Walker & Dunlop, Inc · NYSE:WD
Walker & Dunlop — Investor Presentation (March 2026)
74 slides from Walker & Dunlop's investor presentation, March 2026
Slide 1: Investor Overview March 2026
INVESTOR OVERVIEW MARCH 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: Non-GAAP Financial Measures (continued)
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 does not reflect certain cash requirements such as tax and debt service payments. The amounts shown for adjusted EBITDA may also differ
Slide 4: Table of Contents
TA B L E O F C O N T E N T S 7 What Makes W&D a Compelling Investment 12 Strategic Growth Plan and Financial Outlook 20 Market Opportunity and Trends 32 Historical Financial Performance 44 Operating Segment Detail 62 Appendix 4
Slide 5: Differentiated Business Model with Proven Track Record
D I F F E R E N T I AT E D B U S I N E S S M O D E L W I T H PROVEN TRACK RECORD Walker & Dunlop provides a breadth of commercial real estate finance and advisory services Capital Markets Servicing Investment Valuations Investment Research Management Banking Debt Origination AUM in 2025 Servicing Po
Slide 6: Track Record of Strategic Acquisitions
T R A C K R E C O R D O F S T R AT E G I C A C Q U I S I T I O N S H A S E X PA N D E D A N D E N H A N C E D P E O P L E , B R A N D A N D TECHNOLOGY FOUNDED IPO 1937 1988 2009 2010 2012 2014 2015 One of the first Named one of the Acquired Column Initial Public Offering Acquired CWCapital Acquired
Slide 7: What makes W&D a compelling investment?
What makes W&D a compelling investment? 7
Slide 8: People, Brand, Technology
PEOPLE, BRAND, TECHNOLOGY Our fantastic growth has been driven by a combination of our incredible people, market-leading brand, and innovative technology We have hired the very best people in the industry and made strategic acquisitions that have given us a national reach and deep client relationshi
Slide 9: Proven Long-Term Growth
PROVEN LONG-TERM GROWTH Walker & Dunlop has a track record of delivering strong financial performance through setting and meeting ambitious long-term goals Our current 5-year growth plan, Journey to ‘30, Walker & Dunlop sets long-term financial growth objectives, including the growth of debt financi
Slide 10: Exceptional Culture
E X C E P T I O N A L C U LT U R E Our mission is to create community – with ideas and capital – where people live, work, shop, and play Walker & Dunlop’s unique culture provides its people with large-company capabilities while maintaining the touch and feel of a family company. We are consistently
Slide 11: Capital Return and Consistent Dividend Growth
C A P I TA L R E T U R N A N D C O N S I S T E N T D I V I D E N D G R O W T H Quarterly Dividend1 Walker & Dunlop’s top priority is reinvesting in the business for $0.70 $0.67 $0.68 long-term growth opportunities. $0.65 Additionally, during 2025, Walker $0.63 $0.60 & Dunlop paid four quarterly $0.6
Slide 12: Strategic Growth Plan and Financial Outlook
S T R AT E G I C G R O W T H PLAN AND FINANCIAL OUTLOOK 12
Slide 13: Competitive Positioning
COMPETITIVE POSITIONING Comprehensive 2030 CRE Capital Markets Comprehensive Specialized CRE Services 13
Slide 14: Journey to '30
JOURNEY TO ‘30 To be the very best commercial real estate capital markets company in the world 14
Slide 15: 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 1 $8.00 – $10.00 $400 – $500M $8.00 – $10.00 1) This is a non-GAAP financial measure the company presents
Slide 16: Journey to '30 Revenue Target
J O U R N E Y T O ‘ 3 0 R E V E N U E TA R G E T I N V O LV E S ARCHITECTED GROWTH FROM ALL KEY BUSINESS LINES $2B+ STRATEGIC PRODUCTS SERVICING ($50-$100M) $1.25B ($50-$100M) CAPITAL MARKETS ($475-$750M) 2025 2030 16
Slide 17: Operating Margin Expansion Driven by Four Operational Levers
O P E R AT I N G M A R G I N E X PA N S I O N D R I V E N B Y F O U R O P E R AT I O N A L L E V E R S 15-20% LEVERAGE THE PLATFORM EXPAND EMERGING BUSINESSES CAPITAL MARKETS PRODUCTIVITY 6% CREDIT NORMALIZATION 2025 2030 17
Slide 18: Full-Year 2026 and 2030 Financial Outlook
FULL-YEAR 2026 AND 2030 FINANCIAL OUTLOOK 2026 OUTLOOK RANGE 2030 OUTLOOK RANGE Diluted Earnings Per Share $3.50 - $4.00 $8.00 - $10.00 Adjusted Core Earnings Per Share $4.50 - $5.00 $8.00 - $10.00 Adjusted EBITDA $300 - $325 MILLION $400 - $500 MILLION 18
Slide 19: Upside Levers That Could Drive Stronger Performance
UPDSIDE LEVERS T H AT C O U L D D R I V E STRONGER PERFORMANCE
Slide 20: Disciplined Capital Allocation Driving Growth and Returns
D I S C I P L I N E D C A P I TA L A L L O C AT I O N D R I V I N G GROWTH AND RETURNS
Slide 21: Market Opportunity and Trends
M A R K E T O P P O RT U N I T Y AND TRENDS 21
Slide 22: Sustained Market Share Leadership Through Market Volatility
S U S TA I N E D M A R K E T S H A R E L E A D E R S H I P T H R O U G H M A R K E T V O L AT I L I T Y (volume in thousands) $25,000,000 5.00% $20,000,000 4.00% $15,000,000 3.00% $10,000,000 2.00% $5,000,000 1.00% $- 0.00% 1 WD GSE Origination Volume U.S. 10-Year Treasury Yield 2020 2021 2022 2023
Slide 23: 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 Million $270 Million $248 Million Million $209 Million $177 $141 Million Million 2026 2020 2021 2022 2023 2024 2025 Goal 23
Slide 24: Capturing Share in an Expanding Multifamily Market
C A P T U R I N G S H A R E I N A N E X PA N D I N G M U LT I F A M I LY M A R K E T Total Multifamily Loan Originations (in billions) $487 $480 $399 $388 $394 $360 $331 $289 $246 10.6% 8.6% 8.7% 8.2% 8.7% 7.6% 2020 2021 2022 2023 2024 2025 2026 Forecast 2027 Forecast 2028 Forecast Multifamily Loan
Slide 25: Accelerating GSE Maturities Signal Refinance and Sales Opportunity
A C C E L E R AT I N G G S E M AT U R I T I E S S I G N A L S I G N I F I C A N T R E F I N A N C E A N D S A L E S O P P O RT U N I T Y Total Fannie Mae, Freddie Mac, FHA, and Ginnie Mae Loan Maturities (in billions) $137 $92 $47 $39 $31 2025 2026 2027 2028 2029 Source: Mortgage Banker’s Associatio
Slide 26: Expanding Beyond Multifamily Unlocks Significant Growth Opportunity
E X PA N D I N G B E Y O N D M U LT I FA M I LY U N L O C K S SIGNIFICANT GROWTH OPPORTUNITY? Non-multifamily represents around 40 – 50% of the total lending market. Total Commercial Loan Originations (in billions) $891 $840 $816 $805 $614 $634 $602 $498 $429 2% Share 2019 2020 2021 2022 2023 2024 2
Slide 27: $3 Trillion of Upcoming CRE Debt Maturing Creates Opportunities
$ 3 T R I L L I O N O F U P C O M I N G C O M M E R C I A L R E A L E S TAT E D E B T M AT U R I N G C R E AT E S R E F I N A N C I N G , S A L E S , A N D A C Q U I S I T I O N O P P O RT U N I T I E S Total Commercial Loan Originations by Property Type (in billions) $864 $644 $581 $511 $443 Multif
Slide 28: Transaction Activity Normalizing
TRANSACTION ACTIVITY NORMALIZING 19
Slide 29: Credit Markets Are Open for Business
CREDIT MARKETS ARE OPEN FOR BUSINESS 19
Slide 30: Cyclical Headwinds, Structural Strength
CYCLICAL HEADWINDS, STRUCTURAL STRENGTH 19
Slide 31: Multifamily Construction Pullback Sets Stage for Fundamental Recovery
M U LT I FA M I LY C O N S T R U C T I O N P U L L B A C K S E T S T H E S TA G E F O R F U N D A M E N TA L R E C O V E RY 19
Slide 32: Affordability Continues to Anchor Rental Demand
A F F O R D A B I L I T Y C O N T I N U E S T O A N C H O R R E N TA L D E M A N D 19
Slide 33: Historical Financial Performance
HISTORICAL FINANCIAL PERFORMANCE 33
Slide 34: Market Leadership in 2025
MARKET LEADERSHIP IN 2025 2025 Top Multifamily 2025 Top Fannie Mae 2025 Top Freddie Mac 2025 Top GSE Lenders2 Brokers1 DUS® Lenders Optigo® Lenders Company Company Company Company 1 CBRE 1 Walker & Dunlop 1 Berkadia 1 Berkadia 2 Wells Fargo 2 JLL 2 Walker & Dunlop 2 JLL 3 Newmark 3 CBRE 3 Walker & D
Slide 35: Accelerating Quarterly Transaction Volumes Within a Recovering CRE Market
A C C E L E R AT I N G Q U A R T E R L Y T R A N S A C T I O N V O L U M E S WITHIN A RECOVERING CRE MARKET Total Transaction Volume (in millions) $18,330 $15,515 $13,952 $7,036 Q1'25 Q2'25 Q3'25 Q4'25 Fannie Mae Freddie Mac HUD Brokered Principal Lending and Investing Property Sales 35
Slide 36: Q4 and FY'25 Financial Metrics
Q4 and FY’25 FINANCIAL METRICS Excluding Indemnified and repurchased loan expenses and Asset impairments and other expenses Excluding Excluding Reported Impact of Reported Impact of Q4'25 Charges Charges FY’25 Charges Charges (in thousands, except per share data) Q4’251 FY’251 Diluted earnings (loss
Slide 37: Consolidated Total Revenues & Earnings per Share
C O N S O L I D AT E D T O T A L R E V E N U E S & E A R N I N G S PER SHARE Total Revenues (in thousands) Diluted Earnings Per Share $8.15 $7.69 $1,259 $1,259 $1,234 $6.36 $1,132 $1,084 $1,054 $3.351,2 $3.18 $3.19 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 37 1) Excluding Indemnifi
Slide 38: Consolidated Adjusted Core EPS
C O N S O L I D AT E D A D J U S T E D C O R E E P S For the year ended December 31, 2025 2024 2023 2022 2021 2020 Adjusted Core EPS1 (in thousands) Walker & Dunlop Net Income $56,247 $108,167 $107,357 $213,820 $265,762 $246,177 $6.29 Adjustments: $5.60 Provision (benefit) for credit losses 9,586 10
Slide 39: Consolidated Adjusted EBITDA
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 Adjusted EBITDA1 Adjusted EBITDA is a useful metric that removes large non- (in thousands) cash revenue (MSR gains) and expense (amortization and depreciation) from W&D’s EBITDA Strong cash flow generation has allowed us to both invest in the bu
Slide 40: Key Financial Metrics Over Time
KEY FINANCIAL METRICS OVER TIME Return on Equity Personnel Expense as % of Operating Margin Revenues 30% 23% 52% 28% 48% 48% 49% 49% 21% 43% 21% 13% 13% 12% 6% 6% 6% 3% 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 40
Slide 41: Highly Efficient and Profitable Business Model
H I G H LY E F F I C I E N T A N D P R O F I T A B L E B U S I N E S S MODEL Revenue Per Employee1 Adjusted EBITDA Margin3 (in millions) $0.8 21% $0.7 17% 16% 14% 13% $0.4 $0.4 $0.4 9% $0.2 2 4 4 CIGI NMRK2 CWK2 JLL2 CBRE WD CWK CIGI CBRE JLL NMRK WD 1) Calculated using 2025 revenues through 12/31/2
Slide 42: Operating Segment Detail
O P E R AT I N G S E G M E N T D E T A I L 43
Slide 43: Summary of Operating Segments
S U M M A R Y O F O P E R AT I N G S E G M E N T S 1 2 3 CAPITAL MARKETS SERVICING & ASSET MANAGEMENT CORPORATE • Agency Lending • Servicing • Infrastructure • Debt Brokerage • LIHTC Syndication • Treasury • Property Sales • Asset Management • Other Corporate • Valuation Services • Proprietary Capit
Slide 44: Resilient Business Model Due to Recurring Revenues
RESILIENT BUSINESS MODEL DUE TO RECURRING REVENUES SAM v. Capital Markets v. Corporate Segment Revenues (in thousands) $1,400 3% 2% $1,200 1% 30% 1% $1,000 40% 28% 46% $800 52% 53% $600 70% $400 72% 56% 52% 45% 46% $200 $- 2020 2021 2022 2023 2024 2025 Capital Markets SAM Corporate 45
Slide 45: Capital Markets
C A P I TA L M A R K E T S 46
Slide 46: Capital Markets
C A P I TA L M A R K E T S YEAR-OVER-YEAR FY’25 KEY FINANCIAL METRICS (in thousands) FY’25 FY’24 % Change Consolidated Total Transaction Volume $54,833,587 $39,905,889 37% Total Revenues $646,950 $524,841 23% Net Income $89,819 $66,664 35% Adjusted EBITDA1 ($16,980) ($28,258) (40%) • Increase in tot
Slide 47: W&D Is One of the Top Agency Lenders in the Country
W&D IS ONE OF THE TOP AGENCY L E N D E R S I N T H E C O U N T RY Fannie Mae Freddie Mac HUD (loan originations in millions) (loan originations in millions) (loan originations in millions) $12,803 $8,589 $8,249 $2,341 $2,213 $9,950 $9,552 $6,320 $9,302 $6,155 $7,641 $5,228 $7,021 $4,569 $1,118 $916
Slide 48: Agency Loan Financing Process
AGENCY LOAN FINANCING PROCESS GOAL: To facilitate efficient, timely loan origination while maintaining effective risk-management controls Loan Application Loan is sourced by one The loan & borrower are pre- Loan application is completed of W&D’s originators screened, W&D’s investment committee is en
Slide 49: Debt Brokerage
DEBT BROKERAGE The debt brokerage team is known for creative structured financing of all real estate asset classes. Walker & Dunlop has grown its brokered loan originations over time through hiring and acquisitions, including the acquisitions of Elkins in 2016, Deerwood in 2017, iCap in 2018, and bo
Slide 50: Multifamily Property Sales
M U LT I FA M I LY P R O P E RT Y S A L E S • In April 2015, Walker & Dunlop completed the acquisition of Engler Financial Group, adding Property Sales Volume multifamily property sales to its platform through (in millions) Walker & Dunlop Investment Sales (WDIS) • Since the acquisition, the synergi
Slide 51: Servicing & Asset Management (SAM)
S E RV I C I N G & A S S E T MANAGEMENT “SAM” 52
Slide 52: Servicing & Asset Management (SAM)
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 FY’25 KEY FINANCIAL METRICS (in thousands) FY’25 FY’24 % Change Total Revenues $566,564 $591,649 (4%) Net Income $85,112 $157,750 (46%) Adjusted EBITDA1 $419,049 $485,382 (14%) • Ended Q4’25 with total managed portfolio of
Slide 53: Portfolio Growth Drives Steady Cash Generation
P O RT F O L I O G R O W T H D R I V E S S T E A D Y C A S H G E N E R AT I O N > As of December 31, 2025, the servicing portfolio had a weighted average remaining life of 7.2 years and a weighted average servicing fee of 23.6 bps > Only $12.2 billion of Agency loans, representing 10% of the total p
Slide 54: Inherent Value of Servicing Portfolio
I N H E R E N T VA L U E O F S E RV I C I N G P O R T F O L I O The fair value of our mortgage servicing rights as of December 31, 2025 was $1.4 billion, compared to our net book value of $808 million, indicating a substantial amount of inherent value Book Value vs. Fair Value of MSRs (in millions)
Slide 55: GSE Portfolio Growth Supported by Consistently Strong Credit Performance
GSE PORTFOLIO GROWTH SUPPORTED BY C O N S I S T E N T LY S T R O N G C R E D I T P E R F O R M A N C E W&D GSE Servicing Portfolio (in millions) $120,000 $115,304 $107,382 $103,030 $100,000 $97,045 $90,540 $85,891 $80,000 $72,633 $66,334 $58,858 $60,000 $48,417 $40,725 $40,000 $20,000 $- at December
Slide 56: Asset Management Business
ASSET MANAGEMENT BUSINESS W&D’s asset management business comprises 1) CRE credit and equity funds, SMAS, Total Assets Under Management and JV’s managed by WDIP and 2) tax–credit equity funds managed by WDAE. (in millions) Walker & Dunlop Investment Partners (WDIP) $18,423 $18,631 > WDIP is a privat
Slide 57: 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 0.23% WAVG Debt Service Coverage Ratio2 >2x % of Portfolio with WAVG Debt Service Coverage Ratio <1x2 3% Underwritten Loan-to-Va
Slide 58: Corporate
C O R P O R AT E 59
Slide 59: Corporate
C O R P O R AT E YEAR-OVER-YEAR FY’25 KEY FINANCIAL METRICS (in thousands) FY’25 FY’24 % Change Total Revenues $20,792 $16,000 30% Net Income ($118,684) ($116,247) 2% Adjusted EBITDA1 ($139,453) ($128,575) 8% • Total revenues increased primarily due to a change to income from equity method investmen
Slide 60: Appendix
APPENDIX 61
Slide 61: Willy Walker and Stephen Theobald
Willy Walker | Chairman & Chief Executive Officer > Joined Company in 2003 and is third generation of Walker family leadership > Became President in 2005, CEO in 2007, and Chairman in 2010 > Has led Company through period of significant growth including IPO and multiple acquisitions > Serves on the
Slide 62: Greg Florkowski and Paula Pryor
Greg Florkowski | Chief Financial Officer > Joined Company in 2010 as Senior Vice President and Controller > Named Executive Vice President and Head of Business Development in 2019 and assumed role of Chief Financial Officer in June 2022 > Responsible for financial planning and reporting, accounting
Slide 63: Historical Income Statement
H I S T O R I C A L I N C O M E S TAT E M E N T (in thousands) December 31, 2020 December 31, 2021 December 31, 2022 December 31, 2023 December 31,2024 December 31, 2025 Revenues Gains from Mortgage Banking Activities1 $717,061 $733,159 $539,767 $376,326 $430,155 521,830 Servicing Fees 235,801 278,4
Slide 64: Historical Balance Sheet
HISTORICAL BALANCE SHEET (in thousands) December 31, 2020 December 31, 2021 December 31, 2022 December 31, 2023 December 31,2024 December 31, 2025 Assets Cash and Cash Equivalents $321,097 $305,635 $225,949 $328,698 $279,270 $299,315 Restricted Cash 19,432 42,812 17,676 21,422 25,156 22,772 Pledged
Slide 65: Diluted EPS Excluding Impairment & Repurchase-Related Charges Reconciliation
DILUTED EARNINGS (LOSS) PER SHARE EXCLUDING I M PA I R M E N T & R E P U R C H A S E - R E L AT E D C H A R G E S R E C O N C I L I AT I O N 12 months ended (in thousands) December 31, 2025 Walker & Dunlop Net Income (Loss) $ 56,247 Indemnified and repurchased loan expenses 40,850 Asset impairments
Slide 66: Adjusted EBITDA Excluding Charges Reconciliation to GAAP
A D J U S T E D E B I T D A E X C L U D I N G I M PA I R M E N T & R E P U R C H A S E - R E L AT E D C H A R G E S R E C O N C I L I A T I O N TO GAAP Reconciliation of Walker & Dunlop Net Income (Loss) to Adjusted EBITDA Excluding Charges 12 months ended (in thousands) December 31, 2025 Walker & D
Slide 67: Adjusted Core EPS Excluding Charges Reconciliation
A D J U S T E D C O R E E P S E X C L U D I N G I M PA I R M E N T & R E P U R C H A S E - R E L AT E D C H A R G E S R E C O N C I L I A T I O N Reconciliation of Walker & Dunlop Net Income (Loss) to Adjusted Core Net Income Excluding Charges 12 months ended (in thousands) December 31, 2025 Walker
Slide 68: 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 Year ended Year ended Year ended Year ended Year ended Year ended December 31, December 31, December 31, December 31, December 31, December 31, (in thousands) 2025 2024 2
Slide 69: Reconciliation to GAAP 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 12 months ended 12 months ended (in thousands) December 31, 2025 December 31, 2024 Walker &
Slide 70: Reconciliation to GAAP 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 12 months ended 12 months ended (in thousands) December 31, 2025 December 31, 2
Slide 71: Reconciliation to GAAP by Segment: Corporate
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 CORPORATE 12 months ended 12 months ended (in thousands) December 31, 2025 December 31, 2024 Walker & Dunlop
Slide 72: 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 (in thousands) December 31, 2030 December 31, 2030 Low End Target Range High End Target Range Walker & Dunlop Net In
Slide 73: 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, December 31, 2030 Low End 2030 Target Range High End Target Range (in thousands) Walker & Dunlop Net I
Slide 74: Contact details
Phone 301.215.5506 7272 Wisconsin Avenue, Suite 1300 Bethesda, Maryland 20814