JONES LANG LASALLE INC 10-Q

Item 1. Financial Statements JONES LANG LASALLE INCORPORATED CONSOLIDATED BALANCE SHEETS (in millions, except share and per share data) March 31, 2026 December 31, 2025 Assets (unaudited) Current assets: Cash and cash equivalents $ 436.2 599.1 Trade receivables, net of allowance of $ 67.3 and $ 62.2 2,161.7 2,302.8 Notes and other receivables 443.0 450.0 Reimbursable receivables 3,162.5 3,105.0 Warehouse receivables 1,141.8 751.2 Short-term contract assets, net of allowance of $ 1.5 and $ 1.8 342.9 340.1 Restricted cash, prepaid and other 616.6 631.2 Total current assets 8,304.7 8,179.4 Property and equipment, net of accumulated depreciation of $ 1,358.1 and $ 1,317.7 634.0 630.6 Operating lease right-of-use assets 681.7 712.3 Goodwill 4,691.0 4,707.3 Identified intangibles, net of accumulated amortization of $ 593.3 and $ 566.1 650.3 666.7 Investments, including $ 833.8 and $ 844.0 at fair value 886.6 892.9 Long-term receivables 415.3 419.4 Deferred tax assets, net 602.7 610.0 Deferred compensation plan 751.8 723.6 Other 270.2 258.9 Total assets $ 17,888.3 17,801.1 Liabilities and Equity Current liabilities: Accounts payable and accrued liabilities $ 1,223.7 1,398.1 Reimbursable payables 2,261.4 2,539.6 Accrued compensation and benefits 1,302.6 1,929.6 Short-term borrowings 167.1 92.7 Commercial paper, net of debt issuance costs of $ 0.1 and $ 0.2 614.9 ( 0.2 ) Short-term contract liabilities and deferred income 228.6 237.2 Warehouse facilities 1,163.0 759.1 Short-term operating lease liabilities 160.9 166.7 Other 264.7 263.8 Total current liabilities 7,386.9 7,386.6 Credit facility, net of debt issuance costs of $ 7.7 and $ 8.5 332.3 ( 8.5 ) Long-term debt, net of debt issuance costs of $ 4.3 and $ 4.7 798.9 805.9 Deferred tax liabilities, net 61.0 56.0 Deferred compensation 742.3 737.2 Long-term operating lease liabilities 738.4 774.4 Other 401.9 426.5 Total liabilities 10,461.7 10,178.1 Company shareholders' equity: Common stock, $ 0.01 par value per share, 100,000,000 shares authorized; 52,120,548 and 52,120,548 shares issued; 46,303,700 and 46,945,754 outstanding 0.5 0.5 Additional paid-in capital 1,974.4 2,068.6 Retained earnings 7,228.1 7,114.0 Treasury stock, at cost, 5,816,848 and 5,174,794 shares ( 1,297.3 ) ( 1,094.0 ) Shares held in trust ( 13.9 ) ( 13.8 ) Accumulated other comprehensive loss ( 584.9 ) ( 572.5 ) Total Company shareholders’ equity 7,306.9 7,502.8 Noncontrolling interest 119.7 120.2 Total equity 7,426.6 7,623.0 Total liabilities and equity $ 17,888.3 17,801.1 See accompanying notes to Consolidated Financial Statements. 3 Table of Contents JONES LANG LASALLE INCORPORATED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions, except share and per share data) (unaudited) Three Months Ended March 31, 2026 2025 Revenue $ 6,386.5 5,746.4 Operating expenses: Compensation and benefits $ 2,936.1 2,674.6 Operating, administrative and other 3,182.7 2,860.5 Depreciation and amortization 57.8 71.6 Restructuring and acquisition charges 5.3 19.7 Total operating expenses $ 6,181.9 5,626.4 Operating income $ 204.6 120.0 Interest expense, net of interest income 17.0 24.6 Equity earnings (losses) 7.5 ( 25.6 ) Other income 2.4 1.7 Income before income taxes and noncontrolling interest 197.5 71.5 Income tax provision 38.1 14.0 Net income 159.4 57.5 Net income attributable to noncontrolling interest 0.4 2.2 Net income attributable to common shareholders $ 159.0 55.3 Basic earnings per common share $ 3.40 1.17 Basic weighted average shares outstanding (in 000's) 46,835 47,466 Diluted earnings per common share $ 3.33 1.14 Diluted weighted average shares outstanding (in 000's) 47,802 48,376 Net income attributable to common shareholders $ 159.0 55.3 Change in pension liabilities, net of tax — ( 0.5 ) Foreign currency translation adjustments ( 12.4 ) 36.8 Comprehensive income attributable to common shareholders $ 146.6 91.6 See accompanying notes to Consolidated Financial Statements. 4 Table of Contents JONES LANG LASALLE INCORPORATED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 Company Shareholders' Equity Common Stock Additional Shares (in millions, except share and per share data) (unaudited) Shares Outstanding Amount Paid-In Retained Held in Treasury Total Capital Earnings Trust Stock AOCI (1) NCI (2) Equity December 31, 2025 46,945,754 $ 0.5 2,068.6 7,114.0 ( 13.8 ) ( 1,094.0 ) ( 572.5 ) 120.2 $ 7,623.0 Net income — — — 159.0 — — — 0.4 159.4 Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes 246,256 — ( 87.5 ) ( 44.9 ) — 70.1 — — ( 62.3 ) Stock-based compensation — — 23.3 — — — — — 23.3 Shares held in trust — — — — ( 0.1 ) — — — ( 0.1 ) Repurchase of common stock, including excise tax ( 888,310 ) — ( 30.0 ) — — ( 273.4 ) — — ( 303.4 ) Foreign currency translation adjustments — — — — — — ( 12.4 ) — ( 12.4 ) Decrease in amounts due to noncontrolling interest — — — — — — — ( 0.9 ) ( 0.9 ) March 31, 2026 46,303,700 $ 0.5 1,974.4 7,228.1 ( 13.9 ) ( 1,297.3 ) ( 584.9 ) 119.7 $ 7,426.6 Company Shareholders' Equity Common Stock Additional Shares (in millions, except share and per share data) (unaudited) Shares Outstanding Amount Paid-In Retained Held in Treasury Total Capital Earnings Trust Stock AOCI (1) NCI (2) Equity 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 — — — 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 ) Stock-based compensation — — 22.0 — — — — — 22.0 Shares held in trust — — — — ( 0.3 ) — — — ( 0.3 ) Repurchase of common stock ( 73,364 ) — — — — ( 19.7 ) — — ( 19.7 ) Change in pension liabilities, net of tax — — — — — — ( 0.5 ) — ( 0.5 ) Foreign currency translation adjustments — — — — — — 36.8 — 36.8 Decrease in amounts due to noncontrolling interest — — — — — — — ( 2.9 ) ( 2.9 ) 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 (1) AOCI: Accumulated other comprehensive income (loss) (2) NCI: Noncontrolling interest See accompanying notes to Consolidated Financial Statements. 5 Table of Contents JONES LANG LASALLE INCORPORATED CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, (in millions) (unaudited) 2026 2025 Cash flows from operating activities: Net income $ 159.4 57.5 Reconciliation of net income to net cash used in operating activities: Depreciation and amortization 57.8 71.6 Equity (earnings) losses ( 7.5 ) 25.6 Distributions of earnings from investments 5.2 1.6 Provision for loss on receivables and other assets 3.8 9.4 Amortization of stock-based compensation 23.3 22.0 Net non-cash mortgage servicing rights and mortgage banking derivative activity 5.5 12.9 Accretion of interest and amortization of debt issuance costs 1.4 1.7 Other, net 4.5 6.9 Change in: Receivables 121.5 163.5 Reimbursable receivables and reimbursable payables ( 340.8 ) ( 271.8 ) Prepaid expenses and other assets 11.9 ( 24.0 ) Income taxes receivable, payable and deferred ( 11.6 ) ( 22.7 ) Accounts payable, accrued liabilities and other liabilities ( 147.1 ) ( 171.3 ) Accrued compensation (including net deferred compensation) ( 642.3 ) ( 650.5 ) Net cash used in operating activities ( 755.0 ) ( 767.6 ) Cash flows from investing activities: Net capital additions – property and equipment ( 64.9 ) ( 44.5 ) Capital contributions to investments ( 17.7 ) ( 112.9 ) Distributions of capital from investments 21.8 4.9 Other, net ( 0.5 ) ( 0.3 ) Net cash used in investing activities ( 61.3 ) ( 152.8 ) Cash flows from financing activities: Proceeds from borrowings under credit facility 1,482.0 2,232.0 Repayments of borrowings under credit facility ( 1,142.0 ) ( 1,912.0 ) Proceeds from issuance of commercial paper 1,575.0 1,000.0 Repayments of commercial paper ( 960.0 ) ( 300.0 ) Net proceeds from (repayments of) short-term borrowings 73.4 ( 67.2 ) Payments of deferred business acquisition obligations and earn-outs ( 8.5 ) ( 0.6 ) Repurchase of common stock ( 300.0 ) ( 19.7 ) Other, net ( 70.5 ) ( 31.8 ) Net cash provided by financing activities 649.4 900.7 Effect of currency exchange rate changes on cash, cash equivalents and restricted cash ( 12.7 ) 11.7 Net change in cash, cash equivalents and restricted cash ( 179.6 ) ( 8.0 ) Cash, cash equivalents and restricted cash, beginning of the period 898.9 652.7 Cash, cash equivalents and restricted cash, end of the period $ 719.3 644.7 Supplemental disclosure of cash flow information: Restricted cash, beginning of period $ 299.8 236.5 Restricted cash, end of period 283.1 212.3 Cash paid during the period for: Interest $ 11.3 19.3 Income taxes, net of refunds 54.7 31.0 Operating leases 52.2 48.7 See accompanying notes to Consolidated Financial Statements. 6 Table of Contents JONES LANG LASALLE INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. INTERIM INFORMATION Readers of this quarterly report should refer to the audited financial statements of Jones Lang LaSalle Incorporated ("JLL," which may also be referred to as "the Company," "we," "us" or "our") for the year ended December 31, 2025, which are included in our 2025 Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission ("SEC") and also available on our website ( www.jll.com ), since we have omitted from this quarterly report certain footnote disclosures which would substantially duplicate those contained in such audited financial statements. You should also refer to the "Summary of Critical Accounting Policies and Estimates" section within Item 7. 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 2025 Annual Report on Form 10-K for further discussion of our significant accounting policies and estimates. Our Consolidated Financial Statements as of March 31, 2026, and for the periods ended March 31, 2026 and 2025, 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. 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 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. This process can result in significant fluctuations in quarterly compensation and benefits expense from period to period. Non-variable operating expenses, which we recognize when incurred during the year, are relatively constant on a quarterly basis. We provide for the effects of income taxes on interim financial statements based on our estimate of the effective tax rate for the full year, which we base on forecasted income by country and expected enacted tax rates. As required, we adjust for the impact of discrete items in the quarters in which they occur. 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 March 31 are not fully indicative of what our results will be for the full fiscal year. Accelerated share repurchase program In March 2026, we entered into an Accelerated Share Repurchase ("ASR") program, whereby we made an upfront payment of $ 200.0 million and received initial delivery of approximately 587,000 shares at a price of $ 289.52 per share. These shares represented a portion of the prepayment amount, and the remainder of the shares associated with this ASR will be delivered on contractual settlement dates during the second quarter. 7 Table of Contents 2. NEW ACCOUNTING STANDARDS Recently adopted accounting guidance 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 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. We adopted this guidance for the interim periods beginning January 1, 2026 and elected to apply the practical expedient, which assumes that current conditions as of the balance sheet date do not change for the remaining life of current accounts receivable and current contract assets. This ASU did not have a material impact on our financial statements or results of operations. Recently issued accounting guidance 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. This ASU will result in expanded disclosures related to expenses but will have no impact on our financial statements or results of operations. 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. In November 2025, the FASB issued ASU 2025-08, Financial Instruments—Credit Losses (Topic 326): Purchased Loans , which requires entities to account for acquired loans that meet certain criteria (“purchased seasoned loans”) using the gross-up approach, aligning their treatment with purchased financial assets with credit deterioration. Under this approach, entities recognize the loans at their purchase price plus an allowance for expected credit losses. This ASU is effective for annual periods beginning after December 15, 2026, and interim periods within those years, with early adoption permitted. The amendments must be applied prospectively to loans acquired on or after the initial application date. We do not expect this guidance to have a material impact on our financial statements. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities , which provides guidance on the recognition, measurement, and presentation of government grants to business entities. This ASU is effective for annual periods beginning after December 15, 2028, for public business entities, with early adoption permitted. We do not expect this guidance to have a material impact on our financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements , which clarifies interim reporting requirements under U.S. GAAP for all entities preparing interim financial statements and notes. The ASU improves the navigability of Topic 270, specifies the form and content of interim financial statements and notes, provides a comprehensive list of required interim disclosures, and introduces a disclosure principle for condensed interim financial statements requiring disclosure of events with a material effect since the end of the previous annual period. This ASU is effective for interim periods in fiscal years beginning after December 15, 2027, for public business entities, with early adoption permitted. We do not expect this guidance to have a material impact on our financial statements. In December 2025, the FASB issued ASU 2025-12, Codification Improvements , as part of its ongoing project to make minor amendments and clarifications to the Accounting Standards Codification. The amendments address issues across a wide range of Topics and are intended to clarify, correct errors, or make minor improvements without significant impact on current accounting practice or cost to most entities. The ASU is effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those years, with early adoption permitted on an issue-by-issue basis. We do not expect this guidance to have a material impact on our financial statements. 8 Table of Contents 3. REVENUE RECOGNITION 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 March 31, (in millions) 2026 2025 Revenue excluded from scope of ASC Topic 606 $ 80.5 70.4 Contract assets and liabilities Our contract assets, net of allowance, are included in Short-term contract assets and Other assets and our contract liabilities are included in Short-term contract liabilities and deferred income on our Consolidated Balance Sheets. The majority of contract liabilities are recognized as revenue within 90 days. Such contract assets and liabilities are presented below. (in millions) March 31, 2026 December 31, 2025 Contract assets, gross $ 408.9 407.1 Contract asset allowance ( 3.7 ) ( 3.9 ) Contract assets, net $ 405.2 403.2 Contract liabilities $ 166.3 187.3 Remaining performance obligations Remaining performance obligations represent the aggregate transaction price for contracts where our performance obligations have not yet been satisfied. As of March 31, 2026, 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. 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. 9 Table of Contents 4. BUSINESS SEGMENTS Effective January 1, 2026, we began reporting Software and Technology Solutions (historically a standalone reporting segment) as a fifth business line within Real Estate Management Services. In addition, the revenue disaggregation within Leasing Advisory was collapsed and the presentation of Investment Management revenue was simplified to reflect two captions: Advisory fees and Incentive and transaction fees. Prior period financial information was recast to conform with these presentation changes. We manage and report our operations as four global business segments: (1) Real Estate Management Services, (2) Leasing Advisory, (3) Capital Markets Services, and (4) Investment Management. Real Estate Management Services business provides a broad suite of integrated services to occupiers of real estate, including facility and property management, project management, portfolio and other services, and software and technology solutions. 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. 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 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 income/loss attributable to noncontrolling interest, (v) the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders and (vi) 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. 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, 2026, we continue to define our Global Executive Board, collectively, as our CODM. 10 Table of Contents Summarized financial information by business segment is as follows. Real Estate Management Services Three Months Ended March 31, (in millions) 2026 2025 Workplace Management $ 3,582.9 3,263.6 Project Management 844.0 747.5 Property Management 471.1 445.6 Portfolio Services and Other 110.9 112.7 Software & Technology Solutions 56.8 57.1 Revenue $ 5,065.7 4,626.5 Less: Platform compensation and benefits $ 505.6 479.5 Platform operating, administrative and other 163.1 153.2 Gross contract costs 4,330.8 3,931.0 Add: Equity earnings 0.5 0.4 Other segment items ( 1.3 ) ( 2.2 ) Adjusted EBITDA $ 65.4 61.0 Depreciation and amortization (1) $ 32.2 36.9 (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) 2026 2025 Revenue $ 686.3 586.1 Less: Platform compensation and benefits $ 498.6 426.8 Platform operating, administrative and other 68.1 60.4 Gross contract costs 2.4 2.0 Add: Equity losses ( 0.1 ) — Other segment items ( 0.2 ) 0.1 Adjusted EBITDA $ 116.9 97.0 Depreciation and amortization $ 11.5 12.0 11 Table of Contents Capital Markets Services Three Months Ended March 31, (in millions) 2026 2025 Investment Sales, Debt/Equity Advisory and Other $ 402.5 312.6 Value and Risk Advisory 89.3 81.6 Loan Servicing 43.4 41.1 Revenue $ 535.2 435.3 Less: Platform compensation and benefits $ 390.1 329.5 Platform operating, administrative and other 73.8 70.7 Gross contract costs 0.9 1.1 Add: Equity earnings 0.3 1.6 Net non-cash MSR and mortgage banking derivative activity 5.5 12.9 Other segment items 0.9 0.1 Adjusted EBITDA $ 77.1 48.6 Depreciation and amortization $ 10.4 18.9 Investment Management Three Months Ended March 31, (in millions) 2026 2025 Advisory fees $ 89.9 89.3 Incentive and transaction fees 9.4 9.2 Revenue $ 99.3 98.5 Less: Platform compensation and benefits $ 59.2 58.3 Platform operating, administrative and other 16.5 16.3 Gross contract costs 8.6 8.2 Add: Other segment items — 0.1 Adjusted EBITDA $ 15.0 15.8 Depreciation and amortization $ 2.8 2.9 Equity earnings (losses) $ 5.5 ( 6.1 ) 12 Table of Contents The following table is a reconciliation of segment revenue to consolidated revenue. Three Months Ended March 31, (in millions) 2026 2025 Real Estate Management Services $ 5,065.7 4,626.5 Leasing Advisory 686.3 586.1 Capital Markets Services 535.2 435.3 Investment Management 99.3 98.5 Total revenue $ 6,386.5 5,746.4 The following table is a reconciliation of Adjusted EBITDA to Net income attributable to common shareholders. The balances and activity associated with our 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 and are reported in All Other below. Three Months Ended March 31, (in millions) 2026 2025 Adjusted EBITDA - Real Estate Management Services $ 65.4 61.0 Adjusted EBITDA - Leasing Advisory 116.9 97.0 Adjusted EBITDA - Capital Markets Services 77.1 48.6 Adjusted EBITDA - Investment Management 15.0 15.8 Adjusted EBITDA - All Other ( 0.8 ) 2.4 Adjusted EBITDA - Consolidated $ 273.6 224.8 Adjustments: Restructuring and acquisition charges $ ( 5.3 ) ( 19.7 ) Interest on employee loans, net of forgiveness 2.5 1.6 Equity earnings (losses) - Investment Management and Proptech Investments (1) 6.0 ( 28.7 ) Credit losses on convertible note investments ( 0.3 ) ( 0.5 ) Net non-cash MSR and mortgage banking derivative activity ( 5.5 ) ( 12.9 ) Interest expense, net of interest income ( 17.0 ) ( 24.6 ) Income tax provision ( 38.1 ) ( 14.0 ) Depreciation and amortization (1) ( 56.9 ) ( 70.7 ) Net income attributable to common shareholders $ 159.0 55.3 (1) This adjustment excludes the noncontrolling interest portion which is not attributable to common shareholders. 13 Table of Contents 5. BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS Business Combinations Activity 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. Three Months Ended March 31, (in millions) 2026 2025 Payments relating to current-year acquisitions $ — — Payments for deferred business acquisition and earn-out obligations 8.5 0.6 Total paid for business acquisitions $ 8.5 0.6 Earn-Out Payments The following table details the number of acquisitions related to our earn-out payments, in addition to the maximum (undiscounted) amount and fair values of those earn-out payments ($ in millions) March 31, 2026 December 31, 2025 Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria 11 11 Maximum earn-out payments (undiscounted) $ 75.4 75.5 Short-term earn-out liabilities (fair value) (1) 8.2 5.9 Long-term earn-out liabilities (fair value) (1) 9.5 11.3 (1) Included in Other current and Other long-term liabilities on the Consolidated Balance Sheets. Assuming the achievement of the applicable performance criteria, we anticipate making these earn-out payments over the next four years. Refer to Note 7, Fair Value Measurements, and Note 10, Restructuring and Acquisition Charges, for additional discussion of our earn-out liabilities. Goodwill and Other Intangible Assets Goodwill and unamortized intangibles as of March 31, 2026 consisted of: (i) goodwill of $ 4,691.0 million, (ii) identifiable intangibles of $ 599.1 million amortized over their remaining finite useful lives and (iii) $ 51.2 million of identifiable intangibles with indefinite useful lives that are not amortized. Notable portions of our goodwill and unamortized intangibles are denominated in currencies other than the U.S. 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 evolving organizational structure described more fully in Note 4, Business Segments, we reassessed our reporting units as of January 1, 2026. As a result of reporting Software and Technology Solutions (historically a standalone reporting segment) as a fifth business line within Real Estate Management Services, the goodwill previously attributed to the Software and Technology Solutions reporting unit was combined with the goodwill of the Real Estate Management Services reporting unit. We considered the change to Software and Technology Solutions and Real Estate Management Services reporting units a triggering event requiring the testing of our goodwill for impairment as of January 1, 2026. 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 the Software and Technology Solutions and Real Estate Management Services reporting units exceeded their respective carrying values. 14 Table of Contents The following table details, by reporting segment, movements in goodwill. (in millions) Real Estate Management Services Leasing Advisory Capital Markets Services Investment Management Consolidated Balance as of January 1, 2026 $ 1,225.1 1,405.3 2,019.8 57.1 $ 4,707.3 Impact of exchange rate movements ( 3.4 ) ( 5.2 ) ( 7.4 ) ( 0.3 ) ( 16.3 ) Balance as of March 31, 2026 $ 1,221.7 1,400.1 2,012.4 56.8 $ 4,691.0 (in millions) Real Estate Management Services Leasing Advisory Capital Markets Services Investment Management Consolidated Balance as of January 1, 2025 $ 1,211.3 1,372.6 1,971.5 55.9 $ 4,611.3 Impact of exchange rate movements 3.7 12.8 14.2 0.5 31.2 Balance as of March 31, 2025 $ 1,215.0 1,385.4 1,985.7 56.4 $ 4,642.5 The following tables detail, by intangible type, movements in the gross carrying amount and accumulated amortization of our identifiable intangibles. (in millions) MSRs Other Intangibles Consolidated Gross Carrying Amount Balance as of December 31, 2025 $ 896.8 336.0 $ 1,232.8 Additions, net of adjustments 21.4 — 21.4 Adjustment for fully amortized intangibles ( 9.6 ) — ( 9.6 ) Impact of exchange rate movements — ( 1.0 ) ( 1.0 ) Balance as of March 31, 2026 $ 908.6 335.0 $ 1,243.6 Accumulated Amortization Balance as of December 31, 2025 $ ( 438.6 ) ( 127.5 ) $ ( 566.1 ) Amortization expense, net (1) ( 30.3 ) ( 6.8 ) ( 37.1 ) Adjustment for fully amortized intangibles 9.6 — 9.6 Impact of exchange rate movements — 0.3 0.3 Balance as of March 31, 2026 $ ( 459.3 ) ( 134.0 ) $ ( 593.3 ) Net book value as of March 31, 2026 $ 449.3 201.0 $ 650.3 (1) Included in this amount for MSRs was $ 2.0 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. 15 Table of Contents (in millions) MSRs Other Intangibles Consolidated Gross Carrying Amount Balance as of December 31, 2024 $ 851.1 543.8 $ 1,394.9 Additions, net of adjustments 20.2 — 20.2 Adjustment for fully amortized intangibles ( 11.7 ) — ( 11.7 ) Impact of exchange rate movements — 2.7 2.7 Balance as of March 31, 2025 $ 859.6 546.5 $ 1,406.1 Accumulated Amortization Balance as of December 31, 2024 $ ( 380.0 ) ( 290.8 ) $ ( 670.8 ) Amortization expense, net (1) ( 27.2 ) ( 17.0 ) ( 44.2 ) Adjustment for fully amortized intangibles 11.7 — 11.7 Impact of exchange rate movements — ( 1.0 ) ( 1.0 ) 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 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. 6. INVESTMENTS Summarized investment balances as of March 31, 2026 and December 31, 2025 are presented in the following table. (in millions) March 31, 2026 December 31, 2025 Investment Management co-investments $ 495.0 505.8 Proptech Investments 357.6 353.0 Other investments 34.0 34.1 Total $ 886.6 892.9 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 $ 196.7 million and $ 6.6 million as of March 31, 2026 for our Investment Management business and Proptech Investments, respectively. Impairment There were no significant other-than-temporary impairment charges on Investments for the three months ended March 31, 2026 and 2025. 16 Table of Contents Fair Value We report a majority of our investments at fair value. For such investments, we increase or decrease our investment each reporting period by the change in the fair value and we report these fair value adjustments in our Consolidated Statements of Comprehensive Income within Equity earnings/losses. The table below shows the movement in our investments reported at fair value. The table below does not include our $ 16.9 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, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. (in millions) 2026 2025 Fair value investments as of January 1, $ 844.0 742.0 Investments 11.8 115.7 Distributions ( 26.3 ) ( 6.0 ) Change in fair value, net 7.6 ( 27.7 ) Foreign currency translation adjustments, net ( 3.3 ) 7.4 Transfers in — 24.6 Fair value investments as of March 31, $ 833.8 856.0 See Note 7, Fair Value Measurements, for additional discussion of our investments reported at fair value. 7. FAIR VALUE MEASUREMENTS We measure certain assets and liabilities in accordance with ASC Topic 820, Fair Value Measurements and Disclosures , which defines fair value as the price that would be received for an asset, or paid to transfer a liability, in an orderly transaction between market participants on the measurement date. In addition, it establishes a framework for measuring fair value according to the following three-tier fair value hierarchy: • Level 1 - Quoted prices for identical assets or liabilities in active markets accessible as of the measurement date; • Level 2 - Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and • Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Financial Instruments Our financial instruments include Cash and cash equivalents, Trade receivables, Notes and other receivables, Reimbursable receivables, Warehouse receivables, restricted cash, contract assets, Accounts payable, Reimbursable payables, Commercial paper, Short-term borrowings, contract liabilities, Warehouse facilities, Credit facility, Long-term debt and foreign currency derivatives. The carrying amounts of Cash and cash equivalents, Trade receivables, Notes and other receivables, Reimbursable receivables, restricted cash, contract assets, Accounts payable, Reimbursable payables, contract liabilities and the Warehouse facilities approximate their estimated fair values due to the short-term nature of these instruments. The carrying values of our Credit facility, Commercial paper and Short-term borrowings approximate their estimated fair values given the variable interest rate terms and market spreads. We estimated the fair value of our Long-term debt using dealer quotes that are Level 2 inputs in the fair value hierarchy. The fair value and carrying value of our debt are presented in the following table. (in millions) March 31, 2026 December 31, 2025 Long-term debt, fair value $ 824.9 838.7 Long-term debt, carrying value, net of debt issuance costs 798.9 805.9 17 Table of Contents Investments at Fair Value - Net Asset Value ("NAV") We report a significant portion of our investments at fair value. For such investments, we increase or decrease our investment each reporting period by the change in the fair value, and we report these fair value adjustments in our Consolidated Statements of Comprehensive Income within Equity earnings/losses. For a subset of our investments reported at fair value, we estimate the fair value using the NAV per share (or its equivalent) our investees provide. Critical inputs to NAV estimates included valuations of the underlying real estate assets and borrowings, which incorporate investment-specific assumptions such as discount rates, capitalization rates, rental and expense growth rates, and asset-specific market borrowing rates. 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 March 31, 2026 and December 31, 2025, investments at fair value using NAV were $ 483.3 million and $ 491.1 million, respectively. As these investments are not required to be classified in the fair value hierarchy, they have been excluded from the following table. Recurring Fair Value Measurements 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. March 31, 2026 December 31, 2025 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Investments - fair value $ 44.8 — 305.7 48.2 — 304.7 Foreign currency derivative assets — 18.7 — — 5.8 — Warehouse receivables — 1,141.8 — — 751.2 — Deferred compensation plan assets — 751.8 — — 723.6 — Mortgage banking derivative assets — — 70.4 — — 52.2 Total assets at fair value $ 44.8 1,912.3 376.1 48.2 1,480.6 356.9 Liabilities Foreign currency derivative liabilities $ — 9.7 — — 14.2 — Deferred compensation plan liabilities — 740.9 — — 731.4 — Earn-out liabilities — — 17.7 — — 17.2 Mortgage banking derivative liabilities — — 23.8 — — 20.6 Total liabilities at fair value $ — 750.6 41.5 — 745.6 37.8 Investments We classify one investment as Level 1 in the fair value hierarchy as a quoted price is readily available. We increase or decrease our investment each reporting period by the change in the fair value of the investment. We report the fair value adjustments in our Consolidated Statements of Comprehensive Income within Equity earnings/losses. Investments classified as Level 3 in the fair value hierarchy represent investments in early-stage non-public entities where we elected the fair value option. For most of our investments, the carrying value was deemed to approximate fair value due to the proximity of the investment date, or date of most recent financing raise, to the balance sheet date, as well as consideration of investee-level performance updates. The fair value of certain investments is estimated using significant unobservable inputs which requires judgment due to the absence of market data. In determining the estimated fair value of these investments, we utilize appropriate valuation techniques including discounted cash flow analyses, scorecard method, Black-Scholes models and other methods as appropriate. Key inputs include projected cash flows, discount rates, peer group multiples and volatility. To the extent there are changes in fair value, we recognize such changes through Equity earnings/losses. 18 Table of Contents Foreign Currency Derivative Contracts We use cross-currency swaps and foreign currency forward contracts in the normal course of business to hedge foreign currency exchange rate risk. We determine the fair values of these derivatives based on current market rates. The inputs for these valuations are Level 2 in the fair value hierarchy. We record the asset and liability positions for the contracts based on the net payable or net receivable position with the financial institutions from which we purchase these contracts. See Note 12, Foreign Currency Derivatives and Hedging for additional details regarding these contracts. Warehouse Receivables The fair value of the Warehouse receivables is based on already locked-in security-buy prices. As of March 31, 2026 and December 31, 2025, 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 We maintain a deferred compensation plan for certain of our U.S. employees and members of our Board of Directors that allows them to defer portions of their compensation. 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) March 31, 2026 December 31, 2025 Deferred compensation plan assets $ 751.8 723.6 Long-term deferred compensation plan liabilities 740.9 731.4 Shares held in trust 13.9 13.8 Earn-Out Liabilities We classify our Earn-out liabilities within Level 3 in the fair value hierarchy because the inputs we use to develop the estimated fair value include unobservable inputs. See Note 5, Business Combinations, Goodwill and Other Intangible Assets, for additional discussion of our Earn-out liabilities. Mortgage Banking Derivatives 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 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 December 31, 2025 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Balance as of March 31, 2026 Investments $ 304.7 1.7 ( 0.7 ) — — $ 305.7 Mortgage banking derivative assets and liabilities, net 31.6 37.5 — 34.7 ( 57.2 ) 46.6 Earn-out liabilities 17.2 0.5 — — — 17.7 19 Table of Contents (in millions) Balance as of December 31, 2024 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Transfers out Balance as of March 31, 2025 Investments $ 330.3 ( 19.9 ) 0.7 — ( 0.1 ) — $ 311.0 Mortgage banking derivative assets and liabilities, net 93.8 7.3 — 30.0 ( 114.4 ) — 16.7 Earn-out liabilities 35.8 3.9 0.1 — ( 0.1 ) ( 2.2 ) 37.5 (1) CTA: Currency translation adjustments Net change in fair value, included in the tables above, is reported in Net income as follows. Category of Assets/Liabilities using Unobservable Inputs Consolidated Statements of Comprehensive Income Account Caption Earn-out liabilities (short-term and long-term) Restructuring and acquisition charges Investments Equity earnings/losses Other current assets - Mortgage banking derivative assets Revenue Other current liabilities - Mortgage banking derivative liabilities Revenue Non-Recurring Fair Value Measurements We review our investments, except those investments otherwise reported at fair value, on a quarterly basis, or as otherwise deemed necessary, for indications of whether we may be unable to recover the carrying value of our investments and whether such investments are other than temporarily impaired. When the carrying amount of the investment is in excess of the estimated future undiscounted cash flows, we use a discounted cash flow approach or other acceptable method to determine the fair value of the investment in computing the amount of the impairment. Our determination of fair value primarily relies on Level 3 inputs. We did not recognize any significant investment-level impairment losses during the three months ended March 31, 2026 or 2025. See Note 6, Investments, for additional information, including information related to impairment charges recorded at the investee level. 8. DEBT Debt is composed of the following obligations. ($ in millions) March 31, 2026 December 31, 2025 Short-term debt: Local overdraft facilities $ 12.8 2.8 Other short-term borrowings 154.3 89.9 Commercial paper, net of debt issuance costs of $ 0.1 and $ 0.2 614.9 ( 0.2 ) Total short-term debt, net of debt issuance costs $ 782.0 92.5 Credit facility, net of debt issuance costs of $ 7.7 and $ 8.5 332.3 ( 8.5 ) Long-term senior notes, 1.96 %, face amount of € 175.0 , due June 2027, net of debt issuance costs of $ 0.2 and $ 0.2 201.4 205.1 Long-term senior notes, 6.875 %, face amount of $ 400.0 , due December 2028, net of debt issuance costs of $ 3.8 and $ 4.1 396.2 395.9 Long-term senior notes, 2.21 %, face amount of € 175.0 , due June 2029, net of debt issuance costs of $ 0.3 and $ 0.4 201.3 204.9 Total debt, net of debt issuance costs $ 1,913.2 889.9 20 Table of Contents Commercial Paper Program 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. Notes issued under the Program will be sold under customary market terms in the U.S. commercial paper market at par less a discount representing an interest factor or, if interest bearing, at par. The maturities of the Program notes may vary but may not exceed 397 days from the date of issuance. 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. 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, 2026 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. Interest and fees are set at the time of utilization and calculated on a 360-day basis. 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 March 31, 2026 and December 31, 2025. The following table provides additional information on our Program, Facility and Uncommitted Facility, collectively. Three Months Ended March 31, ($ in millions) 2026 2025 Average outstanding borrowings $ 458.5 1,003.3 Average effective interest rate 4.2 % 5.0 % 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. Short-Term and Long-Term Debt In addition to our credit facilities, we have the capacity to borrow up to $ 58.1 million as of March 31, 2026, under local overdraft facilities. Amounts outstanding are presented in the debt table above. As of March 31, 2026, our issuer and senior unsecured ratings are investment grade: Baa1 from Moody’s Investors Service, Inc. and BBB+ from Standard & Poor’s Ratings Services. Covenants 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 March 31, 2026. Warehouse Facilities 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. Three Months Ended March 31, (in millions) 2026 2025 Origination of mortgage loans $ ( 2,456.9 ) ( 1,824.1 ) Proceeds from the sales of mortgage loans 2,054.7 2,064.3 Net increase (decrease) in Warehouse facilities 403.9 ( 240.3 ) The following table provides details regarding our Warehouse facilities lines of credit. 21 Table of Contents March 31, 2026 December 31, 2025 ($ in millions) Outstanding Balance Maximum Capacity Outstanding Balance Maximum Capacity Warehouse facilities: SOFR plus 1.40% , expires September 14, 2026 $ 162.0 700.0 114.2 700.0 SOFR plus 1.30% , expires September 11, 2026 547.8 600.0 185.6 600.0 SOFR plus 1.40% , expires October 22, 2026 315.3 1,100.0 338.0 1,100.0 Fannie Mae ASAP (1) program, SOFR plus 1.25% 138.5 n/a 122.0 n/a Gross warehouse facilities 1,163.6 2,400.0 759.8 2,400.0 Debt issuance costs ( 0.6 ) n/a ( 0.7 ) n/a Total warehouse facilities $ 1,163.0 2,400.0 759.1 2,400.0 (1) As Soon As Pooled ("ASAP") funding program We have lines of credit established for the sole purpose of funding our Warehouse receivables. These lines of credit exist with financial institutions and are secured by the related Warehouse receivables. 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 March 31, 2026. We are party to a master repurchase agreement with a maximum capacity of $ 1.1 billion. Transactions executed under this agreement are accounted for as secured borrowings. 9. COMMITMENTS AND CONTINGENCIES We are a defendant in various litigation matters arising in the ordinary course of business, some of which involve claims for damages that are substantial in amount. Professional Indemnity Insurance In order to better manage our global insurance program and support our risk management efforts, we supplement our traditional insurance coverage for certain types of claims by using a wholly-owned captive insurance company. The level of risk retained by our captive insurance company, with respect to professional indemnity claims, is up to $ 10.0 million per claim. 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 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. There was no such receivable recorded as of March 31, 2026 and December 31, 2025, in Notes and other receivables on our Consolidated Balance Sheets. The following table shows the professional indemnity accrual activity and related payments. (in millions) December 31, 2025 $ 1.4 Prior year claims adjustments (including foreign currency changes) 0.4 March 31, 2026 $ 1.8 December 31, 2024 $ 4.2 Prior year claims adjustments (including foreign currency changes) 0.2 Claims paid ( 2.4 ) March 31, 2025 $ 2.0 22 Table of Contents Delegated Underwriting and Servicing ("DUS") Program Loan Loss-Sharing As a participant in the DUS program, we retain a portion of the risk of loss for loans that are originated and sold under the DUS program. Net losses on defaulted loans are shared with Fannie Mae based upon established loss-sharing ratios. 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 March 31, 2026 and December 31, 2025, we had loans, funded and sold, subject to such loss-sharing arrangements with an aggregate unpaid principal balance of $ 26.6 billion and $ 25.8 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 March 31, 2026 and December 31, 2025, the loss-sharing guarantee obligations were $ 30.7 million and $ 30.4 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 March 31, 2026 and December 31, 2025, the loan loss guarantee reserve was $ 24.2 million and $ 29.9 million, respectively, and is included within Other liabilities on our Consolidated Balance Sheets. There were no loan losses incurred during the three months ended March 31, 2026. 10. RESTRUCTURING AND ACQUISITION CHARGES Restructuring and acquisition charges include cash and non-cash expenses. Cash-based charges primarily consist of (i) severance and employment-related charges, including those related to external service providers, incurred in conjunction with a structural business shift, which can be represented by a notable change in headcount, change in leadership or transformation of business processes, (ii) acquisition, transaction and integration-related charges and (iii) other restructuring charges. Non-cash charges include (i) stock-based compensation expense for retention awards issued in conjunction with prior-period acquisitions and (ii) fair value adjustments to earn-out liabilities relating to prior-period acquisition activity and (iii) asset impairment charges. Restructuring and acquisition charges are presented in the following table. Three Months Ended March 31, (in millions) 2026 2025 Severance and other employment-related charges $ 2.9 7.4 Restructuring, pre-acquisition and post-acquisition charges 1.7 7.7 Stock-based compensation expense for post-acquisition retention awards 0.2 0.7 Fair value adjustments to earn-out liabilities 0.5 3.9 Restructuring and acquisition charges $ 5.3 19.7 We expect nearly all cash-based charges related to (i) severance and other employment-related charges and (ii) restructuring, pre-acquisition and post-acquisition charges as of March 31, 2026 will be paid during the next twelve months. 23 Table of Contents 11. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT The tables below present the changes in Accumulated other comprehensive income (loss) ("AOCI") by component. (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of December 31, 2025 $ ( 63.4 ) ( 509.1 ) $ ( 572.5 ) Other comprehensive loss before reclassification — ( 12.4 ) ( 12.4 ) Other comprehensive loss after tax expense of $ - , $ - and $ - — ( 12.4 ) ( 12.4 ) Balance as of March 31, 2026 $ ( 63.4 ) ( 521.5 ) $ ( 584.9 ) (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 (loss) income before reclassification ( 0.5 ) 36.8 36.3 Other comprehensive (loss) income after tax expense of $ - , $ - and $ - ( 0.5 ) 36.8 36.3 Balance as of March 31, 2025 $ ( 56.0 ) ( 554.6 ) $ ( 610.6 ) For pension and postretirement benefits, we report amounts reclassified from Accumulated other comprehensive loss in Other income within the Consolidated Statements of Comprehensive Income. 12. FOREIGN CURRENCY DERIVATIVES AND HEDGING We use derivative financial instruments in the normal course of business to hedge foreign currency exchange rate risk. We do not use derivative financial instruments for trading or speculative purposes. We enter into cross-currency swaps to hedge the foreign currency exposure arising from our net investments in foreign operations. These swaps are designated as net investment hedges. The resulting gains and losses from these derivatives offset the foreign currency translation gains and losses on the associated net investments, both recorded as a component of AOCI. The initial value of any excluded components from the assessment of effectiveness are recognized using a systematic and rational method over the life of the hedging instrument. The interest accrual component of cross-currency swaps is reported directly in earnings. We enter into foreign currency forward contracts to manage our currency exchange rate risk related to intercompany lending and cash management practices. These derivatives do not qualify for hedge accounting treatment. Gains and losses from the revaluation of these contracts are recognized as a component of Operating, administrative and other expense and are offset by the gains and losses recognized on the revaluation of intercompany loans and other foreign currency balances. The impact to net income was not significant for the three months ended March 31, 2026 and 2025. We are exposed to credit risk in the event of nonperformance of the counterparties under the derivative contracts. We manage this risk by entering transactions with major financial institutions, monitoring their credit ratings and diversifying our positions across counterparties. Our derivatives are subject to master netting arrangements that allow for net settlement of contracts with the same counterparties. There are currently no requirements for the Company to post collateral. In October 2025, we entered into cross-currency swaps designated as net investment hedges to hedge the net investments of euro, Japanese yen, Swiss franc and Canadian dollar functional currency foreign subsidiaries. The total notional of these swaps is $ 805.8 million, which will mature between 2030 and 2035. During the three months ended March 31, 2026, we entered into forward contracts to hedge foreign currency risk that were not designated as hedges which generally have a maturity of less than 90 days. The following table details the gross notional value and net basis of these contracts. 24 Table of Contents (in billions) March 31, 2026 December 31, 2025 Foreign currency forward contracts, gross notional value $ 1.75 2.04 Foreign currency forward contracts, net basis 1.21 1.23 The following table summarizes the asset and liability positions of our derivatives on a gross basis and the net asset or net liability position with the financial institutions from which we purchase these contracts. Fair Value Asset Fair Value Liability March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025 (in millions) Derivatives designated as hedging instruments: Net investment hedges: Gross amount of derivative $ 17.3 3.6 $ 0.5 10.0 Offsetting derivative ( 0.5 ) ( 1.1 ) ( 0.5 ) ( 1.1 ) Net amount of net investment hedges $ 16.8 2.5 $ — 8.9 Derivatives not designated as hedging instruments: Foreign currency forward contracts: Gross amount of derivative $ 1.4 2.2 $ 9.2 4.2 Offsetting derivative ( 1.0 ) ( 0.6 ) ( 1.0 ) ( 0.6 ) Net amount of foreign currency forward contracts $ 0.4 1.6 $ 8.2 3.6 Total derivatives at fair value $ 17.2 $ 4.1 $ 8.2 12.5 Derivatives designated as hedging instruments are presented in Other long-term assets or Other long-term liabilities. Those not designated as hedging instruments are presented in Restricted cash, prepaid and other assets or Other current liabilities. See Note 7, Fair Value Measurements for additional information on derivative instruments accounted for at fair value. The following table summarizes the pre-tax impact of the outstanding derivatives on the Consolidated Statements of Comprehensive Income. Three Months Ended March 31, (in millions) 2026 2025 Derivatives designated as hedging instruments: Interest income $ 2.5 — Gain recognized in Accumulated other comprehensive loss 23.2 — Derivatives not designated as hedging instruments: (Loss) gain recognized in Operating, administrative and other $ ( 5.7 ) 7.3 We did not enter into any net investment hedges for the three months ended March 31, 2025. As such, there was no impact to this period. 25 Table of Contents