CBRE GROUP, INC. (CBRE) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that CBRE GROUP, INC. surfaced in its latest filing.

• Net co-investment of $375 million and committed $216 million to future co-investments in investment funds, with up to $70 million expected to be funded during 2026.December 31, 2025
• Involvement as principal in 47 consolidated real estate projects with invested equity of $1.0 billion.December 31, 2025
• Co-investment in approximately 128 unconsolidated real estate projects with a net investment of $397 million.December 31, 2025
• Committed but not funded additional capital of $226 million to consolidated projects and $56 million to unconsolidated projects.December 31, 2025
• Total debt of $6.0 billion, excluding non-recourse notes payable on real estate and warehouse lines of credit, with $490 million interest expense for the year.December 31, 2025
• Credit agreements require maintaining a maximum leverage ratio of total debt less available cash to consolidated EBITDA as of the end of each fiscal quarter.
• Moody's, S&P and Fitch rate significant outstanding debt; downgrades may affect borrowing ability and costs.
• Telford Homes is subject to U.K. laws requiring remediation of certain fire-safety issues on constructed buildings.
• Note 22 – Telford Fire Safety Remediation provides additional information on remediation costs and liabilities.
• Ongoing conflict between Russia and Ukraine, instability in the Middle East, and rising tensions in East Asia including China heighten cybersecurity risks.
• Approximately 155,000 employees (including Turner & Townsend employees) as well as independent contractors working in over 100 countries.
• Approximately 43.6% of revenue was transacted in foreign currencies during the year ended December 31, 2025.December 31, 2025
• GDPR, UK equivalent, and data protection laws in Switzerland, Japan, Singapore, China, India, United Arab Emirates, Australia, and Brazil must be complied with.December 31, 2025
• EU's AI Act and proposed or enacted AI and non-personal data regulations apply to the company.
• California Consumer Privacy Act (as amended by the California Privacy Rights Act of 2020) compliance required, with civil penalties and dedicated enforcement agency.
• At least nineteen U.S. states have passed consumer privacy laws, and Illinois and Texas have laws regulating biometric information processing.
• OECD’s accord to set a minimum global corporate tax rate of 15% could impact the company’s effective tax rate and provision for income taxes.
• EU Corporate Sustainability Reporting Directive and TCFD-aligned reporting could adversely affect business.
• Indirect wholly-owned subsidiaries CBRE Capital Markets and CBRE Investment Management are subject to regulation by the SEC, FINRA, or other self-regulatory organizations and state securities regulators.
• In 2023 and early 2024, commercial real estate capital markets were under significant pressure, causing a sustained slowdown in property sales and debt financing activity.
• Central banks raised interest rates in 2023, reducing credit availability.2023
• Central banks began cutting interest rates in 2024, but rates remain above recent norms.2024