Company: JLL
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001037976-25-000071
Chunk: 81

Company: JONES LANG LASALLE INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 81
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 use the Facility for, but not limited to, business acquisitions, working capital needs (including payment of accrued incentive compensation), co-investment activities, share repurchases and capital expenditures.Short-Term and Long-Term DebtIn addition to our credit facilities, we have the capacity to borrow up to $59.5 million as of September 30, 2025, under local overdraft facilities. Amounts outstanding are presented in the debt table above.As of September 30, 2025, our issuer and senior unsecured ratings are investment grade: Baa1 from Moody’s Investors Service, Inc. and BBB+ from Standard & Poor’s Ratings Services.CovenantsOur Facility and senior notes are subject to customary financial and other covenants, including cash interest coverage ratios and leverage ratios, as well as event of default conditions. We remained in compliance with all covenants as of September 30, 2025.Warehouse FacilitiesWe maintain our Warehouse facilities with third-party lenders for the purpose of funding mortgage loans that will be resold, included in Warehouse receivables. The following table shows our gross cash activity related to Warehouse receivables as well as the corresponding, and largely offsetting, net change of our Warehouse facilities. This activity, in aggregate, is reflected as net cash flows from operating activities in our Consolidated Statements of Cash Flows.Nine Months Ended September 30,(in millions)20252024Origination of mortgage loans$(8,691.7)(6,130.5)Proceeds from the sales of mortgage loans8,524.7 4,741.5 Net increase in Warehouse facilities165.5 1,390.4 The following table provides details regarding our Warehouse facilities lines of credit.September 30, 2025December 31, 2024($ in millions)Outstanding BalanceMaximum CapacityOutstanding BalanceMaximum CapacityWarehouse facilities:SOFR plus 1.40%, expires September 14, 2026(1)$194.7 700.0 341.3 700.0 SOFR plus 1.30%, expires September 11, 2026(1)214.4 600.0 416.5 2,100.0 SOFR plus 1.40%, expires October 23, 2025(2)507.4 1,100.0 8.8 400.0 Fannie Mae ASAP(3) program, SOFR plus 1.25%