Walker & Dunlop, Inc · NYSE:WD
Walker & Dunlop — Investor Day (March 2026)
114 slides from Walker & Dunlop's investor day presentation, Mar 10, 2026
Slide 1: Journey
Journey WALKER & DUNLOP®
Slide 2: Forward-Looking Statements
2 INVESTOR DAY 2026 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 ev
Slide 3: Non-GAAP Financial Measures (continued)
3 INVESTOR DAY 2026 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 doe s not reflect certain cash requirements such as tax and debt service payments. The amounts shown for adjusted
Slide 4: Strategic Overview
INVESTOR DAY 2026 STRATEGIC OVERVIEW WILLY WALKER Chairman & Chief Executive Officer
Slide 5: Journey to '30
JOURNEY TO ‘30 To be the very best commercial real estate capital markets company in the world
Slide 6: 2010 Offices and Employees
2010 157 8 OFFICES EMPLOYEES 6 INVESTOR DAY 2026
Slide 7: Scale: 2010-2015
$15 $50 At December 31, 2010 At December 31, 2015 SCALE: 2010 - 2015 $3 $18 2010 2015 Total Transaction Volume (in billions) 43% CAGR $122 $468 2010 2015 31% CAGR Total Revenues (in millions) Total Servicing Portfolio (in billions) 27% CAGR 7 INVESTOR DAY 2026
Slide 8: 2015 Offices and Employees
2015 504 25 OFFICES EMPLOYEES 8 INVESTOR DAY 2026
Slide 9: Vision 2020
9 VISION 2020 $1 BILLION IN ANNUAL REVENUES $8 B+ ASSET MANAGEMENT PLATFORM $100 B+ SERVICING PORTFOLIO $30B+ ANNUAL DEBT FINANCING VOLUME $8 B+ ANNUAL PROPERTY SALES VOLUME 9 INVESTOR DAY 2026
Slide 10: Diversify: 2015-2020
$50 $107 At December 31, 2015 At December 31, 2020 $18 $41 2015 2020 DIVERSIFY : 2015 - 2020 Total Transaction Volume (in billions) 18% CAGR Total Revenues (in millions) Total Servicing Portfolio (in billions) 16% CAGR $468 $1,084 2015 2020 18% CAGR 10 INVESTOR DAY 2026
Slide 11: Where We Are Going
WHERE WE ARE GOING GROW DEBT FINANCING VOLUME GROW PROPERTY SALES VOLUME GROW INVESTMENT BANKING AND ASSET MANAGEMENT BUSINESSES THE WALKER WAY $25B+ Sales Volume $10B+ Assets Under Management Be a Great Place to Work / Grow Affordable Lending / Donate 1% of Income from Operations / Reduce Carbon Em
Slide 12: Digitize: 2020-2025
$107 $144 At December 31, 2020 At December 31, 2025 $1,084 $1,234 2020 2025 $41 $55 2020 2025 DIGITIZE : 2020 - 2025 Total Transaction Volume (in billions) 6% CAG R Total Revenues (in millions) Total Servicing Portfolio (in billions) 6% CAGR 3% CAGR 12 INVESTOR DAY 2026
Slide 13: Rapidly Rising Interest Rates Led to Significant Drop in Transaction Activity
RAPIDLY RISING INTEREST RATES LED TO SIGNIFICANT DROP IN TRANSACTION ACTIVITY $504 $490 $530 $574 $601 $614 $891 $816 $429 $498 $634 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% $- $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2
Slide 14: Continued Strength of Adjusted EBITDA Reflects Resilient Business Model
$215,849 $309,278 $325,095 $300,123 $328,549 $315,905 2020 2021 2022 2023 2024 2025 Adjusted EBITDA 1 (in thousands) CONTINUED STRENGTH OF ADJUSTED EBITDA REFLECTS RESILIENT BUSINESS MODEL 14 INVESTOR DAY 2026 1) This is a non - GAAP financial measure. For a reconciliation of the measure to its near
Slide 15: MSR Revenue Decline Driven by Duration Shift and Fee Compression
MSR REVENUE DECLINE DRIVEN BY DURATION SHIFT AND FEE COMPRESSION 1) T he fair value of expected net cash flows from servicing, net of guaranty obligation . 15 INVESTOR DAY 2026 Total WD GSE Origination Volume and MSR Revenue 1 ($ in millions) $- $50 $100 $150 $200 $250 $300 $350 $400 $- $5,000 $10,0
Slide 16: Strategic Investments Supporting Multifamily Growth
16 INVESTOR DAY 2026 STRATEGIC INVESTMENTS SUPPORTING MULTIFAMILY GROWTH INSTITUTIONAL CAPITAL MARKETS ADVISORY STUDENT HOUSING SALES LAND SALES AFFORDABLE HOUSING DEBT AND EQUITY HIRING AND RETENTION
Slide 17: Transaction Volume per Banker/Broker Steadily Recovering
2020 2021 2022 2023 2024 2025 2026 Goal Average Transaction Volume per Banker/Broker TRANSACTION VOLUME PER BANKER/BROKER STEADILY RECOVERING $209 Million $313 Million $270 Million $141 Million $177 Million $248 Million $300 Million 17 INVESTOR DAY 2026
Slide 18: Strategic Investments Supporting Insights and Productivity
18 INVESTOR DAY 2026 STRATEGIC INVESTMENTS SUPPORTING INSIGHTS AND PRODUCTIVITY ARTIFICIAL INTELLIGENCE AND DATA CAPABILITIES HOUSING RESEARCH AND INVESTMENT BANKING VALUATION ADVISORY
Slide 19: Multifamily Market Leadership in 2025
2025 Top Fannie Mae DUS® Lenders Company Walker & Dunlop 1 Wells Fargo 2 CBRE 3 Berkadia 4 Newmark 5 2025 Top Freddie Mac Optigo ® Lenders Company Berkadia 1 JLL 2 Walker & Dunlop 3 CBRE 4 Newmark 5 2025 Top GSE Lenders 2 Company Berkadia 1 Walker & Dunlop 2 CBRE 3 Wells Fargo 4 JLL 5 MULTIFAMILY MA
Slide 20: Competitive Positioning 2030
CRE Services Specialized Comprehensive CRE Capital Markets Comprehensive COMPETITIVE POSITIONING 2030 20 INVESTOR DAY 2026
Slide 21: Journey to '30 Targets
JOURNEY TO ‘30 TARGETS GROW GLOBAL DEBT FINANCING VOLUME $80B+ Origination Volume GROW GLOBAL PROPERTY SALES VOLUME $35B+ Volume Sales ADJUSTED EBITDA 1 $400 – $500M TOTAL REVENUES $2B+ EPS $8.00 – $10.00 ADJUSTED CORE EPS 1 $8.00 – $10.00 INVESTOR DAY 2026 1) This is a non - GAAP financial measure
Slide 22: Investor Day
INVESTOR DAY WALKER &* DUNLOP®
Slide 23: Broader Market Opportunity
SECTOR SPECIFIC INVESTORS BROADER MARKET OPPORTUNITY GLOBAL ALTERNATIVE ASSET MANAGERS Requires Integrated Capital Solutions Tailored to Each Client REGIONAL ODM’S (OWNERS, DEVELOPERS, MANAGERS) TRADITIONAL ASSET MANAGERS 23 INVESTOR DAY 2026GS1
Slide 24: Accelerating Growth of Institutional CRE Ownership
ACCELERATING GROWTH OF INSTITUTIONAL CRE OWNERSHIP Real Estate Assets Under Management (“AUM”) (in billions) The 28% CAGR significantly outpaces the market CAGR, which is estimated to be at 10% over the same period. 24 INVESTOR DAY 2026 $18 $19 $29 $30 $28 $34 $36 $163 $187 $279 $326 $337 $315 $319
Slide 25: 2025 Offices and Employees
2025 1,466 46 OFFICES EMPLOYEES 25 INVESTOR DAY 2026
Slide 26: Investor Day Agenda
STATE OF THE HOUSING MARKET Ivy Zelman POWER OF THE WD PLATFORM Steve Theobald CAPITAL MARKETS Kris Mikkelsen Don King Sheri Thompson Alison Williams SERVICING AND CREDIT Jim Schroeder WD TECHNOLOGY Megan Strachan FINANCIALS Greg Florkowski CLOSING REMARKS Willy Walker 26 INVESTOR DAY 2026
Slide 27: Housing Market Update
INVESTOR DAY 2026 HOUSING MARKET UPDATE IVY ZELMAN EVP Research & Securities
Slide 28: The Power of the Platform
INVESTOR DAY 2026 THE POWER OF THE PLATFORM STEVE THEOBALD EVP & Chief Operating Officer
Slide 29: Investor Day
INVESTOR DAY WALKER & DUNLOP®
Slide 30: A Unified Platform
A UNIFIED PLATFORM Driving client engagement, revenue, and margin expansion SCALE BENEFITS IMPROVED RISK CONTROL GREATER WALLET SHARE RECURRING REVENUE 30 INVESTOR DAY 2026
Slide 31: Creating Value Across Asset Lifecycle
CREATING VALUE ACROSS ASSET LIFECYCLE 1 EARLY ENGAGEMENT • Research : Where to invest • Valuation : What your property is worth • WD Suite : Refine the investment thesis 3 DEAL MANAGEMENT • Best Execution: Finding best capital source, buyer, etc. • Underwriting: Managing and mitigating credit risk •
Slide 32: Related Group
RELATED GROUP KENNESAW & BUFORD, GEORGIA IMAI LAM DOSVVU AU OUT ATTAE | TYPE Portfolio Sale and Financing (@) 32. INVESTOR DAY 2026 ee aa ae WALKER) DUNLOP?
Slide 33: ResiBuilt Sale to Invitation Homes
RESIBUILT SALE TO INVITATION HOMES }) Institutional J Nake $100 MILLION TYPE Exclusive Sell-Side Financial Advisor oy 4 invitationhomes ARESISUILT
Slide 34: Journey to '30 Targets
JOURNEY TO ‘30 TARGETS GROW GLOBAL DEBT FINANCING VOLUME $80B+ Origination Volume GROW GLOBAL PROPERTY SALES VOLUME $35B+ Volume Sales ADJUSTED EBITDA 1 $400 – $500M TOTAL REVENUES $2B+ EPS $8.00 – $10.00 ADJUSTED CORE EPS 1 $8.00 – $10.00 INVESTOR DAY 2026 1) This is a non - GAAP financial measure
Slide 35: Upcoming Speakers
KRIS MIKKELSEN DON KING SHERI THOMPSON ALISON WILLIAMS JIM SCHROEDER MEGAN STRACHAN 35 INVESTOR DAY 2026 GREG FLORKOWSKI UPCOMING SPEAKERS
Slide 36: Capital Markets
INVESTOR DAY 2026 CAPITAL MARKETS SHERI THOMPSON ALISON WILLIAMS KRIS MIKKELSEN DON KINGGS1GS2
Slide 37: Kris Mikkelsen
KRIS MIKKELSEN EVP & Co - Head of Capital Markets INVESTOR DAY 2026
Slide 38: Client-Centric Business Model
CLIENT - CENTRIC BUSINESS MODEL INVESTOR DAY 2026 38
Slide 39: Net Promoter Score
NET PROMOTER SCORE Walker & Dunlop Net Promoter Score INVESTOR DAY 2026 39GS1
Slide 40: Role of Capital Markets
ROLE OF CAPITAL MARKETS FEEDS THE SERVICING PORTFOLIO EXPANDS DATA DENSITY DEEPENS CLIENT RELATIONSHIPS Source (for historical and forecast origination volumes): Mortgage Bankers Association (MBA) Annual Originations Summation Re por t and MBA CREF Forecast: Various Real Estate Alerts and company as
Slide 41: Competitive Positioning
COMPETITIVE POSITIONING CRE Services Specialized Comprehensive CRE Capital Markets Comprehensive 2030 INVESTOR DAY 2026 41
Slide 42: Organize Around Our Clients
ORGANIZE AROUND OUR CLIENTS Integrated Capital Solutions & Coverage - Tailored to Each Client GLOBAL ALTERNATIVE ASSET MANAGERS TRADITIONAL ASSET MANAGERS SECTOR SPECIFIC INVESTORS REGIONAL ODM’S (OWNERS, DEVELOPERS, MANAGERS) INVESTOR DAY 2026 42
Slide 43: Walker & Dunlop Momentum '24-'25
WALKER & DUNLOP MOMENTUM ’24 - ’25 % Change Market Share (%) 2025 Amount ($B) 32.9 20.4 $24.8 CBRE 1 22.2 17.5 $21.2 JLL 2 40.8 16.4 $19.9 Newmark 3 42.0 10.2 $12.5 Walker & Dunlop 4 - 5.2 7.7 $9.4 Marcus & Millichap 5 - 5.3 7.2 $8.7 Berkadia 6 - 8.0 6.9 $8.4 Eastdil Secured 7 2.2 5.2 $6.3 Cushman &
Slide 44: Capital Markets Group 2030 Destination
CAPITAL MARKETS GROUP 2030 DESTINATION $115bn VOLUME $1.1+bn REVENUE INVESTOR DAY 2026 44
Slide 45: How Are We Going to Get There?
HOW ARE WE GOING TO GET THERE? MARKET SHARE GROWTH DIVERSIFICATION MARKET GROWTH INVESTOR DAY 2026 45
Slide 46: Don King
DON KING EVP & Co - Head of Capital Markets INVESTOR DAY 2026
Slide 47: The Multifamily Moat
REGULATORY BARRIERS SCALED LEADERSHIP RECURRING REVENUE COST OF CAPITAL INVESTOR DAY 2026 W&D MULTIFAMILY THE MULTIFAMILY MOAT 47
Slide 48: Multifamily Market Growth
INVESTOR DAY 2026 MULTIFAMILY MARKET GROWTH $360 $487 $480 $246 $289 $331 8.6% 8.7% 7.6% 8.2% 8.7% 10.6% 2020 2021 2022 2023 2024 2025 Multifamily Loan Originations WD Multifamily Originations as % of Overall Market Total Multifamily Loan Originations (in billions) Source: Mortgage Banker ’s Associa
Slide 49: Multifamily Market Backdrop Supports Growth
MU LTIFAMILY MARKET BACKDROP SUPPORTS GROWTH Source: Mortgage Banker ’s Association INVESTOR DAY 2026 Total Commercial Loan Originations (in billions) $331 $399 $303 $406 $- $100 $200 $300 $400 $500 $600 $700 $800 $900 2025 2026 Forecast Mutifamily Volume Non-Multifamily Volume 49
Slide 50: Market Share Growth
MARKET SHARE GROWTH GROW INVESTMENT SALES AND IMPROVE TIE RATES INCREASE AVG. VOLUME PER BANKER/BROKER HIRE TOP TALENT INVESTOR DAY 2026 50
Slide 51: Sheri Thompson
SHERI THOMPSON EVP & Head of Affordable Housing INVESTOR DAY 2026
Slide 52: One Coordinated Platform
ONE COORDINATED PLATFORM • GSE debt • HUD financing • Bridge lending • LIHTC equity • Property sales INVESTOR DAY 2026 Property Sales Equity Bridge Lending GSE & HUD Debt 52 GS1
Slide 53: Affordable Housing Complexities
AFFORDABLE HOUSING COMPLEXITIES • Layered capital structures • Regulatory constraints • Compliance timelines • Public policy mandates INVESTOR DAY 2026 53 INVESTOR DAY 2026
Slide 54: Why Affordable?
INVESTOR DAY 2026 Why Affordable? To Meet America’s Affordable Housing Needs • Expanded GSE affordable housing goals • Increased GSE LIHTC equity allocations • Greater emphasis at HUD on affordable solutions • Growing institutional investor interest 54
Slide 55: Affordable Strategy Strengthens Multifamily Moat
2X VOLUME INVESTOR DAY 2026 W&D AFFORDABLE AFFORDABLE STRATEGY STRENGTHENS MULTIFAMILY MOAT 55
Slide 56: Affordable Housing Is Lifecycle-Driven
AFFORDABLE HOUSING IS LIFECYCLE - DRIVEN Initial syndication Bridge - to - perm Perm Debt Re - syndication/Financing Property Sale Servicing INVESTOR DAY 2026 56
Slide 57: How We Scale
HOW WE SCALE EXPAND AFFORDABLE PROPERTY SALES COVERAGE SCALE EQUITY AND DISPOSITIONS EXPAND BRIDGE LENDING INVESTOR DAY 2026 57
Slide 58: Expand Bridge Lending
EXPAND BRIDGE LENDING SALES REQUIRING REGULATORY APPROVAL RELATIONSHIP RETENTION PERMANENT DEBT PULL THROUGH COMPLEX LIHTC AND SECTION 8 TIMING INVESTOR DAY 2026 58
Slide 59: Expand Affordable Property Sales Coverage
EXPAND AFFORDABLE PROPERTY SALES COVERAGE PORTFOLIO VISIBILITY EARLY INSIGHT BROADER ADVISORY STRONG DEBT CAPTURE INVESTOR DAY 2026 59
Slide 60: Revenue Generation Across the Life Cycle
REVENUE GENERATION ACROSS THE LIFE CYCLE INVESTOR DAY 2026 • Syndication Revenue • Permanent Debt Fees TRANSACTION REVENUES RECURRING REVENUES TRANSACTION REVENUES • LIHTC Fund Asset Management Fees • Fund Reimbursables • Re - Syndication Revenue • Property Sales Broker Fees • Refinancing Fees 60
Slide 61: Million Families
MILLION FAMILIES 61 INVESTOR DAY 2026 WALKER® DUN
Slide 62: Alison Williams
INVESTOR DAY 2026 ALISON WILLIAMS EVP & Head of Real Estate Finance
Slide 63: Expanding Beyond Multifamily Unlocks Significant Growth Opportunity
INVESTOR DAY 2026 EXPANDING BEYOND MULTIFAMILY UNLOCKS SIGNIFICANT GROWTH OPPORTUNITY ? Source (for historical and 2026 forecast origination volumes): Mortgage Bankers Association (MBA) Annual Originations Summati on Report and MBA CREF Forecast. Source (for 2030 forecast origination volumes) Walker
Slide 64: Strong Momentum in Non-Multifamily Debt Brokerage
STRONG MOMENTUM IN NON - MULTIFAMILY DEBT BROKERAGE ? WD Non - Multifamily Debt Brokerage Volume (in billions) $3.7 $6.2 2020 2025 INVESTOR DAY 2026 68% Growth 2020 - 2025 28% Growth 2024 - 2025 64
Slide 65: Three Strategic Priorities to Accelerate Growth
THREE STRATEGIC PRIORITIES TO ACCELERATE GROWTH INVESTOR DAY 2026 SCALING EMEA PLATFORM DEEPENING COVERAGE ACROSS ASSET CLASSES EXPANDING COVERAGE IN CORE AREAS 65 GS1TG2
Slide 66: Execution in Core Markets Is Driving Large Transactions
EXECUTION IN CORE MARKETS IS DRIVING LARGE TRANSACTIONS INVESTOR DAY 2026 EXPANDING COVERAGE IN CORE AREAS 66 GS1TG2
Slide 67: Early Success in EMEA Capital Markets
EARLY SUCCESS IN EMEA CAPITAL MARKETS INVESTOR DAY 2026 SCALING EMEA PLATFORM 67 GS1TG2
Slide 68: Broadening Asset Class Coverage Unlocks Opportunity
BROADENING ASSET CLASS COVERAGE UNLOCKS OPPORTUNITY INVESTOR DAY 2026 DEEPENING COVERAGE ACROSS ASSET CLASSES 68 GS1TG2
Slide 69: Leveraging Technology – The WDSuite Platform Advantage
INVESTOR DAY 2026 LEVERAGING TECHNOLOGY – THE WDSUITE PLATFORM ADVANTAGE 69
Slide 70: Key Levers to Accelerate Volume and Revenue Growth in Capital Markets
KEY LEVERS TO ACCELERATE VOLUME AND REVENUE GROWTH IN CAPITAL MARKETS INVESTOR DAY 2026 70 $115B CM Volumes and $1.1+B CM Revenues
Slide 71: Servicing & Credit
INVESTOR DAY 2026 SERVICING & CREDIT JIM SCHROEDER EVP Debt Operations
Slide 72: The Power of WD's Servicing Portfolio
THE POWER OF WD’S SERVICING PORTFOLIO DATA AND TECHNOLOGY HIGH MARGIN CASH REVENUES STRATEGIC VALUE STRONG CREDIT INVESTOR DAY 2026 72
Slide 73: Portfolio Growth Drives Steady Cash Generation
$107,212 $115,701 $123,134 $130,472 $135,287 $143,978 $254 $287 $353 $466 $494 $490 $- $100 $200 $300 $400 $500 $600 $- $25,000 $50,000 $75,000 $100,000 $125,000 $150,000 At December 31, 2020 At December 31, 2021 At December 31, 2022 At December 31, 2023 At December 31, 2024 At December 31, 2025 Ser
Slide 74: Gaining Efficiencies Using Technology
GAINING EFFICIENCIES USING TECHNOLOGY INVESTOR DAY 2026 74
Slide 75: Value of Retained Servicing
VALUE OF RETAINED SERVICING 91 75 CUSTOMER SATISFACTION SCORE NET PROMOTER SCORE INVESTOR DAY 2026 75
Slide 76: We Are Skilled at Turning New Clients into Repeat Clients
WE ARE SKILLED AT TURNING NEW CLIENTS INTO REPEAT CLIENTS INVESTOR DAY 2026 62% 69% 72% 72% 2022 2023 2024 2025 Walker & Dunlop New GSE Refinancings 76
Slide 77: Servicing Portfolio Maturities Over the Next Years
SERVICING PORTFOLIO MATURITIES OVER THE NEXT 5 YEARS INVESTOR DAY 2026 2026 2027 2028 2029 2030 $5.4 $9.8 $13.9 $22.2 $23.9 Servicing Portfolio Maturities (in billions) 77
Slide 78: Higher Recapture Rate Will Drive Incremental Financing Volume
INVESTOR DAY 2026 $34bn +$10bn $23bn 34% Recapture rate 50% Recapture rate Current Contribution Total Contribution 70% Recapture rate Total Contribution $23bn $34bn $47bn 78 HIGHER RECAPTURE RATE WILL DRIVE INCREMENTAL FINANCING VOLUME
Slide 79: GSE Portfolio Growth Supported by Consistently Strong Credit Performance
GSE PORTFOLIO GROWTH SUPPORTED BY CONSISTENTLY STRONG CREDIT PERFORMANCE 1) At - risk servicing portfolio is defined as the balance of Fannie Mae Delegated Underwriting and Servicing (“DUS”) loans subject t o the risk - sharing formula, as well as a small number of Freddie Mac loans on which we shar
Slide 80: Underwriting and Credit Enhancements
UNDERWRITING AND CREDIT ENHANCEMENTS INVESTOR DAY 2026 80GS1
Slide 81: WDSuite Servicing
WDSUITE SERVICING INVESTOR DAY 2026 81
Slide 82: Technology: From Friction to Flow
INVESTOR DAY 2026 TECHNOLOGY DR. MEGAN STRACHAN EVP & Chief Informatio n Officer From Friction to Flow
Slide 83: We create time.
We create time. 83 INVESTOR DAY 2026
Slide 84: WDSuite From Friction to Flow
WDSUITE FROM FRICTION TO FLOW One Interconnected Platform for • any deal type, • any client, • every employee. INVESTOR DAY 2026 84
Slide 85: Built side by side, with the business.
Built side by side, with the business . 85 INVESTOR DAY 2026
Slide 86: WDSuite Research: Our Digital Front Door
WDSUITE RESEARCH OUR DIGITAL FRONT DOOR 86 INVESTOR DAY 2026
Slide 87: WDSuite Financing: Our Digital Deal Engine
WDSUITE FINANCING OUR DIGITAL DEAL ENGINE 87 INVESTOR DAY 2026
Slide 88: WDSuite Servicing: Our Digital Client Lifecycle
WDSUITE SERVICING OUR DIGITAL CLIENT LIFECYCLE 88 INVESTOR DAY 2026
Slide 89: Speed up the model we know. Prepare for the one that's coming.
89 INVESTOR DAY 2026 Speed up the model we know. Prepare for the one that’s coming.
Slide 90: The Intelligent Core: Where Data & AI Compound
THE INTELLIGENT CORE ; WHERE DATA & AI COMPOUND No deal is a one - off effort. Every deal benefits from everything we know. 90 INVESTOR DAY 2026
Slide 91: Financial Outlook
TRANSITION SLIDE TO FINANCIALS WITH GREG INVESTOR DAY 2026 FINANCIAL OUTLOOK GREG FLORKOWSKI EVP & Chief Financial Officer
Slide 92: Capital Markets Revenues Decreased Due to Market Contraction
CAPITAL MARKETS REVENUES DECREASED DUE TO MARKET CONTRACTION $- $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 2020 2021 2022 2023 2024 2025 Total Transaction Volume Total Revenues Total Transaction Volumes and Revenue
Slide 93: Diluted EPS Pressured While Adjusted EBITDA Remained Healthy
Diluted Earnings Per Share 93 INVESTOR DAY 2026 Adjusted EBITDA 2 (in thousands) 1) Excluding Indemnified and repurchased loan expenses and Asset impairments and other expenses. 2) This is a non - GAAP financial measure. For a reconciliation of the measure to GAAP net income, refer to the appendix o
Slide 94: M&A Strategy Has Significantly Bolstered the WD Platform
94 INVESTOR DAY 2026 M&A STRATEGY HAS SIGNIFICANTLY BOLSTERED THE WD PLATFORM AFFORDABLE HOUSING | RESEARCH & DATA | TECHNOLOGY | CAPITAL MARKETS ADVISORY AKS CAPITAL PARTNERS
Slide 95: Power of the Platform
POWER OF THE PLATFORM 95 INVESTOR DAY 2026
Slide 96: Journey to '30 Targets
JOURNEY TO ‘30 TARGETS GROW GLOBAL DEBT FINANCING VOLUME $80B+ Origination Volume GROW GLOBAL PROPERTY SALES VOLUME $35B+ Volume Sales ADJUSTED EBITDA 1 $400 – $500M TOTAL REVENUES $2B+ EPS $8.00 – $10.00 ADJUSTED CORE EPS 1 $8.00 – $10.00 INVESTOR DAY 2026 1) This is a non - GAAP financial measure
Slide 97: Journey to '30 Revenue Target
JOURNEY TO ‘30 REVENUE TARGET INVOLVES ARCHITECTED GROWTH FROM ALL KEY BUSINESS LINES 97 INVESTOR DAY 2026 $1.25B $2B+ 2025 2030 STRATEGIC PRODUCTS ($50 - $100M) CAPITAL MARKETS ($475 - $750M) SERVICING ($50 - $100M)
Slide 98: Operating Margin Expansion Driven by Four Operational Levers
6% 2025 CREDIT NORMALIZATION CAPITAL MARKETS PRODUCTIVITY EXPAND EMERGING BUSINESSES LEVERAGE THE PLATFORM 2030 15 - 20% 98 INVESTOR DAY 2026 OPERATING MARGIN EXPANSION DRIVEN BY FOUR OPERATIONAL LEVERS
Slide 99: Full-Year 2026 and 2030 Financial Outlook
FULL - YEAR 2026 AND 2030 FINANCIAL OUTLOOK 99 INVESTOR DAY 2026 Adjusted Core Earnings Per Share Adjusted EBITDA 2026 OUTLOOK RANGE Diluted Earnings Per Share $4.50 - $5.00 $300 - $325 MILLION $8.00 - $ 10.00 $8.00 - $10.00 $400 - $500 MILLION $3.50 - $4.00 2030 OUTLOOK RANGE
Slide 100: Upside Levers That Could Drive Stronger Performance
UPDSIDE LEVERS THAT COULD DRIVE STRONGER PERFORMANCE 100 INVESTOR DAY 2026
Slide 101: Disciplined Capital Allocation Driving Growth and Returns
DISCIPLINED CAPITAL ALLOCATION DRIVING GROWTH AND RETURNS 101 INVESTOR DAY 2026
Slide 102: Closing Remarks
INVESTOR DAY 2026 CLOSING REMARKS WILLY WALKER Chairman & Chief Executive Officer
Slide 103: Journey to '30
JOURNEY TO ‘30 To be the very best commercial real estate capital markets company in the world
Slide 104: Competitive Positioning 2030
CRE Services Specialized Comprehensive CRE Capital Markets Comprehensive COMPETITIVE POSITIONING 2030 104 INVESTOR DAY 2026
Slide 105: 2025 Offices and Employees
2025 1,466 46 OFFICES EMPLOYEES 105 INVESTOR DAY 2026
Slide 106: Investor Day
INVESTOR DAY WALKER &* DUNLOP®
Slide 107: Speakers
KRIS MIKKELSEN DON KING SHERI THOMPSON ALISON WILLIAMS JIM SCHROEDER MEGAN STRACHAN 107 INVESTOR DAY 2026 GREG FLORKOWSKI STEVE THEOBALD IVY ZELMAN
Slide 108: Journey to '30 Q&A
JOURNEY TO ‘30 Q&A
Slide 109: Appendix
Appendix
Slide 110: Adjusted Financial Measure Reconciliation to GAAP
ADJUSTED FINANCIAL MEASURE RECONCILIATION TO GAAP Reconciliation of Walker & Dunlop Net Income to Adjusted EBITDA Year ended December 31, 2020 Year ended December 31, 2021 Year ended December 31, 2022 Year ended December 31, 2023 Year ended December 31, 2024 Year ended December 31, 2025 (in thousand
Slide 111: Adjusted EBITDA Excluding Impairment & Repurchase-Related Charges Reconciliation
ADJUSTED EBITDA EXCLUDING IMPAIRMENT & REPURCHASE - RELATED CHARGES RECONCILIATION Reconciliation of Walker & Dunlop Net Income to Adjusted EBITDA Excluding Charges Year ended December 31, 2025 (in thousands) 56,247 $ Walker & Dunlop Net Income 22,013 Income tax expense 64,715 Interest expense on co
Slide 112: Adjusted Core EPS Excluding Impairment & Repurchase-Related Charges Reconciliation
ADJUSTED CORE EPS EXCLUDING IMPAIRMENT & REPURCHASE - RELATED CHARGES RECONCILIATION Reconciliation of Walker & Dunlop Net Income to Adjusted Core Net Income Twelve months ended December 31, 2025 (in thousands) 56,247 $ Walker & Dunlop Net Income 9,586 Provision (benefit) for credit losses 20,092 Lo
Slide 113: Target Adjusted Financial Measure Reconciliation to GAAP
TARGET ADJUSTED FINANCIAL MEASURE RECONCILIATION TO GAAP Reconciliation of Walker & Dunlop Net Income to Adjusted EBITDA Year ended December 31, 2030 High End Target Range Year ended December 31, 2030 Low End Target Range (in thousands) 343,659 $ 273,739 $ Walker & Dunlop Net Income 114,553 91,246 I
Slide 114: Target Adjusted Core EPS Range Reconciliation to GAAP
TARGET ADJUSTED CORE EPS RANGE RECONCILIATION TO GAAP Reconciliation of Walker & Dunlop Net Income to Adjusted Core Net Income Year ended December 31, 2030 High End Target Range Year ended December 31, 2030 Low End Target Range (in thousands) 343,659 $ 273,739 $ Walker & Dunlop Net Income 293,719 27