What CBRE Group, Inc. told the SEC could break it.

CBRE's commercial mortgage business depends on maintaining approval to sell and service GSE (Fannie Mae/Freddie Mac) loans; non-compliance could result in termination or withdrawal of that approval and loss of loan-servicing revenue.

“Failure to comply with these requirements may result in termination or withdrawal of our approval to sell and service the GSE loans.”

CBRE faces an uncertain UK fire-safety remediation liability through Telford, with cost estimates subject to discoveries during remediation, fire-safety engineer availability, business disruption, and potential new regulations.

“potential discoveries made during remediation that could necessitate incremental work, investigation costs, availability of qualified fire safety engineers, potential business disruption costs, potential changes to or new regulations and regulatory approval. We will continue to closely monitor these developments and will update estimates as additional information becomes available regarding regulatory expectations, design specifications and contractor pricing.”

CBRE's commercial real estate business lines are sensitive to unpredictable U.S. trade policy, increased tariffs, inflation, and rising interest rates, any of which (or the perception of them) could materially harm performance.

“Periods of economic weakness or recession, fiscal or political uncertainty, market volatility, declining employment levels, declining demand for commercial real estate, falling real estate values, disruption to the global capital or credit markets, disputes with U.S. trading partners, unpredictable changes in U.S. trading policy, increased tariffs, inflationary pressures, significant rises in interest rates or the public perception that any of these events may occur, may materially and negatively affect the performance of some or all of our business lines.”

About 43.6% of CBRE's 2025 revenue was transacted in foreign currencies (USD 56.4%, British pound 14.0%); since results are reported in USD, dollar strength/weakness materially affects revenue, earnings, and AUM.

“During the year ended December 31, 2025, approximately 43.6% of our revenue was transacted in foreign currencies. We also report our results in U.S. dollars. As a result, the strengthening or weakening of the U.S. dollar will negatively or positively impact our reported results, including revenue and earnings as well as the assets under management for our investment management business, which could have a material adverse effect on our business, financial condition and operating results.”