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Item 5. Other Information

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Item 5. Other Information

During the three months ended March 31, 2025, our Chief Operating Officer and Chief Executive Officer, Advisory Services, Vikram Kohli, our Chief Accounting Officer, Lindsey Caplan, and Mr. Caplan’s spouse, Alison Caplan, each entered into a Rule 10b5-1 Trading Plan (collectively, the Trading Plans) to sell shares of the company’s Class A common stock. The Trading Plans are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

The table below provides certain information regarding the Trading Plans.

NamePlan Adoption DateTrade Commencement DateMaximum Number of Shares that May Be Sold Under the PlanPlan Expiration Date
Vikram KohliFebruary 25, 2025August 11, 20252,000November 28, 2025
Lindsey CaplanFebruary 14, 2025May 19, 20253,598February 20, 2026
Alison CaplanFebruary 14, 2025May 19, 20254,172February 20, 2026

Trading under the Trading Plans may commence no sooner than as indicated in the table above and will end on the earlier of the applicable date set forth above and the date on which all the shares in the applicable Trading Plan are sold. These Trading Plans were adopted during an authorized trading period and when Messrs. Kohli and Caplan and Ms. Caplan were not in possession of material non-public information. The transactions under the Trading Plans will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission.

Supplemental Unaudited Recasted Segment Results

The following table sets forth supplemental recasted segment financial information for each of the three years ended December 31, 2024, including Net revenue by segment and by line of business and Segment operating profit (loss), based on the new segments as described in Note 15 – Segments of the Notes to Consolidated Financial Statements (Unaudited) set forth in Item 1 of this Quarterly Report (dollars in millions):

Year Ended December 31,
202420232022
Net revenue:
Advisory leasing$3,895$3,468$3,838
Advisory sales1,7671,6062,517
Valuation751716764
Loan servicing497441330
Commercial mortgage origination430301545
Other portfolio services328325388
Advisory Services net revenue7,6686,8578,382
Facilities management7,1436,0235,385
Property management1,8971,6061,482
Building Operations & Experience net revenue9,0407,6296,867
Project Management net revenue3,1392,8552,434
Investment management650592595
Development services388360515
Real Estate Investments revenue1,0389521,110
Corporate, other and eliminations(17)(17)(16)
Total net revenue20,86818,27618,777
Pass-through costs also recognized as revenue14,89913,67312,051
Total revenue$35,767$31,949$30,828

Summarized financial information by segment is as follows (dollars in millions):

Year Ended December 31, 2024Advisory ServicesBuilding Operations & ExperienceProject ManagementReal Estate InvestmentsCorporate, other and eliminations (2)Consolidated
Net revenue$7,668$9,040$3,139$1,038$(17)$20,868
Pass-through costs also recognized as revenue6111,1683,670——14,899
Total revenue7,72920,2086,8091,038(17)35,767
Costs and expenses:
Cost of revenue4,47718,2345,8502242628,811
Operating, administrative and other1,7931,1944398627235,011
Depreciation and amortization2592341111357674
Total costs and expenses6,52919,6626,4001,09980634,496
Gain on disposition of real estate———142—142
Operating income (loss)1,20054640981(823)1,413
Equity (loss) income from unconsolidated subsidiaries(8)6—117(134)(19)
Other income24262539
Add-back: Depreciation and amortization2592341111357674
Adjustments:
Other segment adjustments (1)49104(22)44305480
Segment operating profit (loss)$1,502$894$500$261$(570)$2,587
Net fair value adjustments on strategic non-core investments117
Core EBITDA$2,704
Year Ended December 31, 2023Advisory ServicesBuilding Operations & ExperienceProject ManagementReal Estate InvestmentsCorporate, other and eliminations (2)Consolidated
Net revenue$6,857$7,629$2,855$952$(17)$18,276
Pass-through costs also recognized as revenue5010,1783,445——13,673
Total revenue6,90717,8076,300952(17)31,949
Costs and expenses:
Cost of revenue3,99616,0705,426186(3)25,675
Operating, administrative and other1,7691,0814687844604,562
Depreciation and amortization2721581211556622
Total costs and expenses6,03717,3096,01598551330,859
Gain on disposition of real estate———27—27
Operating income (loss)870498285(6)(530)1,117
Equity income from unconsolidated subsidiaries22121627248
Other income3882—1361
Add-back: Depreciation and amortization2721581211556622
Adjustments:
Other segment adjustments (1)4449201466193
Segment operating profit (loss)$1,226$715$429$239$(368)$2,241
Net fair value adjustments on strategic non-core investments(32)
Core EBITDA$2,209
Year Ended December 31, 2022Advisory ServicesBuilding Operations & ExperienceProject ManagementReal Estate InvestmentsCorporate, other and eliminations (2)Consolidated
Net revenue$8,382$6,867$2,434$1,110$(16)$18,777
Pass-through costs also recognized as revenue12410,6251,302——12,051
Total revenue8,50617,4923,7361,110(16)30,828
Costs and expenses:
Cost of revenue5,00415,9123,012322(11)24,239
Operating, administrative and other1,8049274041,0824324,649
Depreciation and amortization2941501201633613
Asset impairments10——49—59
Total costs and expenses7,11216,9893,5361,46945429,560
Gain on disposition of real estate———244—244
Operating income (loss)1,394503200(115)(470)1,512
Equity income (loss) from unconsolidated subsidiaries142—380(167)229
Other income (loss)143(1)(19)(12)
Add-back: Depreciation and amortization2941501201633613
Add-back: Asset impairments10——49—59
Adjustments:
Other segment adjustments (1)46293918945348
Segment operating profit (loss)$1,759$688$362$518$(578)$2,749
Net fair value adjustments on strategic non-core investments175
Core EBITDA$2,924

(1)Other segment adjustments, as defined in Note 19 – Segments of our 2024 Annual Report.

(2)Eliminations represent revenue from transactions between operating segments.

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