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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 June 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-20220630_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 July 29, 2022 was 321,171,475.



FORM 10-Q
June 30, 2022
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)
June 30,
2022
December 31,
2021
ASSETS
Current Assets:
Cash and cash equivalents$1,192,783 $2,430,951 
Restricted cash137,933 108,830 
Receivables, less allowance for doubtful accounts of $94,568 and $97,588 at
   June 30, 2022 and December 31, 2021, respectively
5,122,787 5,150,473 
Warehouse receivables1,034,025 1,303,717 
Prepaid expenses350,409 333,885 
Contract assets344,750 338,749 
Income taxes receivable20,759 44,104 
Other current assets668,770 371,656 
Total Current Assets8,872,216 10,082,365 
Property and equipment, net of accumulated depreciation and amortization of $1,352,276 and $1,288,509 at
   June 30, 2022 and December 31, 2021, respectively
778,535 816,092 
Goodwill4,794,847 4,995,175 
Other intangible assets, net of accumulated amortization of $1,809,034 and $1,725,280 at
   June 30, 2022 and December 31, 2021, respectively
2,256,613 2,409,427 
Operating lease assets1,040,233 1,046,377 
Investments in unconsolidated subsidiaries (with $770,898 and $813,031 at fair value at
   June 30, 2022 and December 31, 2021, respectively)
1,201,745 1,196,088 
Non-current contract assets147,964 135,626 
Real estate under development234,341 326,416 
Non-current income taxes receivable41,488 33,150 
Deferred tax assets, net157,997 157,032 
Other assets, net912,693 875,743 
Total Assets$20,438,672 $22,073,491 
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses$2,825,499 $2,916,331 
Compensation and employee benefits payable1,478,874 1,539,291 
Accrued bonus and profit sharing1,082,161 1,694,590 
Contract liabilities281,988 280,659 
Operating lease liabilities224,982 232,423 
Income taxes payable178,160 246,035 
Short-term borrowings:
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase)1,017,949 1,277,451 
Revolving credit facility310,000  
Other short-term borrowings37,633 32,668 
Total short-term borrowings1,365,582 1,310,119 
Other current liabilities186,547 199,421 
Total Current Liabilities7,623,793 8,418,869 
Long-term debt, net of current maturities1,503,494 1,538,123 
Non-current operating lease liabilities1,095,047 1,116,562 
Non-current tax liabilities127,754 144,884 
Non-current income taxes payable54,761 54,761 
Deferred tax liabilities, net269,717 405,258 
Other liabilities869,122 1,035,917 
Total Liabilities11,543,688 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; 322,117,764 and 332,875,959 shares
   issued and outstanding at June 30, 2022 and December 31, 2021, respectively
3,221 3,329 
Additional paid-in capital 798,892 
Accumulated earnings9,084,358 8,366,631 
Accumulated other comprehensive loss(951,569)(640,659)
Total CBRE Group, Inc. Stockholders’ Equity8,136,010 8,528,193 
Non-controlling interests758,974 830,924 
Total Equity8,894,984 9,359,117 
Total Liabilities and Equity$20,438,672 $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
June 30,
Six Months Ended
June 30,
2022202120222021
Revenue$7,771,278 $6,458,613 $15,104,211 $12,397,492 
Costs and expenses:
Cost of revenue6,053,984 5,016,759 11,806,178 9,736,305 
Operating, administrative and other1,188,819 957,216 2,254,815 1,785,543 
Depreciation and amortization162,359 119,085 311,391 241,163 
Asset impairments26,405  36,756  
Total costs and expenses7,431,567 6,093,060 14,409,140 11,763,011 
Gain on disposition of real estate177,226 929 198,818 1,085 
Operating income516,937 366,482 893,889 635,566 
Equity income from unconsolidated subsidiaries119,168 212,132 162,039 295,726 
Other (loss) income(6,909)12,045 (21,373)14,777 
Interest expense, net of interest income18,518 13,772 31,344 23,878 
Income before provision for income taxes610,678 576,887 1,003,211 922,191 
Provision for income taxes120,762 133,445 117,024 209,772 
Net income489,916 443,442 886,187 712,419 
Less: Net income attributable to non-controlling interests2,594 805 6,568 3,580 
Net income attributable to CBRE Group, Inc.$487,322 $442,637 $879,619 $708,839 
Basic income per share:
Net income per share attributable to CBRE Group, Inc.$1.50 $1.32 $2.68 $2.11 
Weighted average shares outstanding for basic income per share325,415,305 335,643,233 328,692,585 335,751,530 
Diluted income per share:
Net income per share attributable to CBRE Group, Inc.$1.48 $1.30 $2.64 $2.09 
Weighted average shares outstanding for diluted income per share329,843,710 339,502,871 333,514,398 339,541,354 
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
June 30,
Six Months Ended
June 30,
2022202120222021
Net income$489,916 $443,442 $886,187 $712,419 
Other comprehensive (loss) income:
Foreign currency translation (loss) gain(303,894)18,402 (385,179)(33,944)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax107 107 215 214 
Unrealized holding losses on available for sale debt securities, net of tax(2,116)(508)(3,847)(1,186)
Other, net of tax(100)   
Total other comprehensive (loss) income(306,003)18,001 (388,811)(34,916)
Comprehensive income183,913 461,443 497,376 677,503 
Less: Comprehensive (loss) income attributable to non-controlling interests (53,280)835 (71,333)3,502 
Comprehensive income attributable to CBRE Group, Inc.$237,193 $460,608 $568,709 $674,001 
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)

Six Months Ended
June 30,
20222021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$886,187 $712,419 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization311,391 241,163 
Amortization of financing costs3,407 3,317 
Gains related to mortgage servicing rights, premiums on loan sales and sales of other assets(87,150)(132,004)
Asset impairments36,756  
Net realized and unrealized losses (gains), primarily from investments27,251 (14,777)
Provision for doubtful accounts7,781 12,789 
Net compensation expense for equity awards82,322 85,233 
Equity income from unconsolidated subsidiaries(162,039)(295,726)
Distribution of earnings from unconsolidated subsidiaries315,255 232,627 
Proceeds from sale of mortgage loans7,270,423 7,902,512 
Origination of mortgage loans(6,984,779)(7,578,056)
Decrease in warehouse lines of credit(259,502)(281,808)
Tenant concessions received4,250 12,874 
Purchase of equity securities(13,931)(3,896)
Proceeds from sale of equity securities25,296 5,488 
Decrease (increase) in real estate under development74,127 (27,894)
Increase in receivables, prepaid expenses and other assets (including contract and lease assets)(509,350)(100,368)
Decrease in accounts payable and accrued expenses and other liabilities (including contract and lease liabilities)(194,236)(275,591)
Decrease in compensation and employee benefits payable and accrued bonus and profit sharing(573,809)(359,365)
(Increase) decrease in net income taxes receivable/payable(60,160)83,325 
Other operating activities, net(138,574)4,856 
Net cash provided by operating activities60,916 227,118 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(96,722)(75,944)
Acquisition of businesses, including net assets acquired and goodwill, net of cash acquired(45,377)(57,920)
Contributions to unconsolidated subsidiaries(220,492)(245,714)
Distributions from unconsolidated subsidiaries42,006 36,207 
Other investing activities, net(8,357)(1,120)
Net cash used in investing activities(328,942)(344,491)
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)

Six Months Ended
June 30,
20222021
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from revolving credit facility310,000  
Proceeds from notes payable on real estate15,706 48,548 
Repayment of notes payable on real estate(16,544) 
Proceeds from issuance of 2.500% senior notes
 492,255 
Repurchase of common stock(993,769)(88,275)
Acquisition of businesses (cash paid for acquisitions more than three months after purchase date)(28,431)(3,421)
Units repurchased for payment of taxes on equity awards(34,841)(36,275)
Non-controlling interest contributions713 527 
Non-controlling interest distributions(370)(3,377)
Other financing activities, net(12,960)(30,958)
Net cash (used in) provided by financing activities(760,496)379,024 
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash(180,543)(44,089)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH(1,209,065)217,562 
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$1,330,716 $2,256,809 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest$27,745 $16,212 
Income tax payments, net$336,266 $131,156 
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 March 31, 2022$3,296 $409,187 $8,758,928 $(701,440)$812,854 $9,282,825 
Net income— — 487,322 — 2,594 489,916 
Net compensation expense for equity awards— 45,459 — — — 45,459 
Units repurchased for payment of taxes on equity awards— (3,446)— — — (3,446)
Repurchase of common stock(75)(449,342)(161,892)— — (611,309)
Foreign currency translation loss— — — (248,020)(55,874)(303,894)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax— — — 107 — 107 
Unrealized holding losses on available for sale debt securities, net of tax— — — (2,116)— (2,116)
Contributions from non-controlling interests— — — — 503 503 
Distributions to non-controlling interests— — — — (157)(157)
Other— (1,858)— (100)(946)(2,904)
Balance at June 30, 2022$3,221 $ $9,084,358 $(951,569)$758,974 $8,894,984 

CBRE Group, Inc. Stockholders'
Class A
common
stock
Additional
paid-in
capital
Accumulated
earnings
Accumulated
other
comprehensive loss
Non-
controlling
interests
Total
Balance at March 31, 2021$3,359 $1,013,287 $6,796,259 $(582,535)$41,014 $7,271,384 
Net income— — 442,637 — 805 443,442 
Net compensation expense for equity awards— 49,447 — — — 49,447 
Units repurchased for payment of taxes on equity awards— (1,392)— — — (1,392)
Repurchase of common stock(3)(24,130)— — — (24,133)
Foreign currency translation gain— — — 18,372 30 18,402 
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax— — — 107 — 107 
Unrealized holding losses on available for sale debt securities, net of tax— — — (508)— (508)
Contributions from non-controlling interests— — — — 455 455 
Distributions to non-controlling interests— — — — (725)(725)
Other1 (35,380)— — (424)(35,803)
Balance at June 30, 2021$3,357 $1,001,832 $7,238,896 $(564,564)$41,155 $7,720,676 
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— — 879,619 — 6,568 886,187 
Net compensation expense for equity awards— 82,322 — — — 82,322 
Units repurchased for payment of taxes on equity awards— (34,841)— — — (34,841)
Repurchase of common stock(117)(840,163)(161,892)— — (1,002,172)
Foreign currency translation loss— — — (307,278)(77,901)(385,179)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax— — — 215 — 215 
Unrealized holding losses on available for sale debt securities, net of tax— — — (3,847)— (3,847)
Contributions from non-controlling interests— — — — 713 713 
Distributions to non-controlling interests— — — — (370)(370)
Other9 (6,210)— — (960)(7,161)
Balance at June 30, 2022$3,221 $ $9,084,358 $(951,569)$758,974 $8,894,984 
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— — 708,839 — 3,580 712,419 
Net compensation expense for equity awards— 85,233 — — — 85,233 
Units repurchased for payment of taxes on equity awards— (36,275)— — — (36,275)
Repurchase of common stock(11)(88,264)— — — (88,275)
Foreign currency translation loss — — — (33,866)(78)(33,944)
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of tax— — — 214 — 214 
Unrealized holding losses on available for sale debt securities, net of tax— — — (1,186)— (1,186)
Contributions from non-controlling interests— — — — 527 527 
Distributions to non-controlling interests— — — — (3,377)(3,377)
Other12 (33,501)— — (1,258)(34,747)
Balance at June 30, 2021$3,357 $1,001,832 $7,238,896 $(564,564)$41,155 $7,720,676 
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 and the war in Ukraine
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, it is expected the pandemic has structurally changed the utilization of many types of commercial real estate, which likely will impact our business. In addition, Russia’s invasion of Ukraine and ongoing military conflict pose heightened risk for our operations in Europe, and have exacerbated supply chain disruptions, high inflation and other macro challenges already affecting the global economy. As a result of Russia’s invasion, we elected to exit most of our business in Russia, although we have a limited number of employees managing facilities for existing global clients that continue to operate there.
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 impact Covid-19 and the war in Ukraine 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.
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 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 restrucuturings 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 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)
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.
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 June 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 loans6,984,779 
Gains (premiums on loan sales)23,563 
Proceeds from sale of mortgage loans:
Sale of mortgage loans(7,246,860)
Cash collections of premiums on loan sales(23,563)
Proceeds from sale of mortgage loans(7,270,423)
Net decrease in mortgage servicing rights included in warehouse receivables(7,611)
Ending balance at June 30, 2022$1,034,025 
10

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 June 30, 2022 and December 31, 2021 (dollars in thousands):
June 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)
10/17/2022
daily floating rate SOFR rate plus 1.60%, with a SOFR adjustment rate of 0.05%
$1,335,000 $782,673 $1,335,000 $742,124 
JP Morgan10/17/2022
daily floating rate SOFR rate plus 2.75%, with a SOFR adjustment rate of 0.05%
15,000 884 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 58,705 650,000 133,084 
TD Bank, N.A. (TD Bank) (3)
7/15/2022
daily floating rate LIBOR plus 1.30%
800,000 78,389 800,000 217,672 
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 93,458 350,000 178,600 
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 3,840 200,000 1,645 
$3,600,000 $1,017,949 $3,600,000 $1,277,451 
_______________________________
(1)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%, with a SOFR adjustment rate of 0.05%, noting the Business Lending sublimit has a revised interest rate of daily adjusted term SOFR plus 2.75%, with a SOFR adjustment rate of 0.05%.
(2)Effective January 15, 2021, the maximum facility was 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 1.25% and a maturity date of July 15, 2022. Effective July 16, 2022, this facility was renewed with a revised interest rate of daily floating rate SOFR rate plus 1.30%, with a SOFR adjustment rate of 0.10% and a maturity date of July 15, 2023. As of June 30, 2022, 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 May 25, 2022, this facility was renewed with a revised interest rate of daily floating rate SOFR rate plus 1.25%, with a SOFR adjustment rate of 0.10% and a maturity date of May 24, 2023. The sublimit is subject to an interest rate of daily floating rate SOFR plus 1.75%, with a SOFR adjustment rate of 0.10%. As of June 30, 2022, the sublimit borrowing has not been utilized.
(5)Effective May 25, 2022, the advised consent line was renewed for $250.0 million of capacity with a revised interest rate of daily floating rate SOFR rate plus 1.25%, with a SOFR adjustment rate of 0.10%, and a maturity date of May 24, 2023.
(6)Effective June 27, 2022, this facility was renewed with a facility size of $200.0 million and a revised interest rate of daily floating rate SOFR rate plus 1.30% and a maturity date of June 27, 2023.
During the six months ended June 30, 2022, we had a maximum of $1.5 billion of warehouse lines of credit principal outstanding.
11

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

We hold variable interests in certain VIEs primarily 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 June 30, 2022 and December 31, 2021, our maximum exposure to loss related to VIEs which are not consolidated was as follows (dollars in thousands):
June 30,
2022
December 31,
2021
Investments in unconsolidated subsidiaries$1