CBRE · 10-Q · 2026Q3 · Full report
Debt and Liquidity Position
CBRE GROUP, INC. · 2026-10-22 · Importance 72 · Surprise 74 · No source text
At September 30, 2026, CBRE had $1.7 billion of cash and cash equivalents, $3.3 billion of available revolving-credit borrowings, and $1.2 billion of commercial-paper borrowings; the commercial-paper balance was $852 million at December 31, 2025. The company issued $750 million of 5.250% senior notes on May 4, 2026, receiving approximately $735 million net and using the proceeds to repay commercial paper. It had $3.5 billion of commitments under its five-year revolving facility and $1.0 billion under its 364-day facility, with no facility borrowings outstanding at September 30, 2026. CBRE reported that operating cash flow, revolving facilities and commercial paper were expected to meet anticipated cash requirements for at least the next 12 months.
Key facts
- CBRE anticipated that operating cash flow, revolving credit facilities and its commercial paper program would be sufficient to meet anticipated cash requirements for the foreseeable future and at least the next 12 months, absent extraordinary events, large strategic acquisitions or large shareholder returns. source
- CBRE’s net-investment cross-currency swaps had a notional amount of $6.0 billion at September 30, 2026, compared with $3.9 billion at December 31, 2025. source
- CBRE's TD Bank warehouse facility was renewed through October 13, 2027 with a committed line and an accordion, both stated without amounts; the new line has a 1.20% margin and the SOFR adjustment was removed. source
- CBRE entered into a new 364-Day Revolving Credit Agreement on June 23, 2026, providing up to $1.0 billion of commitments and maturing June 22, 2027. source
- CBRE entered into a $1.0 billion 364-Day Revolving Credit Agreement on June 23, 2026, maturing June 22, 2027. source
- CBRE’s 5-Year Revolving Credit Agreement provides a $3.5 billion facility maturing June 24, 2030. source
- CBRE’s commercial paper program permits issuance of up to $3.5 billion in short-term notes with maturities of up to day. source
- CBRE's long-term debt, net of current maturities, was $5,710 million at September 30, 2026, compared with $5,050 million at December 31, 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -2.1% | CBRE's long-term debt, net of current maturities, was $5,710 million at September 30, 2026, compared with $5,050 million at December 31,… |
| liability | negative | realized | -1.9% | CBRE's total liabilities were $21,852 million at September 30, 2026, compared with $21,251 million at December 31, 2025. |
| assets | positive | realized | +1.4% | CBRE's total assets were $31,329 million at September 30, 2026, compared with $30,877 million at December 31, 2025. |
| liability | negative | realized | -1.1% | Commercial paper borrowings were $1.2 billion at September 30, 2026 and $852 million at December 31, 2025. |
| cash | positive | realized | — | On May 4, 2026, CBRE Services issued 5.250% senior notes due June 1, 2036; interest is payable semi-annually beginning December 1, 2026. |
| liability | negative | contingent | — | CBRE MCI had funded DUS Program loans with unpaid principal balances of $51.5 billion at September 30, 2026, of which $49.0 billion was… |