Walker & Dunlop, Inc · NYSE:WD
Walker & Dunlop — Q2 2025 Earnings Presentation
20 slides from Walker & Dunlop's earnings presentation, Aug 7, 2025
Slide 1: Q2 2025 Earnings
Q2 Q2 2025 EARNINGS August 7, 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: Non-Core Fundraising Down, Pressure to Transact
NON-CORE FUNDRAISING DOWN, PRESSURE TO TRANSACT Source: Preqin Pro, StepStone SPI Reporting, April 2025. 3
Slide 4: Delta Between Cost of Home Ownership and Renting Remains Prohibitively Wide
D E LTA B E T W E E N C O S T O F H O M E O W N E R S H I P A N D R E N T I N G R E M A I N S P R O H I B I T I V E LY W I D E Renting provides a $539 monthly saving over principal and interest payments $2,600 $430,000 $2,400 $410,000 $390,000 $2,200 $370,000 $2,000 $350,000 $1,800 $330,000 $1,600 $
Slide 5: Consolidated Key Financial Metrics
Q 2 ’ 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) $80,931 $319,240 $0.99 $76,811 $1.23 $270,676 $1.15 $0.67 +18% +48% -5% -7% Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25 5 1) This is
Slide 6: Strong YTD GSE Market Share Reflects Demand For Capital to Multifamily Assets
STRONG YTD GSE MARKET SHARE REFLECTS DEMAND FOR C A P I TA L T O M U LT I FA M I LY A S S E T S Combined GSE Market Share1 (in millions) 12.7% 12.3% 11.4% 11.3% 11.4% 10.2% 10.3% $19,606 $18,070 $15,891 $15,121 $12,384 $11,393 $5,795 2019 2020 2021 2022 2023 2024 2025 YTD W&D Deliveries to GSE W&D M
Slide 7: Q2 Total Transaction Activity Accelerated Across Executions
Q 2 T O TA L T R A N S A C T I O N A C T I V I T Y A C C E L E R AT E D A C R O S S EXECUTIONS Total Transaction Volume (in millions) $7,000 $6,335 $6,000 $5,000 $3,853 $4,000 $3,114 $3,000 $2,314 $2,000 $1,753 $1,511 $1,531 $1,153 $1,000 $186 $288 $215 $148 $- Fannie Mae Freddie Mac HUD Brokered Pr
Slide 8: Capital Markets Year-Over-Year Q2'25 Key Financial Metrics
C A P I TA L M A R K E T S YEAR-OVER-YEAR Q2’25 KEY FINANCIAL METRICS Q2’25 Q2’24 % Change (in thousands) Consolidated Total Transaction Volume $13,951,810 $8,448,501 65% Total Revenues $172,791 $118,170 46% Net Income $33,142 $11,039 200% Adjusted EBITDA1 $1,323 ($8,532) (116%) • Increase in total
Slide 9: Continued Servicing Portfolio Growth Drives Cash Generation
C O N T I N U E D S E RV I C I N G P O RT F O L I O G R O W T H D R I V E S C A S H G E N E R AT I O N > As of June 30, 2025, the servicing portfolio had a weighted-average remaining life of 7.4 years and a weighted-average servicing fee of 24.1 bps > $10.9 billion of Agency loans, representing only
Slide 10: Servicing & Asset Management Year-Over-Year Q2'25 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 Q2’25 KEY FINANCIAL METRICS (in thousands) Q2’25 Q2’24 % Change Total Revenues $140,735 $148,232 (5%) Net Income $37,541 $40,432 (7%) Adjusted EBITDA1 $111,931 $124,502 (10%) • Ended Q2’25 with total managed portfolio of $
Slide 11: 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 WAVG Debt Service Coverage Ratio1 >2x Underwritten Loan-to-Value2 61% Fixed-Rate Loans3 94% Defaulted Loans3 0.17% Maturities Over Next 24 Months
Slide 12: Full-Year 2025 Financial Outlook
FULL-YEAR 2025 FINANCIAL OUTLOOK 1H’25 ACTUAL1 2025 GROWTH OUTLOOK HIGH SINGLE-DIGITS TO Diluted Earnings Per Share + 5% DOUBLE-DIGITS Adjusted Core Earnings Per Share - 16% FLAT TO HIGH SINGLE-DIGITS Adjusted EBITDA -9% FLAT TO HIGH SINGLE-DIGITS 2025 Financial Outlook is based on Walker & Dunlop’s
Slide 13: YTD'25 Consolidated Key Financial Metrics
Y T D ’ 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) $556,607 $1.07 $155,067 $2.39 $498,735 $1.02 $141,777 $2.00 +12% +5% -9% -16% YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YT
Slide 14: Business Area Goals Will Allow Us To Achieve Annual Guidance
BUSINESS AREA GOALS WILL ALLOW US TO ACHIEVE ANNUAL GUIDANCE 1H’25 ACTUAL 2025 GOAL Average Transaction Volume per Banker/Broker $95 MILLION $200 MILLION Zelman and Apprise Combined Revenues $24 MILLION $40-$50 MILLION WDAE Tax Credit Equity Syndication $268 MILLION $600 MILLION WDIP Capital Deploym
Slide 15: Continued Focus On Growing Transaction Volume Per Banker/Broker
CONTINUED FOCUS ON GROWING TRANSACTION VOLUME PER BANKER/BROKER Average Transaction Volume per Banker/Broker $200 Million $189 Million $172 Million 2024 YTD 20251 2025 GOAL 15 1) Annualized average transaction volume per banker/broker
Slide 16: Appendix
APPENDIX
Slide 17: Consolidated Adjusted EBITDA Reconciliation To Net Income
C O N S O L I D AT E D A D J U S T E D E B I T D A R E C O N C I L I AT I O N T O C O N S O L I D AT E D N E T I N C O M E Three months ended Three months ended Six months ended Six months ended (in thousands) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Walker & Dunlop Net Income $33,952
Slide 18: 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 Three months ended Three months ended Six months ended Six months ended (in thousands), except per share amounts June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Walker & Dunlop Net Income $33,952 $22,663 $36,706 $34,529 Adjustments: Pr
Slide 19: Adjusted EBITDA Reconciliation To Net Income By Segment
A D J U S T E D E B I T D A R E C O N C I L I AT I O N T O NET INCOME BY SEGMENT Capital Markets Three months ended June 30, Three months ended June 30, (in thousands) 2025 2024 Walker & Dunlop Net Income $33,142 $11,039 Adjustments: Income tax expense (benefit) 12,285 3,359 Interest expense on corp
Slide 20: Adjusted EBITDA Reconciliation To Net Income By Segment
A D J U S T E D E B I T D A R E C O N C I L I AT I O N T O NET INCOME BY SEGMENT SAM Three months ended June 30, Three months ended June 30, (in thousands) 2025 2024 Walker & Dunlop Net Income $37,541 $40,432 Adjustments: Income tax expense (benefit) 5,428 16,521 Interest expense on corporate debt 1