CBRE — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-07-29

• Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) provides the

• reader with management’s perspective on our financial condition, results of operations, liquidity and certain other factors that

• may affect future results. The MD&A in this Quarterly Report on Form 10-Q (Quarterly Report) for CBRE Group, Inc. for the

• three and six months ended June 30, 2026 should be read in conjunction with our consolidated financial statements and related

• notes included in our 2025 Annual Report on Form 10-K (2025 Annual Report) as well as the unaudited financial statements

Text removed vs the prior filing · source: 10-Q · 2026-04-23

• Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) provides the reader with management’s perspective on our financial condition, results of operations, liquidity and certain other factors that may affect future results. The MD&A in this Quarterly Report on F…

• In addition, the statements and assumptions in this Quarterly Report that are not statements of historical fact are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended, including, in particu…

• During the first quarter of 2026, we began reclassifying amortization associated with MSRs (mortgage servicing rights) to net against the related revenue (Commercial mortgage origination). Historically, the corresponding MSR intangible assets were amortized through amortization expense over the esti…

• The strong recovery of the commercial real estate market that began in 2025 continued in early 2026. This is evident in the continuation of markedly increased property leasing and sales activity during the first quarter. Occupier demand remained notably strong in the U.S. particularly for industrial…

• The following table sets forth items derived from our consolidated statements of operations for the three months ended March 31, 2026 and 2025 (dollars in millions):

Text added vs the prior filing · source: 10-Q · 2026-07-29

• The information in this section should be read in connection with the information on market risk related to changes in

• interest rates and non-U.S. currency exchange rates in Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market

• Risk” in our 2025 Annual Report and Note 8 – Derivatives and Hedging Activities to the Consolidated Financial Statements

• Our exposure to market risk primarily consists of foreign currency exchange rate fluctuations related to our

• international operations and changes in interest rates on debt obligations. We manage such risks primarily by managing the

Text removed vs the prior filing · source: 10-Q · 2026-04-23

• The information in this section should be read in connection with the information on market risk related to changes in interest rates and non-U.S. currency exchange rates in Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” in our 2025 Annual Report and Note 8 – Derivati…

• Our exposure to market risk primarily consists of foreign currency exchange rate fluctuations related to our international operations and changes in interest rates on debt obligations. We manage such risks primarily by managing the amount, sources, and duration of our debt funding and by using deriv…

• We conduct a significant portion of our business and employ a substantial number of people outside the U.S. As a result, we are subject to risks associated with doing business globally. Our Investment Management business has significant euro and British pound denominated assets under management (AUM…

• Our foreign operations expose us to fluctuations in foreign exchange rates. These fluctuations may impact the value of our cash receipts and payments in terms of our functional (reporting) currency, which is the U.S. dollar. We use fixed to fixed and float to float cross-currency swaps to hedge our …

• Our businesses could be adversely affected by rapid and unpredictable changes to U.S. trade policy, disputes with U.S. trading partners, increased tariffs, high interest rates, limited access to debt capital or liquidity constraints, downturns in general macroeconomic conditions, regulatory or finan…

Text added vs the prior filing · source: 10-Q · 2026-07-29

• Rule 13a-15(e) and 15d-15(e) of the Securities and Exchange Act of 1934, as amended, requires that we conduct an

• evaluation of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly

• Report, and we have a disclosure policy in furtherance of the same. This evaluation is designed to ensure that all corporate

• disclosure is complete and accurate in all material respects. The evaluation is further designed to ensure that all information

• required to be disclosed in our SEC reports is accumulated and communicated to management to allow timely decisions

Text removed vs the prior filing · source: 10-Q · 2026-04-23

• Rule 13a-15(e) and 15d-15(e) of the Securities and Exchange Act of 1934, as amended, requires that we conduct an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report, and we have a disclosure policy in furtherance of t…

• We conducted the required evaluation, and our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures (as defined by Securities Exchange Act Rule 13a-15(e)) were effective as of March 31, 2026 to accomplish their objectives at the reasonable ass…

• There have been no changes in our internal control over financial reporting during the fiscal quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Text added vs the prior filing · source: 10-Q · 2026-07-29

• During the three months ended June 30, 2026, one of our independent directors, Gerardo I. Lopez, entered into a Rule

• 10b5-1 Trading Plan (the Lopez Trading Plan) to purchase shares of the company’s Class A common stock. Additionally,

• during the three months ended June 30, 2026, our Chief Legal & Administrative Officer, Chad J. Doellinger, entered into a

• Rule 10b5-1 Trading Plan (the Doellinger Trading Plan) to sell shares of the company’s Class A common stock.

• The table below provides certain information regarding the Trading Plans.

Text removed vs the prior filing · source: 10-Q · 2026-04-23

• During the three months ended March 31, 2026, none of our officers or directors adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading…

• Supplemental Unaudited Recasted Consolidated and Segment Results

• The following tables set forth supplemental recasted consolidated and segment results for each of the three years ended December 31, 2025, 2024 and 2023, reflecting the following changes (dollars in millions):

• •Reclassification of amortization associated with MSRs (mortgage servicing rights) to net against the related revenue (Commercial mortgage origination), as described in Note 1 – Basis of Presentation of the Notes to the Consolidated Financial Statements (Unaudited), set forth in Item 1 of this Quart…

• •Transfer of the data center project work that is integrated with our Data Center Services facilities management business from the Project Management segment to the BOE segment.