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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, 2022
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-20220930_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 24, 2022 was 315,948,538.



FORM 10-Q
September 30, 2022
TABLE OF CONTENTS
Page
Consolidated Balance Sheets at September 30, 2022 and December 31, 2021


PART I – FINANCIAL INFORMATION
Item 1.    Financial Statements
CBRE GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands, except share data)
September 30,
2022
December 31,
2021
ASSETS
Current Assets:
Cash and cash equivalents$1,125,011 $2,430,951 
Restricted cash98,040 108,830 
Receivables, less allowance for doubtful accounts of $96,298 and $97,588 at
   September 30, 2022 and December 31, 2021, respectively
4,936,146 5,150,473 
Warehouse receivables1,190,964 1,303,717 
Prepaid expenses312,374 333,885 
Contract assets373,484 338,749 
Income taxes receivable19,559 44,104 
Other current assets534,379 371,656 
Total Current Assets8,589,957 10,082,365 
Property and equipment, net of accumulated depreciation and amortization of $1,308,977 and $1,288,509 at
   September 30, 2022 and December 31, 2021, respectively
768,445 816,092 
Goodwill4,660,638 4,995,175 
Other intangible assets, net of accumulated amortization of $1,819,575 and $1,725,280 at
   September 30, 2022 and December 31, 2021, respectively
2,146,468 2,409,427 
Operating lease assets992,831 1,046,377 
Investments in unconsolidated subsidiaries (with $870,604 and $813,031 at fair value at
   September 30, 2022 and December 31, 2021, respectively)
1,461,287 1,196,088 
Non-current contract assets131,341 135,626 
Real estate under development237,611 326,416 
Non-current income taxes receivable46,001 33,150 
Deferred tax assets, net155,945 157,032 
Other assets, net1,024,806 875,743 
Total Assets$20,215,330 $22,073,491 
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses$2,720,466 $2,916,331 
Compensation and employee benefits payable1,403,934 1,539,291 
Accrued bonus and profit sharing1,297,105 1,694,590 
Contract liabilities314,299 280,659 
Operating lease liabilities196,521 232,423 
Income taxes payable119,930 246,035 
Short-term borrowings:
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase)1,176,514 1,277,451 
Revolving credit facility283,000  
Other short-term borrowings38,411 32,668 
Total short-term borrowings1,497,925 1,310,119 
Other current liabilities205,473 199,421 
Total Current Liabilities7,755,653 8,418,869 
Long-term debt, net of current maturities1,476,929 1,538,123 
Non-current operating lease liabilities1,065,815 1,116,562 
Non-current tax liabilities134,188 144,884 
Non-current income taxes payable54,761 54,761 
Deferred tax liabilities, net284,123 405,258 
Other liabilities804,217 1,035,917 
Total Liabilities11,575,686 12,714,374 
Commitments and contingencies  
Equity:
CBRE Group, Inc. Stockholders’ Equity:
Class A common stock; $0.01 par value; 525,000,000 shares authorized; 317,055,298 and 332,875,959 shares
   issued and outstanding at September 30, 2022 and December 31, 2021, respectively
3,171 3,329 
Additional paid-in capital 798,892 
Accumulated earnings9,155,739 8,366,631 
Accumulated other comprehensive loss(1,223,083)(640,659)
Total CBRE Group, Inc. Stockholders’ Equity7,935,827 8,528,193 
Non-controlling interests703,817 830,924 
Total Equity8,639,644 9,359,117 
Total Liabilities and Equity$20,215,330 $22,073,491 
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,
2022202120222021
Revenue$7,529,546 $6,798,327 $22,633,757 $19,195,819 
Costs and expenses:
Cost of revenue5,934,490 5,258,947 17,740,668 14,995,252 
Operating, administrative and other1,080,316 1,025,681 3,335,131 2,811,224 
Depreciation and amortization142,136 122,564 453,527 363,727 
Asset impairments  36,756  
Total costs and expenses7,156,942 6,407,192 21,566,082 18,170,203 
Gain on disposition of real estate1,746 18,530 200,564 19,615 
Operating income374,350 409,665 1,268,239 1,045,231 
Equity income from unconsolidated subsidiaries233,972 163,809 396,011 459,535 
Other income (loss)7,844 7,693 (13,529)22,470 
Interest expense, net of interest income19,957 11,038 51,301 34,916 
Write-off of financing costs on extinguished debt1,862  1,862  
Income before provision for income taxes594,347 570,129 1,597,558 1,492,320 
Provision for income taxes142,667 133,507 259,691 343,279 
Net income451,680 436,622 1,337,867 1,149,041 
Less: Net income attributable to non-controlling interests5,041 879 11,609 4,459 
Net income attributable to CBRE Group, Inc.$446,639 $435,743 $1,326,258 $1,144,582 
Basic income per share:
Net income per share attributable to CBRE Group, Inc.$1.40 $1.30 $4.07 $3.41 
Weighted average shares outstanding for basic income per share319,827,769 335,364,942 325,705,500 335,621,337 
Diluted income per share:
Net income per share attributable to CBRE Group, Inc.$1.38 $1.28 $4.01 $3.37 
Weighted average shares outstanding for diluted income per share324,742,584 340,337,159 330,558,314 339,805,292 
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,
2022202120222021
Net income$451,680 $436,622 $1,337,867 $1,149,041 
Other comprehensive loss:
Foreign currency translation loss(329,794)(90,244)(714,973)(124,188)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax113 110 328 324 
Unrealized holding (losses) gains on available for sale debt securities, net of tax(1,313)215 (5,160)(971)
Other, net of tax127 105 127 105 
Total other comprehensive loss(330,867)(89,814)(719,678)(124,730)
Comprehensive income120,813 346,808 618,189 1,024,311 
Less: Comprehensive (loss) income attributable to non-controlling interests (54,312)677 (125,645)4,179 
Comprehensive income attributable to CBRE Group, Inc.$175,125 $346,131 $743,834 $1,020,132 
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,
20222021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$1,337,867 $1,149,041 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization453,527 363,727 
Amortization of financing costs6,537 5,080 
Gains related to mortgage servicing rights, premiums on loan sales and sales of other assets(132,938)(198,131)
Asset impairments36,756  
Net realized and unrealized losses (gains), primarily from investments29,046 (26,898)
Provision for doubtful accounts11,501 24,489 
Net compensation expense for equity awards123,812 133,308 
Equity income from unconsolidated subsidiaries(396,011)(459,535)
Distribution of earnings from unconsolidated subsidiaries369,511 382,831 
Proceeds from sale of mortgage loans10,696,971 12,767,544 
Origination of mortgage loans(10,559,591)(12,712,118)
Decrease in warehouse lines of credit(100,937)(192)
Tenant concessions received9,140 18,645 
Purchase of equity securities(15,779)(5,281)
Proceeds from sale of equity securities27,387 6,856 
Decrease (increase) in real estate under development59,116 (123,580)
Increase in receivables, prepaid expenses and other assets (including contract and lease assets)(375,359)(255,161)
Decrease in accounts payable and accrued expenses and other liabilities (including contract and lease liabilities)(132,424)(107,756)
(Decrease) increase in compensation and employee benefits payable and accrued bonus and profit sharing(375,180)176,413 
(Increase) decrease in net income taxes receivable/payable(129,514)42,100 
Other operating activities, net(128,629)18,739 
Net cash provided by operating activities814,809 1,200,121 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(160,996)(121,409)
Acquisition of businesses, including net assets acquired and goodwill, net of cash acquired(60,131)(71,373)
Contributions to unconsolidated subsidiaries(322,127)(400,967)
Distributions from unconsolidated subsidiaries46,720 63,776 
Investment in VTS(100,432) 
Other investing activities, net(6,783)(25,433)
Net cash used in investing activities(603,749)(555,406)
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,
20222021
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from revolving credit facility283,000  
Proceeds from notes payable on real estate25,904 71,157 
Repayment of notes payable on real estate(22,514)(13,944)
Proceeds from issuance of 2.500% senior notes
 492,255 
Repurchase of common stock(1,404,394)(188,285)
Acquisition of businesses (cash paid for acquisitions more than three months after purchase date)(31,525)(3,421)
Units repurchased for payment of taxes on equity awards(35,162)(36,747)
Non-controlling interest contributions1,293 652 
Non-controlling interest distributions(740)(4,026)
Other financing activities, net(28,583)(42,767)
Net cash (used in) provided by financing activities(1,212,721)274,874 
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash(315,069)(82,714)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH(1,316,730)836,875 
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT BEGINNING OF PERIOD2,539,781 2,039,247 
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF PERIOD$1,223,051 $2,876,122 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest$68,878 $29,131 
Income tax payments, net$507,557 $220,955 
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, 2022$3,221 $ $9,084,358 $(951,569)$758,974 $8,894,984 
Net income— — 446,639 — 5,041 451,680 
Net compensation expense for equity awards— 41,490 — — — 41,490 
Units repurchased for payment of taxes on equity awards— (321)— — — (321)
Repurchase of common stock(51)(32,829)(375,431)— — (408,311)
Foreign currency translation loss— — — (270,441)(59,353)(329,794)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax— — — 113 — 113 
Unrealized holding losses on available for sale debt securities, net of tax— — — (1,313)— (1,313)
Contributions from non-controlling interests— — — — 580 580 
Distributions to non-controlling interests— — — — (370)(370)
Other1 (8,340)173 127 (1,055)(9,094)
Balance at September 30, 2022$3,171 $ $9,155,739 $(1,223,083)$703,817 $8,639,644 

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 
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, 2021$3,329 $798,892 $8,366,631 $(640,659)$830,924 $9,359,117 
Net income— — 1,326,258 — 11,609 1,337,867 
Net compensation expense for equity awards— 123,812 — — — 123,812 
Units repurchased for payment of taxes on equity awards— (35,162)— — — (35,162)
Repurchase of common stock(168)(872,992)(537,323)— — (1,410,483)
Foreign currency translation loss— — — (577,719)(137,254)(714,973)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax— — — 328 — 328 
Unrealized holding losses on available for sale debt securities, net of tax— — — (5,160)— (5,160)
Contributions from non-controlling interests— — — — 1,293 1,293 
Distributions to non-controlling interests— — — — (740)(740)
Other10 (14,550)173 127 (2,015)(16,255)
Balance at September 30, 2022$3,171 $ $9,155,739 $(1,223,083)$703,817 $8,639,644 
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 
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, 2021, which are included in our 2021 Annual Report on Form 10-K (2021 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 2021 Annual Report for further discussion of our significant accounting policies and estimates.
Considerations Related to the Covid-19 Pandemic, the war in Ukraine and Monetary Policy
During the first quarter of 2020, the emergence of the novel coronavirus (Covid-19) resulted in sharp contraction of economic and commercial real estate activity across much of the world. Commercial real estate markets recovered strongly beginning in 2021 and continuing into the second quarter of 2022. However, the pandemic has likely engendered structural changes to the utilization of many types of commercial real estate, which will have ongoing repercussions for our business. In addition, Russia’s invasion of Ukraine and the ongoing military conflict pose heightened risks for our operations in Europe, exacerbating supply chain disruptions, worsening inflation and raising the specter of energy shortages this winter. As a result of Russia’s invasion, we elected to exit most of our business in Russia, although we continue have a limited number of employees in the country, managing facilities for existing corporate clients under pre-existing global outsourcing contracts. In addition, the second half of 2022 has been marked by significant macroeconomic challenges as central banks around the world have sharply raised interest rates in efforts to rein in inflation, reducing credit availability. Less available and more expensive debt capital has pronounced effects on our capital markets (mortgage origination and property sales) businesses, making property acquisitions and dispositions harder to finance. Similar factors also impact the timing and ultimate proceeds realized for property sales within our development business.
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 General Accepted Accounting Principles (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 ongoing impacts of Covid-19, the war in Ukraine and weakening global macroeconomic conditions, including less available and more expensive debt capital. 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.
8

CBRE GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
2.    New Accounting Pronouncements
Recently Adopted Accounting Pronouncements
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 have completed our evaluation of significant contracts and concluded these ASUs did not have a material impact on our consolidated financial statements and related disclosures.
Recent Accounting Pronouncements Pending Adoption
In October 2021, the FASB issued ASU 2021-08, “Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” This ASU requires that an acquirer entity in a business combination recognize and measure contract assets and liabilities acquired in a business combination at the acquisition date in accordance with Topic 606 as if the acquirer entity had originated the contracts. This ASU is effective for fiscal years beginning after December 15, 2022, and interim periods within those years. Early application of the amendments is permitted but should be applied to all acquisitions occurring in the annual period of adoption. The amendment should be applied prospectively to business combinations occurring on or after the effective date of the amendments. We are evaluating the effect that ASU 2021-08 will have on our consolidated financial statements and related disclosures, but do not expect it to have a material impact.
In March 2022, the FASB issued ASU 2022-01,“Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method.” This ASU allows nonprepayable financial assets to be included in a closed portfolio hedged using the portfolio layer method. The expanded scope permits an entity to apply the same portfolio hedging method to both prepayable and nonprepayable financial assets, thereby allowing consistent accounting for similar hedges. This guidance is effective for fiscal years beginning after December 15, 2022, 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.
In March 2022, the FASB issued ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructuring and Vintage Disclosures.” This ASU eliminates the accounting guidance for Troubled Debt Restructuring by creditors in 310-40 and enhances disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, this ASU requires entities to disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of ASC 326-20. This guidance is effective for fiscal years beginning after December 15, 2022, 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.
In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” Topic 820, Fair Value Measurement, states that a reporting entity should consider the characteristics of the asset or liability when measuring the fair value, including restrictions on the sale of the asset or liability, if a market participant would take those characteristics into account and the key to that determination is the unit of account for the asset or liability being measured at fair value. Topic 820 contains conflicting guidance on what the unit of account is when measuring the fair value of an equity security and this has resulted in diversity in practice on whether the effects of a contractual restriction that prohibits the sale of an equity security should be considered in measuring the equity security’s fair value. To address this, the amendments in the ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The ASU introduces new disclosure requirements to provide investors with information about the restriction including the nature and remaining duration of the restriction. This guidance is effective for fiscal years beginning after December 15, 2022, 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.
9

CBRE GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
In September 2022, the FASB issued ASU 2022-04, “Supplier Finance Programs (Sub Topic 405-50): Disclosure of Supplier Finance Program Obligations.” This ASU requires a buyer in a supplier finance program to disclose qualitative and quantitative information about its supplier finance programs in each annual reporting period including the key terms of the program and the following for obligations that the buyer has confirmed as valid to the provider: (1) the amount outstanding that remains unpaid by the buyer as of the end of the annual period, (2) a description of where those obligations are presented in the balance sheet, and (3) a rollforward of those obligations during the annual period, including the amount of obligations confirmed and the amount of obligations subsequently paid. Additionally, in each interim period, the buyer should disclose the amount of obligations outstanding that the buyer has confirmed as valid to the finance provider as of the end of the interim period. This guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. We are evaluating the effect that this guidance will have on our consolidated financial statements and related disclosures.

3.    Turner & Townsend Acquisition
On November 1, 2021, we acquired a 60% ownership interest in, and entered into a strategic partnership with Turner & Townsend Holdings Limited (Turner & Townsend). Turner & Townsend is a leading professional services company specializing in program management, project management, cost and commercial management and advisory services across the real estate, infrastructure and natural resources sectors, and is reported in our Global Workplace Solutions segment. The Turner & Townsend acquisition was funded with cash on hand. The preliminary purchase accounting has been recorded in the accompanying consolidated financial statements (with no changes made in 2022). The excess purchase price over the fair value of net assets acquired and non-controlling interest has been recorded to goodwill. The goodwill arising from the Turner & Townsend acquisition consists largely of the synergies and opportunities to deliver a premier project, program and cost management services. The goodwill recorded in connection with the Turner & Townsend acquisition was not deductible for tax purposes. The purchase price allocation for the business combination is preliminary, primarily for intangibles, and subject to change within the respective measurement period which will not extend beyond one year from the acquisition date.
10

CBRE GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
4.    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, 2022 and December 31, 2021, 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, 2021$1,303,717 
Origination of mortgage loans10,559,591 
Gains (premiums on loan sales)31,262 
Proceeds from sale of mortgage loans:
Sale of mortgage loans(10,665,709)
Cash collections of premiums on loan sales(31,262)
Proceeds from sale of mortgage loans(10,696,971)
Net decrease in mortgage servicing rights included in warehouse receivables(6,635)
Ending balance at September 30, 2022$1,190,964 
11

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, 2022 and December 31, 2021 (dollars in thousands):
September 30, 2022December 31, 2021
LenderCurrent
Maturity
PricingMaximum
Facility
Size
Carrying
Value
Maximum
Facility
Size
Carrying
Value
JP Morgan Chase Bank, N.A. (JP Morgan) (1)
12/16/2022
daily floating rate SOFR rate plus 1.60%, with a SOFR adjustment rate of 0.05%
$1,335,000 $922,817 $1,335,000 $742,124 
JP Morgan12/16/2022
daily floating rate SOFR rate plus 2.75%, with a SOFR adjustment rate of 0.05%
15,000 729 15,000 4,326 
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 62,715 650,000 133,084 
TD Bank, N.A. (TD Bank) (3)
7/15/2023
daily floating rate SOFR rate 1.30%, with a SOFR adjustment rate of 0.10%
800,000 30,753 800,000 217,672 
Bank of America, N.A. (BofA) (4)
5/24/2023
daily floating rate SOFR rate plus 1.25%, with a
SOFR adjustment rate of 0.10%
350,000 152,280 350,000 178,600 
BofA (5)
5/24/2023
daily floating rate SOFR rate 1.25%, with a
SOFR adjustment rate of 0.10%
250,000  250,000  
MUFG Union Bank, N.A. (Union Bank) (6)
6/27/2023
daily floating rate SOFR plus 1.30%
200,000 7,220 200,000 1,645 
$3,600,000 $1,176,514 $3,600,000 $1,277,451 
_______________________________