Walker & Dunlop, Inc · NYSE:WD
Walker & Dunlop — Q2 2026 Earnings Presentation
22 slides from Walker & Dunlop's earnings presentation, Aug 6, 2026
Slide 1: Q2 2026 Earnings
Q2 Q2 2026 EARNINGS August 6, 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: Total Transaction Activity Is Up Annually
T O TA L T R A N S A C T I O N A C T I V I T Y I S U P A N N U A L LY Total Transaction Volume (in millions) $16,000 +3% $14,000 $12,000 $10,000 $8,000 +17% $6,000 $4,000 -0.8% -18% $2,000 -25% +44% +116% $0 Total Brokered Fannie Mae Freddie Mac HUD Property Sales Principal Lending and Investing Q2'
Slide 4: GSE Market Share Growth Sets Up For Strong Second Half
GSE MARKET SHARE GROWTH SETS UP FOR STRONG SECOND HALF Combined GSE Market Share1 (in millions) +350bps 14.7% $30,000,000,000 12.7% $25,000,000,000 11.3% 11.2% 10.3% $20,000,000,000 $15,000,000,000 $10,000,000,000 $15,891 $12,384 $18,070 $11,393 $5,000,000,000 $9,201 $0 2022 2023 2024 2025 YTD 2026
Slide 5: Servicing Portfolio Grows YoY
S E RV I C I N G P O RT F O L I O G R E W 6 % Y O Y Total Servicing Portfolio (in billions) $146.0 $137.3 $140,000 $132.8 $126.6 +6% $119.0 $120,000 +3% $100,000 $80,000 +5% 50+% of portfolio matures in the next five years. +6% $60,000 $40,000 $20,000 $0 30-Jun-22 30-Jun-23 30-Jun-24 30-Jun-25 30-Ju
Slide 6: WDSuite: From Friction To Flow
WDSUITE: FROM FRICTION TO FLOW One Interconnected Platform for: • any deal type, • any client, • every employee 6
Slide 7: Clearly Defined Path To Resolution Of Fraud Investigation
CLEARLY DEFINED PATH TO RESOLUTION OF FRAUD INVESTIGATION FREDDIE MAC FANNIE MAE CONTROLS FOCUSED ON REVIEW REVIEW SIGNIFICANTLY EXECUTING 5- CONCLUDED NEARING STRENGTHENED YEAR GROWTH COMPLETION PLAN 7
Slide 8: 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 9: Transaction Volume Per Banker/Broker Trending Towards Peak Productivity
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 19% Average Transaction Volume Per Banker/Broker (in millions) of W&D’s transaction volume comes from new clients 74% $313 $270 $177 $248 $288 $300 of W&D’s refinancings were new loans to the portfolio
Slide 10: Repurchase Charges Elevated In Current Period With A Path To Resolution Defined
REPURCHASE CHARGES ELEVATED IN CURRENT PERIOD WITH A PATH TO RESOLUTION DEFINED Freddie Mac Review Concluded Charges and Operating Costs Related to Indemnified and Repurchased Loans No further repurchases to come from the Freddie (in millions) Mac investigation $35.5 Fannie Mae Review Nearing Comple
Slide 11: At-Risk Portfolio Continues To Demonstrate Strong Credit Performance
AT-RISK PORTFOLIO CONTINUES TO DEMONSTRATE STRONG CREDIT PERFORMANCE At-Risk Servicing Portfolio — Key Credit Metrics Defaulted Loans1 0.28% WAVG Debt Service Coverage Ratio2 >2x ≤1 bp Net write-offs in each of the last ten Underwritten Loan-to-Value3 years 61% Net Write-Offs in Each of the Last Ten
Slide 12: Full-Year 2026 Financial Outlook
FULL-YEAR 2026 FINANCIAL OUTLOOK 2025 ACTUAL 2026 OUTLOOK3 Excluding repurchase–related charges Diluted Earnings Per Share $1.64 $3.50 - $4.00 Adjusted Core Earnings Per Share1 $3.50 $4.50 - $5.00 Adjusted EBITDA2 $263 MILLION $300 - $325 MILLION 2026 Financial Outlook is based on Walker & Dunlop’s
Slide 13: MBA Outlook: Continued Growth In CRE Lending
MBA OUTLOOK: CONTINUED GROWTH IN CRE L E N D I N G , M U LT I F A M I LY A S P R I M A R Y D R I V E R $891 $896 $864 $819 $782 $706 $601 $614 $574 $430 $504 $490 $498 $429 $400 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E Non-Multifamily Volume Mutifamily Volume Pro
Slide 14: Multifamily Supply Is Normalizing, With Starts Down ~50% From Peak
M U LT I F A M I LY S U P P LY I S N O R M A L I Z I N G , W I T H S TA R T S D O W N ~ 5 0 % F R O M P E A K Multifamily Starts vs. Deliveries (Quarterly) 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 Annual Starts Annual Deliveries Source: RealPage 14
Slide 15: Strong First-Half Absorption Signals The Early Stages Of The Next Investment Cycle
S T R O N G F I R S T- H A L F A B S O R P T I O N S I G N A L S T H E E A R LY S TA G E S O F T H E N E X T I N V E S T M E N T C Y C L E 1H Net Absorption by Year (2022–2026) 400K 365K 350K 300K 279K 249K 250K 200K 150K 100K 90K 50K 29K 0K 1H 2022 1H 2023 1H 2024 1H 2025 1H 2026 Source: RealPage 1
Slide 16: Widening Rent-Vs-Own Gap Continues To Anchor Renter Demand
W I D E N I N G R E N T- V S - O W N G A P C O N T I N U E S T O ANCHOR RENTER DEMAND $2,800 $450,000 $2,600 $430,000 $2,400 $410,000 $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 Median List Price (Zillow) Monthly P&I RealPa
Slide 17: Apartment Vacancy Records Fourth Consecutive Month Of Improvement
A PA R T M E N T VA C A N C Y R E C O R D S F O U R T H CONSECUTIVE MONTH OF IMPROVEMENT 0.25% 0.20% 0.15% 0.10% 0.05% 0.00% -0.05% -0.10% MoM Source: Apartment List 17
Slide 18: Appendix
APPENDIX 18
Slide 19: 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 12 months ended (in thousands) December 31, 2025 Walker & Dunlop Net Income $ 56,247 Provision (benefit) for credit losses 9,586 Loan repurchases losses1 20,092 Net write
Slide 20: Adjusted Financial Measure Reconciliation To GAAP
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 TO GAAP Reconciliation of Walker & Dunlop Net Income to Adjusted EBITDA 12 months ended (in thousands) December 31, 2025 Walker & Dunlop Net Income $ 56,247 Income tax expense 22,013 Interest expense on corporate debt 64,715
Slide 21: 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 22: 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