Walker & Dunlop, Inc. Leases Disclosure
NOTE 15—LEASES
Right of use assets and lease liabilities associated with the Company’s operating leases are recorded as Other assets and Other liabilities, respectively, in the Consolidated Balance Sheet. As of December 31, 2025, our leases have terms varying in duration, with the longest term ending in 2036.
The following table presents information about the Company’s lease arrangements:
Operating Lease Arrangements (in thousands) | For the year ended December 31, | ||||||||
Operating Leases | 2025 | 2024 | 2023 | ||||||
ROU assets | $ | 76,333 | $ | 80,024 | $ | 76,463 | |||
Lease liabilities | 105,125 | 107,502 | 101,358 | ||||||
Weighted-average remaining lease term | 8.4 years | 9.1 years | 9.8 years | ||||||
Weighted-average discount rate | 4.8% | 4.6% | 4.0% | ||||||
Operating Lease Expenses | |||||||||
Single lease costs | $ | 16,110 | $ | 16,061 | $ | 14,150 | |||
Cash paid for amounts included in the measurement of lease liabilities | 16,098 | 14,761 | 12,406 | ||||||
Right-of-use assets obtained in exchange for new lease obligations | 6,056 | 10,655 | 16,798 | ||||||
Maturities of lease liabilities as of December 31, 2025 are presented below (in thousands):
Year Ending December 31, | |||
2026 | $ | 17,500 | |
2027 | 17,477 | ||
2028 | 15,797 | ||
2029 | 13,399 | ||
2030 | 12,012 | ||
Thereafter | 51,246 | ||
Total lease payments | $ | 127,431 | |
Less imputed interest | (22,306) | ||
Total | $ | 105,125 |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Mar 1, 2019 | |
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.