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Warehouse Receivables & Warehouse Lines of Credit | 9 Months Ended
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Sep. 30, 2025
Warehouse Receivables And Warehouse Lines Of Credit [Abstract] |
Warehouse Receivables & Warehouse Lines of Credit | Warehouse Receivables & Warehouse Lines of Credit Our wholly-owned subsidiary CBRE Capital Markets, Inc. (CBRE Capital Markets) is a Federal Home Loan Mortgage Corporation (Freddie Mac) approved Multifamily Program Plus Seller/Servicer and an approved Federal National Mortgage Association (Fannie Mae) Aggregation and Negotiated Transaction Seller/Servicer. In addition, CBRE Capital Markets’ wholly-owned subsidiary CBRE Multifamily Capital, Inc. (CBRE MCI) is an approved Fannie Mae Delegated Underwriting and Servicing (DUS) Seller/Servicer and CBRE Capital Markets’ wholly-owned subsidiary CBRE HMF, Inc. (CBRE HMF) is a U.S. Department of Housing and Urban Development (HUD) approved Non-Supervised Federal Housing Authority (FHA) Title II Mortgagee, an approved Multifamily Accelerated Processing (MAP) lender and an approved Government National Mortgage Association (Ginnie Mae) issuer of mortgage-backed securities (MBS). Under these arrangements, before loans are originated through proceeds from warehouse lines of credit, we obtain either a contractual loan purchase commitment from either Freddie Mac or Fannie Mae or a confirmed forward trade commitment for the issuance and purchase of a Fannie Mae or Ginnie Mae MBS that will be secured by the loans. The warehouse lines of credit are generally repaid within a one-month period when Freddie Mac or Fannie Mae buys the loans or upon settlement of the Fannie Mae or Ginnie Mae MBS, while we retain the servicing rights. Loans are funded at the prevailing market rates. We elected the fair value option for all warehouse receivables. At September 30, 2025 and December 31, 2024, all of the warehouse receivables included in the accompanying consolidated balance sheets were either under commitment to be purchased by Freddie Mac or had confirmed forward trade commitments for the issuance and purchase of Fannie Mae or Ginnie Mae MBS that will be secured by the underlying loans. A roll forward of our warehouse receivables is as follows (dollars in millions):
Beginning balance at December 31, 2024 | $ | 561 |
Origination of mortgage loans | 11,041 |
Gains (premiums on loan sales) | 21 |
Proceeds from sale of mortgage loans: |
Sale of mortgage loans | (9,963) |
Cash collections of premiums on loan sales | (21) |
Proceeds from sale of mortgage loans | (9,984) |
Net increase in mortgage servicing rights included in warehouse receivables | 8 |
Ending balance at September 30, 2025 | $ | 1,647 |
The following table is a summary of our warehouse lines of credit in place as of September 30, 2025 and December 31, 2024 (dollars in millions):
|  |  |  |  |  | September 30, 2025 |  | December 31, 2024
Lender |  | Current Maturity |  | Pricing |  | Maximum Facility Size |  | Carrying Value |  | Maximum Facility Size |  | Carrying Value
JP Morgan Chase Bank, N.A. (JP Morgan) (1) |  | 12/12/2025 |  | daily floating Secured Overnight Financing Rate (SOFR) plus 1.50%, with a SOFR adjustment of 0.05% |  | $ | 1,310 |  |  | $ | 970 |  |  | $ | 1,310 |  |  | $ | 306 |
JP Morgan (Business Lending Activity) (1) |  | 12/12/2025 |  | daily floating SOFR plus 2.75%, with a SOFR adjustment of 0.05% |  | 15 |  |  | — |  |  | 15 |  |  | — |
JP Morgan (Bridge Loans) (1) |  | 12/12/2025 |  | daily floating SOFR plus 2.00%, with a SOFR adjustment of 0.05% |  | 25 |  |  | — |  |  | 25 |  |  | — |
Fannie Mae Multifamily As Soon As Pooled Plus Agreement and Multifamily As Soon As Pooled Sale Agreement (ASAP) Program (2) |  | Cancelable anytime |  | 1-month CME term SOFR plus 1.35%, with a SOFR floor of 0.25% |  | 650 |  |  | 395 |  |  | 650 |  |  | 1 |
TD Bank, N.A. (TD Bank) (3) |  | 7/15/2026 |  | daily floating SOFR plus 1.25%, with a SOFR adjustment of 0.10% |  | 600 |  |  | 35 |  |  | 900 |  |  | 103 |
Bank of America, N.A. (BofA) (4) |  | 5/20/2026 |  | daily floating SOFR plus 1.25%, with a SOFR adjustment of 0.10% |  | 350 |  |  | 224 |  |  | 350 |  |  | 142 |
BofA (4) |  | 5/20/2026 |  | daily floating SOFR plus 1.25%, with a SOFR adjustment of 0.10% |  | 250 |  |  | — |  |  | 250 |  |  | — |
|  |  |  |  |  | $ | 3,200 |  |  | $ | 1,624 |  |  | $ | 3,500 |  |  | $ | 552 |
________________________________________________________________________________________________________________________________________ (1)Effective December 13, 2024, this facility was renewed through December 12, 2025 and there were no changes to the SOFR rate or the SOFR adjustment rate at renewal. In addition, a Bridge Loan sublimit was added with an interest rate of daily floating rate SOFR plus 2.00%. As of September 30, 2025, both sublimits were not utilized. On June 9, 2025, the Chase warehouse line was temporarily increased from $1.4 billion to $1.7 billion until July 18, 2025 and was not renewed upon expiration. (2)Effective October 1, 2024, this facility transitioned to using 1-month CME term SOFR rate. On June 20, 2025, the Fannie Mae ASAP line capacity was temporarily increased from $650 million to $725 million through July 11, 2025 and was not renewed upon expiration. Effective August 1, 2025 the Fannie Mae ASAP line margin rate was reduced from 1.45% to 1.35%. (3)Effective July 15, 2025, this facility was renewed with a maximum aggregate principal amount of $300 million, with an uncommitted $300 million temporary line of credit and a maturity date of July 15, 2026. There were no changes to the SOFR rate or the SOFR adjustment rate at renewal. Effective October 30, 2024, the accordion option was used to temporarily increase the line from $300 million to $600 million until January 28, 2025. The accordion option was not renewed upon expiration. (4)Effective May 21, 2025, this facility was renewed to May 20, 2026 and there were no changes to the SOFR rate or the SOFR adjustment rate at renewal. During the nine months ended September 30, 2025, we had a maximum of $1.9 billion of warehouse lines of credit principal outstanding.

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