Walker & Dunlop, Inc · NYSE:WD
Walker & Dunlop — Investor Day (March 2026)
155 slides from Walker & Dunlop's investor day presentation, Mar 10, 2026
Slide 1: Journey
T Journey WALKER & DUNLOP® : | a )
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: 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: Employees and offices 2010
157 EMPLOYEES 8OFFICES 6 2010 INVESTOR DAY 2026
Slide 7: Scale: 2010-2015
SCALE: 2010-2015 Total Transaction Volume Total Revenues Total Servicing Portfolio (in billions) (in millions) (in billions) $468 $50 $18 43% 31% 27% CAGR CAGR CAGR $15 $122 $3 2010 2015 2010 2015 At December 31, 2010 At December 31, 2015 7 INVESTOR DAY 2026
Slide 8: Employees and offices 2015
504 EMPLOYEES 25 OFFICES 8 2015 INVESTOR DAY 2026
Slide 9: Vision 2020 $1 Billion in Annual Revenues
VISION 2020 $1 BILLION IN ANNUAL REVENUES $30B+ $8B+ $100B+ $8B+ ANNUAL DEBT ANNUAL PROPERTY SERVICING ASSET MANAGEMENT FINANCING VOLUME SALES VOLUME PORTFOLIO PLATFORM 9 9 INVESTOR DAY 2026
Slide 10: Diversify: 2015-2020
D I V E R S I F Y: 2 0 1 5 - 2 0 2 0 Total Transaction Volume Total Revenues Total Servicing Portfolio (in billions) (in millions) $1,084 (in billions) $107 $41 18% 18% $50 16% $18 $468 CAGR CAGR CAGR 2015 2020 2015 2020 At December 31, 2015 At December 31, 2020 10 INVESTOR DAY 2026
Slide 11: Where We Are Going
WHERE WE ARE GOING GROW DEBT FINANCING VOLUME $60B+ Origination Volume / $5B+ Small Balance Loans / $160B Servicing Portfolio GROW PROPERTY SALES VOLUME $25B+ Sales Volume GROW INVESTMENT BANKING AND ASSET MANAGEMENT BUSINESSES $10B+ Assets Under Management THE WALKER WAY Be a Great Place to Work /
Slide 12: Digitize: 2020-2025
DIGITIZE: 2020-2025 Total Transaction Volume Total Revenues Total Servicing Portfolio (in billions) (in millions) (in billions) $144 $55 $1,234 $1,084 $107 $41 6% 3% 6% CAGR CAGR CAGR 2020 2025 At December 31, 2020 At December 31, 2025 2020 2025 12 INVESTOR DAY 2026
Slide 13: Rising Interest Rates Led to Significant Drop in Transaction Activity
R A P I D LY R I S I N G I N T E R E S T R AT E S L E D T O SIGNIFICANT DROP IN TRANSACTION ACTIVITY Total CRE Debt Originations and Average U.S. Ten-Year Treasury Rate ($ in billions) $1,000 5.00% $891 $900 4.50% $816 $800 4.00% $700 $634 3.50% $601 $614 $574 $600 $530 3.00% $504 $490 $498 $500 $42
Slide 14: Continued Strength of Adjusted EBITDA Reflects Resilient Business Model
CONTINUED STRENGTH OF ADJUSTED EBITDA REFLECTS RESILIENT BUSINESS MODEL Adjusted EBITDA1 (in thousands) $325,095 $328,549 2 $309,278 $315,905 $300,123 $215,849 2020 2021 2022 2023 2024 2025 1) This is a non-GAAP financial measure. For a reconciliation of the measure to its nearest GAAP equivalent, r
Slide 15: MSR Revenue Decline Driven by Duration Shift and Fee Compression
M S R R E V E N U E D E C L I N E D R I V E N B Y D U R AT I O N SHIFT AND FEE COMPRESSION Total WD GSE Origination Volume and MSR Revenue1 ($ in millions) $25,000 $400 $350 $20,000 $300 $250 $15,000 $200 $10,000 $150 $100 $5,000 $50 $- $- 2020 2021 2022 2023 2024 2025 GSE Origination Volume MSR Rev
Slide 16: Strategic Investments Supporting Capital Markets Growth
S T R AT E G I C I N V E S T M E N T S S U P P O R T I N G C A P I TA L M A R K E T S G R O W T H INSTITUTIONAL STUDENT LAND SALES CAPITAL MARKETS HOUSING SALES ADVISORY AFFORDABLE HIRING AND HOUSING DEBT RETENTION AND EQUITY 16 INVESTOR DAY 2026
Slide 17: Transaction Volume per Banker/Broker Steadily Recovering
TRANSACTION VOLUME PER BANKER/BROKER S T E A D I LY R E C O V E R I N G Average Transaction Volume per Banker/Broker $313 $300 Million $270 $248 Million $209 Million Million Million $177 $141 Million Million 2026 2020 2021 2022 2023 2024 2025 Goal 17 INVESTOR DAY 2026
Slide 18: Strategic Investments Supporting Insights and Productivity
S T R AT E G I C I N V E S T M E N T S S U P P O R T I N G INSIGHTS AND PRODUCTIVITY ARTIFICIAL HOUSING RESEARCH AND VALUATION INTELLIGENCE AND INVESTMENT ADVISORY DATA CAPABILITIES BANKING 18 INVESTOR DAY 2026
Slide 19: Multifamily Market Leadership in 5 Rankings
M U LT I FA M I LY M A R K E T L E A D E R S H I P I N 2 0 2 5 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 JLL 2 Wells Fargo 2 JLL 2 Walker &
Slide 20: Competitive Positioning
COMPETITIVE POSITIONING Comprehensive 2030 CRE Capital Markets Specialized CRE Services Comprehensive 20 INVESTOR DAY 2026
Slide 21: 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 22: WDSuite Investment Sales
WDSUITE INVESTMENT SALES INVESTOR DAY WALKER & DUNLOP®
Slide 23: Broader Market Opportunity
B R O A D E R M A R K E T O P P O RT U N I T Y Requires Integrated Capital Solutions Tailored to Each Client GLOBAL ALTERNATIVE SECTOR SPECIFIC REGIONAL ODM’S ASSET MANAGERS INVESTORS (OWNERS, DEVELOPERS, MANAGERS) TRADITIONAL ASSET MANAGERS 23 INVESTOR DAY 2026
Slide 24: Accelerating Growth of Institutional CRE Ownership
A C C E L E R AT I N G G R O W T H O F I N S T I T U T I O N A L CRE OWNERSHIP Real Estate Assets Under Management (“AUM”) (in billions) $600 $555 $484 $487 $86 $500 $471 $64 $69 $80 $114 $400 The 18% CAGR $367 $51 $50 $58 $18 significantly outpaces $41 $300 the market CAGR, which is estimated to $2
Slide 25: 1,466 Employees 2025
1,466 EMPLOYEES 46 OFFICES 25 2025 INVESTOR DAY 2026
Slide 26: Agenda and speakers
STATE OF THE HOUSING MARKET SERVICING AND CREDIT Ivy Zelman Jim Schroeder POWER OF THE WD PLATFORM WD TECHNOLOGY Steve Theobald Megan Strachan CAPITAL MARKETS FINANCIALS Kris Mikkelsen Greg Florkowski Don King CLOSING REMARKS Sheri Thompson Willy Walker Alison Williams 26 INVESTOR DAY 2026
Slide 27: Housing Market Update
HOUSING MARKET UPDATE March 2026 . NS XN Ivy Zelman, Executive Vice President ZELMAN A WALKER & DUNLOP COMPANY
Slide 28: Agenda
Agenda Pr Mortgage & Existing Home Outlook 4 i New Home Outlook 2025-27 Single-Family Rental Data Slowly Decelerating Zelman Macro Forecasts
Slide 29: Mortgage & Existing Home Outlook
Mortgage & Existing Home Outlook
Slide 30: High Rates, High Prices = Stretched Affordability
High Rates, High Prices = Stretched Affordability Zelman Entry-Level Affordability Index Points | > 100 indicates stretched affordability, <100 is favorable, = 100 being the long-term average since 1975 143 Entry-Level Affordability Index ~15% Above Long-Term Average 122 7 77 T7 WOR ODDOK“ AMT NON O
Slide 31: EHS to Slowly Recover as Affordability Improves Slightly
EHS to Slowly Recover as Affordability Improves Slightly Existing Home Sales Turnover EHS in Thousands (000s) EHS as Percent of Households 8,000 - r 7.0% 7,000 6.0% 6,000 5.0% 5,000 4.0% 4,000 3.0% 3,000 9, 2,000 2.0% 1,000 1.0% 0 0.0% = NICD StL Or 000) Spb =p==papabas OdDOOOOOO IN IONIAN UNLOP Sou
Slide 32: Mortgage Spread Has Tightened to 3.5-Year Lows
Mortgage Spread Has Tightened to 3.5-Year Lows Spread Between 30-Year Fixed Mortgage Rate and 10-Year Treasury Yield Difference in Basis Points 350 4 325 4 Current _-L 125 4 Average Historical Range 100 IT oravo rvrwbereeopopeseoer an 87 Tw Bo Fe Oo FS Tr Ne TH LS sesssesesesesegsesgeereerteere2anag
Slide 33: Lock-In Effect Should Increasingly Fade in Coming Years
Lock-In Effect Should Increasingly Fade in Coming Years Nov 2025 Dec 2027 72% of Mortgages at Below 5.00% 59% of Mortgages are Below 5.00% 54% of Mortgages at Below 4.00% 45% of Mortgages are Below 4.00% 39% of Mortgages at Below 3.50% 33% of Mortgages are Below 3.50% Source: Fannie Mae, Freddie Mac
Slide 34: Historically Low, But a Rising Tide of Inventory Apparent
Historically Low, But a Rising Tide of Inventory Apparent Seasonally Adjusted SF New and Existing Home Inventory Percent of Households (%) 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% Tight inventory helped to mitigate J housing downside in 1995 and 2000; inventory levels lower today Total Single-Fa
Slide 35: Clear Relationship Between Inventory and Home Prices
Clear Relationship Between Inventory and Home Prices Resale Listings Correlate with Home Price Appreciation Year-Over-Year Change in Home Price Index (%) 80% : - - 5 . . i i i i i i i i i j 6.0% > i Chicago - Cleveland ~~ Detroit .. + | ! ' Hartford Be e © Milwaukee | | j % _.| a : — | 4.0% (Rochest
Slide 36: Year-Over-Year Change in Existing Home Closings
ALzoz 9z0z Asz0z be0e £207 7207 L202 0z0z 6102 810 LLOT 9102 SLO FLOz E102 cL0c LL0z OLoz 6007 8002 L002 9002 S002 vo0e £002 c007 La0z 0002 6661 8661 L661 9661 S661 r66L e661 c66L L661 O661 6861 8861 L861 9861 S861 rs6l e861 c86L L861 O86L 6261 8i6L zeae £ © a] = 2 2 a x wu 35% -22% Source: CoreLogi
Slide 37: Forecasting Home Prices to Tip Modestly Negative in 2026
Forecasting Home Prices to Tip Modestly Negative in 2026 Change in Year-End Existing Home Price Index Year-Over-Year Change (%) 17.3% 5.9% 5.8% 9 46% 48% 43% 0.0% 2012 2013 2014 «2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E Source: Zelman analysis Zz E LMAN
Slide 38: New Home Outlook 2025-27
New Home Outlook 2025-27
Slide 39: Versus Easing Comparisons, Year-Over-Year Growth Accelerates
Versus Easing Comparisons, Year-Over-Year Growth Accelerates Net New Orders Year-Over-Year Change (%) 50% 4 40% 4 30% 20% 4 10% 4 0% 4 10% 4 -20% 4 -30% 4 -40% Source: Company data, Zelman analysis ZE LMAN 2009 2020 N 2 + © © a A A a a o 89 56 85 865 a A A A A 2010 2011 2012 2013 2014 2015 2016 2017
Slide 40: Net Pricing Expected to Remain Under Pressure Through 2026
Net Pricing Expected to Remain Under Pressure Through 2026 Year-Over-Year Change in Year-End New Home Price Index Percent (%) 12% 2024 a i) + wo o b cy Q ° = a Ce) = = = = = = = = Qa rat a a ° cay ° ° cay ° ° cay ° So ° f=) a a a a a a a a a a a a 2025E 2026E 2027E Source: Zelman analysis Zz E L M A
Slide 41: Zelman Single-Family Housing Starts and Sales Forecast
Zelman Single-Family Housing Starts and Sales Forecast Single-Family Housing Starts* New Home Sales Thousands (000s) 720 1,013 685 696 2023 2024 2025E 2026E 2027E 2023 2024 2025E 2026E 2027E *Production starts: down 6% in 2025E, up 1% in 2026E and up 3% in 2027E Source: Zelman analysis Zz E L M A N
Slide 42: Single-Family Rental Data Slowly Decelerating
Single-Family Rental Data Slowly Decelerating
Slide 43: Rental Shelter Poised to Take Share
Rental Shelter Poised to Take Share US Housing Stock Split by Rentals and Owner Occupied Share (%) ' Across Occupied US Housing Stock Source: Census Bureau, Zelman analysis = Single-Family Owned = Multifamily Rentals = Single-Family Rentals = Multifamily Owned = Manufactured Housing Owned = Manufact
Slide 44: Month to Month, Renting is Cheaper than Owning
Month to Month, Renting is Cheaper than Owning Monthly Payment for Median Priced Home Versus Single-Family Rental Rate Difference (%) 50% 7 40% 4 30% 20% 10% 0% -10% -20% -30% -40% 4 1Q12 3Q12 1Q13 3Q13 1Q14 3a14 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17 1Q18 3018 1Q19 3019 1Q20 3Q20 1Q21 321 1Q22 3Q22 1Q23 3Q2
Slide 45: Single-Family Rental Affordability Stretched but Improving
Single-Family Rental Affordability Stretched but Improving National Single-Family Rent-to-Income Ratio Ratio (%) mmm Based on Production & Non-Supervisory Income - left Based on Average Employee Income - right 50% + - 35% 49% + — nttt, . iil | 47% 4 ab | 46% + 34% p 33% | 339 45% 4 32% 44% 4 r 31% 4
Slide 46: Expecting Stable Rent Growth in '26, Acceleration in '27
Expecting Stable Rent Growth in ‘26, Acceleration in ‘27 Single-Family Rent Growth Versus Single Family Occupancy Year-Over-Year Change (%) mam Economic Single-Family Rent Growth - left Single-Family Occupancy Rate - right 10% 4 r 98.5% 9% 4 + 98.0% 9 8% 97.5% ™M% 97.0% 6% 96.5% 5% 96.0% 4% ; 95.5%
Slide 47: Multifamily Fundamentals on Slow Grind
Multifamily Fundamentals on Slow Grind Thanks to Supply Overhang
Slide 48: Cumulative Growth in Owner Versus Renter Households
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Slide 49: Seasonally Adjusted Rent Growth Across New, Renewal and Blended
lf] N So N > (e) 2 7) o £ n oO > C7) - _ @ = ° _l — © i= o > 2) me] fy Ww 3 ° = 1) _ c wv a ao] ov ao] = 2 a Seasonally Adjusted Rent Growth Across New, Renewal and Blended Year-Over-Year Change (%) ——SA Blended Rent Growth =e SA Renewal Growth ——SA New Move-in Growth 20% 15% 10% 5% 0% -5% ge-uer gz
Slide 50: Year-Over-Year Rent Growth by Class
| 9-uer gz-Bny 7-1, | 9t-PO pc-AeW €70eq _ ezine 7-494 @-des | tady LZ-AON vz-une | v-uer oz-6ny Oz~4eW, 6L-PO 6) -AeW g10eq spine g-de4 LL-deg Li-dy QL-AON gp -unr gp -uer g-Bny | SLEW bl-PO yl -Aew €10eq eb-inr ep-de4 Zp-des Zh-dy LL-AON | bp-unr bp-uer ——C Rent Growth ——B Rent Growth —A Rent Grow
Slide 51: Years of Supply Analysis Reveals Overhang
Years of Supply Analysis Reveals Overhang Years of Most Recent Suppl Year-Over-Year % of T24 Starts PPly Rent Change Top Quartile 45 -2.5% 42% Upper Middle 3.2 -1.8% 32% Lower Middle 2.2 -0.4% 18% Bottom Quartile 1.4 0.8% T% Top Rent Growth Markets Include San Jose, San Francisco, Norfolk, Chicago,
Slide 52: Rent to Income Ratio Improving, But Still Elevated
Rent to Income Ratio Improving, But Still Elevated Rent to Income Ratio for Nonfarm and Production & Non-Supervisory Employees Percent of Income (%) —All Nonfarm Production and Nonsupervisory 48% 45% 43% 40% 38% —— 35% 33% 30% 28% 25% 2007 2008 2009 2023 2024 2025 2026 2010 2011 2012 2013 2014 2015
Slide 53: Multifamily Substantially Cheaper Than Owning
Multifamily Substantially Cheaper Than Owning Differential Between Monthly Housing Cost for Entry-Level Buyer and MF Renter Difference ($) $1,600 $1,400 | $1,200 $1,000 | $800 a Kw = OO KR S@re2 0 RrReaeBeSB8B5E8 SESSES i=) rot S5SSe8 SRE RSSSRESHRSSSSSSESS oS SS SS Source: Census Bureau, CoreLogic,
Slide 54: Competitive Pressure of Lease Ups Remains Elevated
Competitive Pressure of Lease Ups Remains Elevated Average Rent Growth Versus Lease Ups as Portion of Market Percent (%) m Average of Rent Growth During Period @ Average Lease Ups as % of Market nee — - 2009-11 2012-15 2016-19 2020-22 2023-24 2025 Source: RealPage, Zelman analysis Zz E LM AN
Slide 55: Absorptions Slowing From Elevated Levels
Absorptions Slowing From Elevated Levels Occupancy Versus Trailing 12-Month Absorptions and Deliveries Occupancy (%) Units Stabilized Occupancy (LHS) eT 12 Absorption (LHS) —=T 12 Deliveries (RHS) 97% - - - ———-—-_ 800,000 96% 700,000 600,000 95% 500,000 94% 400,000 93% 300,000 92% 200,000 91% 100,0
Slide 56: Supply Limiting Rent Growth Through 2027
Supply Limiting Rent Growth Through 2027 Multifamily Rent Growth Versus Occupancy Year-Over-Year Change (%) mmm Economic Multifamily Rent Growth - right —Multifamily Occupancy - left 96.5% 4 12.0% 96.0% + 10.0% 95.5% + 8.0% 95.0% 6.0% 94.5% 4.0% 94.0% 2.0% 93.5% 0.0% 2011 2012 2013 2014 2015 2016 20
Slide 57: Multifamily Construction
D & 7 © Ww ” c 2 — 2 roe £ fe) (6) ~ c @ E — c @ 2) i= eS) -— © @ 72) > ie} = @ 2 hee (a) £ 2 — o) <q ” t © _ WY) Multifamily Construction ) Units in Thousands (000s 08g to © © CCS LLL sme eee | ml — ee — ee — ee — es GLE 2 ® st lo 3 | | | OLY S6E 2° cs) | | | Source: Census Bureau, Zelman analysis
Slide 58: Multifamily Transactions Are Picking Up In A Difficult Environment
Multifamily Transactions Are Picking Up In A Difficult Environment
Slide 59: Sales Volume Up After Post-COVID Dip, While Cap Rates Steady
Sales Volume Up After Post-COVID Dip, While Cap Rates Steady Trailing 12-Month Transaction Volumes, Absolute and Year-Over-Year Change Percent Change (%) Billions ($) mae Apartment Sales, T12 Volume (RHS} = ear-Over-Y ear Change in Sales, T12 Volume (LHS) 200% meme 350 150% 100% 50% 0% -50% -100% SS
Slide 60: Supply and Demand Are Picking Up As Well
Supply and Demand Are Picking Up As Well Zelman Indices of Seller Supply and Buyer Demand Zelman Index (0 — 100) Zelman Apt Survey Seller Supply Index —Zelman Apt Survey Buyer Demand Index 60 55 BQ nn 45 40 35 30 25 20 Nov-22 Jan-23 Mar-23, May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep
Slide 61: Financing Sentiment Improves as 10-Year Yield Decreases
Financing Sentiment Improves as 10-Year Yield Decreases Development and Acquisition Financing Sentiment Versus Treasury Yield 0-100 Scale | 0 equals a difficult financing environment, 100 is very favorable, and 50 equals the long-run average (LHS) 10-Year Treasury Yield (RHS) —Zelman Development Equ
Slide 62: The Power of the Platform
INVESTOR DAY 2026 THE POWER OF THE PLATFORM STEVE THEOBALD EVP & Chief Operating Officer
Slide 63: WDSuite Investor Day
WDSUITE INVESTOR DAY WALKER & DUNLOP®
Slide 64: A Unified Platform
A U N I F I E D P L AT F O R M Driving client engagement, revenue, and margin expansion GREATER RECURRING IMPROVED RISK SCALE WALLET SHARE REVENUE CONTROL BENEFITS 64 INVESTOR DAY 2026
Slide 65: Creating Value Across Asset Lifecycle
CREATING VALUE ACROSS ASSET LIF EGY @EE 1 EARLY ENGAGEMENT Research: Where to invest Valuation: What your property is worth WD Suite: Refine the investment thesis 2 TRANSACTION ADVISORY - Buy - Sell » Hold 3 DEAL MANAGEMENT - Recapitalize Best Execution: Finding best capital source, buyer, etc. Unde
Slide 66: Related Group Portfolio Sale and Financing
RELATED GROUP a VDMIIU VQUAQI/ QUAUU AID DUO TL TV A $352 MILLION TYPE Portfolio Sale and Financing KENNESAW & BUFORD, GEORGIA
Slide 67: Resibuilt Sale to Invitation Homes
RESIBUILT SALE TO INVITATION HOMES CA DS \ Zelman, Institutional y Advisory Zig «4 Ong re, \, eu gr % invitationhomes ARESIBUILT VDMIIU VQUAQI/ QUAUU AID DUO TL TV A
Slide 68: 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 – $10.00 1) This is a non-GAAP financial measure the company presents
Slide 69: Upcoming Speakers
UPCOMING SPEAKERS KRIS DON SHERI MIKKELSEN KING THOMPSON ALISON JIM MEGAN GREG WILLIAMS SCHROEDER STRACHAN FLORKOWSKI 69 INVESTOR DAY 2026
Slide 70: Capital Markets
INVESTOR DAY 2026 CAPITAL MARKETS KRIS DON SHERI ALISON MIKKELSEN KING THOMPSON WILLIAMS
Slide 71: Kris Mikkelsen
INVESTOR DAY 2026 KRIS MIKKELSEN EVP & Co-Head of Capital Markets
Slide 72: Client-Centric Business Model
C L I E N T- C E N T R I C B U S I N E S S M O D E L 72 INVESTOR DAY 2026
Slide 73: Net Promoter Score
NET PROMOTER SCORE Walker & Dunlop Net Promoter Score 73 INVESTOR DAY 2026
Slide 74: Role of Capital Markets
R O L E O F C A P I TA L M A R K E T S DEEPENS CLIENT FEEDS THE EXPANDS RELATIONSHIPS SERVICING PORTFOLIO DATA DENSITY 74 INVESTOR DAY 2026
Slide 75: Competitive Positioning
COMPETITIVE POSITIONING Comprehensive 2030 CRE Capital Markets Comprehensive Specialized CRE Services 75 INVESTOR DAY 2026
Slide 76: Organize Around Our Clients
ORGANIZE AROUND OUR CLIENTS Integrated Capital Solutions & Coverage-Tailored to Each Client GLOBAL ALTERNATIVE SECTOR SPECIFIC REGIONAL ODM’S ASSET MANAGERS INVESTORS (OWNERS, DEVELOPERS, MANAGERS) TRADITIONAL ASSET MANAGERS 76 INVESTOR DAY 2026
Slide 77: Walker & Dunlop Momentum
WA L K E R & D U N L O P M O M E N T U M Top Brokers of Multifamily Properties1 2025 Amount ($B) Market Share (%) ’24-’25 % Change 1 CBRE $24.8 20.4 32.9 2 JLL $21.2 17.5 22.2 3 Newmark $19.9 16.4 40.8 4 Walker & Dunlop $12.5 10.2 42.0 5 Marcus & Millichap $9.4 7.7 -5.2 6 Berkadia $8.7 7.2 -5.3 7 Ea
Slide 78: Capital Markets Group Destination
C A P I TA L M A R K E T S G R O U P 2 0 3 0 D E S T I N AT I O N $115bn $1.1+bn VOLUME REVENUE 78 INVESTOR DAY 2026
Slide 79: How Are We Going to Get There?
HOW ARE WE GOING TO GET THERE? MARKET MARKET SHARE DIVERSIFICATION GROWTH GROWTH 79 INVESTOR DAY 2026
Slide 80: Don King
INVESTOR DAY 2026 DON KING EVP & Co-Head of Capital Markets
Slide 81: The Multifamily Moat
T H E M U LT I FA M I LY M O AT W&D M U LT I F A M I LY COST OF R E G U L AT O R Y BARRIERS C A P I TA L SCALED RECURRING LEADERSHIP REVENUE 81 INVESTOR DAY 2026
Slide 82: Multifamily Market Growth
M U LT I FA M I LY M A R K E T G R O W T H Total Multifamily Loan Originations (in billions) $487 $480 $360 $331 $289 $246 10.6% 8.6% 8.7% 8.2% 8.7% 7.6% 2020 2021 2022 2023 2024 2025 Multifamily Loan Originations WD Multifamily Originations as % of Overall Market Source: Mortgage Banker’s Associati
Slide 83: Multifamily Market Backdrop Supports Growth
M U LT I FA M I LY M A R K E T B A C K D R O P S U P P O R T S G R O W T H Total Commercial Loan Originations (in billions) $900 $800 $700 $600 $406 $500 $303 $400 $300 $200 $399 $331 $100 $- 2025 2026 Forecast Mutifamily Volume Non-Multifamily Volume Source: Mortgage Banker’s Association 83 INVESTO
Slide 84: Market Share Growth
MARKET SHARE GROWTH HIRE TOP GROW PROPERTY INCREASE AVG. TALENT SALES AND IMPROVE VOLUME PER TIE RATES BANKER/BROKER 84 INVESTOR DAY 2026
Slide 85: Sheri Thompson
INVESTOR DAY 2026 SHERI THOMPSON EVP & Head of Affordable Housing
Slide 86: One Coordinated Platform
ONE C O O R D I N AT E D P L AT F O R M GSE & HUD Property Debt Sales • GSE debt • HUD financing • Bridge lending • LIHTC equity • Property sales Bridge Equity Lending 86 INVESTOR DAY 2026
Slide 87: Affordable Housing Complexities
AFFORDABLE HOUSING COMPLEXITIES • Layered capital structures • Regulatory constraints • Compliance timelines • Public policy mandates 87 INVESTOR DAY 2026 87 INVESTOR DAY 2026
Slide 88: Why Affordable?
Why Affordable? To Me e t A m e r i c a ’s A ff o r d a b l e H o u s i n g N e e d s • Expanded GSE affordable housing goals • Increased GSE LIHTC equity allocations • Greater emphasis at HUD on affordable solutions • Growing institutional investor interest 88 INVESTOR DAY 2026
Slide 89: Affordable Strategy Strengthens Multifamily Moat
A F F O R D A B L E S T R AT E G Y S T R E N G T H E N S M U LT I FA M I LY M O AT W&D AFFORDABLE 2X VOLUME 89 INVESTOR DAY 2026
Slide 90: Affordable Housing Is Lifecycle-Driven
AFFORDABLE HOUSING IS LIFECYCLE-DRIVEN Property Sale Initial syndication Re-syndication/Financing Bridge-to-perm Servicing Perm Debt 90 INVESTOR DAY 2026
Slide 91: How We Scale
HOW WE SCALE EXPAND EXPAND SCALE BRIDGE AFFORDABLE EQUITY AND LENDING PROPERTY DISPOSITIONS SALES COVERAGE 91 INVESTOR DAY 2026
Slide 92: Expand Bridge Lending
E X PA N D B R I D G E L E N D I N G COMPLEX SALES REQUIRING RELATIONSHIP PERMANENT LIHTC AND REGULATORY RETENTION DEBT PULL SECTION 8 APPROVAL THROUGH TIMING 92 INVESTOR DAY 2026
Slide 93: Expand Affordable Property Sales Coverage
E X PA N D A F F O R D A B L E P R O P E R T Y S A L E S COVERAGE STRONG DEBT PORTFOLIO EARLY BROADER CAPTURE VISIBILITY INSIGHT ADVISORY 93 INVESTOR DAY 2026
Slide 94: Revenue Generation Across the Life Cycle
R E V E N U E G E N E R AT I O N A C R O S S THE LIFE CYCLE TRANSACTION RECURRING TRANSACTION REVENUES REVENUES REVENUES • Syndication • LIHTC Fund Asset • Re-Syndication Revenue Management Fees Revenue • Permanent Debt • Fund • Property Sales Fees Reimbursables Broker Fees • Refinancing Fees 94 INV
Slide 95: Million Families
MILLION FAMILIES 95 INVESTOR DAY 2026
Slide 96: Alison Williams
INVESTOR DAY 2026 ALISON WILLIAMS EVP & Head of Real Estate Finance
Slide 97: 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% Market Share 2019 2020 2021 2022 2023
Slide 98: Strong Momentum in Non-Multifamily Debt Brokerage
S T R O N G M O M E N T U M I N N O N - M U LT I FA M I LY DEBT BROKERAGE? WD Non-Multifamily Debt Brokerage Volume (in billions) 68% Growth 2020-2025 $6.2 28% Growth 2024-2025 $3.7 2020 2025 98 INVESTOR DAY 2026
Slide 99: Three Strategic Priorities to Accelerate Growth
T H R E E S T R AT E G I C P R I O R I T I E S T O A C C E L E R AT E G R O W T H EXPANDING SCALING DEEPENING COVERAGE IN EMEA COVERAGE CORE AREAS PLATFORM ACROSS ASSET CLASSES 99 INVESTOR DAY 2026
Slide 100: Expanding Coverage in Core Areas
EXECUTION IN CORE MARKETS IS DRIVING LARGE TRANSACTIONS EXPANDING COVERAGE IN CORE AREAS 100 INVESTOR DAY 2026
Slide 101: Early Success in EMEA Capital Markets
E A R LY S U C C E S S I N E M E A C A P I TA L MARKETS SCALING EMEA PLATFORM 101 INVESTOR DAY 2026
Slide 102: Broadening Asset Class Coverage Unlocks Opportunity
BROADENING ASSET CLASS COVERAGE UNLOCKS OPPORTUNITY DEEPENING COVERAGE ACROSS ASSET CLASSES 102 INVESTOR DAY 2026
Slide 103: Leveraging Technology – The WDSuite Platform Advantage
LEVERAGING TECHNOLOGY – THE WDSUITE P L AT F O R M A D VA N T A G E 103 INVESTOR DAY 2026
Slide 104: Key Levers to Accelerate Volume and Revenue Growth in Capital Markets
K E Y L E V E R S T O A C C E L E R AT E V O L U M E A N D R E V E N U E G R O W T H I N C A P I TA L M A R K E T S $115B CM Volumes and $1.1+B CM Revenues 104 INVESTOR DAY 2026
Slide 105: Servicing & Credit
INVESTOR DAY 2026 SERVICING & CREDIT JIM SCHROEDER EVP Debt Operations
Slide 106: The Power of WD's Servicing Portfolio
T H E P O W E R O F W D ’ S S E RV I C I N G P O R T F O L I O HIGH MARGIN STRATEGIC STRONG DATA AND CASH REVENUES VALUE CREDIT TECHNOLOGY 106 INVESTOR DAY 2026
Slide 107: 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 Servicing Portfolio and Servicing Related Fees (in millions) $150,000 $143,978 $600 $135,287 $130,472 $123,134 $125,000 $115,701 $500 $107,212 $494 $490 $466 Servicing-Related Fees $100,000 $400 Servicing Portfolio $75,0
Slide 108: Gaining Efficiencies Using Technology
GAINING EFFICIENCIES USING TECHNOLOGY 108 INVESTOR DAY 2026
Slide 109: Value of Retained Servicing
VA L U E O F R E T A I N E D S E R V I C I N G 91 75 CUSTOMER NET PROMOTER SATISFACTION SCORE SCORE 109 INVESTOR DAY 2026
Slide 110: We Are Skilled at Turning New Clients into Repeat Clients
W E A R E S K I L L E D AT T U R N I N G N E W C L I E N T S I N T O R E P E AT C L I E N T S Walker & Dunlop New GSE Refinancings 72% 72% 69% 62% 2022 2023 2024 2025 110 INVESTOR DAY 2026
Slide 111: Servicing Portfolio Maturities Over the Next 5 Years
S E RV I C I N G P O R T F O L I O M AT U R I T I E S O V E R T H E NEXT 5 YEARS Servicing Portfolio Maturities (in billions) $23.9 $22.2 $13.9 $9.8 $5.4 2026 2027 2028 2029 2030 111 INVESTOR DAY 2026
Slide 112: Higher Recapture Rate Will Drive Incremental Financing Volume
H I G H E R R E C A P T U R E R AT E W I L L D R I V E I N C R E M E N TA L F I N A N C I N G V O L U M E 70% Recapture rate 50% Recapture rate 34% Recapture rate $34bn +$10bn $47bn $34bn $23bn $23bn Current Contribution Total Contribution Total Contribution 112 INVESTOR DAY 2026
Slide 113: 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 $97,045 $100,000 $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 114: Underwriting and Credit Enhancements
UNDERWRITING AND CREDIT ENHANCEMENTS 114 INVESTOR DAY 2026
Slide 115: WDSuite Servicing
WDSUITE S E RV I C I N G 115 INVESTOR DAY 2026
Slide 116: Technology: From Friction to Flow
INVESTOR DAY 2026 TECHNOLOGY From Friction to Flow DR. MEGAN STRACHAN EVP & Chief Information Officer
Slide 117: We create time.
We create time. 117 INVESTOR DAY 2026
Slide 118: WDSuite From Friction to Flow
WDSUITE FROM FRICTION TO FLOW One Interconnected Platform for • any deal type, • any client, • every employee. 118 INVESTOR DAY 2026
Slide 119: Built side by side, with the business.
Built side by side, with the business. 119 INVESTOR DAY 2026
Slide 120: WDSuite Research
WDSUITE RESEARCH O U R D I G I TA L FRONT DOOR 120 INVESTOR DAY 2026
Slide 121: WDSuite Financing
WDSUITE FINANCING O U R D I G I TA L DEAL ENGINE 121 INVESTOR DAY 2026
Slide 122: WDSuite Servicing
WDSUITE S E RV I C I N G O U R D I G I TA L CLIENT LIFECYCLE 122 INVESTOR DAY 2026
Slide 123: Speed up the model we know
Speed up the model we know. Prepare for the one that’s coming. 123 INVESTOR DAY 2026
Slide 124: 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. 124 INVESTOR DAY 2026
Slide 125: Financial Outlook
TRANSITION SLIDE TO FINANCIALS WITH GREG INVESTOR DAY 2026 FINANCIAL OUTLOOK GREG FLORKOWSKI EVP & Chief Financial Officer
Slide 126: Capital Markets Revenues Decreased Due to Market Contraction
C A P I TA L M A R K E T S R E V E N U E S D E C R E A S E D D U E T O MARKET CONTRACTION Total Transaction Volumes and Revenues SAM v. Capital Markets Segment Revenues (in millions) (in millions) $80,000 $2,000 $1,400 $1,800 $70,000 $1,200 $1,600 $60,000 30% $1,400 $1,000 42% 28% 47% $50,000 $1,200
Slide 127: Diluted EPS Pressured While Adjusted EBITDA Remained Healthy
DILUTED EPS PRESSURED WHILE ADJUSTED EBITDA R E M A I N E D H E A LT H Y Diluted Earnings Per Share Adjusted EBITDA2 (in thousands) $8.15 $325,095 $328,549 $7.69 $315,9051 $309,278 $300,123 $6.36 $215,849 $3.18 $3.19 $3.351,2 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 1) Excluding I
Slide 128: M&A Strategy Has Significantly Bolstered the WD Platform
M & A S T R AT E G Y H A S S I G N I F I C A N T LY B O L S T E R E D T H E W D P L AT F O R M AKS C A P I T A L P A R T N E R S AFFORDABLE HOUSING | RESEARCH & DATA | TECHNOLOGY | CAPITAL MARKETS ADVISORY 128 INVESTOR DAY 2026
Slide 129: Power of the Platform
P O W E R O F T H E P L AT F O R M 129 INVESTOR DAY 2026
Slide 130: 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 131: Journey to '30 Revenue Target Involves Architected Growth
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 131 INVESTOR DAY 2026
Slide 132: 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 132 INVESTOR DAY 2026
Slide 133: 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 133 INVESTOR DAY 2026
Slide 134: Upside Levers That Could Drive Stronger Performance
UPDSIDE LEVERS T H AT C O U L D D R I V E STRONGER PERFORMANCE 134 INVESTOR DAY 2026
Slide 135: 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 135 INVESTOR DAY 2026
Slide 136: Closing Remarks
INVESTOR DAY 2026 CLOSING REMARKS WILLY WALKER Chairman & Chief Executive Officer
Slide 137: Journey to '30
JOURNEY TO ‘30 To be the very best commercial real estate capital markets company in the world
Slide 138: Competitive Positioning
COMPETITIVE POSITIONING Comprehensive 2030 CRE Capital Markets Specialized CRE Services Comprehensive 138 INVESTOR DAY 2026
Slide 139: 1,466 Employees 2025
1,466 EMPLOYEES 46 OFFICES 139 2025 INVESTOR DAY 2026
Slide 140: WDSuite Investment Sales
WDSUITE INVESTMENT SALES INVESTOR DAY WALKER & DUNLOP®
Slide 141: Speakers
IVY STEVE KRIS DON ZELMAN THEOBALD MIKKELSEN KING SHERI ALISON JIM MEGAN GREG THOMPSON WILLIAMS SCHROEDER STRACHAN FLORKOWSKI 141 INVESTOR DAY 2026
Slide 142: Journey to '30
a de °30 WALKER &® DUNLO P®
Slide 143: Appendix
Appendix
Slide 144: 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 145: Adjusted EBITDA Excluding Impairment & Repurchase-Related Charges Reconciliation
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 AT I O N Reconciliation of Walker & Dunlop Net Income to Adjusted EBITDA Excluding Charges Year ended (in thousands) December 31, 2025 Walker & Dunlop Net Income $ 56
Slide 146: Adjusted Core EPS Excluding Impairment & Repurchase-Related 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 AT I O N Reconciliation of Walker & Dunlop Net Income to Adjusted Core Net Income Twelve months ended (in thousands) December 31, 2025 Walker & Dunlop Net Income $
Slide 147: 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 148: 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 2030 Low End High End Target Target Range Range (in thousands) Walker & Dunlop Net I
Slide 149: Zelman Disclosures
Zelman Disclosures 149
Slide 150: Zelman Equity Research Team
Zelman Equity Research Team Ivy Zelman EVP, Director of Research Macro 212-993-5831 ivy@zelmanassociates.com Mark Franceski Managing Director Multifamily 301-634-5358 mark@zelmanassociates.com Alex Kim Senior Associate REITs 212-993-5827 akim@zelmanassociates.com Ashley Fan Associate Building Produc
Slide 151: Disclosure
151 Disclosure Price Charts For charts containing rating and price target information of covered companies, please contact Zelman via phone at 212-993-5840 or mail at 27101 East Oviatt Road, Suite 14, Bay Village, OH 44140. As of October 6, 2023, Zelmans’ Ratings are defined as follows: OUTPERFORM:
Slide 152: Disclosure
152 Disclosure ** Below is a list of the Zelmans’ industry sectors that are currently weighted along with the list of companies covered by Zelman that constitute each “industry sector universe”: Homebuilding Beazer Homes (BZH) Century Communities (CCS) D.R. Horton (DHI) Dream Finders Homes (DFH) Fiv
Slide 153: Disclosure
Disclosure [Zeiman & Associates Research Disclosures as of: Carlisle Companies Casco Industries IContury Communitios Equity Residential Essex Property Trust, Ferguson Five Point Holdings Ficor & Decor Holdings Fortune Brands innovations lHomanian Enterprises Installad Building Products Mid-America A
Slide 154: Disclosure
154 Disclosure Analyst Certification Each analyst of Zelman whose name appears within this research report hereby certifies that (i) the recommendations and opinions expressed in the research report accurately reflect the research analyst’s personal views about any and all of the securities or issue
Slide 155: Zelman, A Walker & Dunlop Company
155 ZELMAN A WALKER & DUNLOP COMPANY