Company: JLL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001037976-25-000045
Chunk: 28

Company: JONES LANG LASALLE INC
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 1
Chunk 28
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 30, 2025, and December 31, 2024.The following table provides additional information on our Program, Facility and Uncommitted Facility, collectively.Three Months Ended June 30,Six Months Ended June 30,($ in millions)2025202420252024Average outstanding borrowings $1,573.5 1,705.8 $1,290.0 1,381.3 Average effective interest rate5.0 %6.2 %5.0 %6.2 %

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We will continue to 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 an additional $46.1 million as of June 30, 2025, under local overdraft facilities. Amounts outstanding are presented in the debt table above.As of June 30, 2025, our issuer and senior unsecured ratings are investment grade: Baa1 from Moody’s Investors Service, Inc. and BBB+ from Standard & Poor’s Ratings Services.CovenantsOur Facility and senior notes are subject to customary financial and other covenants, including cash interest coverage ratios and leverage ratios, as well as event of default conditions. We remained in compliance with all covenants as of June 30, 2025.Warehouse FacilitiesWe maintain our Warehouse facilities with third-party lenders for the purpose of funding mortgage loans that will be resold (Warehouse receivables). The following table shows our gross cash activity related to Warehouse receivables as well as the corresponding, and largely offsetting, net change of our Warehouse facilities. This activity, in aggregate, is reflected as net cash flows from operating activities in our Consolidated Statements of Cash Flows.Six Months Ended June 30,(in millions)20252024Origination of mortgage loans$(4,324.9)(3,021.1)Proceeds from the sales of mortgage loans3,938.4 3,035.1 Net increase (decrease) in Warehouse facilities382.5 (7.2)The following table provides details regarding our Warehouse facilities lines of credit.June 30, 2025December 31, 2024($ in millions)Outstanding BalanceMaximum CapacityOutstanding BalanceMaximum CapacityWarehouse facilities:SOFR plus 1.40