During the three months ended June 30, 2026, we completed one acquisition within the Real Estate Management Services business segment. Aggregate terms of our acquisition included cash paid at closing of $20.5 million.

A preliminary purchase price allocation resulted in (i) Goodwill of $37.4 million, (ii) identifiable intangibles of $7.6 million, (iii) assumed liabilities less acquired assets of $3.3 million and (iv) $21.2 million of noncontrolling interest. As of June 30, 2026, we have not completed our analysis to assign fair values to all of the identifiable intangible and tangible assets acquired and, therefore, we may further refine the purchase price allocations for this acquisition during the open measurement period.

The following table details cash payments relating to acquisitions. Payments for current-year acquisitions are included in cash used in investing activities, while payments for prior-year acquisitions are primarily reflected in cash used in financing activities.


	Six Months Ended June 30,
(in millions)	2026		2025
Payments relating to current-year acquisitions(1)	$	20.5	6.1
Payments for deferred business acquisition and earn-out obligations	16.4		12.6
Total paid for business acquisitions	$	36.9	18.7

The following table details the number of acquisitions related to our earn-out payments, in addition to the maximum (undiscounted) amount and fair values of those earn-out payments.


($ in millions)	June 30, 2026		December 31, 2025
Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria	9		11
Maximum earn-out payments (undiscounted)	$	66.8	75.5
Short-term earn-out liabilities (fair value)(1)	7.5		5.9
Long-term earn-out liabilities (fair value)(1)	9.5		11.3

Assuming the achievement of the applicable performance criteria, we anticipate making these earn-out payments over the next four years. Refer to Note 7, Fair Value Measurements, and Note 10, Restructuring and Acquisition Charges, for additional discussion of our earn-out liabilities.

Goodwill and unamortized intangibles as of June 30, 2026 consisted of: (i) Goodwill of $4,726.7 million, (ii) identifiable intangibles of $584.8 million amortized over their remaining finite useful lives and (iii) $50.9 million of identifiable intangibles with indefinite useful lives that are not amortized. Notable portions of our goodwill and unamortized intangibles are denominated in currencies other than the U.S. dollar, which means a portion of the movements in the reported book value of these balances is attributable to movements in foreign currency exchange rates.

In conjunction with our evolving organizational structure described more fully in Note 4, Business Segments, we reassessed our reporting units as of January 1, 2026. As a result of reporting Software and Technology Solutions (historically a standalone reporting segment) as a fifth business line within Real Estate Management Services, the goodwill previously attributed to the Software and Technology Solutions reporting unit was combined with the goodwill of the Real Estate Management Services reporting unit.

We considered the change to Software and Technology Solutions and Real Estate Management Services reporting units a triggering event requiring the testing of our goodwill for impairment as of January 1, 2026. We performed a quantitative test relying on the discounted cash flow ("DCF") method, an income approach, and a market approach in determining the estimated fair value of these reporting units. Our analysis relied on significant judgments and assumptions in determining the

inputs, specifically, forecasted revenue growth, forecasted profitability margin and the discount rate used to present value the estimated future cash flows. Our analysis indicated that no impairment existed, as the estimated fair value of both the Software and Technology Solutions and Real Estate Management Services reporting units exceeded their respective carrying values.


(in millions)	Real Estate Management Services		Leasing Advisory	Capital Markets Services	Investment Management	Consolidated
Balance as of January 1, 2026	$	1,225.1	1,405.3	2,019.8	57.1	$	4,707.3
Additions, net of adjustments	37.4		—	—	—	37.4
Dispositions	(3.7)		—	—	—	(3.7)
Impact of exchange rate movements	(2.7)		(4.9)	(6.5)	(0.2)	(14.3)
Balance as of June 30, 2026	$	1,256.1	1,400.4	2,013.3	56.9	$	4,726.7


(in millions)	Real Estate Management Services		Leasing Advisory	Capital Markets Services	Investment Management	Consolidated
Balance as of January 1, 2025	$	1,211.3	1,372.6	1,971.5	55.9	$	4,611.3
Additions, net of adjustments	—		—	6.6	—	6.6

Impact of exchange rate movements	16.4		35.4	44.5	1.6	97.9
Balance as of June 30, 2025	$	1,227.7	1,408.0	2,022.6	57.5	$	4,715.8

The following tables detail, by intangible type, movements in the gross carrying amount and accumulated amortization of our identifiable intangibles.


(in millions)	MSRs		Other Intangibles	Consolidated
Gross Carrying Amount
Balance as of December 31, 2025	$	896.8	336.0	$	1,232.8
Additions, net of adjustments	43.8		7.6	51.4
Dispositions	—		(12.3)	(12.3)
Adjustment for fully amortized intangibles	(25.3)		(0.3)	(25.6)
Impact of exchange rate movements	—		(0.8)	(0.8)
Balance as of June 30, 2026	$	915.3	330.2	$	1,245.5

Accumulated Amortization
Balance as of December 31, 2025	$	(438.6)	(127.5)	$	(566.1)
Amortization expense, net(1)	(60.9)		(13.3)	(74.2)
Dispositions	—		5.0	5.0
Adjustment for fully amortized intangibles	25.3		0.3	25.6
Impact of exchange rate movements	—		(0.1)	(0.1)
Balance as of June 30, 2026	$	(474.2)	(135.6)	$	(609.8)

Net book value as of June 30, 2026	$	441.1	194.6	$	635.7

(1) Included in this amount for MSRs was $4.2 million related to write-offs due to prepayments of sold warehouse receivables for which we retained the servicing rights. Amortization of MSRs is included in Revenue within the Consolidated Statements of Comprehensive Income.


(in millions)	MSRs		Other Intangibles	Consolidated
Gross Carrying Amount
Balance as of December 31, 2024	$	851.1	543.8	$	1,394.9
Additions, net of adjustments	40.6		0.5	41.1
Adjustment for fully amortized intangibles	(24.5)		(1.2)	(25.7)
Impact of exchange rate movements	—		10.0	10.0
Balance as of June 30, 2025	$	867.2	553.1	$	1,420.3

Accumulated Amortization
Balance as of December 31, 2024	$	(380.0)	(290.8)	$	(670.8)
Amortization expense, net(1)	(55.4)		(34.0)	(89.4)
Adjustment for fully amortized intangibles	24.5		1.2	25.7
Impact of exchange rate movements	—		(3.8)	(3.8)
Balance as of June 30, 2025	$	(410.9)	(327.4)	$	(738.3)

Net book value as of June 30, 2025	$	456.3	225.7	$	682.0

(1) Included in this amount for MSRs was $2.3 million related to write-offs due to prepayments of sold warehouse receivables for which we retained the servicing rights. Amortization of MSRs is included in Revenue within the Consolidated Statements of Comprehensive Income.