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Adjusted EBITDA by Segment
Shows profitability across various segments after adjusting for non-operating expenses, giving insight into operational efficiency and segment-specific financial health.Real Estate Services’ EBITDA is highly lumpy—driven by transaction spikes—so recent large quarter-to-quarter swings reflect capital‑markets momentum rather than steady ops; that supports management’s upbeat CRE guidance. Engineering’s EBITDA is growing but more volatile and showing margin pressure from lower utilization, so near‑term dips likely transient given a strong backlog and the Ayesa acquisition. Investment Management delivers steady, high‑margin EBITDA with fundraising set to boost future margins once integration costs fade. Corporate moved to near breakeven this quarter, signaling tighter cost control that helps validate the firm’s maintained mid‑teens EBITDA outlook despite a temporary post‑deal leverage bump.
Date | Corporate | Real Estate Services | Engineering | Investment Management |
|---|---|---|---|---|
Jun 30, 2026 | -$2.10M | $105.93M | $52.14M | $49.37M |
Mar 31, 2026 | $1.18M | $46.18M | $26.89M | $50.55M |
Dec 31, 2025 | -$4.62M | $152.80M | $40.76M | $56.16M |
Sep 30, 2025 | -$4.09M | $88.04M | $53.58M | $53.58M |
Jun 30, 2025 | -$3.11M | $87.01M | $46.32M | $49.99M |
Mar 31, 2025 | -$2.15M | $39.08M | $24.02M | $55.10M |
Dec 31, 2024 | -$3.36M | $136.16M | $38.12M | $54.37M |
Sep 30, 2024 | -$5.89M | $64.74M | $39.82M | $55.96M |