WD

Interested in Walker & Dunlop, Inc.? Here are five stocks we like better. Core business remained resilient: Second-quarter transaction volume rose 3% year over year to $14.4 billion, while debt financing volume increased 8% to $12.5 billion. The company’s agency market share also climbed 350 basis points to nearly 15%. Servicing portfolio reached a record $146 billion, up 6% from a year earlier, supporting recurring revenue and future refinancing opportunities. However, servicing and asset-management revenue fell 5% due mainly to timing-related declines in affordable-housing joint-venture earnings. Legacy loan issues sharply reduced reported earnings: Diluted EPS was $0.09 after $23 million in repurchase-related charges, compared with adjusted core EPS of $1.19. Walker & Dunlop expects another $12 million to $16 million of credit-related charges in the third quarter tied to the near-completion of its Fannie Mae review. 3 Real Estate Stocks to Buy on Commission Cuts Walker & Dunlop (NYSE:WD) reported second-quarter transaction volume growth and continued expansion of its servicing portfolio, while earnings were weighed down by charges tied to previously disclosed problem loans associated with a borrower fraud investigation. Chairman and CEO Willy Walker said the company’s core operating business “performed very well” despite an uncertain commercial real estate environment marked by geopolitical tensions and interest-rate volatility. Total transaction volume increased 3% from a year earlier to $14.4 billion, including an 8% increase in debt financing volume to $12.5 billion. → No Hangover: Revisiting Microsoft One Week After Earnings 3 Mortgage Companies To Watch On Rising Home Sales HUD originations rose 43% during the quarter, while brokered lending increased 17%. Walker said the growing contribution from brokered lending reflects the company’s effort to broaden capital relationships in the United States and Europe. He said brokered volumes could continue to rise as non-multifamily loans mature and lenders maintain a broad supply of capital for commercial real estate. Walker & Dunlop’s year-to-date combined market share with Fannie Mae and Freddie Mac increased 350 basis points to nearly 15%, according to management. Walker noted that the government-sponsored enterprises had deployed $62.5 billion during the first half of 2026, leaving $114 billion of lending capacity for the remainder of the year. → MarketBeat Week in Review – 08/03 - 08/07 “If the agencies crank up their volume in the second half of the year, that will be very beneficial to us given our positioning with both of them,” Walker said in response to an analyst question. He added that debt funds, CMBS lenders and banks also remain active sources of commercial real estate financing. The company said its property-sales pipeline improved meaningfully from the prior quarter. If clients choose to transact during 2026, Walker said the company could finish the year with property-sales volume above 2025 levels despite a slower start to the year. → Why the Landlord of the AI Boom Could Outlast the Chipmakers Walker & Dunlop’s servicing portfolio reached a record $146 billion at the end of the second quarter, up 6% year over year. The portfolio provides recurring revenue and future refinancing and sales opportunities, management said. Fifty-two percent of loans in the portfolio mature over the next five years. Chief Financial Officer Greg Florkowski said servicing and asset management revenue declined 5% from the prior year, primarily because of lower earnings from joint-venture investments in the company’s affordable housing business. He attributed the decline to transaction timing rather than an underlying trend in the servicing business. Florkowski said the servicing platform’s recurring revenue and cash flow remain stable and that capital markets execution in future quarters should support continued portfolio growth. The company also highlighted WDSuite, its digital client platform, which enables borrowers to access loan documents, make payments, run payoff calculations, view property valuation data and connect with the company’s financing, appraisal, research and property-sales teams. Reported diluted earnings per share were $0.09, reflecting $23 million of charges and operating costs related to the company’s repurchase loan portfolio. Adjusted core EPS increased 3% to $1.19, Florkowski said. The charges were linked to a previously disclosed investigation involving a small group of fraudulent sponsors and a specific Walker & Dunlop banking team that is no longer with the company. Management said 95% of losses recognized to date relate to those sponsors and loans originated by that team. Freddie Mac’s loan-level review has been completed, and the company does not expect further repurchase requests from that process. Fannie Mae’s review is nearly complete. Walker & Dunlop expects to recognize an additional $12 million to $16 million of credit-related charges in the third quarter as part of the final resolution with Fannie Mae, without needing to repurchase additional loans. During the second quarter, a group of previously repurchased loans defaulted, leading the company to reassess property values and increase loss estimates. The company also increased loss sharing on a subset of loans reviewed by Fannie Mae instead of repurchasing them. Since the end of the quarter, Walker & Dunlop sold $40 million of properties at prices close to its estimates and is preparing another $41 million of assets for sale later this year. Management expects sales of all repurchased assets to be completed by early next year, subject to ultimate selling prices. Management said the broader at-risk portfolio continues to perform well. At quarter-end, 28 basis points of the $71 billion at-risk portfolio was in default. The portfolio had a weighted average debt-service coverage ratio of 2.0 times and a weighted average underwritten loan-to-value ratio of 61%. Walker said multifamily supply-and-demand conditions are improving, citing slower apartment development, first-half absorption of approximately 279,000 units and four consecutive months of rising occupancy. However, he said rent growth has emerged only in certain parts of the country and cautioned that rent-control policies could affect specific markets. For 2026, Florkowski said the company remains confident in its core earnings outlook excluding repurchase-related costs. If current borrowing costs and market conditions persist, management expects the core business to finish toward the lower end of its original guidance range. Improved market conditions could increase transaction activity and place results in the middle to upper portion of that range. The board approved a quarterly dividend of $0.68 per share, unchanged from the prior quarter, payable to shareholders of record as of Aug. 20. Walker & Dunlop is one of the largest providers of commercial real estate finance in the United States, specializing in the origination, servicing and sale of loans secured by multifamily, seniors housing, healthcare, student housing and manufactured housing properties. The firm offers a full suite of debt and equity solutions, including agency financing through Fannie Mae and Freddie Mac, HUD and FHA-insured loans, bridge and construction financing, mezzanine debt, preferred equity, and investment sales advisory. With roots dating back to 1937 and its headquarters in Bethesda, Maryland, Walker & Dunlop has expanded its platform through both organic growth and strategic acquisitions. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Walker & Dunlop Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. Walker & Dunlop (WD) has just paired a third quarter dividend declaration of $0.68 per share with second quarter results showing lower net income and earnings per share compared with the same period last year. See our latest analysis for Walker & Dunlop. Walker & Dunlop’s share price has retreated over recent months, with a year to date share price return down 24.34% and a 1 year total shareholder return down 42.33%, which points to fading momentum as investors react to softer earnings and credit charges. If recent moves in Walker & Dunlop have you reassessing the opportunity set, this can be a good moment to broaden your search and uncover 19 top founder-led companies Walker & Dunlop now trades at a steep discount to analyst targets after a sharp share price pullback and weaker earnings. Is that discount compensating you for the credit and earnings risks that the market is focused on? The most followed narrative currently places Walker & Dunlop’s fair value at $62.00 compared with the last close of $44.43, which frames the recent share price weakness against a higher long term value anchor. Read the complete narrative. Want to see what sits behind that growth story for Walker & Dunlop? The narrative leans on a specific profile of revenue expansion, margin rebuild, and a future earnings multiple that is far lower than today. Curious which assumptions have to hold for that to stack up. Result: Fair Value of $62.00 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, you still need to weigh the risk that high interest rate volatility or regulatory changes around Fannie Mae and Freddie Mac could undercut the Walker & Dunlop narrative. Find out about the key risks to this Walker & Dunlop narrative. The analyst narrative for Walker & Dunlop points to a fair value of $62.00, yet the company currently trades on a P/E of 39.9x while the estimated fair ratio sits at 21.4x. That is also far above the US Diversified Financial industry on 16.9x and peers at 10.1x. Does that premium multiple still look comfortable to you? For a closer look at how this pricing gap shows up in the numbers, including how it compares to sector norms and the fair ratio the market could move towards, See what the numbers say about this price — find out in our valuation breakdown. Uncertain about the tone of this Walker & Dunlop story so far? Take a closer look at the numbers yourself and weigh both sides through 2 key rewards and 4 important warning signs. If the Walker & Dunlop story has sharpened your focus, use this momentum to widen your research now before the next set of opportunities moves out of reach. Target potential value opportunities by scanning a curated group of 52 high quality undervalued stocks that combine strong fundamentals with attractive pricing signals. Stress test your downside risk by reviewing 83 resilient stocks with low risk scores that score well on balance sheet strength and earnings stability. Get ahead of the crowd by researching a screener containing 21 high quality undiscovered gems that most investors are not watching yet. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include WD. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

This article first appeared on GuruFocus. Transaction Volume: Increased 3% year-over-year to $14.4 billion. Debt Financing Volume: Increased 8% to $12.5 billion, led by 43% growth in HUD originations. Brokered Lending: Grew 17% in the second quarter. Fannie Mae and Freddie Mac Lending Volumes: Down 10% on the quarter; year-to-date market share with the GSEs up 350 basis points to nearly 15%. Servicing Portfolio: Reached a record $146 billion at the end of Q2, up 6% year-over-year. Adjusted Core EPS: Increased 3% to $1.19. Diluted EPS: $0.09, reflecting $23 million of charges and operating costs related to previously identified problem loans. Capital Markets Segment Revenue: Down slightly; net income down 10%. Servicing and Asset Management Segment Revenue: Down 5% from last year. Credit Charges: Expect to recognize $12 million to $16 million in the third quarter related to the final resolution of the Fannie Mae review. Dividend: Board approved a quarterly dividend of $0.68 per share. Warning! GuruFocus has detected 10 Warning Signs with WD. Is WD fairly valued? Test your thesis with our free DCF calculator. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Walker & Dunlop Inc (NYSE:WD) reported a 3% increase in total transaction volumes to $14.4 billion, with debt financing volume up 8% to $12.5 billion, led by 43% growth in HUD originations. The company gained significant market share with the GSEs, with year-to-date market share up 350 basis points to nearly 15%, positioning it to potentially lead the GSE league tables for 2026. The servicing portfolio reached a record $146 billion, up 6% year-over-year, providing durable recurring revenues and cash flows. The Freddie Mac loan-level review related to the borrower fraud investigation is complete, and the Fannie Mae review is nearly finished, providing clarity and a path to resolution. Multifamily market fundamentals are improving, with occupancy increasing for four consecutive months and vacancy declining year-over-year for the first time in over four years, signaling a potential upturn in transaction activity. Walker & Dunlop Inc (NYSE:WD) recognized $23 million in charges and operating costs related to legacy repurchase issues, significantly impacting reported diluted EPS of $0.09. The company expects additional credit-related charges of $12 million to $16 million in the third quarter related to the final resolution of the Fannie Mae review. GSE lending volumes were down 10% in the quarter due to an extremely active Q2 last year, and the mix shift toward brokered lending reduced non-cash MSR income. The company's core earnings outlook is uncertain, with the potential to finish toward the lower end of original guidance if current market conditions persist. The borrower fraud investigation has been costly and time-consuming, requiring significant team effort and creating ongoing financial and operational challenges. Q: What is the status of the Fannie Mae and Freddie Mac loan-level reviews related to the borrower fraud investigation, and what are the expected financial impacts?A: Greg Florkowski, CFO, stated that Freddie Mac's loan-level review is complete with no additional repurchase requests expected. Fannie Mae's review is almost complete, and the company expects to recognize credit-related charges of $12 million to $16 million in the third quarter of 2026 related to the final resolution, without the need to repurchase any loans. The $23 million in charges recognized in Q2 were driven by defaults on previously repurchased loans and an agreement with Fannie Mae to increase loss sharing on a subset of loans in lieu of repurchasing them. Q: Can you provide more detail on the $23 million in charges and operating costs recognized in the second quarter?A: Greg Florkowski, CFO, explained that the charges were primarily driven by two events. First, a group of previously repurchased loans defaulted during the quarter, leading to property-level inspections and increased loss estimates. Second, Fannie Mae completed a portion of its loan-level review, and the company agreed to increase loss sharing on a subset of loans rather than repurchasing them. He noted that 95% of the losses recognized to date relate to a small group of fraudulent sponsors and loans originated by a banking team no longer with the company. Q: What are your expectations for GSE lending volumes and market share for the remainder of 2026?A: Willie Walker, Chairman and CEO, stated that Fannie Mae and Freddie Mac have only deployed $62.5 billion of capital through the first half of the year, about one-third of their combined lending capacity, leaving $114 billion remaining. With the company's market share up 350 basis points to nearly 15%, he sees a very constructive backdrop for GSE lending over the balance of the year. He noted that Freddie Mac has been explicit about focusing on reaching its cap and has been aggressive in pricing, while Fannie Mae has been less explicit but is expected to focus on deploying its allowed capital. Q: How is the mix shift between brokered lending and GSE lending impacting the business?A: Willie Walker, Chairman and CEO, noted that brokered lending grew 17% in Q2 and comprised a larger percentage of total transaction volume, reflecting progress on the strategic plan to expand capital relationships. Greg Florkowski, CFO, added that the greater mix of broker transactions relative to GSE lending reduced non-cash MSR income, impacting segment net income. However, this mix shift demonstrates the availability of capital to the commercial real estate sector and the scale of the debt brokerage business. Q: What are you hearing from multifamily investors regarding market sentiment and the impact of interest rates?A: Willie Walker, Chairman and CEO, acknowledged that the market is in a "survive to '26" mindset, as rent growth recovery has been delayed. He noted that rent growth is starting to appear in certain pockets across the country, and if left alone, the improving fundamentals would be a strong underpinning for multifamily performance. However, he expressed greater concern about the regulatory and political backdrop, particularly potential rent control measures, which could impact specific markets. He believes the market will improve as it moves through 2026 and into 2027. Q: Can you comment on the underlying credit performance of the broader portfolio, excluding the repurchase issues?A: Greg Florkowski, CFO, stated that the broader at-risk portfolio continues to demonstrate strong underlying credit performance, with just 28 basis points of the $71 billion at-risk portfolio in default. The portfolio operates at a weighted average debt service coverage ratio of 2 times and an underwritten loan-to-value of 61%. He noted only two smaller loans defaulted during the quarter, totaling about $20 million, and the company recorded specific reserves against those loans. Willie Walker, Chairman and CEO, reiterated that the issues are isolated to the fraudulent borrower base and the origination team no longer with the company. Q: What is the company's outlook for the remainder of 2026, and how does it compare to the original guidance?A: Greg Florkowski, CFO, stated that the original guidelines did not predict the significant repurchase-related charges recognized during the first half. Excluding these costs, the company remains confident in its core earnings outlook. If current market conditions persist, the core business is on a path to finish toward the lower end of the original guidance. An improvement in market conditions would likely unlock additional transaction activity and position the core business to perform within the middle to upper portion of the range. Q: How is the new London office performing, and what are the differences between the European and US markets?A: Willie Walker, Chairman and CEO, stated that the London office has a fantastic team and has started closing loans. The biggest differentiator between Europe and the US is the absence of government-sponsored enterprises like Fannie Mae and Freddie Mac in Europe. The first three large deals came from existing Walker & Dunlop clients in the US who also operate in Europe, leveraging the platform's relationships. The company is about to expand into investment sales in Europe, which has been a key component of the growth of the debt business in the US. Q: What is the status of the disposition strategy for previously repurchased loans?A: Greg Florkowski, CFO, stated that since quarter end, the company sold $40 million of properties at prices very close to estimates and is preparing to market another $41 million to be sold later this year. He expects all sales of repurchased assets to be completed by early next year, with any future valuation adjustments dependent upon ultimate selling prices relative to current estimates. Q: What are the key indicators suggesting the multifamily market is entering the next investment cycle?A: Willie Walker, Chairman and CEO, highlighted several key fundamentals: annual multifamily starts have fallen to approximately 274,000 units, roughly 50% below their recent peak; the market absorbed approximately 279,000 apartment units in the first half of 2026, the second strongest first half on record; the gap between the cost of owning versus renting has widened to approximately $420 per month; and occupancy has increased for four consecutive months with vacancy declining on a year-over-year basis for the first time in more than four years. These leading indicators suggest the company is in the early stages of the next investment cycle for multifamily. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

BETHESDA, Md., August 06, 2026--(BUSINESS WIRE)--Walker & Dunlop, Inc. (NYSE: WD) (the "Company", "Walker & Dunlop" or "W&D") reported second quarter 2026 financial results. KEY FINANCIAL METRICS Total transaction volume of $14.4 billion, up 3% from Q2’25 Total revenues of $306.7 million, down 4% from Q2’25 Net income of $3.0 million and diluted earnings per share of $0.09, both down 91% from Q2’25 Adjusted core EPS(1) of $1.19, up 3% from Q2’25 Servicing portfolio of $145.8 billion as of June 30, 2026, up 6% from June 30, 2025 Year-to-date GSE market share is 14.7%, compared to 11.2% in 2025 "Walker & Dunlop continues to demonstrate the strength and resilience of our commercial real estate capital markets platform by gaining market share with the GSEs, expanding our capital markets capabilities, and generating durable, recurring cash flows from our servicing and asset management businesses," said Willy Walker, Chairman and CEO. "While our Q2 financial results reflect the impact of the legacy repurchases and associated credit marks, we are nearing the conclusion of these reviews which have strengthened our underwriting processes along with our partnerships with Fannie Mae and Freddie Mac. The GSE’s have a tremendous amount of lending capacity for the remainder of 2026, and after expanding W&D’s market share by 3.5% in the first half of 2026 to 15%, we see plenty of opportunity going forward." Walker continued, "Our focus now firmly turns to the Journey to ’30, our five-year strategic growth plan to become the best commercial real estate capital markets company in the world by expanding the services we offer, the depth of our client relationships, and generating long-term value for our shareholders." The Capital Markets team generated $14.4 billion of total transaction volume, up 3% from a year ago. Debt financing volume increased 8%, led by 43% growth in HUD originations and 17% growth in brokered lending, reflecting the continued expansion of capital relationships beyond the Agencies. The servicing portfolio grew 6%, to $145.8 billion, providing durable recurring revenue and cash flow while deepening the client relationships that create future financing and advisory opportunities. Year-to-date, debt financing volume increased 44% to $24.3 billion within a complex macroeconomic and interest rate environment, reinforcing our confidence in the long-term earnings power of Walker & Dunlop’s platform as improving market activity continues to create opportunities across the business. Results this quarter include $23.2 million of operating and credit-related expenses associated with legacy indemnified and repurchased loans. A large of portion of these charges is concentrated in loans associated with a small number of fraudulent sponsors we previously identified. These charges do not reflect new or increasing repurchase exposure in our overall portfolio. We are actively executing our disposition strategy for the repurchased loan portfolio, reducing that exposure by $39.4 million since quarter end to $153.8 million, and we have $41.7 million of credit-related reserves against that remaining portfolio. Total transaction volume increased 3%, to $14.4 billion, as transaction activity remained healthy across the commercial real estate market. Although GSE debt financing volumes decreased 10% year over year, our market share with the GSEs increased year over year. Growth in brokered lending reflects strong lender participation across numerous third-party capital sources during the quarter, demonstrating the availability of capital at this time in the cycle, and the breadth of our financing capabilities across executions and property types. Property sales volume remained active despite continued market volatility, as investment decisions across the multifamily sector continued to be influenced by operating fundamentals, interest rate expectations and transaction timing. Revenues declined 2% primarily due to a greater mix of brokered transactions relative to GSE lending and a corresponding reduction to MSR income. Brokered activity increased 17% supporting the overall performance of the segment, while reflecting the scale of our capital relationships beyond the GSEs – an important driver of our long-term growth strategy. Although GSE lending volumes declined this quarter, this was driven by transaction timing, as our overall market share has increased 350 basis points year-to-date to 14.7%. Other highlights for the segment include: Net warehouse interest (expense) income improved to income in the current quarter, reflecting the normalization of the yield curve for the first time since the Great Tightening began. Improvement in other revenues was driven by investment banking, appraisal and valuation services, and application fees. Continued origination activity over the past year expanded the servicing portfolio to $145.8 billion, further strengthening the recurring revenue and cash flow that supports our long term earnings growth. The portfolio also creates future opportunities to refinance, recapitalize and deepen client relationships as loans mature over time. Agency production over the past 12 months was the main driver for the addition of more than $8 billion of net loans to the servicing portfolio. Approximately $14.9 billion of Agency loans are scheduled to mature over the next two years, providing a meaningful pipeline of client engagement opportunities to support future transaction activity. The decline in brokered servicing was primarily driven by a large partner consolidating their servicing relationships. Although we bid on the opportunity, we were not selected. We will continue to source and originate deals on behalf of that lender. Mortgage servicing rights ("MSRs") continue to deliver significant long-term value. As of June 30, 2026, MSRs associated with our servicing portfolio are reported at an amortized cost of $793.4 million, while the fair value is estimated at $1.4 billion, reflecting the inherent value of the long-term contractual nature of these assets and the recurring servicing and ancillary revenues they generate. Assets under management totaled $18.7 billion as of June 30, 2026, and consisted of $16.0 billion of low-income housing tax credit ("LIHTC") funds managed by our affordable housing investment management team, $1.8 billion of debt funds, and $0.9 billion of equity funds managed by our registered investment advisor, WDIP. The Servicing & Asset Management segment continues to benefit from the stable recurring earnings and cash flow from the servicing portfolio. Revenue declined year over year, primarily due to the timing of earnings recognized from joint venture investments in our affordable business, while the recurring servicing fees of the managed portfolio continued to steadily grow. The underlying fundamentals of the servicing platform remain strong, and continued execution from our Capital Markets business in the coming quarters should drive additional servicing portfolio expansion as we move through the year. Segment results continue to be influenced by our portfolio of indemnified and repurchased loans. That portfolio increased year over year, leading to higher operating costs and credit-related losses. The at-risk servicing portfolio continues to demonstrate strong underlying credit performance with low levels of delinquency. Growth in the at-risk portfolio reflects continued Fannie Mae loan production over the past year, while our credit exposure remains concentrated on loans backed by multifamily assets. Based on the latest property level financial information available, our at-risk portfolio is operating at a weighted average debt service coverage ratio two times, and the average underwritten loan-to-value is approximately 61%. Less than 5% of our loans are below a 1.0 times debt service coverage ratio, and were underwritten above a 75% loan-to-value. The Corporate segment is structured to support continued scaling of our business. Corporate results this quarter reflect our disciplined expense management as the segment continues to support revenue growth in our Capital Markets and Servicing & Asset Management businesses. Total repurchased loans declined to $193.3 million as of June 30, 2026, down from $221.6 million as of December 31, 2025. Since the end of the second quarter, we exited $39.4 million of loans at prices that approximated our estimates, reducing our remaining repurchase exposure to $153.8 million, against which we have $41.7 million of reserves. Of the $23.2 million of operating and credit-related charges this quarter, $18.0 million were credit-related. The credit-related charges were concentrated in loans associated with a small number of fraudulent sponsors we previously identified and were largely driven by the default of a previously repurchased portfolio of loans, and an agreement to increase our loss-sharing with Fannie Mae on a $15.9 million defaulted portfolio of loans in lieu of repurchasing them. Last year, we began a fraud investigation in coordination with Freddie Mac that identified a small group of fraudulent sponsors. 95% of the credit-related losses we have taken against our repurchased loans are associated with those sponsors. During the second quarter, we concluded that investigation with Freddie Mac, and we do not expect any further repurchases associated with the investigation. We are actively executing our disposition strategy to reduce our repurchase exposure. We expect to fully exit the remaining assets in this portfolio by early next year, and any future credit-related losses will be driven by the difference between the ultimate selling prices relative to our current estimates. CAPITAL SOURCES AND USES On August 5, 2026, the Company’s Board of Directors declared a dividend of $0.68 per share for the third quarter of 2026. The dividend will be paid on September 3, 2026, to all holders of record of the Company’s restricted and unrestricted common stock as of August 20, 2026. On February 13, 2026, our Board of Directors authorized the repurchase of up to $75.0 million of the Company’s outstanding common stock over a 12-month period starting from February 26, 2026 (the "2026 Stock Repurchase Program"). During the first quarter of 2026, the Company repurchased 283 thousand shares under the 2026 Stock Repurchase Program at a weighted-average price of $47.13 per share and immediately retired the shares, reducing stockholders’ equity by $13.3 million. The Company did not repurchase any shares during the second quarter of 2026. As of June 30, 2026, the Company had $61.7 million of authorized share repurchase capacity remaining under the 2026 Stock Repurchase Program. Any repurchases made pursuant to the 2026 Stock Repurchase Program will be made in the open market or in privately negotiated transactions, from time to time, as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The repurchase program may be suspended or discontinued at any time. CONFERENCE CALL INFORMATION Listeners can access the Company’s quarterly conference call for more information regarding our financial results via the dial-in number and webcast link below. Presentation materials related to the conference call will be posted to the Investor Relations section of the Company’s website prior to the call. An audio replay will also be available on the Investor Relations section of the Company’s website, along with the presentation materials. ABOUT WALKER & DUNLOP Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry. NON-GAAP FINANCIAL MEASURES To supplement our financial statements presented in accordance with United States generally accepted accounting principles ("GAAP"), the Company uses adjusted EBITDA, adjusted core net income, and adjusted core EPS, which are non-GAAP financial measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. When analyzing our operating performance, readers should use adjusted EBITDA, adjusted core net income, and adjusted core EPS in addition to, and not as an alternative for, net income and diluted EPS. Adjusted core net income and adjusted core EPS represent net income adjusted for amortization and depreciation, provision (benefit) for credit losses, net write-offs based on the final resolution of the defaulted loans or collateral, the fair value of expected net cash flows from servicing, net of guaranty obligation, the income statement impact from periodic revaluation and accretion associated with contingent consideration liabilities related to acquired companies, goodwill impairment, loan repurchase losses and other adjustments. Adjusted EBITDA represents net income before income taxes, interest expense on our corporate debt, and amortization and depreciation, adjusted for provision (benefit) for credit losses, net write-offs based on the final resolution of the defaulted loans or collateral, loan repurchase losses, stock-based compensation, the fair value of expected net cash flows from servicing, net of guaranty obligation, the write-off of the unamortized balance of deferred issuance costs associated with the repayment of a portion of our corporate debt, goodwill impairment, and contingent consideration liability fair value adjustments when the fair value adjustment is a triggering event for a goodwill impairment assessment. Furthermore, adjusted EBITDA is not intended to be a measure of free cash flow for our management’s discretionary use, as it does not reflect certain cash requirements such as tax and debt service payments. The amounts shown for adjusted EBITDA may also differ from the amounts calculated under similarly titled definitions in our debt instruments, which are further adjusted to reflect certain other cash and non-cash charges that are used to determine compliance with financial covenants. Because not all companies use identical calculations, our presentation of adjusted EBITDA, adjusted core net income and adjusted core EPS may not be comparable to similarly titled measures of other companies. We use adjusted EBITDA, adjusted core net income, and adjusted core EPS to evaluate the operating performance of our business, for comparison with forecasts and strategic plans and for benchmarking performance externally against competitors. We believe that these non-GAAP measures, when read in conjunction with the Company’s GAAP financial information, provide useful information to investors by offering: the ability to make more meaningful period-to-period comparisons of the Company’s on-going operating results; the ability to better identify trends in the Company’s underlying business and perform related trend analyses; and a better understanding of how management plans and measures the Company’s underlying business. We believe that these non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP and that these non-GAAP financial measures should only be used to evaluate the Company’s results of operations in conjunction with the Company’s GAAP financial information. For more information on adjusted EBITDA, adjusted core net income, and adjusted core EPS, refer to the section of this press release below titled "Adjusted Financial Measure Reconciliation to GAAP." FORWARD-LOOKING STATEMENTS Some of the statements contained in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans, or intentions. The forward-looking statements contained in this press release reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause actual results to differ significantly from those expressed or contemplated in any forward-looking statement. While forward-looking statements reflect our good faith projections, assumptions and expectations, they are not guarantees of future results. Furthermore, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by applicable law. Factors that could cause our results to differ materially include, but are not limited to: (1) general economic conditions and multifamily and commercial real estate market conditions, (2) changes in interest rates, (3) regulatory and/or legislative changes to Freddie Mac, Fannie Mae or HUD, (4) our ability to retain and attract loan originators and other professionals, (5) success of our various investments funded with corporate capital, (6) changes in federal government fiscal and monetary policies, including any constraints or cuts in federal funds allocated to HUD for loan originations, and (7) our obligations to repurchase or indemnify the GSEs for loans we originate under their programs, including additional charges or losses related to loans we have already repurchased or indemnified and new repurchase requests we may receive from the GSEs related to the previously identified instances of borrower fraud, additional instances of borrower fraud, or other reasons. For a further discussion of these and other factors that could cause future results to differ materially from those expressed or contemplated in any forward-looking statements, see the section titled "Risk Factors" in our most recent Annual Report on Form 10-K and any updates or supplements in subsequent Quarterly Reports on Form 10-Q and our other filings with the SEC. Such filings are available publicly on our Investor Relations web page at www.walkerdunlop.com. Category: Earnings View source version on businesswire.com: https://www.businesswire.com/news/home/20260806887696/en/ Contacts Headquarters:7272 Wisconsin Avenue, Suite 1300Bethesda, Maryland 20814Phone [email protected] Investors:Amy HopkinsSVP, Investor Relations Phone [email protected] Media:Carol McNerneyChief Marketing Officer Phone [email protected]

As the Q1 earnings season wraps, let’s dig into this quarter’s best and worst performers in the thrifts & mortgage finance industry, including Walker & Dunlop (NYSE:WD) and its peers. Thrifts & Mortgage Finance institutions operate by accepting deposits and extending loans primarily for residential mortgages, earning revenue through interest rate spreads (difference between lending rates and borrowing costs) and origination fees. The industry benefits from demographic tailwinds as millennials enter prime homebuying age, technological advancements streamlining the loan approval process, and potential interest rate stabilization improving affordability. However, significant headwinds include net interest margin compression during rate volatility, increased competition from fintech disruptors offering digital-first experiences, mounting regulatory compliance costs, and potential housing market corrections that could impact loan portfolios and default rates. The 12 thrifts & mortgage finance stocks we track reported a mixed Q1. As a group, revenues beat analysts’ consensus estimates by 4.1% while next quarter’s revenue guidance was 1.5% below. While some thrifts & mortgage finance stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 3.9% since the latest earnings results. Originating as a small mortgage banking firm during the Great Depression in 1937, Walker & Dunlop (NYSE:WD) provides commercial real estate financing, property sales, appraisal, and investment management services with a focus on multifamily properties. Walker & Dunlop reported revenues of $301.3 million, up 26.9% year on year. This print exceeded analysts’ expectations by 11.7%. Overall, it was a strong quarter for the company with a beat of analysts’ EPS and revenue estimates. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 4.5% since reporting and currently trades at $50.75. Is now the time to buy Walker & Dunlop? Access our full analysis of the earnings results here, it’s free. Born in Detroit during the 1980s and evolving into a tech-driven financial powerhouse, Rocket Companies (NYSE:RKT) is a fintech company that provides digital mortgage lending, real estate services, and personal finance solutions through its technology platform. Rocket Companies reported revenues of $2.82 billion, up 108% year on year, outperforming analysts’ expectations by 2%. The business had an exceptional quarter with a beat of analysts’ EPS and revenue estimates. Rocket Companies scored the fastest revenue growth among its peers. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 11.4% since reporting. It currently trades at $12.53. Is now the time to buy Rocket Companies? Access our full analysis of the earnings results here, it’s free. Operating as a specialized real estate investment trust (REIT) with roots dating back to 2012, Franklin BSP Realty Trust (NYSE:FBRT) originates and manages a diversified portfolio of commercial real estate debt investments secured by properties in the United States and abroad. Franklin BSP Realty Trust reported revenues of $60.39 million, up 6.1% year on year, falling short of analysts’ expectations by 17.4%. It was a disappointing quarter as it posted a significant miss of analysts’ revenue and net interest income estimates. Franklin BSP Realty Trust delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 6.3% since the results and currently trades at $8.41. Read our full analysis of Franklin BSP Realty Trust’s results here. Operating as a real estate investment trust since 2009 to maintain tax advantages, PennyMac Mortgage Investment Trust (NYSE:PMT) is a specialty finance company that invests in mortgage-related assets and operates a correspondent lending business. PennyMac Mortgage Investment Trust reported revenues of $82.13 million, up 84.7% year on year. This print lagged analysts’ expectations by 15.1%. It was a slower quarter as it also recorded a significant miss of analysts’ revenue and EPS estimates. The stock is down 18.3% since reporting and currently trades at $9.91. Read our full, actionable report on PennyMac Mortgage Investment Trust here, it’s free. Founded in 1917 and rebranded from Washington Federal in 2023, WaFd (NASDAQ:WAFD) is a bank holding company that provides lending, deposit services, and insurance through its Washington Federal Bank subsidiary across eight western states. WaFd Bank reported revenues of $198.3 million, up 10.5% year on year. This result surpassed analysts’ expectations by 4%. Overall, it was a very strong quarter as it also put up a solid beat of analysts’ revenue estimates and an impressive beat of analysts’ net interest income estimates. The stock is up 12.4% since reporting and currently trades at $36.54. Read our full, actionable report on WaFd Bank here, it’s free. Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure? These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability. Want to invest in winners with rock-solid fundamentals? Check out our Top 6 Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate. StockStory’s analyst team — all seasoned professional investors — uses quantitative analysis and automation to deliver market-beating insights faster and with higher quality.

Image source: The Motley Fool. Thursday, May 7, 2026 at 8:30 a.m. ET Chairman & Chief Executive Officer — Willy Walker Chief Operating Officer & Chief Financial Officer — Greg Florkowski Willy Walker: Thank you, Kelsey, and good morning, everyone. I want to start the call by thanking Kelsey for her incredible 12 years at Walker & Dunlop. She is going to take early retirement to spend more time with her family and everyone at Walker & Dunlop and Greg and I particularly are extremely appreciative of all you have done for Walker & Dunlop over the last 12 years. So thank you, Kelsey. We started 2026 with active commercial real estate capital markets across the industry, and Walker & Dunlop closed $13.7 billion of total transaction volume, up 94% from Q1 2025, as shown on Slide 3. That strong transaction activity, coupled with continued growth in our servicing portfolio drove total revenues of $301 million, up 27% year-over-year, and diluted earnings per share of $0.46, up 475% over Q1 of 2025. Adjusted EBITDA grew to $74 million, up 14% year-over-year. Our Q1 2026 financial performance reflects Walker & Dunlop's teamwork, brand, and continued standing as one of the best commercial real estate capital markets firms in the industry. Debt originations totaled $11.8 billion, more than doubling year-over-year as activity accelerated across nearly every part of our financing business. Agency lending volume was up 109% to $5.2 billion, led by $3.1 billion with Freddie Mac. Our strong quarter with Freddie included a $1.7 billion refinancing of workforce housing assets for Starwood Capital Group, a deal that demonstrates our team's ability to execute on scaled, complex transactions. $4.7 billion of originations for the GSEs increased our market share from 11.2% at the end of 2025 to 12.3% at the end of Q1, a nice step-up. Brokered debt volumes totaled $6.5 billion, up 155% year-over-year, reflecting our fantastic team and ability to place capital across commercial real estate asset classes with a multitude of capital providers. The debt capital markets are flushed with capital and allowing owners who don't like pricing in the sales market to refinance. As Slide 5 shows, on Zelman's quarterly research, buy, sell, build sentiment index, only 6% of multifamily owners are currently sellers with 64% buyers and 30% builders. This phenomenon is tempering investment sales volume, which was solid, but only up 4% on the quarter to $1.9 billion. We expect investment sales volumes to increase over the course of the year due to increased capital flows as well as values. One important indicator of our growth and productivity is transaction volume per banker broker. As you can see on Slide 6, on a trailing 12-month basis through Q1 '26, our average production per banker broker was $282 million, up from $248 million at the end of 2025. This increase reflects the pickup in industry activity as well as the large portfolio transaction I mentioned previously. As we continue to use technology and focus on increasing our team's productivity, we expect that this metric will continue to improve to hit our goal of $300 million of transaction volume per banker broker by the end of 2026. Loan repurchases and indemnification agreements with the GSEs have required a tremendous amount of time and effort from our servicing and asset management teams over the past 2 quarters. During the first quarter, our total GSE loan repurchase exposure was lowered from $222 million to $192 million, which is welcome progress. Both Fannie Mae and Freddie Mac will be performing their annual reviews of Walker & Dunlop, and we are hopeful that those reviews in conjunction with the conclusion of any loan-specific investigations will be resolved later this year and allow us to move past these repurchase issues. We have strengthened our underwriting processes, enhanced our teamwork and protocols, and reinforced our culture of accountability to make us an even better lender going forward. I will now turn the call over to Greg to talk through our financial performance and financial outlook in more details. Greg? Greg Florkowski: Thank you, Willy, and good morning. We delivered a strong start to 2026 with a meaningful year-over-year improvement across all key financial metrics, driven by a significant rebound in transaction activity. Total transaction volume grew 94% to $13.7 billion, reflecting improving market conditions and continued strength across our platform. This translated into diluted earnings per share of $0.46, up 475% from the prior year period, alongside a 14% increase in adjusted EBITDA, and a 20% increase in adjusted core EPS. Our Capital Markets business is benefiting from improving market-wide activity that is fueling the expansion of our servicing and asset management business, which continues to generate consistent and durable cash flows. Before I discuss our segment results, I'll briefly update you on our loan repurchase exposure. During the quarter, we repurchased one additional loan for approximately $5 million and also negotiated an indemnification agreement for a $34 million portfolio of loans without the requirement to repurchase the portfolio. As a result, our total repurchase exposure declined to $192 million at quarter end. We recorded approximately $10 million in expenses related to these assets in the quarter, split almost equally between credit reserves and operating costs. We have begun executing on our disposition plan and expect to have 2 assets under contract in the second quarter with a goal of reducing our repurchase exposure to between $100 million and $125 million by the end of the year. Overall, we are making steady progress reducing this exposure and expect the portfolio to become less of a factor in our results in the coming quarters. Turning to our segments, on Slide 7. Our Capital Markets segment delivered a strong start to the year and was the primary driver of our financial performance this quarter. Transaction volumes increased 94% and were led by growth in Freddie Mac, HUD, and broker transactions, driving segment revenues up 58% to $162 million. Earnings growth for the segment was also strong with net income of $28 million, up $26 million from the prior year and adjusted EBITDA of $3.9 million, up from a loss of $13.3 million last year. As expected, personnel expense increased with transaction activity. However, the majority of that increase was driven by variable compensation and directly tied to production growth. Importantly, personnel expense declined to 68% of segment revenue from 84% of revenue last year, demonstrating the operating leverage and economies of scale of the platform as volumes recover. As financing and acquisition activity continue to improve, we expect the Capital Markets segment to be a key driver of growth in 2026. As shown on Slide 8, our Servicing and Asset Management, or SAM segment, continues to generate stable earnings and cash flow. The servicing portfolio grew to $146 billion and generated $85 million of servicing fees, up 4% year-over-year, contributing to total segment revenues of $138 million, up 5%. Despite the $10 million of incremental provision and repurchase-related expenses this quarter, net income for the segment increased 12% and adjusted EBITDA rose 3% to $112 million. The performance of this segment will be driven by 2 primary factors. First, as we execute our plan to sell repurchased loans, we expect to reduce the operating drag caused by this portfolio and further improve earnings and cash flow. Second, continued growth in our capital markets business will drive expansion of the servicing portfolio, increasing the long-term profitability of the segment. Taken together, this positions SAM to deliver consistent performance today with a clear path to incremental earnings growth over time. Turning to credit on Slide 9, which highlights key metrics for our Fannie Mae At-Risk portfolio. There are over 3,200 loans in the $69 billion At-Risk portfolio and just 14 are in default at the end of the first quarter, unchanged from the end of 2025 and representing only 24 basis points of the portfolio. We will be collecting and analyzing full year 2025 results for every property in the portfolio through the end of this month. Based on the financial data collected to date, which is nearly 80% of the portfolio, the weighted average debt service coverage ratio remains strong at over 2x and only 1% of loans collected to date are below 1x. Credit fundamentals also remain sound with an average underwritten LTV of 61% for the entire portfolio and just 4% of loans above 75% LTV. We continue to actively monitor the portfolio and remain confident in the strength and stability of the underlying credit performance at this point in the cycle. Our business continues to generate strong, steady cash flow, and we ended the quarter with $193 million of cash on the balance sheet. During the quarter, we deployed $13 million of capital to repurchase 283,000 shares of stock at a weighted average price of $47.13, leaving us with $62 million of remaining capacity under our 2026 authorization. We see a healthy pipeline of strategic opportunities and we'll balance investing in the growth of the business with returning capital through opportunistic repurchases. Our dividend remains a key component of our shareholder returns. And yesterday, our Board approved a quarterly dividend of $0.68 per share, consistent with last quarter and payable to shareholders of record as of May 21. Turning to our annual guidance, on Slide 10. We established our outlook assuming a gradual stabilization in interest rates and a corresponding increase in capital markets activity over the course of the year. While geopolitical dynamics have introduced some uncertainty around inflation and the near-term path of interest rates, we have seen limited disruption to transaction activity and the broader environment for commercial real estate remains constructive. We are entering the second quarter with a healthy pipeline, consistent with this time last year. Given our strong start to the year and visibility into our near-term pipeline, we remain confident in our ability to achieve our guidance and deliver on our expectations. We're encouraged by the strong start to the year and the momentum we're seeing across both sides of the business. Capital markets activity continues to improve, and our servicing portfolio remains a strong source of stable, growing cash flow. We're entering the second quarter with a healthy pipeline and good visibility into an active transactions market, and we remain confident in our ability to deliver on our full year 2026 guidance. Thank you for your time this morning. I'll now turn the call back over to Willy. Willy Walker: Thank you, Greg. As Greg just outlined, our business is delivering solid financial results as Walker & Dunlop's people, brand, and technology continue to differentiate us across the industry. I want to discuss today's market through the lens of signal versus noise and, importantly, what that means for Walker & Dunlop as we look ahead. If you start on Slide 11, the market came into the year with a very constructive set of expectations, lower energy prices, deregulation, tax reform, and a pickup in M&A activity. That backdrop, if realized, would have supported a strong commercial real estate transaction market. But as Slide 12 depicts, the markets have been volatile due to policy shifts, tariffs, and the Iran conflict. Unlike during many past conflicts, investors did not seek safety in treasury bonds. And as a result, equity markets fell as bond yields increased. Yet even with this volatility in the equity and debt markets, overall transaction volume in commercial real estate is normalizing. Multifamily sales volume today is only modestly below pre-COVID levels, as you can see on Slide 13. And as you can see on Slide 14, due to more capital being called than returned over the past decade, the black line on this chart shows the 5-year rolling average at negative $240 billion. Investors are seeking capital return, which is forcing owners to sell. We expect this phenomena will push transaction volume up, which drives both sales and financing activity at Walker & Dunlop. As shown on Slide 15, commercial real estate lending volumes are projected to increase meaningfully over the next several years as the next investment cycle begins to take hold. We have confidence in this forward look for 2 primary reasons. First, industry volumes over the past 3 years have been significantly under trend, meaning there is a lot of pent-up financing and sales demand. Second, look at the 2019 and 2020 financing volumes on this chart, $602 billion and $614 billion, respectively. That volume of lending was predominantly 10-year loans set to mature in 2029 and 2030. If you then look at 2024 and 2025, a ton of that lending was done with 5-year terms. For Walker & Dunlop, 54% of our 2025 GSE lending was 5-year term. As a result, 2029 and 2030 are setting up to be enormous financing years. At the same time, the near-term opportunity for Walker & Dunlop remain very attractive as our clients are choosing shorter-term loans to buy optionality to sell or refinance assets more quickly. This will likely accelerate the financing and sales cycle and increase transaction volumes over the next 1 to 3 years. Multifamily fundamentals are very strong as you look at affordability versus single-family and the forward supply curve. As Slide 16 shows, if you purchased a single-family home in 2019 when the median home in America cost $275,000, you paid $1,400 shown by the black line in principal and interest versus $1,600 to rent the average apartment in America. If you could afford the down payment, owning was cheaper than renting. But as you can see from the bar chart, the average home price skyrocketed, driving the black line through the blue line, representing homeownership becoming wildly more expensive than renting. That is a structural advantage to multifamily over single-family today, and it will remain so until either home prices fall, interest rates fall, or multifamily rents rise significantly. Many Americans are also opting for single-family rental as an attractive alternative to owning. From a monthly payment perspective, it is currently 20% more expensive to live in an owned single-family home than a single-family rental, making SFR an extremely important piece of the solution to the affordable housing crisis in the United States. Our team is very focused on growing SFR financing volumes. And while we are in support of the ROAD to Housing Act, we have been working with other industry leaders to remove the 7-year provision sale that would severely diminish institutional investment in DFR and SFR assets. On the forward supply curve, as you can see, multifamily starts peaked in 2023, deliveries peaked in 2025, and we are headed towards significantly less supply over the coming years. This dynamic will drive improved fundamentals, increased transaction volumes, and deal flow for Walker & Dunlop. We have a deep foundation and brand recognition in the multifamily market, a sector with significant tailwinds that I just described. But we've also diversified our capabilities to meet the expanding needs of our client base. The 155% increase in debt brokerage volume in Q1 is due to these investments and the strength of our team. And while W&D is known for multifamily, nearly 45% of our Q1 debt brokerage volume was on non-multifamily assets. Similarly, while we have tremendous partnerships and scale with the GSEs, in 2025, we worked with over 250 capital providers [ nearly $22 billion ] of non-agency debt financing. We will continue to invest in capital markets bankers, brokers, appraisers, researchers, and technology in both the U.S. and Europe over the coming months and years to become the very best real estate capital markets firm in the world. This is the mission of our newly announced 5-year strategic growth plan, the journey to '30. From a financial perspective, the plan involves significantly growing total transaction volumes to generate $2 billion of revenues by 2030. As we embark on this journey, we will continue to add the very best talent across geographies and across asset classes, expand our client base, invest in technology, and meet our clients' needs every day while growing our top and bottom line for our shareholders. We have a strong Q2 pipeline of deal flow and confidence in achieving our 2026 guidance. We are focused on delivering growth in 2026 and making progress towards our ambitious journey to 30 goals, knowing that we have made the investments in people, brand, and technology to do so. Thank you for your time this morning. I will now ask the operator to open the line for any questions. Operator: [Operator Instructions] We'll take our first question from Jade Rahmani with KBW. Jade Rahmani: It looks like a very strong quarter. I was wondering if you could give some color on the mix shift between 10-year and 5-year deals, if you're seeing continued mix toward the 5-year and when you expect that potentially to inflect the other way or maybe it already has begun to do so? Willy Walker: Jade, good morning, and thanks for joining us. We and I personally watch that number quite closely. I will say this, we were actually, I think, seeing kind of a trend back towards more 10-year money. And then we had the rates go up by about 50 basis points and the steepening of the yield curve. And I will say, since that movement, while as Greg and I both said, aggregate volumes have actually held in nicely, many borrowers have moved from longer term to shorter term just because of the pricing differential between 5-year paper and 10-year paper. It's my hope that when and if rates settle down, we get the reversion back to longer-term duration. But for right now, given that 50 basis point increase in the long bond, many people just from an overall proceeds and rate standpoint have opted for shorter maturity. Jade Rahmani: Secondly, can you just talk about the drivers of the strength in transaction volumes that you're seeing right now? How much of it is refinancing volume versus new acquisitions? And what would you say is driving the strength as WD posted leading industry growth? Willy Walker: So as we mentioned, Jade, investment sales activity Q1 to Q1 was pretty much flat, only up about 4%, whereas you saw debt volumes go up by over 100% in both GSE as well as non-GSE volumes. So it's very heavily on refinancing right now versus acquisitions. While the -- I will say that at the same time, the investment sales pipeline is very strong. We have a very significant pipeline there as it relates to properties that we've done broker opinions of value on and have a lot of sellers waiting to go to market. But I think that what we have seen, particularly in the last sort of 6 to 8 weeks since the Iran conflict began, is that the sales market has somewhat gone sideways, whereas people still need to transact because they've got a debt maturity coming up. And so as you can imagine, we're giving them pricing on a sale versus a refinancing. And what we have seen is many people sit there and say, I don't like what the price is I'm seeing in the market today. I'm going to go a short-term refinancing to sort of bridge through to a future sale. And therefore, they're going and putting the financing on. And as I said in my prepared remarks, what that is going to do is give us, if you will, increased volume in the shorter term, people aren't taking the asset, putting 10-year financing on it. We won't see that for another 9 years. It's going shorter term, which would say that they're trying to buy optionality to either put it back in the market to sell it or they're going to be required to refinance it sometime in the next 4 to 5 years if they've gone with a 5-year instrument. So we view that as a huge opportunity for us as well as our competitor firms as it relates to sort of increased cycle time in the industry. Operator: [Operator Instructions] We'll take our next question from Chris Muller, Citizens Capital Markets. Christopher Muller: Congrats to Kelsey. She's been great to work with over the years. So nice to see the repurchase loan exposure going down a little bit in the quarter. And if I'm reading correctly, it looks like you guys have reached indemnification agreements on all 3 portfolios now. So I guess, first off, is that correct? Am I reading that correctly? And then I guess on the broader situation, should we assume that no news is good news in regards to Freddie doing their own investigation? I think you guys said on your 4Q call that you expected them to be wrapped up with that in 90 days. So just any updates there would be very helpful. Willy Walker: Chris, great to hear your voice on the call. Good to have you. So yes, you are reading that correctly. The $134 million of loans that we were working through on our last call, we've now reached either a repurchase and indemnification or just an indemnification agreement on. So that's behind us. And then with respect to the review with Freddie, as Willy said in his remarks, we're working with them closely on that. We're sending them what they need from us in order to complete that review. And as much as we hope it will be done in the near term, maybe in the next couple of quarters, we don't control that timing, but we certainly think it will be wrapped up here in the near future. Christopher Muller: And then I guess it's nice to see the pickup in HUD originations in the quarter. And it looks like that was the highest origination volume since 4Q '21 for that business. Is there anything driving that strength from a government policy standpoint? And should we expect that business to continue above 2025 levels? Willy Walker: So Chris, first of all, good catch because we didn't mention that and you just went and did your own homework on that. The HUD pipeline is strong. And I think it is reflective of Secretary Turner and the team at HUD and what they've done to increase processing times and streamline that business and making that business more competitive. So I think you're spot on it that's a very attractive sort of financing option today for many of our customers. And we have a very solid HUD pipeline for 2026. So feeling quite good about that. And as you well know, those loans carry with them very long maturities and very healthy mortgage servicing rights. And so as we see an uptick in volumes there on HUD, while not a large part of our business from a volume standpoint, those MSRs are long-term and therefore quite significant from a financial standpoint. Operator: And we'll move to our next question from Kyle Joseph with Stephens. Kyle Joseph: Congrats on a strong start to the year. And, yes, Kelsey, we'll miss you. Just wanted to touch base. First on, Greg, you kind of overlaid your plan for improving the profitability of the SAM segment. Can you kind of walk us through a few more details there and more specifically kind of how you're envisioning the time line for that? Greg Florkowski: Sure. Great to have you back, Kyle. It's an early morning for you. I appreciate you joining. So look, I think, first, what we've talked about now for the last couple of quarters is just our focus on reducing the portfolio of repurchased loans. That has been a $3 million to $5 million quarterly operating drag for us. And we have a couple of deals in the market right now, hoping to get those either sold or right around the end of Q2 or shortly thereafter. And we're still evaluating the remaining part of the portfolio and think that by the end of the year, we should get the overall portfolio reduced by about half to $100 million to $125 million, which would be really nice progress. And then, look, most importantly, we've got a capital markets business that is delivering top end market share right now, and that just feeds the servicing portfolio. The portfolio is going to continue to grow. We don't have a lot of near-term maturity risk or maturity pressure over the next 2 years. And as long as our team is delivering on the capital markets side, that's going to feed that portfolio and feed the growth of our servicing revenues and related fees. So I think that has a real clear near-term growth path. And that segment overall is just going to continue to generate the cash we need to grow this business. Operator: It appears there are no further questions at this time. I'd like to turn the conference back to Willy Walker for any additional or closing remarks. Willy Walker: I want to thank everyone for joining us today. One final thanks to Kelsey for all she's done at W&D. Enjoy the time with the kids. And thanks, everyone, for joining us. I hope you have a great day. Operator: And this concludes today's call. Thank you for your participation. You may now disconnect. Before you buy stock in Walker & Dunlop, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Walker & Dunlop wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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FIRST QUARTER 2026 HIGHLIGHTS Total transaction volume of $13.7 billion, up 94% from Q1’25 Total revenues of $301.3 million, up 27% from Q1’25 Net income of $15.9 million and diluted earnings per share of $0.46, up 476% and 475%, respectively from Q1’25 Adjusted EBITDA(1) of $73.8 million, up 14% from Q1’25 Adjusted core EPS(2) of $1.02, up 20% from Q1’25 Servicing portfolio of $146.4 billion as of March 31, 2026, up 8% from March 31, 2025 Repurchased $13.3 million shares of common stock during the quarter at a weighted average price of $47.13 BETHESDA, Md., May 07, 2026--(BUSINESS WIRE)--Walker & Dunlop, Inc. (NYSE: WD) (the "Company," "Walker & Dunlop" or "W&D") reported a strong first quarter of 2026, highlighted by a significant increase in total transaction volume to $13.7 billion, a 94% increase year over year. Total revenues grew 27% to $301.3 million, driving a 476% increase in net income to $15.9 million, or $0.46 per diluted share. The Capital Markets segment delivered improved operating margins and profitability as continued strength in origination activity expanded the Company’s servicing portfolio by 8% year over year. Adjusted EBITDA increased 14% in the first quarter of 2026, and adjusted core EPS was up 20% year over year to $1.02. Results this quarter also include $10 million of indemnified and repurchased loan expenses, which the Company continues to actively manage. The first quarter of 2026 demonstrates the earnings power of Walker & Dunlop’s platform as market activity improves. "The strength of our first-quarter transaction volumes and earnings is due to the W&D team, our brand, and our market position as one of the very best commercial real estate capital markets firms in the world," commented Willy Walker, Walker & Dunlop’s Chairman and CEO. "Strong financing volumes generated robust quarterly transaction fees, which, coupled with recurring servicing and asset management fees, generated solid quarterly earnings as we begin the pursuit of our annual and five-year financial goals." Walker continued, "We enter the second quarter with a strong pipeline across all executions, customer segments, and geographies. While the macro environment remains challenging -- marked by interest rate volatility, high oil prices, and the Iran conflict -- many clients continue to transact due to loan maturities, the need to return capital to investors, and investment opportunities across the country. We remain confident in our 2026 outlook and in our ability to grow our company in the coming quarters and years." DISCUSSION OF QUARTERLY RESULTS: Total transaction volume grew 94% to $13.7 billion in the first quarter of 2026, reflecting Walker & Dunlop’s strong position within an increasingly active commercial real estate transactions market. Fannie Mae and Freddie Mac (collectively, the "GSEs") debt financing volumes increased 102% year over year, led by a 287% increase in Freddie Mac volumes, which included a $1.7 billion portfolio in the first quarter of 2026. Walker & Dunlop continues to be a top GSE lender, with a 12.3% market share in the first quarter of 2026, up from 9.6% in the first quarter of 2025. HUD debt financing volume increased 225% in the first quarter of 2026 due to strong market demand for HUD construction financing. Walker & Dunlop is one of the largest HUD construction lenders. The 155% increase in brokered debt financing volume during the first quarter of 2026 reflected a strong supply of capital to the commercial real estate transaction markets from life insurance companies, banks, commercial mortgage-backed securities, and other private capital providers. Property sales volume increased 4% in the first quarter of 2026, as the macroeconomic fundamentals supporting the multifamily acquisitions market supported a strong start to the year. We outperformed the multifamily property sales market, which increased only slightly year over year. DISCUSSION OF QUARTERLY RESULTS: Our servicing portfolio continues to grow, primarily as a result of additional Fannie Mae, Freddie Mac, and HUD (collectively, "Agency") debt financing volumes over the past 12 months. During the first quarter of 2026, we added $2.4 billion of net loans to our servicing portfolio, and over the past 12 months, we added $10.7 billion of net loans to our servicing portfolio, with the growth led primarily by Fannie Mae and Freddie Mac loans. $14.7 billion of Agency loans in our servicing portfolio are scheduled to mature over the next two years. The maturing loans, with a weighted-average servicing fee of 28 basis points, represent only 11% of the total Agency loans in our portfolio. Over the next five years, 54% of Agency loans are expected to mature, providing an opportunity for us to recapitalize or sell these deals for our clients in the coming years. The mortgage servicing rights ("MSRs") associated with our servicing portfolio are reported at an amortized cost of $795.8 million as of March 31, 2026, while the fair value is estimated at $1.4 billion. The relative long-term contractual nature of the servicing rights, coupled with ancillary revenues earned from the portfolio, generate attractive upside and value above our cost basis. Assets under management totaled $18.5 billion as of March 31, 2026, and consisted of $15.9 billion of low-income housing tax credit ("LIHTC") funds managed by our affordable housing investment management team, approximately $1.7 billion of debt funds, and $0.9 billion of equity funds, managed by our registered investment advisor, WDIP. DISCUSSION OF KEY PERFORMANCE METRICS: Total revenues increased 27% this quarter, largely driven by higher transaction activity, which contributed to growth in origination fees and MSR income, as well as expansion of the managed portfolio, resulting in higher recurring servicing fees and related revenues. Total expenses increased 19%, reflecting higher variable personnel costs that scale with transaction-driven revenue growth, an increase in amortization and depreciation expenses, as well as an increase in indemnified and repurchased loan expenses due to a higher balance of repurchased loans year over year, partially offset by a decrease in other operating expenses. The increases in net income and diluted earnings per share were primarily driven by growth across both operating segments-Capital Markets and Servicing and Asset Management. Capital Markets performance benefited from a significant increase in transaction activity, which drove meaningful operating leverage as volumes scaled. This activity continued to expand our managed portfolio, which grew 7% year over year, supporting higher recurring revenue and earnings in Servicing and Asset Management. The resulting increase in income before taxes contributed to an improved operating margin and was a key driver of higher return on equity. The 14% increase in adjusted EBITDA was largely due to higher origination fees and servicing fees, partially offset by increases in personnel expenses, costs to operate indemnified and repurchased loans, and net income attributable to noncontrolling interest and temporary equity holders. Adjusted core EPS increased 20%, largely for the same reasons that adjusted EBITDA increased. DISCUSSION OF KEY CREDIT METRICS: Our at-risk servicing portfolio, which is comprised of loans subject to a defined risk-sharing formula, increased primarily due to the level of Fannie Mae loans added to the portfolio during the past 12 months. We take credit risk exclusively on loans backed by multifamily assets and have no credit exposure to losses in any other sector of the commercial real estate lending market. As of March 31, 2026, 14 at-risk loans were in default with an aggregate unpaid principal balance ("UPB") of $167.5 million, compared to 14 loans with an aggregate UPB of $158.8 million at December 31, 2025, and eight loans with an aggregate UPB of $108.5 million as of March 31, 2025. The collateral-based reserves on defaulted loans were $13.3 million and $7.5 million as of March 31, 2026 and 2025, respectively. The approximately 3,200 remaining loans in the at-risk servicing portfolio continue to exhibit strong credit quality, with low levels of delinquencies and strong operating performance of the underlying properties in the portfolio. We recorded a provision for credit losses of $4.1 million in the first quarter of 2026, primarily related to initial loss reserves for loans that defaulted during the quarter. Of this amount, $2.5 million was associated with loans that we indemnified in the fourth quarter of 2025. DISCUSSION OF INDEMNIFIED AND REPURCHASED LOANS: We continue to execute on our plan to reduce exposure to repurchased loans, with total repurchased loans declining to $191.9 million at March 31, 2026, compared to $221.6 million at December 31, 2025. In the second quarter, we entered into an indemnification agreement for a $34.3 million portfolio of loans without the requirement to repurchase the portfolio, reducing our potential repurchase exposure. The portfolio has performed well since origination, and the matters leading to the indemnification are not indicative of underlying credit concerns. This reduction was partially offset by the repurchase of a loan with an outstanding UPB of $4.6 million. We expect continued progress in reducing our exposure to repurchased loans through asset sales over time, which should lower related credit charges and operating costs as these assets are resolved. FIRST QUARTER 2026 FINANCIAL RESULTS BY SEGMENT Interest expense on corporate debt is determined at a consolidated corporate level and allocated to each segment proportionally based on each segment’s use of that corporate debt. Income tax expense is determined at a consolidated corporate level and allocated to each segment proportionally based on each segment’s income before taxes, except for significant, one-time tax activities, which are allocated entirely to the segment impacted by the tax activity. The following details explain the changes in these expense items at a consolidated corporate level: Interest expense on corporate debt, which pays a variable interest rate, decreased 4% year over year, to $14.9 million primarily due to lower average interest rates during the first quarter of 2026 compared to the first quarter of 2025. Income tax expense increased $5.5 million, or 218% year over year, primarily driven by a 395% increase in income before taxes during the first quarter of 2026 compared to the first quarter of 2025. Additionally, we recognized a higher balance of realizable tax shortfall. We recognized a $2.0 million shortfall during the first quarter of 2026, compared to a $1.3 million shortfall during the first quarter of 2025, resulting from changes between the grant date fair value and vesting date fair value of share-based compensation awards that vested during the first quarter of 2026. Absent the impact from tax shortfalls, income tax expense increased 394%, which is consistent with the growth in income before taxes. CAPITAL MARKETS – DISCUSSION OF QUARTERLY RESULTS: The Capital Markets segment includes our Agency lending, debt brokerage, property sales, appraisal and valuation services, investment banking, and housing market research businesses. Origination fees increased due to higher debt financing volume, partially offset by a decline in the origination fee rate. The lower fee rate was primarily driven by the origination of a $1.7 billion Freddie Mac portfolio in the first quarter of 2026 with no comparable activity in the prior year and a shift in volume mix towards brokered transactions. Portfolio transactions also generally have lower fee rates than non-portfolio transactions. Brokered transactions, which carry lower fee margins, represented 55% of total debt financing volume in the first quarter of 2026, compared to 49% in the first quarter of 2025. MSR income increased due to higher debt financing volumes, partially offset by a decrease in the Agency MSR rate. The lower Agency MSR rate was primarily driven by a shift in Agency volume mix, including the $1.7 billion portfolio in the first quarter of 2026. Freddie Mac transactions, which carry lower servicing fees, represented 61% of Agency volume in the first quarter of 2026 compared to 33% in the first quarter of 2025, and portfolio transactions are also priced at lower servicing fees. A higher weighted average servicing fee on Fannie Mae volume partially offset the impact of the Agency volume mix and portfolio transaction. Other revenues decreased due to lower investment banking revenues, partially offset by increases in application and appraisal revenues. Personnel expense increased in the first quarter of 2026, primarily reflecting higher variable compensation associated with increased transaction volumes, as well as growth in salaries, benefits and subjective bonuses. Personnel expense declined to 68% of segment revenue from 84% last year, demonstrating the operating leverage and scalability of the platform as volumes increased. The increase in adjusted EBITDA reflects higher origination fees, partially offset by increased personnel expenses. SERVICING & ASSET MANAGEMENT – DISCUSSION OF QUARTERLY RESULTS: The Servicing & Asset Management segment includes loan servicing, principal lending and investing, management of third-party capital invested in tax credit equity funds focused on the affordable housing sector and other commercial real estate, and real estate-related investment banking and advisory services. The servicing portfolio increased $10.7 billion over the past 12 months and was the principal driver of the growth in servicing fees year over year, partially offset by a decrease in the weighted average servicing fee across the portfolio. Other revenues increased as a result of growth in prepayment fees and other LIHTC fees, partially offset by a decrease in income from equity-method investments. Prepayment fees increased as a result of higher prepayment activity driven by the interest rate environment and increased refinancing activity. LIHTC fees increased as a result of higher fee income and reimbursable fees from our LIHTC operations. Income from equity method investments decreased due to elevated performance from our equity method investments in 2025. Amortization and depreciation increased due to the combination of higher recurring amortization of mortgage servicing rights and write-offs due to loan prepayments. The increase in indemnified and repurchased loan expenses was primarily driven by the increase in loan repurchase losses coupled with an increase in repurchased loans operating costs as outlined in the Indemnified and Repurchased Loans section above. Other operating expenses decreased largely due to a true up to the estimate of losses of certain affordable assets that we sold in the first quarter of 2026, with no comparable activity in the prior year. CORPORATE – DISCUSSION OF QUARTERLY RESULTS: The Corporate segment consists of corporate-level activities including accounting, information technology, legal, human resources, marketing, internal audit, and various other corporate groups ("support functions"). The Company does not allocate costs from these support functions to its other segments in presenting segment operating results. The decrease in other revenues was primarily due to lower income from equity-method investments. Personnel expenses increased due to higher salaries and benefits associated with a 9% increase in average segment headcount to support growth in transaction activity, as well as higher subjective bonus accruals reflecting improved financial performance year over year. CAPITAL SOURCES AND USES On May 6, 2026, the Company’s Board of Directors declared a dividend of $0.68 per share for the second quarter of 2026. The dividend will be paid on June 4, 2026, to all holders of record of the Company’s restricted and unrestricted common stock as of May 21, 2026. On February 13, 2026, our Board of Directors authorized the repurchase of up to $75.0 million of the Company’s outstanding common stock over a 12-month period starting from February 26, 2026 (the "2026 Stock Repurchase Program"). During the first quarter of 2026, the Company repurchased 283 thousand shares under the 2026 Stock Repurchase Program at a weighted-average price of $47.13 per share and immediately retired the shares, reducing stockholders’ equity by $13.3 million. As of March 31, 2026, the Company had $61.7 million of authorized share repurchase capacity remaining under the 2026 Stock Repurchase Program. Any repurchases made pursuant to the 2026 Stock Repurchase Program will be made in the open market or in privately negotiated transactions, from time to time, as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The repurchase program may be suspended or discontinued at any time. CONFERENCE CALL INFORMATION Listeners can access the Company’s quarterly conference call for more information regarding our financial results via the dial-in number and webcast link below. Presentation materials related to the conference call will be posted to the Investor Relations section of the Company’s website prior to the call. An audio replay will also be available on the Investor Relations section of the Company’s website, along with the presentation materials. ABOUT WALKER & DUNLOP Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry. NON-GAAP FINANCIAL MEASURES To supplement our financial statements presented in accordance with United States generally accepted accounting principles ("GAAP"), the Company uses adjusted EBITDA, adjusted core net income, and adjusted core EPS, which are non-GAAP financial measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. When analyzing our operating performance, readers should use adjusted EBITDA, adjusted core net income, and adjusted core EPS in addition to, and not as an alternative for, net income and diluted EPS. Adjusted core net income and adjusted core EPS represent net income adjusted for amortization and depreciation, provision (benefit) for credit losses, net write-offs based on the final resolution of the defaulted loans or collateral, the fair value of expected net cash flows from servicing, net of guaranty obligation, the income statement impact from periodic revaluation and accretion associated with contingent consideration liabilities related to acquired companies, goodwill impairment, loan repurchase losses and other adjustments. Adjusted EBITDA represents net income before income taxes, interest expense on our corporate debt, and amortization and depreciation, adjusted for provision (benefit) for credit losses, net write-offs based on the final resolution of the defaulted loans or collateral, loan repurchase losses, stock-based compensation, the fair value of expected net cash flows from servicing, net of guaranty obligation, the write-off of the unamortized balance of deferred issuance costs associated with the repayment of a portion of our corporate debt, goodwill impairment, and contingent consideration liability fair value adjustments when the fair value adjustment is a triggering event for a goodwill impairment assessment. Furthermore, adjusted EBITDA is not intended to be a measure of free cash flow for our management’s discretionary use, as it does not reflect certain cash requirements such as tax and debt service payments. The amounts shown for adjusted EBITDA may also differ from the amounts calculated under similarly titled definitions in our debt instruments, which are further adjusted to reflect certain other cash and non-cash charges that are used to determine compliance with financial covenants. Because not all companies use identical calculations, our presentation of adjusted EBITDA, adjusted core net income and adjusted core EPS may not be comparable to similarly titled measures of other companies. We use adjusted EBITDA, adjusted core net income, and adjusted core EPS to evaluate the operating performance of our business, for comparison with forecasts and strategic plans and for benchmarking performance externally against competitors. We believe that these non-GAAP measures, when read in conjunction with the Company’s GAAP financial information, provide useful information to investors by offering: the ability to make more meaningful period-to-period comparisons of the Company’s on-going operating results; the ability to better identify trends in the Company’s underlying business and perform related trend analyses; and a better understanding of how management plans and measures the Company’s underlying business. We believe that these non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP and that these non-GAAP financial measures should only be used to evaluate the Company’s results of operations in conjunction with the Company’s GAAP financial information. For more information on adjusted EBITDA, adjusted core net income, and adjusted core EPS, refer to the section of this press release below titled "Adjusted Financial Measure Reconciliation to GAAP" and "Adjusted Financial Measure Reconciliation to GAAP By Segment." FORWARD-LOOKING STATEMENTS Some of the statements contained in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans, or intentions. The forward-looking statements contained in this press release reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause actual results to differ significantly from those expressed or contemplated in any forward-looking statement. While forward-looking statements reflect our good faith projections, assumptions and expectations, they are not guarantees of future results. Furthermore, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by applicable law. Factors that could cause our results to differ materially include, but are not limited to: (1) general economic conditions and multifamily and commercial real estate market conditions, (2) changes in interest rates, (3) regulatory and/or legislative changes to Freddie Mac, Fannie Mae or HUD, (4) our ability to retain and attract loan originators and other professionals, (5) success of our various investments funded with corporate capital, (6) changes in federal government fiscal and monetary policies, including any constraints or cuts in federal funds allocated to HUD for loan originations, and (7) our obligations to repurchase or indemnify the GSEs for loans we originate under their programs, including additional charges or losses related to loans we have already repurchased or indemnified and new repurchase requests we may receive from the GSEs related to the previously identified instances of borrower fraud, additional instances of borrower fraud, or other reasons. For a further discussion of these and other factors that could cause future results to differ materially from those expressed or contemplated in any forward-looking statements, see the section titled "Risk Factors" in our most recent Annual Report on Form 10-K and any updates or supplements in subsequent Quarterly Reports on Form 10-Q and our other filings with the SEC. Such filings are available publicly on our Investor Relations web page at www.walkerdunlop.com. Category: Earnings View source version on businesswire.com: https://www.businesswire.com/news/home/20260507890775/en/ Contacts Headquarters: 7272 Wisconsin Avenue, Suite 1300 Bethesda, Maryland 20814 Phone 301.215.5500 [email protected] Investors: Kelsey Duffey Senior Vice President, Investor Relations Phone 301.202.3207 [email protected] Media: Carol McNerney Chief Marketing Officer Phone 301.215.5515 [email protected]