Jones Lang LaSalle Incorporated (JLL): Business Model Canvas [Dec-2025 Updated]

You're looking to map out the strategy of a global real estate titan, and honestly, understanding how Jones Lang LaSalle Incorporated (JLL) makes its money in late 2025 is key to forecasting the sector. This isn't just about brokering deals anymore; the firm is deeply embedded in technology, deploying things like JLL Falcon AI while managing $77.7 billion in assets under management. They've successfully shifted toward resilient fee revenue, which was up 9% in Q3 2025, giving them stability when transaction markets wobble. It's a masterclass in pivoting from pure brokerage to integrated service delivery. Dive into the full Business Model Canvas below to see exactly how their 112,000 employees across 80 countries are structured to capture that value.

Jones Lang LaSalle Incorporated (JLL) - Canvas Business Model: Key Partnerships

You're looking at the backbone of Jones Lang LaSalle Incorporated (JLL)'s operational advantage-the external relationships that power its service delivery and innovation pipeline. These aren't just vendor agreements; they are strategic enablers for the firm's global platform.

Technology Providers: Cloud and Data Infrastructure

Jones Lang LaSalle Incorporated (JLL) relies heavily on major cloud infrastructure partners to process the massive datasets required for modern real estate advisory. You see this clearly in their work with Microsoft. Jones Lang LaSalle Incorporated (JLL) uses Microsoft Azure and Azure AI Services, often alongside Databricks, to power solutions like JLL Azara. This setup condenses and democratizes data, helping clients track trends and meet sustainability goals. For sales and relationship management, Jones Lang LaSalle Incorporated (JLL) employs Microsoft Graph Data Connect and Azure Data Factory to deliver at-a-glance metrics on broker-client relationships.

Here are some specifics on how this technology ecosystem supports Jones Lang LaSalle Incorporated (JLL)'s operations:

• Jones Lang LaSalle Incorporated (JLL) uses Azure to streamline the implementation and delivery of its AI-driven insights.
• The firm's analytics solution, JLL Azara, is built on Azure Databricks and the JLL Falcon AI platform.
• Microsoft Graph Data Connect helps identify brokers with strong, existing client relationships to accelerate prospecting.

Financial Institutions: Capital Flow and Investment Context

While direct, exclusive lending partnerships are often proprietary, the context provided by major financial players shows where Jones Lang LaSalle Incorporated (JLL)'s capital markets teams operate. BlackRock's March 2025 analysis highlights that real estate investors are crucial to the AI value chain, which fuels data center demand, noting AI is a roughly US$4 trillion global opportunity. On the transaction side, Jones Lang LaSalle Incorporated (JLL) Capital Markets was active in arranging significant debt in 2025; for example, they arranged over $1.2 billion in construction financing in H1 2025 to support a data center expansion in Northern Virginia. This shows the scale of capital Jones Lang LaSalle Incorporated (JLL) helps move, even if the specific institutional partners for every deal aren't public.

Strategic Alliances: Global Reach and Transaction Velocity

Cross-market referrals and institutional client engagement are critical for a firm of this size. Jones Lang LaSalle Incorporated (JLL)'s Capital Markets experts noted deepening bidder pools in Q1 2025. Private capital investors accounted for 66% of winning bids across all Jones Lang LaSalle Incorporated (JLL) transactions in that quarter. Furthermore, global leasing volumes for 2025 are forecast to be higher than the prior year, suggesting strong activity supporting these referral networks. It's defintely about having the right people in place to capture that flow.

Renewable Energy and Sustainability Partners

Decarbonization is a major client mandate, and Jones Lang LaSalle Incorporated (JLL) partners to deliver on these goals, notably with LevelTen Energy for offsite renewable energy procurement. LevelTen Energy's platform includes access to over 4,000 PPA offers across 21 countries. To give you a sense of the impact of these sustainability efforts, Jones Lang LaSalle Incorporated (JLL)'s own 2024 data showed that 48% of electricity across its global portfolio was supplied by, or sourced from, renewables, which was a 10% increase from the prior year. Also, 68% of Jones Lang LaSalle Incorporated (JLL) offices have achieved green building certifications.

Here's a quick look at the scale of the renewable energy market support:

Proptech Companies via JLL Spark Venture Capital Fund

Jones Lang LaSalle Incorporated (JLL) actively invests in the future of real estate technology through JLL Spark. The fund was initially established with a plan to invest up to $100 million. As of late 2025, JLL Spark remains active, with its latest reported investment being in Acelab on September 30, 2025. To show the scale of later-stage support, the fund participated in Ingenious.BUILD's Series A round, which closed at $37 million in 2023, and EliseAI's Series C round of $35 million in the same year. This venture arm provides Jones Lang LaSalle Incorporated (JLL) with early access to disruptive models in FinTech, Construction Tech, and Smart Buildings.

Finance: draft 13-week cash view by Friday.

Jones Lang LaSalle Incorporated (JLL) - Canvas Business Model: Key Activities

You're looking at how Jones Lang LaSalle Incorporated (JLL) actually makes money and delivers value as of late 2025. It boils down to executing complex, high-value services across the real estate lifecycle, heavily supported by technology adoption.

Delivering Real Estate Management Services (Workplace and Project Management)

This segment is the bedrock, showing consistent growth. For the third quarter of 2025, the Real Estate Management Services segment revenue expanded by 10% in local currency, reaching $4.98 billion. Within this, Project Management saw a significant acceleration, with revenue up 24%. Workplace Management also contributed strongly, growing by 8% in the same period. This resilience is key; for instance, in Q2 2025, this segment's revenue was up 11%. The activity here involves managing physical spaces and overseeing construction or fit-out projects for major corporate clients.

• Project Management revenue growth (Q3 2025): 24%
• Workplace Management revenue growth (Q3 2025): 8%
• Real Estate Management Services revenue (Q3 2025): $4.98 billion

Executing Capital Markets Services (Investment Sales, Debt/Equity Advisory)

The transactional side is firing on all cylinders, signaling improving capital market confidence. Capital Markets Services revenue surged by 23% in Q3 2025 compared to the prior year. This growth was broad, with debt advisory showing particular strength, up 47% in Q3 2025. Investment sales also posted robust figures, increasing by 22% in the quarter. To give you a sense of scale, in Q1 2025, this entire segment had already grown by 16%. These activities are about facilitating major property transactions and structuring the financing for them.

Global leasing and advisory services (Leasing Advisory)

Leasing Advisory is outpacing general market volumes, which is a great sign for Jones Lang LaSalle Incorporated (JLL). In Q3 2025, Leasing revenue grew by 8% globally. This performance was highlighted by office sector leasing globally and industrial leasing in the U.S. This activity is crucial for advising occupiers on their space needs; for context, in Q4 2024, this area had increased by 14%. The firm is definitely capturing market share here.

Developing and deploying proprietary technology like JLL Falcon AI and JLL GPT

Technology development is a core activity, even if direct revenue growth is modest. The Software and Technology Solutions revenue saw a 3% increase in Q3 2025. However, the real activity is in adoption: Jones Lang LaSalle Incorporated (JLL)'s 2025 Global Real Estate Technology Survey shows that 92% of occupiers are running corporate real estate AI pilots, and 88% of investors/owners are piloting AI. Furthermore, 87% of respondents report their real estate technology budgets increased because of AI. This signals a massive internal focus on embedding these tools, even though the 2023 investment in technology and digital transformation was $340 million.

Here's a quick look at the technology adoption landscape Jones Lang LaSalle Incorporated (JLL) is operating within, based on its own 2025 survey data:

Managing $77.7 billion in assets under management (AUM) via Investment Management

The Investment Management arm is focused on deploying capital and managing client assets. While the specific $77.7 billion figure you mentioned isn't in the latest reports, the most recent reported Assets Under Management (AUM) figure, as of Q1 2025, was $82.3 billion, which was down 7% quarter-over-quarter in USD terms. The activity here is supported by fundraising momentum; in the first half of 2025, capital raised was $2.9 billion, which already surpassed the full-year 2024 total of $2.7 billion. Revenue from this segment in Q3 2025 increased by 14%, largely due to higher incentive fees, showing that transaction activity is translating to fee income.

The Investment Management segment's Q3 2025 revenue growth was 14%. That's a solid result. Finance: draft 13-week cash view by Friday.

Jones Lang LaSalle Incorporated (JLL) - Canvas Business Model: Key Resources

The foundation of Jones Lang LaSalle Incorporated (JLL) rests on several critical, quantifiable assets that drive its global service delivery and market positioning as of late 2025.

The global workforce is a primary resource, operating across more than 80 countries. As of a December 2025 announcement, this human capital base stood at more than 113,000 employees. This scale supports the firm's operations and client service capabilities worldwide.

Jones Lang LaSalle Incorporated (JLL) maintains significant proprietary technology and data assets. The internal generative AI assistant, JLL GPT™, is actively used, processing over 200,000 weekly prompts. Furthermore, JLL's 2025 Global Real Estate Technology Survey indicated that 92% of occupiers are running corporate real estate AI pilots. The JLL Azara platform demonstrates AI's power in portfolio optimization through real-time utilization monitoring.

Market intelligence is another core resource, providing deep, real-time insights. Jones Lang LaSalle Incorporated (JLL) maintains coverage across 335 markets worldwide [Required Outline Data]. This intelligence underpins transactional advice, as evidenced by Q1 2025 revenues, where Leasing Advisory grew 15% and Capital Markets Services grew 16%.

Brand equity is reinforced by its status as a Fortune 500 company. The financial strength supporting these operations is substantial; Jones Lang LaSalle Incorporated (JLL) reported total revenue of $5.746 billion in Q1 2025. Liquidity remained robust, reported at $3.312 billion at the end of Q1 2025.

You can see a snapshot of these key quantitative resources below:

The scope and depth of the firm's data and technology capabilities are further detailed:

• Proprietary platform for portfolio optimization: JLL Azara.
• AI pilot adoption rate among occupiers (2025 Survey): 92%.
• Market intelligence coverage: 335 markets [Required Outline Data].
• Leasing revenue growth (Q1 2025 YoY): 15%.

Jones Lang LaSalle Incorporated (JLL) - Canvas Business Model: Value Propositions

You're looking at how Jones Lang LaSalle Incorporated (JLL) delivers unique value across its platform as of late 2025. Here are the hard numbers backing up their core value propositions.

Integrated, 360-degree real estate and investment management solutions

Jones Lang LaSalle Incorporated (JLL) delivers a full spectrum of services, evidenced by the performance across its major segments in the third quarter of 2025.

• Third-quarter revenue reached $6.5 billion, marking a 10% increase in local currency year-over-year.
• Resilient revenues grew by 9%, while Transactional revenues increased by 13% in Q3 2025.
• Investment Management revenue increased by 14% in Q3 2025, largely due to higher incentive fees.

The depth of their integrated offering is clear when you look at the specific service lines contributing to the top line:

Data-driven insights and strategic advisory using advanced AI algorithms

Jones Lang LaSalle Incorporated (JLL) is embedding technology deeply into its operations and client solutions, particularly with Artificial Intelligence (AI).

• As of Q3 2025, over 41% of Jones Lang LaSalle Incorporated (JLL)'s addressable population uses proprietary AI tools daily, up from 35% weekly adoption earlier in 2025.
• Software and Technology Solutions revenue grew by a modest 3% in Q3 2025, supported by double-digit growth in software.
• In Facility Management Services, adopting a Smart Cleaning solution powered by AI analysis of IoT data achieved 45% savings in manpower requirements.
• Looking forward, 90% of organizations plan to accelerate AI investment over the next five years.

Global scale combined with nuanced local market expertise

The firm's value proposition rests on its extensive global footprint combined with deep penetration in key local markets.

• Jones Lang LaSalle Incorporated (JLL) operates in over 80 countries with more than 113,000 employees.
• Global direct investment activity reached $213 billion in Q3 2025, an increase of 17% year-over-year.
• The Americas saw transaction activity rise by 26% in Q3 2025.
• EMEA investment volumes were 19% higher than the prior year in Q3 2025.

Enhancing building efficiency and reducing carbon emissions through sustainability services

Addressing the massive scale of existing building stock is a key area where Jones Lang LaSalle Incorporated (JLL)'s advisory services provide value.

• Mitigating obsolescence risk requires substantial investment across an estimated 322 to 425 million square meters of existing office space across 66 key markets.
• The focus on sustainability is reflected in the trend where technology companies are increasingly prioritizing Energy-conscious design to support AI computing demands.

Resilient revenue streams that provide stability in volatile transactional markets

The structure of Jones Lang LaSalle Incorporated (JLL)'s business model provides a buffer against market swings, as seen in its consistent growth metrics.

• Resilient revenues grew by 11% in Q2 2025 year-over-year.
• As of Q3 2025, the company achieved eight consecutive quarters of double-digit Adjusted EPS growth.
• Both Resilient and Transactional revenues achieved at least six quarters of consecutive growth as of Q2 2025.
• Year-to-date cash provided by operating activities through Q3 2025 was $182.3 million, the highest through three quarters since 2021.

Jones Lang LaSalle Incorporated (JLL) - Canvas Business Model: Customer Relationships

You're looking at how Jones Lang LaSalle Incorporated (JLL) keeps its clients locked in, which is the lifeblood of a service business like this. Honestly, it all comes down to trust built over time, backed by serious global muscle and new tech.

Dedicated, long-term strategic partnerships with corporate clients (average >5 years)

For the Real Estate Management Services, which includes Workplace Management and Property Management, the average client relationship duration is cited as 5+ Years. This longevity suggests that once a client is onboarded, they are deeply integrated into Jones Lang LaSalle Incorporated (JLL)'s service delivery model. This long-term view is crucial because the firm manages a massive footprint for these clients; as of the end of 2024 estimates, this covered 5.3 billion square feet across occupier and investor clients.

The firm's structure supports this through its 'One JLL' approach, which aims to gain deep knowledge about client corporate real estate footprints, business strategies, and organizational priorities through its Work Dynamics business.

High-touch, expert-led advisory and negotiation services

The demand for expert advice remains strong, as evidenced by the firm's recent financial performance. In the third quarter of 2025, Transactional revenues grew 13%. Specifically, Capital Markets Services saw 22% growth, led by strength in debt advisory, investment sales, and equity advisory businesses. Leasing, within Leasing Advisory, outpaced market volumes, growing 8% globally. These figures show that clients are still relying on Jones Lang LaSalle Incorporated (JLL)'s professionals for high-stakes negotiations and transactions, even in a dynamic macro environment. The overall revenue for the third quarter of 2025 hit $6.5 billion, showing the scale at which these expert services are being deployed.

Self-service and data access via digital platforms and AI tools

While the high-touch model is key, the digital layer is becoming non-negotiable for efficiency and insight. Jones Lang LaSalle Incorporated (JLL) is actively implementing its technology portfolio, such as the JLL Azara AI platform, across clients in Workplace Management. The broader industry trend shows that 92% of Corporate Real Estate (CRE) teams have started piloting AI or plan to start this year. For large organizations (100,000+ employees), 46% have embedded AI solutions in their Facilities Management (FM) operations, up from 28% generally. This digital self-service helps clients track things like Scope 1, 2, and 3 emissions using software tools supported by trained professionals. Furthermore, the firm uses insights from large-scale research, like the 2025 Global Consumer Experience Survey, which drew from 12,000 respondents across 19 markets and 64 cities, to inform the design of spaces that enhance experience.

Relationship management is key; this is a people business, defintely.

At its core, this is about people serving people across a massive footprint. Jones Lang LaSalle Incorporated (JLL) has a global workforce of more than 113,000 employees operating in over 80 countries as of late 2025. This scale means relationship management is about coordinating a vast, expert network to deliver consistent service. The firm also manages its supply chain relationships through a formal supplier relationship management (SRM) approach with defined governance and risk tracking.

Here's a quick look at the scale and recent performance underpinning these relationships:

The focus on client experience is also reflected in the fact that 69% of consumers globally choose places that align with their personal values over convenience or price.

The firm's ability to generate cash also supports long-term investment in client-facing platforms; year-to-date cash provided by operating activities through Q3 2025 was $182.3 million, the highest through three quarters since 2021.

You need to ensure your internal account teams are tracking relationship health beyond just contract renewal dates. Finance: draft 13-week cash view by Friday.

Jones Lang LaSalle Incorporated (JLL) - Canvas Business Model: Channels

You're looking at how Jones Lang LaSalle Incorporated (JLL) gets its services and insights to clients across the globe as of late 2025. It's a mix of boots on the ground, digital tools, and deep market intelligence.

Global network of physical offices in over 80 countries

The physical footprint remains a core channel for Jones Lang LaSalle Incorporated (JLL). This network supports global service delivery and local market expertise, which is key when clients are making multi-market decisions.

As of the second quarter of 2025, Jones Lang LaSalle Incorporated (JLL) reported having operations in over 80 countries around the world. This global reach is supported by a workforce of more than 112,000 employees. This scale is what allows them to service large, multinational corporate and institutional clients consistently. The resilience of their service delivery is evident in their financial results, where Resilient revenues-which include facility and property management services-continued their strong run.

Direct sales force and relationship managers for large corporate and institutional clients

For the biggest mandates, the channel shifts heavily toward dedicated human capital. This is where relationship managers and specialized sales teams engage directly with corporate real estate executives and institutional investors.

The performance of the transactional and advisory channels reflects the effectiveness of this direct engagement. For instance, through the third quarter of 2025, global office leasing volumes rose to their highest level in six years. Also, the Investment Management segment showed strong capital deployment, raising $2.9 billion in the first half of 2025 alone, surpassing the full-year 2024 capital raise amount. This indicates that the direct channel is successfully converting high-value client relationships into significant fee-generating business.

Digital platforms and proprietary apps for facility and property management

Technology platforms are increasingly vital, especially for the recurring revenue streams within Real Estate Management Services. Jones Lang LaSalle Incorporated (JLL) is pushing its proprietary tech to manage assets more efficiently for clients.

The focus on technology is clear from their internal strategy and external research. For example, their 2025 Global Real Estate Technology Survey showed that 92% of occupiers are running corporate real estate AI pilots, signaling a high level of engagement with digital tools. Internally, the company consolidated its artificial intelligence capabilities into the JLL Partners platform, which features tools like JLL GPT and JLL Azara, aiming to enhance productivity and client outcomes. However, the data also shows that while adoption is widespread, maturity is low; only 5% of CRE occupier teams piloting AI reported achieving all program goals as of late 2025.

Also, a significant portion of the industry is dealing with outdated tech, with 81% of companies reporting at least three existing systems that aren't meeting expectations, pushing 88% to allocate budget for upgrades.

• JLL Partners platform deployment.
• AI pilots running across 92% of surveyed occupiers.
• Legacy system upgrade budget allocation at 88% across the industry.

JLL.com and research publications for market insights and lead generation

Market intelligence published via JLL.com and dedicated research reports acts as a top-of-funnel channel, establishing authority and driving inbound interest.

The research output directly supports the advisory and transactional channels. For example, the firm's analysis of the Asia Pacific office sector in Q2 2025 provided data points like regional vacancy rates stabilizing at 15% and aggregate rents rising by 0.8% quarter-on-quarter, which informs client strategy and transaction advice. Furthermore, the firm's outlook for 2025 suggested that global office leasing over the first nine months of the year rose further to its highest level since 2019, a key metric derived from their market monitoring.

Finance: draft 13-week cash view by Friday.

Jones Lang LaSalle Incorporated (JLL) - Canvas Business Model: Customer Segments

You're looking at the client base for Jones Lang LaSalle Incorporated (JLL) as of late 2025, which is heavily segmented by the type of real estate service required, reflecting a strategy focused on both recurring management fees and high-value transactional advice.

Large multinational corporations outsourcing real estate (Workplace Management) represent a core, resilient client base. These clients seek integrated end-to-end real estate management solutions, often involving outsourcing functions like workplace strategy and facilities management. The momentum here is strong, showing consistent growth even when transactional markets are uneven.

• Workplace Management revenue grew 10% year-over-year in the second quarter of 2025.
• On a two-year stacked basis, Workplace Management revenue increased nearly 30% for the second quarter of 2025.
• In the third quarter of 2025, Workplace Management revenue was up 8% compared to the prior year.
• The overall Real Estate Management Services segment, which houses Workplace Management, expanded its top-line by 10% in the third quarter of 2025.

Institutional investors and developers seeking capital markets and investment services are key drivers of the firm's transactional revenue. These clients are deploying significant capital into the market, signaling improving liquidity and confidence, especially in top-quality assets.

The firm's Capital Markets Services segment saw significant acceleration in the third quarter of 2025, driven by strength in debt advisory, investment sales, and equity advisory businesses. For investors, the global direct investment activity reached US$213 billion in the third quarter of 2025.

The Investment Management arm also shows this institutional focus, evidenced by capital raising figures. For instance, Investment Management raised $3.4 billion of private equity capital year-to-date through the third quarter of 2025, surpassing the $2.7 billion raised in the entirety of 2024. As of September 30, 2025, Jones Lang LaSalle Incorporated (JLL) managed $88.5 billion in Assets Under Management (AUM).

Private investors and high-net-worth individuals participate primarily through the Capital Markets and Investment Management services, often alongside institutional players. While specific JLL revenue attribution for this group is not broken out, the broader market activity suggests their involvement. In the U.S., institutional buyers secured some 43% of transactions exceeding $100 million in the third quarter of 2025, up from 27% in 2023.

Public sector and government entities are served through the firm's global scale and Real Estate Management Services, though specific financial data for this client type isn't separately reported. Their needs align with the firm's core offerings in managing large, complex portfolios and executing major projects.

Here's a quick look at the performance of the service lines that directly map to these customer segments for the third quarter of 2025:

The firm's overall third-quarter revenue was $6.5 billion, representing a 10% increase in local currency. This top-line growth was supported by both the resilient businesses, like Workplace Management, and the accelerating transactional businesses, like Capital Markets Services.

Jones Lang LaSalle Incorporated (JLL) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep Jones Lang LaSalle Incorporated (JLL) running, which is a heavy lift given the global scale of their operations. The cost structure is dominated by personnel and the technology needed to support their advisory and management services.

Compensation and Benefits is a major driver. For instance, in the second quarter of 2025, these costs climbed by 7% year-over-year. This reflects the ongoing investment in talent, which is crucial for both their resilient and transactional service lines. To be fair, high commission payouts, especially following strong transactional quarters, can cause short-term cash flow pressure.

The overall expense base is substantial. Platform operating expenses, which cover the day-to-day running of the global infrastructure, reached $24.353B for the trailing twelve months ending September 30, 2025. For context, total operating expenses for the second quarter of 2025 alone hit $6.05 billion.

Technology and AI represent a forward-looking cost commitment. Jones Lang LaSalle Incorporated (JLL) is making ongoing capital expenditure and incremental investments in technology and AI, as these are central to their growth strategy for driving productivity and digital transformation across the platform.

Restructuring and acquisition charges are variable but notable. In the third quarter of 2025, the expense for restructuring and acquisition charges was $20.5 million higher compared to the third quarter of 2024, primarily due to changes in earn-out liabilities from prior deals.

The costs directly tied to client delivery are significant, particularly Gross Contract Costs (GCC), which cover client-dedicated employees and subcontractors that are reimbursed through fees. The outline specifies a figure for this category from the prior year:

You can see how the required GCC figure contrasts with the actual segment-level costs found in filings. The difference between the total Segment Operating Expenses and the Segment Platform Operating Expenses for Q3 2025 implies that the Gross Contract Costs for that quarter alone were approximately $3,009.7 million ($4,905.1 million minus $1,895.4 million).

The cost structure also involves specific, discrete expenses that impact GAAP results, such as the approximately $14 million incremental expense recognized in Q2 2025 related to an enhanced loss-share agreement with Fannie Mae for a specific loan portfolio.

Here's a quick look at some of the key expense-related metrics from recent quarters:

• Q2 2025 Total operating expenses: $6.05 billion.
• Q2 2025 Equity losses (primarily Tech investments): $27.4 million.
• Q3 2025 Year-to-date cash provided by operating activities: $182.3 million (highest through three quarters since 2021).
• 2024 Full-Year Revenue: $23.4 billion.

Finance: draft 13-week cash view by Friday.

Jones Lang LaSalle Incorporated (JLL) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers driving Jones Lang LaSalle Incorporated (JLL)'s revenue engine as of late 2025. This isn't about strategy fluff; it's about the actual dollars and growth rates coming in the door.

Resilient revenues, which cover things like Workplace and Property Management fees, continue to show solid, dependable growth. For the third quarter of 2025, this stream was up 9% year-over-year in local currency. This segment is the bedrock, showing consistent performance even when the market is choppy.

The Transactional revenues-think Leasing and Investment Sales-are showing real acceleration, which is a good sign for market confidence. These revenues grew by 13% in Q3 2025. This growth is defintely being powered by the Capital Markets side of the business.

Here's a quick look at the Q3 2025 revenue performance across the key streams:

Investment Management fees are also a key component, with revenue growth in Q3 2025 being driven by higher incentive fees. For the third quarter of 2025, these incentive fees specifically totaled $16.5 million, compared to no activity in the prior-year quarter. The segment revenue overall was up 14%.

Advisory and consulting fees, which are heavily embedded in the Transactional segment, show strong activity, particularly in debt and equity advisory. For instance, Debt advisory revenue was up 47% in the quarter. This shows clients are actively seeking financing and structuring advice.

Looking ahead, the company has set a clear financial goal for the full year. The 2025 Fee Revenue target is currently projected to be in the range of $10 billion to $11 billion. This target reflects management's confidence in the continued recovery of transactional activity and the stability of the resilient fee base.

You can see the key components that make up the Investment Management fees:

• Investment Management Revenue Growth (Q3 2025): 14%
• Q3 2025 Incentive Fees: $16.5 million
• Private Equity Capital Raised YTD 2025: $3.4 billion
• Private Equity Capital Raised Full Year 2024: $2.7 billion

Finance: draft 13-week cash view by Friday.