Walker & Dunlop, Inc · NYSE:WD
Walker & Dunlop — Q1 2026 Earnings Presentation
24 slides from Walker & Dunlop's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Earnings
Q1 Q1 2026 EARNINGS May 7, 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: Transaction Rebound Drives Broad-Based Q1 Year-over-Year Growth
TRANSACTION REBOUND DRIVES BROAD-BASED Q1 YEAR-OVER-YEAR GROWTH Total Transaction Volume Total Revenues Diluted EPS Adjusted EBITDA1 (in millions) (in thousands) (in thousands) $0.46 $13,661 $301,331 $73,782 $237,367 $64,966 $7,036 +94% +27% +475% +14% $0.08 Q1'25 Q1'26 Q1'25 Q1'26 Q1'25 Q1'26 Q1'25
Slide 4: Q1 Activity Accelerated Across Nearly All Executions
Q 1 A C T I V I T Y A C C E L E R AT E D A C R O S S N E A R LY ALL EXECUTIONS Total Transaction Volume (in millions) $6,503 $3,124 $2,553 $1,839 $1,910 $1,512 $1,554 $808 $481 $148 $176 $88 Fannie Mae Freddie Mac HUD Brokered Principal Lending and Investing Property Sales Q1'25 Q1'26 4
Slide 5: Capital Is Repositing, Not Retreating
C A P I TA L I S R E P O S I T I O N I N G , N O T R E T R E AT I N G Zelman Quarterly Apartment Transaction Survey on Superior Opportunity in Today’s Multifamily Environment 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '
Slide 6: 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 $270 $282 Million $248 Million Million Million Million $177 $141 Million Million Q1’26 2026 2021 2022 2023 2024 2025 TTM Goal 6
Slide 7: Capital Markets Year-over-Year Q1'26 Key Financial Metrics
C A P I TA L M A R K E T S YEAR-OVER-YEAR Q1’26 KEY FINANCIAL METRICS (in thousands) Q1’26 Q1’25 % Change Consolidated Total Transaction Volume $13,660,662 $7,035,932 94% Total Revenues $162,441 $102,750 58% Net Income $27,926 $2,360 1,083% Adjusted EBITDA1 $3,915 ($13,327) (129%) • Transaction volu
Slide 8: Servicing & Asset Management Year-over-Year Q1'26 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 Q1’26 KEY FINANCIAL METRICS (in thousands) Q1’26 Q1’25 % Change Total Revenues $138,303 $131,903 5% Net Income $21,452 $19,126 12% Adjusted EBITDA1 $111,630 $107,902 3% • Ended Q1’26 with total managed portfolio of $164.9
Slide 9: 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 0.24% WAVG Debt Service Coverage Ratio2 >2x % of Portfolio with WAVG Debt Service Coverage Ratio <1x2 1% Underwritten Loan-to-Val
Slide 10: 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 11: Constructive Market Expectations Entering the Year
C O N S T R U C T I V E M A R K E T E X P E C T AT I O N S E N T E R I N G THE YEAR LOWER IMMIGRATION LOWER INCREASED DEREGULATION ENERGY REFORM TAXES M&A PRICES 11
Slide 12: Reality Has Been More Volatile Than Expected
R E A L I T Y H A S B E E N M O R E V O L AT I L E T H A N EXPECTED Inauguration Tariff Day Iran Conflict 7,500 4.90% 7,000 4.70% 6,500 4.50% 4.30% 6,000 4.10% 5,500 3.90% 5,000 3.70% 4,500 3.50% 12 Sources: S&P Global, Federal Reserve Bank of St. Louis S&P 500 Ten-Year
Slide 13: Transaction Activity Stabilizing with Momentum Building
T R A N S A C T I O N A C T I V I T Y S TA B I L I Z I N G W I T H MOMENTUM BUILDING Market Rate Apartment Property Sales 5,000 4,500 4,000 1.8K Assets Quarterly 1.4K Assets Quarterly 3,500 $137B Annually $133B Annually 3,000 2,500 2,000 1,500 1,000 500 0 Pre-COVID COVID Post-COVID ZIRP Hiking Troug
Slide 14: Capital Return Lag Is Constraining Capital Flows
C A P I TA L R E T U R N L A G I S C O N S T R A I N I N G C A P I TA L F L O W S Five-year net distributions improving off the 2025 trough; 2025 gap narrows to ~$9B through Q3 $250 $200 $150 $100 $50 $0 ($50) ($100) ($150) ($200) ($250) ($300) '05 '10 '15 '20 Q3 '25 Called Capital Distributed Capit
Slide 15: Commercial Real Estate Debt Markets Positioned for Growth
C O M M E R C I A L R E A L E S TAT E D E B T M A R K E T S POSITIONED FOR GROWTH U.S. Total CRE Debt Volumes (in billions) $891 $825 $840 $782 $797 $750 $700 $635 $602 $614 $574 $530 $504 $491 $498 $429 $400 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E
Slide 16: Affordability Gap Continues to Support Renter Demand
A F F O R D A B I L I T Y G A P C O N T I N U E S T O S U P P O RT RENTER DEMAND $2,800 $450,000 $2,600 $430,000 $410,000 $2,400 $390,000 $2,200 $370,000 $2,000 $350,000 $1,800 $330,000 $1,600 $310,000 $1,400 $290,000 $1,200 $270,000 $1,000 $250,000 2019 2020 2021 2022 2023 2024 2025 2026 Median Lis
Slide 17: Declining Starts Set Up Meaningful Reduction in Future Supply
D E C L I N I N G S TA R T S S E T U P M E A N I N G F U L R E D U C T I O N I N F U T U R E S U P P LY 700K 600K 500K 430,179 400K 300K 294,699 200K 100K 0K Q1 '15 Q1 '16 Q1 '17 Q1 '18 Q1 '19 Q1 '20 Q1 '21 Q1 '22 Q1 '23 Q1 '24 Q1 '25 Q1 '26 Average Starts Average Completions 17 Sources: W&D Interna
Slide 18: Journey to '30 Targets
JOURNEY TO ‘30 TARGETS GROW GLOBAL DEBT GROW GLOBAL PROPERTY TOTAL FINANCING VOLUME SALES VOLUME REVENUES $80B+ $35B+ $2B+ Origination Volume Volume Sales EPS ADJUSTED EBITDA 1 ADJUSTED CORE EPS 2 $8.00 – $10.00 $400 – $500M $8.00 – $10.00 1) This is a non-GAAP financial measure. For a reconciliatio
Slide 19: Appendix
APPENDIX 19
Slide 20: 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 (in thousands) March 31, 2026 March 31, 2025 Walker & Dunlop Net Income $ 15,871 $ 2,754 Income tax expense 8,022 2,519 Interest exp
Slide 21: Adjusted Financial Measure Reconciliation 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 (in thousands) March 31, 2026 March 31, 2025 Walker &
Slide 22: Adjusted Financial Measure Reconciliation 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) March 31, 2026 March 31, 2
Slide 23: Target Adjusted Financial Measure Reconciliation to GAAP
TA R G E T A D J U S T E D F I N A N C I A L M E A S U R E 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 Year ended Year ended December 31, 2030 December 31, 2030 (in thousands) Low End Target Range High End Target Range Walker & Dunlop Net In
Slide 24: Target Adjusted Core EPS Range Reconciliation to GAAP
TA R G E T A D J U S T E D C O R E E P S R A N G E 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 Core Net Income Year ended Year ended December 31, 2030 December 31, 2030 Low End Target Range High End Target Range (in thousands) Walker & Dunlop Net I