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v3.25.3

Revenue from Contracts with Customers (Tables) | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue from Contracts with Customers | The following tables represent a disaggregation of revenue from contracts with customers by type of service and/or segment (dollars in millions):
| Three Months Ended September 30, 2025
| Advisory Services |  | Building Operations & Experience |  | Project Management |  | Real Estate Investments |  | Corporate, other and eliminations |  | Consolidated
Topic 606 Revenue: |  |  |  |  |  |  |  |  |  |  |
Facilities management | $ | — |  |  | $ | 5,137 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,137 |
Project management | — |  |  | — |  |  | 2,027 |  |  | — |  |  | — |  |  | 2,027 |
Advisory leasing | 1,145 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,145 |
Advisory sales | 544 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 544 |
Property management | — |  |  | 657 |  |  | — |  |  | — |  |  | (9) |  |  | 648 |
Valuation | 194 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 194 |
Other portfolio services | 90 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 90 |
Commercial mortgage origination (1) | 55 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 55 |
Loan servicing (2) | 47 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 47 |
Investment management | — |  |  | — |  |  | — |  |  | 148 |  |  | — |  |  | 148 |
Development services | — |  |  | — |  |  | — |  |  | 61 |  |  | — |  |  | 61 |
Topic 606 Revenue | 2,075 |  |  | 5,794 |  |  | 2,027 |  |  | 209 |  |  | (9) |  |  | 10,096 |
Out of Scope of Topic 606 Revenue: |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage origination | 80 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 80 |
Loan servicing | 80 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 80 |
Development services (3) | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Total Out of Scope of Topic 606 Revenue | 160 |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 162 |
Total Revenue | $ | 2,235 |  |  | $ | 5,794 |  |  | $ | 2,027 |  |  | $ | 211 |  |  | $ | (9) |  |  | $ | 10,258 |
| Three Months Ended September 30, 2024
| Advisory Services |  | Building Operations & Experience |  | Project Management |  | Real Estate Investments |  | Corporate, other and eliminations |  | Consolidated
Topic 606 Revenue: |  |  |  |  |  |  |  |  |  |  |
Facilities management | $ | — |  |  | $ | 4,638 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,638 |
Project management | — |  |  | — |  |  | 1,683 |  |  | — |  |  | — |  |  | 1,683 |
Advisory leasing | 974 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 974 |
Advisory sales | 420 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 420 |
Property management | — |  |  | 507 |  |  | — |  |  | — |  |  | (7) |  |  | 500 |
Valuation | 178 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 178 |
Other portfolio services | 96 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 96 |
Commercial mortgage origination (1) | 44 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 44 |
Loan servicing (2) | 24 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 24 |
Investment management | — |  |  | — |  |  | — |  |  | 196 |  |  | — |  |  | 196 |
Development services | — |  |  | — |  |  | — |  |  | 104 |  |  | — |  |  | 104 |
Topic 606 Revenue | 1,736 |  |  | 5,145 |  |  | 1,683 |  |  | 300 |  |  | (7) |  |  | 8,857 |
Out of Scope of Topic 606 Revenue: |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage origination | 71 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 71 |
Loan servicing | 106 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 106 |
Development services (3) | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Total Out of Scope of Topic 606 Revenue | 177 |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 179 |
Total Revenue | $ | 1,913 |  |  | $ | 5,145 |  |  | $ | 1,683 |  |  | $ | 302 |  |  | $ | (7) |  |  | $ | 9,036 |
| Nine Months Ended September 30, 2025
| Advisory Services |  | Building Operations & Experience |  | Project Management |  | Real Estate Investments |  | Corporate, other and eliminations |  | Consolidated
Topic 606 Revenue: |  |  |  |  |  |  |  |  |  |  |
Facilities management | $ | — |  |  | $ | 15,024 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 15,024 |
Project management | — |  |  | — |  |  | 5,444 |  |  | — |  |  | — |  |  | 5,444 |
Advisory leasing | 3,001 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,001 |
Advisory sales | 1,364 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,364 |
Property management | — |  |  | 1,889 |  |  | — |  |  | — |  |  | (20) |  |  | 1,869 |
Valuation | 573 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 573 |
Other portfolio services | 267 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 267 |
Commercial mortgage origination (1) | 155 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 155 |
Loan servicing (2) | 136 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 136 |
Investment management | — |  |  | — |  |  | — |  |  | 447 |  |  | — |  |  | 447 |
Development services | — |  |  | — |  |  | — |  |  | 204 |  |  | — |  |  | 204 |
Topic 606 Revenue | 5,496 |  |  | 16,913 |  |  | 5,444 |  |  | 651 |  |  | (20) |  |  | 28,484 |
Out of Scope of Topic 606 Revenue: |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage origination | 196 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 196 |
Loan servicing | 233 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 233 |
Development services (3) | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | 8 |
Total Out of Scope of Topic 606 Revenue | 429 |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | 437 |
Total Revenue | $ | 5,925 |  |  | $ | 16,913 |  |  | $ | 5,444 |  |  | $ | 659 |  |  | $ | (20) |  |  | $ | 28,921 |
| Nine Months Ended September 30, 2024
| Advisory Services |  | Building Operations & Experience |  | Project Management |  | Real Estate Investments |  | Corporate, other and eliminations |  | Consolidated
Topic 606 Revenue: |  |  |  |  |  |  |  |  |  |  |
Facilities management | $ | — |  |  | $ | 13,263 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13,263 |
Project management | — |  |  | — |  |  | 4,766 |  |  | — |  |  | — |  |  | 4,766 |
Advisory leasing | 2,582 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,582 |
Advisory sales | 1,129 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,129 |
Property management | — |  |  | 1,437 |  |  | — |  |  | — |  |  | (16) |  |  | 1,421 |
Valuation | 528 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 528 |
Other portfolio services | 282 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 282 |
Commercial mortgage origination (1) | 117 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 117 |
Loan servicing (2) | 143 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 143 |
Investment management | — |  |  | — |  |  | — |  |  | 494 |  |  | — |  |  | 494 |
Development services | — |  |  | — |  |  | — |  |  | 261 |  |  | — |  |  | 261 |
Topic 606 Revenue | 4,781 |  |  | 14,700 |  |  | 4,766 |  |  | 755 |  |  | (16) |  |  | 24,986 |
Out of Scope of Topic 606 Revenue: |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage origination | 144 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 144 |
Loan servicing | 226 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 226 |
Development services (3) | — |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | 7 |
Total Out of Scope of Topic 606 Revenue | 370 |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | 377 |
Total Revenue | $ | 5,151 |  |  | $ | 14,700 |  |  | $ | 4,766 |  |  | $ | 762 |  |  | $ | (16) |  |  | $ | 25,363 |
________________________________________________________________________________________________________________________________________ (1)We earn fees for arranging financing for borrowers with third-party lender contacts. Such fees are in scope of Topic 606. (2)Loan servicing fees earned from servicing contracts for which we do not hold mortgage servicing rights are in scope of Topic 606. (3)Out of scope revenue for development services represents selling profit from transfers of sales-type leases in the scope of FASB ASC Topic 842, “Leases.”

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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
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