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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from _______________ to _______________
Commission File Number
001-32205
___________________________________________________________
cbre-20210930_g1.jpg
CBRE GROUP, INC.
(Exact name of registrant as specified in its charter)
___________________________________________________________
Delaware94-3391143
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification No.)
2100 McKinney Avenue, Suite 1250
Dallas, Texas
75201
(Address of principal executive offices)(Zip Code)
(214) 979-6100
(Registrant's telephone number, including area code)
_____________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.01 par value per share“CBRE”New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
The number of shares of Class A common stock outstanding at October 22, 2021 was 334,665,866.



FORM 10-Q
September 30, 2021
TABLE OF CONTENTS
Page


PART I – FINANCIAL INFORMATION
Item 1.    Financial Statements
CBRE GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands, except share data)
September 30,
2021
December 31,
2020
ASSETS
Current Assets:
Cash and cash equivalents$2,767,820 $1,896,188 
Restricted cash108,302 143,059 
Receivables, less allowance for doubtful accounts of $100,889 and $95,533 at September 30, 2021 and December 31, 2020, respectively
4,445,790 4,394,954 
Warehouse receivables1,409,038 1,411,170 
Prepaid expenses354,682 294,992 
Contract assets331,910 318,191 
Income taxes receivable182,338 93,756 
Other current assets475,548 293,321 
Total Current Assets10,075,428 8,845,631 
Property and equipment, net of accumulated depreciation and amortization of $1,231,920 and $1,074,887 at September 30, 2021 and December 31, 2020, respectively
722,646 815,009 
Goodwill3,874,743 3,821,609 
Other intangible assets, net of accumulated amortization of $1,696,577 and $1,556,537 at September 30, 2021 and December 31, 2020, respectively
1,345,646 1,367,913 
Operating lease assets973,335 1,020,352 
Investments in unconsolidated subsidiaries (with $397,704 and $116,314 at fair value at September 30, 2021 and December 31, 2020, respectively)
845,621 452,365 
Non-current contract assets144,563 153,636 
Real estate under development396,285 277,630 
Non-current income taxes receivable27,415 43,555 
Deferred tax assets, net83,263 91,529 
Investments held in trust - special purpose acquisition company402,519 402,501 
Other assets, net838,896 747,413 
Total Assets$19,730,360 $18,039,143 
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses$2,604,640 $2,692,939 
Compensation and employee benefits payable1,466,004 1,287,383 
Accrued bonus and profit sharing1,182,150 1,183,786 
Operating lease liabilities228,421 208,526 
Contract liabilities195,145 162,045 
Income taxes payable174,522 57,892 
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase)1,383,772 1,383,964 
Other short-term borrowings5,311 5,330 
Current maturities of long-term debt 1,514 
Other current liabilities195,589 160,604 
Total Current Liabilities7,435,554 7,143,983 
Long-term debt, net of current maturities1,843,849 1,380,202 
Non-current operating lease liabilities1,028,931 1,116,795 
Non-current tax liabilities122,603 87,954 
Non-current income taxes payable54,761 54,761 
Deferred tax liabilities, net156,197 124,485 
Other liabilities687,786 625,303 
Total Liabilities11,329,681 10,533,483 
Commitments and contingencies  
Non-controlling interest subject to possible redemption - special purpose acquisition company402,519 385,573 
Equity:
CBRE Group, Inc. Stockholders’ Equity:
Class A common stock; $0.01 par value; 525,000,000 shares authorized; 334,642,584 and 335,561,345 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
3,346 3,356 
Additional paid-in capital938,784 1,074,639 
Accumulated earnings7,674,639 6,530,057 
Accumulated other comprehensive loss(654,176)(529,726)
Total CBRE Group, Inc. Stockholders’ Equity7,962,593 7,078,326 
Non-controlling interests35,567 41,761 
Total Equity7,998,160 7,120,087 
Total Liabilities and Equity$19,730,360 $18,039,143 
The accompanying notes are an integral part of these consolidated financial statements.
1

CBRE GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except share and per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
Revenue$6,798,327 $5,645,142 $19,195,819 $16,915,694 
Costs and expenses:
Cost of revenue5,258,947 4,564,579 14,995,252 13,676,790 
Operating, administrative and other1,025,681 794,227 2,811,224 2,355,099 
Depreciation and amortization122,564 127,725 363,727 357,903 
Asset impairments   75,171 
Total costs and expenses6,407,192 5,486,531 18,170,203 16,464,963 
Gain on disposition of real estate18,530 52,797 19,615 75,132 
Operating income409,665 211,408 1,045,231 525,863 
Equity income from unconsolidated subsidiaries163,809 32,376 459,535 72,487 
Other income7,693 7,947 22,470 12,974 
Interest expense, net of interest income11,038 17,829 34,916 51,795 
Income before provision for income taxes570,129 233,902 1,492,320 559,529 
Provision for income taxes133,507 49,062 343,279 119,047 
Net income436,622 184,840 1,149,041 440,482 
Less: Net income attributable to non-controlling interests879 708 4,459 2,258 
Net income attributable to CBRE Group, Inc.$435,743 $184,132 $1,144,582 $438,224 
Basic income per share:
Net income per share attributable to CBRE Group, Inc.$1.30 $0.55 $3.41 $1.31 
Weighted average shares outstanding for basic income per share335,364,942 335,287,245 335,621,337 335,128,531 
Diluted income per share:
Net income per share attributable to CBRE Group, Inc.$1.28 $0.55 $3.37 $1.30 
Weighted average shares outstanding for diluted income per share340,337,159 337,665,848 339,805,292 338,255,859 
The accompanying notes are an integral part of these consolidated financial statements.
2

CBRE GROUP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(Dollars in thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
Net income$436,622 $184,840 $1,149,041 $440,482 
Other comprehensive (loss) income:
Foreign currency translation (loss) gain(90,244)106,201 (124,188)(40,237)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax110 106 324 320 
Unrealized holding gains (losses) on available for sale debt securities, net of tax215 811 (971)1,311 
Other, net105  105 (13,045)
Total other comprehensive (loss) income(89,814)107,118 (124,730)(51,651)
Comprehensive income346,808 291,958 1,024,311 388,831 
Less: Comprehensive income attributable to non-controlling interests677 708 4,179 2,258 
Comprehensive income attributable to CBRE Group, Inc.$346,131 $291,250 $1,020,132 $386,573 
The accompanying notes are an integral part of these consolidated financial statements.
3

CBRE GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)

Nine Months Ended
September 30,
20212020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$1,149,041 $440,482 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization363,727 357,903 
Amortization of financing costs5,080 4,632 
Gains related to mortgage servicing rights, premiums on loan sales and sales of other assets(198,131)(179,506)
Asset impairments 75,171 
Net realized and unrealized gains, primarily from investments(26,898)(12,974)
Provision for doubtful accounts24,489 49,498 
Net compensation expense for equity awards133,308 41,841 
Equity income from unconsolidated subsidiaries(459,535)(72,487)
Distribution of earnings from unconsolidated subsidiaries382,831 103,796 
Proceeds from sale of mortgage loans12,767,544 11,565,281 
Origination of mortgage loans(12,712,118)(11,727,227)
(Decrease) increase in warehouse lines of credit(192)214,659 
Tenant concessions received18,645 28,617 
Purchase of equity securities(5,281)(8,932)
Proceeds from sale of equity securities6,856 11,210 
Increase in real estate under development(123,580)(68,178)
(Increase) decrease in receivables, prepaid expenses and other assets (including contract and lease assets)(255,161)610,058 
Decrease in accounts payable and accrued expenses and other liabilities (including contract and lease liabilities)(107,756)(98,977)
Increase (decrease) in compensation and employee benefits payable and accrued bonus and profit sharing176,413 (550,932)
Decrease in net income taxes receivable/payable42,100 118,736 
Other operating activities, net18,739 (12,313)
Net cash provided by operating activities1,200,121 890,358 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(121,409)(190,546)
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired(71,373)(25,923)
Contributions to unconsolidated subsidiaries(400,967)(72,058)
Distributions from unconsolidated subsidiaries63,776 66,409 
Other investing activities, net(25,433)15,631 
Net cash used in investing activities(555,406)(206,487)
The accompanying notes are an integral part of these consolidated financial statements.
4

CBRE GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited)
(Dollars in thousands)

Nine Months Ended
September 30,
20212020
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility 835,671 
Repayment of revolving credit facility (835,671)
Proceeds from notes payable on real estate71,157 40,263 
Repayment of notes payable on real estate(13,944)(24,704)
Proceeds from issuance of 2.500% senior notes
492,255  
Repurchase of common stock(188,285)(50,028)
Acquisition of businesses (cash paid for acquisitions more than three months after purchase date)(3,421)(34,400)
Units repurchased for payment of taxes on equity awards(36,747)(41,627)
Non-controlling interest contributions652 1,977 
Non-controlling interest distributions(4,026)(2,471)
Other financing activities, net(42,767)(30,050)
Net cash provided by (used in) financing activities274,874 (141,040)
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash(82,714)9,981 
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH836,875 552,812 
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT BEGINNING OF PERIOD2,039,247 1,093,745 
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF PERIOD$2,876,122 $1,646,557 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest$29,131 $60,415 
Income tax payments, net$220,955 $4,137 
The accompanying notes are an integral part of these consolidated financial statements.
5

CBRE GROUP, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
(Dollars in thousands)

CBRE Group, Inc. Stockholders'
Class A
common
stock
Additional
paid-in
capital
Accumulated
earnings
Accumulated 
other
comprehensive loss
Non-
controlling
interests
Total
Balance at June 30, 2021$3,357 $1,001,832 $7,238,896 $(564,564)$41,155 $7,720,676 
Net income— — 435,743 — 879 436,622 
Net compensation expense for equity awards— 48,075 — — — 48,075 
Units repurchased for payment of taxes on equity awards— (472)— — — (472)
Repurchase of common stock(11)(99,999)— — — (100,010)
Foreign currency translation loss— — — (90,042)(202)(90,244)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax— — — 110 — 110 
Unrealized holding gains on available for sale debt securities, net of tax— — — 215 — 215 
Contributions from non-controlling interests— — — — 125 125 
Distributions to non-controlling interests— — — — (649)(649)
Other— (10,652)— 105 (5,741)(16,288)
Balance at September 30, 2021$3,346 $938,784 $7,674,639 $(654,176)$35,567 $7,998,160 

CBRE Group, Inc. Stockholders'
Class A
common
stock
Additional
paid-in
capital
Accumulated
earnings
Accumulated 
other
comprehensive loss
Non-
controlling
interests
Total
Balance at June 30, 2020$3,352 $1,046,999 $6,032,160 $(838,517)$41,057 $6,285,051 
Net income— — 184,132 — 708 184,840 
Net compensation expense for equity awards— 22,137 — — — 22,137 
Units repurchased for payment of taxes on equity awards— (4,269)— — — (4,269)
Foreign currency translation gain— — — 106,201 — 106,201 
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax— — — 106 — 106 
Unrealized holding gains on available for sale debt securities, net of tax— — — 811 — 811 
Contributions from non-controlling interests— — — — 549 549 
Distributions to non-controlling interests— — — — (1,379)(1,379)
Other2 (18)— — 271 255 
Balance at September 30, 2020$3,354 $1,064,849 $6,216,292 $(731,399)$41,206 $6,594,302 
The accompanying notes are an integral part of these consolidated financial statements.
6

CBRE GROUP, INC.
CONSOLIDATED STATEMENTS OF EQUITY (Continued)
(Unaudited)
(Dollars in thousands)

CBRE Group, Inc. Stockholders'
Class A
common
stock
Additional
paid-in
capital
Accumulated
earnings
Accumulated 
other
comprehensive loss
Non-
controlling
interests
Total
Balance at December 31, 2020$3,356 $1,074,639 $6,530,057 $(529,726)$41,761 $7,120,087 
Net income— — 1,144,582 — 4,459 1,149,041 
Net compensation expense for equity awards— 133,308 — — — 133,308 
Units repurchased for payment of taxes on equity awards— (36,747)— — — (36,747)
Repurchase of common stock(22)(188,263)— — — (188,285)
Foreign currency translation loss— — — (123,908)(280)(124,188)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax— — — 324 — 324 
Unrealized holding losses on available for sale debt securities, net of tax— — — (971)— (971)
Contributions from non-controlling interests— — — — 652 652 
Distributions to non-controlling interests— — — — (4,026)(4,026)
Other12 (44,153)— 105 (6,999)(51,035)
Balance at September 30, 2021$3,346 $938,784 $7,674,639 $(654,176)$35,567 $7,998,160 
CBRE Group, Inc. Stockholders'
Class A
common
stock
Additional
paid-in
capital
Accumulated
earnings
Accumulated 
other
comprehensive loss
Non-
controlling
interests
Total
Balance at December 31, 2019$3,348 $1,115,944 $5,793,149 $(679,748)$40,419 $6,273,112 
Net income— — 438,224 — 2,258 440,482 
Net compensation expense for equity awards— 41,841 — — — 41,841 
Units repurchased for payment of taxes on equity awards— (41,627)— — — (41,627)
Repurchase of common stock(11)(50,017)— — — (50,028)
Foreign currency translation loss — — — (40,237)— (40,237)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax— — — 320 — 320 
Unrealized holding gains on available for sale debt securities, net of tax— — — 1,311 — 1,311 
Contributions from non-controlling interests— — — — 1,977 1,977 
Distributions to non-controlling interests— — — — (2,471)(2,471)
Other17 (1,292)(15,081)(13,045)(977)(30,378)
Balance at September 30, 2020$3,354 $1,064,849 $6,216,292 $(731,399)$41,206 $6,594,302 
The accompanying notes are an integral part of these consolidated financial statements.
7

CBRE GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.    Basis of Presentation

Readers of this Quarterly Report on Form 10-Q (Quarterly Report) should refer to the audited financial statements and notes to consolidated financial statements of CBRE Group, Inc., a Delaware corporation (which may be referred to in these financial statements as “the company,” “we,” “us” and “our”), for the year ended December 31, 2020, which are included in our 2020 Annual Report on Form 10-K (2020 Annual Report), filed with the United States Securities and Exchange Commission (SEC) and also available on our website (www.cbre.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 Note 2, Significant Accounting Policies, in the notes to consolidated financial statements in our 2020 Annual Report for further discussion of our significant accounting policies and estimates.

Considerations Related to the Covid-19 Pandemic

The Covid-19 pandemic has primarily impacted the property sales and leasing lines of business in the Advisory Services segment. Many property owners and occupiers initially put transactions on hold and withdrew existing mandates, sharply reducing sales and leasing volumes. The effects of Covid-19 have eased significantly in 2021 as global economic conditions have improved. Nevertheless Covid-19 continues to pose public health challenges that impact our operations, particularly as new strains spread and vaccine administration is slow in parts of the world. As of the date of this Quarterly Report, the majority of workers remain out of their offices and occupier confidence in making long-term office leasing decisions has not returned to pre-pandemic levels.

See Note 5 (Fair Value Measurements) and Note 10 (Commitments and Contingencies) for further discussion of Covid-19 considerations.

Financial Statement Preparation

The accompanying consolidated financial statements have been prepared in accordance with the rules applicable to quarterly reports on Form 10-Q and include all information and footnotes required for interim financial statement presentation, but do not include all disclosures required under accounting principles generally accepted in the United States (U.S.), or GAAP, for annual financial statements. In our opinion, all adjustments (consisting of normal recurring adjustments, except as otherwise noted) considered necessary for a fair presentation have been included. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions about future events, including the impact Covid-19 may have on our business. These estimates and the underlying assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Such estimates include the value of goodwill, intangibles and other long-lived assets, real estate assets, accounts receivable, contract assets, operating lease assets, investments in unconsolidated subsidiaries and assumptions used in the calculation of income taxes, retirement and other post-employment benefits, among others. These estimates and assumptions are based on our best judgment. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors, including consideration of the current economic environment, and adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods.

Certain reclassifications have been made to the 2020 financial statements to conform with the 2021 presentation.
8

CBRE GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
2.    New Accounting Pronouncements

Recent Accounting Pronouncements Pending Adoption

In March 2020 and January 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” and ASU 2021-01, “Reference Rate Reform: Scope,” respectively. Together, the ASUs provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This guidance is effective for a limited time for all entities through December 31, 2022. We are evaluating the effect that this guidance will have on our consolidated financial statements and related disclosures.

In July 2021, the FASB issued ASU 2021-05, “Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments (Topic 842).” The ASU amends the lease classification requirements for lessors to align them with practice under Topic 840. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if certain criteria are met. This guidance is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. We are evaluating the effect that this guidance will have on our consolidated financial statements and related disclosures, but do not expect it to have a material impact.
3.    Warehouse Receivables & Warehouse Lines of Credit

Our wholly-owned subsidiary CBRE Capital Markets, Inc. (CBRE Capital Markets) is a Federal Home Loan Mortgage Corporation (Freddie Mac) approved Multifamily Program Plus Seller/Servicer and an approved Federal National Mortgage Association (Fannie Mae) Aggregation and Negotiated Transaction Seller/Servicer. In addition, CBRE Capital Markets’ wholly-owned subsidiary CBRE Multifamily Capital, Inc. (CBRE MCI) is an approved Fannie Mae Delegated Underwriting and Servicing (DUS) Seller/Servicer and CBRE Capital Markets’ wholly-owned subsidiary CBRE HMF, Inc. (CBRE HMF) is a U.S. Department of Housing and Urban Development (HUD) approved Non-Supervised Federal Housing Authority (FHA) Title II Mortgagee, an approved Multifamily Accelerated Processing (MAP) lender and an approved Government National Mortgage Association (Ginnie Mae) issuer of mortgage-backed securities (MBS). Under these arrangements, before loans are originated through proceeds from warehouse lines of credit, we obtain either a contractual loan purchase commitment from either Freddie Mac or Fannie Mae or a confirmed forward trade commitment for the issuance and purchase of a Fannie Mae or Ginnie Mae MBS that will be secured by the loans. The warehouse lines of credit are generally repaid within a one-month period when Freddie Mac or Fannie Mae buys the loans or upon settlement of the Fannie Mae or Ginnie Mae MBS, while we retain the servicing rights. Loans are funded at the prevailing market rates. We elect the fair value option for all warehouse receivables. At September 30, 2021 and December 31, 2020, all of the warehouse receivables included in the accompanying consolidated balance sheets were either under commitment to be purchased by Freddie Mac or had confirmed forward trade commitments for the issuance and purchase of Fannie Mae or Ginnie Mae mortgage-backed securities that will be secured by the underlying loans.

A rollforward of our warehouse receivables is as follows (dollars in thousands):
Beginning balance at December 31, 2020$1,411,170 
Origination of mortgage loans12,712,118 
Gains (premiums on loan sales)61,870 
Proceeds from sale of mortgage loans:
Sale of mortgage loans(12,705,674)
Cash collections of premiums on loan sales(61,870)
Proceeds from sale of mortgage loans(12,767,544)
Net decrease in mortgage servicing rights included in warehouse receivables(8,576)
Ending balance at September 30, 2021$1,409,038 
9

CBRE GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
The following table is a summary of our warehouse lines of credit in place as of September 30, 2021 and December 31, 2020 (dollars in thousands):
September 30, 2021December 31, 2020
LenderCurrent
Maturity
PricingMaximum
Facility
Size
Carrying
Value
Maximum
Facility
Size
Carrying
Value
JP Morgan Chase Bank, N.A. (JP Morgan) (1)
10/17/2022
daily floating rate SOFR rate plus 1.60%
$985,000 $734,815 $1,585,000 $561,726 
JP Morgan10/17/2022
daily floating rate SOFR rate plus 2.75%
15,000 3,003 15,000  
Fannie Mae Multifamily As Soon As Pooled Plus Agreement and Multifamily As Soon As Pooled Sale Agreement (ASAP) Program (2)
Cancelable
anytime
daily one-month LIBOR plus 1.45%, with a
LIBOR floor of 0.25%
650,000 31,485 450,000 132,692 
TD Bank, N.A. (TD Bank) (3)
7/15/2022
daily floating rate LIBOR plus 1.30%
800,000 222,311 800,000 401,849 
Bank of America, N.A. (BofA) (4)
5/25/2022
daily floating rate LIBOR plus 1.30%, with a
LIBOR floor of 0.30%
350,000 265,368 350,000 175,862 
BofA (5)
5/25/2022
daily floating rate LIBOR plus 1.30%, with a
LIBOR floor of 0.30%
250,000    
MUFG Union Bank, N.A. (Union Bank) (6)
6/28/2022
daily floating rate LIBOR plus 1.30%
200,000 126,790 300,000 111,835 
$3,250,000 $1,383,772 $3,500,000 $1,383,964 
_______________________________
(1)Effective October 19, 2020, this facility was amended and the maximum facility size was temporarily increased to $1,585.0 million, and reverted back to $985.0 million on January 18, 2021. Effective October 18, 2021, this facility was renewed and amended and the maximum facility size was increased to $1,335.0 million. This facility has a revised maturity date of October 17, 2022 and a revised interest rate to a Secured Overnight Finance Rate ("SOFR") term plus 1.60%, noting the Business Lending sublimit has a revised interest rate of daily adjusted term SOFR plus 2.75%.
(2)Effective January 15, 2021, the maximum facility was temporarily increased to $650.0 million.
(3)Effective July 1, 2020, this facility was amended and provides for a maximum aggregate principal amount of $400.0 million, in addition to an uncommitted $400.0 million temporary line of credit. Effective June 28, 2021, this facility was renewed with a revised interest rate of daily floating rate LIBOR plus 1.30% and a maturity date of July 15, 2022. As of September 30, 2021, the uncommitted $400.0 million temporary line of credit was not utilized.
(4)The total commitment amount of $350.0 million includes a separate sublimit borrowing in the amount of $100.0 million, which can be utilized for specific purposes as defined within the agreement. Effective June 30, 2021, this facility was renewed with a revised interest rate of daily floating LIBOR plus 1.30% and a maturity date of May 25, 2022. The sublimit is subject to an interest rate of daily floating LIBOR plus 1.30%, with a LIBOR floor of 0.30%. As of September 30, 2021, the sublimit borrowing has not been utilized.
(5)Effective June 30, 2021, the advised consent line was renewed for $250.0 million of capacity with a revised interest rate of daily floating LIBOR plus 1.30%, with a LIBOR floor of 0.30%, and a maturity date of May 25, 2022.
(6)On June 28, 2019, we added a new warehouse facility for $200.0 million that contains an accordion feature which allowed for temporary increases not to exceed an additional $150.0 million. If utilized, the additional borrowings must be in predefined multiples and are not to occur more than 3 times within 12 consecutive months. Effective August 4, 2020, this facility was amended and decreased the accordion feature from $150.0 million to $100.0 million, with no changes to the predefined borrowing multiples. On September 22, 2020, the temporary increase of $100.0 million was utilized and expired on January 20, 2021. Effective June 28, 2021, this facility was renewed with a revised interest rate of daily floating rate LIBOR plus 1.30%, removing the LIBOR floor, and a maturity date of June 28, 2022.
During the nine months ended September 30, 2021, we had a maximum of $2.5 billion of warehouse lines of credit principal outstanding.
10

CBRE GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
4.    Variable Interest Entities (VIEs)

We hold variable interests in certain VIEs in our Real Estate Investments segment which are not consolidated as it was determined that we are not the primary beneficiary. Our involvement with these entities is in the form of equity co-investments and fee arrangements.

As of September 30, 2021 and December 31, 2020, our maximum exposure to loss related to VIEs which are not consolidated was as follows (dollars in thousands):
September 30,
2021
December 31,
2020
Investments in unconsolidated subsidiaries$78,561 $66,947 
Other current assets4,219 4,219 
Co-investment commitments91,865 47,957 
Maximum exposure to loss$174,645 $119,123 
5.    Fair Value Measurements

Topic 820 of the FASB ASC defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Topic 820 also establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

Level 1 – Quoted prices in active markets for identical assets or liabilities.
Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

There have been no significant changes to the valuation techniques and inputs used to develop the recurring fair value measurements from those disclosed in our 2020 Annual Report.

11

CBRE GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
The following tables present the fair value of assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020 (dollars in thousands):
As of September 30, 2021
Fair Value Measured and Recorded Using
Level 1Level 2Level 3Total
Assets
Available for sale securities:
Debt securities:
U.S. treasury securities$7,108 $ $ $7,108 
Debt securities issued by U.S. federal agencies 9,825  9,825 
Corporate debt securities 50,551  50,551 
Asset-backed securities