# Real Estate Services — company-by-company sector analysis > Real Estate Services: CBRE Group, Inc. owns the largest revenue base; The Real Brokerage Inc. has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice. ## Bottom line Real Estate Services has underperformed S&P 500 by 7.9% over 52 weeks and 1.4% over 13 weeks. 9 of 26 covered companies beat the S&P 500 on Mansfield relative strength, while 12 of 26 beat the sector itself. CBRE Group, Inc. leads with revenue of $42,168 million, based on 25 of 27 comparable companies through Mar 2026. ### Is the Real Estate Services sector outperforming S&P 500? Real Estate Services has underperformed S&P 500 by 7.9% over 52 weeks and 1.4% over 13 weeks. 9 of 26 covered companies beat the S&P 500 on Mansfield relative strength, while 12 of 26 beat the sector itself. ### Which Real Estate Services company is largest by revenue? CBRE Group, Inc. leads with revenue of $42,168 million, based on 25 of 27 comparable companies through Mar 2026. ### Which Real Estate Services company is growing fastest? The Real Brokerage Inc. has the fastest current revenue growth at 46.8%, across 24 of 27 comparable companies. ### Which Real Estate Services company has the strongest 4-Factor Sector Score? Jones Lang LaSalle Incorporated ranks first at 69.4/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Real Estate Services company reports the most CAPEX? CBRE Group, Inc. reports the largest latest CAPEX at $246 million, with 27 of 27 companies comparable. ### Which Real Estate Services company has the least gross debt? AGNT, Inc has the lowest comparable gross debt at $0 million. CBRE Group, Inc. has the highest at $10,358 million. ### Which Real Estate Services company has the lowest comparable PEG? Jones Lang LaSalle Incorporated has the lowest comparable Guarded PEG at 0.45, among 9 of 27 companies that pass the metric’s comparability rules. ### How much history does this Real Estate Services comparison include? The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ## Sector relative strength Real Estate Services has underperformed S&P 500 by 7.9% over the last 52 weeks. Over 13 weeks the gap is a lead of 1.4%. 9 of 26 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Rafael Holdings, Inc. is the strongest against the sector itself at +42.3%. 13-week sector return versus NIFTY 500: 1.4% 52-week sector return versus NIFTY 500: -7.9% Stocks leading NIFTY: 9/26 Stocks leading sector: 12/26 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 27 Combined market value: ₹1.1 L Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. Jones Lang LaSalle Incorporated (JLL): 69/100 — Favorable setup; evidence 82% - Growth & earnings 25.0/35 | Capital efficiency 14.3/25 | Valuation 15.7/20 | Relative strength 14.4/20 - Exact sum: 25 + 14.3 + 15.7 + 14.4 = 69.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 2. Comstock Holding Companies, Inc. (CHCI): 65/100 — Thin evidence · provisional; evidence 51% - Growth & earnings 22.0/35 | Capital efficiency 15.9/25 | Valuation 14.6/20 | Relative strength 12.4/20 - Exact sum: 22 + 15.9 + 14.6 + 12.4 = 64.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 3. CBRE Group, Inc. (CBRE): 63/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 26.8/35 | Capital efficiency 14.1/25 | Valuation 12.6/20 | Relative strength 9.8/20 - Exact sum: 26.8 + 14.1 + 12.6 + 9.8 = 63.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 4. The RMR Group Inc. (RMR): 62/100 — Mixed-positive evidence; evidence 76% - Growth & earnings 14.9/35 | Capital efficiency 15.1/25 | Valuation 15.7/20 | Relative strength 16.3/20 - Exact sum: 14.9 + 15.1 + 15.7 + 16.3 = 62 - Decision use: Price leads the evidence: RS versus the benchmark is 9.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 5. Marcus & Millichap, Inc. (MMI): 57/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 21.8/35 | Capital efficiency 11.4/25 | Valuation 9.6/20 | Relative strength 14.4/20 - Exact sum: 21.8 + 11.4 + 9.6 + 14.4 = 57.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 6. Newmark Group, Inc. (NMRK): 57/100 — Mixed-positive evidence; evidence 75% - Growth & earnings 25.1/35 | Capital efficiency 11.4/25 | Valuation 12.3/20 | Relative strength 7.9/20 - Exact sum: 25.1 + 11.4 + 12.3 + 7.9 = 56.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 7. Star Holdings (STHO): 55/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 20.5/35 | Capital efficiency 8.1/25 | Valuation 11.5/20 | Relative strength 15.2/20 - Exact sum: 20.5 + 8.1 + 11.5 + 15.2 = 55.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 8. FirstService Corporation (FSV): 52/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 19.5/35 | Capital efficiency 14.2/25 | Valuation 9.7/20 | Relative strength 8.2/20 - Exact sum: 19.5 + 14.2 + 9.7 + 8.2 = 51.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 9. Colliers International Group Inc. (CIGI): 48/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 18.3/35 | Capital efficiency 12.3/25 | Valuation 10.2/20 | Relative strength 7.4/20 - Exact sum: 18.3 + 12.3 + 10.2 + 7.4 = 48.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 10. Compass, Inc. (COMP): 48/100 — Mixed-negative evidence; evidence 65% - Growth & earnings 15.0/35 | Capital efficiency 4.5/25 | Valuation 9.1/20 | Relative strength 19.6/20 - Exact sum: 15 + 4.5 + 9.1 + 19.6 = 48.2 - Decision use: Price leads the evidence: RS versus the benchmark is 16.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 11. The Real Brokerage Inc. (REAX): 47/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 23.9/35 | Capital efficiency 9.7/25 | Valuation 10.0/20 | Relative strength 3.7/20 - Exact sum: 23.9 + 9.7 + 10 + 3.7 = 47.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 12. CoStar Group, Inc. (CSGP): 47/100 — Mixed-negative evidence; evidence 75% - Growth & earnings 24.1/35 | Capital efficiency 14.0/25 | Valuation 3.5/20 | Relative strength 5.1/20 - Exact sum: 24.1 + 14 + 3.5 + 5.1 = 46.7 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -44.5% and the one-year return is -67.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 13. Transcontinental Realty Investors, Inc. (TCI): 46/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 13.4/35 | Capital efficiency 11.5/25 | Valuation 14.0/20 | Relative strength 7.3/20 - Exact sum: 13.4 + 11.5 + 14 + 7.3 = 46.2 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 14. IHS Holding Limited (IHS): 46/100 — Mixed-negative evidence; evidence 65% - Growth & earnings 11.9/35 | Capital efficiency 11.7/25 | Valuation 10.9/20 | Relative strength 11.1/20 - Exact sum: 11.9 + 11.7 + 10.9 + 11.1 = 45.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 15. Seaport Entertainment Group Inc. (SEG): 45/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 11.9/35 | Capital efficiency 7.2/25 | Valuation 10.0/20 | Relative strength 15.5/20 - Exact sum: 11.9 + 7.2 + 10 + 15.5 = 44.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 16. American Realty Investors, Inc. (ARL): 43/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 14.2/35 | Capital efficiency 11.8/25 | Valuation 10.3/20 | Relative strength 6.4/20 - Exact sum: 14.2 + 11.8 + 10.3 + 6.4 = 42.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 17. AGNT, Inc (AGNT): 41/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 17.9/35 | Capital efficiency 11.4/25 | Valuation 9.0/20 | Relative strength 3.0/20 - Exact sum: 17.9 + 11.4 + 9 + 3 = 41.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 18. FRP Holdings, Inc. (FRPH): 41/100 — Mixed-negative evidence; evidence 66% - Growth & earnings 10.5/35 | Capital efficiency 12.1/25 | Valuation 8.8/20 | Relative strength 9.7/20 - Exact sum: 10.5 + 12.1 + 8.8 + 9.7 = 41.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 19. Cushman & Wakefield Limited (CWK): 41/100 — Mixed-negative evidence; evidence 72% - Growth & earnings 16.6/35 | Capital efficiency 10.3/25 | Valuation 9.9/20 | Relative strength 4.1/20 - Exact sum: 16.6 + 10.3 + 9.9 + 4.1 = 40.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 20. Maui Land & Pineapple Company, Inc. (MLP): 40/100 — Mixed-negative evidence; evidence 66% - Growth & earnings 11.2/35 | Capital efficiency 8.2/25 | Valuation 9.3/20 | Relative strength 11.5/20 - Exact sum: 11.2 + 8.2 + 9.3 + 11.5 = 40.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 21. RE/MAX Holdings, Inc. (RMAX): 36/100 — Mixed-negative evidence; evidence 75% - Growth & earnings 9.1/35 | Capital efficiency 6.0/25 | Valuation 7.3/20 | Relative strength 13.3/20 - Exact sum: 9.1 + 6 + 7.3 + 13.3 = 35.7 - Decision use: Price leads the evidence: RS versus the benchmark is 7.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 22. Seritage Growth Properties (SRG): 34/100 — Thin evidence · provisional; evidence 53% - Growth & earnings 9.1/35 | Capital efficiency 10.2/25 | Valuation 10.0/20 | Relative strength 4.5/20 - Exact sum: 9.1 + 10.2 + 10 + 4.5 = 33.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 23. Douglas Elliman Inc. (DOUG): 33/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 9.6/35 | Capital efficiency 7.9/25 | Valuation 11.1/20 | Relative strength 4.8/20 - Exact sum: 9.6 + 7.9 + 11.1 + 4.8 = 33.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 24. Opendoor Technologies Inc. (OPEN): 24/100 — Adverse evidence; evidence 62% - Growth & earnings 7.9/35 | Capital efficiency 4.5/25 | Valuation 10.0/20 | Relative strength 1.1/20 - Exact sum: 7.9 + 4.5 + 10 + 1.1 = 23.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 25. Rafael Holdings, Inc. (RFL): 58/100 — Thin evidence · provisional; evidence 28% - Growth & earnings 16.3/35 | Capital efficiency 13.9/25 | Valuation 10.6/20 | Relative strength 17.0/20 - Exact sum: 16.3 + 13.9 + 10.6 + 17 = 57.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 26. Hotel101 Global Holdings Corp. (HBNB): 46/100 — Thin evidence · provisional; evidence 26% - Growth & earnings 18.3/35 | Capital efficiency 9.8/25 | Valuation 10.0/20 | Relative strength 7.9/20 - Exact sum: 18.3 + 9.8 + 10 + 7.9 = 46 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 27. New England Realty Associates Limited Partnership (NEN): 43/100 — Thin evidence · provisional; evidence 43% - Growth & earnings 11.0/35 | Capital efficiency 12.3/25 | Valuation 10.0/20 | Relative strength 10.0/20 - Exact sum: 11 + 12.3 + 10 + 10 = 43.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Revenue Scale & Growth Durability What the numbers say: CBRE Group, Inc. is the scale leader at $42,168 million, 57.6% ahead of Jones Lang LaSalle Incorporated. The Real Brokerage Inc.'s growth is 46.8% from a $2,081 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: CBRE Group, Inc. is the scale benchmark; The Real Brokerage Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: CBRE Group, Inc.'s growth falls below The Real Brokerage Inc.'s for two consecutive comparable reports while operating margin also compresses. Evidence: CBRE Group, Inc. · $42,168 million | 57.6% versus #2 · Jones Lang LaSalle Incorporated | 8/8 recent comparable periods | 25/27 companies · 491 observations Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress. ### Revenue — largest 1. CBRE Group, Inc. (CBRE): ₹42.2K Cr 2. Jones Lang LaSalle Incorporated (JLL): ₹26.8K Cr 3. Cushman & Wakefield Limited (CWK): ₹10.5K Cr 4. Compass, Inc. (COMP): ₹8.3K Cr 5. Colliers International Group Inc. (CIGI): ₹5.7K Cr ### Revenue growth — fastest growers 1. The Real Brokerage Inc. (REAX): 47% 2. Compass, Inc. (COMP): 40% 3. Comstock Holding Companies, Inc. (CHCI): 24% 4. Newmark Group, Inc. (NMRK): 22% 5. CoStar Group, Inc. (CSGP): 21% ### 20-quarter Revenue history - CBRE: Sep 2021 ₹6.8K Cr | Dec 2021 ₹8.6K Cr | Mar 2022 ₹7.3K Cr | Jun 2022 ₹7.8K Cr | Sep 2022 ₹7.5K Cr | Dec 2022 ₹8.2K Cr | Mar 2023 ₹7.4K Cr | Jun 2023 ₹7.7K Cr | Sep 2023 ₹7.9K Cr | Dec 2023 ₹9.0K Cr | Mar 2024 ₹7.9K Cr | Jun 2024 ₹8.4K Cr | Sep 2024 ₹9.0K Cr | Dec 2024 ₹10.4K Cr | Mar 2025 ₹8.9K Cr | Jun 2025 ₹9.8K Cr | Sep 2025 ₹10.3K Cr | Dec 2025 ₹11.6K Cr | Mar 2026 ₹10.5K Cr | Jun 2026 — - JLL: Sep 2021 ₹4.9K Cr | Dec 2021 ₹5.9K Cr | Mar 2022 ₹4.8K Cr | Jun 2022 ₹5.3K Cr | Sep 2022 ₹5.2K Cr | Dec 2022 ₹5.6K Cr | Mar 2023 ₹4.7K Cr | Jun 2023 ₹5.1K Cr | Sep 2023 ₹5.1K Cr | Dec 2023 ₹5.9K Cr | Mar 2024 ₹5.1K Cr | Jun 2024 ₹5.6K Cr | Sep 2024 ₹5.9K Cr | Dec 2024 ₹6.8K Cr | Mar 2025 ₹5.7K Cr | Jun 2025 ₹6.3K Cr | Sep 2025 ₹6.5K Cr | Dec 2025 ₹7.6K Cr | Mar 2026 ₹6.4K Cr | Jun 2026 — - CSGP: Sep 2021 ₹499 Cr | Dec 2021 ₹507 Cr | Mar 2022 ₹516 Cr | Jun 2022 ₹536 Cr | Sep 2022 ₹557 Cr | Dec 2022 ₹573 Cr | Mar 2023 ₹584 Cr | Jun 2023 ₹606 Cr | Sep 2023 ₹625 Cr | Dec 2023 ₹640 Cr | Mar 2024 ₹656 Cr | Jun 2024 ₹678 Cr | Sep 2024 ₹693 Cr | Dec 2024 ₹709 Cr | Mar 2025 ₹732 Cr | Jun 2025 ₹781 Cr | Sep 2025 ₹834 Cr | Dec 2025 ₹900 Cr | Mar 2026 ₹897 Cr | Jun 2026 — - COMP: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹957 Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 — - FSV: Sep 2021 ₹849 Cr | Dec 2021 ₹857 Cr | Mar 2022 ₹835 Cr | Jun 2022 ₹931 Cr | Sep 2022 ₹960 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - CIGI: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹966 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - NMRK: Sep 2021 ₹788 Cr | Dec 2021 ₹984 Cr | Mar 2022 ₹678 Cr | Jun 2022 ₹755 Cr | Sep 2022 ₹665 Cr | Dec 2022 ₹607 Cr | Mar 2023 ₹521 Cr | Jun 2023 ₹586 Cr | Sep 2023 ₹616 Cr | Dec 2023 ₹747 Cr | Mar 2024 ₹546 Cr | Jun 2024 ₹633 Cr | Sep 2024 ₹686 Cr | Dec 2024 ₹873 Cr | Mar 2025 ₹665 Cr | Jun 2025 ₹759 Cr | Sep 2025 ₹863 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹847 Cr | Jun 2026 — - OPEN: Sep 2021 ₹2.3K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 ₹5.2K Cr | Jun 2022 ₹4.2K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹980 Cr | Dec 2023 ₹870 Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹915 Cr | Dec 2025 ₹736 Cr | Mar 2026 ₹720 Cr | Jun 2026 — - CWK: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 — - IHS: Sep 2021 ₹401 Cr | Dec 2021 ₹416 Cr | Mar 2022 ₹446 Cr | Jun 2022 ₹468 Cr | Sep 2022 ₹521 Cr | Dec 2022 ₹526 Cr | Mar 2023 ₹603 Cr | Jun 2023 ₹546 Cr | Sep 2023 ₹467 Cr | Dec 2023 ₹510 Cr | Mar 2024 ₹418 Cr | Jun 2024 ₹435 Cr | Sep 2024 ₹420 Cr | Dec 2024 ₹393 Cr | Mar 2025 ₹392 Cr | Jun 2025 ₹433 Cr | Sep 2025 ₹455 Cr | Dec 2025 ₹398 Cr | Mar 2026 ₹415 Cr | Jun 2026 — - HBNB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 ₹0 Cr | Sep 2024 — | Dec 2024 ₹6 Cr | Mar 2025 — | Jun 2025 ₹17 Cr | Sep 2025 — | Dec 2025 ₹59 Cr | Mar 2026 — | Jun 2026 — - MMI: Sep 2021 ₹332 Cr | Dec 2021 ₹495 Cr | Mar 2022 ₹319 Cr | Jun 2022 ₹396 Cr | Sep 2022 ₹324 Cr | Dec 2022 ₹262 Cr | Mar 2023 ₹155 Cr | Jun 2023 ₹163 Cr | Sep 2023 ₹162 Cr | Dec 2023 ₹166 Cr | Mar 2024 ₹129 Cr | Jun 2024 ₹158 Cr | Sep 2024 ₹169 Cr | Dec 2024 ₹240 Cr | Mar 2025 ₹145 Cr | Jun 2025 ₹172 Cr | Sep 2025 ₹194 Cr | Dec 2025 ₹244 Cr | Mar 2026 ₹171 Cr | Jun 2026 — - AGNT: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹925 Cr | Mar 2023 ₹848 Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹981 Cr | Mar 2024 ₹943 Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹955 Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 — - RMR: Sep 2021 ₹173 Cr | Dec 2021 ₹182 Cr | Mar 2022 ₹198 Cr | Jun 2022 ₹211 Cr | Sep 2022 ₹242 Cr | Dec 2022 ₹251 Cr | Mar 2023 ₹208 Cr | Jun 2023 ₹280 Cr | Sep 2023 ₹223 Cr | Dec 2023 ₹262 Cr | Mar 2024 ₹218 Cr | Jun 2024 ₹206 Cr | Sep 2024 ₹212 Cr | Dec 2024 ₹219 Cr | Mar 2025 ₹167 Cr | Jun 2025 ₹155 Cr | Sep 2025 ₹159 Cr | Dec 2025 ₹180 Cr | Mar 2026 ₹146 Cr | Jun 2026 — - FRPH: Sep 2021 ₹8 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹11 Cr | Jun 2026 — - REAX: Sep 2021 ₹39 Cr | Dec 2021 ₹50 Cr | Mar 2022 ₹62 Cr | Jun 2022 ₹112 Cr | Sep 2022 ₹112 Cr | Dec 2022 ₹96 Cr | Mar 2023 ₹108 Cr | Jun 2023 ₹185 Cr | Sep 2023 ₹215 Cr | Dec 2023 ₹181 Cr | Mar 2024 ₹201 Cr | Jun 2024 ₹341 Cr | Sep 2024 ₹372 Cr | Dec 2024 ₹351 Cr | Mar 2025 ₹354 Cr | Jun 2025 ₹541 Cr | Sep 2025 ₹569 Cr | Dec 2025 ₹505 Cr | Mar 2026 ₹466 Cr | Jun 2026 — - TCI: Sep 2021 ₹10 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹12 Cr | Jun 2026 — - MLP: Sep 2021 ₹2 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹3 Cr | Jun 2026 — - SEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹15 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹13 Cr | Jun 2026 — - RMAX: Sep 2021 ₹91 Cr | Dec 2021 ₹89 Cr | Mar 2022 ₹91 Cr | Jun 2022 ₹92 Cr | Sep 2022 ₹89 Cr | Dec 2022 ₹81 Cr | Mar 2023 ₹85 Cr | Jun 2023 ₹82 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹77 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹78 Cr | Sep 2024 ₹78 Cr | Dec 2024 ₹72 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹73 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹70 Cr | Jun 2026 — - ARL: Sep 2021 ₹10 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹12 Cr | Jun 2026 — - NEN: Sep 2021 ₹16 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹24 Cr | Jun 2026 — - DOUG: Sep 2021 ₹354 Cr | Dec 2021 ₹334 Cr | Mar 2022 ₹309 Cr | Jun 2022 ₹364 Cr | Sep 2022 ₹273 Cr | Dec 2022 ₹207 Cr | Mar 2023 ₹214 Cr | Jun 2023 ₹276 Cr | Sep 2023 ₹252 Cr | Dec 2023 ₹214 Cr | Mar 2024 ₹200 Cr | Jun 2024 ₹286 Cr | Sep 2024 ₹266 Cr | Dec 2024 ₹243 Cr | Mar 2025 ₹253 Cr | Jun 2025 ₹271 Cr | Sep 2025 ₹263 Cr | Dec 2025 ₹245 Cr | Mar 2026 ₹214 Cr | Jun 2026 — - CHCI: Sep 2021 ₹10 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹17 Cr | Jun 2026 — - SRG: Sep 2021 ₹29 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹2 Cr | Jun 2026 — - STHO: Sep 2021 — | Dec 2021 — | Mar 2022 ₹27 Cr | Jun 2022 ₹41 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹44 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹21 Cr | Jun 2026 — - RFL: Sep 2021 ₹1 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 — | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹0 Cr ### 20-quarter Revenue growth history - CBRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 11% | Dec 2022 -4.2% | Mar 2023 1.1% | Jun 2023 -0.7% | Sep 2023 4.5% | Dec 2023 9.2% | Mar 2024 7.1% | Jun 2024 8.7% | Sep 2024 15% | Dec 2024 16% | Mar 2025 12% | Jun 2025 16% | Sep 2025 14% | Dec 2025 12% | Mar 2026 19% | Jun 2026 — - JLL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 5.9% | Dec 2022 -5.7% | Mar 2023 -1.8% | Jun 2023 -4.3% | Sep 2023 -1.3% | Dec 2023 4.9% | Mar 2024 8.7% | Jun 2024 11% | Sep 2024 15% | Dec 2024 16% | Mar 2025 12% | Jun 2025 11% | Sep 2025 11% | Dec 2025 12% | Mar 2026 11% | Jun 2026 — - CSGP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 12% | Dec 2022 13% | Mar 2023 13% | Jun 2023 13% | Sep 2023 12% | Dec 2023 12% | Mar 2024 12% | Jun 2024 12% | Sep 2024 11% | Dec 2024 11% | Mar 2025 12% | Jun 2025 15% | Sep 2025 20% | Dec 2025 27% | Mar 2026 23% | Jun 2026 — - COMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.5% | Sep 2022 -14% | Dec 2022 -31% | Mar 2023 -32% | Jun 2023 -26% | Sep 2023 -11% | Dec 2023 -1.0% | Mar 2024 10% | Jun 2024 14% | Sep 2024 12% | Dec 2024 26% | Mar 2025 29% | Jun 2025 21% | Sep 2025 24% | Dec 2025 23% | Mar 2026 99% | Jun 2026 — - FSV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 13% | Dec 2022 19% | Mar 2023 22% | Jun 2023 20% | Sep 2023 16% | Dec 2023 5.8% | Mar 2024 14% | Jun 2024 16% | Sep 2024 25% | Dec 2024 27% | Mar 2025 8.0% | Jun 2025 9.2% | Sep 2025 3.7% | Dec 2025 1.3% | Mar 2026 5.3% | Jun 2026 — - CIGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 8.3% | Dec 2022 -9.1% | Mar 2023 -3.5% | Jun 2023 -4.4% | Sep 2023 -4.7% | Dec 2023 1.1% | Mar 2024 3.7% | Jun 2024 5.7% | Sep 2024 12% | Dec 2024 22% | Mar 2025 14% | Jun 2025 18% | Sep 2025 24% | Dec 2025 7.0% | Mar 2026 15% | Jun 2026 — - NMRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 -16% | Dec 2022 -38% | Mar 2023 -23% | Jun 2023 -22% | Sep 2023 -7.4% | Dec 2023 23% | Mar 2024 4.8% | Jun 2024 8.0% | Sep 2024 11% | Dec 2024 17% | Mar 2025 22% | Jun 2025 20% | Sep 2025 26% | Dec 2025 15% | Mar 2026 27% | Jun 2026 — - OPEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 254% | Sep 2022 48% | Dec 2022 -25% | Mar 2023 -39% | Jun 2023 -53% | Sep 2023 -71% | Dec 2023 -70% | Mar 2024 -62% | Jun 2024 -24% | Sep 2024 41% | Dec 2024 25% | Mar 2025 -2.4% | Jun 2025 3.7% | Sep 2025 -34% | Dec 2025 -32% | Mar 2026 -38% | Jun 2026 — - CWK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 7.8% | Dec 2022 -8.2% | Mar 2023 -3.5% | Jun 2023 -7.9% | Sep 2023 -9.1% | Dec 2023 -3.6% | Mar 2024 -2.9% | Jun 2024 -4.9% | Sep 2024 2.5% | Dec 2024 3.1% | Mar 2025 4.6% | Jun 2025 8.6% | Sep 2025 11% | Dec 2025 11% | Mar 2026 11% | Jun 2026 — - IHS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 30% | Dec 2022 26% | Mar 2023 35% | Jun 2023 17% | Sep 2023 -10% | Dec 2023 -3.0% | Mar 2024 -31% | Jun 2024 -20% | Sep 2024 -10% | Dec 2024 -23% | Mar 2025 -6.2% | Jun 2025 -0.5% | Sep 2025 8.3% | Dec 2025 1.3% | Mar 2026 5.9% | Jun 2026 — - HBNB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 883% | Mar 2026 — | Jun 2026 — - MMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 -2.4% | Dec 2022 -47% | Mar 2023 -51% | Jun 2023 -59% | Sep 2023 -50% | Dec 2023 -37% | Mar 2024 -17% | Jun 2024 -3.1% | Sep 2024 4.3% | Dec 2024 45% | Mar 2025 12% | Jun 2025 8.9% | Sep 2025 15% | Dec 2025 1.7% | Mar 2026 18% | Jun 2026 — - AGNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 42% | Sep 2022 12% | Dec 2022 -14% | Mar 2023 -16% | Jun 2023 -13% | Sep 2023 -2.1% | Dec 2023 6.1% | Mar 2024 11% | Jun 2024 5.2% | Sep 2024 1.5% | Dec 2024 12% | Mar 2025 1.3% | Jun 2025 1.1% | Sep 2025 7.0% | Dec 2025 8.6% | Mar 2026 5.3% | Jun 2026 — - RMR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 46% | Sep 2022 40% | Dec 2022 38% | Mar 2023 5.1% | Jun 2023 33% | Sep 2023 -7.9% | Dec 2023 4.4% | Mar 2024 4.8% | Jun 2024 -26% | Sep 2024 -4.9% | Dec 2024 -16% | Mar 2025 -23% | Jun 2025 -25% | Sep 2025 -25% | Dec 2025 -18% | Mar 2026 -13% | Jun 2026 — - FRPH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 13% | Dec 2022 25% | Mar 2023 11% | Jun 2023 10% | Sep 2023 22% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 -9.1% | Sep 2024 0.0% | Dec 2024 10% | Mar 2025 0.0% | Jun 2025 10% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 10% | Jun 2026 — - REAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 387% | Sep 2022 187% | Dec 2022 92% | Mar 2023 74% | Jun 2023 65% | Sep 2023 92% | Dec 2023 89% | Mar 2024 86% | Jun 2024 84% | Sep 2024 73% | Dec 2024 94% | Mar 2025 76% | Jun 2025 59% | Sep 2025 53% | Dec 2025 44% | Mar 2026 32% | Jun 2026 — - TCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -27% | Sep 2022 -20% | Dec 2022 63% | Mar 2023 50% | Jun 2023 50% | Sep 2023 63% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 -7.7% | Dec 2024 -7.7% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 8.3% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 — - MLP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 180% | Sep 2022 50% | Dec 2022 -33% | Mar 2023 0.0% | Jun 2023 -86% | Sep 2023 -33% | Dec 2023 100% | Mar 2024 0.0% | Jun 2024 50% | Sep 2024 50% | Dec 2024 -25% | Mar 2025 200% | Jun 2025 67% | Sep 2025 67% | Dec 2025 67% | Mar 2026 -50% | Jun 2026 — - SEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.0% | Jun 2024 -11% | Sep 2024 -2.5% | Dec 2024 4.6% | Mar 2025 6.7% | Jun 2025 18% | Sep 2025 15% | Dec 2025 26% | Mar 2026 -19% | Jun 2026 — - RMAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 -2.2% | Dec 2022 -9.0% | Mar 2023 -6.6% | Jun 2023 -11% | Sep 2023 -9.0% | Dec 2023 -4.9% | Mar 2024 -8.2% | Jun 2024 -4.9% | Sep 2024 -3.7% | Dec 2024 -6.5% | Mar 2025 -5.1% | Jun 2025 -6.4% | Sep 2025 -6.4% | Dec 2025 -1.4% | Mar 2026 -5.4% | Jun 2026 — - ARL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -27% | Sep 2022 -20% | Dec 2022 44% | Mar 2023 50% | Jun 2023 50% | Sep 2023 63% | Dec 2023 7.7% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 -7.7% | Dec 2024 -14% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 8.3% | Dec 2025 8.3% | Mar 2026 0.0% | Jun 2026 — - NEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 6.3% | Dec 2022 13% | Mar 2023 5.9% | Jun 2023 5.9% | Sep 2023 12% | Dec 2023 11% | Mar 2024 11% | Jun 2024 11% | Sep 2024 5.3% | Dec 2024 0.0% | Mar 2025 5.0% | Jun 2025 5.0% | Sep 2025 20% | Dec 2025 20% | Mar 2026 14% | Jun 2026 — - DOUG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -7.1% | Sep 2022 -23% | Dec 2022 -38% | Mar 2023 -31% | Jun 2023 -24% | Sep 2023 -7.7% | Dec 2023 3.4% | Mar 2024 -6.5% | Jun 2024 3.6% | Sep 2024 5.6% | Dec 2024 14% | Mar 2025 27% | Jun 2025 -5.2% | Sep 2025 -1.1% | Dec 2025 0.8% | Mar 2026 -15% | Jun 2026 — - CHCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 30% | Dec 2022 13% | Mar 2023 11% | Jun 2023 13% | Sep 2023 7.7% | Dec 2023 22% | Mar 2024 10% | Jun 2024 22% | Sep 2024 -7.1% | Dec 2024 55% | Mar 2025 18% | Jun 2025 18% | Sep 2025 0.0% | Dec 2025 41% | Mar 2026 31% | Jun 2026 — - SRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.1% | Sep 2022 -17% | Dec 2022 -21% | Mar 2023 -97% | Jun 2023 -80% | Sep 2023 -79% | Dec 2023 -61% | Mar 2024 500% | Jun 2024 -33% | Sep 2024 -40% | Dec 2024 -56% | Mar 2025 -17% | Jun 2025 25% | Sep 2025 67% | Dec 2025 0.0% | Mar 2026 -60% | Jun 2026 — - STHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -37% | Jun 2023 -39% | Sep 2023 16% | Dec 2023 106% | Mar 2024 47% | Jun 2024 24% | Sep 2024 -43% | Dec 2024 -11% | Mar 2025 -40% | Jun 2025 35% | Sep 2025 12% | Dec 2025 -24% | Mar 2026 40% | Jun 2026 — - RFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -100% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ## Operating Economics & Margin Trend What the numbers say: IHS Holding Limited leads opm at 26.8%; Star Holdings leads margin change at +21.4 percentage points. Investor read: IHS Holding Limited sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current margin change signal. Evidence: IHS Holding Limited · 26.8% | 332.3% versus #2 · New England Realty Associates Limited Partnership | 6/8 recent comparable periods | 23/27 companies · 443 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. IHS Holding Limited (IHS): 27% 2. New England Realty Associates Limited Partnership (NEN): 6.2% 3. CBRE Group, Inc. (CBRE): 4.9% 4. FRP Holdings, Inc. (FRPH): 4.8% 5. The RMR Group Inc. (RMR): 4.8% ### Margin change — fastest expanders 1. Star Holdings (STHO): +21.4 pp 2. Marcus & Millichap, Inc. (MMI): +8.8 pp 3. CoStar Group, Inc. (CSGP): +6.2 pp 4. Newmark Group, Inc. (NMRK): +5.8 pp 5. CBRE Group, Inc. (CBRE): +1.8 pp ### 20-quarter OPM history - CBRE: Sep 2021 6.0% | Dec 2021 6.9% | Mar 2022 5.1% | Jun 2022 6.7% | Sep 2022 5.0% | Dec 2022 3.0% | Mar 2023 0.5% | Jun 2023 4.0% | Sep 2023 3.4% | Dec 2023 5.6% | Mar 2024 2.6% | Jun 2024 2.9% | Sep 2024 4.1% | Dec 2024 5.7% | Mar 2025 3.1% | Jun 2025 3.8% | Sep 2025 4.7% | Dec 2025 5.3% | Mar 2026 4.9% | Jun 2026 — - JLL: Sep 2021 6.0% | Dec 2021 7.5% | Mar 2022 3.7% | Jun 2022 4.5% | Sep 2022 3.9% | Dec 2022 4.5% | Mar 2023 0.4% | Jun 2023 3.0% | Sep 2023 2.3% | Dec 2023 4.9% | Mar 2024 2.2% | Jun 2024 2.7% | Sep 2024 3.9% | Dec 2024 5.5% | Mar 2025 2.1% | Jun 2025 3.2% | Sep 2025 4.2% | Dec 2025 6.7% | Mar 2026 3.2% | Jun 2026 — - CSGP: Sep 2021 18% | Dec 2021 28% | Mar 2022 25% | Jun 2022 21% | Sep 2022 15% | Dec 2022 22% | Mar 2023 12% | Jun 2023 13% | Sep 2023 9.9% | Dec 2023 11% | Mar 2024 -6.5% | Jun 2024 -2.4% | Sep 2024 3.4% | Dec 2024 5.6% | Mar 2025 -5.9% | Jun 2025 -3.5% | Sep 2025 -6.1% | Dec 2025 5.5% | Mar 2026 0.3% | Jun 2026 — - COMP: Sep 2021 -5.8% | Dec 2021 -11% | Mar 2022 -13% | Jun 2022 -4.9% | Sep 2022 -10% | Dec 2022 -14% | Mar 2023 -16% | Jun 2023 -3.0% | Sep 2023 -2.9% | Dec 2023 -7.6% | Mar 2024 -13% | Jun 2024 1.3% | Sep 2024 -0.2% | Dec 2024 -2.9% | Mar 2025 -4.0% | Jun 2025 1.9% | Sep 2025 -0.4% | Dec 2025 -2.5% | Mar 2026 -13% | Jun 2026 — - FSV: Sep 2021 7.2% | Dec 2021 5.2% | Mar 2022 3.5% | Jun 2022 6.4% | Sep 2022 6.5% | Dec 2022 6.6% | Mar 2023 4.0% | Jun 2023 7.4% | Sep 2023 6.6% | Dec 2023 4.5% | Mar 2024 3.3% | Jun 2024 6.5% | Sep 2024 9.0% | Dec 2024 6.6% | Mar 2025 3.1% | Jun 2025 6.9% | Sep 2025 8.0% | Dec 2025 6.2% | Mar 2026 3.5% | Jun 2026 — - CIGI: Sep 2021 7.4% | Dec 2021 10% | Mar 2022 4.1% | Jun 2022 9.2% | Sep 2022 7.6% | Dec 2022 8.5% | Mar 2023 2.3% | Jun 2023 7.0% | Sep 2023 6.7% | Dec 2023 11% | Mar 2024 4.3% | Jun 2024 10% | Sep 2024 9.3% | Dec 2024 8.1% | Mar 2025 2.8% | Jun 2025 7.4% | Sep 2025 7.2% | Dec 2025 8.4% | Mar 2026 2.7% | Jun 2026 — - NMRK: Sep 2021 29% | Dec 2021 23% | Mar 2022 1.9% | Jun 2022 12% | Sep 2022 8.8% | Dec 2022 4.2% | Mar 2023 -2.3% | Jun 2023 4.7% | Sep 2023 4.9% | Dec 2023 11% | Mar 2024 -4.1% | Jun 2024 6.4% | Sep 2024 6.0% | Dec 2024 12% | Mar 2025 -2.6% | Jun 2025 5.6% | Sep 2025 9.9% | Dec 2025 12% | Mar 2026 3.2% | Jun 2026 — - OPEN: Sep 2021 -3.0% | Dec 2021 -2.7% | Mar 2022 2.3% | Jun 2022 0.8% | Sep 2022 -24% | Dec 2022 -9.5% | Mar 2023 -4.0% | Jun 2023 -3.4% | Sep 2023 -8.1% | Dec 2023 -13% | Mar 2024 -7.4% | Jun 2024 -4.8% | Sep 2024 -4.9% | Dec 2024 -8.7% | Mar 2025 -4.9% | Jun 2025 -0.8% | Sep 2025 -7.4% | Dec 2025 -20% | Mar 2026 -22% | Jun 2026 — - CWK: Sep 2021 5.6% | Dec 2021 8.6% | Mar 2022 5.8% | Jun 2022 6.8% | Sep 2022 4.5% | Dec 2022 1.6% | Mar 2023 -0.8% | Jun 2023 2.3% | Sep 2023 2.5% | Dec 2023 6.6% | Mar 2024 0.9% | Jun 2024 3.1% | Sep 2024 3.2% | Dec 2024 7.3% | Mar 2025 2.0% | Jun 2025 4.9% | Sep 2025 4.1% | Dec 2025 6.1% | Mar 2026 2.3% | Jun 2026 — - IHS: Sep 2021 14% | Dec 2021 19% | Mar 2022 24% | Jun 2022 21% | Sep 2022 26% | Dec 2022 -5.1% | Mar 2023 32% | Jun 2023 27% | Sep 2023 2.9% | Dec 2023 34% | Mar 2024 -1.7% | Jun 2024 34% | Sep 2024 30% | Dec 2024 61% | Mar 2025 42% | Jun 2025 34% | Sep 2025 35% | Dec 2025 81% | Mar 2026 27% | Jun 2026 — - MMI: Sep 2021 14% | Dec 2021 17% | Mar 2022 14% | Jun 2022 14% | Sep 2022 9.4% | Dec 2022 2.2% | Mar 2023 -10% | Jun 2023 -6.6% | Sep 2023 -9.5% | Dec 2023 -10% | Mar 2024 -16% | Jun 2024 -5.1% | Sep 2024 -6.8% | Dec 2024 2.8% | Mar 2025 -12% | Jun 2025 -5.3% | Sep 2025 -1.2% | Dec 2025 6.3% | Mar 2026 -3.4% | Jun 2026 — - AGNT: Sep 2021 1.0% | Dec 2021 0.1% | Mar 2022 0.4% | Jun 2022 0.8% | Sep 2022 0.0% | Dec 2022 -1.2% | Mar 2023 0.0% | Jun 2023 1.0% | Sep 2023 0.3% | Dec 2023 -1.6% | Mar 2024 -1.9% | Jun 2024 1.4% | Sep 2024 -0.7% | Dec 2024 -1.0% | Mar 2025 -1.1% | Jun 2025 -0.2% | Sep 2025 0.3% | Dec 2025 -1.1% | Mar 2026 -0.9% | Jun 2026 — - RMR: Sep 2021 12% | Dec 2021 11% | Mar 2022 11% | Jun 2022 12% | Sep 2022 8.8% | Dec 2022 8.1% | Mar 2023 8.5% | Jun 2023 22% | Sep 2023 6.6% | Dec 2023 4.1% | Mar 2024 5.6% | Jun 2024 6.0% | Sep 2024 4.7% | Dec 2024 6.1% | Mar 2025 4.5% | Jun 2025 6.4% | Sep 2025 6.8% | Dec 2025 18% | Mar 2026 4.8% | Jun 2026 — - FRPH: Sep 2021 8.6% | Dec 2021 3.1% | Mar 2022 16% | Jun 2022 22% | Sep 2022 20% | Dec 2022 28% | Mar 2023 28% | Jun 2023 26% | Sep 2023 27% | Dec 2023 32% | Mar 2024 28% | Jun 2024 27% | Sep 2024 29% | Dec 2024 28% | Mar 2025 23% | Jun 2025 15% | Sep 2025 13% | Dec 2025 15% | Mar 2026 4.8% | Jun 2026 — - REAX: Sep 2021 -2.6% | Dec 2021 -7.4% | Mar 2022 -6.9% | Jun 2022 -3.7% | Sep 2022 -3.9% | Dec 2022 -7.2% | Mar 2023 -6.5% | Jun 2023 -2.0% | Sep 2023 -1.8% | Dec 2023 -6.2% | Mar 2024 -7.8% | Jun 2024 -0.2% | Sep 2024 -0.7% | Dec 2024 -1.8% | Mar 2025 -1.5% | Jun 2025 0.3% | Sep 2025 -0.1% | Dec 2025 -1.0% | Mar 2026 -0.7% | Jun 2026 — - TCI: Sep 2021 -45% | Dec 2021 -51% | Mar 2022 -53% | Jun 2022 -37% | Sep 2022 -33% | Dec 2022 3.6% | Mar 2023 -22% | Jun 2023 -29% | Sep 2023 -14% | Dec 2023 -16% | Mar 2024 -11% | Jun 2024 -9.2% | Sep 2024 -14% | Dec 2024 -14% | Mar 2025 -5.3% | Jun 2025 -6.8% | Sep 2025 -11% | Dec 2025 -29% | Mar 2026 -16% | Jun 2026 — - MLP: Sep 2021 0.2% | Dec 2021 6.3% | Mar 2022 -22% | Jun 2022 76% | Sep 2022 -0.3% | Dec 2022 -24% | Mar 2023 -60% | Jun 2023 -54% | Sep 2023 -57% | Dec 2023 -26% | Mar 2024 -56% | Jun 2024 -71% | Sep 2024 -74% | Dec 2024 -54% | Mar 2025 -31% | Jun 2025 -15% | Sep 2025 -8.0% | Dec 2025 -38% | Mar 2026 -59% | Jun 2026 — - SEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -178% | Jun 2023 -44% | Sep 2023 — | Dec 2023 -113% | Mar 2024 -216% | Jun 2024 -75% | Sep 2024 -51% | Dec 2024 -112% | Mar 2025 -204% | Jun 2025 -40% | Sep 2025 -75% | Dec 2025 -121% | Mar 2026 -334% | Jun 2026 — - RMAX: Sep 2021 -41% | Dec 2021 12% | Mar 2022 8.4% | Jun 2022 18% | Sep 2022 5.9% | Dec 2022 10% | Mar 2023 8.1% | Jun 2023 16% | Sep 2023 -26% | Dec 2023 -13% | Mar 2024 5.8% | Jun 2024 21% | Sep 2024 19% | Dec 2024 5.9% | Mar 2025 7.2% | Jun 2025 19% | Sep 2025 25% | Dec 2025 13% | Mar 2026 -11% | Jun 2026 — - ARL: Sep 2021 -49% | Dec 2021 -43% | Mar 2022 -58% | Jun 2022 -37% | Sep 2022 -38% | Dec 2022 55% | Mar 2023 -26% | Jun 2023 -32% | Sep 2023 -17% | Dec 2023 37% | Mar 2024 -13% | Jun 2024 -11% | Sep 2024 -18% | Dec 2024 42% | Mar 2025 -6.8% | Jun 2025 -8.3% | Sep 2025 -12% | Dec 2025 37% | Mar 2026 -18% | Jun 2026 — - NEN: Sep 2021 22% | Dec 2021 19% | Mar 2022 23% | Jun 2022 27% | Sep 2022 27% | Dec 2022 29% | Mar 2023 25% | Jun 2023 26% | Sep 2023 26% | Dec 2023 29% | Mar 2024 29% | Jun 2024 33% | Sep 2024 32% | Dec 2024 32% | Mar 2025 30% | Jun 2025 33% | Sep 2025 20% | Dec 2025 16% | Mar 2026 6.2% | Jun 2026 — - DOUG: Sep 2021 7.2% | Dec 2021 5.7% | Mar 2022 2.6% | Jun 2022 4.0% | Sep 2022 -1.9% | Dec 2022 -11% | Mar 2023 -11% | Jun 2023 -3.0% | Sep 2023 -3.5% | Dec 2023 -11% | Mar 2024 -21% | Jun 2024 -1.3% | Sep 2024 -2.8% | Dec 2024 -6.7% | Mar 2025 -2.1% | Jun 2025 -2.0% | Sep 2025 -4.1% | Dec 2025 -6.0% | Mar 2026 -8.2% | Jun 2026 — - SRG: Sep 2021 -58% | Dec 2021 -132% | Mar 2022 -33% | Jun 2022 -517% | Sep 2022 -100% | Dec 2022 -98% | Mar 2023 — | Jun 2023 — | Sep 2023 -231% | Dec 2023 -151% | Mar 2024 -258% | Jun 2024 — | Sep 2024 -593% | Dec 2024 -211% | Mar 2025 -370% | Jun 2025 -548% | Sep 2025 -144% | Dec 2025 -141% | Mar 2026 — | Jun 2026 — - STHO: Sep 2021 — | Dec 2021 — | Mar 2022 0.4% | Jun 2022 -47% | Sep 2022 -5.0% | Dec 2022 -244% | Mar 2023 -119% | Jun 2023 -32% | Sep 2023 7.1% | Dec 2023 -15% | Mar 2024 -29% | Jun 2024 -21% | Sep 2024 -8.4% | Dec 2024 18% | Mar 2025 -51% | Jun 2025 17% | Sep 2025 21% | Dec 2025 28% | Mar 2026 -30% | Jun 2026 — ### 20-quarter Margin change history - CBRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.0 pp | Sep 2022 −1.0 pp | Dec 2022 −3.9 pp | Mar 2023 −4.6 pp | Jun 2023 −2.7 pp | Sep 2023 −1.6 pp | Dec 2023 +2.6 pp | Mar 2024 +2.1 pp | Jun 2024 −1.1 pp | Sep 2024 +0.7 pp | Dec 2024 +0.1 pp | Mar 2025 +0.5 pp | Jun 2025 +0.9 pp | Sep 2025 +0.6 pp | Dec 2025 −0.4 pp | Mar 2026 +1.8 pp | Jun 2026 — - JLL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.5 pp | Sep 2022 −2.1 pp | Dec 2022 −3.0 pp | Mar 2023 −3.3 pp | Jun 2023 −1.5 pp | Sep 2023 −1.6 pp | Dec 2023 +0.4 pp | Mar 2024 +1.8 pp | Jun 2024 −0.3 pp | Sep 2024 +1.6 pp | Dec 2024 +0.6 pp | Mar 2025 −0.1 pp | Jun 2025 +0.5 pp | Sep 2025 +0.3 pp | Dec 2025 +1.2 pp | Mar 2026 +1.1 pp | Jun 2026 — - CSGP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.5 pp | Sep 2022 −2.7 pp | Dec 2022 −5.5 pp | Mar 2023 −12.5 pp | Jun 2023 −7.4 pp | Sep 2023 −5.4 pp | Dec 2023 −11.4 pp | Mar 2024 −18.9 pp | Jun 2024 −15.5 pp | Sep 2024 −6.5 pp | Dec 2024 −5.2 pp | Mar 2025 +0.6 pp | Jun 2025 −1.1 pp | Sep 2025 −9.5 pp | Dec 2025 −0.1 pp | Mar 2026 +6.2 pp | Jun 2026 — - COMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.5 pp | Sep 2022 −4.4 pp | Dec 2022 −3.1 pp | Mar 2023 −2.2 pp | Jun 2023 +1.9 pp | Sep 2023 +7.3 pp | Dec 2023 +6.2 pp | Mar 2024 +3.0 pp | Jun 2024 +4.3 pp | Sep 2024 +2.7 pp | Dec 2024 +4.7 pp | Mar 2025 +8.5 pp | Jun 2025 +0.6 pp | Sep 2025 −0.2 pp | Dec 2025 +0.4 pp | Mar 2026 −9.0 pp | Jun 2026 — - FSV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.0 pp | Sep 2022 −0.7 pp | Dec 2022 +1.4 pp | Mar 2023 +0.5 pp | Jun 2023 +1.0 pp | Sep 2023 +0.1 pp | Dec 2023 −2.1 pp | Mar 2024 −0.7 pp | Jun 2024 −0.9 pp | Sep 2024 +2.4 pp | Dec 2024 +2.1 pp | Mar 2025 −0.2 pp | Jun 2025 +0.4 pp | Sep 2025 −1.0 pp | Dec 2025 −0.4 pp | Mar 2026 +0.4 pp | Jun 2026 — - CIGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +50.0 pp | Sep 2022 +0.2 pp | Dec 2022 −1.8 pp | Mar 2023 −1.8 pp | Jun 2023 −2.2 pp | Sep 2023 −0.9 pp | Dec 2023 +2.2 pp | Mar 2024 +2.0 pp | Jun 2024 +3.1 pp | Sep 2024 +2.6 pp | Dec 2024 −2.6 pp | Mar 2025 −1.5 pp | Jun 2025 −2.7 pp | Sep 2025 −2.1 pp | Dec 2025 +0.3 pp | Mar 2026 −0.1 pp | Jun 2026 — - NMRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −105.1 pp | Sep 2022 −19.8 pp | Dec 2022 −19.1 pp | Mar 2023 −4.2 pp | Jun 2023 −7.1 pp | Sep 2023 −3.9 pp | Dec 2023 +6.4 pp | Mar 2024 −1.8 pp | Jun 2024 +1.7 pp | Sep 2024 +1.1 pp | Dec 2024 +1.3 pp | Mar 2025 +1.5 pp | Jun 2025 −0.8 pp | Sep 2025 +3.9 pp | Dec 2025 +0.4 pp | Mar 2026 +5.8 pp | Jun 2026 — - OPEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +13.6 pp | Sep 2022 −21.1 pp | Dec 2022 −6.8 pp | Mar 2023 −6.3 pp | Jun 2023 −4.2 pp | Sep 2023 +16.0 pp | Dec 2023 −3.7 pp | Mar 2024 −3.4 pp | Jun 2024 −1.4 pp | Sep 2024 +3.2 pp | Dec 2024 +4.5 pp | Mar 2025 +2.5 pp | Jun 2025 +4.0 pp | Sep 2025 −2.5 pp | Dec 2025 −11.7 pp | Mar 2026 −17.2 pp | Jun 2026 — - CWK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.3 pp | Sep 2022 −1.1 pp | Dec 2022 −7.0 pp | Mar 2023 −6.6 pp | Jun 2023 −4.5 pp | Sep 2023 −2.0 pp | Dec 2023 +5.0 pp | Mar 2024 +1.7 pp | Jun 2024 +0.8 pp | Sep 2024 +0.7 pp | Dec 2024 +0.7 pp | Mar 2025 +1.1 pp | Jun 2025 +1.8 pp | Sep 2025 +0.9 pp | Dec 2025 −1.2 pp | Mar 2026 +0.3 pp | Jun 2026 — - IHS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −15.7 pp | Sep 2022 +11.8 pp | Dec 2022 −24.0 pp | Mar 2023 +8.1 pp | Jun 2023 +6.4 pp | Sep 2023 −22.8 pp | Dec 2023 +39.3 pp | Mar 2024 −34.1 pp | Jun 2024 +7.0 pp | Sep 2024 +27.0 pp | Dec 2024 +26.4 pp | Mar 2025 +44.0 pp | Jun 2025 −0.2 pp | Sep 2025 +5.2 pp | Dec 2025 +20.8 pp | Mar 2026 −15.5 pp | Jun 2026 — - MMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.3 pp | Sep 2022 −4.3 pp | Dec 2022 −14.3 pp | Mar 2023 −24.3 pp | Jun 2023 −20.9 pp | Sep 2023 −18.9 pp | Dec 2023 −12.5 pp | Mar 2024 −5.2 pp | Jun 2024 +1.5 pp | Sep 2024 +2.7 pp | Dec 2024 +13.1 pp | Mar 2025 +3.4 pp | Jun 2025 −0.2 pp | Sep 2025 +5.6 pp | Dec 2025 +3.5 pp | Mar 2026 +8.8 pp | Jun 2026 — - AGNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.9 pp | Sep 2022 −1.0 pp | Dec 2022 −1.3 pp | Mar 2023 −0.4 pp | Jun 2023 +0.2 pp | Sep 2023 +0.3 pp | Dec 2023 −0.4 pp | Mar 2024 −1.9 pp | Jun 2024 +0.4 pp | Sep 2024 −1.0 pp | Dec 2024 +0.6 pp | Mar 2025 +0.8 pp | Jun 2025 −1.6 pp | Sep 2025 +1.0 pp | Dec 2025 −0.1 pp | Mar 2026 +0.2 pp | Jun 2026 — - RMR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.4 pp | Sep 2022 −3.4 pp | Dec 2022 −3.0 pp | Mar 2023 −2.4 pp | Jun 2023 +9.7 pp | Sep 2023 −2.2 pp | Dec 2023 −4.0 pp | Mar 2024 −2.9 pp | Jun 2024 −15.7 pp | Sep 2024 −1.9 pp | Dec 2024 +2.0 pp | Mar 2025 −1.1 pp | Jun 2025 +0.4 pp | Sep 2025 +2.1 pp | Dec 2025 +11.7 pp | Mar 2026 +0.3 pp | Jun 2026 — - FRPH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +23.4 pp | Sep 2022 +11.3 pp | Dec 2022 +24.5 pp | Mar 2023 +12.5 pp | Jun 2023 +4.4 pp | Sep 2023 +7.4 pp | Dec 2023 +3.9 pp | Mar 2024 +0.2 pp | Jun 2024 +1.0 pp | Sep 2024 +1.7 pp | Dec 2024 −3.8 pp | Mar 2025 −5.8 pp | Jun 2025 −11.6 pp | Sep 2025 −16.4 pp | Dec 2025 −12.3 pp | Mar 2026 −17.8 pp | Jun 2026 — - REAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +8.4 pp | Sep 2022 −1.3 pp | Dec 2022 +0.2 pp | Mar 2023 +0.4 pp | Jun 2023 +1.7 pp | Sep 2023 +2.1 pp | Dec 2023 +1.0 pp | Mar 2024 −1.3 pp | Jun 2024 +1.8 pp | Sep 2024 +1.1 pp | Dec 2024 +4.4 pp | Mar 2025 +6.3 pp | Jun 2025 +0.5 pp | Sep 2025 +0.6 pp | Dec 2025 +0.8 pp | Mar 2026 +0.8 pp | Jun 2026 — - TCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +11.8 pp | Sep 2022 +12.2 pp | Dec 2022 +54.8 pp | Mar 2023 +31.0 pp | Jun 2023 +7.9 pp | Sep 2023 +19.0 pp | Dec 2023 −19.4 pp | Mar 2024 +10.8 pp | Jun 2024 +19.5 pp | Sep 2024 −0.2 pp | Dec 2024 +1.5 pp | Mar 2025 +5.9 pp | Jun 2025 +2.4 pp | Sep 2025 +3.5 pp | Dec 2025 −14.6 pp | Mar 2026 −10.6 pp | Jun 2026 — - MLP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +33.8 pp | Sep 2022 −0.5 pp | Dec 2022 −30.4 pp | Mar 2023 −37.3 pp | Jun 2023 −130.4 pp | Sep 2023 −56.3 pp | Dec 2023 −2.3 pp | Mar 2024 +3.3 pp | Jun 2024 −16.8 pp | Sep 2024 −17.1 pp | Dec 2024 −27.5 pp | Mar 2025 +25.6 pp | Jun 2025 +55.7 pp | Sep 2025 +65.7 pp | Dec 2025 +16.4 pp | Mar 2026 −28.5 pp | Jun 2026 — - SEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −37.4 pp | Jun 2024 −31.0 pp | Sep 2024 +1,650.6 pp | Dec 2024 +0.1 pp | Mar 2025 +12.3 pp | Jun 2025 +35.1 pp | Sep 2025 −24.2 pp | Dec 2025 −8.1 pp | Mar 2026 −130.3 pp | Jun 2026 — - RMAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.8 pp | Sep 2022 +47.2 pp | Dec 2022 −1.3 pp | Mar 2023 −0.3 pp | Jun 2023 −2.4 pp | Sep 2023 −31.8 pp | Dec 2023 −23.1 pp | Mar 2024 −2.3 pp | Jun 2024 +4.7 pp | Sep 2024 +45.3 pp | Dec 2024 +18.6 pp | Mar 2025 +1.4 pp | Jun 2025 −1.3 pp | Sep 2025 +5.6 pp | Dec 2025 +7.2 pp | Mar 2026 −18.3 pp | Jun 2026 — - ARL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +41.7 pp | Sep 2022 +10.9 pp | Dec 2022 +97.2 pp | Mar 2023 +31.3 pp | Jun 2023 +5.8 pp | Sep 2023 +21.5 pp | Dec 2023 −18.0 pp | Mar 2024 +13.7 pp | Jun 2024 +20.7 pp | Sep 2024 −1.0 pp | Dec 2024 +5.3 pp | Mar 2025 +5.9 pp | Jun 2025 +2.5 pp | Sep 2025 +5.5 pp | Dec 2025 −5.0 pp | Mar 2026 −11.0 pp | Jun 2026 — - NEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.1 pp | Sep 2022 +4.4 pp | Dec 2022 +9.8 pp | Mar 2023 +2.4 pp | Jun 2023 −1.0 pp | Sep 2023 −0.9 pp | Dec 2023 −0.1 pp | Mar 2024 +3.7 pp | Jun 2024 +6.4 pp | Sep 2024 +6.2 pp | Dec 2024 +3.5 pp | Mar 2025 +1.2 pp | Jun 2025 +0.7 pp | Sep 2025 −12.0 pp | Dec 2025 −16.7 pp | Mar 2026 −23.9 pp | Jun 2026 — - DOUG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −7.0 pp | Sep 2022 −9.1 pp | Dec 2022 −16.2 pp | Mar 2023 −13.7 pp | Jun 2023 −7.0 pp | Sep 2023 −1.6 pp | Dec 2023 −0.5 pp | Mar 2024 −9.6 pp | Jun 2024 +1.7 pp | Sep 2024 +0.7 pp | Dec 2024 +4.3 pp | Mar 2025 +18.6 pp | Jun 2025 −0.7 pp | Sep 2025 −1.3 pp | Dec 2025 +0.7 pp | Mar 2026 −6.1 pp | Jun 2026 — - SRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −221.8 pp | Sep 2022 −41.7 pp | Dec 2022 +34.6 pp | Mar 2023 −4,143.5 pp | Jun 2023 −1,525.6 pp | Sep 2023 −131.1 pp | Dec 2023 −53.5 pp | Mar 2024 +3,918.6 pp | Jun 2024 −226.1 pp | Sep 2024 −361.6 pp | Dec 2024 −59.4 pp | Mar 2025 −112.1 pp | Jun 2025 +1,721.1 pp | Sep 2025 +449.1 pp | Dec 2025 +69.6 pp | Mar 2026 −635.5 pp | Jun 2026 — - STHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −119.3 pp | Jun 2023 +15.2 pp | Sep 2023 +12.1 pp | Dec 2023 +228.7 pp | Mar 2024 +90.1 pp | Jun 2024 +11.0 pp | Sep 2024 −15.5 pp | Dec 2024 +33.6 pp | Mar 2025 −22.2 pp | Jun 2025 +37.6 pp | Sep 2025 +29.5 pp | Dec 2025 +9.3 pp | Mar 2026 +21.4 pp | Jun 2026 — ## Profit Scale & Acceleration What the numbers say: CBRE Group, Inc. leads with $1,427 million of TTM profit, 59.6% above Jones Lang LaSalle Incorporated. Jones Lang LaSalle Incorporated shows 65.6% growth from a $894 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: CBRE Group, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: CBRE Group, Inc. · $1,427 million | 59.6% versus #2 · Jones Lang LaSalle Incorporated | 6/8 recent comparable periods | 25/27 companies · 493 observations Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank. ### Net profit — largest 1. CBRE Group, Inc. (CBRE): ₹1.4K Cr 2. Jones Lang LaSalle Incorporated (JLL): ₹894 Cr 3. Colliers International Group Inc. (CIGI): ₹227 Cr 4. Newmark Group, Inc. (NMRK): ₹188 Cr 5. IHS Holding Limited (IHS): ₹162 Cr ### Profit growth — fastest growers 1. Jones Lang LaSalle Incorporated (JLL): 66% 2. CBRE Group, Inc. (CBRE): 32% 3. Comstock Holding Companies, Inc. (CHCI): 13% 4. The RMR Group Inc. (RMR): 0.0% 5. Transcontinental Realty Investors, Inc. (TCI): 0.0% ### 20-quarter Net profit history - CBRE: Sep 2021 ₹437 Cr | Dec 2021 ₹693 Cr | Mar 2022 ₹396 Cr | Jun 2022 ₹490 Cr | Sep 2022 ₹452 Cr | Dec 2022 ₹86 Cr | Mar 2023 ₹125 Cr | Jun 2023 ₹206 Cr | Sep 2023 ₹201 Cr | Dec 2023 ₹495 Cr | Mar 2024 ₹148 Cr | Jun 2024 ₹142 Cr | Sep 2024 ₹245 Cr | Dec 2024 ₹501 Cr | Mar 2025 ₹191 Cr | Jun 2025 ₹239 Cr | Sep 2025 ₹396 Cr | Dec 2025 ₹450 Cr | Mar 2026 ₹342 Cr | Jun 2026 — - JLL: Sep 2021 ₹237 Cr | Dec 2021 ₹421 Cr | Mar 2022 ₹144 Cr | Jun 2022 ₹336 Cr | Sep 2022 ₹138 Cr | Dec 2022 ₹176 Cr | Mar 2023 ₹-9 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹172 Cr | Mar 2024 ₹66 Cr | Jun 2024 ₹85 Cr | Sep 2024 ₹155 Cr | Dec 2024 ₹242 Cr | Mar 2025 ₹58 Cr | Jun 2025 ₹111 Cr | Sep 2025 ₹222 Cr | Dec 2025 ₹402 Cr | Mar 2026 ₹159 Cr | Jun 2026 — - CSGP: Sep 2021 ₹64 Cr | Dec 2021 ₹93 Cr | Mar 2022 ₹89 Cr | Jun 2022 ₹83 Cr | Sep 2022 ₹72 Cr | Dec 2022 ₹124 Cr | Mar 2023 ₹87 Cr | Jun 2023 ₹101 Cr | Sep 2023 ₹91 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹60 Cr | Mar 2025 ₹-15 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹-31 Cr | Dec 2025 ₹47 Cr | Mar 2026 ₹3 Cr | Jun 2026 — - COMP: Sep 2021 ₹-100 Cr | Dec 2021 ₹-175 Cr | Mar 2022 ₹-188 Cr | Jun 2022 ₹-101 Cr | Sep 2022 ₹-154 Cr | Dec 2022 ₹-158 Cr | Mar 2023 ₹-150 Cr | Jun 2023 ₹-47 Cr | Sep 2023 ₹-39 Cr | Dec 2023 ₹-83 Cr | Mar 2024 ₹-133 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹-40 Cr | Mar 2025 ₹-51 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹-5 Cr | Dec 2025 ₹-40 Cr | Mar 2026 ₹22 Cr | Jun 2026 — - FSV: Sep 2021 ₹53 Cr | Dec 2021 ₹35 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹41 Cr | Sep 2022 ₹41 Cr | Dec 2022 ₹44 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹78 Cr | Dec 2024 ₹50 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹24 Cr | Jun 2026 — - CIGI: Sep 2021 ₹50 Cr | Dec 2021 ₹100 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹67 Cr | Sep 2022 ₹45 Cr | Dec 2022 ₹62 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹72 Cr | Sep 2024 ₹69 Cr | Dec 2024 ₹81 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹64 Cr | Sep 2025 ₹65 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹11 Cr | Jun 2026 — - NMRK: Sep 2021 ₹163 Cr | Dec 2021 ₹185 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹62 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹-16 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹53 Cr | Mar 2024 ₹-26 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹64 Cr | Mar 2025 ₹-16 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹58 Cr | Dec 2025 ₹83 Cr | Mar 2026 ₹17 Cr | Jun 2026 — - OPEN: Sep 2021 ₹-57 Cr | Dec 2021 ₹-191 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹-54 Cr | Sep 2022 ₹-928 Cr | Dec 2022 ₹-399 Cr | Mar 2023 ₹-101 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹-106 Cr | Dec 2023 ₹-91 Cr | Mar 2024 ₹-109 Cr | Jun 2024 ₹-92 Cr | Sep 2024 ₹-78 Cr | Dec 2024 ₹-113 Cr | Mar 2025 ₹-85 Cr | Jun 2025 ₹-29 Cr | Sep 2025 ₹-90 Cr | Dec 2025 ₹-1.1K Cr | Mar 2026 ₹-173 Cr | Jun 2026 — - CWK: Sep 2021 ₹69 Cr | Dec 2021 ₹146 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹97 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹-76 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹-34 Cr | Dec 2023 ₹94 Cr | Mar 2024 ₹-29 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹108 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹-22 Cr | Mar 2026 ₹-13 Cr | Jun 2026 — - IHS: Sep 2021 ₹-30 Cr | Dec 2021 ₹-72 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹-179 Cr | Sep 2022 ₹-37 Cr | Dec 2022 ₹-269 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹-1.3K Cr | Sep 2023 ₹-269 Cr | Dec 2023 ₹-457 Cr | Mar 2024 ₹-1.6K Cr | Jun 2024 ₹-124 Cr | Sep 2024 ₹-206 Cr | Dec 2024 ₹243 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹147 Cr | Dec 2025 ₹-84 Cr | Mar 2026 ₹67 Cr | Jun 2026 — - HBNB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-1 Cr | Sep 2023 — | Dec 2023 ₹-2 Cr | Mar 2024 — | Jun 2024 ₹-2 Cr | Sep 2024 — | Dec 2024 ₹-5 Cr | Mar 2025 — | Jun 2025 ₹-12 Cr | Sep 2025 — | Dec 2025 ₹-7 Cr | Mar 2026 — | Jun 2026 — - MMI: Sep 2021 ₹34 Cr | Dec 2021 ₹62 Cr | Mar 2022 ₹33 Cr | Jun 2022 ₹42 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹-9 Cr | Sep 2023 ₹-9 Cr | Dec 2023 ₹-10 Cr | Mar 2024 ₹-10 Cr | Jun 2024 ₹-6 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹-11 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹-3 Cr | Jun 2026 — - AGNT: Sep 2021 ₹24 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹-7 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹-12 Cr | Mar 2024 ₹-29 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹-15 Cr | Dec 2024 ₹-8 Cr | Mar 2025 ₹-11 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹-13 Cr | Mar 2026 ₹-5 Cr | Jun 2026 — - RMR: Sep 2021 ₹31 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹2 Cr | Jun 2026 — - FRPH: Sep 2021 ₹0 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹-1 Cr | Jun 2026 — - REAX: Sep 2021 ₹-1 Cr | Dec 2021 ₹-4 Cr | Mar 2022 ₹-4 Cr | Jun 2022 ₹-4 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹-7 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹-12 Cr | Mar 2024 ₹-16 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹-5 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹-4 Cr | Mar 2026 ₹-3 Cr | Jun 2026 — - TCI: Sep 2021 ₹26 Cr | Dec 2021 ₹-9 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹379 Cr | Dec 2022 ₹59 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - MLP: Sep 2021 ₹0 Cr | Dec 2021 ₹-4 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹-2 Cr | Jun 2026 — - SEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-38 Cr | Jun 2023 ₹-28 Cr | Sep 2023 ₹-736 Cr | Dec 2023 ₹-36 Cr | Mar 2024 ₹-44 Cr | Jun 2024 ₹-35 Cr | Sep 2024 ₹-32 Cr | Dec 2024 ₹-41 Cr | Mar 2025 ₹-32 Cr | Jun 2025 ₹-14 Cr | Sep 2025 ₹-33 Cr | Dec 2025 ₹-37 Cr | Mar 2026 ₹-44 Cr | Jun 2026 — - RMAX: Sep 2021 ₹-42 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹-83 Cr | Dec 2023 ₹-18 Cr | Mar 2024 ₹-6 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹-16 Cr | Jun 2026 — - ARL: Sep 2021 ₹25 Cr | Dec 2021 ₹-8 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹384 Cr | Dec 2022 ₹56 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹-17 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹-1 Cr | Jun 2026 — - NEN: Sep 2021 ₹0 Cr | Dec 2021 ₹-3 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹-4 Cr | Jun 2026 — - DOUG: Sep 2021 ₹25 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹-4 Cr | Dec 2022 ₹-19 Cr | Mar 2023 ₹-18 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹-5 Cr | Dec 2023 ₹-15 Cr | Mar 2024 ₹-42 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-27 Cr | Dec 2024 ₹-6 Cr | Mar 2025 ₹-6 Cr | Jun 2025 ₹-23 Cr | Sep 2025 ₹-25 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹-16 Cr | Jun 2026 — - CHCI: Sep 2021 ₹6 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹2 Cr | Jun 2026 — - SRG: Sep 2021 ₹-26 Cr | Dec 2021 ₹94 Cr | Mar 2022 ₹-67 Cr | Jun 2022 ₹-142 Cr | Sep 2022 ₹-3 Cr | Dec 2022 ₹92 Cr | Mar 2023 ₹-62 Cr | Jun 2023 ₹-96 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹-19 Cr | Jun 2024 ₹-101 Cr | Sep 2024 ₹-22 Cr | Dec 2024 ₹-11 Cr | Mar 2025 ₹-22 Cr | Jun 2025 ₹-29 Cr | Sep 2025 ₹-12 Cr | Dec 2025 ₹-5 Cr | Mar 2026 ₹-30 Cr | Jun 2026 — - STHO: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-1 Cr | Jun 2022 ₹-21 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹-32 Cr | Mar 2023 ₹-91 Cr | Jun 2023 ₹-90 Cr | Sep 2023 ₹-82 Cr | Dec 2023 ₹66 Cr | Mar 2024 ₹-49 Cr | Jun 2024 ₹-28 Cr | Sep 2024 ₹91 Cr | Dec 2024 ₹-103 Cr | Mar 2025 ₹-8 Cr | Jun 2025 ₹-40 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹-23 Cr | Mar 2026 ₹-14 Cr | Jun 2026 — - RFL: Sep 2021 ₹-13 Cr | Dec 2021 ₹-128 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹-5 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹-67 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹-9 Cr | Mar 2025 ₹-5 Cr | Jun 2025 ₹-9 Cr | Sep 2025 ₹-12 Cr | Dec 2025 ₹-9 Cr | Mar 2026 ₹-6 Cr | Jun 2026 ₹-7 Cr ### 20-quarter Profit growth history - CBRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 3.4% | Dec 2022 -88% | Mar 2023 -68% | Jun 2023 -58% | Sep 2023 -56% | Dec 2023 476% | Mar 2024 18% | Jun 2024 -31% | Sep 2024 22% | Dec 2024 1.2% | Mar 2025 29% | Jun 2025 68% | Sep 2025 62% | Dec 2025 -10% | Mar 2026 79% | Jun 2026 — - JLL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 69% | Sep 2022 -42% | Dec 2022 -58% | Mar 2023 -106% | Jun 2023 -99% | Sep 2023 -57% | Dec 2023 -2.3% | Mar 2024 — | Jun 2024 2,733% | Sep 2024 163% | Dec 2024 41% | Mar 2025 -12% | Jun 2025 31% | Sep 2025 43% | Dec 2025 66% | Mar 2026 174% | Jun 2026 — - CSGP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 13% | Dec 2022 33% | Mar 2023 -2.3% | Jun 2023 22% | Sep 2023 26% | Dec 2023 -22% | Mar 2024 -92% | Jun 2024 -81% | Sep 2024 -42% | Dec 2024 -38% | Mar 2025 -314% | Jun 2025 -68% | Sep 2025 -158% | Dec 2025 -22% | Mar 2026 — | Jun 2026 — - COMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 86% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - FSV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -6.8% | Sep 2022 -23% | Dec 2022 26% | Mar 2023 21% | Jun 2023 34% | Sep 2023 12% | Dec 2023 -45% | Mar 2024 -35% | Jun 2024 -18% | Sep 2024 70% | Dec 2024 108% | Mar 2025 -6.7% | Jun 2025 22% | Sep 2025 -9.0% | Dec 2025 0.0% | Mar 2026 71% | Jun 2026 — - CIGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -10% | Dec 2022 -38% | Mar 2023 -105% | Jun 2023 -48% | Sep 2023 -36% | Dec 2023 31% | Mar 2024 — | Jun 2024 106% | Sep 2024 138% | Dec 2024 0.0% | Mar 2025 -36% | Jun 2025 -11% | Sep 2025 -5.8% | Dec 2025 7.4% | Mar 2026 22% | Jun 2026 — - NMRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -89% | Sep 2022 -77% | Dec 2022 -94% | Mar 2023 -1,700% | Jun 2023 -82% | Sep 2023 -63% | Dec 2023 342% | Mar 2024 — | Jun 2024 109% | Sep 2024 71% | Dec 2024 21% | Mar 2025 — | Jun 2025 30% | Sep 2025 142% | Dec 2025 30% | Mar 2026 — | Jun 2026 — - OPEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -461% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -500% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - CWK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 83% | Sep 2022 -65% | Dec 2022 -101% | Mar 2023 -265% | Jun 2023 -95% | Sep 2023 -242% | Dec 2023 — | Mar 2024 — | Jun 2024 180% | Sep 2024 — | Dec 2024 15% | Mar 2025 — | Jun 2025 307% | Sep 2025 50% | Dec 2025 -120% | Mar 2026 -750% | Jun 2026 — - IHS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -269% | Sep 2022 — | Dec 2022 — | Mar 2023 -47% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -19,563% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -135% | Mar 2026 43% | Jun 2026 — - MMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 31% | Sep 2022 -38% | Dec 2022 -87% | Mar 2023 -118% | Jun 2023 -121% | Sep 2023 -143% | Dec 2023 -225% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 44% | Mar 2026 — | Jun 2026 — - AGNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -76% | Sep 2022 -83% | Dec 2022 -147% | Mar 2023 -67% | Jun 2023 133% | Sep 2023 0.0% | Dec 2023 — | Mar 2024 -1,067% | Jun 2024 14% | Sep 2024 -475% | Dec 2024 — | Mar 2025 — | Jun 2025 -121% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - RMR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11% | Sep 2022 -13% | Dec 2022 -22% | Mar 2023 173% | Jun 2023 224% | Sep 2023 -37% | Dec 2023 14% | Mar 2024 -68% | Jun 2024 -78% | Sep 2024 -29% | Dec 2024 -13% | Mar 2025 -38% | Jun 2025 -25% | Sep 2025 -33% | Dec 2025 93% | Mar 2026 -75% | Jun 2026 — - FRPH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -100% | Sep 2023 — | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 -33% | Mar 2025 100% | Jun 2025 -50% | Sep 2025 0.0% | Dec 2025 -100% | Mar 2026 -150% | Jun 2026 — - TCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1,358% | Dec 2022 — | Mar 2023 -73% | Jun 2023 -94% | Sep 2023 -99% | Dec 2023 -103% | Mar 2024 -25% | Jun 2024 100% | Sep 2024 -60% | Dec 2024 — | Mar 2025 67% | Jun 2025 -100% | Sep 2025 -50% | Dec 2025 — | Mar 2026 -100% | Jun 2026 — - MLP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 450% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -109% | Sep 2023 — | Dec 2023 -114% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -140% | Jun 2026 — - RMAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 — | Dec 2022 -133% | Mar 2023 -133% | Jun 2023 -70% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 100% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 17% | Sep 2025 133% | Dec 2025 -25% | Mar 2026 — | Jun 2026 — - ARL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1,436% | Dec 2022 — | Mar 2023 -73% | Jun 2023 -100% | Sep 2023 -99% | Dec 2023 -105% | Mar 2024 -50% | Jun 2024 — | Sep 2024 -525% | Dec 2024 — | Mar 2025 100% | Jun 2025 200% | Sep 2025 — | Dec 2025 — | Mar 2026 -125% | Jun 2026 — - NEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -100% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 100% | Dec 2023 50% | Mar 2024 50% | Jun 2024 100% | Sep 2024 100% | Dec 2024 33% | Mar 2025 33% | Jun 2025 0.0% | Sep 2025 -125% | Dec 2025 -125% | Mar 2026 -200% | Jun 2026 — - DOUG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -74% | Sep 2022 -116% | Dec 2022 -195% | Mar 2023 -400% | Jun 2023 -150% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - CHCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -96% | Sep 2022 17% | Dec 2022 — | Mar 2023 -75% | Jun 2023 -100% | Sep 2023 -29% | Dec 2023 -33% | Mar 2024 0.0% | Jun 2024 — | Sep 2024 -60% | Dec 2024 400% | Mar 2025 100% | Jun 2025 0.0% | Sep 2025 -50% | Dec 2025 30% | Mar 2026 0.0% | Jun 2026 — - SRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -2.1% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -96% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -375% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - STHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -556% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -256% | Mar 2025 — | Jun 2025 — | Sep 2025 -100% | Dec 2025 — | Mar 2026 — | Jun 2026 — - RFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -225% | Dec 2024 — | Mar 2025 -183% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ## Capacity Spending & Returns On It What the numbers say: CBRE Group, Inc. reports $246 million of CAPEX; FRP Holdings, Inc. has the highest covered intensity at 118.2%. Coverage is only 27 of 27 companies and 479 reported observations, so this is partial evidence—not a complete sector rank. Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation. This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns. Evidence: CBRE Group, Inc. · $246 million | 278.5% versus #2 · Jones Lang LaSalle Incorporated | 8/8 recent comparable periods | 27/27 companies · 479 observations Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns. ### CAPEX — largest spenders 1. CBRE Group, Inc. (CBRE): ₹246 Cr 2. Jones Lang LaSalle Incorporated (JLL): ₹65 Cr 3. CoStar Group, Inc. (CSGP): ₹54 Cr 4. IHS Holding Limited (IHS): ₹46 Cr 5. FirstService Corporation (FSV): ₹31 Cr ### CAPEX intensity — highest reinvestment intensity 1. FRP Holdings, Inc. (FRPH): 118% 2. Seaport Entertainment Group Inc. (SEG): 46% 3. American Realty Investors, Inc. (ARL): 42% 4. Transcontinental Realty Investors, Inc. (TCI): 42% 5. Maui Land & Pineapple Company, Inc. (MLP): 33% ### 20-quarter CAPEX history - CBRE: Sep 2021 ₹45 Cr | Dec 2021 ₹89 Cr | Mar 2022 ₹42 Cr | Jun 2022 ₹55 Cr | Sep 2022 ₹64 Cr | Dec 2022 ₹99 Cr | Mar 2023 ₹60 Cr | Jun 2023 ₹75 Cr | Sep 2023 ₹179 Cr | Dec 2023 ₹162 Cr | Mar 2024 ₹127 Cr | Jun 2024 ₹144 Cr | Sep 2024 ₹155 Cr | Dec 2024 ₹270 Cr | Mar 2025 ₹130 Cr | Jun 2025 ₹142 Cr | Sep 2025 ₹190 Cr | Dec 2025 ₹294 Cr | Mar 2026 ₹246 Cr | Jun 2026 — - JLL: Sep 2021 ₹42 Cr | Dec 2021 ₹64 Cr | Mar 2022 ₹47 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹49 Cr | Dec 2022 ₹70 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹59 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹77 Cr | Mar 2026 ₹65 Cr | Jun 2026 — - CSGP: Sep 2021 ₹8 Cr | Dec 2021 ₹44 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹44 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹380 Cr | Jun 2024 ₹92 Cr | Sep 2024 ₹87 Cr | Dec 2024 ₹79 Cr | Mar 2025 ₹80 Cr | Jun 2025 ₹151 Cr | Sep 2025 ₹92 Cr | Dec 2025 ₹67 Cr | Mar 2026 ₹54 Cr | Jun 2026 — - COMP: Sep 2021 ₹14 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 — | Mar 2024 ₹3 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹5 Cr | Dec 2024 — | Mar 2025 ₹4 Cr | Jun 2025 — | Sep 2025 ₹2 Cr | Dec 2025 — | Mar 2026 ₹11 Cr | Jun 2026 — - FSV: Sep 2021 ₹13 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹28 Cr | Jun 2026 ₹31 Cr - CIGI: Sep 2021 ₹12 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹18 Cr | Jun 2026 — - NMRK: Sep 2021 ₹5 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹10 Cr | Jun 2026 — - OPEN: Sep 2021 ₹12 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹4 Cr | Jun 2026 — - CWK: Sep 2021 ₹11 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹12 Cr | Jun 2026 — - IHS: Sep 2021 ₹81 Cr | Dec 2021 ₹147 Cr | Mar 2022 ₹117 Cr | Jun 2022 ₹134 Cr | Sep 2022 ₹174 Cr | Dec 2022 ₹119 Cr | Mar 2023 ₹141 Cr | Jun 2023 ₹192 Cr | Sep 2023 ₹139 Cr | Dec 2023 ₹104 Cr | Mar 2024 ₹65 Cr | Jun 2024 ₹62 Cr | Sep 2024 ₹62 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹57 Cr | Jun 2025 ₹46 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹77 Cr | Mar 2026 ₹46 Cr | Jun 2026 — - HBNB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹0 Cr | Sep 2024 — | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 ₹0 Cr | Sep 2025 — | Dec 2025 ₹1 Cr | Mar 2026 — | Jun 2026 — - MMI: Sep 2021 ₹1 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹3 Cr | Jun 2026 — - AGNT: Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹5 Cr | Jun 2022 — | Sep 2022 ₹1 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹3 Cr | Jun 2026 — - RMR: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹3 Cr | Jun 2026 — - FRPH: Sep 2021 ₹5 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹13 Cr | Jun 2026 — - REAX: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - TCI: Sep 2021 ₹2 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹5 Cr | Jun 2026 — - MLP: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 — | Sep 2025 ₹2 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 — - SEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹15 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹6 Cr | Jun 2026 — - RMAX: Sep 2021 ₹5 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹2 Cr | Jun 2026 — - ARL: Sep 2021 ₹2 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹5 Cr | Jun 2026 — - NEN: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹65 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹4 Cr | Jun 2026 — - DOUG: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - CHCI: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - SRG: Sep 2021 ₹33 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - STHO: Sep 2021 — | Dec 2021 — | Mar 2022 ₹5 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹1 Cr | Jun 2026 — - RFL: Sep 2021 — | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 ₹0 Cr ### 20-quarter CAPEX intensity history - CBRE: Sep 2021 0.7% | Dec 2021 1.0% | Mar 2022 0.6% | Jun 2022 0.7% | Sep 2022 0.8% | Dec 2022 1.2% | Mar 2023 0.8% | Jun 2023 1.0% | Sep 2023 2.3% | Dec 2023 1.8% | Mar 2024 1.6% | Jun 2024 1.7% | Sep 2024 1.7% | Dec 2024 2.6% | Mar 2025 1.5% | Jun 2025 1.5% | Sep 2025 1.9% | Dec 2025 2.5% | Mar 2026 2.3% | Jun 2026 — - JLL: Sep 2021 0.9% | Dec 2021 1.1% | Mar 2022 1.0% | Jun 2022 0.8% | Sep 2022 0.9% | Dec 2022 1.2% | Mar 2023 1.0% | Jun 2023 0.8% | Sep 2023 1.0% | Dec 2023 0.8% | Mar 2024 0.8% | Jun 2024 0.7% | Sep 2024 0.8% | Dec 2024 0.9% | Mar 2025 0.8% | Jun 2025 0.7% | Sep 2025 0.8% | Dec 2025 1.0% | Mar 2026 1.0% | Jun 2026 — - CSGP: Sep 2021 1.6% | Dec 2021 8.7% | Mar 2022 2.3% | Jun 2022 8.2% | Sep 2022 3.4% | Dec 2022 2.6% | Mar 2023 3.4% | Jun 2023 0.8% | Sep 2023 3.5% | Dec 2023 11% | Mar 2024 58% | Jun 2024 14% | Sep 2024 13% | Dec 2024 11% | Mar 2025 11% | Jun 2025 19% | Sep 2025 11% | Dec 2025 7.4% | Mar 2026 6.0% | Jun 2026 — - COMP: Sep 2021 0.8% | Dec 2021 1.1% | Mar 2022 1.5% | Jun 2022 1.0% | Sep 2022 1.1% | Dec 2022 1.2% | Mar 2023 0.4% | Jun 2023 0.2% | Sep 2023 0.2% | Dec 2023 — | Mar 2024 0.3% | Jun 2024 0.3% | Sep 2024 0.3% | Dec 2024 — | Mar 2025 0.3% | Jun 2025 — | Sep 2025 0.1% | Dec 2025 — | Mar 2026 0.4% | Jun 2026 — - FSV: Sep 2021 1.5% | Dec 2021 1.9% | Mar 2022 2.0% | Jun 2022 2.1% | Sep 2022 2.0% | Dec 2022 2.2% | Mar 2023 2.1% | Jun 2023 2.1% | Sep 2023 2.1% | Dec 2023 2.3% | Mar 2024 2.2% | Jun 2024 2.2% | Sep 2024 1.9% | Dec 2024 2.3% | Mar 2025 2.4% | Jun 2025 2.3% | Sep 2025 2.3% | Dec 2025 2.2% | Mar 2026 2.1% | Jun 2026 — - CIGI: Sep 2021 1.2% | Dec 2021 1.0% | Mar 2022 1.0% | Jun 2022 1.2% | Sep 2022 1.6% | Dec 2022 2.1% | Mar 2023 2.0% | Jun 2023 2.0% | Sep 2023 1.8% | Dec 2023 1.9% | Mar 2024 1.7% | Jun 2024 1.1% | Sep 2024 1.4% | Dec 2024 1.3% | Mar 2025 1.3% | Jun 2025 1.2% | Sep 2025 1.2% | Dec 2025 1.9% | Mar 2026 1.4% | Jun 2026 — - NMRK: Sep 2021 0.6% | Dec 2021 0.8% | Mar 2022 1.3% | Jun 2022 1.2% | Sep 2022 3.3% | Dec 2022 3.6% | Mar 2023 3.5% | Jun 2023 2.6% | Sep 2023 1.6% | Dec 2023 1.6% | Mar 2024 1.3% | Jun 2024 1.4% | Sep 2024 1.3% | Dec 2024 0.7% | Mar 2025 0.8% | Jun 2025 0.9% | Sep 2025 0.9% | Dec 2025 1.0% | Mar 2026 1.2% | Jun 2026 — - OPEN: Sep 2021 0.5% | Dec 2021 0.3% | Mar 2022 0.2% | Jun 2022 0.2% | Sep 2022 0.4% | Dec 2022 0.1% | Mar 2023 0.3% | Jun 2023 0.5% | Sep 2023 1.1% | Dec 2023 1.0% | Mar 2024 0.7% | Jun 2024 0.5% | Sep 2024 0.4% | Dec 2024 0.3% | Mar 2025 0.3% | Jun 2025 0.1% | Sep 2025 0.3% | Dec 2025 0.4% | Mar 2026 0.6% | Jun 2026 — - CWK: Sep 2021 0.5% | Dec 2021 0.8% | Mar 2022 0.8% | Jun 2022 0.5% | Sep 2022 0.6% | Dec 2022 0.4% | Mar 2023 0.4% | Jun 2023 0.5% | Sep 2023 0.6% | Dec 2023 0.1% | Mar 2024 0.5% | Jun 2024 0.5% | Sep 2024 0.4% | Dec 2024 0.3% | Mar 2025 0.2% | Jun 2025 0.4% | Sep 2025 0.4% | Dec 2025 0.8% | Mar 2026 0.5% | Jun 2026 — - IHS: Sep 2021 20% | Dec 2021 35% | Mar 2022 26% | Jun 2022 29% | Sep 2022 33% | Dec 2022 23% | Mar 2023 23% | Jun 2023 35% | Sep 2023 30% | Dec 2023 20% | Mar 2024 16% | Jun 2024 14% | Sep 2024 15% | Dec 2024 19% | Mar 2025 15% | Jun 2025 11% | Sep 2025 16% | Dec 2025 19% | Mar 2026 11% | Jun 2026 — - HBNB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.0% | Mar 2025 — | Jun 2025 0.0% | Sep 2025 — | Dec 2025 1.7% | Mar 2026 — | Jun 2026 — - MMI: Sep 2021 0.3% | Dec 2021 0.6% | Mar 2022 0.6% | Jun 2022 0.8% | Sep 2022 1.2% | Dec 2022 1.1% | Mar 2023 1.9% | Jun 2023 1.8% | Sep 2023 1.2% | Dec 2023 1.2% | Mar 2024 2.3% | Jun 2024 1.3% | Sep 2024 1.2% | Dec 2024 0.8% | Mar 2025 0.7% | Jun 2025 1.2% | Sep 2025 1.0% | Dec 2025 0.8% | Mar 2026 1.8% | Jun 2026 — - AGNT: Sep 2021 0.4% | Dec 2021 0.4% | Mar 2022 0.5% | Jun 2022 — | Sep 2022 0.1% | Dec 2022 0.3% | Mar 2023 0.1% | Jun 2023 0.2% | Sep 2023 0.1% | Dec 2023 0.1% | Mar 2024 0.1% | Jun 2024 0.1% | Sep 2024 0.2% | Dec 2024 0.2% | Mar 2025 0.3% | Jun 2025 0.2% | Sep 2025 0.2% | Dec 2025 0.2% | Mar 2026 0.3% | Jun 2026 — - RMR: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.4% | Mar 2023 0.5% | Jun 2023 0.4% | Sep 2023 0.4% | Dec 2023 0.4% | Mar 2024 0.5% | Jun 2024 0.5% | Sep 2024 0.5% | Dec 2024 0.5% | Mar 2025 0.6% | Jun 2025 0.0% | Sep 2025 0.6% | Dec 2025 0.6% | Mar 2026 2.1% | Jun 2026 — - FRPH: Sep 2021 63% | Dec 2021 63% | Mar 2022 44% | Jun 2022 140% | Sep 2022 100% | Dec 2022 10% | Mar 2023 10% | Jun 2023 9.1% | Sep 2023 18% | Dec 2023 70% | Mar 2024 60% | Jun 2024 60% | Sep 2024 318% | Dec 2024 36% | Mar 2025 30% | Jun 2025 55% | Sep 2025 227% | Dec 2025 155% | Mar 2026 118% | Jun 2026 — - REAX: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.3% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 — - TCI: Sep 2021 20% | Dec 2021 13% | Mar 2022 75% | Jun 2022 38% | Sep 2022 50% | Dec 2022 54% | Mar 2023 50% | Jun 2023 8.3% | Sep 2023 31% | Dec 2023 69% | Mar 2024 50% | Jun 2024 75% | Sep 2024 133% | Dec 2024 233% | Mar 2025 225% | Jun 2025 225% | Sep 2025 115% | Dec 2025 92% | Mar 2026 42% | Jun 2026 — - MLP: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 50% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 33% | Sep 2024 33% | Dec 2024 33% | Mar 2025 17% | Jun 2025 — | Sep 2025 40% | Dec 2025 20% | Mar 2026 33% | Jun 2026 — - SEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 100% | Jun 2023 42% | Sep 2023 35% | Dec 2023 82% | Mar 2024 93% | Jun 2024 8.8% | Sep 2024 113% | Dec 2024 35% | Mar 2025 100% | Jun 2025 18% | Sep 2025 11% | Dec 2025 10% | Mar 2026 46% | Jun 2026 — - RMAX: Sep 2021 5.5% | Dec 2021 3.4% | Mar 2022 4.4% | Jun 2022 2.2% | Sep 2022 2.2% | Dec 2022 2.5% | Mar 2023 1.2% | Jun 2023 1.2% | Sep 2023 1.2% | Dec 2023 2.6% | Mar 2024 3.8% | Jun 2024 2.6% | Sep 2024 1.3% | Dec 2024 1.4% | Mar 2025 2.7% | Jun 2025 2.7% | Sep 2025 1.4% | Dec 2025 4.2% | Mar 2026 2.9% | Jun 2026 — - ARL: Sep 2021 20% | Dec 2021 11% | Mar 2022 75% | Jun 2022 25% | Sep 2022 50% | Dec 2022 54% | Mar 2023 50% | Jun 2023 8.3% | Sep 2023 31% | Dec 2023 64% | Mar 2024 50% | Jun 2024 75% | Sep 2024 133% | Dec 2024 225% | Mar 2025 217% | Jun 2025 225% | Sep 2025 115% | Dec 2025 85% | Mar 2026 42% | Jun 2026 — - NEN: Sep 2021 6.3% | Dec 2021 6.3% | Mar 2022 5.9% | Jun 2022 5.9% | Sep 2022 12% | Dec 2022 11% | Mar 2023 61% | Jun 2023 17% | Sep 2023 163% | Dec 2023 15% | Mar 2024 25% | Jun 2024 25% | Sep 2024 30% | Dec 2024 35% | Mar 2025 24% | Jun 2025 310% | Sep 2025 25% | Dec 2025 42% | Mar 2026 17% | Jun 2026 — - DOUG: Sep 2021 0.3% | Dec 2021 0.3% | Mar 2022 0.3% | Jun 2022 1.1% | Sep 2022 0.7% | Dec 2022 1.0% | Mar 2023 1.9% | Jun 2023 0.4% | Sep 2023 0.4% | Dec 2023 0.5% | Mar 2024 1.0% | Jun 2024 0.3% | Sep 2024 0.4% | Dec 2024 0.4% | Mar 2025 0.4% | Jun 2025 0.4% | Sep 2025 0.4% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 — - CHCI: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 — - SRG: Sep 2021 114% | Dec 2021 97% | Mar 2022 71% | Jun 2022 103% | Sep 2022 104% | Dec 2022 91% | Mar 2023 3,200% | Jun 2023 300% | Sep 2023 240% | Dec 2023 200% | Mar 2024 200% | Jun 2024 250% | Sep 2024 100% | Dec 2024 50% | Mar 2025 260% | Jun 2025 100% | Sep 2025 80% | Dec 2025 125% | Mar 2026 0.0% | Jun 2026 — - STHO: Sep 2021 — | Dec 2021 — | Mar 2022 19% | Jun 2022 15% | Sep 2022 16% | Dec 2022 33% | Mar 2023 12% | Jun 2023 20% | Sep 2023 2.3% | Dec 2023 16% | Mar 2024 24% | Jun 2024 0.0% | Sep 2024 48% | Dec 2024 52% | Mar 2025 107% | Jun 2025 50% | Sep 2025 39% | Dec 2025 24% | Mar 2026 4.8% | Jun 2026 — ## Debt Load & Balance-Sheet Headroom What the numbers say: CoStar Group, Inc. has the clearest covered balance-sheet capacity with $193 million net cash and gross debt of $1,022 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information. Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt. This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods. Evidence: AGNT, Inc · $0 million | null versus #2 · Comstock Holding Companies, Inc. | 8/8 recent comparable periods | 26/27 companies · 486 observations Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business. ### Gross debt — lowest gross debt 1. AGNT, Inc (AGNT): ₹0 Cr 2. Comstock Holding Companies, Inc. (CHCI): ₹0 Cr 3. The Real Brokerage Inc. (REAX): ₹0 Cr 4. Rafael Holdings, Inc. (RFL): ₹0 Cr 5. Maui Land & Pineapple Company, Inc. (MLP): ₹7 Cr ### Net debt — lowest net debt 1. CoStar Group, Inc. (CSGP): ₹-193 Cr 2. AGNT, Inc (AGNT): ₹-122 Cr 3. Marcus & Millichap, Inc. (MMI): ₹-118 Cr 4. The Real Brokerage Inc. (REAX): ₹-63 Cr 5. Rafael Holdings, Inc. (RFL): ₹-30 Cr ### 20-quarter Gross debt history - CBRE: Sep 2021 ₹4.5K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹4.3K Cr | Jun 2022 ₹4.2K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹4.8K Cr | Jun 2023 ₹5.4K Cr | Sep 2023 ₹5.8K Cr | Dec 2023 ₹4.8K Cr | Mar 2024 ₹6.3K Cr | Jun 2024 ₹6.5K Cr | Sep 2024 ₹6.9K Cr | Dec 2024 ₹5.7K Cr | Mar 2025 ₹8.9K Cr | Jun 2025 ₹9.5K Cr | Sep 2025 ₹9.5K Cr | Dec 2025 ₹10.0K Cr | Mar 2026 ₹10.4K Cr | Jun 2026 — - JLL: Sep 2021 ₹4.1K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹3.7K Cr | Sep 2022 ₹3.7K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹4.3K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹5.0K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹4.1K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 — - CSGP: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 — - COMP: Sep 2021 ₹557 Cr | Dec 2021 ₹581 Cr | Mar 2022 ₹614 Cr | Jun 2022 ₹614 Cr | Sep 2022 ₹623 Cr | Dec 2022 ₹763 Cr | Mar 2023 ₹820 Cr | Jun 2023 ₹730 Cr | Sep 2023 ₹558 Cr | Dec 2023 ₹534 Cr | Mar 2024 ₹517 Cr | Jun 2024 ₹525 Cr | Sep 2024 ₹509 Cr | Dec 2024 ₹498 Cr | Mar 2025 ₹556 Cr | Jun 2025 ₹547 Cr | Sep 2025 ₹481 Cr | Dec 2025 ₹476 Cr | Mar 2026 ₹4.1K Cr | Jun 2026 — - FSV: Sep 2021 ₹733 Cr | Dec 2021 ₹823 Cr | Mar 2022 ₹854 Cr | Jun 2022 ₹833 Cr | Sep 2022 ₹896 Cr | Dec 2022 ₹952 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 ₹1.6K Cr - CIGI: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 — - NMRK: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 — - OPEN: Sep 2021 ₹6.4K Cr | Dec 2021 ₹7.1K Cr | Mar 2022 ₹5.8K Cr | Jun 2022 ₹7.6K Cr | Sep 2022 ₹8.1K Cr | Dec 2022 ₹5.4K Cr | Mar 2023 ₹4.0K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - CWK: Sep 2021 ₹3.7K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹3.6K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 — - IHS: Sep 2021 ₹2.5K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.7K Cr | Sep 2022 ₹3.8K Cr | Dec 2022 ₹4.0K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹4.1K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹3.9K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹3.9K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 — - MMI: Sep 2021 ₹81 Cr | Dec 2021 ₹77 Cr | Mar 2022 ₹75 Cr | Jun 2022 ₹82 Cr | Sep 2022 ₹82 Cr | Dec 2022 ₹82 Cr | Mar 2023 ₹100 Cr | Jun 2023 ₹97 Cr | Sep 2023 ₹92 Cr | Dec 2023 ₹88 Cr | Mar 2024 ₹91 Cr | Jun 2024 ₹88 Cr | Sep 2024 ₹85 Cr | Dec 2024 ₹84 Cr | Mar 2025 ₹84 Cr | Jun 2025 ₹82 Cr | Sep 2025 ₹79 Cr | Dec 2025 ₹78 Cr | Mar 2026 ₹75 Cr | Jun 2026 — - AGNT: Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - RMR: Sep 2021 ₹34 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹122 Cr | Dec 2024 ₹112 Cr | Mar 2025 ₹112 Cr | Jun 2025 ₹116 Cr | Sep 2025 ₹204 Cr | Dec 2025 ₹142 Cr | Mar 2026 ₹158 Cr | Jun 2026 — - FRPH: Sep 2021 ₹178 Cr | Dec 2021 ₹178 Cr | Mar 2022 ₹178 Cr | Jun 2022 ₹178 Cr | Sep 2022 ₹179 Cr | Dec 2022 ₹179 Cr | Mar 2023 ₹179 Cr | Jun 2023 ₹179 Cr | Sep 2023 ₹179 Cr | Dec 2023 ₹179 Cr | Mar 2024 ₹179 Cr | Jun 2024 ₹179 Cr | Sep 2024 ₹179 Cr | Dec 2024 ₹179 Cr | Mar 2025 ₹178 Cr | Jun 2025 ₹180 Cr | Sep 2025 ₹185 Cr | Dec 2025 ₹193 Cr | Mar 2026 ₹204 Cr | Jun 2026 — - REAX: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - TCI: Sep 2021 ₹363 Cr | Dec 2021 ₹366 Cr | Mar 2022 ₹329 Cr | Jun 2022 ₹313 Cr | Sep 2022 ₹282 Cr | Dec 2022 ₹314 Cr | Mar 2023 ₹225 Cr | Jun 2023 ₹181 Cr | Sep 2023 ₹179 Cr | Dec 2023 ₹179 Cr | Mar 2024 ₹178 Cr | Jun 2024 ₹177 Cr | Sep 2024 ₹180 Cr | Dec 2024 ₹182 Cr | Mar 2025 ₹198 Cr | Jun 2025 ₹212 Cr | Sep 2025 ₹223 Cr | Dec 2025 ₹211 Cr | Mar 2026 ₹212 Cr | Jun 2026 — - MLP: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹7 Cr | Jun 2026 — - SEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹191 Cr | Dec 2022 ₹191 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹204 Cr | Dec 2023 ₹204 Cr | Mar 2024 ₹204 Cr | Jun 2024 ₹203 Cr | Sep 2024 ₹150 Cr | Dec 2024 ₹149 Cr | Mar 2025 ₹149 Cr | Jun 2025 ₹156 Cr | Sep 2025 ₹157 Cr | Dec 2025 ₹156 Cr | Mar 2026 ₹95 Cr | Jun 2026 — - RMAX: Sep 2021 ₹506 Cr | Dec 2021 ₹504 Cr | Mar 2022 ₹503 Cr | Jun 2022 ₹498 Cr | Sep 2022 ₹496 Cr | Dec 2022 ₹493 Cr | Mar 2023 ₹492 Cr | Jun 2023 ₹490 Cr | Sep 2023 ₹487 Cr | Dec 2023 ₹484 Cr | Mar 2024 ₹481 Cr | Jun 2024 ₹478 Cr | Sep 2024 ₹475 Cr | Dec 2024 ₹472 Cr | Mar 2025 ₹469 Cr | Jun 2025 ₹466 Cr | Sep 2025 ₹463 Cr | Dec 2025 ₹459 Cr | Mar 2026 ₹457 Cr | Jun 2026 — - ARL: Sep 2021 ₹369 Cr | Dec 2021 ₹373 Cr | Mar 2022 ₹333 Cr | Jun 2022 ₹317 Cr | Sep 2022 ₹286 Cr | Dec 2022 ₹317 Cr | Mar 2023 ₹229 Cr | Jun 2023 ₹184 Cr | Sep 2023 ₹182 Cr | Dec 2023 ₹183 Cr | Mar 2024 ₹182 Cr | Jun 2024 ₹181 Cr | Sep 2024 ₹184 Cr | Dec 2024 ₹185 Cr | Mar 2025 ₹202 Cr | Jun 2025 ₹216 Cr | Sep 2025 ₹227 Cr | Dec 2025 ₹214 Cr | Mar 2026 ₹215 Cr | Jun 2026 — - NEN: Sep 2021 ₹299 Cr | Dec 2021 ₹370 Cr | Mar 2022 ₹370 Cr | Jun 2022 ₹412 Cr | Sep 2022 ₹411 Cr | Dec 2022 ₹411 Cr | Mar 2023 ₹410 Cr | Jun 2023 ₹410 Cr | Sep 2023 ₹409 Cr | Dec 2023 ₹409 Cr | Mar 2024 ₹408 Cr | Jun 2024 ₹407 Cr | Sep 2024 ₹407 Cr | Dec 2024 ₹406 Cr | Mar 2025 ₹405 Cr | Jun 2025 ₹511 Cr | Sep 2025 ₹511 Cr | Dec 2025 ₹528 Cr | Mar 2026 ₹527 Cr | Jun 2026 — - DOUG: Sep 2021 ₹170 Cr | Dec 2021 ₹165 Cr | Mar 2022 ₹163 Cr | Jun 2022 ₹157 Cr | Sep 2022 ₹149 Cr | Dec 2022 ₹143 Cr | Mar 2023 ₹138 Cr | Jun 2023 ₹138 Cr | Sep 2023 ₹137 Cr | Dec 2023 ₹133 Cr | Mar 2024 ₹129 Cr | Jun 2024 ₹124 Cr | Sep 2024 ₹190 Cr | Dec 2024 ₹187 Cr | Mar 2025 ₹183 Cr | Jun 2025 ₹195 Cr | Sep 2025 ₹206 Cr | Dec 2025 ₹103 Cr | Mar 2026 ₹102 Cr | Jun 2026 — - CHCI: Sep 2021 ₹6 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - SRG: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹800 Cr | Jun 2023 ₹550 Cr | Sep 2023 ₹400 Cr | Dec 2023 ₹360 Cr | Mar 2024 ₹330 Cr | Jun 2024 ₹280 Cr | Sep 2024 ₹280 Cr | Dec 2024 ₹240 Cr | Mar 2025 ₹240 Cr | Jun 2025 ₹200 Cr | Sep 2025 ₹197 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹49 Cr | Jun 2026 — - STHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹252 Cr | Jun 2023 ₹227 Cr | Sep 2023 ₹213 Cr | Dec 2023 ₹193 Cr | Mar 2024 ₹195 Cr | Jun 2024 ₹197 Cr | Sep 2024 ₹201 Cr | Dec 2024 ₹217 Cr | Mar 2025 ₹231 Cr | Jun 2025 ₹245 Cr | Sep 2025 ₹259 Cr | Dec 2025 ₹269 Cr | Mar 2026 ₹207 Cr | Jun 2026 — - RFL: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹0 Cr ### 20-quarter Net debt history - CBRE: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹4.1K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹5.2K Cr | Jun 2024 ₹5.6K Cr | Sep 2024 ₹5.8K Cr | Dec 2024 ₹4.6K Cr | Mar 2025 ₹7.5K Cr | Jun 2025 ₹8.1K Cr | Sep 2025 ₹7.8K Cr | Dec 2025 ₹8.1K Cr | Mar 2026 ₹8.7K Cr | Jun 2026 — - JLL: Sep 2021 ₹3.6K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹3.8K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.3K Cr | Sep 2024 ₹4.6K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 — - CSGP: Sep 2021 ₹-2.7K Cr | Dec 2021 ₹-2.8K Cr | Mar 2022 ₹-2.9K Cr | Jun 2022 ₹-2.9K Cr | Sep 2022 ₹-3.8K Cr | Dec 2022 ₹-3.9K Cr | Mar 2023 ₹-4.0K Cr | Jun 2023 ₹-4.2K Cr | Sep 2023 ₹-4.2K Cr | Dec 2023 ₹-4.2K Cr | Mar 2024 ₹-3.9K Cr | Jun 2024 ₹-3.9K Cr | Sep 2024 ₹-3.9K Cr | Dec 2024 ₹-3.7K Cr | Mar 2025 ₹-2.9K Cr | Jun 2025 ₹-2.9K Cr | Sep 2025 ₹-914 Cr | Dec 2025 ₹-612 Cr | Mar 2026 ₹-193 Cr | Jun 2026 — - COMP: Sep 2021 ₹-234 Cr | Dec 2021 ₹-37 Cr | Mar 2022 ₹138 Cr | Jun 2022 ₹183 Cr | Sep 2022 ₹268 Cr | Dec 2022 ₹401 Cr | Mar 2023 ₹456 Cr | Jun 2023 ₹395 Cr | Sep 2023 ₹338 Cr | Dec 2023 ₹367 Cr | Mar 2024 ₹351 Cr | Jun 2024 ₹339 Cr | Sep 2024 ₹298 Cr | Dec 2024 ₹274 Cr | Mar 2025 ₹429 Cr | Jun 2025 ₹370 Cr | Sep 2025 ₹311 Cr | Dec 2025 ₹277 Cr | Mar 2026 ₹3.6K Cr | Jun 2026 — - FSV: Sep 2021 ₹561 Cr | Dec 2021 ₹629 Cr | Mar 2022 ₹657 Cr | Jun 2022 ₹652 Cr | Sep 2022 ₹711 Cr | Dec 2022 ₹793 Cr | Mar 2023 ₹906 Cr | Jun 2023 ₹863 Cr | Sep 2023 ₹839 Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.4K Cr - CIGI: Sep 2021 ₹995 Cr | Dec 2021 ₹900 Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 — - NMRK: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹864 Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 — - OPEN: Sep 2021 ₹4.6K Cr | Dec 2021 ₹4.9K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹5.1K Cr | Sep 2022 ₹6.6K Cr | Dec 2022 ₹4.1K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹825 Cr | Dec 2025 ₹358 Cr | Mar 2026 ₹339 Cr | Jun 2026 — - CWK: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 — - IHS: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.5K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹3.7K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 — - MMI: Sep 2021 ₹-317 Cr | Dec 2021 ₹-489 Cr | Mar 2022 ₹-460 Cr | Jun 2022 ₹-383 Cr | Sep 2022 ₹-401 Cr | Dec 2022 ₹-407 Cr | Mar 2023 ₹-261 Cr | Jun 2023 ₹-239 Cr | Sep 2023 ₹-249 Cr | Dec 2023 ₹-252 Cr | Mar 2024 ₹-198 Cr | Jun 2024 ₹-194 Cr | Sep 2024 ₹-214 Cr | Dec 2024 ₹-259 Cr | Mar 2025 ₹-185 Cr | Jun 2025 ₹-140 Cr | Sep 2025 ₹-168 Cr | Dec 2025 ₹-174 Cr | Mar 2026 ₹-118 Cr | Jun 2026 — - AGNT: Sep 2021 ₹-94 Cr | Dec 2021 ₹-104 Cr | Mar 2022 ₹-126 Cr | Jun 2022 ₹-131 Cr | Sep 2022 ₹-131 Cr | Dec 2022 ₹-116 Cr | Mar 2023 ₹-122 Cr | Jun 2023 ₹-125 Cr | Sep 2023 ₹-120 Cr | Dec 2023 ₹-126 Cr | Mar 2024 ₹-109 Cr | Jun 2024 ₹-108 Cr | Sep 2024 ₹-130 Cr | Dec 2024 ₹-114 Cr | Mar 2025 ₹-116 Cr | Jun 2025 ₹-95 Cr | Sep 2025 ₹-113 Cr | Dec 2025 ₹-124 Cr | Mar 2026 ₹-122 Cr | Jun 2026 — - RMR: Sep 2021 ₹-126 Cr | Dec 2021 ₹-149 Cr | Mar 2022 ₹-150 Cr | Jun 2022 ₹-165 Cr | Sep 2022 ₹-159 Cr | Dec 2022 ₹-169 Cr | Mar 2023 ₹-166 Cr | Jun 2023 ₹-265 Cr | Sep 2023 ₹-238 Cr | Dec 2023 ₹-166 Cr | Mar 2024 ₹-157 Cr | Jun 2024 ₹-174 Cr | Sep 2024 ₹-20 Cr | Dec 2024 ₹-36 Cr | Mar 2025 ₹-25 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹142 Cr | Dec 2025 ₹123 Cr | Mar 2026 ₹78 Cr | Jun 2026 — - FRPH: Sep 2021 ₹10 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹88 Cr | Mar 2026 ₹96 Cr | Jun 2026 — - REAX: Sep 2021 ₹-45 Cr | Dec 2021 ₹-35 Cr | Mar 2022 ₹-37 Cr | Jun 2022 ₹-37 Cr | Sep 2022 ₹-32 Cr | Dec 2022 ₹-19 Cr | Mar 2023 ₹-19 Cr | Jun 2023 ₹-28 Cr | Sep 2023 ₹-33 Cr | Dec 2023 ₹-29 Cr | Mar 2024 ₹-34 Cr | Jun 2024 ₹-34 Cr | Sep 2024 ₹-32 Cr | Dec 2024 ₹-33 Cr | Mar 2025 ₹-35 Cr | Jun 2025 ₹-55 Cr | Sep 2025 ₹-56 Cr | Dec 2025 ₹-50 Cr | Mar 2026 ₹-63 Cr | Jun 2026 — - TCI: Sep 2021 ₹299 Cr | Dec 2021 ₹299 Cr | Mar 2022 ₹283 Cr | Jun 2022 ₹267 Cr | Sep 2022 ₹75 Cr | Dec 2022 ₹81 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹-15 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹82 Cr | Mar 2025 ₹109 Cr | Jun 2025 ₹139 Cr | Sep 2025 ₹140 Cr | Dec 2025 ₹122 Cr | Mar 2026 ₹124 Cr | Jun 2026 — - MLP: Sep 2021 ₹-5 Cr | Dec 2021 ₹-6 Cr | Mar 2022 ₹-6 Cr | Jun 2022 ₹-17 Cr | Sep 2022 ₹-11 Cr | Dec 2022 ₹-11 Cr | Mar 2023 ₹-12 Cr | Jun 2023 ₹-10 Cr | Sep 2023 ₹-10 Cr | Dec 2023 ₹-8 Cr | Mar 2024 ₹-8 Cr | Jun 2024 ₹-7 Cr | Sep 2024 ₹-6 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹-6 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹3 Cr | Jun 2026 — - SEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹175 Cr | Dec 2022 ₹175 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹202 Cr | Dec 2023 ₹202 Cr | Mar 2024 ₹202 Cr | Jun 2024 ₹200 Cr | Sep 2024 ₹126 Cr | Dec 2024 ₹-17 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹78 Cr | Mar 2026 ₹-20 Cr | Jun 2026 — - RMAX: Sep 2021 ₹387 Cr | Dec 2021 ₹378 Cr | Mar 2022 ₹385 Cr | Jun 2022 ₹380 Cr | Sep 2022 ₹378 Cr | Dec 2022 ₹384 Cr | Mar 2023 ₹395 Cr | Jun 2023 ₹393 Cr | Sep 2023 ₹397 Cr | Dec 2023 ₹401 Cr | Mar 2024 ₹399 Cr | Jun 2024 ₹412 Cr | Sep 2024 ₹391 Cr | Dec 2024 ₹375 Cr | Mar 2025 ₹380 Cr | Jun 2025 ₹372 Cr | Sep 2025 ₹356 Cr | Dec 2025 ₹340 Cr | Mar 2026 ₹350 Cr | Jun 2026 — - ARL: Sep 2021 ₹305 Cr | Dec 2021 ₹306 Cr | Mar 2022 ₹287 Cr | Jun 2022 ₹271 Cr | Sep 2022 ₹79 Cr | Dec 2022 ₹84 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹-12 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹51 Cr | Jun 2024 ₹54 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹85 Cr | Mar 2025 ₹113 Cr | Jun 2025 ₹142 Cr | Sep 2025 ₹144 Cr | Dec 2025 ₹125 Cr | Mar 2026 ₹127 Cr | Jun 2026 — - NEN: Sep 2021 ₹274 Cr | Dec 2021 ₹274 Cr | Mar 2022 ₹278 Cr | Jun 2022 ₹279 Cr | Sep 2022 ₹278 Cr | Dec 2022 ₹273 Cr | Mar 2023 ₹288 Cr | Jun 2023 ₹286 Cr | Sep 2023 ₹310 Cr | Dec 2023 ₹306 Cr | Mar 2024 ₹310 Cr | Jun 2024 ₹309 Cr | Sep 2024 ₹306 Cr | Dec 2024 ₹305 Cr | Mar 2025 ₹316 Cr | Jun 2025 ₹494 Cr | Sep 2025 ₹498 Cr | Dec 2025 ₹501 Cr | Mar 2026 ₹501 Cr | Jun 2026 — - DOUG: Sep 2021 ₹11 Cr | Dec 2021 ₹-47 Cr | Mar 2022 ₹-41 Cr | Jun 2022 ₹-45 Cr | Sep 2022 ₹-44 Cr | Dec 2022 ₹-21 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹-9 Cr | Mar 2024 ₹38 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹-13 Cr | Mar 2026 ₹6 Cr | Jun 2026 — - CHCI: Sep 2021 ₹-3 Cr | Dec 2021 ₹-10 Cr | Mar 2022 ₹-6 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹-12 Cr | Mar 2023 ₹-9 Cr | Jun 2023 ₹-9 Cr | Sep 2023 ₹-11 Cr | Dec 2023 ₹-19 Cr | Mar 2024 ₹-16 Cr | Jun 2024 ₹-17 Cr | Sep 2024 ₹-21 Cr | Dec 2024 ₹-29 Cr | Mar 2025 ₹-28 Cr | Jun 2025 ₹-30 Cr | Sep 2025 ₹-26 Cr | Dec 2025 ₹-31 Cr | Mar 2026 ₹-20 Cr | Jun 2026 — - SRG: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹897 Cr | Mar 2023 ₹680 Cr | Jun 2023 ₹425 Cr | Sep 2023 ₹301 Cr | Dec 2023 ₹226 Cr | Mar 2024 ₹215 Cr | Jun 2024 ₹193 Cr | Sep 2024 ₹194 Cr | Dec 2024 ₹155 Cr | Mar 2025 ₹146 Cr | Jun 2025 ₹128 Cr | Sep 2025 ₹145 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹5 Cr | Jun 2026 — - STHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-4 Cr | Dec 2022 ₹-4 Cr | Mar 2023 ₹182 Cr | Jun 2023 ₹172 Cr | Sep 2023 ₹167 Cr | Dec 2023 ₹142 Cr | Mar 2024 ₹149 Cr | Jun 2024 ₹149 Cr | Sep 2024 ₹156 Cr | Dec 2024 ₹182 Cr | Mar 2025 ₹201 Cr | Jun 2025 ₹201 Cr | Sep 2025 ₹218 Cr | Dec 2025 ₹219 Cr | Mar 2026 ₹161 Cr | Jun 2026 — - RFL: Sep 2021 ₹-13 Cr | Dec 2021 ₹-77 Cr | Mar 2022 ₹-70 Cr | Jun 2022 ₹-29 Cr | Sep 2022 ₹-27 Cr | Dec 2022 ₹-23 Cr | Mar 2023 ₹-10 Cr | Jun 2023 ₹-15 Cr | Sep 2023 ₹-21 Cr | Dec 2023 ₹-13 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹-7 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹-8 Cr | Mar 2025 ₹-48 Cr | Jun 2025 ₹-38 Cr | Sep 2025 ₹-53 Cr | Dec 2025 ₹-46 Cr | Mar 2026 ₹-38 Cr | Jun 2026 ₹-30 Cr ## Return On Capital Employed What the numbers say: IHS Holding Limited leads ROCE at 3.2%, 0.2 percentage points above CBRE Group, Inc.. Hotel101 Global Holdings Corp. has the strongest latest improvement at +44.5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability. Investor read: IHS Holding Limited sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roce change signal. Evidence: IHS Holding Limited · 3.2% | 6.7% versus #2 · CBRE Group, Inc. | 7/8 recent comparable periods | 25/27 companies · 457 observations Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability. ### ROCE — highest 1. IHS Holding Limited (IHS): 3.2% 2. CBRE Group, Inc. (CBRE): 3.0% 3. FirstService Corporation (FSV): 2.9% 4. Jones Lang LaSalle Incorporated (JLL): 2.0% 5. The RMR Group Inc. (RMR): 1.2% ### ROCE change — fastest improvers 1. Hotel101 Global Holdings Corp. (HBNB): +44.5 pp — older report 2. The Real Brokerage Inc. (REAX): +10.9 pp 3. Marcus & Millichap, Inc. (MMI): +1.6 pp 4. Newmark Group, Inc. (NMRK): +1.5 pp 5. CBRE Group, Inc. (CBRE): +1.2 pp ### 20-quarter ROCE history - CBRE: Sep 2021 3.6% | Dec 2021 4.8% | Mar 2022 3.0% | Jun 2022 4.2% | Sep 2022 3.0% | Dec 2022 1.9% | Mar 2023 0.3% | Jun 2023 2.3% | Sep 2023 2.0% | Dec 2023 3.8% | Mar 2024 1.5% | Jun 2024 1.7% | Sep 2024 2.5% | Dec 2024 4.0% | Mar 2025 1.8% | Jun 2025 2.3% | Sep 2025 2.9% | Dec 2025 3.7% | Mar 2026 3.0% | Jun 2026 — - JLL: Sep 2021 3.5% | Dec 2021 5.2% | Mar 2022 1.9% | Jun 2022 2.5% | Sep 2022 2.2% | Dec 2022 2.7% | Mar 2023 0.2% | Jun 2023 1.5% | Sep 2023 1.2% | Dec 2023 3.0% | Mar 2024 1.1% | Jun 2024 1.5% | Sep 2024 2.3% | Dec 2024 3.9% | Mar 2025 1.2% | Jun 2025 1.9% | Sep 2025 2.7% | Dec 2025 5.1% | Mar 2026 2.0% | Jun 2026 — - CSGP: Sep 2021 1.3% | Dec 2021 2.1% | Mar 2022 1.9% | Jun 2022 1.6% | Sep 2022 1.2% | Dec 2022 1.7% | Mar 2023 1.0% | Jun 2023 1.0% | Sep 2023 0.8% | Dec 2023 0.8% | Mar 2024 -0.5% | Jun 2024 -0.2% | Sep 2024 0.3% | Dec 2024 0.5% | Mar 2025 -0.5% | Jun 2025 -0.3% | Sep 2025 -0.5% | Dec 2025 0.5% | Mar 2026 0.0% | Jun 2026 — - COMP: Sep 2021 -7.7% | Dec 2021 -14% | Mar 2022 -16% | Jun 2022 -7.0% | Sep 2022 -11% | Dec 2022 -13% | Mar 2023 -13% | Jun 2023 -4.1% | Sep 2023 -3.8% | Dec 2023 -8.8% | Mar 2024 -15% | Jun 2024 2.4% | Sep 2024 -0.4% | Dec 2024 -4.8% | Mar 2025 -5.9% | Jun 2025 4.0% | Sep 2025 -0.7% | Dec 2025 -4.2% | Mar 2026 -8.9% | Jun 2026 — - FSV: Sep 2021 3.6% | Dec 2021 2.5% | Mar 2022 1.6% | Jun 2022 3.3% | Sep 2022 3.3% | Dec 2022 3.3% | Mar 2023 1.9% | Jun 2023 3.9% | Sep 2023 3.4% | Dec 2023 1.9% | Mar 2024 1.5% | Jun 2024 3.0% | Sep 2024 4.5% | Dec 2024 2.9% | Mar 2025 1.2% | Jun 2025 2.9% | Sep 2025 3.4% | Dec 2025 2.5% | Mar 2026 1.4% | Jun 2026 2.9% - CIGI: Sep 2021 3.5% | Dec 2021 6.1% | Mar 2022 1.7% | Jun 2022 4.1% | Sep 2022 3.2% | Dec 2022 3.4% | Mar 2023 0.7% | Jun 2023 2.2% | Sep 2023 2.0% | Dec 2023 3.4% | Mar 2024 1.1% | Jun 2024 2.8% | Sep 2024 2.5% | Dec 2024 2.8% | Mar 2025 0.7% | Jun 2025 2.2% | Sep 2025 2.1% | Dec 2025 2.8% | Mar 2026 0.7% | Jun 2026 — - NMRK: Sep 2021 8.3% | Dec 2021 8.6% | Mar 2022 0.5% | Jun 2022 3.0% | Sep 2022 2.0% | Dec 2022 0.9% | Mar 2023 -0.4% | Jun 2023 1.0% | Sep 2023 1.1% | Dec 2023 3.0% | Mar 2024 -0.8% | Jun 2024 1.4% | Sep 2024 1.4% | Dec 2024 3.5% | Mar 2025 -0.6% | Jun 2025 1.4% | Sep 2025 2.8% | Dec 2025 4.1% | Mar 2026 0.9% | Jun 2026 — - OPEN: Sep 2021 -2.5% | Dec 2021 -3.0% | Mar 2022 2.9% | Jun 2022 0.7% | Sep 2022 -15% | Dec 2022 -5.3% | Mar 2023 -2.4% | Jun 2023 -1.3% | Sep 2023 -1.6% | Dec 2023 -2.7% | Mar 2024 -2.2% | Jun 2024 -2.0% | Sep 2024 -2.0% | Dec 2024 -3.1% | Mar 2025 -2.0% | Jun 2025 -0.5% | Sep 2025 -3.0% | Dec 2025 -6.4% | Mar 2026 -7.5% | Jun 2026 — - CWK: Sep 2021 2.5% | Dec 2021 4.6% | Mar 2022 2.6% | Jun 2022 3.3% | Sep 2022 2.1% | Dec 2022 0.8% | Mar 2023 -0.3% | Jun 2023 1.0% | Sep 2023 1.1% | Dec 2023 3.1% | Mar 2024 0.3% | Jun 2024 1.3% | Sep 2024 1.4% | Dec 2024 3.6% | Mar 2025 0.9% | Jun 2025 2.4% | Sep 2025 2.1% | Dec 2025 3.4% | Mar 2026 1.1% | Jun 2026 — - IHS: Sep 2021 1.5% | Dec 2021 1.9% | Mar 2022 2.5% | Jun 2022 2.2% | Sep 2022 3.1% | Dec 2022 -0.5% | Mar 2023 3.8% | Jun 2023 3.1% | Sep 2023 0.3% | Dec 2023 3.8% | Mar 2024 -0.2% | Jun 2024 3.5% | Sep 2024 3.1% | Dec 2024 6.2% | Mar 2025 4.4% | Jun 2025 3.8% | Sep 2025 4.1% | Dec 2025 9.4% | Mar 2026 3.2% | Jun 2026 — - HBNB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -15% | Dec 2023 -15% | Mar 2024 -63% | Jun 2024 -63% | Sep 2024 -46% | Dec 2024 -46% | Mar 2025 8.8% | Jun 2025 8.8% | Sep 2025 -1.7% | Dec 2025 -1.7% | Mar 2026 — | Jun 2026 — - MMI: Sep 2021 6.7% | Dec 2021 11% | Mar 2022 6.1% | Jun 2022 7.4% | Sep 2022 3.8% | Dec 2022 0.7% | Mar 2023 -2.0% | Jun 2023 -1.3% | Sep 2023 -1.9% | Dec 2023 -2.1% | Mar 2024 -2.6% | Jun 2024 -1.1% | Sep 2024 -1.5% | Dec 2024 0.9% | Mar 2025 -2.4% | Jun 2025 -1.3% | Sep 2025 -0.3% | Dec 2025 2.1% | Mar 2026 -0.8% | Jun 2026 — - AGNT: Sep 2021 7.3% | Dec 2021 0.8% | Mar 2022 2.3% | Jun 2022 5.4% | Sep 2022 0.0% | Dec 2022 -4.4% | Mar 2023 0.0% | Jun 2023 4.9% | Sep 2023 1.4% | Dec 2023 -6.4% | Mar 2024 -7.6% | Jun 2024 7.7% | Sep 2024 -3.6% | Dec 2024 -4.9% | Mar 2025 -4.8% | Jun 2025 -1.1% | Sep 2025 1.8% | Dec 2025 -5.7% | Mar 2026 -3.8% | Jun 2026 — - RMR: Sep 2021 4.1% | Dec 2021 3.8% | Mar 2022 4.1% | Jun 2022 4.9% | Sep 2022 5.0% | Dec 2022 4.7% | Mar 2023 3.9% | Jun 2023 14% | Sep 2023 3.2% | Dec 2023 2.3% | Mar 2024 2.5% | Jun 2024 2.5% | Sep 2024 1.9% | Dec 2024 2.5% | Mar 2025 1.4% | Jun 2025 1.9% | Sep 2025 1.9% | Dec 2025 5.6% | Mar 2026 1.2% | Jun 2026 — - FRPH: Sep 2021 0.1% | Dec 2021 0.0% | Mar 2022 0.2% | Jun 2022 0.3% | Sep 2022 0.3% | Dec 2022 0.4% | Mar 2023 0.5% | Jun 2023 0.4% | Sep 2023 0.5% | Dec 2023 0.5% | Mar 2024 0.5% | Jun 2024 0.4% | Sep 2024 0.5% | Dec 2024 0.5% | Mar 2025 0.4% | Jun 2025 0.3% | Sep 2025 0.2% | Dec 2025 0.3% | Mar 2026 0.1% | Jun 2026 — - REAX: Sep 2021 -4.9% | Dec 2021 -15% | Mar 2022 -18% | Jun 2022 -12% | Sep 2022 -14% | Dec 2022 -28% | Mar 2023 -29% | Jun 2023 -16% | Sep 2023 -17% | Dec 2023 -38% | Mar 2024 -68% | Jun 2024 -2.4% | Sep 2024 -9.0% | Dec 2024 -18% | Mar 2025 -18% | Jun 2025 4.2% | Sep 2025 -1.1% | Dec 2025 -13% | Mar 2026 -7.0% | Jun 2026 — - TCI: Sep 2021 -0.6% | Dec 2021 -0.5% | Mar 2022 -0.5% | Jun 2022 -0.4% | Sep 2022 -0.3% | Dec 2022 0.0% | Mar 2023 -0.3% | Jun 2023 -0.4% | Sep 2023 -0.2% | Dec 2023 -0.2% | Mar 2024 -0.1% | Jun 2024 -0.1% | Sep 2024 -0.2% | Dec 2024 -0.2% | Mar 2025 -0.1% | Jun 2025 -0.1% | Sep 2025 -0.1% | Dec 2025 -0.3% | Mar 2026 -0.2% | Jun 2026 — - MLP: Sep 2021 0.0% | Dec 2021 0.5% | Mar 2022 -1.4% | Jun 2022 26% | Sep 2022 0.0% | Dec 2022 -1.4% | Mar 2023 -3.7% | Jun 2023 -3.2% | Sep 2023 -3.0% | Dec 2023 -2.7% | Mar 2024 -3.5% | Jun 2024 -4.8% | Sep 2024 -5.5% | Dec 2024 -4.7% | Mar 2025 -5.0% | Jun 2025 -2.0% | Sep 2025 -0.9% | Dec 2025 -4.3% | Mar 2026 -5.5% | Jun 2026 — - SEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 -73% | Dec 2023 -2.6% | Mar 2024 -11% | Jun 2024 -8.7% | Sep 2024 -3.4% | Dec 2024 -3.9% | Mar 2025 -5.1% | Jun 2025 -2.5% | Sep 2025 -5.4% | Dec 2025 -5.3% | Mar 2026 -7.0% | Jun 2026 — - RMAX: Sep 2021 -7.0% | Dec 2021 2.0% | Mar 2022 1.4% | Jun 2022 3.2% | Sep 2022 0.8% | Dec 2022 1.4% | Mar 2023 1.2% | Jun 2023 2.2% | Sep 2023 -4.0% | Dec 2023 -1.9% | Mar 2024 0.9% | Jun 2024 3.3% | Sep 2024 3.5% | Dec 2024 1.0% | Mar 2025 1.3% | Jun 2025 3.3% | Sep 2025 4.2% | Dec 2025 2.1% | Mar 2026 -1.8% | Jun 2026 — - ARL: Sep 2021 -0.7% | Dec 2021 -0.5% | Mar 2022 -0.6% | Jun 2022 -0.4% | Sep 2022 -0.4% | Dec 2022 0.8% | Mar 2023 -0.4% | Jun 2023 -0.5% | Sep 2023 -0.2% | Dec 2023 0.5% | Mar 2024 -0.1% | Jun 2024 -0.1% | Sep 2024 -0.2% | Dec 2024 0.5% | Mar 2025 -0.1% | Jun 2025 -0.1% | Sep 2025 -0.2% | Dec 2025 0.5% | Mar 2026 -0.2% | Jun 2026 — - NEN: Sep 2021 1.3% | Dec 2021 1.0% | Mar 2022 1.2% | Jun 2022 1.4% | Sep 2022 1.4% | Dec 2022 1.4% | Mar 2023 1.3% | Jun 2023 1.3% | Sep 2023 1.3% | Dec 2023 1.5% | Mar 2024 1.6% | Jun 2024 1.8% | Sep 2024 1.7% | Dec 2024 1.8% | Mar 2025 1.7% | Jun 2025 1.7% | Sep 2025 1.1% | Dec 2025 0.9% | Mar 2026 0.4% | Jun 2026 — - DOUG: Sep 2021 6.6% | Dec 2021 4.7% | Mar 2022 1.8% | Jun 2022 3.3% | Sep 2022 -1.2% | Dec 2022 -4.7% | Mar 2023 -5.3% | Jun 2023 -1.8% | Sep 2023 -2.0% | Dec 2023 -5.5% | Mar 2024 -10% | Jun 2024 -0.9% | Sep 2024 -1.8% | Dec 2024 -4.1% | Mar 2025 -1.4% | Jun 2025 -1.4% | Sep 2025 -2.7% | Dec 2025 -3.9% | Mar 2026 -4.8% | Jun 2026 — - SRG: Sep 2021 -0.7% | Dec 2021 -1.6% | Mar 2022 -0.4% | Jun 2022 -6.8% | Sep 2022 -1.1% | Dec 2022 -1.1% | Mar 2023 -1.5% | Jun 2023 -7.4% | Sep 2023 -0.8% | Dec 2023 -1.0% | Mar 2024 -1.3% | Jun 2024 -10% | Sep 2024 -2.3% | Dec 2024 -1.2% | Mar 2025 -2.3% | Jun 2025 -4.0% | Sep 2025 -1.1% | Dec 2025 -1.1% | Mar 2026 -4.2% | Jun 2026 — - STHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -0.4% | Dec 2022 -9.1% | Mar 2023 -5.1% | Jun 2023 -2.5% | Sep 2023 0.4% | Dec 2023 -0.7% | Mar 2024 -1.1% | Jun 2024 -1.1% | Sep 2024 -0.3% | Dec 2024 1.0% | Mar 2025 -1.3% | Jun 2025 1.3% | Sep 2025 1.0% | Dec 2025 1.3% | Mar 2026 -1.2% | Jun 2026 — ### 20-quarter ROCE change history - CBRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 −2.9 pp | Mar 2023 −2.7 pp | Jun 2023 −1.9 pp | Sep 2023 −1.0 pp | Dec 2023 +1.9 pp | Mar 2024 +1.2 pp | Jun 2024 −0.6 pp | Sep 2024 +0.5 pp | Dec 2024 +0.2 pp | Mar 2025 +0.3 pp | Jun 2025 +0.6 pp | Sep 2025 +0.4 pp | Dec 2025 −0.3 pp | Mar 2026 +1.2 pp | Jun 2026 — - JLL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 −2.5 pp | Mar 2023 −1.7 pp | Jun 2023 −1.0 pp | Sep 2023 −1.0 pp | Dec 2023 +0.3 pp | Mar 2024 +0.9 pp | Jun 2024 0.0 pp | Sep 2024 +1.1 pp | Dec 2024 +0.9 pp | Mar 2025 +0.1 pp | Jun 2025 +0.4 pp | Sep 2025 +0.4 pp | Dec 2025 +1.2 pp | Mar 2026 +0.8 pp | Jun 2026 — - CSGP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −0.4 pp | Mar 2023 −0.9 pp | Jun 2023 −0.6 pp | Sep 2023 −0.4 pp | Dec 2023 −0.9 pp | Mar 2024 −1.5 pp | Jun 2024 −1.2 pp | Sep 2024 −0.5 pp | Dec 2024 −0.3 pp | Mar 2025 0.0 pp | Jun 2025 −0.1 pp | Sep 2025 −0.8 pp | Dec 2025 0.0 pp | Mar 2026 +0.5 pp | Jun 2026 — - COMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.7 pp | Dec 2022 +1.3 pp | Mar 2023 +2.5 pp | Jun 2023 +2.9 pp | Sep 2023 +7.6 pp | Dec 2023 +4.0 pp | Mar 2024 −2.2 pp | Jun 2024 +6.5 pp | Sep 2024 +3.4 pp | Dec 2024 +4.0 pp | Mar 2025 +9.4 pp | Jun 2025 +1.6 pp | Sep 2025 −0.3 pp | Dec 2025 +0.6 pp | Mar 2026 −3.0 pp | Jun 2026 — - FSV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 +0.8 pp | Mar 2023 +0.3 pp | Jun 2023 +0.6 pp | Sep 2023 +0.1 pp | Dec 2023 −1.4 pp | Mar 2024 −0.4 pp | Jun 2024 −0.9 pp | Sep 2024 +1.1 pp | Dec 2024 +1.0 pp | Mar 2025 −0.3 pp | Jun 2025 −0.1 pp | Sep 2025 −1.1 pp | Dec 2025 −0.4 pp | Mar 2026 +0.2 pp | Jun 2026 0.0 pp - CIGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −2.7 pp | Mar 2023 −1.0 pp | Jun 2023 −1.9 pp | Sep 2023 −1.2 pp | Dec 2023 0.0 pp | Mar 2024 +0.4 pp | Jun 2024 +0.6 pp | Sep 2024 +0.5 pp | Dec 2024 −0.6 pp | Mar 2025 −0.4 pp | Jun 2025 −0.6 pp | Sep 2025 −0.4 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 — - NMRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.3 pp | Dec 2022 −7.7 pp | Mar 2023 −0.9 pp | Jun 2023 −2.0 pp | Sep 2023 −0.9 pp | Dec 2023 +2.1 pp | Mar 2024 −0.4 pp | Jun 2024 +0.4 pp | Sep 2024 +0.3 pp | Dec 2024 +0.5 pp | Mar 2025 +0.2 pp | Jun 2025 0.0 pp | Sep 2025 +1.4 pp | Dec 2025 +0.6 pp | Mar 2026 +1.5 pp | Jun 2026 — - OPEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −12.3 pp | Dec 2022 −2.3 pp | Mar 2023 −5.3 pp | Jun 2023 −2.0 pp | Sep 2023 +13.2 pp | Dec 2023 +2.6 pp | Mar 2024 +0.2 pp | Jun 2024 −0.7 pp | Sep 2024 −0.4 pp | Dec 2024 −0.4 pp | Mar 2025 +0.2 pp | Jun 2025 +1.5 pp | Sep 2025 −1.0 pp | Dec 2025 −3.3 pp | Mar 2026 −5.5 pp | Jun 2026 — - CWK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 −3.8 pp | Mar 2023 −2.9 pp | Jun 2023 −2.3 pp | Sep 2023 −1.0 pp | Dec 2023 +2.3 pp | Mar 2024 +0.6 pp | Jun 2024 +0.3 pp | Sep 2024 +0.3 pp | Dec 2024 +0.5 pp | Mar 2025 +0.6 pp | Jun 2025 +1.1 pp | Sep 2025 +0.7 pp | Dec 2025 −0.2 pp | Mar 2026 +0.2 pp | Jun 2026 — - IHS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.6 pp | Dec 2022 −2.4 pp | Mar 2023 +1.3 pp | Jun 2023 +0.9 pp | Sep 2023 −2.8 pp | Dec 2023 +4.3 pp | Mar 2024 −4.0 pp | Jun 2024 +0.4 pp | Sep 2024 +2.8 pp | Dec 2024 +2.4 pp | Mar 2025 +4.6 pp | Jun 2025 +0.3 pp | Sep 2025 +1.0 pp | Dec 2025 +3.2 pp | Mar 2026 −1.2 pp | Jun 2026 — - HBNB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −31.0 pp | Dec 2024 −31.0 pp | Mar 2025 +71.5 pp | Jun 2025 +71.5 pp | Sep 2025 +44.5 pp | Dec 2025 +44.5 pp | Mar 2026 — | Jun 2026 — - MMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.9 pp | Dec 2022 −10.4 pp | Mar 2023 −8.1 pp | Jun 2023 −8.7 pp | Sep 2023 −5.7 pp | Dec 2023 −2.8 pp | Mar 2024 −0.6 pp | Jun 2024 +0.2 pp | Sep 2024 +0.4 pp | Dec 2024 +3.0 pp | Mar 2025 +0.2 pp | Jun 2025 −0.2 pp | Sep 2025 +1.2 pp | Dec 2025 +1.2 pp | Mar 2026 +1.6 pp | Jun 2026 — - AGNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.3 pp | Dec 2022 −5.2 pp | Mar 2023 −2.3 pp | Jun 2023 −0.5 pp | Sep 2023 +1.4 pp | Dec 2023 −2.0 pp | Mar 2024 −7.6 pp | Jun 2024 +2.8 pp | Sep 2024 −5.0 pp | Dec 2024 +1.5 pp | Mar 2025 +2.8 pp | Jun 2025 −8.8 pp | Sep 2025 +5.4 pp | Dec 2025 −0.8 pp | Mar 2026 +1.0 pp | Jun 2026 — - RMR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 +0.9 pp | Mar 2023 −0.2 pp | Jun 2023 +8.6 pp | Sep 2023 −1.8 pp | Dec 2023 −2.4 pp | Mar 2024 −1.4 pp | Jun 2024 −11.0 pp | Sep 2024 −1.3 pp | Dec 2024 +0.2 pp | Mar 2025 −1.1 pp | Jun 2025 −0.6 pp | Sep 2025 0.0 pp | Dec 2025 +3.1 pp | Mar 2026 −0.2 pp | Jun 2026 — - FRPH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.4 pp | Mar 2023 +0.3 pp | Jun 2023 +0.1 pp | Sep 2023 +0.2 pp | Dec 2023 +0.1 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 −0.1 pp | Jun 2025 −0.1 pp | Sep 2025 −0.3 pp | Dec 2025 −0.2 pp | Mar 2026 −0.3 pp | Jun 2026 — - REAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.1 pp | Dec 2022 −12.3 pp | Mar 2023 −11.1 pp | Jun 2023 −3.8 pp | Sep 2023 −3.0 pp | Dec 2023 −9.8 pp | Mar 2024 −39.0 pp | Jun 2024 +13.4 pp | Sep 2024 +8.0 pp | Dec 2024 +19.1 pp | Mar 2025 +49.9 pp | Jun 2025 +6.6 pp | Sep 2025 +7.9 pp | Dec 2025 +5.9 pp | Mar 2026 +10.9 pp | Jun 2026 — - TCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +0.5 pp | Mar 2023 +0.2 pp | Jun 2023 0.0 pp | Sep 2023 +0.1 pp | Dec 2023 −0.2 pp | Mar 2024 +0.2 pp | Jun 2024 +0.3 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 −0.1 pp | Mar 2026 −0.1 pp | Jun 2026 — - MLP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −1.9 pp | Mar 2023 −2.3 pp | Jun 2023 −29.0 pp | Sep 2023 −3.0 pp | Dec 2023 −1.3 pp | Mar 2024 +0.2 pp | Jun 2024 −1.6 pp | Sep 2024 −2.5 pp | Dec 2024 −2.0 pp | Mar 2025 −1.5 pp | Jun 2025 +2.8 pp | Sep 2025 +4.6 pp | Dec 2025 +0.4 pp | Mar 2026 −0.5 pp | Jun 2026 — - SEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −73.4 pp | Dec 2023 −2.6 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +70.0 pp | Dec 2024 −1.3 pp | Mar 2025 +5.5 pp | Jun 2025 +6.2 pp | Sep 2025 −2.0 pp | Dec 2025 −1.4 pp | Mar 2026 −1.9 pp | Jun 2026 — - RMAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.8 pp | Dec 2022 −0.6 pp | Mar 2023 −0.2 pp | Jun 2023 −1.0 pp | Sep 2023 −4.8 pp | Dec 2023 −3.3 pp | Mar 2024 −0.3 pp | Jun 2024 +1.1 pp | Sep 2024 +7.5 pp | Dec 2024 +2.9 pp | Mar 2025 +0.4 pp | Jun 2025 0.0 pp | Sep 2025 +0.7 pp | Dec 2025 +1.1 pp | Mar 2026 −3.1 pp | Jun 2026 — - ARL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +1.3 pp | Mar 2023 +0.2 pp | Jun 2023 −0.1 pp | Sep 2023 +0.2 pp | Dec 2023 −0.3 pp | Mar 2024 +0.3 pp | Jun 2024 +0.4 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 −0.1 pp | Jun 2026 — - NEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.4 pp | Mar 2023 +0.1 pp | Jun 2023 −0.1 pp | Sep 2023 −0.1 pp | Dec 2023 +0.1 pp | Mar 2024 +0.3 pp | Jun 2024 +0.5 pp | Sep 2024 +0.4 pp | Dec 2024 +0.3 pp | Mar 2025 +0.1 pp | Jun 2025 −0.1 pp | Sep 2025 −0.6 pp | Dec 2025 −0.9 pp | Mar 2026 −1.3 pp | Jun 2026 — - DOUG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.8 pp | Dec 2022 −9.4 pp | Mar 2023 −7.1 pp | Jun 2023 −5.1 pp | Sep 2023 −0.8 pp | Dec 2023 −0.8 pp | Mar 2024 −5.1 pp | Jun 2024 +0.9 pp | Sep 2024 +0.2 pp | Dec 2024 +1.4 pp | Mar 2025 +9.0 pp | Jun 2025 −0.5 pp | Sep 2025 −0.9 pp | Dec 2025 +0.2 pp | Mar 2026 −3.4 pp | Jun 2026 — - SRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 +0.5 pp | Mar 2023 −1.1 pp | Jun 2023 −0.6 pp | Sep 2023 +0.3 pp | Dec 2023 +0.1 pp | Mar 2024 +0.2 pp | Jun 2024 −3.0 pp | Sep 2024 −1.5 pp | Dec 2024 −0.2 pp | Mar 2025 −1.0 pp | Jun 2025 +6.4 pp | Sep 2025 +1.2 pp | Dec 2025 +0.1 pp | Mar 2026 −1.9 pp | Jun 2026 — - STHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +0.8 pp | Dec 2023 +8.4 pp | Mar 2024 +4.0 pp | Jun 2024 +1.4 pp | Sep 2024 −0.7 pp | Dec 2024 +1.7 pp | Mar 2025 −0.2 pp | Jun 2025 +2.4 pp | Sep 2025 +1.3 pp | Dec 2025 +0.3 pp | Mar 2026 +0.1 pp | Jun 2026 — ## Valuation Against Growth & Quality What the numbers say: Jones Lang LaSalle Incorporated has the lowest comparable Guarded PEG at 0.45×, 2.2% below The RMR Group Inc.. Only 9 of 27 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/e signal. Evidence: Jones Lang LaSalle Incorporated · 0.45× | 2.2% versus #2 · The RMR Group Inc. | 0/8 recent comparable periods | 9/27 companies · 31 observations Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction. ### Guarded PEG — lowest PEG 1. Jones Lang LaSalle Incorporated (JLL): 0.5 2. The RMR Group Inc. (RMR): 0.5 3. Transcontinental Realty Investors, Inc. (TCI): 0.5 4. Comstock Holding Companies, Inc. (CHCI): 0.8 5. CBRE Group, Inc. (CBRE): 0.9 ### P/E — lowest P/E 1. Star Holdings (STHO): 2.3 2. Comstock Holding Companies, Inc. (CHCI): 11.4 3. The RMR Group Inc. (RMR): 12.8 4. Douglas Elliman Inc. (DOUG): 13.9 5. IHS Holding Limited (IHS): 15.5 ### 20-quarter Guarded PEG history - CBRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 2.3 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 2.0 | Sep 2025 1.3 | Dec 2025 1.8 | Mar 2026 0.9 | Jun 2026 — - JLL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.1 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.5 | Sep 2025 0.7 | Dec 2025 0.5 | Mar 2026 — | Jun 2026 — - CSGP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 5.0 | Jun 2023 7.2 | Sep 2023 5.1 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - FSV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 8.5 | Sep 2023 3.2 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.9 | Mar 2025 1.3 | Jun 2025 — | Sep 2025 2.4 | Dec 2025 7.7 | Mar 2026 1.8 | Jun 2026 — - CIGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.2 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.1 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - NMRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.7 | Sep 2024 — | Dec 2024 0.9 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - RMR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.5 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - FRPH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 8.4 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 12.5 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - TCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - RMAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.7 | Mar 2026 — | Jun 2026 — - CHCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.2 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.5 | Mar 2026 0.8 | Jun 2026 — ### 20-quarter P/E history - CBRE: Sep 2021 22.7 | Dec 2021 20.1 | Mar 2022 15.8 | Jun 2022 12.4 | Sep 2022 11.1 | Dec 2022 17.9 | Mar 2023 20.9 | Jun 2023 30.6 | Sep 2023 39.5 | Dec 2023 29.6 | Mar 2024 30.3 | Jun 2024 29.8 | Sep 2024 40.0 | Dec 2024 41.8 | Mar 2025 40.0 | Jun 2025 39.3 | Sep 2025 38.9 | Dec 2025 41.8 | Mar 2026 30.9 | Jun 2026 — - JLL: Sep 2021 16.4 | Dec 2021 14.6 | Mar 2022 12.3 | Jun 2022 9.0 | Sep 2022 8.5 | Dec 2022 12.0 | Mar 2023 14.3 | Jun 2023 24.5 | Sep 2023 30.0 | Dec 2023 40.4 | Mar 2024 31.4 | Jun 2024 25.9 | Sep 2024 27.3 | Dec 2024 22.4 | Mar 2025 22.4 | Jun 2025 22.0 | Sep 2025 22.9 | Dec 2025 20.5 | Mar 2026 16.4 | Jun 2026 — - CSGP: Sep 2021 143.4 | Dec 2021 106.8 | Mar 2022 84.3 | Jun 2022 71.9 | Sep 2022 81.0 | Dec 2022 83.1 | Mar 2023 75.7 | Jun 2023 93.7 | Sep 2023 77.7 | Dec 2023 95.0 | Mar 2024 132.3 | Jun 2024 139.9 | Sep 2024 171.5 | Dec 2024 210.6 | Mar 2025 273.2 | Jun 2025 321.6 | Sep 2025 1,687.4 | Dec 2025 3,362.0 | Mar 2026 672.3 | Jun 2026 — - COMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 365.5 | Jun 2026 — - FSV: Sep 2021 63.1 | Dec 2021 64.5 | Mar 2022 50.2 | Jun 2022 42.9 | Sep 2022 46.3 | Dec 2022 44.9 | Mar 2023 50.8 | Jun 2023 51.3 | Sep 2023 49.1 | Dec 2023 72.3 | Mar 2024 82.0 | Jun 2024 84.9 | Sep 2024 76.1 | Dec 2024 61.1 | Mar 2025 57.4 | Jun 2025 56.0 | Sep 2025 63.1 | Dec 2025 49.1 | Mar 2026 39.3 | Jun 2026 40.2 - CIGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 69.8 | Sep 2022 63.6 | Dec 2022 87.3 | Mar 2023 107.6 | Jun 2023 654.3 | Sep 2023 232.2 | Dec 2023 89.6 | Mar 2024 59.7 | Jun 2024 38.0 | Sep 2024 48.3 | Dec 2024 42.3 | Mar 2025 42.5 | Jun 2025 59.5 | Sep 2025 68.3 | Dec 2025 72.8 | Mar 2026 66.0 | Jun 2026 — - NMRK: Sep 2021 5.0 | Dec 2021 4.9 | Mar 2022 5.5 | Jun 2022 7.1 | Sep 2022 7.0 | Dec 2022 17.7 | Mar 2023 18.2 | Jun 2023 36.6 | Sep 2023 80.4 | Dec 2023 45.7 | Mar 2024 50.4 | Jun 2024 39.4 | Sep 2024 51.8 | Dec 2024 37.7 | Mar 2025 31.2 | Jun 2025 28.9 | Sep 2025 32.7 | Dec 2025 25.5 | Mar 2026 18.5 | Jun 2026 — - CWK: Sep 2021 56.4 | Dec 2021 20.2 | Mar 2022 15.0 | Jun 2022 9.7 | Sep 2022 8.3 | Dec 2022 14.5 | Mar 2023 31.9 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 261.5 | Jun 2024 130.0 | Sep 2024 36.8 | Dec 2024 23.4 | Mar 2025 14.8 | Jun 2025 12.6 | Sep 2025 16.6 | Dec 2025 42.6 | Mar 2026 38.3 | Jun 2026 — - IHS: Sep 2021 — | Dec 2021 — | Mar 2022 221.6 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 17.4 | Sep 2025 5.0 | Dec 2025 17.8 | Mar 2026 15.5 | Jun 2026 — - MMI: Sep 2021 15.7 | Dec 2021 14.5 | Mar 2022 13.3 | Jun 2022 8.8 | Sep 2022 8.4 | Dec 2022 13.3 | Mar 2023 16.6 | Jun 2023 47.7 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - AGNT: Sep 2021 84.6 | Dec 2021 66.1 | Mar 2022 38.5 | Jun 2022 31.8 | Sep 2022 44.8 | Dec 2022 73.9 | Mar 2023 253.8 | Jun 2023 338.0 | Sep 2023 406.0 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - RMR: Sep 2021 15.6 | Dec 2021 16.4 | Mar 2022 14.1 | Jun 2022 13.1 | Sep 2022 11.6 | Dec 2022 14.5 | Mar 2023 9.8 | Jun 2023 6.3 | Sep 2023 7.1 | Dec 2023 8.2 | Mar 2024 8.9 | Jun 2024 15.1 | Sep 2024 18.4 | Dec 2024 15.5 | Mar 2025 13.9 | Jun 2025 14.1 | Sep 2025 15.3 | Dec 2025 10.9 | Mar 2026 12.8 | Jun 2026 — - FRPH: Sep 2021 17.3 | Dec 2021 19.3 | Mar 2022 963.3 | Jun 2022 503.0 | Sep 2022 418.2 | Dec 2022 112.2 | Mar 2023 123.2 | Jun 2023 125.2 | Sep 2023 98.2 | Dec 2023 112.3 | Mar 2024 170.6 | Jun 2024 109.7 | Sep 2024 114.9 | Dec 2024 90.1 | Mar 2025 79.4 | Jun 2025 96.0 | Sep 2025 101.5 | Dec 2025 126.6 | Mar 2026 547.0 | Jun 2026 — - TCI: Sep 2021 20.7 | Dec 2021 35.9 | Mar 2022 260.2 | Jun 2022 7.1 | Sep 2022 0.9 | Dec 2022 0.8 | Mar 2023 0.9 | Jun 2023 0.8 | Sep 2023 43.7 | Dec 2023 50.1 | Mar 2024 64.9 | Jun 2024 40.2 | Sep 2024 77.8 | Dec 2024 43.8 | Mar 2025 30.7 | Jun 2025 56.1 | Sep 2025 72.1 | Dec 2025 36.6 | Mar 2026 32.0 | Jun 2026 — - MLP: Sep 2021 1,036.0 | Dec 2021 — | Mar 2022 — | Jun 2022 33.8 | Sep 2022 32.9 | Dec 2022 104.7 | Mar 2023 239.2 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - RMAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 34.4 | Dec 2022 58.3 | Mar 2023 93.8 | Jun 2023 1,926.0 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 28.8 | Mar 2025 19.5 | Jun 2025 17.4 | Sep 2025 15.5 | Dec 2025 19.0 | Mar 2026 576.0 | Jun 2026 — - ARL: Sep 2021 19.9 | Dec 2021 60.2 | Mar 2022 — | Jun 2022 5.7 | Sep 2022 0.8 | Dec 2022 1.1 | Mar 2023 1.2 | Jun 2023 1.0 | Sep 2023 4.8 | Dec 2023 69.6 | Mar 2024 105.4 | Jun 2024 61.7 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 46.5 | Dec 2025 16.6 | Mar 2026 20.3 | Jun 2026 — - DOUG: Sep 2021 — | Dec 2021 9.1 | Mar 2022 6.2 | Jun 2022 6.1 | Sep 2022 9.9 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 13.9 | Mar 2026 — | Jun 2026 — - CHCI: Sep 2021 2.8 | Dec 2021 2.8 | Mar 2022 3.6 | Jun 2022 6.1 | Sep 2022 5.2 | Dec 2022 4.3 | Mar 2023 5.9 | Jun 2023 6.9 | Sep 2023 6.7 | Dec 2023 5.8 | Mar 2024 6.5 | Jun 2024 7.8 | Sep 2024 16.9 | Dec 2024 5.7 | Mar 2025 5.9 | Jun 2025 6.7 | Sep 2025 10.5 | Dec 2025 7.1 | Mar 2026 11.4 | Jun 2026 — - STHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.3 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - RFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 18.1 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ## Enterprise Value & Book Value What the numbers say: RE/MAX Holdings, Inc. leads both ev/ebitda at 0.16× and p/bv at 0.26×. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/bv signal. Evidence: RE/MAX Holdings, Inc. · 0.16× | 85.8% versus #2 · The Real Brokerage Inc. | 0/8 recent comparable periods | 22/27 companies · 289 observations Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts. ### EV/EBITDA — lowest EV/EBITDA 1. RE/MAX Holdings, Inc. (RMAX): 0.2 2. The Real Brokerage Inc. (REAX): 1.1 3. Douglas Elliman Inc. (DOUG): 2.5 4. IHS Holding Limited (IHS): 7.4 5. Cushman & Wakefield Limited (CWK): 8.2 ### P/BV — lowest P/BV 1. RE/MAX Holdings, Inc. (RMAX): 0.3 2. Transcontinental Realty Investors, Inc. (TCI): 0.4 3. Star Holdings (STHO): 0.4 4. American Realty Investors, Inc. (ARL): 0.4 5. Seritage Growth Properties (SRG): 0.5 ### 20-quarter EV/EBITDA history - CBRE: Sep 2021 16.7 | Dec 2021 17.8 | Mar 2022 14.6 | Jun 2022 11.0 | Sep 2022 10.2 | Dec 2022 12.6 | Mar 2023 15.0 | Jun 2023 18.9 | Sep 2023 18.7 | Dec 2023 17.1 | Mar 2024 18.9 | Jun 2024 18.3 | Sep 2024 22.7 | Dec 2024 19.7 | Mar 2025 20.3 | Jun 2025 20.3 | Sep 2025 21.2 | Dec 2025 21.1 | Mar 2026 16.8 | Jun 2026 — - JLL: Sep 2021 14.2 | Dec 2021 12.5 | Mar 2022 11.1 | Jun 2022 8.6 | Sep 2022 8.3 | Dec 2022 9.4 | Mar 2023 11.6 | Jun 2023 13.2 | Sep 2023 12.9 | Dec 2023 14.5 | Mar 2024 13.7 | Jun 2024 14.3 | Sep 2024 16.9 | Dec 2024 13.0 | Mar 2025 13.3 | Jun 2025 13.4 | Sep 2025 14.1 | Dec 2025 13.3 | Mar 2026 12.5 | Jun 2026 — - CSGP: Sep 2021 64.8 | Dec 2021 49.7 | Mar 2022 39.4 | Jun 2022 34.7 | Sep 2022 40.2 | Dec 2022 46.7 | Mar 2023 45.7 | Jun 2023 65.7 | Sep 2023 60.8 | Dec 2023 80.7 | Mar 2024 126.0 | Jun 2024 132.2 | Sep 2024 158.2 | Dec 2024 168.8 | Mar 2025 185.0 | Jun 2025 172.1 | Sep 2025 249.4 | Dec 2025 144.1 | Mar 2026 60.7 | Jun 2026 — - COMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 49.8 | Jun 2024 19.5 | Sep 2024 — | Dec 2024 — | Mar 2025 84.1 | Jun 2025 43.7 | Sep 2025 166.7 | Dec 2025 176.7 | Mar 2026 — | Jun 2026 — - FSV: Sep 2021 28.8 | Dec 2021 31.6 | Mar 2022 24.4 | Jun 2022 20.7 | Sep 2022 20.3 | Dec 2022 19.5 | Mar 2023 21.4 | Jun 2023 21.5 | Sep 2023 19.5 | Dec 2023 23.5 | Mar 2024 24.2 | Jun 2024 22.3 | Sep 2024 22.4 | Dec 2024 19.9 | Mar 2025 18.3 | Jun 2025 18.3 | Sep 2025 19.9 | Dec 2025 16.8 | Mar 2026 15.0 | Jun 2026 15.5 - CIGI: Sep 2021 — | Dec 2021 581.4 | Mar 2022 563.1 | Jun 2022 13.8 | Sep 2022 12.3 | Dec 2022 13.6 | Mar 2023 15.5 | Jun 2023 16.0 | Sep 2023 15.8 | Dec 2023 18.0 | Mar 2024 16.9 | Jun 2024 15.1 | Sep 2024 18.1 | Dec 2024 16.3 | Mar 2025 15.2 | Jun 2025 16.4 | Sep 2025 18.9 | Dec 2025 17.4 | Mar 2026 14.5 | Jun 2026 — - NMRK: Sep 2021 4.3 | Dec 2021 4.0 | Mar 2022 3.5 | Jun 2022 4.2 | Sep 2022 6.7 | Dec 2022 8.6 | Mar 2023 8.9 | Jun 2023 13.6 | Sep 2023 13.0 | Dec 2023 13.3 | Mar 2024 13.5 | Jun 2024 13.4 | Sep 2024 16.2 | Dec 2024 12.6 | Mar 2025 12.8 | Jun 2025 13.9 | Sep 2025 15.1 | Dec 2025 12.6 | Mar 2026 11.1 | Jun 2026 — - OPEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 154.5 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - CWK: Sep 2021 10.5 | Dec 2021 10.2 | Mar 2022 8.4 | Jun 2022 6.8 | Sep 2022 6.2 | Dec 2022 7.4 | Mar 2023 9.8 | Jun 2023 11.3 | Sep 2023 12.1 | Dec 2023 11.7 | Mar 2024 9.8 | Jun 2024 9.5 | Sep 2024 10.1 | Dec 2024 10.1 | Mar 2025 8.6 | Jun 2025 8.2 | Sep 2025 9.4 | Dec 2025 9.3 | Mar 2026 8.2 | Jun 2026 — - IHS: Sep 2021 — | Dec 2021 8.9 | Mar 2022 16.7 | Jun 2022 20.2 | Sep 2022 12.7 | Dec 2022 7.2 | Mar 2023 16.8 | Jun 2023 15.9 | Sep 2023 17.6 | Dec 2023 5.8 | Mar 2024 15.6 | Jun 2024 15.2 | Sep 2024 11.2 | Dec 2024 4.6 | Mar 2025 7.7 | Jun 2025 7.9 | Sep 2025 8.1 | Dec 2025 3.9 | Mar 2026 7.4 | Jun 2026 — - HBNB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 712.2 | Dec 2025 718.0 | Mar 2026 — | Jun 2026 — - MMI: Sep 2021 7.5 | Dec 2021 6.9 | Mar 2022 6.6 | Jun 2022 4.1 | Sep 2022 3.6 | Dec 2022 5.4 | Mar 2023 8.7 | Jun 2023 20.9 | Sep 2023 659.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 141.7 | Mar 2025 113.5 | Jun 2025 118.3 | Sep 2025 62.2 | Dec 2025 44.4 | Mar 2026 28.7 | Jun 2026 — - AGNT: Sep 2021 125.1 | Dec 2021 121.5 | Mar 2022 75.4 | Jun 2022 45.2 | Sep 2022 59.6 | Dec 2022 60.3 | Mar 2023 159.8 | Jun 2023 230.7 | Sep 2023 142.7 | Dec 2023 199.4 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - RMR: Sep 2021 7.9 | Dec 2021 7.3 | Mar 2022 6.1 | Jun 2022 5.2 | Sep 2022 4.5 | Dec 2022 5.2 | Mar 2023 5.2 | Jun 2023 2.5 | Sep 2023 4.7 | Dec 2023 6.4 | Mar 2024 6.1 | Jun 2024 10.7 | Sep 2024 15.5 | Dec 2024 12.5 | Mar 2025 12.1 | Jun 2025 12.4 | Sep 2025 14.2 | Dec 2025 10.0 | Mar 2026 9.2 | Jun 2026 — - FRPH: Sep 2021 38.3 | Dec 2021 38.4 | Mar 2022 35.3 | Jun 2022 35.6 | Sep 2022 33.0 | Dec 2022 28.1 | Mar 2023 28.4 | Jun 2023 27.6 | Sep 2023 24.7 | Dec 2023 28.7 | Mar 2024 28.6 | Jun 2024 26.8 | Sep 2024 29.1 | Dec 2024 29.8 | Mar 2025 28.4 | Jun 2025 27.6 | Sep 2025 28.3 | Dec 2025 29.9 | Mar 2026 32.1 | Jun 2026 — - REAX: Sep 2021 3.5 | Dec 2021 0.1 | Mar 2022 1.4 | Jun 2022 1.8 | Sep 2022 1.1 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - TCI: Sep 2021 71.7 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 126.2 | Mar 2023 67.4 | Jun 2023 58.4 | Sep 2023 41.7 | Dec 2023 81.1 | Mar 2024 74.9 | Jun 2024 41.8 | Sep 2024 42.3 | Dec 2024 53.3 | Mar 2025 51.7 | Jun 2025 71.7 | Sep 2025 77.1 | Dec 2025 103.0 | Mar 2026 78.0 | Jun 2026 — - MLP: Sep 2021 — | Dec 2021 190.5 | Mar 2022 — | Jun 2022 — | Sep 2022 17.1 | Dec 2022 18.9 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - RMAX: Sep 2021 33.9 | Dec 2021 23.9 | Mar 2022 17.3 | Jun 2022 12.0 | Sep 2022 3.7 | Dec 2022 3.6 | Mar 2023 3.9 | Jun 2023 4.3 | Sep 2023 3.8 | Dec 2023 7.2 | Mar 2024 3.9 | Jun 2024 3.6 | Sep 2024 2.5 | Dec 2024 1.3 | Mar 2025 0.8 | Jun 2025 0.8 | Sep 2025 0.9 | Dec 2025 0.2 | Mar 2026 — | Jun 2026 — - ARL: Sep 2021 145.2 | Dec 2021 — | Mar 2022 — | Jun 2022 40.2 | Sep 2022 34.4 | Dec 2022 181.8 | Mar 2023 36.3 | Jun 2023 31.6 | Sep 2023 23.8 | Dec 2023 — | Mar 2024 46.5 | Jun 2024 34.7 | Sep 2024 38.4 | Dec 2024 — | Mar 2025 25.8 | Jun 2025 29.7 | Sep 2025 31.8 | Dec 2025 — | Mar 2026 27.7 | Jun 2026 — - DOUG: Sep 2021 — | Dec 2021 7.6 | Mar 2022 5.8 | Jun 2022 4.9 | Sep 2022 6.2 | Dec 2022 84.8 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 3.6 | Mar 2026 2.5 | Jun 2026 — - STHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 44.1 | Sep 2025 22.2 | Dec 2025 18.9 | Mar 2026 12.6 | Jun 2026 — ### 20-quarter P/BV history - CBRE: Sep 2021 4.1 | Dec 2021 4.2 | Mar 2022 3.6 | Jun 2022 2.9 | Sep 2022 2.7 | Dec 2022 3.1 | Mar 2023 2.9 | Jun 2023 3.1 | Sep 2023 2.9 | Dec 2023 3.4 | Mar 2024 3.6 | Jun 2024 3.3 | Sep 2024 4.4 | Dec 2024 4.7 | Mar 2025 4.7 | Jun 2025 5.1 | Sep 2025 5.5 | Dec 2025 5.4 | Mar 2026 4.7 | Jun 2026 — - JLL: Sep 2021 2.1 | Dec 2021 2.2 | Mar 2022 1.9 | Jun 2022 1.4 | Sep 2022 1.2 | Dec 2022 1.3 | Mar 2023 1.2 | Jun 2023 1.2 | Sep 2023 1.1 | Dec 2023 1.4 | Mar 2024 1.5 | Jun 2024 1.5 | Sep 2024 1.9 | Dec 2024 1.8 | Mar 2025 1.7 | Jun 2025 1.7 | Sep 2025 2.0 | Dec 2025 2.1 | Mar 2026 1.9 | Jun 2026 — - CSGP: Sep 2021 — | Dec 2021 5.5 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 4.6 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.9 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 3.9 | Mar 2025 — | Jun 2025 — | Sep 2025 4.2 | Dec 2025 3.4 | Mar 2026 2.1 | Jun 2026 — - COMP: Sep 2021 5.0 | Dec 2021 4.2 | Mar 2022 4.0 | Jun 2022 2.0 | Sep 2022 1.5 | Dec 2022 1.9 | Mar 2023 3.1 | Jun 2023 3.5 | Sep 2023 2.8 | Dec 2023 4.1 | Mar 2024 5.2 | Jun 2024 4.4 | Sep 2024 7.0 | Dec 2024 7.2 | Mar 2025 7.0 | Jun 2025 4.6 | Sep 2025 5.8 | Dec 2025 7.5 | Mar 2026 1.9 | Jun 2026 — - CIGI: Sep 2021 9.7 | Dec 2021 11.1 | Mar 2022 11.0 | Jun 2022 10.0 | Sep 2022 8.3 | Dec 2022 8.0 | Mar 2023 9.3 | Jun 2023 6.5 | Sep 2023 6.0 | Dec 2023 7.1 | Mar 2024 5.3 | Jun 2024 4.7 | Sep 2024 6.1 | Dec 2024 5.2 | Mar 2025 4.6 | Jun 2025 4.8 | Sep 2025 5.5 | Dec 2025 4.9 | Mar 2026 3.6 | Jun 2026 — - NMRK: Sep 2021 2.2 | Dec 2021 2.8 | Mar 2022 2.4 | Jun 2022 1.5 | Sep 2022 1.2 | Dec 2022 1.2 | Mar 2023 1.0 | Jun 2023 0.9 | Sep 2023 0.9 | Dec 2023 1.5 | Mar 2024 1.6 | Jun 2024 1.5 | Sep 2024 2.2 | Dec 2024 1.8 | Mar 2025 1.7 | Jun 2025 1.7 | Sep 2025 2.4 | Dec 2025 2.2 | Mar 2026 1.9 | Jun 2026 — - OPEN: Sep 2021 5.3 | Dec 2021 4.0 | Mar 2022 2.3 | Jun 2022 1.3 | Sep 2022 1.3 | Dec 2022 0.7 | Mar 2023 1.1 | Jun 2023 2.4 | Sep 2023 1.7 | Dec 2023 3.1 | Mar 2024 2.3 | Jun 2024 1.5 | Sep 2024 1.8 | Dec 2024 1.6 | Mar 2025 1.2 | Jun 2025 0.6 | Sep 2025 7.6 | Dec 2025 5.6 | Mar 2026 4.7 | Jun 2026 — - CWK: Sep 2021 3.4 | Dec 2021 3.4 | Mar 2022 3.0 | Jun 2022 2.2 | Sep 2022 1.6 | Dec 2022 1.7 | Mar 2023 1.5 | Jun 2023 1.2 | Sep 2023 1.1 | Dec 2023 1.5 | Mar 2024 1.5 | Jun 2024 1.5 | Sep 2024 1.8 | Dec 2024 1.7 | Mar 2025 1.3 | Jun 2025 1.4 | Sep 2025 1.9 | Dec 2025 1.9 | Mar 2026 1.5 | Jun 2026 — - IHS: Sep 2021 — | Dec 2021 3.0 | Mar 2022 2.3 | Jun 2022 2.5 | Sep 2022 1.5 | Dec 2022 1.8 | Mar 2023 2.5 | Jun 2023 6.4 | Sep 2023 7.3 | Dec 2023 14.0 | Mar 2024 -3.0 | Jun 2024 -2.2 | Sep 2024 -2.1 | Dec 2024 -2.1 | Mar 2025 -4.9 | Jun 2025 -6.9 | Sep 2025 -16.8 | Dec 2025 -10.0 | Mar 2026 -14.3 | Jun 2026 — - HBNB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 46.5 | Sep 2025 41.9 | Dec 2025 102.2 | Mar 2026 — | Jun 2026 — - MMI: Sep 2021 2.6 | Dec 2021 2.9 | Mar 2022 3.1 | Jun 2022 2.1 | Sep 2022 1.8 | Dec 2022 1.9 | Mar 2023 1.8 | Jun 2023 1.8 | Sep 2023 1.7 | Dec 2023 2.6 | Mar 2024 2.1 | Jun 2024 2.0 | Sep 2024 2.5 | Dec 2024 2.4 | Mar 2025 2.2 | Jun 2025 2.0 | Sep 2025 1.9 | Dec 2025 1.7 | Mar 2026 1.8 | Jun 2026 — - AGNT: Sep 2021 31.1 | Dec 2021 22.6 | Mar 2022 13.0 | Jun 2022 7.0 | Sep 2022 6.7 | Dec 2022 6.8 | Mar 2023 7.7 | Jun 2023 12.1 | Sep 2023 10.0 | Dec 2023 9.9 | Mar 2024 7.2 | Jun 2024 7.9 | Sep 2024 10.3 | Dec 2024 8.7 | Mar 2025 7.2 | Jun 2025 6.6 | Sep 2025 7.2 | Dec 2025 6.0 | Mar 2026 3.9 | Jun 2026 — - RMR: Sep 2021 2.8 | Dec 2021 2.9 | Mar 2022 2.6 | Jun 2022 2.3 | Sep 2022 1.9 | Dec 2022 2.3 | Mar 2023 2.0 | Jun 2023 1.6 | Sep 2023 1.7 | Dec 2023 2.0 | Mar 2024 1.7 | Jun 2024 1.6 | Sep 2024 1.8 | Dec 2024 1.5 | Mar 2025 1.2 | Jun 2025 1.2 | Sep 2025 1.2 | Dec 2025 1.1 | Mar 2026 1.2 | Jun 2026 — - FRPH: Sep 2021 1.3 | Dec 2021 1.4 | Mar 2022 1.4 | Jun 2022 1.4 | Sep 2022 1.3 | Dec 2022 1.3 | Mar 2023 1.3 | Jun 2023 1.3 | Sep 2023 1.3 | Dec 2023 1.4 | Mar 2024 1.4 | Jun 2024 1.3 | Sep 2024 1.4 | Dec 2024 1.4 | Mar 2025 1.3 | Jun 2025 1.2 | Sep 2025 1.1 | Dec 2025 1.0 | Mar 2026 1.0 | Jun 2026 — - REAX: Sep 2021 0.4 | Dec 2021 1.2 | Mar 2022 0.9 | Jun 2022 0.8 | Sep 2022 1.0 | Dec 2022 8.3 | Mar 2023 10.4 | Jun 2023 15.5 | Sep 2023 10.2 | Dec 2023 8.0 | Mar 2024 22.9 | Jun 2024 25.5 | Sep 2024 36.8 | Dec 2024 29.0 | Mar 2025 25.4 | Jun 2025 19.1 | Sep 2025 16.4 | Dec 2025 14.9 | Mar 2026 8.1 | Jun 2026 — - TCI: Sep 2021 1.0 | Dec 2021 1.0 | Mar 2022 0.9 | Jun 2022 0.9 | Sep 2022 0.5 | Dec 2022 0.5 | Mar 2023 0.4 | Jun 2023 0.4 | Sep 2023 0.3 | Dec 2023 0.4 | Mar 2024 0.4 | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 0.3 | Mar 2025 0.3 | Jun 2025 0.4 | Sep 2025 0.5 | Dec 2025 0.6 | Mar 2026 0.4 | Jun 2026 — - MLP: Sep 2021 9.0 | Dec 2021 8.2 | Mar 2022 9.1 | Jun 2022 5.3 | Sep 2022 5.2 | Dec 2022 5.4 | Mar 2023 7.0 | Jun 2023 8.5 | Sep 2023 8.0 | Dec 2023 9.0 | Mar 2024 12.3 | Jun 2024 12.7 | Sep 2024 13.0 | Dec 2024 13.0 | Mar 2025 13.0 | Jun 2025 13.7 | Sep 2025 10.9 | Dec 2025 10.1 | Mar 2026 9.5 | Jun 2026 — - SEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.4 | Dec 2024 0.6 | Mar 2025 0.5 | Jun 2025 0.5 | Sep 2025 0.6 | Dec 2025 0.6 | Mar 2026 0.7 | Jun 2026 — - RMAX: Sep 2021 1.2 | Dec 2021 1.1 | Mar 2022 1.0 | Jun 2022 0.9 | Sep 2022 0.7 | Dec 2022 0.7 | Mar 2023 0.7 | Jun 2023 0.7 | Sep 2023 0.6 | Dec 2023 0.6 | Mar 2024 0.4 | Jun 2024 0.4 | Sep 2024 0.6 | Dec 2024 0.5 | Mar 2025 0.4 | Jun 2025 0.4 | Sep 2025 0.4 | Dec 2025 0.3 | Mar 2026 0.3 | Jun 2026 — - ARL: Sep 2021 0.9 | Dec 2021 0.9 | Mar 2022 1.0 | Jun 2022 0.9 | Sep 2022 0.5 | Dec 2022 0.7 | Mar 2023 0.7 | Jun 2023 0.6 | Sep 2023 0.4 | Dec 2023 0.5 | Mar 2024 0.5 | Jun 2024 0.4 | Sep 2024 0.5 | Dec 2024 0.4 | Mar 2025 0.3 | Jun 2025 0.4 | Sep 2025 0.4 | Dec 2025 0.4 | Mar 2026 0.4 | Jun 2026 — - DOUG: Sep 2021 — | Dec 2021 3.2 | Mar 2022 2.1 | Jun 2022 1.3 | Sep 2022 1.1 | Dec 2022 1.2 | Mar 2023 1.1 | Jun 2023 0.8 | Sep 2023 0.8 | Dec 2023 1.1 | Mar 2024 0.7 | Jun 2024 0.5 | Sep 2024 1.0 | Dec 2024 0.9 | Mar 2025 1.0 | Jun 2025 1.5 | Sep 2025 2.2 | Dec 2025 1.1 | Mar 2026 0.9 | Jun 2026 — - CHCI: Sep 2021 1.5 | Dec 2021 1.6 | Mar 2022 1.9 | Jun 2022 1.8 | Sep 2022 1.4 | Dec 2022 1.4 | Mar 2023 1.7 | Jun 2023 1.3 | Sep 2023 1.3 | Dec 2023 1.2 | Mar 2024 1.3 | Jun 2024 1.6 | Sep 2024 2.4 | Dec 2024 1.5 | Mar 2025 1.6 | Jun 2025 1.8 | Sep 2025 2.5 | Dec 2025 1.7 | Mar 2026 2.7 | Jun 2026 — - SRG: Sep 2021 1.1 | Dec 2021 0.8 | Mar 2022 1,265.3 | Jun 2022 0.4 | Sep 2022 0.8 | Dec 2022 0.9 | Mar 2023 0.7 | Jun 2023 0.9 | Sep 2023 0.8 | Dec 2023 0.9 | Mar 2024 1.0 | Jun 2024 0.6 | Sep 2024 0.6 | Dec 2024 0.6 | Mar 2025 0.5 | Jun 2025 0.5 | Sep 2025 0.7 | Dec 2025 0.6 | Mar 2026 0.5 | Jun 2026 — - STHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.5 | Jun 2023 0.5 | Sep 2023 0.5 | Dec 2023 0.5 | Mar 2024 0.5 | Jun 2024 0.5 | Sep 2024 0.4 | Dec 2024 0.4 | Mar 2025 0.4 | Jun 2025 0.4 | Sep 2025 0.4 | Dec 2025 0.4 | Mar 2026 0.4 | Jun 2026 — - RFL: Sep 2021 — | Dec 2021 1.4 | Mar 2022 0.8 | Jun 2022 0.5 | Sep 2022 0.5 | Dec 2022 0.4 | Mar 2023 0.5 | Jun 2023 0.5 | Sep 2023 0.5 | Dec 2023 0.4 | Mar 2024 0.4 | Jun 2024 0.5 | Sep 2024 0.5 | Dec 2024 0.6 | Mar 2025 0.7 | Jun 2025 0.6 | Sep 2025 0.9 | Dec 2025 0.8 | Mar 2026 0.8 | Jun 2026 0.9 ## Market action Hotel101 Global Holdings Corp. has the strongest one-year price move in Real Estate Services at +184.7%. Rafael Holdings, Inc. leads on Mansfield relative strength against the S&P 500 at +32%. 9 of 26 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28. ### Strongest one-year price performers 1. Hotel101 Global Holdings Corp. (HBNB): 185% 2. Opendoor Technologies Inc. (OPEN): 88% 3. Compass, Inc. (COMP): 52% 4. Jones Lang LaSalle Incorporated (JLL): 29% 5. Star Holdings (STHO): 29% ### Strongest relative strength versus NIFTY 500 1. Rafael Holdings, Inc. (RFL): 32% 2. Compass, Inc. (COMP): 17% 3. The RMR Group Inc. (RMR): 9.2% 4. RE/MAX Holdings, Inc. (RMAX): 7.9% 5. Seaport Entertainment Group Inc. (SEG): 6.6% ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. - 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker. ## Every company - CBRE Group, Inc. (CBRE) — market value ₹43.1K Cr; latest fundamentals Mar 2026 - Jones Lang LaSalle Incorporated (JLL) — market value ₹15.9K Cr; latest fundamentals Mar 2026 - CoStar Group, Inc. (CSGP) — market value ₹12.4K Cr; latest fundamentals Mar 2026 - Compass, Inc. (COMP) — market value ₹8.9K Cr; latest fundamentals Mar 2026 - FirstService Corporation (FSV) — market value ₹6.6K Cr; latest fundamentals Jun 2026 - Colliers International Group Inc. (CIGI) — market value ₹5.3K Cr; latest fundamentals Mar 2026 - Newmark Group, Inc. (NMRK) — market value ₹3.9K Cr; latest fundamentals Mar 2026 - Opendoor Technologies Inc. (OPEN) — market value ₹3.8K Cr; latest fundamentals Mar 2026 - Cushman & Wakefield Limited (CWK) — market value ₹3.2K Cr; latest fundamentals Mar 2026 - IHS Holding Limited (IHS) — market value ₹2.8K Cr; latest fundamentals Mar 2026 - Hotel101 Global Holdings Corp. (HBNB) — market value ₹1.3K Cr; latest fundamentals Dec 2025 - Marcus & Millichap, Inc. (MMI) — market value ₹1.2K Cr; latest fundamentals Mar 2026 - AGNT, Inc (AGNT) — market value ₹661 Cr; latest fundamentals Mar 2026 - The RMR Group Inc. (RMR) — market value ₹643 Cr; latest fundamentals Mar 2026 - FRP Holdings, Inc. (FRPH) — market value ₹448 Cr; latest fundamentals Mar 2026 - The Real Brokerage Inc. (REAX) — market value ₹375 Cr; latest fundamentals Mar 2026 - Transcontinental Realty Investors, Inc. (TCI) — market value ₹368 Cr; latest fundamentals Mar 2026 - Maui Land & Pineapple Company, Inc. (MLP) — market value ₹343 Cr; latest fundamentals Mar 2026 - Seaport Entertainment Group Inc. (SEG) — market value ₹338 Cr; latest fundamentals Mar 2026 - RE/MAX Holdings, Inc. (RMAX) — market value ₹326 Cr; latest fundamentals Mar 2026 - American Realty Investors, Inc. (ARL) — market value ₹241 Cr; latest fundamentals Mar 2026 - New England Realty Associates Limited Partnership (NEN) — market value ₹199 Cr; latest fundamentals Mar 2026 - Douglas Elliman Inc. (DOUG) — market value ₹160 Cr; latest fundamentals Mar 2026 - Comstock Holding Companies, Inc. (CHCI) — market value ₹157 Cr; latest fundamentals Mar 2026 - Seritage Growth Properties (SRG) — market value ₹129 Cr; latest fundamentals Mar 2026 - Star Holdings (STHO) — market value ₹114 Cr; latest fundamentals Mar 2026 - Rafael Holdings, Inc. (RFL) — market value ₹109 Cr; latest fundamentals Jun 2026 ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-07-28. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Which Real Estate Services company is the biggest? CBRE Group, Inc. is the largest, with trailing-twelve-month revenue of $42,168 million, ahead of Jones Lang LaSalle Incorporated at $26,756 million. That covers 25 of 27 companies with comparable reporting through Mar 2026. ### Which Real Estate Services company is growing fastest? The Real Brokerage Inc. has the fastest revenue growth at 46.8% year on year, across 24 of 27 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend. ### Which Real Estate Services company has the best profit margins? IHS Holding Limited has the highest operating margin at 26.8%, from 23 of 27 comparable companies. Star Holdings shows the biggest recent improvement, at +21.4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Real Estate Services company makes the most profit? CBRE Group, Inc. earns the most, at $1,427 million of trailing-twelve-month net profit, from 25 of 27 comparable companies. Jones Lang LaSalle Incorporated has the fastest profit growth at 65.6%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Real Estate Services company earns the highest return on capital? IHS Holding Limited leads on return on capital employed at 3.2%, across 25 of 27 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### Which Real Estate Services stock is the cheapest? On guarded PEG — where a LOWER number is cheaper — Jones Lang LaSalle Incorporated screens cheapest at 0.45×. Only 9 of 27 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own. ### Which Real Estate Services company has the strongest balance sheet? AGNT, Inc carries the lowest comparable gross debt at $0 million, from 26 of 27 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment. ### Which Real Estate Services company is investing most in new capacity? CBRE Group, Inc. reports the largest capital spending at $246 million, across 27 of 27 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation. ### Is the Real Estate Services sector beating the market? Real Estate Services has underperformed S&P 500 by 7.9% over the last 52 weeks and 1.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 9 of 26 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Real Estate Services stock has the strongest price momentum? Rafael Holdings, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which Real Estate Services company scores highest for research priority? Jones Lang LaSalle Incorporated scores 69.4 out of 100 with 82% evidence confidence, from 25 points on growth and earnings, 14.3 on capital efficiency, 15.7 on valuation and 14.4 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many Real Estate Services companies does this comparison cover, and over what period? It compares 27 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the Real Estate Services sector? The 27 Real Estate Services companies on this page carry $112,972 million of combined market value. CBRE Group, Inc. is the largest at $43,059 million, about 38% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28. ### What is the Real Estate Services sector's P/E ratio? The median price-to-earnings ratio across the 27 Real Estate Services companies on this page is 32×, measured on the 21 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28. ### How is the Real Estate Services sector performing? 9 of the 26 covered Real Estate Services companies are beating S&P 500 on Mansfield relative strength. The sector itself is 7.9% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28. ### How many Real Estate Services stocks are listed in the US? This comparison covers 27 listed Real Estate Services companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser. Narrative sector analysis: https://www.sectoralpha.in/sectors/real-estate-services