Company: JLL
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001037976-25-000071
Chunk: 22

Company: JONES LANG LASALLE INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 22
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2023$(309.8)(253.2)$(563.0)Amortization expense, net(1)(82.6)(49.5)(132.1)Adjustment for fully amortized intangibles25.3 9.9 35.2 Impact of exchange rate movements— (1.1)(1.1)Balance as of September 30, 2024$(367.1)(293.9)$(661.0)Net book value as of September 30, 2024$461.4 259.7 $721.1 (1) Included in this amount for MSRs was $6.0 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.

6.INVESTMENTS

Summarized investment balances as of September 30, 2025 and December 31, 2024 are presented in the following table.(in millions)September 30, 2025December 31, 2024Investment Management co-investments$502.4 406.1 Proptech Investments357.2 372.8 Other investments35.5 33.8 Total$895.1 812.7 Our Investment Management co-investments are primarily direct investments in property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement, while our Proptech Investments are generally investments in early to mid-stage proptech companies as well as proptech funds.We have maximum potential unfunded commitments to direct investments or investment vehicles of $210.1 million and $7.7 million as of September 30, 2025 for our Investment Management business and Proptech Investments, respectively.ImpairmentIn June of 2025, we recognized an investment-level impairment charge of $2.2 million on one investment accounted for under the measurement alternative, defined below. This activity was included within Equity earnings on our Consolidated Statements of Comprehensive Income. There were no other significant impairments in 2025. In addition, there were no significant other-than-temporary impairment charges on Investments for the nine months ended September 30, 2024. 

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Fair ValueWe report a majority of our investments at fair value. For such investments, we increase or decrease our investment each reporting period by the change