Walker & Dunlop, Inc · NYSE:WD
Walker & Dunlop — Q3 2025 Earnings Presentation
15 slides from Walker & Dunlop's earnings presentation, Nov 6, 2025
Slide 1: Q3 2025 Earnings
Q3 Q3 2025 EARNINGS November 6, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements Some of the statements contained in this presentation 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
Slide 3: Q3'25 Consolidated Key Financial Metrics
Q 3 ’ 2 5 C O N S O L I D AT E D K E Y F I N A N C I A L M E T R I C S Total Revenues Diluted EPS Adjusted EBITDA1 Adjusted Core EPS2 (in thousands) (in thousands) $0.98 $337,675 $82,084 $1.22 $78,905 $1.19 $292,304 $0.85 +16% +15% +4% +3% Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 1) This is a
Slide 4: Total Transaction Activity Grew Across All Executions
Q 3 ’ 2 5 T O TA L T R A N S A C T I O N A C T I V I T Y G R E W A C R O S S ALL EXECUTIONS Total Transaction Volume (in millions) $4,673 $4,513 $4,028 $3,664 $3,602 $2,141 $2,001 $1,546 $272 $325 $166 $199 Fannie Mae Freddie Mac HUD Brokered Principal Lending and Property Sales Investing Q3'24 Q3'2
Slide 5: Accelerating GSE Maturities Signal Significant Refinance and Sales Opportunity
A C C E L E R AT I N G G S E M AT U R I T I E S S I G N A L S I G N I F I C A N T R E F I N A N C E A N D S A L E S O P P O RT U N I T Y Total Fannie Mae, Freddie Mac, FHA, and Ginnie Mae Loan Maturities (in billions) $144 $97 $49 $50 $31 2025 2026 2027 2028 2029 Source: Mortgage Banker’s Associatio
Slide 6: Capital Return and Deployment Pressures Are Fueling Transaction Volume
C A P I TA L R E T U R N A N D D E P L O Y M E N T P R E S S U R E S A R E FUELING TRANSACTION VOLUME 6 Source: Preqin Pro, StepStone SPI Reporting, April 2025.
Slide 7: Continued Growth in Technology-Enabled Services
C O N T I N U E D G R O W T H I N T E C H N O L O G Y- E N A B L E D S E RV I C E S Apprise Revenues Small Balance Lending (SBL) Revenues (in thousands) (in thousands) $8,891 $4,025 $3,318 $5,249 +21% +69% Q3'24 Q3'25 Q3'24 Q3'25 7
Slide 8: Strong Trend Towards 5-Year GSE Loans
S T R O N G T R E N D T O WA R D S 5 - Y E A R G S E L O A N S GSE Loan Term Distribution 26% 23% 44% 62% 16% 68% 20% 82% 18% 60% 53% 30% 23% 38% 17% 1% 0% 8% 7% 1% 1% 0% 1% 1% 2020 2021 2022 2023 2024 YTD 2025 <5 Years 5 Years 7 Years 10+ Years 8
Slide 9: Capital Markets
C A P I TA L M A R K E T S YEAR-OVER-YEAR Q3’25 KEY FINANCIAL METRICS Q3’25 Q3’24 % Change (in thousands) Consolidated Total Transaction Volume $15,515,495 $11,616,107 34% Total Revenues $180,754 $143,712 26% Net Income $27,930 $21,830 28% Adjusted EBITDA1 ($764) ($4,601) (83%) • Increase in total r
Slide 10: Servicing & Asset Management ("SAM")
S E RV I C I N G & A S S E T M A N A G E M E N T ( “ S A M ” ) YEAR-OVER-YEAR Q3’25 KEY FINANCIAL METRICS (in thousands) Q3’25 Q3’24 % Change Total Revenues $150,628 $144,884 4% Net Income $36,963 $37,482 (1%) Adjusted EBITDA1 $119,423 $117,455 2% • Ended Q3’25 with total managed portfolio of $157.8
Slide 11: Transaction Volume per Banker/Broker
TRANSACTION VOLUME PER BANKER/BROKER D R I V I N G T O WA R D S P E A K P R O D U C T I V I T Y Average Transaction Volume per Banker/Broker $220 $200 million million 2025 Goal YTD 20251 11 1) Annualized average transaction volume per banker/broker
Slide 12: Appendix
APPENDIX
Slide 13: Adjusted Financial Measure Reconciliation to GAAP
ADJUSTED FINANCIAL MEASURE R E C O N C I L I AT I O N T O G A A P Reconciliation of Walker & Dunlop Net Income to Adjusted EBITDA Three months ended Three months ended Nine months ended Nine months ended (in thousands) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Walke
Slide 14: Adjusted Core EPS Reconciliation
A D J U S T E D C O R E E P S R E C O N C I L I AT I O N Reconciliation of Walker & Dunlop Net Income to Adjusted Core Net Income Three months ended Three months ended Nine months ended Nine months ended (in thousands) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Walke
Slide 15: Adjusted Financial Measure Reconciliation to GAAP by Segment
ADJUSTED FINANCIAL MEASURE R E C O N C I L I AT I O N T O G A A P B Y S E G M E N T R E C O N C I L I A T I O N O F W A L K E R & D U N L O P N E T I N C O M E T O A D J U S T E D E B I T D A CAPITAL MARKETS Three months ended Three months ended (in thousands) September 30, 2025 September 30, 2024 W