Cushman & Wakefield Ltd.
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 5, 2026
CWK$13.96-1.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001628369-26-000060
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001628369-26-000118
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 157 previous paragraphs and 190 current paragraphs.
101 unchanged; 40 reworded; 47 added; 15 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (47)
Current report
Second Quarter Results:
Current report
◦Leasing revenue increased 27%, driven by growth in the Americas across all deal sizes, with continued strength in office and industrial leasing, including data centers.
Current report
◦Capital markets revenue decreased 1%, resulting from a 6% decline in the Americas driven primarily by declines in mid-sized transactions, most notably in the multi-family sector, partially offset by strength in EMEA and APAC.
Current report
•Net income of $52.7 million for the second quarter of 2026 decreased $4.6 million or 8% from the second quarter of 2025. Diluted earnings per share (“EPS”) was $0.22 for the second quarter of 2026, down $0.03, compared to $0.25 for the second quarter of 2025.
Current report
•In June 2026, the Company amended its Credit Agreement to (i) reprice a senior secured term loan, reducing the interest rate by 50 basis points to 1-month Term SOFR plus 2.25%, (ii) extend the maturity date to 2033, and (iii) increase the principal amount by $352.5 million. The proceeds were used to partially redeem the senior secured notes due in 2028 which, along with the $100.0 million partial redemption in May 2026, reduced the outstanding principal on the notes by $450.0 million in the quarter.
Current report
Year-to-Date Results:
Current report
•Revenue of $5.3 billion for the first half of 2026 increased 11% from the first half of 2025.
Current report
•Net income of $40.1 million for the first half of 2026 decreased $19.1 million or 32% from the first half of 2025. Diluted EPS was $0.17 for the first half of 2026, down $0.08, compared to $0.25 for the first half of 2025.
Current report
◦Adjusted EBITDA of $294.9 million increased $37.0 million or 14% from the first half of 2025.
Current report
For the three and six months ended June 30, 2025, Other also includes the release of a non-ordinary course compliance reserve, which when originally accrued in the third quarter of 2023, had been included as an adjustment in the reconciliation of Net income to Adjusted EBITDA within the line item “Legal and compliance matters,” offset by one-time consulting costs associated with the redomiciliation to Bermuda.
Current report
Revenue of $2.8 billion increased $278.7 million or 11% compared to the three months ended June 30, 2025, primarily driven by Services and Leasing revenue growth of 8% and 27%, respectively. Services revenue was strong across all segments, led by higher facilities management revenue, which increased approximately $55.0 million including through new client wins and the expansion of existing client mandates and higher project management revenue in the Americas and EMEA, which increased approximately $27.0 million and $20.0 million, respectively. Leasing revenue increased principally driven by growth in the Americas across all deal sizes, with continued strength in office and industrial leasing, including data centers, as demand for high-quality assets remained strong. Valuation and other revenue increased 10%. Capital markets revenue decreased 1%, resulting from a 6% decline in the Americas driven primarily by declines in mid-sized transactions, most notably in the multi-family sector, partially offset by strength in EMEA and APAC.
Current report
Operating, administrative and other expenses of $349.3 million increased $31.0 million or 10% compared to the three months ended June 30, 2025, primarily driven by an increase in employment costs of approximately $14.0 million, largely due to higher salaries and bonuses, as well as higher occupancy costs, strategic investments and cost inflation.
Current report
Interest expense, net of interest income
Current report
Interest expense, net of interest income of $59.6 million increased $6.4 million or 12% compared to the three months ended June 30, 2025, primarily due to $4.5 million of costs associated with the amendment of the Credit Agreement, as well as a $2.0 million loss on debt extinguishment from the partial redemptions of the senior secured notes due in 2028.
Current report
Earnings from equity method investments
Current report
Other income, net
Current report
Other income, net of $0.4 million decreased $6.0 million or 94% compared to the three months ended June 30, 2025. The decline was principally driven by an increase in unrealized losses on our real estate investments of $3.4 million.
Current report
Net income of $52.7 million decreased by $4.6 million or 8% compared to the three months ended June 30, 2025. The decrease in net income was principally driven by declines in our Capital markets service line, higher interest expense, higher unrealized losses on real estate investments, higher occupancy costs, strategic investments and cost inflation. These unfavorable trends were partially offset by growth in our Services and Leasing service lines.
Current report
Adjusted EBITDA of $183.6 million increased $21.9 million or 14% compared to the three months ended June 30, 2025, attributable to the same factors impacting Net income above, with the exception of interest expense and unrealized losses on real estate investments.
Current report
Six months ended June 30, 2026 compared to the six months ended June 30, 2025
Current report
Revenue
Current report
Costs of services
Current report
Costs of services of $4.4 billion increased $448.8 million or 11% compared to the six months ended June 30, 2025. Gross contract costs increased $205.3 million or 10%, principally driven by an increase in reimbursed client-dedicated labor costs of approximately $75.0 million and third-party consumables and sub-contractor costs of approximately $126.0 million. Of the $205.3 million increase in Gross contract costs, $202.9 million related to Services. Cost of services provided to clients increased $243.5 million or 13%, primarily due to an increase in employment costs of approximately $213.0 million, including higher commissions associated with higher brokerage revenue and higher salaries as a result of higher Services revenue. Of the $243.5 million increase in Cost of services provided to clients, $49.1 million related to Services. Total costs of services as a percentage of total revenue was 82% for both the six months ended June 30, 2026 and 2025.
Current report
Operating, administrative and other
Current report
Earnings (loss) from equity method investments
Current report
Provision for income taxes
Current report
Provision for income taxes for the six months ended June 30, 2026 was $27.6 million on earnings before income taxes of $67.7 million. For the six months ended June 30, 2025, the provision for income taxes was $22.0 million on earnings before income taxes of $81.2 million. The increase in income tax expense compared to the six months ended June 30, 2025 was primarily attributable to discrete tax adjustments recorded in the first half of 2026, including higher accruals associated with uncertain tax positions and return to provision adjustments from various foreign entities.
Current report
Net income and Adjusted EBITDA
Current report
(2)Other segment items include earnings (loss) from equity method investments, as well as certain non-GAAP adjustments for unusual, non-recurring or non-operating items used to calculate Adjusted EBITDA.
Current report
Americas revenue in the second quarter of 2026 was $2.0 billion, an increase of $193.7 million or 11% from the second quarter of 2025. This increase was principally driven by 35% growth in Leasing revenue, reflecting continued strength in office and industrial leasing, including data centers, as demand for high-quality assets remained strong. Services revenue increased 5%, led by higher project management revenue of approximately $27.0 million and higher facilities management revenue of approximately $22.0 million due to new client wins and the expansion of existing client mandates. Valuation and other revenue increased 8%. Capital markets revenue decreased 6%, driven primarily by declines in mid-sized transactions, most notably in the multi-family sector, partially offset by two large data center deals in the second quarter of 2026.
Current report
Gross contract costs of $882.5 million increased $64.3 million or 8%, reflecting higher reimbursed client-dedicated labor costs of approximately $40.0 million and higher third-party consumables and sub-contractor costs of approximately $22.0 million associated with revenue growth in Services and changes in client mix. Of the total Americas Gross contract costs, $875.1 million and $811.4 million related to Services for the second quarter of 2026 and 2025, respectively. Cost of services provided to clients of $762.2 million increased $86.3 million or 13%, primarily due to higher commissions associated with higher Leasing revenue. Of the total Americas Cost of services provided to clients, $251.7 million or 33% related to Services. Additionally, Cost of services provided to clients attributable to Services declined $2.7 million from the second quarter of 2025, offset by an increase of $89.0 million attributable to other service lines. Operating, administrative and other expenses of $231.8 million increased $19.2 million or 9%, largely driven by higher salaries, higher occupancy costs, strategic investments and cost inflation.
Current report
Adjusted EBITDA of $136.0 million increased $25.7 million or 23% compared to the second quarter of 2025, primarily attributable to growth in our Americas Services and Leasing service lines, partially offset by declines in our Americas Capital markets service line, higher occupancy costs, strategic investments and cost inflation.
Current report
Americas: Six months ended June 30, 2026 compared to the six months ended June 30, 2025
Current report
Gross contract costs of $1.7 billion increased $111.1 million or 7%, reflecting higher reimbursed client-dedicated labor costs of approximately $67.0 million and higher third-party consumables and sub-contractor costs of approximately $40.0 million associated with revenue growth in Services and changes in client mix. Of the total Americas Gross contract costs, $1.7 billion and $1.6 billion related to Services for the first half of 2026 and 2025, respectively. Cost of services provided to clients of $1.4 billion increased $161.6 million or 13%, primarily due to higher commissions associated with higher brokerage revenue. Of the total Americas Cost of services provided to clients, $513.3 million or 36% related to Services. Additionally, Cost of services provided to clients attributable to Services declined $9.2 million from the first half of 2025, offset by an increase of $170.8 million attributable to other service lines. Operating, administrative and other expenses of $450.4 million increased $26.3 million or 6%, largely driven by higher salaries, higher occupancy costs, strategic investments, cost inflation and the non-cash A/R Securitization servicing liability.
Current report
(2)Other segment items include earnings (loss) from equity method investments, as well as certain non-GAAP adjustments for unusual, non-recurring or non-operating items used to calculate Adjusted EBITDA.
Current report
EMEA revenue in the second quarter of 2026 was $295.1 million, an increase of $35.3 million or 14% from the second quarter of 2025. Excluding the favorable impact of foreign currency of $36.9 million, EMEA revenue increased 12% on a local currency basis. The increase was principally driven by higher Services revenue, which was up 21% on a local currency basis, primarily due to higher project management and facilities management revenue of approximately $20.0 million and $9.0 million, respectively, with growth across the majority of the region, and particular strength in the U.K. and Ireland. Capital markets revenue increased 11% on a local currency basis, with improvements in Sweden and the Netherlands partially offset by declines in the U.K. Leasing revenue decreased 6% on a local currency basis, due primarily to quarterly deal timing variances in Germany and the Netherlands and increased macroeconomic uncertainty. Valuation and other revenue increased 9% on a local currency basis.
Current report
Gross contract costs of $52.0 million increased $14.5 million or 36% on a local currency basis, reflecting higher third-party consumables and sub-contractor costs of approximately $14.0 million associated with revenue growth in Services and changes in client mix. Of the total EMEA Gross contract costs, $51.2 million and $37.1 million related to Services for the second quarter of 2026 and 2025, respectively. Cost of services provided to clients of $152.6 million increased $18.6 million or 12% on a local currency basis, primarily due to higher employment costs of approximately $11.0 million and higher non-reimbursed third-party consumables and sub-contractor costs of approximately $7.0 million. Of the total EMEA Cost of services provided to clients, $75.8 million or 50% related to Services. Additionally, Cost of services provided to clients attributable to Services increased $10.4 million from the second quarter of 2025 and $8.2 million of the increase was attributable to other service lines. Operating, administrative and other expenses of $64.1 million increased $16.5 million or 27% on a local currency basis, largely driven by an $8.0 million unfavorable impact resulting from net unrealized foreign currency gains recognized in the second quarter of 2025, as well as higher employment costs.
Current report
Adjusted EBITDA of $28.0 million decreased $6.2 million or 18% compared to the second quarter of 2025, primarily attributable to net unrealized foreign currency gains recognized in the prior year period and declines in our EMEA Leasing service line, partially offset by growth in our EMEA Services business.
Current report
EMEA: Six months ended June 30, 2026 compared to the six months ended June 30, 2025
Current report
Gross contract costs of $105.0 million increased $33.6 million or 40% on a local currency basis, reflecting higher third-party consumables and sub-contractor costs of approximately $30.0 million associated with revenue growth in Services and changes in client mix. Of the total EMEA Gross contract costs, $103.6 million and $70.8 million related to Services for the first half of 2026 and 2025, respectively. Cost of services provided to clients of $299.5 million increased $49.5 million or 13% on a local currency basis, primarily due to higher employment costs of approximately $26.0 million and higher non-reimbursed third-party consumables and sub-contractor costs of approximately $23.0 million. Of the total EMEA Cost of services provided to clients, $150.1 million or 50% related to Services. Additionally, Cost of services provided to clients attributable to Services increased $32.5 million from the first half of 2025 and $17.0 million of the increase was attributable to other service lines. Operating, administrative and other expenses of $129.4 million increased $29.6 million or 21% on a local currency basis, largely driven by a $10.0 million unfavorable impact resulting from net unrealized foreign currency gains recognized in the first half of 2025, as well as higher employment costs.
Showing the first 40 of 47 passages. Open the source sections for the rest.
Removed paragraphs (15)
Previous report
First Quarter Results:
Previous report
◦Leasing revenue increased 19%, driven primarily by growth in the Americas across all deal sizes, with continued strength in office and industrial leasing, including data centers.
Previous report
◦Capital markets revenue increased 15%, marking our sixth consecutive quarter of double-digit growth. Americas Capital markets, up 22%, saw solid performance in the office sector.
Previous report
•Net loss was $12.6 million for the first quarter of 2026 compared to net income of $1.9 million for the first quarter of 2025, a decline of $14.5 million. Diluted loss per share was $0.05 for the first quarter of 2026, down $0.06, compared to diluted earnings per share of $0.01 for the first quarter of 2025.
Previous report
◦Recognized a non-cash settlement loss of $16.6 million related to a pension buy-out arrangement in the U.K. and a non-cash servicing liability of $11.8 million related to the amendment of our revolving accounts receivables securitization program (the “A/R Securitization”).
Previous report
Acquisition related costs includes certain direct costs incurred in connection with acquiring businesses.
Previous report
For the three months ended March 31, 2026, Other also reflects estimated settlements related to a breach of warranty claim (see Note 11: Commitments and Contingencies of the Notes to the Condensed Consolidated Financial Statements). For the three months ended March 31, 2025, Other also reflects one-time consulting costs associated with the redomiciliation to Bermuda.
Previous report
(Loss) earnings from equity method investments
Previous report
(2)Other segment items include (loss) earnings from equity method investments, as well as certain non-GAAP adjustments for unusual, non-recurring or non-operating items used to calculate Adjusted EBITDA.
Previous report
Gross contract costs of $855.4 million increased $46.8 million or 6% reflecting higher reimbursed client-dedicated labor costs of approximately $27.0 million and higher third-party consumables and sub-contractor costs of approximately $18.0 million, associated with changes in client mix. Cost of services provided to clients of $677.0 million increased $75.3 million or 13% primarily due to higher commissions associated with higher brokerage revenue. Operating, administrative and other expenses of $218.6 million increased $7.1 million or 3% largely driven by higher salaries and higher technology costs due to cost inflation, as well as the non-cash A/R Securitization servicing liability.
Previous report
(2)Other segment items include (loss) earnings from equity method investments, as well as certain non-GAAP adjustments for unusual, non-recurring or non-operating items used to calculate Adjusted EBITDA.
Previous report
Gross contract costs of $53.0 million increased $19.1 million or 43% on a local currency basis, reflecting higher third-party consumables and sub-contractor costs of approximately $16.0 million associated with revenue growth in Services. Cost of services provided to clients of $146.9 million increased $30.9 million or 15% on a local currency basis, primarily due to higher employment costs of approximately $15.0 million, including higher salaries, and higher non-reimbursed third-party consumables and sub-contractor costs of approximately $16.0 million. Operating, administrative and other expenses of $65.3 million increased $13.1 million or 16% on a local currency basis, largely driven by higher salaries and cost inflation.
Previous report
(2)Other segment items include (loss) earnings from equity method investments, as well as certain non-GAAP adjustments for unusual, non-recurring or non-operating items used to calculate Adjusted EBITDA.
Previous report
Gross contract costs of $181.3 million increased $44.1 million or 28% on a local currency basis, reflecting higher third-party consumables and sub-contractor costs of approximately $43.0 million associated with revenue growth in Services. Cost of services provided to clients of $201.5 million decreased $1.4 million or 5% on a local currency basis, primarily due to lower non-reimbursed third-party consumables and sub-contractor costs. Operating, administrative and other expenses of $52.8 million increased $10.7 million or 24% on a local currency basis, largely driven by higher salaries and cost inflation.
Previous report
On May 4, 2026, the Company announced its election to partially redeem $100.0 million of its 2028 Notes. Holders of the 2028 Notes were notified that the partial redemption will be completed on May 15, 2026 (the “Redemption Date”). The redemption price will be 100% of the principal amount of the 2028 Notes to be redeemed, plus accrued and unpaid interest up to, but excluding, the Redemption Date.
Reworded paragraphs (40)
Previous wording
Effective January 1, 2026, the Company will no longer report “service line fee revenue”, as well as the following non-GAAP financial measures: (i) Adjusted EBITDA margin, (ii) Segment operating expenses and (iii) Fee-based operating expenses. The Company also revised the definition of “Cost of gross contract reimbursables” to include reimbursed costs including client-dedicated labor, subcontractor costs and third-party consumables specific to cost-based client contracts. Such costs are now being reported as “Gross contract costs” and comparative periods have been recast to conform with the revised presentation and definition. These costs are presented on a gross basis in total costs and expenses (with the corresponding fees included in revenue) and primarily relate to Services. The changes are intended to better align the Company’s reporting of financial performance with industry competitors and enhance decision making by the Company’s management. In addition, the Company refined the allocation of corporate costs to better align with results from its reportable segments, which impacted previously reported Adjusted EBITDA by segment with no impact to consolidated results. The reporting changes had no impact on the Company’s total revenue, consolidated net income (loss), earnings (loss) per share or cash flows for any of the previously reported periods.
Current wording
Effective January 1, 2026, the Company no longer reports “service line fee revenue”, as well as the following non-GAAP financial measures: (i) Adjusted EBITDA margin, (ii) Segment operating expenses and (iii) Fee-based operating expenses. The Company also revised the definition of “Cost of gross contract reimbursables” to include reimbursed costs including client-dedicated labor, subcontractor costs and third-party consumables specific to cost-based client contracts. Such costs are now being reported as “Gross contract costs” and comparative periods have been recast to conform with the revised presentation and definition. These costs are presented on a gross basis in total costs and expenses (with the corresponding fees included in revenue) and primarily relate to Services. The changes are intended to better align the Company’s reporting of financial performance with industry competitors and enhance decision making by the Company’s management. In addition, the Company refined the allocation of corporate costs to better align with results from its reportable segments, which impacted previously reported Adjusted EBITDA by segment with no impact to consolidated results. The reporting changes had no impact on the Company’s total revenue, consolidated net income, earnings per share or cash flows for any of the previously reported periods.
Previous wording
•Revenue of $2.5 billion for the first quarter of 2026 increased 11% from the first quarter of 2025.
Current wording
•Revenue of $2.8 billion for the second quarter of 2026 increased 11% from the second quarter of 2025.
Previous wording
◦Services revenue increased 9%, reflecting sustained momentum across all segments, led by higher facilities management and project management revenue.
Current wording
◦Services revenue increased 8%, reflecting sustained momentum across all segments, led by higher facilities management and project management revenue.
Previous wording
◦Adjusted EBITDA (as defined below) of $111.3 million increased $15.1 million or 16% from the first quarter of 2025.
Current wording
◦Adjusted EBITDA (as defined below) of $183.6 million increased $21.9 million or 14% from the second quarter of 2025.
Previous wording
•Liquidity as of March 31, 2026 was $1.6 billion, consisting of availability on the Company’s undrawn revolving credit facility of $1.0 billion and cash and cash equivalents of $0.6 billion.
Current wording
•Liquidity as of June 30, 2026 was $1.5 billion, consisting of availability on the Company’s undrawn revolving credit facility of $1.0 billion and cash and cash equivalents of $0.5 billion.
Previous wording
Demand for our services is largely dependent on the relative strength of the global and regional commercial real estate markets, which are highly sensitive to general macroeconomic conditions. Improvements in several underlying macroeconomic factors drove growth and continued resilience in our business, as evidenced by revenue growth in each of our service lines. In the first quarter of 2026, we experienced sustained momentum in Services and a higher volume of brokerage transactions compared to the first quarter of 2025. Nonetheless, certain macroeconomic challenges and geopolitical uncertainties, including inflation, international trade policy and new or elevated tariffs, elevated levels of unemployment, rising energy costs and volatility in foreign currency exchange rates, have in the past and may in the future, negatively impact our business. For example, geopolitical uncertainty in the Middle East has had a limited impact on our business to date, but may result in delays in brokerage transactions in EMEA and APAC. A delay or stall in any economic improvement, any future uncertainty, weakness or volatility in the credit markets, a decline in the U.S. or global economy, or the public perception that any of these events may occur, could further affect global and regional demand for commercial real estate, which would negatively affect the performance of some or all of our service lines.
Current wording
Demand for our services is largely dependent on the relative strength of the global and regional commercial real estate markets, which are highly sensitive to general macroeconomic conditions. Improvements in several underlying macroeconomic factors drove growth and continued resilience in our business, as evidenced by revenue growth in most of our service lines. In the first half of 2026, we experienced sustained momentum in Services and continued strength in Leasing revenue compared to the first half of 2025. Nonetheless, certain macroeconomic challenges and geopolitical uncertainties, including volatility in interest rates, inflation, international trade policy and new or elevated tariffs, elevated levels of unemployment, rising energy costs and volatility in foreign currency exchange rates, have in the past and may in the future, negatively impact our business. A delay or stall in any economic improvement, any future uncertainty, weakness or volatility in the credit markets, a decline in the U.S. or global economy, or the public perception that any of these events may occur, could further affect global and regional demand for commercial real estate, which would negatively affect the performance of some or all of our service lines.
Previous wording
Adjusted EBITDA: We have determined Adjusted EBITDA to be our primary measure of segment profitability. We believe that investors find this measure useful in comparing our operating performance to that of other companies in our industry because these calculations generally eliminate unrealized loss (gain) on investments, net; impairment of investments; acquisition related costs; A/R Securitization servicing liability, fees and amortization; pension buy-out settlement loss; non-operating items related to our equity method investment in Cushman Wakefield Greystone LLC (the “Greystone JV”); and other non-recurring items. Adjusted EBITDA also excludes the effects of financings, income taxes and the non-cash accounting effects of depreciation and intangible asset amortization.
Current wording
Adjusted EBITDA: We have determined Adjusted EBITDA to be our primary measure of segment profitability. We believe that investors find this measure useful in comparing our operating performance to that of other companies in our industry because these calculations generally eliminate unrealized loss (gain) on investments, net; impairment of investments; A/R Securitization servicing liability, fees and amortization; pension buy-out settlement loss; non-operating items related to our equity method investment in Cushman Wakefield Greystone LLC (the “Greystone JV”); and other non-recurring items. Adjusted EBITDA also excludes the effects of financings, income taxes and the non-cash accounting effects of depreciation and intangible asset amortization.
Previous wording
Unrealized loss on investments, netrepresents net unrealized gains and losses on real estate investments.
Current wording
Unrealized loss (gain) on investments, netrepresents net unrealized gains and losses on real estate investments.
Previous wording
Pension buy-out settlement loss represents a non-cash settlement charge related to a pension buy-out arrangement in the U.K.
Current wording
Pension buy-out settlement loss represents the non-cash settlement charge related to a pension buy-out arrangement in the U.K.
Previous wording
Non-operating items related to the Greystone JV reflects certain non-operating activity presented within (loss) earnings from equity method investments related to the Greystone JV for (i) gains recognized from the retention of mortgage servicing rights (“MSRs”) upon the origination and sale of mortgage loans, (ii) increases or decreases in the fair value of the MSRs and (iii) estimated provisions for credit losses related to mortgage loans. This activity is specific to the Greystone JV rather than all of the Company’s equity method investments based on the Greystone JV’s specialized industry, namely, multi-family lending and loan servicing solutions. Starting in the second quarter of 2025, the Company has excluded such activity from the calculation of Adjusted EBITDA as it is non-cash in nature and does not represent the underlying operating performance of the business. This activity is reported entirely within the Americas reportable segment.
Current wording
Non-operating items related to the Greystone JV reflects certain non-operating activity presented within earnings (loss) from equity method investments related to the Greystone JV for (i) gains recognized from the retention of mortgage servicing rights (“MSRs”) upon the origination and sale of mortgage loans, (ii) increases or decreases in the fair value of the MSRs and (iii) estimated provisions for credit losses related to mortgage loans. This activity is specific to the Greystone JV rather than all of the Company’s equity method investments based on the Greystone JV’s specialized industry, namely, multi-family lending and loan servicing solutions. Starting in the second quarter of 2025, the Company has excluded such activity from the calculation of Adjusted EBITDA as it is non-cash in nature and does not represent the underlying operating performance of the business. This activity is reported entirely within the Americas reportable segment.
Previous wording
The following table sets forth items derived from our Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (in millions):
Current wording
The following table sets forth items derived from our Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 (in millions):
Previous wording
Reconciliation of Net (loss) income to Adjusted EBITDA (in millions):
Current wording
Reconciliation of Net income to Adjusted EBITDA (in millions):
Previous wording
(1) Other includes miscellaneous income and expense items such as non-cash amortization of certain merger-related deferred rent and tenant incentives, legal fees and costs associated with an antitrust dispute (see Note 11: Commitments and Contingencies of the Notes to the Condensed Consolidated Financial Statements), and a portion of non-cash stock-based compensation expense associated with performance-based equity awards granted to four executive officers in 2024. The long-term incentive awards granted to these four executive officers consisted entirely of performance-based awards in 2024 and they provided for a higher maximum payout than typical awards. This award design structure was unique to 2024. We therefore excluded a portion of the non-cash stock-based compensation expense associated with those awards from the calculation of Adjusted EBITDA to improve the comparability of our operating results for the current period to prior and future periods and because we do not consider it to be a normal, recurring operating expense.
Current wording
(1)Other includes miscellaneous income and expense items such as non-cash amortization of certain merger-related deferred rent and tenant incentives, legal fees and costs associated with an antitrust dispute (see Note 11: Commitments and Contingencies of the Notes to the Condensed Consolidated Financial Statements), costs related to transformative system implementations that may take several years to complete and a portion of non-cash stock-based compensation expense associated with performance-based equity awards granted to four executive officers in 2024. The long-term incentive awards granted to these four executive officers consisted entirely of performance-based awards in 2024 and they provided for a higher maximum payout than typical awards. This award design structure was unique to 2024. We therefore excluded a portion of the non-cash stock-based compensation expense associated with those awards from the calculation of Adjusted EBITDA to improve the comparability of our operating results for the current period to prior and future periods and because we do not consider it to be a normal, recurring operating expense.
Previous wording
Costs of services of $2.1 billion increased $214.8 million or 11% compared to the three months ended March 31, 2025. Gross contract costs increased $110.0 million or 11%, principally driven by an increase in reimbursed client-dedicated labor costs of approximately $31.0 million, and third-party consumables and sub-contractor costs of approximately $77.0 million. Cost of services provided to clients increased $104.8 million or 11%, primarily due to an increase in employment costs of approximately $93.0 million, including higher commissions associated with higher brokerage revenue and higher salaries as a result of higher Services revenue.
Current wording
Costs of services of $2.3 billion increased $234.0 million or 12% compared to the three months ended June 30, 2025. Gross contract costs increased $95.3 million or 9%, principally driven by an increase in reimbursed client-dedicated labor costs of approximately $44.0 million and third-party consumables and sub-contractor costs of approximately $49.0 million. Of the $95.3 million increase in Gross contract costs, $94.3 million related to Services. Cost of services provided to clients increased $138.7 million or 14%, primarily due to an increase in employment costs of approximately $120.0 million, including higher commissions associated with higher brokerage revenue and higher salaries as a result of higher Services revenue. Of the $138.7 million increase in Cost of services provided to clients, $30.2 million related to Services.
Previous wording
Provision for income taxes for the first quarter of 2026 was $3.0 million on a loss before income taxes of $9.6 million. For the three months ended March 31, 2025, the provision for income taxes was $3.1 million on earnings before income taxes of $5.0 million. Income tax expense remained relatively flat compared to the first quarter of 2025, as the tax impact from lower earnings before income taxes was largely offset by the higher impact from discrete tax adjustments recorded in the first quarter of 2026, including higher withholding taxes and interest accruals for uncertain tax positions recognized in prior periods.
Current wording
Provision for income taxes for the second quarter of 2026 was $24.6 million on earnings before income taxes of $77.3 million. For the second quarter of 2025, the provision for income taxes was $18.9 million on earnings before income taxes of $76.2 million. The increase in income tax expense compared to the second quarter of 2025 was primarily attributable to higher earnings before income taxes and changes in the jurisdictional mix of those earnings, as well as discrete tax adjustments recorded in the second quarter of 2026, including higher accruals associated with uncertain tax positions.
Previous wording
Net (loss) income and Adjusted EBITDA
Current wording
Net income and Adjusted EBITDA
Previous wording
Revenue of $2.5 billion increased $251.2 million or 11% compared to the three months ended March 31, 2025, primarily driven by Services and Leasing revenue growth of 9% and 19%, respectively. Services revenue was strong across all segments, led by higher facilities management revenue, which increased approximately $78.0 million including the expansion of existing client mandates, and higher project management in EMEA and APAC, which increased approximately $26.0 million and $14.0 million, respectively. Leasing revenue increased principally due to growth in the Americas across all deal sizes, with continued strength in office and industrial leasing, including data centers. Capital markets revenue increased 15%, resulting from solid performance in the Americas, with particular strength in the office sector, as healthy fundamentals continue to support a resilient transaction environment. This continued momentum in Capital markets also reflects our ongoing investments in hiring top talent and strengthening our platform. Valuation and other revenue also increased 9%.
Current wording
Revenue of $5.3 billion increased $529.9 million or 11% compared to the six months ended June 30, 2025, primarily driven by Services and Leasing revenue growth of 8% and 24%, respectively. Services revenue was strong across all segments, led by higher facilities management revenue, which increased approximately $133.0 million including through new client wins and the expansion of existing client mandates and higher project management revenue of approximately $91.0 million. Leasing revenue increased principally driven by growth in the Americas across all deal sizes, with continued strength in office and industrial leasing, including data centers, as demand for high-quality assets remained strong. Capital markets revenue increased 6%, with growth in all segments compared to the first half of 2025, reflecting our ongoing investments in hiring top talent and strengthening our platform, partially offset by declines in the multi-family sector. Valuation and other revenue increased 9%.
Previous wording
Operating, administrative and other expenses of $336.7 million increased $30.9 million or 10% compared to the three months ended March 31, 2025, primarily driven by an increase in employment costs of approximately $15.0 million, largely due to higher salaries, as well as higher technology costs and cost inflation. In addition, the Company recorded a non-cash servicing liability of $11.8 million related to the amendment of the A/R Securitization in March 2026.
Current wording
Operating, administrative and other expenses of $686.1 million increased $62.0 million or 10% compared to the six months ended June 30, 2025, primarily driven by an increase in employment costs of approximately $28.0 million, largely due to higher salaries, as well as higher technology costs, higher occupancy costs, strategic investments and cost inflation. In addition, the Company recorded a non-cash servicing liability of $11.8 million related to the A/R Securitization amendment in March 2026. Operating, administrative and other expenses as a percentage of total revenue was 13% for both the six months ended June 30, 2026 and 2025.
Previous wording
The Company did not incur any Restructuring, impairment and related charges during the first quarter of 2026. In the first quarter of 2025, Restructuring, impairment and related charges of $6.5 million was related to an impairment loss on real estate investments.
Current wording
The Company did not incur any Restructuring, impairment and related charges during the six months ended June 30, 2026. In the six months ended June 30, 2025, Restructuring, impairment and related charges of $6.5 million were related to an impairment loss on real estate investments.
Previous wording
Loss from equity method investments was $4.1 million for the three months ended March 31, 2026 compared to earnings from equity method investments of $11.1 million for the three months ended March 31, 2025. The $15.2 million decline was primarily due to a decrease of $11.2 million in earnings recognized from the Greystone JV driven by changes in mix of mortgage loan origination volumes compared to the first quarter of 2025, contributing to a lower value of MSRs, and higher provisions for credit losses for mortgage loans due to expected losses on specific loans and higher risk-sharing obligations. In the first quarter of 2026, the Greystone JV recorded a non-cash provision for loan losses of $8.6 million, of which the Company recorded $3.4 million based on its 40% equity interest which was included within (Loss) earnings from equity method investments. Changes in expectations and forecasts may materially impact the provision for loan losses in the future. In addition, the Company recognized lower earnings from our equity method investment in CWVS Holding Limited (the “Onewo JV”), which declined $3.5 million compared to the first quarter of 2025 due to higher provisions for credit losses.
Current wording
Loss from equity method investments was $1.8 million for the six months ended June 30, 2026 compared to earnings from equity method investments of $11.3 million for the six months ended June 30, 2025. The $13.1 million decline was primarily due to a decrease of $9.0 million in earnings recognized from the Greystone JV driven by changes in mix of mortgage loan origination volumes compared to the six months ended June 30, 2025, contributing to a lower value of MSRs, and higher provisions for credit losses for mortgage loans due to expected losses on specific loans and higher risk-sharing obligations. In the six months ended June 30, 2026, the Greystone JV recorded a non-cash provision for loan losses of $17.6 million, of which the Company recorded $7.1 million based on its 40% equity interest which was included within Earnings (loss) from equity method investments. Changes in expectations and forecasts may materially impact the provision for loan losses in the future. In addition, the Company recognized lower earnings from our equity method investment in CWVS Holding Limited (the “Onewo JV”), which declined $3.2 million compared to the six months ended June 30, 2025 due to higher provisions for credit losses.
Previous wording
Other expense, net was $15.0 million for the three months ended March 31, 2026 compared to other income, net of $0.9 million for the three months ended March 31, 2025. The $15.9 million decline was principally resulting from a non-cash settlement loss of $16.6 million related to a pension buy-out arrangement in the U.K. (see Note 10: Employee Benefits of the Notes to the Condensed Consolidated Financial Statements for further information).
Current wording
Other expense, net was $14.6 million for the six months ended June 30, 2026 compared to other income, net of $7.3 million for the six months ended June 30, 2025. The $21.9 million decline was principally due to the non-cash settlement loss of $17.2 million related to a pension buy-out arrangement in the U.K. (see Note 10: Employee Benefits of the Notes to the Condensed Consolidated Financial Statements for further information). In addition, the Company recognized lower realized and unrealized gains from our real estate investments compared to the second quarter of 2025.
Previous wording
Net loss was $12.6 million for the three months ended March 31, 2026 compared to net income of $1.9 million for the three months ended March 31, 2025. The $14.5 million decline in net income was principally driven by the pension buy-out settlement loss, A/R Securitization servicing liability, lower earnings recognized from our equity method investments and cost inflation. These unfavorable trends were partially offset by growth in all of our service lines.
Current wording
Net income of $40.1 million decreased by $19.1 million or 32% compared to the six months ended June 30, 2025. The decrease in net income was principally driven by the pension buy-out settlement loss, A/R Securitization servicing liability, lower earnings recognized from our equity method investments, higher occupancy costs, strategic investments and cost inflation. These unfavorable trends were partially offset by growth in all of our service lines.
Previous wording
Adjusted EBITDA of $111.3 million increased $15.1 million or 16% compared to the three months ended March 31, 2025, attributable to the same factors impacting Net loss above, with the exception of the pension buy-out settlement loss, A/R Securitization servicing liability and the non-operating items related to the Greystone JV.
Current wording
Adjusted EBITDA of $294.9 million increased $37.0 million or 14% compared to the six months ended June 30, 2025, attributable to the same factors impacting Net income above, with the exception of the pension buy-out settlement loss, A/R Securitization servicing liability and non-operating items related to the Greystone JV.
Previous wording
Our measure of segment profitability, Adjusted EBITDA, excludes the effects of financings, income taxes and depreciation and amortization, as well as unrealized loss (gain) on investments, net; impairment of investments; acquisition related costs; A/R Securitization servicing liability, fees and amortization; pension buy-out settlement loss; non-operating items related to the Greystone JV; and other non-recurring items.
Current wording
Our measure of segment profitability, Adjusted EBITDA, excludes the effects of financings, income taxes and depreciation and amortization, as well as unrealized loss (gain) on investments, net; impairment of investments; A/R Securitization servicing liability, fees and amortization; pension buy-out settlement loss; non-operating items related to the Greystone JV; and other non-recurring items.
Previous wording
The following table summarizes the results of operations of our Americas reportable segment for the three months ended March 31, 2026 and 2025 (in millions):
Current wording
The following table summarizes the results of operations of our Americas reportable segment for the three and six months ended June 30, 2026 and 2025 (in millions):
Previous wording
Americas revenue in the first quarter of 2026 was $1.8 billion, an increase of $140.7 million or 8% from the first quarter of 2025. This increase was principally driven by higher brokerage revenue as healthy fundamentals continue to support a resilient transaction environment. Leasing revenue increased 20% with growth across all deal sizes and continued strength in office and industrial leasing, including data centers. Capital markets revenue increased 22% as investments in top talent and strengthening our platform, combined with solid performance in the office and industrial sectors, contributed to improved results. Services revenue increased 4% principally driven by higher facilities management revenue of approximately $38.0 million due to the expansion of existing client mandates. Valuation and other revenue also increased 1%.
Current wording
Americas revenue in the first half of 2026 was $3.8 billion, an increase of $334.3 million or 10% from the first half of 2025. This increase was principally driven by 28% growth in Leasing revenue, with growth across all deal sizes and continued strength in office and industrial leasing, including data centers. Services revenue increased 5%, led by higher facilities management revenue of approximately $60.0 million due to new client wins and the expansion of existing client mandates and higher project management revenue of approximately $24.0 million. Capital markets revenue increased 5% with two large data center deals in the first half of 2026 contributing to improved results, partially offset by declines in the multi-family sector. Valuation and other revenue increased 5%.
Previous wording
Adjusted EBITDA of $96.3 million increased $18.7 million or 24% compared to the first quarter of 2025, primarily attributable to growth in our Americas Leasing and Capital markets service lines, partially offset by higher employment costs and cost inflation.
Current wording
Adjusted EBITDA of $232.3 million increased $44.4 million or 24% compared to the first half of 2025, primarily attributable to growth in our Americas Services and Leasing service lines, partially offset by higher occupancy costs, strategic investments and cost inflation.
Previous wording
The following table summarizes the results of operations of our EMEA reportable segment for the three months ended March 31, 2026 and 2025 (in millions):
Current wording
The following table summarizes the results of operations of our EMEA reportable segment for the three and six months ended June 30, 2026 and 2025 (in millions):
Previous wording
EMEA revenue in the first quarter of 2026 was $270.1 million, an increase of $65.1 million or 32% from the first quarter of 2025. Excluding the favorable impact of foreign currency of $41.1 million, EMEA revenue increased 21% on a local currency basis. The increase was principally driven by higher Services revenue, which was up 33% on a local currency basis, primarily due to increases in project management and facilities management revenue of approximately $26.0 million and $17.0 million, respectively, with particular strength in the U.K., Ireland and France. Leasing revenue increased 10% on a local currency basis, as occupiers continue to trend towards newer, higher-grade buildings with top-tier employee experiences, with strength in Germany and the Netherlands. Capital markets revenue increased 1% on a local currency basis, as improvements in Spain and the Netherlands were partially offset by a decline in the U.K. Valuation and other revenue also increased 7% on a local currency basis.
Current wording
EMEA revenue in the first half of 2026 was $565.2 million, an increase of $100.5 million or 22% from the first half of 2025. Excluding the favorable impact of foreign currency of $78.1 million, EMEA revenue increased 16% on a local currency basis. The increase was principally driven by higher Services revenue, which was up 27% on a local currency basis, primarily due to higher project management and facilities management revenue of approximately $45.0 million and $26.0 million, respectively, with growth across the majority of the region, and particular strength in the U.K., Ireland and France. Leasing revenue increased 1% on a local currency basis, with growth across the majority of the region partially offset by declines in the U.K. and Ireland. Capital markets revenue increased 7% on a local currency basis, with improvements in Sweden and the Netherlands partially offset by declines in the U.K. Valuation and other revenue increased 8% on a local currency basis.
Previous wording
Adjusted EBITDA of $8.8 million increased $5.1 million compared to the first quarter of 2025, primarily attributable to growth in our EMEA Services, Leasing and Valuation and other service lines partially offset by cost inflation.
Current wording
Adjusted EBITDA of $36.8 million decreased $1.1 million or 3% compared to the first half of 2025, primarily attributable to net unrealized foreign currency gains recognized in the prior year period and declines in our EMEA Leasing and Capital markets service lines, partially offset by growth in our EMEA Services and Valuation and other service lines.
Previous wording
The following table summarizes the results of operations of our APAC reportable segment for the three months ended March 31, 2026 and 2025 (in millions):
Current wording
The following table summarizes the results of operations of our APAC reportable segment for the three and six months ended June 30, 2026 and 2025 (in millions):
Previous wording
APAC revenue in the first quarter of 2026 was $436.7 million, an increase of $45.4 million or 12% from the first quarter of 2025. Excluding the favorable impact of foreign currency of $40.2 million, APAC revenue increased 8% on a local currency basis. The increase was principally driven by higher Services revenue, which was up 10% on a local currency basis, primarily due to increases in facilities management and project management revenue of approximately $23.0 million and $14.0 million, respectively, with strength in Australia and India. Leasing revenue increased 9% on a local currency basis, with improvements in Greater China. Valuation and other revenue also increased 3% on a local currency basis. Capital markets revenue decreased 15% on a local currency basis, largely due to the timing of certain transactions in Japan in the first quarter of 2025, partially offset by strength in Australia and India.
Current wording
APAC revenue in the first half of 2026 was $906.4 million, an increase of $95.1 million or 12% from the first half of 2025. Excluding the favorable impact of foreign currency of $81.1 million, APAC revenue increased 9% on a local currency basis. The increase was principally driven by higher Services revenue, which was up 10% on a local currency basis, primarily due to higher facilities management and project management revenue of approximately $47.0 million and $21.0 million, respectively, with strength in Australia, Singapore and India. Leasing revenue increased 7% on a local currency basis, with improvements in Greater China. Capital markets revenue increased 8% on a local currency basis, with growth across the majority of the region, partially offset by the timing of certain transactions in Japan in the first half of 2025. Valuation and other revenue increased 6% on a local currency basis.
Previous wording
Adjusted EBITDA of $6.2 million decreased $8.7 million or 58% compared to the first quarter of 2025, primarily attributable to lower APAC Capital markets revenue, lower earnings recognized from the Onewo JV of $3.5 million, higher employment costs and cost inflation, partially offset by growth in our APAC Leasing service line.
Current wording
Adjusted EBITDA of $25.8 million decreased $6.3 million or 20% compared to the first half of 2025, primarily attributable to lower earnings recognized from the Onewo JV of $3.2 million and higher employment costs, partially offset by growth in our APAC Capital markets service line and the favorable impact of foreign currency.
Previous wording
As a professional services firm, funding our operating activities is not capital intensive. Total capital expenditures for the three months ended March 31, 2026 were $12.2 million.
Current wording
As a professional services firm, funding our operating activities is not capital intensive. Total capital expenditures for the six months ended June 30, 2026 were $20.7 million.
Previous wording
We actively manage our indebtedness through additional refinancings and repricings and since January 1, 2024, we have continued to reduce our gross debt and leverage, repricing the Term Loans to reduce the applicable interest rates six times and making principal prepayments totaling $500.4 million on our senior secured term loans. As of the date of this Quarterly Report, there are no long-term debt arrangements maturing prior to 2028.
Current wording
We actively manage our indebtedness through additional refinancings and repricings and since January 1, 2024, we have continued to reduce our gross debt and leverage, repricing the Term Loans to reduce the applicable interest rates seven times and making principal prepayments totaling $502.5 million on our senior secured term loans. In addition, in the second quarter of 2026, the Company completed two partial redemptions totaling $450.0 million of the aggregate principal amount of the 2028 Notes, following an increase of the principal amount of the 2033 Term Loan by $352.5 million. As of the date of this Quarterly Report, there are no long-term debt arrangements maturing prior to 2028.
Previous wording
As of March 31, 2026, the Company had $1.6 billion of liquidity, consisting of availability on our undrawn Revolver of $1.0 billion and cash and cash equivalents of $0.6 billion.
Current wording
As of June 30, 2026, the Company had $1.5 billion of liquidity, consisting of availability on our undrawn Revolver of $1.0 billion and cash and cash equivalents of $0.5 billion.
Previous wording
The Company is party to an off-balance sheet revolving A/R Securitization, whereby we continuously sell eligible trade receivables to an unaffiliated financial institution. Receivables are derecognized from our balance sheet upon sale, for which we receive cash payment and record a deferred purchase price receivable which is realized after collection of the underlying receivables. This program also provides funding from a committed purchaser against receivables sold into the program with a maximum facility limit of $300.0 million. As of March 31, 2026, the Company had aggregate capital outstanding under this facility of $225.0 million and the unused portion of the facility limit, net of letters of credit, was $38.1 million. The A/R Securitization expires on March 18, 2029, unless extended or an earlier termination event occurs. Refer to Note 14: Accounts Receivable Securitization of the Notes to the Condensed Consolidated Financial Statements for further information.
Current wording
The Company is party to an off-balance sheet revolving A/R Securitization, whereby we continuously sell eligible trade receivables to an unaffiliated financial institution. Receivables are derecognized from our balance sheet upon sale, for which we receive cash payment and record a deferred purchase price receivable which is realized after collection of the underlying receivables. This program also provides funding from a committed purchaser against receivables sold into the program with a maximum facility limit of $300.0 million. As of June 30, 2026, the Company had aggregate capital outstanding under this facility of $200.0 million and the unused portion of the facility limit was $100.0 million. The A/R Securitization expires on March 18, 2029, unless extended or an earlier termination event occurs. Refer to Note 14: Accounts Receivable Securitization of the Notes to the Condensed Consolidated Financial Statements for further information.
Previous wording
We used $243.5 million of cash in operating activities during the three months ended March 31, 2026, an increase of $81.5 million compared to the three months ended March 31, 2025, primarily driven by higher net working capital used for operations associated with revenue growth compared to the prior year period and lower non-cash charges of $31.7 million, as well as a decrease in net income of $14.5 million. For the three months ended March 31, 2026, we used net working capital for operations of $291.0 million, an increase of $35.3 million compared to the three months ended March 31, 2025. The increase in our use of net working capital was principally driven by higher trade receivables of approximately $46.0 million in line with our revenue growth, higher cash payments for prepaid expenses of approximately $25.0 million and lower accounts payable of approximately $36.0 million. These trends were partially offset by lower net income taxes receivable of approximately $76.0 million compared to the prior year period.
Current wording
We used $189.5 million of cash in operating activities during the six months ended June 30, 2026, an increase of $37.1 million compared to the six months ended June 30, 2025, primarily driven by higher net working capital used for operations associated with revenue growth compared to the prior year period and lower net income of $19.1 million, partially offset by higher non-cash charges of $92.4 million. For the six months ended June 30, 2026, we used net working capital for operations of $405.9 million, an increase of $110.4 million compared to the six months ended June 30, 2025. The increase in our use of net working capital was principally driven by higher contract assets of approximately $22.0 million in line with our revenue growth, higher cash payments for prepaid expenses of approximately $23.0 million and lower accounts payable of approximately $71.0 million.
Previous wording
We generated $94.1 million of cash from investing activities during the three months ended March 31, 2026, an increase of $73.5 million compared to the three months ended March 31, 2025, primarily driven by an increase in the net capital funding from the facility limit secured by the A/R Securitization of $75.0 million and a $10.9 million decrease in cash paid for acquisitions and equity securities. These trends were partially offset by a $7.6 million increase in capital expenditures.
Current wording
We generated $58.2 million of cash from investing activities during the six months ended June 30, 2026, an increase of $27.1 million compared to the six months ended June 30, 2025, primarily driven by an increase in the net capital funding from the facility limit secured by the A/R Securitization of $30.0 million and a $9.2 million decrease in cash paid for acquisitions and equity securities. These trends were partially offset by a $6.8 million increase in capital expenditures.
Previous wording
We used $28.1 million of cash in financing activities during the three months ended March 31, 2026, a decrease of $13.2 million from the three months ended March 31, 2025, attributable to a $25.0 million decrease in principal repayments under our 2018 Credit Agreement, partially offset by an increase in shares repurchased for the payment of employee taxes on stock awards of $12.0 million due to the higher value related to vested equity awards during the first quarter of 2026 compared to the first quarter of 2025.
Current wording
We used $144.2 million of cash in financing activities during the six months ended June 30, 2026, an increase of $66.6 million from the six months ended June 30, 2025, attributable to a $49.6 million increase in repayment of borrowings, net of proceeds from borrowings, $10.0 million in debt issuance costs related to the June 2026 refinancing of the Credit Agreement, and an increase in shares repurchased for the payment of employee taxes on stock awards of $12.7 million due to the higher value related to vested equity awards during the first quarter of 2026 compared to the first quarter of 2025.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
◦Valuation and other revenue increased 10%.
Current report — wording carried from elsewhere
Earnings from equity method investments of $2.3 million increased $2.1 million compared to the three months ended June 30, 2025, primarily due to an increase of $2.2 million recognized from the Greystone JV driven primarily by lower provisions for credit losses for mortgage loans compared to the second quarter of 2025. In the second quarter of 2026, the Greystone JV recorded a non-cash provision for loan losses of $9.0 million, of which the Company recorded $3.6 million based on its 40% equity interest which was included within Earnings (loss) from equity method investments. Changes in expectations and forecasts may materially impact the provision for loan losses in the future.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
◦Valuation and other revenue increased 9%.