CBRE Group, Inc.

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 1,062 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• COMBINED BALANCE TRAP, confirmed as expected for this company: 'Investments in unconsolidated subsidiaries' is one balance sheet line covering dozens of equity-method co-investments across CBRE's real estate development and investment management activity. The 10-K (Note 11) states ownership percentages 'generally ranging from 1% to 50%' with no per-investee breakout beyond a coarse composition table: Real estate investments (in projects and funds) $772m, Investment in Altus $0 (sold, see below), Other $98m, for a total of $870m at 31 Dec 2025. The Q2 2026 10-Q updates the total to $853m ($425m of it at fair value) as of 30 Jun 2026. None of this total is assigned to any single investee in this file; it is recorded only here and in unknowns. Within that bucket, the 10-K separately discloses CBRE had a net investment of approximately $375 million and $216 million of unfunded co-investment commitments in its investment funds and programs as of 31 Dec 2025, again as an aggregate figure covering many vehicles, not one.
• ASSETS UNDER MANAGEMENT EXCLUDED, explicitly, per the brief. CBRE Investment Management reported $155.5 billion of assets under management (AUM) as of 31 Dec 2025 (10-K), comprising third party client capital: real estate properties and other assets that CBRE Investment Management oversees or participates in on behalf of investors, not CBRE Group's own equity holdings. This is excluded from 'holdings' exactly as the brief excludes client positions for PNC, Ameriprise, T. Rowe Price and Apollo. CBRE's own co-investment alongside those clients is the (unsized) $375m figure noted above, which is a real but combined-bucket balance, not the $155.5bn AUM figure.
• CONSOLIDATED VS WHOLLY OWNED, decided per named entity. Turner & Townsend / the Combined Project Management Business: CONSOLIDATED but NOT wholly owned. CBRE holds a 70% controlling interest; Turner & Townsend partners hold the other 30% (valued at $454m as of 30 Jun 2026 via a Put Option exercisable 2027 to 2030), following the Nucor/Moody's ICRA precedent. Recorded as a holding above with pct_of_target 70 (not 0.7). Industrious National Management Company, LLC: was a 40% equity-method investee; CBRE acquired the remaining 60% on 16 Jan 2025 for approximately $468 million, taking it to 100% ownership and accounting for it as a business combination (10-K, Notes 4 and 11). Because it is now wholly owned outright, it is EXCLUDED from holdings, consistent with the brief. Trammell Crow Company and Telford Homes/Telford Living: both are wholly owned CBRE operating segments (development businesses); no minority partner is disclosed at the entity level, so both are excluded as wholly owned subsidiaries. Note separately that CBRE licenses the 'Trammell Crow Company' trade name from CF98, L.P. (an affiliate of Crow Realty Investors, L.P., d/b/a Crow Holdings) under a trademark license agreement; that is a name license, not an equity stake, and is not a holding. Altus Power, Inc.: CBRE's non-core strategic equity investment in publicly traded Altus (Class A common stock plus alignment shares, $115m combined at 31 Dec 2024) ended when Altus was acquired by a third party on 16 Apr 2025; CBRE no longer holds any Altus shares as of the periods covered by this file, so it is not carried as a current holding.
• pct_of_target CHECK: the single holdings row in this file (Turner & Townsend / Combined Project Management Business) carries pct_of_target: 70, matching the filing's own words ('CBRE holds a 70% controlling interest'). No pct_of_target field in this file is a fraction; none reads 0.70 or similar.
• Vanguard family, per the brief's required check: Vanguard Group Inc's parent CIK 0000102909 filed Form 13F-NT (a notice carrying no holdings) for the quarter ended 30 Jun 2026, confirmed against its EDGAR submissions feed. Because the parent reports nothing, the position is reported entirely by seven successor entities, all summed here (never substituted for one another): Vanguard Fiduciary Trust Co (CIK 0000933478, 1,648,042 sh), Vanguard Investments Australia, Ltd. (CIK 0001550100, 150,182 sh), Vanguard Asset Management, Ltd (CIK 0001680208, 574,089 sh), Vanguard Personalized Indexing Management, LLC (CIK 0001767306, 54,579 sh), Vanguard Global Advisers, LLC (CIK 0001811242, 631,107 sh), Vanguard Portfolio Management LLC (CIK 0002100121, 25,843,839 sh), and Vanguard Capital Management LLC (CIK 0002100119, 19,136,858 sh). Total: 48,038,696 shares. This is 7 entities, matching the brief's 'seven or eight, not two' expectation.
• Capital Group and a second T. Rowe Price registrant, both explicitly checked and found to hold ZERO CBRE shares as of Q2 2026 (CUSIP 12504L109 absent from each filer's full information table, confirmed by both name-fragment and raw CUSIP search): Capital World Investors (CIK 0001422849), Capital International Investors (CIK 0001562230), Capital Research Global Investors (CIK 0001422848), and T. Rowe Price Investment Management, Inc. (CIK 0001897612). Only T. Rowe Price Associates, Inc. (CIK 0000080255) holds CBRE, at 2,825,981 shares.
• T. ROWE PRICE THOUSANDS TRAP, confirmed present and corrected. T. Rowe Price Associates, Inc.'s Q2 2026 13F information table reports the CBRE position's dollar value in THOUSANDS (raw XML total $380,633), which implies an absurd $0.135 per share against 2,825,981 shares. Rescaled to $380,633,000, implying approximately $134.70 per share, consistent with CBRE's trading range in mid-2026 and with every other Q2 2026 13F filer's implied price on this CUSIP. value_usd for this row is the corrected, rescaled figure.
• The proxy's own 5%-holder table (Security Ownership of Principal Stockholders, as of 23 Mar 2026) lists only ONE holder above 5%: BlackRock, Inc. at 9.6%, and that figure is sourced to a Schedule 13G/A filed 24 Jan 2024 for a position as of 31 Dec 2023, more than two years stale. Per the brief, this file uses BlackRock's fresh Q2 2026 13F-HR figure instead (27,714,625 shares, 9.5708% of 289,575,298 shares outstanding), keeping the stale 13G percentage (9.6%, as of 31 Dec 2023) here in notes rather than in the register row. The two percentages are close (9.6% vs 9.57%), consistent with a broadly stable BlackRock position over that period rather than a material change.
• CBRE has a single class of common stock (Class A); no dual-class or supervoting structure exists. shares_outstanding (289,575,298) is taken from the Q2 2026 10-Q cover page, 'The number of shares of Class A common stock outstanding at July 27, 2026 was 289,575,298,' and is used as the single denominator throughout this file, including for pct_of_company on every register row and for the 23 Mar 2026 proxy table (which the proxy itself based on a slightly different, earlier count of 293,140,748 shares outstanding as of that date; not restated here because the proxy's own percentages are quoted directly from its text, but this earlier denominator explains any small discrepancy against a recomputation using 289,575,298).
• Officers and directors: CBRE has no founder-controlled or dual-class structure. The proxy's 'all current directors, director nominees, and current executive officers as a group (15 persons)' totals only 1,336,985 shares (0.46% of the company), and even the largest individual insider, Chair/President/CEO Robert E. Sulentic, holds only 1,065,773 shares (0.37%). Sulentic is broken out individually and marked rolls_up_into the aggregate group row; the remaining 13 named directors and executive officers (Giamartino, Kohli, Hodari, Doellinger, Boze, Clancy, Cobert, Gilyard, Goodman, Lopez, Metcalfe, Soni, Yajnik) plus one further, unnamed executive officer are folded into the aggregate row's residual rather than given individual rows, since none individually exceeds a few hundredths of a percent.
• SELF-GATE, computed on this final file exactly as the chart computes it (members counted at full value, the aggregate reduced to its residual against Sulentic, everything else at full value): 11 register rows, summing to 129,674,562 shares against 289,575,298 shares outstanding, or 44.78%. This sits at the upper end of, but within, the 25 to 45 percent range the brief calls typical, driven by a concentrated top-2 (Vanguard 16.59%, BlackRock 9.57%) plus a real 2.94% to 3.54% third tier (Geode, Principal Financial Group).
• market_cap_usd (~$42.66bn) is computed as 289,575,298 x $147.30 (stockanalysis.com intraday price, 18 Aug 2026, basis aggregator/confidence reported for the price input only; not used for any holding or register figure).