Cushman & Wakefield plc (NYSE:CWK) Q3 2023 Earnings Call Transcript

Neil Johnston: There are not. The investment as a whole — we’ve already taken the mark-to-market there. And then in terms of our relationship with them, we do, do a lot of work for them, but it’s not material to the overall company. So I would anticipate that if there was a bankruptcy, many of those spaces still need to get serviced, still need to get managed or still need to get changed. It’s an essential service. So we don’t see it as a material impact to the company.

Patrick O’Shaughnessy: Great. Thank you. And then can we get your updated thoughts on Greystone? In particular, do you consider Graystone to be a core asset and a core part of your strategy? Or would they maybe fit into the non-core bucket?

Neil Johnston: We view our investment in Graystone over the long term. We remain very constructive on the multifamily platform, and we believe the underlying long-term fundamentals in that business are strong. While we did see a decline in Greystone primarily due to a reduction in lending volumes, we’re actually quite pleased in the quarter on a relative basis in terms of our performance. We took share in all three of the agencies. We remain the number one FHA partner or lender. We’re number two with Fannie, number five with Freddie. And so we continue to take share and view that as very strategic as we move forward.

Operator: This concludes our question-and-answer session, and the conference has also now concluded. Thank you for participating in today’s presentation. You may now disconnect.