Company: JLL
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001037976-25-000071
Chunk: 107

Company: JONES LANG LASALLE INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 107
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 an Investment Management core open-end flagship fund, in January 2025, partially offset by lower cash paid for acquisitions. We discuss other drivers of investing activity below in further detail.

Cash Flows from Financing Activities

Financing activities provided $72.8 million of cash during the first nine months of 2025, compared with $349.0 million provided during the same period in 2024. The change was driven by an increase in cash flow from operating activities reducing borrowing needs, offset by higher share repurchases in 2025. We discuss these drivers in further detail below.

Debt

Our $3.3 billion Facility matures on November 3, 2028, and bears a variable interest rate. Outstanding borrowings, including the balance of the Facility, Short-term borrowings (financing lease obligations, overdrawn bank accounts and local overdraft facilities) and the balance outstanding under the Program are presented below.

(in millions)September 30, 2025December 31, 2024Outstanding borrowings under the Facility$186.0 100.0 Short-term borrowings141.3 153.8 Outstanding commercial paper389.0 200.0 

In addition to our Facility, we had the capacity to borrow up to $59.5 million under local overdraft facilities as of September 30, 2025.

The following table provides additional information on our Facility, Uncommitted Facility and the Program, collectively.

Three Months Ended September 30,Nine Months Ended September 30,($ in millions)2025202420252024Average outstanding borrowings $1,152.8 1,575.7 $1,243.7 1,446.6 Average effective interest rate4.9 %5.9 %5.0 %6.1 %

We will continue to use the Facility for working capital needs (including payment of accrued incentive compensation), co-investment activities, share repurchases, capital expenditures and acquisitions.

Refer to Note 8, Debt, in the Notes to Consolidated Financial Statements for additional information on our debt.

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Investment Activity

As of September 30, 2025, we had a carrying value of $895.1 million in Investments, primarily related to Investment Management co-investments and investments in early to mid-stage proptech companies as well as proptech funds ("Proptech Investments"). For the first nine months ended September 30, 2025 and 202