

As of September 30, 2025 and December 31, 2024, the loss-sharing guarantee obligations were $ 29.9 million and $ 30.0 million, respectively, and are included in other liabilities on our Consolidated Balance Sheets.

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 June 30, 2025 and December 31, 2024, the loan loss guarantee reserve was $ 24.1 million and $ 28.5 million, respectively, and is included within Other liabilities on our Consolidated Balance Sheets.

During the three-months ended June 30, 2025, we entered into an enhanced loss-sharing agreement with Fannie Mae associated with a specific three-loan portfolio.

As of September 30, 2025 and December 31, 2024, the loan loss guarantee reserve was $ 29.7 million and $ 28.5 million, respectively, and is included within Other liabilities on our

Consolidated Balance Sheets.

In June of 2025, we entered into an enhanced loss-sharing agreement with Fannie Mae associated with a specific three-loan portfolio.

The agreement finalized our portion of the loss at $ 20.6 million and, as a result, there is no residual loss exposure for the subject loans.

There were no loan losses incurred during the six months ended June 30, 2024.

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

RESTRUCTURING AND ACQUISITION CHARGES

3 unchanged sentences

Restructuring and acquisition charges are presented in the table below.

Three Months Ended June 30, Six Months Ended June 30,

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

(in millions) 2025 2024 2025 2024

4 unchanged sentences

Restructuring and acquisition charges $ 11.7 ( 8.8 ) $ 52.7 4.4

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 June 30, 2025 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 September 30, 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 March 31, 2025 $ ( 56.0 ) ( 554.6 ) $ ( 610.6 )

Other comprehensive income before reclassification

Amounts reclassified from AOCI after tax expense of

$ -, $ - and $ - — — —

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

Balance as of June 30, 2025 $ ( 56.0 ) ( 468.2 ) $ ( 524.2 )

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

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

Other comprehensive loss before reclassification

4 unchanged sentences

— ( 33.5 ) ( 33.5 )

Balance as of September 30, 2025 $ ( 56.0 ) ( 501.7 ) $ ( 557.7 )

(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

6 unchanged sentences

( 0.5 ) 89.7 89.2

Balance as of June 30, 2025 $ ( 56.0 ) ( 468.2 ) $ ( 524.2 )

Balance as of September 30, 2025 $ ( 56.0 ) ( 501.7 ) $ ( 557.7 )

(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 income (loss) before reclassification

Other comprehensive income before reclassification

0.3 47.4 47.7

1 unchanged sentence

$ - , $ - and $ - — 8.7 8.7

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

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

0.3 56.1 56.4

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

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

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