A specialized global commercial real estate advisor enters the second half of 2026 with the strongest top-line momentum in its public-company history, and the operational case rests on three variables that reinforce rather than compete with one another: recurring Services revenue compounding in the high single digits, a cyclical Leasing rebound led by data-center demand and high-quality office, and a freshly repriced balance sheet that has cut the company's gross borrowing spread to its lowest level on record. The aggregate effect is a profile that earns more from ordinary course operations, funds itself with less interest expense, and shows up in adjusted earnings per share growth that the company raised to a new range for the full year. Management updated the range after only two reporting periods of 2026. The new range targets 18% growth at the low end, with 23% as the high end.
The investment debate centers less on whether the operating story is real (second-quarter revenue rose 11% in both reported and local currency) and more on how durable each leg of it is, and whether a fiscal-year 2026 Adjusted EPS print near the top of management's updated range can hold the shares at a forward multiple in the high single digits versus the sector's traditional mid-single-digit norm. Adjusted EBITDA of $183.6 million in the second quarter expanded 14% year-over-year. Management followed the results with a 50-basis-point term loan repricing. The firm also retired $450 million of its 2028 senior secured notes during the quarter. The combination signals a leverage-neutral capital structure transition rather than a pursuit of incremental capacity.
The principal counterargument is that 2026's leasing surge borrows from a 2025 trough across mid-sized multi-family capital-markets transactions, and the Greystone joint venture's loan-loss provisions added an unpredictable drag on reported earnings that flows straight through the equity-method line. The thesis is that operating earnings power catches up to a balance sheet that is no longer a constraint.