v3.25.4

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 299,315	$ 279,270
Restricted cash	22,772	25,156
Pledged securities, at fair value	224,954	206,904
Loans held for sale, at fair value	1,436,350	780,749
Mortgage servicing rights	808,145	852,399
Goodwill	868,710	868,710
Other intangible assets	141,877	156,893
Receivables, net	419,358	335,879
Committed investments in tax credit equity	241,401	313,230
Other assets	596,596	562,803
Total assets	5,059,478	4,381,993
Liabilities
Warehouse notes payable	1,420,272	781,706
Corporate notes payable	829,218	768,044
Allowance for risk-sharing obligations	37,546	28,159
Deferred tax liabilities, net	237,001	241,386
Commitments to fund investments in tax credit equity	219,949	274,975
Other liabilities	569,630	527,860
Total liabilities	3,313,616	2,622,130
Temporary Equity
Profit interests of a wholly owned subsidiary subject to possible redemption	(1,036)
Stockholders' Equity
Preferred stock (authorized 50,000 shares; none issued)
Common stock ($0.01 par value; authorized 200,000 shares; issued and outstanding 33,389 shares as of December 31, 2025 and 33,194 shares as of December 31, 2024)	334	332
Additional paid-in capital ("APIC")	450,434	429,000
Accumulated other comprehensive income (loss) ("AOCI")	1,876	586
Retained earnings	1,282,390	1,317,945
Total stockholders' equity	1,735,034	1,747,863
Noncontrolling interests	11,864	12,000
Total permanent equity	1,746,898	1,759,863
Commitments and contingencies (NOTES 2 and 12)
Total liabilities, temporary equity, and permanent equity	$ 5,059,478	$ 4,381,993

Amount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 310
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477802/946-310-45-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(5)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479196/954-310-45-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Walker & Dunlop, Inc. 10-K