Marcus & Millichap, Inc. Leases Disclosure
| Years Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Operating lease cost: | |||||||||||
Lease cost(1) | $ | 25,417 | $ | 29,057 | |||||||
Variable lease cost(2) | 5,182 | 6,241 | |||||||||
| Sublease income | (1,195) | (1,037) | |||||||||
| $ | 29,404 | $ | 34,261 | ||||||||
| December 31, 2025 | |||||
| 2026 | $ | 22,456 | |||
| 2027 | 19,211 | ||||
| 2028 | 15,281 | ||||
| 2029 | 11,239 | ||||
| 2030 | 8,664 | ||||
| Thereafter | 12,453 | ||||
| Total future minimum lease payments | 89,304 | ||||
| Less imputed interest | (11,049) | ||||
| Present value of operating lease liabilities | $ | 78,255 | |||
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Weighted average remaining operating lease term | 4.74 years | 5.11 years | |||||||||
| Weighted average discount rate | 5.4 | % | 5.2 | % | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Mar 2, 2020 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.