Walker & Dunlop, Inc · NYSE:WD
Walker & Dunlop — Q4 2025 Earnings Presentation
24 slides from Walker & Dunlop's earnings presentation, Feb 26, 2026
Slide 1: Q4 2025 Earnings
Q4 Q4 2025 EARNINGS February 26, 2026
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: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) 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
Slide 4: Accelerating Quarterly Transaction Volumes Within a Recovering CRE Market
A C C E L E R AT I N G Q U A R T E R L Y T R A N S A C T I O N V O L U M E S WITHIN A RECOVERING CRE MARKET Total Transaction Volume (in millions) $18,330 $15,515 $13,952 $7,036 Q1'25 Q2'25 Q3'25 Q4'25 Fannie Mae Freddie Mac HUD Brokered Principal Lending and Investing Property Sales 4
Slide 5: Market Leadership in 2025
MARKET LEADERSHIP IN 2025 2025 Top Multifamily 2025 Top Fannie Mae 2025 Top Freddie Mac 2025 Top GSE Lenders2 Brokers1 DUS® Lenders Optigo® Lenders Company Company Company Company 1 CBRE 1 Walker & Dunlop 1 Berkadia 1 Berkadia 2 Wells Fargo 2 JLL 2 Walker & Dunlop 2 JLL 3 Newmark 3 CBRE 3 Walker & D
Slide 6: Q4 and FY'25 Financial Metrics
Q4 and FY’25 FINANCIAL METRICS Excluding Indemnified and repurchased loan expenses and Asset impairments and other expenses Excluding Excluding Reported Impact of Reported Impact of Q4'25 Charges Charges FY’25 Charges Charges (in thousands, except per share data) Q4’251 FY’251 Diluted earnings (loss
Slide 7: Capital Markets Q4'25 Key Financial Metrics
C A P I TA L M A R K E T S YEAR-OVER-YEAR Q4’25 KEY FINANCIAL METRICS (in thousands) Q4’25 Q4’24 % Change Consolidated Total Transaction Volume $18,330,350 $13,446,822 36% Total Revenues $190,835 $181,062 5% Net Income $26,387 $40,497 (35%) Adjusted EBITDA1 ($4,212) $4,173 (201%) • Despite strong tr
Slide 8: Capital Markets FY'25 Key Financial Metrics
C A P I TA L M A R K E T S YEAR-OVER-YEAR FY’25 KEY FINANCIAL METRICS (in thousands) FY’25 FY’24 % Change Consolidated Total Transaction Volume $54,833,587 $39,905,889 37% Total Revenues $646,950 $524,841 23% Net Income $89,819 $66,664 35% Adjusted EBITDA1 ($16,980) ($28,258) (40%) • Increase in tot
Slide 9: Servicing & Asset Management Q4'25 Key Financial Metrics
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 Q4’25 KEY FINANCIAL METRICS (in thousands) Q4’25 Q4’24 % Change Total Revenues $143,298 $157,298 (9%) Net Income ($8,518) $36,553 (123%) Adjusted EBITDA1 $79,792 $123,768 (36%) • Ended Q4’25 with total managed portfolio of
Slide 10: W&D's At-Risk Portfolio Maintains Strong Credit Fundamentals
W & D ’ S AT - R I S K P O R T F O L I O M A I N T A I N S S T R O N G C R E D I T F U N D A M E N TA L S At-Risk Servicing Portfolio — Key Credit Metrics Defaulted Loans1 0.23% WAVG Debt Service Coverage Ratio2 >2x % of Portfolio with WAVG Debt Service Coverage Ratio <1x2 3% Underwritten Loan-to-Va
Slide 11: Full-Year 2026 Financial Outlook
FULL-YEAR 2026 FINANCIAL OUTLOOK 2025 ACTUAL 2026 OUTLOOK RANGE Diluted Earnings Per Share $1.64 $3.50 - $4.00 Adjusted Core Earnings Per Share $3.50 $4.50 - $5.00 Adjusted EBITDA $263 MILLION $300 - $325 MILLION LOW-TEENS 2026 Financial Outlook is based on Walker & Dunlop’s market and company infor
Slide 12: Advancing Our Position in Commercial Real Estate Capital Markets
A D VA N C I N G O U R P O S I T I O N I N C O M M E R C I A L R E A L E S T AT E C A P I T A L M A R K E T S Comprehensive 2030 CRE Capital Markets Comprehensive Specialized CRE Services 12
Slide 13: W&D Growth in Multifamily Investment Sales Outpacing Key Competitors in 2025
W D Y E A R - O V E R - Y E A R G R O W T H I N M U LT I FA M I LY I N V E S T M E N T S A L E S O U T PA C I N G K E Y C O M P E T I T O R S I N 2 0 2 5 Top Brokers of Multifamily Properties1 Market Share (%) ’24-’25 % Change 1 CBRE 20.4 32.9 2 JLL 17.5 22.2 3 Newmark 16.4 40.8 4 Walker & Dunlop 10
Slide 14: Sustained Market Share Leadership Through Market Volatility
S U S TA I N E D M A R K E T S H A R E L E A D E R S H I P T H R O U G H M A R K E T V O L AT I L I T Y (volume in thousands) $25,000,000 5.00% $20,000,000 4.00% $15,000,000 3.00% $10,000,000 2.00% $5,000,000 1.00% $- 0.00% 1 WD GSE Origination Volume U.S. 10-Year Treasury Yield 2020 2021 2022 2023
Slide 15: MSR Declined Driven by Duration Shift and Fee Compression
M S R D E C L I N E D R I V E N B Y D U R AT I O N S H I F T A N D F E E COMPRESSION (volume and income in thousands) $25,000,000 $400,000 $350,000 $20,000,000 $300,000 $250,000 $15,000,000 $200,000 $10,000,000 $150,000 $100,000 $5,000,000 $50,000 $- $- 2020 2021 2022 2023 2024 2025 WD GSE Originati
Slide 16: Average Transaction Volume per Banker/Broker
TRANSACTION VOLUME PER BANKER/BROKER T R E N D 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 $313 $300 Million $270 Million $248 Million Million $209 Million $177 $141 Million Million 2026 2020 2021 2022 2023 2024 2025 Goal 16
Slide 17: Appendix
APPENDIX
Slide 18: Diluted EPS Excluding Charges Reconciliation
DILUTED EARNINGS (LOSS) PER SHARE EXCLUDING I M PA I R M E N T & R E P U R C H A S E - R E L AT E D C H A R G E S R E C O N C I L I AT I O N Reconciliation of Walker & Dunlop Net Income (Loss) to Net Income Excluding Charges Three months ended 12 months ended (in thousands) December 31, 2025 Decembe
Slide 19: Adjusted EBITDA Excluding Charges Reconciliation to GAAP
A D J U S T E D E B I T D A E X C L U D I N G I M PA I R M E N T & R E P U R C H A S E - R E L AT E D C H A R G E S R E C O N C I L I A T I O N TO GAAP Reconciliation of Walker & Dunlop Net Income (Loss) to Adjusted EBITDA Excluding Charges Three months ended 12 months ended (in thousands) December
Slide 20: Adjusted Core EPS Excluding Charges Reconciliation
A D J U S T E D C O R E E P S E X C L U D I N G I M PA I R M E N T & R E P U R C H A S E - R E L AT E D C H A R G E S R E C O N C I L I A T I O N Reconciliation of Walker & Dunlop Net Income (Loss) to Adjusted Core Net Income Excluding Charges Three months ended 12 months ended (in thousands) Decemb
Slide 21: 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 12 months ended 12 months ended (in thousands) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Walker & Dunl
Slide 22: 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 12 months ended 12 months ended (in thousands) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Walker & Dunl
Slide 23: Reconciliation to GAAP by Segment: Capital Markets
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 12 months ended 12 months ended (in thousands) Decembe
Slide 24: Reconciliation to GAAP by Segment: Servicing & Asset Management
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 SERVICING & ASSET MANAGEMENT Three months ended Three months ended (in thousands) December 31, 2025 December