Walker & Dunlop, Inc · NYSE:WD
Walker & Dunlop — Investor Presentation (November 2026)
32 slides from Walker & Dunlop's investor presentation, Nov 9, 2026
Slide 1: Investor Overview November 2026
INVESTOR OVERVIEW November 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 s
Slide 3: Table of Contents
TABLE OF CONTENTS Business Overview 5 How We Win 8 Market Backdrop 13 Earnings Growth Drivers 18 Servicing Portfolio: Value + Growth 23 Capital Allocation and Balance Sheet 26 3
Slide 4: Business Overview
BUSINESS OVERVIEW 4
Slide 5: Three Reasons To Own Walker & Dunlop
THE INVESTMENT CASE Three Reasons To Own Walker & Dunlop A scaled multifamily finance leader, priced at a discount, with multiple paths to earnings growth and disciplined capital dep loy ment. 5 ~ 7 % yield with opportunity for multiple expansion, substantial earnings growth , and opportunistic capi
Slide 6: Nearly Nine Decades Of Continuity, Culture, And Client Focus
Our mission is to create community – with ideas and capital – where people live, work, shop, and play. 6 Nearly Nine Decades Of Continuity, Culture, And Client Focus 1937 Year founded NYSE: WD Public since 2010 1,479 Average headcount in Q3 2026 46 Official offices; 44 in the U.S and two in Europe C
Slide 7: One Interconnected Platform For Any Asset, Any Client
7 SERVICING DEBT FINANCING GSE lending, HUD, multifamily and non - multifamily brokered lending INVESTMENT SALES Multifamily, hospitality, affordable, student housing, and land INVESTMENT MANAGEMENT $19.2 billion of assets under management across LIHTC, debt, and equity ADVISORY Valuation, investmen
Slide 8: How We Win
HOW WE WIN 8
Slide 9: Coverage Built Around The Client, Not The Product
HOW COVERAGE CONVERTS TO WALLET SHARE Every client, every execution Debt, recapitalization, and sales are brought to every conversation to maximize W&D’s opportunities. Producer capacity, not headcount Volume per banker rebuilt from the 2023 trough toward a $300M target for 2026. Selective expansion
Slide 10: WDSuite: The Connective Tissue
WDSuite The Connective Tissue Every deal makes the next one faster to win. WDSuite allows the whole platform to learn in real time. Research & Valuation We tell clients where to invest before they ask, so every conversation starts with insight instead of a pitch. Transactions We win deals on what we
Slide 11: Multifamily Share Gains Are Broad-Based
W&D MULTIFAMILY ORIGINATIONS AS % OF OVERAL L MARKET #1 2025 Fannie Mae DUS lender, seventh consecutive year • One of 25 licensed Fannie Mae DUS lenders #3 - 4 Freddie Mac Optigo Lender every year for past 12 years • One of 22 licensed Freddie Mac Optigo lenders TOP 5 HUD lender for eight consecutiv
Slide 12: Platform Expansion Creates Multiple Avenues For Growth
$6,130 $13,350 2020 2025 PROPERTY SALES VOLUME (in millions) 17% Five - Year CAGR DEBT BROKERAGE VOLUME (in millions ) $10,970 $22,077 2020 2025 15% Five - Year CAGR EXPANDING THE VALUE OF EACH CLIENT RELATIONSHIP Property sales Creates client touchpoints Client relationship Shared across platform D
Slide 13: Market Backdrop
MARKET BACKDROP 13
Slide 14: Transaction Activity Is Normalizing
0 500 1,000 1,500 2,000 2,500 3,000 Source: W&D Internal Research, RCA; Q3 2026 excludes the Vivmark portfolio (613 assets). MARKET BACKDROP Transaction Activity Is Normalizing Apartment sales activity is recovering from the 2023 - 24 trough but remains below historical levels, leaving meaningful ru
Slide 15: Cyclical Headwinds, Structural Strength
• Supply and demand are moving back towards balance as absorption works through elevated deliveries • The construction pipeline is moderating, reducing future supply pressure • Improving supply - demand dynamics support a recovery in occupancy and rent growth Source: W&D Internal Research, RealPage
Slide 16: Rent Growth Is Gaining Momentum
3.40% 2015 – 19 0.31% 2023 0.57% 2024 - 0.25% 2025 2.83% 2026 -1% 0% 1% 2% 3% 4% 5% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 16 Ahead of 2023 - 25 Source: RealPage Market Analytics, monthly, Jan 2015 through Sep ’26 MARKET BACKDROP Rent Growth Is Gaining Momentum 2026 rent growth is outpacing
Slide 17: Affordability Continues To Anchor Rental Demand
17 MARKET BACKDROP Affordability Continues To Anchor Rental Demand The widening cost advantage of renting versus owning provides structural support for multifamily demand. ~$400 Current monthly gap between average rent prices and P&I costs ~85% Increase in average mortgage payment since 2019 • The c
Slide 18: Earnings Growth Drivers
EARNINGS GROWTH DRIVERS 18
Slide 19: Significant Multifamily Maturities Create Growth Opportunities
AGENCY $16.8B Own book maturing in next 2 years 72% 2025 GSE refinancings captured from other lenders’ portfolios Growing embedded pipeline $39 $47 $92 $137 $159 $105 $128 2026 2027 2028 2029 2030 2031 2032 Total Fannie Mae, Freddie Mac, FHA, and Ginnie Mae loan maturities (in billions) 19 Total non
Slide 20: Two Paths To Upside: Illustrative Cash Revenue Per Share
1) This is a Non - GAAP financial measure. The Company has not provided a reconciliation of this forward - looking non - GAAP financial m easure to the most directly comparable GAAP measure because certain reconciling items, including non - cash servicing revenue adjustments and other fair value adj
Slide 21: Two Paths To Upside: Scenario Assumptions
TWO PATHS TO UPSIDE SCENARIO ASSUMPTIONS (FULL RANGE) WHY ADDITIONAL SHARE IS ATTAINABLE Scaled Platform W&D has scaled complementary capabilities that deepen client relationships and expand financing opportunities +20% Growth in property sales producers since 2021 + 7 5 % Year - to - date debt capt
Slide 22: HUD/FHA Leadership Makes Additional Share Attainable
ILLUSTRATIVE ANNUAL CASH REVENUE PER SHARE 1 UPSIDE VS. BASE CASE TWO PATHS TO UPSIDE 1 Hold share, ride the market 2 Win incremental share SCENARIO ASSUMPTIONS (FULL RANGE) 6 - 12 % HUD/FHA market share scenarios $1 5 B 202 5 market volume starting point 2 + 13 - 33 % Market volume growth scenarios
Slide 23: Servicing Portfolio: Value + Growth
SERVICING PORTFOLIO: VALUE + GROWTH 23
Slide 24: Servicing Portfolio Growth
Total servicing portfolio at period end (in billions) SERVICING PORTFOLIO GROWTH YTD PORTFOLIO WALK Beginning UPB + servicing additions – runoff / payoffs = ending UPB 24 $107.2 $115.7 $123.1 $130.5 $135.3 $144.0 $146.6 24% 26% 30% 45% 45% 41% 48% 2020 2021 2022 2023 2024 2025 Q3'26 Servicing portfo
Slide 25: Strong Portfolio Credit Quality Underpins Minimal Loss Exposure
GSE SERVICING PORTFOLIO CREDIT STATUS 0.35% Freddie Mac Delinquency Rate CLOSER LOOK: DELINQUENCIES AND DEFAULTS 0.003% 10 - year average loss rate FANNIE MAE RISK SHARING W&D share of losses by loss tier for standard Loss Level I loans (as % of loan UPB) First 5% of loss W&D bears 100% Losses from
Slide 26: Capital Allocation and Balance Sheet
CAPITAL ALLOCATION AND BALANCE SHEET 26
Slide 27: Disciplined Capital Allocation Drives Shareholder Value Creation
FREE CASH FLOW + CASH FROM BUSINESS UNIT SALES Leverage outlook, liquidity needs, alternative investment opportunities, and long - term financial strength Maintain dividend coverage; evaluate share buyback return profile relative to view of intrinsic value and alternative investment opportunities St
Slide 28: Balance Sheet Strength Preserves Strategic Flexibility
BALANCE SHEET PROFILE Balance Sheet Strength Preserves Strategic Flexibility Strong liquidity and limited maturities before 2031 preserve flexibility for growth investment, capital returns, and debt man age ment. Walker & Dunlop | © 2026 Proprietary and Confidential 1) Calculated as Corporate debt –
Slide 29: Appendix
APPENDIX 29
Slide 30: Historical Income Statement
September 30, 2026 December 31, 2025 December 31,2024 December 31, 2023 December 31, 2022 December 31, 2021 December 31, 2020 (in thousands) Revenues $386,468 $521,830 $430,155 $376,326 $539,767 $733,159 $717,061 Gains from Mortgage Banking Activities 1 259,827 337,442 325,644 311,914 300,191 278,46
Slide 31: Historical Balance Sheet
Historical Balance Sheet September 20, 2026 December 31, 2025 December 31,2024 December 31, 2023 December 31, 2022 December 31, 2021 December 31, 2020 (in thousands) ASSETS $183,241 $299,315 $279,270 $328,698 $225,949 $305,635 $321,097 Cash and Cash Equivalents 22,829 22,772 25,156 21,422 17,676 42,
Slide 32: Adjusted Financial Measure Reconciliation to GAAP
Adjusted Financial Measure Reconciliation to GAAP Reconciliation of Walker & Dunlop Net Income to Adjusted EBITDA Period ended September 30, 2026 Year ended December 31, 2025 Year ended December 31, 2024 Year ended December 31, 2023 Year ended December 31, 2022 Year ended December 31, 2021 Year ende
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