JONES LANG LASALLE INCJLL
JONES LANG LASALLE INC Debt Disclosure
10. DEBT
Debt is composed of the following obligations.
| December 31, | ||||||||
| (in millions) | 2025 | 2024 | ||||||
| Short-term debt: | ||||||||
| Local overdraft facilities | $ | 2.8 | 18.9 | |||||
| Other short-term borrowings | 89.9 | 134.9 | ||||||
Commercial paper, net of debt issuance costs of $0.2 and $0.7 | (0.2) | 199.3 | ||||||
| Total short-term debt, net of debt issuance costs | $ | 92.5 | 353.1 | |||||
Credit facility, net of debt issuance costs of $8.5 and $11.4 | (8.5) | 88.6 | ||||||
Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.2 and $0.3 | 205.1 | 181.2 | ||||||
Long-term senior notes, 6.875%, face amount of $400.0, due December 2028, net of debt issuance costs of $4.1 and $5.6 | 395.9 | 394.4 | ||||||
Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $0.4 and $0.5 | 204.9 | 181.1 | ||||||
| Total debt, net of debt issuance costs | $ | 889.9 | 1,198.4 | |||||
Commercial Paper Program
We maintain a commercial paper program (the "Program") in which we may issue up to $2.5 billion of short-term, unsecured and unsubordinated commercial paper notes at any time. Amounts available under the Program may be borrowed, repaid and re-borrowed from time to time. Notes issued under the Program will be sold under customary market terms in the U.S. commercial paper market at par less a discount representing an interest factor or, if interest bearing, at par. The maturities of the Program notes may vary but may not exceed 397 days from the date of issuance. We intend to use net proceeds of the Program for general corporate purposes, including the repayment of outstanding borrowings under our credit facilities.
Credit Facilities
We have a $3.3 billion unsecured revolving credit facility (the "Facility") that matures on November 3, 2028. Pricing on the unsecured revolving credit facility (the "Facility") ranges from Adjusted Term ("SOFR") plus 0.875% to 1.35%, with pricing including facility fees, as of December 31, 2025 at Adjusted Term SOFR plus 0.93%.
In addition, we have an uncommitted credit agreement (the "Uncommitted Facility"), which allows for discretionary short-term liquidity of up to $400.0 million. Interest and fees are set at the time of utilization and calculated on a 360-day basis. Between quarter-end dates, we intend to use the proceeds to reduce indebtedness under the Facility at a lower interest rate. As such, the Uncommitted Facility had no outstanding balance as of December 31, 2025 and 2024.
The following table provides additional information on our Facility, Uncommitted Facility, and the Program collectively.
| Year Ended December 31, | ||||||||
| ($ in millions) | 2025 | 2024 | ||||||
| Average outstanding borrowings | $ | 1,119.7 | 1,381.4 | |||||
| Average effective interest rate | 4.9 | % | 5.9 | % | ||||
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 Debt
In addition to our credit facilities, we had the capacity to borrow up to $58.6 million under local overdraft facilities as of December 31, 2025. Amounts outstanding are presented in the debt table above.
As of December 31, 2025, our issuer and senior unsecured ratings were investment grade: Baa1 from Moody’s Investors Service, Inc. and BBB+ from Standard & Poor’s Ratings Services.
Covenants
Our 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 December 31, 2025.
Warehouse Facilities
We maintain our Warehouse facilities with third-party lenders for the purpose of funding mortgage loans that will be resold, included in 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.
| Year Ended December 31, | ||||||||
| (in millions) | 2025 | 2024 | ||||||
| Origination of mortgage loans | $ | (12,654.9) | (10,301.5) | |||||
| Proceeds from the sales of mortgage loans | 12,734.2 | 10,127.5 | ||||||
| Net (decrease) increase in Warehouse facilities | (81.9) | 178.3 | ||||||
We have lines of credit established for the sole purpose of funding our Warehouse receivables. These lines of credit exist with financial institutions and are secured by the related warehouse receivables. The following table provides details regarding our Warehouse facilities lines of credit.
| December 31, 2025 | December 31, 2024 | ||||||||||||||||
| ($ in millions) | Outstanding Balance | Maximum Capacity | Outstanding Balance | Maximum Capacity | |||||||||||||
| Warehouse facilities: | |||||||||||||||||
SOFR plus 1.40%, expires September 14, 2026(1) | $ | 114.2 | 700.0 | 341.3 | 700.0 | ||||||||||||
SOFR plus 1.30%, expires September 11, 2026(1) | 185.6 | 600.0 | 416.5 | 2,100.0 | |||||||||||||
SOFR plus 1.40%, expires October 22, 2026(1) | 338.0 | 1,100.0 | 8.8 | 400.0 | |||||||||||||
Fannie Mae ASAP(2) program, SOFR plus 1.25% | 122.0 | n/a | 75.3 | n/a | |||||||||||||
| Gross warehouse facilities | 759.8 | 2,400.0 | 841.9 | 3,200.0 | |||||||||||||
| Debt issuance costs | (0.7) | n/a | (0.9) | n/a | |||||||||||||
| Total warehouse facilities | $ | 759.1 | 2,400.0 | 841.0 | 3,200.0 | ||||||||||||
(1) Warehouse facility has been amended since prior periods. Refer to our previous filings for specific terms of agreements.
(2) As Soon As Pooled ("ASAP") funding program.
Pursuant to these facilities, we are required to comply with certain financial covenants regarding (i) minimum net worth, (ii) minimum servicing-related loans and (iii) minimum adjusted leverage ratios. We remained in compliance with all covenants under our facilities as of December 31, 2025.
We are party to a master repurchase agreement with a maximum capacity of $1.1 billion. Transactions executed under this agreement are accounted for as secured borrowings.
As a supplement to our lines of credit, we have an uncommitted facility with Fannie Mae under its As Soon As Pooled ("ASAP") funding program. After origination, we sell certain warehouse receivables to Fannie Mae; the proceeds are used to repay the original lines of credit used to fund the loan. The ASAP funding program requires us to repurchase these loans, generally within 45 days, followed by an immediate, ultimate, sale back to Fannie Mae. The difference between the price paid upon the original sale to Fannie Mae and the ultimate sale reflects borrowing costs.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Feb 18, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 25, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.