• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
PublishGo to AppAI Helper
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlertsPublish with Us
    Company
    AboutQuantisnow PlusContactJobsAI employees for your businessNEW
    Legal
    Terms of usePrivacy policyCookie policy

    Walker & Dunlop Reports Fourth Quarter 2024 Financial Results

    2/13/25 6:00:00 AM ET
    $WD
    Finance: Consumer Services
    Finance
    Get the next $WD alert in real time by email

    42% Increase in Net Income and Diluted Earnings per Share Generate Strong Finish to 2024

    FOURTH QUARTER 2024 HIGHLIGHTS

    • Total transaction volume of $13.4 billion, up 45% from Q4'23
    • Total revenues of $341.5 million, up 24% from Q4'23
    • Net income of $44.8 million and diluted earnings per share of $1.32, both up 42% from Q4'23
    • Adjusted EBITDA(1) of $94.6 million, up 8% from Q4'23
    • Adjusted core EPS(2) of $1.34, down 6% from Q4'23
    • Servicing portfolio of $135.3 billion as of December 31, 2024, up 4% from December 31, 2023
    • Declared quarterly dividend of $0.67 per share for the first quarter 2025, up 3% from the fourth quarter of 2024

    FULL-YEAR 2024 HIGHLIGHTS

    • Total transaction volume of $39.9 billion, up 21% from 2023
    • Total revenues of $1.1 billion, up 7% from 2023
    • Net income of $108.2 million and diluted earnings per share of $3.19, both up less than 1% from 2023
    • Adjusted EBITDA(1) of $328.5 million, up 9% from 2023
    • Adjusted core EPS(2) of $4.97, up 6% from 2023

    Walker & Dunlop, Inc. (NYSE:WD) (the "Company," or "Walker & Dunlop") reported quarterly total transaction volume of $13.4 billion, up 45% from the fourth quarter of 2023, which drove total revenues of $341.5 million, up 24% year over year. Net income and diluted earnings per share for the fourth quarter of 2024 were both up 42% year over year to $44.8 million and $1.32, respectively. Adjusted EBITDA increased 8% to $94.6 million, reflective of the growth in total transaction volumes year over year. Adjusted core EPS, which primarily removes non-cash revenues and expenses, was down 6% year over year to $1.34. The Company's Board of Directors declared a dividend of $0.67 per share for the first quarter 2025.

    "We had a strong finish to 2024, delivering impressive financial results across the board in the fourth quarter including $13.4 billion of total transaction volume, up 45% year over year," commented Walker & Dunlop Chaiman and CEO, Willy Walker. "A rebound in transaction activity, coupled with durable revenues from servicing and asset management, contributed to both year-over-year and sequential growth across almost every area of our business – resulting in $1.32 of diluted earnings per share, our highest quarterly EPS since the Great Tightening began. This strong finish to the year helped us close the significant gap to our annual financial targets after an exceedingly slow start to the year, testament to the talent, teamwork, and tenacity of the Walker & Dunlop team."

    Walker continued, "Moving into 2025, we believe the worst of the Great Tightening is behind us and that W&D is extremely well positioned to meet the market needs over the next several years. We have invested in our people and client relationships, expanded our service offering, and harnessed the power of technology to generate market share gains and growth. And as the commercial real estate market recovers and transaction volumes rebound, our capital markets business, along with servicing and asset management, will generate strong financial results and shareholder returns."

    ________________________________________

    (1)

    Adjusted EBITDA is a non-GAAP financial measure the Company presents to help investors better understand our operating performance. For a reconciliation of adjusted EBITDA to net income, refer to the sections of this press release below titled "Non-GAAP Financial Measures," "Adjusted Financial Measure Reconciliation to GAAP" and "Adjusted Financial Measure Reconciliation to GAAP by Segment."

    (2)

    Adjusted core EPS is a non-GAAP financial measure the Company presents to help investors better understand our operating performance. For a reconciliation of Adjusted core EPS to Diluted EPS, refer to the sections of this press release below titled "Non-GAAP Financial Measures" and "Adjusted Core EPS Reconciliation."

    CONSOLIDATED FOURTH QUARTER 2024

    OPERATING RESULTS

     

     

     

     

     

     

     

     

     

     

     

     

    TRANSACTION VOLUMES

    (in thousands)

     

     

    Q4 2024

     

     

    Q4 2023

     

    $ Variance

     

    % Variance

    Fannie Mae

     

    $

    3,225,633

     

    $

    1,692,405

     

    $

    1,533,228

     

     

    91

    %

    Freddie Mac

     

     

    1,553,495

     

     

    1,308,263

     

     

    245,232

     

     

    19

     

    Ginnie Mae - HUD

     

     

    116,437

     

     

    316,960

     

     

    (200,523

    )

     

    (63

    )

    Brokered (1)

     

     

    4,893,643

     

     

    2,885,454

     

     

    2,008,189

     

     

    70

     

    Principal Lending and Investing (2)

     

     

    207,000

     

     

    218,750

     

     

    (11,750

    )

     

    (5

    )

    Debt financing volume

     

    $

    9,996,208

     

    $

    6,421,832

     

    $

    3,574,376

     

     

    56

    %

    Property sales volume

     

     

    3,450,614

     

     

    2,877,399

     

     

    573,215

     

     

    20

     

    Total transaction volume

     

    $

    13,446,822

     

    $

    9,299,231

     

    $

    4,147,591

     

     

    45

    %

    (1)

    Brokered transactions for life insurance companies, commercial banks, and other capital sources.

    (2)

    Includes debt financing volumes from our interim loan program, our interim loan joint venture, and Walker & Dunlop Investment Partners, Inc. ("WDIP") separate accounts.

    DISCUSSION OF QUARTERLY RESULTS:

    • Total transaction volumes increased 45% in the fourth quarter of 2024, reflecting the relative strength and continued demand throughout the multifamily market despite the continued volatility of interest rates during the fourth quarter of 2024.
    • Transaction volumes with Fannie Mae and Freddie Mac, (collectively, the "GSE's), the largest providers of capital to the multifamily sector, increased 91% and 19%, respectively, year over year. Walker & Dunlop was ranked as the largest Fannie Mae lender for the sixth consecutive year and fourth largest Freddie Mac lender for 2024.
    • HUD financing volumes declined in the fourth quarter of 2024, against our strongest quarter of the year in 2023 amidst high interest rates and elongated processing times. Walker & Dunlop ranked was as the second largest HUD lender for HUD's fiscal year ended September 30, 2024, up from the fifth largest HUD lender in 2023.
    • The substantial increase in brokered volume was primarily the result of an expanding supply of capital from life insurance companies, banks, commercial mortgage-backed securities, and other private capital providers as the broad commercial real estate market continues to rebound.
    • The increase in property sales volume was driven by additional liquidity supplied to the commercial real estate sector year over year, as higher interest rates and lower acquisition activity challenged the macroeconomic environment throughout 2023.

     

     

     

     

     

     

     

     

     

     

     

     

    MANAGED PORTFOLIO

    (dollars in thousands, unless otherwise noted)

     

     

    Q4 2024

     

     

    Q4 2023

     

    $ Variance

     

    % Variance

    Fannie Mae

     

    $

    68,196,744

     

    $

    63,699,106

     

    $

    4,497,638

     

     

    7

    %

    Freddie Mac

     

     

    39,185,091

     

     

    39,330,545

     

     

    (145,454

    )

     

    -

     

    Ginnie Mae - HUD

     

     

    10,847,265

     

     

    10,460,884

     

     

    386,381

     

     

    4

     

    Brokered

     

     

    17,057,912

     

     

    16,940,850

     

     

    117,062

     

     

    1

     

    Principal Lending and Investing

     

     

    -

     

     

    40,139

     

     

    (40,139

    )

     

    (100

    )

    Total Servicing Portfolio

     

    $

    135,287,012

     

    $

    130,471,524

     

    $

    4,815,488

     

     

    4

    %

    Assets under management

     

     

    18,423,463

     

     

    17,321,452

     

     

    1,102,011

     

     

    6

     

    Total Managed Portfolio

     

    $

    153,710,475

     

    $

    147,792,976

     

    $

    5,917,499

     

     

    4

    %

    Custodial escrow account balance at period end (in billions)

     

    $

    2.7

     

    $

    2.7

     

     

     

     

     

    Weighted-average servicing fee rate (basis points)

     

     

    24.2

     

     

    24.1

     

     

     

     

     

    Weighted-average remaining servicing portfolio term (years)

     

     

    7.7

     

     

    8.2

     

     

     

     

     

    DISCUSSION OF QUARTERLY RESULTS:

    • Our servicing portfolio continues to expand as a result of additional Agency debt financing volumes over the past 12 months, partially offset by principal paydowns and loan payoffs.
    • During the fourth quarter of 2024, we added $1.2 billion of net loans to our servicing portfolio, and over the past 12 months, we added $4.8 billion of net loans to our servicing portfolio, almost all of which were Agency loans.
    • $9.9 billion of Agency loans in our servicing portfolio are scheduled to mature over the next two years. These loans, with a weighted-average servicing fee of 26.2 basis points, represent only 8% of the total Agency loans in our portfolio.
    • The mortgage servicing rights ("MSRs") associated with our servicing portfolio had a fair value of $1.4 billion as of both December 31, 2024 and 2023.
    • Assets under management as of December 31, 2024 consisted of $15.9 billion of low-income housing tax credit ("LIHTC") funds, $1.5 billion of debt funds, and $1.0 billion of equity funds managed by WDIP. The 6% increase in assets under management was driven by increases in all three categories.

     

     

     

     

     

     

     

     

     

     

     

     

    KEY PERFORMANCE METRICS

    (in thousands, except per share amounts)

     

     

    Q4 2024

     

     

    Q4 2023

     

    $ Variance

     

    % Variance

    Walker & Dunlop net income

     

    $

    44,836

     

    $

    31,599

     

    $

    13,237

     

     

    42

    %

    Adjusted EBITDA

     

     

    94,577

     

     

    87,582

     

     

    6,995

     

     

    8

     

    Diluted EPS

     

    $

    1.32

     

    $

    0.93

     

    $

    0.39

     

     

    42

    %

    Adjusted core EPS

     

    $

    1.34

     

    $

    1.42

     

    $

    (0.08

    )

     

    (6

    )%

    Operating margin

     

     

    15

    %

     

    14

    %

     

     

     

     

    Return on equity

     

     

    10

     

     

    7

     

     

     

     

     

    Key Expense Metrics (as a % of total revenues):

     

     

     

     

     

     

     

     

     

     

     

    Personnel expenses

     

     

    50

    %

     

    46

    %

     

     

     

     

    Other operating expenses

     

     

    14

     

     

    13

     

     

     

     

     

    DISCUSSION OF QUARTERLY KEY PERFORMANCE METRICS:

    • Walker & Dunlop net income and diluted EPS both increased 42% in the fourth quarter of 2024, primarily as a result of higher origination fees and MSR income from a 48% increase in Agency debt financing volume year over year. The increase in net income also drove the increase in return on equity to 10% for the fourth quarter of 2024.
    • Adjusted EBITDA increased 8%, primarily due to increases in (i) origination fees, (ii) servicing fees, (iii) property sale broker fees, and (iv) other revenues and a greater benefit from fair value adjustments to contingent consideration liabilities. The increase in other revenues was driven by a gain on the sale of a portfolio of assets, a portion of which closed in the fourth quarter of 2024. These increases were partially offset by (i) decreases in investment management fees and investment banking revenues and (ii) an increase in variable compensation and (iii) an increase in other operating expenses.
    • Adjusted core EPS, which excludes, among other items, the impacts of non-cash MSR income and amortization, the provision for credit losses, and acquisition-related costs, such as amortization of intangible assets, decreased to $1.34 in the fourth quarter of 2024 from $1.42 in the fourth quarter of 2023. The decrease was driven by increases in personnel and miscellaneous expenses and decreases in investment management fees and investment banking revenues in the fourth quarter of 2024 compared to the fourth quarter of 2023, partially offset by increases in origination fees, servicing fees, property sales broker fees, and other revenues.

     

     

     

     

     

     

     

     

     

     

     

     

     

    KEY CREDIT METRICS

    (in thousands)

     

     

    Q4 2024

     

     

    Q4 2023

     

    $ Variance

     

    % Variance

    At-risk servicing portfolio (1)

     

    $

    63,365,672

     

    $

    58,801,055

     

    $

    4,564,617

     

    8

    %

    Maximum exposure to at-risk portfolio (2)

     

     

    12,893,593

     

     

    11,949,041

     

     

    944,552

     

    8

     

    Defaulted loans (3)

     

    $

    41,737

     

    $

    27,214

     

    $

    14,523

     

    53

    %

    Key credit metrics (as a % of the at-risk portfolio):

     

     

     

     

     

     

     

     

     

     

     

     

    Defaulted loans

     

     

    0.07

    %

     

    0.05

    %

     

     

     

     

     

    Allowance for risk-sharing

     

     

    0.04

     

     

    0.05

     

     

     

     

     

     

    Key credit metrics (as a % of maximum exposure):

     

     

     

     

     

     

     

     

     

     

     

     

    Allowance for risk-sharing

     

     

    0.22

    %

     

    0.26

    %

     

     

     

     

     

    ________________________________________

    (1)

    At-risk servicing portfolio is defined as the balance of Fannie Mae Delegated Underwriting and Servicing ("DUS") loans subject to the risk-sharing formula described below, as well as a small number of Freddie Mac loans on which we share in the risk of loss. Use of the at-risk portfolio provides for comparability of the full risk-sharing and modified risk-sharing loans because the provision and allowance for risk-sharing obligations are based on the at-risk balances of the associated loans. Accordingly, we have presented the key statistics as a percentage of the at-risk portfolio.

     

    For example, a $15 million loan with 50% risk-sharing has the same potential risk exposure as a $7.5 million loan with full DUS risk sharing. Accordingly, if the $15 million loan with 50% risk-sharing were to default, we would view the overall loss as a percentage of the at-risk balance, or $7.5 million, to ensure comparability between all risk-sharing obligations. To date, substantially all of the risk-sharing obligations that we have settled have been from full risk-sharing loans.

    (2)

    Represents the maximum loss we would incur under our risk-sharing obligations if all of the loans we service, for which we retain some risk of loss, were to default and all of the collateral underlying these loans was determined to be without value at the time of settlement. The maximum exposure is not representative of the actual loss we would incur.

    (3)

    Defaulted loans represent loans in our Fannie Mae at-risk portfolio that are probable of foreclosure or that have foreclosed and for which we have recorded a collateral-based reserve (i.e., loans where we have assessed a probable loss). Other loans that are delinquent but not foreclosed or that are not probable of foreclosure are not included here. Additionally, loans that have foreclosed or are probable of foreclosure but are not expected to result in a loss to us are not included here.

    DISCUSSION OF QUARTERLY KEY CREDIT METRICS:

    • Our at-risk servicing portfolio, which is comprised of loans subject to a defined risk-sharing formula, increased primarily due to the level of Fannie Mae loans added to the portfolio during the past 12 months. We take credit risk exclusively on loans backed by multifamily assets and have no credit exposure to losses in any other sector of the commercial real estate lending market.
    • As of December 31, 2024, six at-risk loans were in default with an aggregate unpaid principal balance ("UPB") of $41.7 million compared to three at-risk loans in default with an aggregate UPB of $27.2 million as of December 31, 2023. The collateral-based reserves on defaulted loans were $4.0 million and $2.8 million as of December 31, 2024, and 2023, respectively. The approximately 3,000 remaining loans in the at-risk servicing portfolio continue to exhibit strong credit quality, with low levels of delinquencies and strong operating performance of the underlying properties in the portfolio.
    • During 2024, we received five loan repurchase requests from the GSEs totaling $87.3 million. Two of the requests came in the fourth quarter of 2024, both of which were existing defaulted loans within our at-risk portfolio. We indemnified three of the loans and repurchased the other two. We recorded a provision for credit losses of $4.5 million in the fourth quarter of 2024, primarily related to an increase in the estimated losses associated with these five repurchased and indemnified assets. As of December 31, 2024, the aggregate carrying value of these five repurchased and indemnified assets totaled $77.2 million, and we have collateral-based reserves of $13.4 million for those assets. Additionally, we incurred $8.5 million of repurchase-related costs, including critical repairs and maintenance, included in other expenses in the fourth quarter of 2024.

    FOURTH QUARTER 2024

    FINANCIAL RESULTS BY SEGMENT

    Interest expense on corporate debt is determined at a consolidated corporate level and allocated to each segment proportionally based on each segment's use of that corporate debt. Income tax expense is determined at a consolidated corporate level and allocated to each segment proportionally based on each segment's income from operations, except for significant, one-time tax activities, which are allocated entirely to the segment impacted by the tax activity. The following details explain the changes in these expense items at a consolidated corporate level:

    • Interest expense on corporate debt decreased 14% from the fourth quarter of 2023, primarily as a result of a decrease in interest rates on our term loan year over year, as our term loan was repriced lower in May 2024 and carries a floating interest rate.
    • Income tax expense increased 6% from the fourth quarter of 2023, primarily driven by the 32% increase in income from operations, partially offset by several one-time tax benefits and an approximately 130 bps decrease in our blended state income tax rate year over year. Blended state income tax rates vary year to year based on several elements including changes in the activity within the various states.

     

     

     

     

     

     

     

     

     

     

    FINANCIAL RESULTS - CAPITAL MARKETS

    (in thousands)

     

    Q4 2024

    Q4 2023

     

    $ Variance

     

    % Variance

    Loan origination and debt brokerage fees, net ("Origination fees")

     

    $

    91,732

     

    $

    64,946

     

    $

    26,786

     

     

    41

    %

    Fair value of expected net cash flows from servicing, net ("MSR income")

     

     

    55,920

     

     

    34,471

     

     

    21,449

     

     

    62

     

    Property sales broker fees

     

     

    21,175

     

     

    15,135

     

     

    6,040

     

     

    40

     

    Net warehouse interest income (expense), loans held for sale ("LHFS")

     

     

    (2,458

    )

     

    (2,491

    )

     

    33

     

     

    (1

    )

    Other revenues

     

     

    14,693

     

     

    17,020

     

     

    (2,327

    )

     

    (14

    )

    Total revenues

     

    $

    181,062

     

    $

    129,081

     

    $

    51,981

     

     

    40

    %

    Personnel

     

    $

    122,601

     

    $

    93,948

     

    $

    28,653

     

     

    30

    %

    Amortization and depreciation

     

     

    1,139

     

     

    1,138

     

     

    1

     

     

    0

     

    Interest expense on corporate debt

     

     

    4,451

     

     

    4,909

     

     

    (458

    )

     

    (9

    )

    Goodwill impairment

     

     

    33,000

     

     

    48,000

     

     

    (15,000

    )

     

    (31

    )

    Fair value adjustments to contingent consideration liabilities

     

     

    (38,125

    )

     

    (48,500

    )

     

    10,375

     

     

    (21

    )

    Other operating expenses

     

     

    5,913

     

     

    4,957

     

     

    956

     

     

    19

     

    Total expenses

     

    $

    128,979

     

    $

    104,452

     

    $

    24,527

     

     

    23

    %

    Income (loss) from operations

     

    $

    52,083

     

    $

    24,629

     

    $

    27,454

     

     

    111

    %

    Income tax expense (benefit)

     

     

    11,586

     

     

    6,362

     

     

    5,224

     

     

    82

     

    Net income (loss) before noncontrolling interests

     

    $

    40,497

     

    $

    18,267

     

    $

    22,230

     

     

    122

    %

    Less: net income (loss) from noncontrolling interests

     

     

    —

     

     

    748

     

     

    (748

    )

     

    (100

    )

    Walker & Dunlop net income (loss)

     

    $

    40,497

     

    $

    17,519

     

    $

    22,978

     

     

    131

    %

    Key revenue metrics (as a % of debt financing volume):

     

     

     

     

     

     

     

     

     

    Origination fee rate (1)

     

     

    0.94

    %

     

    1.05

    %

     

     

     

     

    MSR rate (2)

     

     

    0.57

     

     

    0.56

     

     

     

     

     

    Agency MSR rate (3)

     

     

    1.14

     

     

    1.04

     

     

     

     

     

    Key performance metrics:

     

     

     

     

     

     

     

     

     

    Operating margin

     

     

    29

    %

     

    19

    %

     

     

     

     

    Adjusted EBITDA

     

    $

    4,173

     

    $

    (1,608

    )

    $

    5,781

     

     

    (360

    )%

    ________________________________________

    (1)

    Origination fees as a percentage of debt financing volume. Excludes the income and debt financing volume from Principal Lending and Investing.

    (2)

    MSR income as a percentage of debt financing volume. Excludes the income and debt financing volume from Principal Lending and Investing.

    (3)

    MSR income as a percentage of Agency debt financing volume.

    CAPITAL MARKETS – DISCUSSION OF QUARTERLY RESULTS:

    The Capital Markets segment includes our Agency lending, debt brokerage, property sales, appraisal and valuation services, investment banking, and housing market research businesses.

    • The increase in origination fees during the fourth quarter of 2024 was primarily driven by the 56% increase in debt financing volume, partially offset by a decline in the origination fee margin resulting from the large increase in brokered debt financing volume. GSE debt financing volume increased 59%, while brokered debt financing grew 70% over the fourth quarter of last year.
    • MSR income grew year over year due to a 48% increase in Agency debt financing volume and an increase in the Agency MSR rate. The Agency MSR rate increased primarily due to an increase in Fannie Mae volume as a percentage of Agency volume from 51% in the fourth quarter of 2023 to 66% in same quarter of 2024. Fannie Mae is our most-profitable debt financing product.
    • Property sales broker fees increased year over year as a result of the 20% increase in property sales volumes, coupled with an increase in the property sale fee margin.
    • The decrease in other revenues was primarily related to a decrease in investment banking revenues year over year.
    • Personnel expense increased in the fourth quarter of 2024 primarily due to an increase in commission expenses related to higher origination fees and property sales broker fees and an increase in subjective bonus expense tied to overall company performance.
    • The goodwill impairments in the fourth quarter of 2024 and 2023 were related to macroeconomic and transaction market conditions driving lower projected transaction activity and related cash flows from the GeoPhy acquisition. The fair value adjustments to contingent consideration liabilities were also impacted by further challenges in the forecasted macroeconomic conditions and transaction markets driving lower projected achievement of earnout hurdles tied to transaction activity and related revenues, resulting in a $38.1 million benefit in the fourth quarter of 2024 compared to a $48.5 million benefit in the fourth quarter of 2023.
    • The increase in adjusted EBITDA was primarily the result of the increases in origination fees, property sales broker fees, and the net benefit of goodwill impairment and fair value adjustments to contingent consideration liabilities, partially offset by the increase in personnel and the decrease in other revenues.

     

     

     

     

     

     

     

     

     

     

    FINANCIAL RESULTS - SERVICING & ASSET MANAGEMENT

    (in thousands)

     

    Q4 2024

    Q4 2023

    $ Variance

     

    % Variance

    Origination fees

     

    $

    2,210

     

    $

    1,262

     

    $

    948

     

     

    75

    %

    Servicing fees

     

     

    82,961

     

     

    79,887

     

     

    3,074

     

     

    4

     

    Investment management fees

     

     

    (3,110

    )

     

    537

     

     

    (3,647

    )

     

    (679

    )

    Net warehouse interest income, loans held for investment ("LHFI")

     

     

    272

     

     

    414

     

     

    (142

    )

     

    (34

    )

    Placement fees and other interest income

     

     

    40,278

     

     

    40,738

     

     

    (460

    )

     

    (1

    )

    Other revenues

     

     

    34,687

     

     

    16,829

     

     

    17,858

     

     

    106

     

    Total revenues

     

    $

    157,298

     

    $

    139,667

     

    $

    17,631

     

     

    13

    %

    Personnel

     

    $

    23,967

     

    $

    20,738

     

    $

    3,229

     

     

    16

    %

    Amortization and depreciation

     

     

    65,155

     

     

    53,043

     

     

    12,112

     

     

    23

     

    Provision (benefit) for credit losses

     

     

    4,529

     

     

    636

     

     

    3,893

     

     

    612

     

    Interest expense on corporate debt

     

     

    9,986

     

     

    11,104

     

     

    (1,118

    )

     

    (10

    )

    Fair value adjustments to contingent consideration liabilities

     

     

    (10,830

    )

     

    —

     

     

    (10,830

    )

     

    N/A

     

    Other operating expenses

     

     

    24,602

     

     

    12,117

     

     

    12,485

     

     

    103

     

    Total expenses

     

    $

    117,409

     

    $

    97,638

     

    $

    19,771

     

     

    20

    %

    Income (loss) from operations

     

    $

    39,889

     

    $

    42,029

     

    $

    (2,140

    )

     

    (5

    )%

    Income tax expense (benefit)

     

     

    7,007

     

     

    11,269

     

     

    (4,262

    )

     

    (38

    )

    Net income (loss) before noncontrolling interests

     

    $

    32,882

     

    $

    30,760

     

    $

    2,122

     

     

    7

    %

    Less: net income (loss) from noncontrolling interests

     

     

    (3,671

    )

     

    (3,311

    )

     

    (360

    )

     

    11

     

    Walker & Dunlop net income (loss)

     

    $

    36,553

     

    $

    34,071

     

    $

    2,482

     

     

    7

    %

    Key performance metrics:

     

     

     

     

     

     

     

     

     

    Operating margin

     

     

    25

    %

     

    30

    %

     

     

     

     

    Adjusted EBITDA

     

    $

    123,768

     

    $

    110,543

     

    $

    13,225

     

     

    12

    %

    SERVICING & ASSET MANAGEMENT – DISCUSSION OF QUARTERLY RESULTS:

    The Servicing & Asset Management segment includes loan servicing, principal lending and investing, management of third-party capital invested in tax credit equity funds focused on the affordable housing sector and other commercial real estate, and real estate-related investment banking and advisory services.

    • The $4.8 billion net increase in the servicing portfolio over the past 12 months was the principal driver of the growth in servicing fees year over year.
    • Investment management fees decreased primarily due to a reduction in the accrual for investment management fees from our LIHTC funds that are driven by asset dispositions within the funds. Continued slowdowns in the property sales market resulted in lower than anticipated disposition revenues during the year.
    • Other revenues increased, primarily as a result of the gain on sale described below, partially offset by a decrease in syndication fees resulting from a lower volume of capital syndicated into our LIHTC funds. During the fourth quarter of 2024, we entered into a contract to sell a portfolio of Affordable assets, including interests held by a part of the business known as Walker & Dunlop Affordable Preservation ("WDAP"), which were acquired as part of the Alliant acquisition. The sale of one of the assets closed during the fourth quarter, generating a gain on sale of $26.5 million and $21.3 million of adjusted EBITDA. The remaining assets are expected to close in the first half of 2025, as various consents are received. This was a discrete decision to realize a healthy return on this portfolio and exit a part of the business that was not part of our long-term plans, and in no way a reflection of our dedication to the Affordable sector, or our broader Affordable business.
    • Personnel expense increased primarily due to increased salaries and benefits resulting from an increase in average segment headcount year over year combined with an increase in subjective bonus expense tied to overall company performance.
    • Amortization and depreciation increased primarily due to the write-off of intangible assets associated with WDAP in connection with our agreement to sale interests in WDAP.
    • The provision for credit losses in 2024 was primarily attributable to the loan repurchase and indemnification agreements we have with the GSEs, as noted above in our Key Credit Metrics, with no comparable activity in the prior year.
    • The change in fair value adjustments to contingent consideration liabilities was primarily due to an $10.8 million contingent consideration revaluation related to Walker & Dunlop Affordable Equity ("WDAE") in the fourth quarter of 2024 with no comparable activity in the fourth quarter of 2023.
    • Other operating expenses increased, primarily as a result of the repurchase-related expenses noted in the Key Credit Metrics section above and costs to sell the portfolio of Affordable assets noted above, with no comparable activity in the prior year.

     

     

     

     

     

     

     

     

     

     

     

     

    FINANCIAL RESULTS - CORPORATE

    (in thousands)

     

    Q4 2024

     

    Q4 2023

     

     

    $ Variance

     

    % Variance

    Other interest income

     

    $

    3,684

     

     

    $

    4,472

     

     

    $

    (788

    )

     

    (18

    )%

    Other revenues

     

     

    (593

    )

     

     

    1,116

     

     

     

    (1,709

    )

     

    (153

    )

    Total revenues

     

    $

    3,091

     

     

    $

    5,588

     

     

    $

    (2,497

    )

     

    (45

    )%

    Personnel

     

    $

    22,610

     

     

    $

    11,179

     

     

    $

    11,431

     

     

    102

    %

    Amortization and depreciation

     

     

    1,760

     

     

     

    1,834

     

     

     

    (74

    )

     

    (4

    )

    Interest expense on corporate debt

     

     

    1,484

     

     

     

    2,585

     

     

     

    (1,101

    )

     

    (43

    )

    Other operating expenses

     

     

    17,089

     

     

     

    17,281

     

     

     

    (192

    )

     

    (1

    )

    Total expenses

     

    $

    42,943

     

     

    $

    32,879

     

     

    $

    10,064

     

     

    31

    %

    Income (loss) from operations

     

    $

    (39,852

    )

     

    $

    (27,291

    )

     

    $

    (12,561

    )

     

    46

    %

    Income tax expense (benefit)

     

     

    (7,638

    )

     

     

    (7,300

    )

     

     

    (338

    )

     

    5

     

    Walker & Dunlop net income (loss)

     

    $

    (32,214

    )

     

    $

    (19,991

    )

     

    $

    (12,223

    )

     

    61

    %

    Key performance metric:

     

     

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA

     

    $

    (33,364

    )

     

    $

    (21,353

    )

     

    $

    (12,011

    )

     

    56

    %

    CORPORATE – DISCUSSION OF QUARTERLY RESULTS:

    The Corporate segment consists of corporate-level activities including accounting, information technology, legal, human resources, marketing, internal audit, and various other corporate groups ("support functions"). The Company does not allocate costs from these support functions to its other segments in presenting segment operating results.

    • Other revenues, which primarily consist of gains and losses on equity-method investments, shifted from a gain in the fourth quarter of 2023 to a loss in the fourth quarter of 2024, due to the underperformance of several equity-method investments.
    • The significant increase in personnel expense was primarily driven by an increase in subjective bonus expenses tied to company performance, coupled with an increase in salaries and benefits.

    FULL-YEAR 2024

    CONSOLIDATED OPERATING RESULTS

    Interest expense on corporate debt is determined at a consolidated corporate level and allocated to each segment proportionally based on each segment's use of that corporate debt. Income tax expense is determined at a consolidated corporate level and allocated to each segment proportionally based on each segment's income from operations, except for significant, one-time tax activities, which are allocated entirely to the segment impacted by the tax activity. The following details explain the changes in these expense items at a consolidated corporate level:

    • Interest expense on corporate debt increased 2% from 2023, primarily as a result of an increase in interest expense on borrowings to support our LIHTC operations, which increased year over year as the amount of borrowings increased.
    • Income tax expense decreased $4.5 million, or 13%, from 2023, primarily driven by a 5% decrease in income from operations and due to several one-time tax benefits and an approximately 130 bps decrease in our blended state income tax rate year over year. Blended state income tax rates vary year to year based on several elements including changes in the activity within the various states.

     

     

     

     

     

     

     

     

     

     

     

     

     

    FULL-YEAR OPERATING RESULTS AND KEY PERFORMANCE METRICS

    (in thousands)

     

    2024

     

    2023

     

    $ Variance

     

    % Variance

    Debt financing volume

     

    $

    30,154,666

     

    $

    24,202,859

     

    $

    5,951,807

     

    25

    %

    Property sales volume

     

     

    9,751,223

     

     

    8,784,537

     

     

    966,686

     

    11

     

    Total transaction volume

     

    $

    39,905,889

     

    $

    32,987,396

     

    $

    6,918,493

     

    21

    %

    Total revenues

     

     

    1,132,490

     

     

    1,054,440

     

     

    78,050

     

    7

     

    Total expenses

     

     

    1,000,989

     

     

    916,243

     

     

    84,746

     

    9

     

    Walker & Dunlop net income

     

    $

    108,167

     

    $

    107,357

     

    $

    810

     

    1

    %

    Adjusted EBITDA

     

     

    328,549

     

     

    300,123

     

     

    28,426

     

    9

     

    Diluted EPS

     

    $

    3.19

     

    $

    3.18

     

    $

    0.01

     

    -

    %

    Adjusted core EPS

     

    $

    4.97

     

    $

    4.68

     

    $

    0.29

     

    6

    %

    Operating margin

     

     

    12

    %

     

    13

    %

     

     

     

     

     

    Return on equity

     

     

    6

     

     

    6

     

     

     

     

     

     

    DISCUSSION OF FULL-YEAR RESULTS:

    • Total transaction volume increased 21% in 2024, primarily driven by a 37% increase in brokered debt financing volume, highlighted by a $1.2 billion transaction in the third quarter. Both GSE debt financing volume and property sales volume also increased by 11%, with an acceleration in multifamily property sales and debt financing activity throughout the year.
    • The 9% increase in total expenses outpaced the 7% growth in total revenues for the year, driving a 5% decrease in income from operations. The decrease in income from operations was fully offset by a greater decrease in income tax expense as noted above. The growth in total revenues was primarily driven by increases in origination fees, MSR income, servicing fees, placement fees and other interest income, and other revenues, partially offset by declines in investment management fees and investment banking revenues.
    • The increase in total expenses was primarily driven by increases in personnel expenses and amortization and depreciation and increases in the provision (benefit) for credit losses and other expenses associated with loan repurchases and indemnifications in 2024, with no related activity in 2023. The provision for credit losses and other expenses attributable to repurchased and indemnified loans totaled $24.7 million in 2024. The net benefit for credit losses in 2023 related primarily to an annual update of our historical loss rate.
    • Adjusted EBITDA increased 9% primarily due to increased origination fees, servicing fees, placement fees and other interest income and other revenues and a decrease in net write-offs, partially offset by decreases in investment management fees and investment banking revenues and increases in personnel and other operating expenses. The aforementioned gain on sale of a portfolio of Affordable assets was a significant part of the increase in other revenues.
    • Diluted EPS increased less than 1% year over year, compared to a 6% increase in our adjusted core EPS year over year. Adjusted core EPS reflects the year-over-year growth of our recurring revenue streams but excludes the decrease in non-cash MSR income and the increase to non-cash provision for credit loss expenses, while diluted EPS incorporates the impact of those non-cash items. Additionally, net write-offs, a reduction for adjusted core EPS decreased, resulting in increased adjusted core EPS. This reduction for net write-offs is not included in diluted EPS.

    FULL-YEAR 2024

    FINANCIAL RESULTS BY SEGMENT

     

     

     

     

     

     

     

     

     

     

    FULL-YEAR FINANCIAL RESULTS - CAPITAL MARKETS

    (in thousands)

     

    2024

    2023

    $ Variance

     

    % Variance

    Origination fees

     

    $

    271,996

     

    $

    232,625

     

    $

    39,371

     

     

    17

    %

    MSR income

     

     

    153,593

     

     

    141,917

     

     

    11,676

     

     

    8

     

    Property sales broker fees

     

     

    60,583

     

     

    53,966

     

     

    6,617

     

     

    12

     

    Net warehouse interest income (expense), LHFS

     

     

    (8,780

    )

     

    (9,497

    )

     

    717

     

     

    (8

    )

    Other revenues

     

     

    47,449

     

     

    57,755

     

     

    (10,306

    )

     

    (18

    )

    Total revenues

     

    $

    524,841

     

    $

    476,766

     

    $

    48,075

     

     

    10

    %

    Personnel

     

    $

    399,256

     

    $

    375,450

     

    $

    23,806

     

     

    6

    %

    Amortization and depreciation

     

     

    4,551

     

     

    4,550

     

     

    1

     

     

    0

     

    Interest expense on corporate debt

     

     

    19,489

     

     

    18,779

     

     

    710

     

     

    4

     

    Goodwill impairment

     

     

    33,000

     

     

    62,000

     

     

    (29,000

    )

     

    (47

    )

    Fair value adjustments to contingent consideration liabilities

     

     

    (39,491

    )

     

    (62,500

    )

     

    23,009

     

     

    (37

    )

    Other operating expenses

     

     

    20,744

     

     

    19,994

     

     

    750

     

     

    4

     

    Total expenses

     

    $

    437,549

     

    $

    418,273

     

    $

    19,276

     

     

    5

    %

    Income (loss) from operations

     

    $

    87,292

     

    $

    58,493

     

    $

    28,799

     

     

    49

    %

    Income tax expense (benefit)

     

     

    20,275

     

     

    14,824

     

     

    5,451

     

     

    37

     

    Net income (loss) before noncontrolling interests

     

    $

    67,017

     

    $

    43,669

     

    $

    23,348

     

     

    53

    %

    Less: net income (loss) from noncontrolling interests

     

     

    353

     

     

    2,489

     

     

    (2,136

    )

     

    (86

    )

    Walker & Dunlop net income (loss)

     

    $

    66,664

     

    $

    41,180

     

    $

    25,484

     

     

    62

    %

    Key revenue metrics (as a % of debt financing volume):

     

     

     

     

     

     

     

     

     

    Origination fee rate

     

     

    0.92

    %

     

    0.97

    %

     

     

     

     

    MSR rate

     

     

    0.52

     

     

    0.59

     

     

     

     

     

    Agency MSR rate

     

     

    1.14

     

     

    1.16

     

     

     

     

     

    Key performance metrics:

     

     

     

     

     

     

     

     

     

    Operating margin

     

     

    17

    %

     

    12

    %

     

     

     

     

    Adjusted EBITDA

     

    $

    (28,258

    )

    $

    (46,333

    )

    $

    18,075

     

     

    (39

    )%

    CAPITAL MARKETS – DISCUSSION OF FULL-YEAR RESULTS:

    • The increase in origination fees was largely driven by a 25% increase in debt financing volume year over year, partially offset by a decline in our origination fee rate related to the shift in the mix of our debt financing volume towards brokered debt financing volume.
    • MSR income grew largely as a result of a 10% increase in Agency debt financing volume year over year, partially offset by a lower Agency MSR rate due to a lower increase in Fannie Mae debt financing volumes than other Agency volumes. Fannie Mae is our most-profitable debt financing product.
    • Property sales broker fees primarily increased year over year as a result of the 11% increase in property sales volumes.
    • The decrease in other revenues was primarily related to the closing of a $7.5 million transaction in 2023, the largest investment banking deal in the Company's history, with no comparable transaction in 2024.
    • Personnel expense increased year over year primarily as a result of higher commission costs related to the increase in origination fees during 2024 and an increase in subjective bonus expense tied to company performance, partially offset by a decrease in salaries and benefits due to lower average segment headcount.
    • The goodwill impairments in 2024 and 2023 were related only to the GeoPhy acquisition, which was impacted by macroeconomic and transaction market conditions driving lower projected transaction activity and related cash flows. The fair value adjustments to contingent consideration liabilities were also impacted by challenges in the forecasted macroeconomic conditions and transaction markets driving lower projected achievement of earnout hurdles, tied primarily to transaction activity and related revenues, resulting in a $39.5 million benefit in 2024 related to several acquisitions, compared to a $62.5 million benefit in 2023 related exclusively to the GeoPhy acquisition.

     

     

     

     

     

     

     

     

     

     

    FULL-YEAR FINANCIAL RESULTS - SERVICING & ASSET MANAGEMENT

    (in thousands)

     

    2024

    2023

    $ Variance

     

    % Variance

    Origination fees

     

    $

    4,566

     

    $

    1,784

     

    $

    2,782

     

     

    156

    %

    Servicing fees

     

     

    325,644

     

     

    311,914

     

     

    13,730

     

     

    4

     

    Investment management fees

     

     

    36,976

     

     

    45,381

     

     

    (8,405

    )

     

    (19

    )

    Net warehouse interest income, LHFI

     

     

    1,747

     

     

    3,864

     

     

    (2,117

    )

     

    (55

    )

    Placement fees and other interest income

     

     

    153,350

     

     

    141,374

     

     

    11,976

     

     

    8

     

    Other revenues

     

     

    69,366

     

     

    59,526

     

     

    9,840

     

     

    17

     

    Total revenues

     

    $

    591,649

     

    $

    563,843

     

    $

    27,806

     

     

    5

    %

    Personnel

     

    $

    83,050

     

    $

    74,407

     

    $

    8,643

     

     

    12

    %

    Amortization and depreciation

     

     

    226,067

     

     

    214,978

     

     

    11,089

     

     

    5

     

    Provision (benefit) for credit losses

     

     

    10,839

     

     

    (10,452

    )

     

    21,291

     

     

    (204

    )

    Interest expense on corporate debt

     

     

    43,834

     

     

    42,489

     

     

    1,345

     

     

    3

     

    Fair value adjustments to contingent consideration liabilities

     

     

    (10,830

    )

     

    —

     

     

    (10,830

    )

     

    N/A

     

    Other operating expenses

     

     

    43,064

     

     

    28,582

     

     

    14,482

     

     

    51

     

    Total expenses

     

    $

    396,024

     

    $

    350,004

     

    $

    46,020

     

     

    13

    %

    Income (loss) from operations

     

    $

    195,625

     

    $

    213,839

     

    $

    (18,214

    )

     

    (9

    )%

    Income tax expense (benefit)

     

     

    45,437

     

     

    54,198

     

     

    (8,761

    )

     

    (16

    )

    Net income (loss) before noncontrolling interests

     

    $

    150,188

     

    $

    159,641

     

    $

    (9,453

    )

     

    (6

    )%

    Less: net income (loss) from noncontrolling interests

     

     

    (7,562

    )

     

    (6,675

    )

     

    (887

    )

     

    13

     

    Walker & Dunlop net income (loss)

     

    $

    157,750

     

    $

    166,316

     

    $

    (8,566

    )

     

    (5

    )%

    Key performance metrics:

     

     

     

     

     

     

     

     

     

    Operating margin

     

     

    33

    %

     

    38

    %

     

     

     

     

    Adjusted EBITDA

     

    $

    485,382

     

    $

    456,826

     

    $

    28,556

     

     

    6

    %

    SERVICING & ASSET MANAGEMENT – DISCUSSION OF FULL-YEAR RESULTS:

    • The $4.8 billion net increase in the servicing portfolio over the past 12 months was the principal driver of the growth in servicing fees year over year.
    • Investment management fees decreased primarily due to a reduction in the accrual for investment management fees from our LIHTC funds that are driven by asset dispositions within the funds. Continued slowdowns in the property sales market resulted in lower than anticipated disposition revenues for 2024.
    • Placement fees and other interest income increased largely as a result of higher placement fees earned on deposits due to higher short-term interest rates and an increased average escrow balance in 2024.
    • Other revenues increased, primarily as a result of the aforementioned gain on the sale of a portfolio of assets by our affordable business, partially offset by a decrease in syndication fees resulting from a lower volume of capital syndicated into our LIHTC funds.
    • Personnel expense increased primarily due to increased salaries and benefits resulting from an increase in average segment headcount year over year combined with an increase in subjective bonus expense tied to company performance.
    • The provision for credit losses in 2024 was primarily attributable to the loan repurchase and indemnification agreements we have with the GSEs, with no comparable activity in 2023.
    • The change in fair value adjustments to contingent consideration liabilities was primarily due to an $10.8 million contingent consideration revaluation related to WDAE in the fourth quarter of 2024, with no comparable activity in 2023.
    • Other operating expenses increased, primarily as a result of legal fees and other costs associated with property improvements and operating costs on assets controlled through loan repurchase or indemnification, with no comparable activity in the prior year.

     

     

     

     

     

     

     

     

     

     

     

     

    FULL-YEAR FINANCIAL RESULTS - CORPORATE

    (in thousands)

     

    2024

     

    2023

     

    $ Variance

     

    % Variance

    Other interest income

     

    $

    14,611

     

     

    $

    13,146

     

     

    $

    1,465

     

     

    11

    %

    Other revenues

     

     

    1,389

     

     

     

    685

     

     

     

    704

     

     

    103

     

    Total revenues

     

    $

    16,000

     

     

    $

    13,831

     

     

    $

    2,169

     

     

    16

    %

    Personnel

     

    $

    76,940

     

     

    $

    64,433

     

     

    $

    12,507

     

     

    19

    %

    Amortization and depreciation

     

     

    6,931

     

     

     

    7,224

     

     

     

    (293

    )

     

    (4

    )

    Interest expense on corporate debt

     

     

    6,363

     

     

     

    7,208

     

     

     

    (845

    )

     

    (12

    )

    Other operating expenses

     

     

    77,182

     

     

     

    69,101

     

     

     

    8,081

     

     

    12

     

    Total expenses

     

    $

    167,416

     

     

    $

    147,966

     

     

    $

    19,450

     

     

    13

    %

    Income (loss) from operations

     

    $

    (151,416

    )

     

    $

    (134,135

    )

     

    $

    (17,281

    )

     

    13

    %

    Income tax expense (benefit)

     

     

    (35,169

    )

     

     

    (33,996

    )

     

     

    (1,173

    )

     

    3

     

    Walker & Dunlop net income (loss)

     

    $

    (116,247

    )

     

    $

    (100,139

    )

     

    $

    (16,108

    )

     

    16

    %

    Key performance metric:

     

     

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA

     

    $

    (128,575

    )

     

    $

    (110,370

    )

     

    $

    (18,205

    )

     

    16

    %

    CORPORATE – DISCUSSION OF FULL-YEAR RESULTS:

    • Total revenues increased as a result of higher interest income earned on our corporate and fund cash balances.
    • The 19% increase in personnel expense was primarily driven by an increase in subjective bonus expenses tied to company performance, coupled with an increase in salaries and benefits.
    • The increase in other operating expenses was primarily the result of increased legal fees due to higher transaction activity, increased travel and entertainment as we hosted an all company gathering in 2024 with no comparable event in 2023 due to our cost reduction efforts, increased rent expense due to renewing and extending several office leases, and normal growth in software related expenses year over year.

    CAPITAL SOURCES AND USES

    On February 12, 2025, the Company's Board of Directors declared a dividend of $0.67 per share for the first quarter of 2025, a 3% increase year over year, and the seventh consecutive annual increase in the Company's dividend since it was initiated in 2018, representing cumulative growth of 168% over the past seven years. The dividend will be paid on March 14, 2025, to all holders of record of the Company's restricted and unrestricted common stock as of February 28, 2025.

    In May 2024, the Company entered into a second amendment to the existing credit agreement that, among other things, decreased the interest rate of the incremental $200 million borrowing by 0.75% per annum, to Term SOFR plus 2.25% per annum, and combined the incremental term loan with the initial term loan to create a single fungible $800 million senior secured term loan. The Company is continuously evaluating the most effective capital structure and may choose to opportunistically access the debt markets in the future.

    On February 14, 2024, our Board of Directors authorized the repurchase of up to $75.0 million of the Company's outstanding common stock over a twelve-month period ending February 23, 2025 (the "2024 Share Repurchase Program"). We have not repurchased any shares of common stock under the 2024 Share Repurchase Program.

    On February 12, 2025, our Board of Directors authorized the repurchase of up to $75.0 million of the Company's outstanding common stock over a twelve-month period starting from February 21, 2025 ("2025 Share Repurchase Program").

    Any purchases made pursuant to the 2025 Share Repurchase Program will be made in the open market or in privately negotiated transactions, from time to time, as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The repurchase program may be suspended or discontinued at any time.

    CONFERENCE CALL INFORMATION

    Listeners can access the Company's quarterly conference call for more information regarding our financial results via the dial-in number and webcast link below. Presentation materials related to the conference call will be posted to the Investor Relations section of the Company's website prior to the call. An audio replay will also be available on the Investor Relations section of the Company's website, along with the presentation materials.

     

     

    Earnings Call:

    Thursday, February 13, 2025, at 8:00 a.m. EST

    Phone:

    (888) 394-8218 from within the United States; (773) 305-6853 from outside the United States

    Confirmation Code:

    3476898

    Webcast Link:

    https://event.webcasts.com/starthere.jsp?ei=1691681&tp_key=a5ccea7a6f

     

    ABOUT WALKER & DUNLOP

    Walker & Dunlop (NYSE:WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.

    NON-GAAP FINANCIAL MEASURES

    To supplement our financial statements presented in accordance with United States generally accepted accounting principles ("GAAP"), the Company uses adjusted EBITDA, adjusted core net income, and adjusted core EPS, which are non-GAAP financial measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. When analyzing our operating performance, readers should use adjusted EBITDA, adjusted core net income, and adjusted core EPS in addition to, and not as an alternative for, net income and diluted EPS.

    Adjusted core net income and adjusted core EPS represent net income adjusted for amortization and depreciation, provision (benefit) for credit losses, net write-offs based on the final resolution of the defaulted loans or collateral, the fair value of expected net cash flows from servicing, net, the income statement impact from periodic revaluation and accretion associated with contingent consideration liabilities related to acquired companies, goodwill impairment and other adjustments. Adjusted EBITDA represents net income before income taxes, interest expense on our corporate debt, and amortization and depreciation, adjusted for provision (benefit) for credit losses, net write-offs based on the final resolution of the defaulted loans or collateral, stock-based compensation expense, the fair value of expected net cash flows from servicing, net, the write-off of the unamortized balance of premium associated with the repayment of a portion of our corporate debt, goodwill impairment, and contingent consideration liability fair value adjustments when the fair value adjustment is a triggering event for a goodwill impairment assessment. 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 from the amounts calculated under similarly titled definitions in our debt instruments, which are further adjusted to reflect certain other cash and non-cash charges that are used to determine compliance with financial covenants. Because not all companies use identical calculations, our presentation of adjusted EBITDA, adjusted core net income and adjusted core EPS may not be comparable to similarly titled measures of other companies.

    We use adjusted EBITDA, adjusted core net income, and adjusted core EPS to evaluate the operating performance of our business, for comparison with forecasts and strategic plans and for benchmarking performance externally against competitors. We believe that these non-GAAP measures, when read in conjunction with the Company's GAAP financial information, provide useful information to investors by offering:

    • the ability to make more meaningful period-to-period comparisons of the Company's on-going operating results;
    • the ability to better identify trends in the Company's underlying business and perform related trend analyses; and
    • a better understanding of how management plans and measures the Company's underlying business.

    We believe that these non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP and that these non-GAAP financial measures should only be used to evaluate the Company's results of operations in conjunction with the Company's GAAP financial information. For more information on adjusted EBITDA, adjusted core net income, and adjusted core EPS, refer to the section of this press release below titled "Adjusted Financial Measure Reconciliation to GAAP" and "Adjusted Financial Measure Reconciliation to GAAP By Segment."

    FORWARD-LOOKING STATEMENTS

    Some of the statements contained in this press release 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 expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans, or intentions.

    The forward-looking statements contained in this press release reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause actual results to differ significantly from those expressed or contemplated in any forward-looking statement.

    While forward-looking statements reflect our good faith projections, assumptions and expectations, they are not guarantees of future results. Furthermore, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by applicable law. Factors that could cause our results to differ materially include, but are not limited to: (1) general economic conditions and multifamily and commercial real estate market conditions, (2) changes in interest rates, (3) regulatory and/or legislative changes to Freddie Mac, Fannie Mae or HUD, (4) our ability to retain and attract loan originators and other professionals, (5) success of our various investments funded with corporate capital, and (6) changes in federal government fiscal and monetary policies, including any constraints or cuts in federal funds allocated to HUD for loan originations.

    For a further discussion of these and other factors that could cause future results to differ materially from those expressed or contemplated in any forward-looking statements, see the section titled "Risk Factors" in our most recent Annual Report on Form 10-K and any updates or supplements in subsequent Quarterly Reports on Form 10-Q and our other filings with the SEC. Such filings are available publicly on our Investor Relations web page at www.walkerdunlop.com.

    Walker & Dunlop, Inc. and Subsidiaries

    Consolidated Balance Sheets

    Unaudited

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    December 31,

     

    September 30,

     

    June 30,

     

    March 31,

     

    December 31,

     

    2024

     

    2024

     

    2024

     

    2024

     

    2023

    (in thousands)

     

     

     

     

     

     

     

     

     

    Assets

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cash and cash equivalents

    $

    279,270

     

    $

    179,759

     

    $

    208,095

     

    $

    216,532

     

     

    $

    328,698

     

    Restricted cash

     

    25,156

     

     

    39,827

     

     

    35,460

     

     

    21,071

     

     

     

    21,422

     

    Pledged securities, at fair value

     

    206,904

     

     

    203,945

     

     

    197,936

     

     

    190,679

     

     

     

    184,081

     

    Loans held for sale, at fair value

     

    780,749

     

     

    1,024,984

     

     

    814,883

     

     

    497,933

     

     

     

    594,998

     

    Mortgage servicing rights

     

    852,399

     

     

    836,896

     

     

    850,831

     

     

    881,834

     

     

     

    907,415

     

    Goodwill

     

    868,710

     

     

    901,710

     

     

    901,710

     

     

    901,710

     

     

     

    901,710

     

    Other intangible assets

     

    156,893

     

     

    170,713

     

     

    174,467

     

     

    178,221

     

     

     

    181,975

     

    Receivables, net

     

    335,879

     

     

    307,407

     

     

    272,827

     

     

    250,406

     

     

     

    233,563

     

    Committed investments in tax credit equity

     

    313,230

     

     

    333,713

     

     

    151,674

     

     

    122,332

     

     

     

    154,028

     

    Other assets

     

    562,803

     

     

    580,277

     

     

    567,515

     

     

    565,194

     

     

     

    544,457

     

    Total assets

    $

    4,381,993

     

    $

    4,579,231

     

    $

    4,175,398

     

    $

    3,825,912

     

     

    $

    4,052,347

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Liabilities

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Warehouse notes payable

    $

    781,706

     

    $

    1,019,850

     

    $

    810,114

     

    $

    521,977

     

     

    $

    596,178

     

    Notes payable

     

    768,044

     

     

    769,376

     

     

    770,707

     

     

    772,037

     

     

     

    773,358

     

    Allowance for risk-sharing obligations

     

    28,159

     

     

    29,859

     

     

    30,477

     

     

    30,124

     

     

     

    31,601

     

    Deferred tax liabilities, net

     

    241,386

     

     

    249,475

     

     

    249,575

     

     

    249,630

     

     

     

    245,372

     

    Commitments to fund investments in tax credit equity

     

    274,975

     

     

    289,250

     

     

    134,493

     

     

    114,206

     

     

     

    140,259

     

    Other liabilities

     

    527,860

     

     

    475,068

     

     

    446,238

     

     

    402,030

     

     

     

    519,450

     

    Total liabilities

    $

    2,622,130

     

    $

    2,832,878

     

    $

    2,441,604

     

    $

    2,090,004

     

     

    $

    2,306,218

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Stockholders' Equity

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Common stock

    $

    332

     

    $

    332

     

    $

    331

     

    $

    331

     

     

    $

    329

     

    Additional paid-in capital

     

    429,000

     

     

    412,570

     

     

    407,426

     

     

    427,184

     

     

     

    425,488

     

    Accumulated other comprehensive income (loss)

     

    586

     

     

    1,466

     

     

    415

     

     

    (492

    )

     

     

    (479

    )

    Retained earnings

     

    1,317,945

     

     

    1,295,459

     

     

    1,288,728

     

     

    1,288,313

     

     

     

    1,298,412

     

    Total stockholders' equity

    $

    1,747,863

     

    $

    1,709,827

     

    $

    1,696,900

     

    $

    1,715,336

     

     

    $

    1,723,750

     

    Noncontrolling interests

     

    12,000

     

     

    36,526

     

     

    36,894

     

     

    20,572

     

     

     

    22,379

     

    Total equity

    $

    1,759,863

     

    $

    1,746,353

     

    $

    1,733,794

     

    $

    1,735,908

     

     

    $

    1,746,129

     

    Commitments and contingencies

     

    —

     

     

    —

     

     

    —

     

     

    —

     

     

     

    —

     

    Total liabilities and stockholders' equity

    $

    4,381,993

     

    $

    4,579,231

     

    $

    4,175,398

     

    $

    3,825,912

     

     

    $

    4,052,347

     

    Walker & Dunlop, Inc. and Subsidiaries

    Consolidated Statements of Income and Comprehensive Income

    Unaudited

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Quarterly Trends

     

    Years ended

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    December 31,

    (in thousands, except per share amounts)

    Q4 2024

     

    Q3 2024

     

    Q2 2024

     

    Q1 2024

     

    Q4 2023

     

    2024

     

    2023

    Revenues

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Origination fees

    $

    93,942

     

     

    $

    73,546

     

     

    $

    65,334

     

     

    $

    43,740

     

     

    $

    66,208

     

     

    $

    276,562

     

     

    $

    234,409

     

    MSR income

     

    55,920

     

     

     

    43,426

     

     

     

    33,349

     

     

     

    20,898

     

     

     

    34,471

     

     

     

    153,593

     

     

     

    141,917

     

    Servicing fees

     

    82,961

     

     

     

    82,222

     

     

     

    80,418

     

     

     

    80,043

     

     

     

    79,887

     

     

     

    325,644

     

     

     

    311,914

     

    Property sales broker fees

     

    21,175

     

     

     

    19,322

     

     

     

    11,265

     

     

     

    8,821

     

     

     

    15,135

     

     

     

    60,583

     

     

     

    53,966

     

    Investment management fees

     

    (3,110

    )

     

     

    11,744

     

     

     

    14,822

     

     

     

    13,520

     

     

     

    537

     

     

     

    36,976

     

     

     

    45,381

     

    Net warehouse interest income (expense)

     

    (2,186

    )

     

     

    (2,147

    )

     

     

    (1,584

    )

     

     

    (1,116

    )

     

     

    (2,077

    )

     

     

    (7,033

    )

     

     

    (5,633

    )

    Placement fees and other interest income

     

    43,962

     

     

     

    43,557

     

     

     

    41,040

     

     

     

    39,402

     

     

     

    45,210

     

     

     

    167,961

     

     

     

    154,520

     

    Other revenues

     

    48,787

     

     

     

    20,634

     

     

     

    26,032

     

     

     

    22,751

     

     

     

    34,965

     

     

     

    118,204

     

     

     

    117,966

     

    Total revenues

    $

    341,451

     

     

    $

    292,304

     

     

    $

    270,676

     

     

    $

    228,059

     

     

    $

    274,336

     

     

    $

    1,132,490

     

     

    $

    1,054,440

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Expenses

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Personnel

    $

    169,178

     

     

    $

    145,538

     

     

    $

    133,067

     

     

    $

    111,463

     

     

    $

    125,865

     

     

    $

    559,246

     

     

    $

    514,290

     

    Amortization and depreciation

     

    68,054

     

     

     

    57,561

     

     

     

    56,043

     

     

     

    55,891

     

     

     

    56,015

     

     

     

    237,549

     

     

     

    226,752

     

    Provision (benefit) for credit losses

     

    4,529

     

     

     

    2,850

     

     

     

    2,936

     

     

     

    524

     

     

     

    636

     

     

     

    10,839

     

     

     

    (10,452

    )

    Interest expense on corporate debt

     

    15,921

     

     

     

    18,232

     

     

     

    17,874

     

     

     

    17,659

     

     

     

    18,598

     

     

     

    69,686

     

     

     

    68,476

     

    Goodwill impairment

     

    33,000

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    48,000

     

     

     

    33,000

     

     

     

    62,000

     

    Fair value adjustments to contingent consideration liabilities

     

    (48,955

    )

     

     

    (1,366

    )

     

     

    —

     

     

     

    —

     

     

     

    (48,500

    )

     

     

    (50,321

    )

     

     

    (62,500

    )

    Other operating expenses

     

    47,604

     

     

     

    31,984

     

     

     

    32,559

     

     

     

    28,843

     

     

     

    34,355

     

     

     

    140,990

     

     

     

    117,677

     

    Total expenses

    $

    289,331

     

     

    $

    254,799

     

     

    $

    242,479

     

     

    $

    214,380

     

     

    $

    234,969

     

     

    $

    1,000,989

     

     

    $

    916,243

     

    Income from operations

    $

    52,120

     

     

    $

    37,505

     

     

    $

    28,197

     

     

    $

    13,679

     

     

    $

    39,367

     

     

    $

    131,501

     

     

    $

    138,197

     

    Income tax expense

     

    10,955

     

     

     

    8,822

     

     

     

    7,902

     

     

     

    2,864

     

     

     

    10,331

     

     

     

    30,543

     

     

     

    35,026

     

    Net income before noncontrolling interests

    $

    41,165

     

     

    $

    28,683

     

     

    $

    20,295

     

     

    $

    10,815

     

     

    $

    29,036

     

     

    $

    100,958

     

     

    $

    103,171

     

    Less: net income (loss) from noncontrolling interests

     

    (3,671

    )

     

     

    (119

    )

     

     

    (2,368

    )

     

     

    (1,051

    )

     

     

    (2,563

    )

     

     

    (7,209

    )

     

     

    (4,186

    )

    Walker & Dunlop net income

    $

    44,836

     

     

    $

    28,802

     

     

    $

    22,663

     

     

    $

    11,866

     

     

    $

    31,599

     

     

    $

    108,167

     

     

    $

    107,357

     

    Net change in unrealized gains (losses) on pledged available-for-sale securities, net of taxes

     

    (880

    )

     

     

    1,051

     

     

     

    907

     

     

     

    (13

    )

     

     

    1,385

     

     

     

    1,065

     

     

     

    1,089

     

    Walker & Dunlop comprehensive income

    $

    43,956

     

     

    $

    29,853

     

     

    $

    23,570

     

     

    $

    11,853

     

     

    $

    32,984

     

     

    $

    109,232

     

     

    $

    108,446

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Effective Tax Rate

     

    21

    %

     

     

    24

    %

     

     

    28

    %

     

     

    21

    %

     

     

    26

    %

     

     

    23

    %

     

     

    25

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic earnings per share

    $

    1.32

     

     

    $

    0.85

     

     

    $

    0.67

     

     

    $

    0.35

     

     

    $

    0.94

     

     

    $

    3.19

     

     

    $

    3.20

     

    Diluted earnings per share

     

    1.32

     

     

     

    0.85

     

     

     

    0.67

     

     

     

    0.35

     

     

     

    0.93

     

     

     

    3.19

     

     

     

    3.18

     

    Cash dividends paid per common share

     

    0.65

     

     

     

    0.65

     

     

     

    0.65

     

     

     

    0.65

     

     

     

    0.63

     

     

     

    2.60

     

     

     

    2.52

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic weighted-average shares outstanding

     

    33,192

     

     

     

    33,169

     

     

     

    33,121

     

     

     

    32,978

     

     

     

    32,825

     

     

     

    33,116

     

     

     

    32,697

     

    Diluted weighted-average shares outstanding

     

    33,223

     

     

     

    33,203

     

     

     

    33,154

     

     

     

    33,048

     

     

     

    32,941

     

     

     

    33,158

     

     

     

    32,875

     

    SUPPLEMENTAL OPERATING DATA

    Unaudited

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Quarterly Trends

     

    Years ended

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    December 31,

     

    (in thousands, except per share data and unless otherwise noted)

    Q4 2024

     

    Q3 2024

     

    Q2 2024

     

    Q1 2024

     

    Q4 2023

     

    2024

     

    2023

     

    Transaction Volume:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Components of Debt Financing Volume

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Fannie Mae

    $

    3,225,633

     

    $

    2,001,356

     

    $

    1,510,804

     

    $

    903,368

     

    $

    1,692,405

     

    $

    7,641,161

     

    $

    7,021,397

     

    Freddie Mac

     

    1,553,495

     

     

    1,545,939

     

     

    1,153,190

     

     

    974,926

     

     

    1,308,263

     

     

    5,227,550

     

     

    4,568,935

     

    Ginnie Mae - HUD

     

    116,437

     

     

    272,054

     

     

    185,898

     

     

    14,140

     

     

    316,960

     

     

    588,529

     

     

    678,889

     

    Brokered (1)

     

    4,893,643

     

     

    4,028,208

     

     

    3,852,851

     

     

    3,319,074

     

     

    2,885,454

     

     

    16,093,776

     

     

    11,714,888

     

    Principal Lending and Investing (2)

     

    207,000

     

     

    165,875

     

     

    214,975

     

     

    15,800

     

     

    218,750

     

     

    603,650

     

     

    218,750

     

    Total Debt Financing Volume

    $

    9,996,208

     

    $

    8,013,432

     

    $

    6,917,718

     

    $

    5,227,308

     

    $

    6,421,832

     

    $

    30,154,666

     

    $

    24,202,859

     

    Property Sales Volume

     

    3,450,614

     

     

    3,602,675

     

     

    1,530,783

     

     

    1,167,151

     

     

    2,877,399

     

     

    9,751,223

     

     

    8,784,537

     

    Total Transaction Volume

    $

    13,446,822

     

    $

    11,616,107

     

    $

    8,448,501

     

    $

    6,394,459

     

    $

    9,299,231

     

    $

    39,905,889

     

    $

    32,987,396

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Key Performance Metrics:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating margin

     

    15

    %

     

    13

    %

     

    10

    %

     

    6

    %

     

    14

    %

     

    12

    %

     

    13

    %

    Return on equity

     

    10

     

     

    7

     

     

    5

     

     

    3

     

     

    7

     

     

    6

     

     

    6

     

    Walker & Dunlop net income

    $

    44,836

     

    $

    28,802

     

    $

    22,663

     

    $

    11,866

     

    $

    31,599

     

    $

    108,167

     

    $

    107,357

     

    Adjusted EBITDA (3)

     

    94,577

     

     

    78,905

     

     

    80,931

     

     

    74,136

     

     

    87,582

     

     

    328,549

     

     

    300,123

     

    Diluted EPS

     

    1.32

     

     

    0.85

     

     

    0.67

     

     

    0.35

     

     

    0.93

     

     

    3.19

     

     

    3.18

     

    Adjusted core EPS (4)

     

    1.34

     

     

    1.19

     

     

    1.23

     

     

    1.19

     

     

    1.42

     

     

    4.97

     

     

    4.68

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Key Expense Metrics (as a percentage of total revenues):

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Personnel expenses

     

    50

    %

     

    50

    %

     

    49

    %

     

    49

    %

     

    46

    %

     

    49

    %

     

    49

    %

    Other operating expenses

     

    14

     

     

    11

     

     

    12

     

     

    13

     

     

    13

     

     

    12

     

     

    11

     

    Key Revenue Metrics (as a percentage of debt financing volume):

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Origination fee rate (5)

     

    0.94

    %

     

    0.93

    %

     

    0.95

    %

     

    0.84

    %

     

    1.05

    %

     

    0.92

    %

     

    0.97

    %

    MSR rate (6)

     

    0.57

     

     

    0.55

     

     

    0.50

     

     

    0.40

     

     

    0.56

     

     

    0.52

     

     

    0.59

     

    Agency MSR rate (7)

     

    1.14

     

     

    1.14

     

     

    1.17

     

     

    1.10

     

     

    1.04

     

     

    1.14

     

     

    1.16

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Other Data:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Market capitalization at period end

    $

    3,282,018

     

    $

    3,834,715

     

    $

    3,311,629

     

    $

    3,406,853

     

    $

    3,719,589

     

     

     

     

     

     

     

    Closing share price at period end

    $

    97.21

     

    $

    113.59

     

    $

    98.20

     

    $

    101.06

     

    $

    111.01

     

     

     

     

     

     

     

    Average headcount

     

    1,391

     

     

    1,356

     

     

    1,321

     

     

    1,323

     

     

    1,341

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Components of Servicing Portfolio (end of period):

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Fannie Mae

    $

    68,196,744

     

    $

    66,068,212

     

    $

    64,954,426

     

    $

    64,349,886

     

    $

    63,699,106

     

     

     

     

     

     

     

    Freddie Mac

     

    39,185,091

     

     

    40,090,158

     

     

    39,938,411

     

     

    39,665,386

     

     

    39,330,545

     

     

     

     

     

     

     

    Ginnie Mae - HUD

     

    10,847,265

     

     

    10,727,323

     

     

    10,619,764

     

     

    10,595,841

     

     

    10,460,884

     

     

     

     

     

     

     

    Brokered (8)

     

    17,057,912

     

     

    17,156,810

     

     

    17,239,417

     

     

    17,312,513

     

     

    16,940,850

     

     

     

     

     

     

     

    Principal Lending and Investing (9)

     

    —

     

     

    38,043

     

     

    25,893

     

     

    40,139

     

     

    40,139

     

     

     

     

     

     

     

    Total Servicing Portfolio

    $

    135,287,012

     

    $

    134,080,546

     

    $

    132,777,911

     

    $

    131,963,765

     

    $

    130,471,524

     

     

     

     

     

     

     

    Assets under management (10)

     

    18,423,463

     

     

    18,210,452

     

     

    17,566,666

     

     

    17,465,398

     

     

    17,321,452

     

     

     

     

     

     

     

    Total Managed Portfolio

    $

    153,710,475

     

    $

    152,290,998

     

    $

    150,344,577

     

    $

    149,429,163

     

    $

    147,792,976

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Key Servicing Portfolio Metrics (end of period):

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Custodial escrow deposit balance (in billions)

    $

    2.7

     

    $

    3.1

     

    $

    2.7

     

    $

    2.3

     

    $

    2.7

     

     

     

     

     

     

     

    Weighted-average servicing fee rate (basis points)

     

    24.2

     

     

    24.1

     

     

    24.1

     

     

    24.0

     

     

    24.1

     

     

     

     

     

     

     

    Weighted-average remaining servicing portfolio term (years)

     

    7.7

     

     

    7.7

     

     

    7.9

     

     

    8.0

     

     

    8.2

     

     

     

     

     

     

     

    ________________________________________

    (1)

    Brokered transactions for life insurance companies, commercial banks, and other capital sources.

    (2)

    Includes debt financing volumes from our interim lending platform, our interim lending joint venture, and WDIP separate accounts.

    (3)

    This is a non-GAAP financial measure. For more information on adjusted EBITDA, refer to the section above titled "Non-GAAP Financial Measures."

    (4)

    This is a non-GAAP financial measure. For more information on adjusted core EPS, refer to the section above titled "Non-GAAP Financial Measures."

    (5)

    Origination fees as a percentage of debt financing volume. Excludes the income and debt financing volume from Principal Lending and Investing.

    (6)

    MSR income as a percentage of debt financing volume. Excludes the income and debt financing volume from Principal Lending and Investing.

    (7)

    MSR income as a percentage of Agency debt financing volume.

    (8)

    Brokered loans serviced primarily for life insurance companies.

    (9)

    Consists of interim loans not managed for our interim loan joint venture.

    (10)

    WDAE assets under management, commercial real estate loans and funds managed by WDIP, and interim loans serviced for our interim loan joint venture.

    KEY CREDIT METRICS

    Unaudited

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    December 31,

     

    September 30,

     

    June 30,

     

    March 31,

     

    December 31,

     

    (dollars in thousands)

    2024

     

    2024

     

    2024

     

    2024

     

    2023

     

    Risk-sharing servicing portfolio:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Fannie Mae Full Risk

    $

    59,304,888

     

    $

    57,032,839

     

    $

    55,915,670

     

    $

    55,236,618

     

    $

    54,583,555

     

    Fannie Mae Modified Risk

     

    8,891,856

     

     

    9,035,373

     

     

    9,038,756

     

     

    9,113,268

     

     

    9,115,551

     

    Freddie Mac Modified Risk

     

    15,000

     

     

    69,400

     

     

    69,510

     

     

    69,510

     

     

    23,415

     

    Total risk-sharing servicing portfolio

    $

    68,211,744

     

    $

    66,137,612

     

    $

    65,023,936

     

    $

    64,419,396

     

    $

    63,722,521

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Non-risk-sharing servicing portfolio:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Fannie Mae No Risk

    $

    —

     

    $

    —

     

    $

    —

     

    $

    —

     

    $

    —

     

    Freddie Mac No Risk

     

    39,170,091

     

     

    40,020,758

     

     

    39,868,901

     

     

    39,595,876

     

     

    39,307,130

     

    GNMA - HUD No Risk

     

    10,847,265

     

     

    10,727,323

     

     

    10,619,764

     

     

    10,595,841

     

     

    10,460,884

     

    Brokered

     

    17,057,912

     

     

    17,156,810

     

     

    17,239,417

     

     

    17,312,513

     

     

    16,940,850

     

    Total non-risk-sharing servicing portfolio

    $

    67,075,268

     

    $

    67,904,891

     

    $

    67,728,082

     

    $

    67,504,230

     

    $

    66,708,864

     

    Total loans serviced for others

    $

    135,287,012

     

    $

    134,042,503

     

    $

    132,752,018

     

    $

    131,923,626

     

    $

    130,431,385

     

    Loans held for investment (full risk)

     

    36,926

     

     

    38,043

     

     

    25,893

     

     

    40,139

     

     

    40,139

     

    Total servicing portfolio unpaid principal balance

    $

    135,323,938

     

    $

    134,080,546

     

    $

    132,777,911

     

    $

    131,963,765

     

    $

    130,471,524

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interim Loan Joint Venture Managed Loans (1)

    $

    173,315

     

    $

    424,774

     

    $

    570,299

     

    $

    711,541

     

    $

    710,041

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    At-risk servicing portfolio (2)

    $

    63,365,672

     

    $

    61,237,535

     

    $

    60,122,274

     

    $

    59,498,851

     

    $

    58,801,055

     

    Maximum exposure to at-risk portfolio (3)

     

    12,893,593

     

     

    12,454,158

     

     

    12,222,290

     

     

    12,088,698

     

     

    11,949,041

     

    Defaulted loans(4)

     

    41,737

     

     

    59,645

     

     

    48,560

     

     

    63,264

     

     

    27,214

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Defaulted loans as a percentage of the at-risk portfolio

     

    0.07

    %

     

    0.10

    %

     

    0.08

    %

     

    0.11

    %

     

    0.05

    %

    Allowance for risk-sharing as a percentage of the at-risk portfolio

     

    0.04

     

     

    0.05

     

     

    0.05

     

     

    0.05

     

     

    0.05

     

    Allowance for risk-sharing as a percentage of maximum exposure

     

    0.22

     

     

    0.24

     

     

    0.25

     

     

    0.25

     

     

    0.26

     

    ________________________________________

    (1)

    This balance consists entirely of interim loan joint venture managed loans. We indirectly share in a portion of the risk of loss associated with interim loan joint venture managed loans through our 15% equity ownership in the joint venture. We had no exposure to risk of loss for the loans serviced directly for our interim loan joint venture partner. The balance of this line is included as a component of assets under management in the Supplemental Operating Data table.

    (2)

    At-risk servicing portfolio is defined as the balance of Fannie Mae DUS loans subject to the risk-sharing formula described below, as well as a small number of Freddie Mac loans on which we share in the risk of loss. Use of the at-risk portfolio provides for comparability of the full risk-sharing and modified risk-sharing loans because the provision and allowance for risk-sharing obligations are based on the at-risk balances of the associated loans. Accordingly, we have presented the key statistics as a percentage of the at-risk portfolio.

     

    For example, a $15 million loan with 50% risk-sharing has the same potential risk exposure as a $7.5 million loan with full DUS risk sharing. Accordingly, if the $15 million loan with 50% risk-sharing were to default, we would view the overall loss as a percentage of the at-risk balance, or $7.5 million, to ensure comparability between all risk-sharing obligations. To date, substantially all of the risk-sharing obligations that we have settled have been from full risk-sharing loans.

    (3)

    Represents the maximum loss we would incur under our risk-sharing obligations if all of the loans we service, for which we retain some risk of loss, were to default and all of the collateral underlying these loans was determined to be without value at the time of settlement. The maximum exposure is not representative of the actual loss we would incur.

    (4)

    Defaulted loans represent loans in our Fannie Mae at-risk portfolio that are probable of foreclosure or that have foreclosed and for which we have recorded a collateral-based reserve (i.e. loans where we have assessed a probable loss). Other loans that are delinquent but not foreclosed or that are not probable of foreclosure are not included here. Additionally, loans that have foreclosed or are probable of foreclosure but are not expected to result in a loss to us are not included here.

    ADJUSTED FINANCIAL MEASURE RECONCILIATION TO GAAP

    Unaudited

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Quarterly Trends

     

    Years ended

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    December 31,

     

    (in thousands)

    Q4 2024

     

    Q3 2024

     

    Q2 2024

     

    Q1 2024

     

    Q4 2023

     

    2024

     

    2023

     

    Reconciliation of Walker & Dunlop Net Income to Adjusted EBITDA

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Walker & Dunlop Net Income

    $

    44,836

     

     

    $

    28,802

     

     

    $

    22,663

     

     

    $

    11,866

     

     

    $

    31,599

     

     

    $

    108,167

     

     

    $

    107,357

     

     

    Income tax expense

     

    10,955

     

     

     

    8,822

     

     

     

    7,902

     

     

     

    2,864

     

     

     

    10,331

     

     

     

    30,543

     

     

     

    35,026

     

     

    Interest expense on corporate debt

     

    15,921

     

     

     

    18,232

     

     

     

    17,874

     

     

     

    17,659

     

     

     

    18,598

     

     

     

    69,686

     

     

     

    68,476

     

     

    Amortization and depreciation

     

    68,054

     

     

     

    57,561

     

     

     

    56,043

     

     

     

    55,891

     

     

     

    56,015

     

     

     

    237,549

     

     

     

    226,752

     

     

    Provision (benefit) for credit losses

     

    4,529

     

     

     

    2,850

     

     

     

    2,936

     

     

     

    524

     

     

     

    636

     

     

     

    10,839

     

     

     

    (10,452

    )

     

    Net write-offs(1)

     

    —

     

     

     

    (468

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (468

    )

     

     

    (8,041

    )

     

    Stock-based compensation expense

     

    7,702

     

     

     

    6,532

     

     

     

    6,862

     

     

     

    6,230

     

     

     

    5,374

     

     

     

    27,326

     

     

     

    27,842

     

     

    MSR income

     

    (55,920

    )

     

     

    (43,426

    )

     

     

    (33,349

    )

     

     

    (20,898

    )

     

     

    (34,471

    )

     

     

    (153,593

    )

     

     

    (141,917

    )

     

    Write-off of unamortized premium from corporate debt repayment

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (4,420

    )

     

    Goodwill impairment, net of contingent consideration liability fair value adjustments(2)

     

    (1,500

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (500

    )

     

     

    (1,500

    )

     

     

    (500

    )

     

    Adjusted EBITDA

    $

    94,577

     

     

    $

    78,905

     

     

    $

    80,931

     

     

    $

    74,136

     

     

    $

    87,582

     

     

    $

    328,549

     

     

    $

    300,123

     

     

    ________________________________________

    (1)

    The net write-off in 2023 includes a $6.0 million write-off of a collateral-based reserve related to a loan held for investment during the second quarter of 2023.

    (2)

    For the three months and year ended December 31, 2024, includes goodwill impairment of $33.0 million and contingent consideration liability fair value adjustments of $34.5 million. For the three months and year ended December 31, 2023, includes goodwill impairment of $48.0 million and contingent consideration liability fair value adjustments of $48.5 million.

    ADJUSTED FINANCIAL MEASURE RECONCILIATION TO GAAP BY SEGMENT

    Unaudited

     

     

     

     

     

     

     

     

     

     

     

     

     

    Capital Markets

     

    Three months ended

    December 31,

     

    For the year ended

    December 31,

    (in thousands)

    2024

     

    2023

     

    2024

     

    2023

    Reconciliation of Walker & Dunlop Net Income to Adjusted EBITDA

     

     

     

     

     

     

    Walker & Dunlop Net Income (Loss)

    $

    40,497

     

     

    $

    17,519

     

     

    $

    66,664

     

     

    $

    41,180

     

    Income tax expense (benefit)

     

    11,586

     

     

     

    6,362

     

     

     

    20,275

     

     

     

    14,824

     

    Interest expense on corporate debt

     

    4,451

     

     

     

    4,909

     

     

     

    19,489

     

     

     

    18,779

     

    Amortization and depreciation

     

    1,139

     

     

     

    1,138

     

     

     

    4,551

     

     

     

    4,550

     

    Stock-based compensation expense

     

    3,920

     

     

     

    3,435

     

     

     

    15,856

     

     

     

    16,751

     

    MSR income

     

    (55,920

    )

     

     

    (34,471

    )

     

     

    (153,593

    )

     

     

    (141,917

    )

    Goodwill impairment, net of contingent consideration liability fair value adjustments(1)

     

    (1,500

    )

     

     

    (500

    )

     

     

    (1,500

    )

     

     

    (500

    )

    Adjusted EBITDA

    $

    4,173

     

     

    $

    (1,608

    )

     

    $

    (28,258

    )

     

    $

    (46,333

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

    Servicing & Asset Management

     

    Three months ended

    December 31,

     

    For the year ended

    December 31,

    (in thousands)

    2024

     

    2023

     

    2024

     

    2023

    Reconciliation of Walker & Dunlop Net Income to Adjusted EBITDA

     

     

     

     

     

     

    Walker & Dunlop Net Income (Loss)

    $

    36,553

     

     

    $

    34,071

     

     

    $

    157,750

     

     

    $

    166,316

     

    Income tax expense (benefit)

     

    7,007

     

     

     

    11,269

     

     

     

    45,437

     

     

     

    54,198

     

    Interest expense on corporate debt

     

    9,986

     

     

     

    11,104

     

     

     

    43,834

     

     

     

    42,489

     

    Amortization and depreciation

     

    65,155

     

     

     

    53,043

     

     

     

    226,067

     

     

     

    214,978

     

    Provision (benefit) for credit losses

     

    4,529

     

     

     

    636

     

     

     

    10,839

     

     

     

    (10,452

    )

    Net write-offs(2)

     

    —

     

     

     

    —

     

     

     

    (468

    )

     

     

    (8,041

    )

    Stock-based compensation expense

     

    538

     

     

     

    420

     

     

     

    1,923

     

     

     

    1,758

     

    Write-off of unamortized premium from corporate debt repayment

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (4,420

    )

    Adjusted EBITDA

    $

    123,768

     

     

    $

    110,543

     

     

    $

    485,382

     

     

    $

    456,826

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Corporate

     

    Three months ended

    December 31,

     

    For the year ended

    December 31,

    (in thousands)

    2024

     

    2023

     

    2024

     

    2023

    Reconciliation of Walker & Dunlop Net Income to Adjusted EBITDA

     

     

     

     

     

     

    Walker & Dunlop Net Income (Loss)

    $

    (32,214

    )

     

    $

    (19,991

    )

     

    $

    (116,247

    )

     

    $

    (100,139

    )

    Income tax expense (benefit)

     

    (7,638

    )

     

     

    (7,300

    )

     

     

    (35,169

    )

     

     

    (33,996

    )

    Interest expense on corporate debt

     

    1,484

     

     

     

    2,585

     

     

     

    6,363

     

     

     

    7,208

     

    Amortization and depreciation

     

    1,760

     

     

     

    1,834

     

     

     

    6,931

     

     

     

    7,224

     

    Stock-based compensation expense

     

    3,244

     

     

     

    1,519

     

     

     

    9,547

     

     

     

    9,333

     

    Adjusted EBITDA

    $

    (33,364

    )

     

    $

    (21,353

    )

     

    $

    (128,575

    )

     

    $

    (110,370

    )

     

     

     

     

     

     

     

     

     

     

     

     

    ________________________________________

    (1)

    For the three months and year ended December 31, 2024, includes goodwill impairment of $33.0 million and contingent consideration liability fair value adjustments of $34.5 million. For the three months and year ended December 31, 2023, includes goodwill impairment of $48.0 million and contingent consideration liability fair value adjustments of $48.5 million.

    (2)

    The net write-off in 2023 includes a $6.0 million write-off of a collateral-based reserve related to a loan held for investment during the second quarter of 2023.

    ADJUSTED CORE EPS RECONCILIATION

    Unaudited

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Quarterly Trends

     

    Years ended

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    December 31,

    (in thousands)

    Q4 2024

     

    Q3 2024

     

    Q2 2024

     

    Q1 2024

     

    Q4 2023

     

    2024

     

    2023

    Reconciliation of Walker & Dunlop Net Income to Adjusted Core Net Income

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Walker & Dunlop Net Income

    $

    44,836

     

     

    $

    28,802

     

     

    $

    22,663

     

     

    $

    11,866

     

     

    $

    31,599

     

     

    $

    108,167

     

     

    $

    107,357

     

    Provision (benefit) for credit losses

     

    4,529

     

     

     

    2,850

     

     

     

    2,936

     

     

     

    524

     

     

     

    636

     

     

     

    10,839

     

     

     

    (10,452

    )

    Net write-offs(1)

     

    —

     

     

     

    (468

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (468

    )

     

     

    (8,041

    )

    Amortization and depreciation

     

    68,054

     

     

     

    57,561

     

     

     

    56,043

     

     

     

    55,891

     

     

     

    56,015

     

     

     

    237,549

     

     

     

    226,752

     

    MSR income

     

    (55,920

    )

     

     

    (43,426

    )

     

     

    (33,349

    )

     

     

    (20,898

    )

     

     

    (34,471

    )

     

     

    (153,593

    )

     

     

    (141,917

    )

    Goodwill impairment

     

    33,000

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    48,000

     

     

     

    33,000

     

     

     

    62,000

     

    Contingent consideration accretion and fair value adjustments

     

    (48,822

    )

     

     

    (1,204

    )

     

     

    822

     

     

     

    512

     

     

     

    (47,637

    )

     

     

    (48,692

    )

     

     

    (60,710

    )

    Income tax expense adjustment(2)

     

    (177

    )

     

     

    (3,602

    )

     

     

    (7,413

    )

     

     

    (7,543

    )

     

     

    (5,916

    )

     

     

    (18,264

    )

     

     

    (17,141

    )

    Adjusted Core Net Income

    $

    45,500

     

     

    $

    40,513

     

     

    $

    41,702

     

     

    $

    40,352

     

     

    $

    48,226

     

     

    $

    168,538

     

     

    $

    157,848

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Reconciliation of Diluted EPS to Adjusted core EPS

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Walker & Dunlop Net Income

    $

    44,836

     

     

    $

    28,802

     

     

    $

    22,663

     

     

    $

    11,866

     

     

    $

    31,599

     

     

    $

    108,167

     

     

    $

    107,357

     

    Diluted weighted-average shares outstanding

     

    33,223

     

     

     

    33,203

     

     

     

    33,154

     

     

     

    33,048

     

     

     

    32,941

     

     

     

    33,158

     

     

     

    32,875

     

    Diluted EPS

    $

    1.32

     

     

    $

    0.85

     

     

    $

    0.67

     

     

    $

    0.35

     

     

    $

    0.93

     

     

    $

    3.19

     

     

    $

    3.18

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted Core Net Income

    $

    45,500

     

     

    $

    40,513

     

     

    $

    41,702

     

     

    $

    40,352

     

     

    $

    48,226

     

     

    $

    168,538

     

     

    $

    157,848

     

    Diluted weighted-average shares outstanding

     

    33,223

     

     

     

    33,203

     

     

     

    33,154

     

     

     

    33,048

     

     

     

    32,941

     

     

     

    33,158

     

     

     

    32,875

     

    Adjusted Core EPS

    $

    1.34

     

     

    $

    1.19

     

     

    $

    1.23

     

     

    $

    1.19

     

     

    $

    1.42

     

     

    $

    4.97

     

     

    $

    4.68

     

    ________________________________________

    (1)

    The net write-off in 2023 includes a $6.0 million write-off of a collateral-based reserve related to a loan held for investment during the second quarter of 2023.

    (2)

    Income tax impact of the above adjustments to adjusted core net income. Uses quarterly or annual effective tax rate as disclosed in the Consolidated Statements of Income and Comprehensive Income in this "press release."

    Category: Earnings

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250213984579/en/

    Headquarters:

    7272 Wisconsin Avenue, Suite 1300

    Bethesda, Maryland 20814

    Phone 301.215.5500

    [email protected]

    Investors:

    Kelsey Duffey

    Senior Vice President, Investor Relations

    Phone 301.202.3207

    [email protected]

    Media:

    Carol McNerney

    Chief Marketing Officer

    Phone 301.215.5515

    [email protected]

    Get the next $WD alert in real time by email

    Crush Q3 2025 with the Best AI Executive Assistant

    Stay ahead of the competition with Tailforce.ai - your AI-powered business intelligence partner.

    AI-Powered Inbox
    Context-aware email replies
    Strategic Decision Support
    Get Started with Tailforce.ai

    Recent Analyst Ratings for
    $WD

    DatePrice TargetRatingAnalyst
    3/6/2025$105.00Mkt Perform → Outperform
    Keefe Bruyette
    4/11/2024$130.00 → $95.00Outperform → Neutral
    Wedbush
    12/13/2023$85.00 → $105.00Outperform → Mkt Perform
    Keefe Bruyette
    12/11/2023$90.00 → $110.00Outperform
    Wedbush
    5/2/2023Mkt Outperform → Mkt Perform
    JMP Securities
    2/1/2023Outperform → Peer Perform
    Wolfe Research
    3/10/2022$191.00 → $183.00Outperform
    Wolfe Research
    1/21/2022Mkt Perform → Outperform
    Keefe Bruyette
    More analyst ratings

    $WD
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Walker & Dunlop upgraded by Keefe Bruyette with a new price target

      Keefe Bruyette upgraded Walker & Dunlop from Mkt Perform to Outperform and set a new price target of $105.00

      3/6/25 7:34:49 AM ET
      $WD
      Finance: Consumer Services
      Finance
    • Walker & Dunlop downgraded by Wedbush with a new price target

      Wedbush downgraded Walker & Dunlop from Outperform to Neutral and set a new price target of $95.00 from $130.00 previously

      4/11/24 8:05:34 AM ET
      $WD
      Finance: Consumer Services
      Finance
    • Walker & Dunlop downgraded by Keefe Bruyette with a new price target

      Keefe Bruyette downgraded Walker & Dunlop from Outperform to Mkt Perform and set a new price target of $105.00 from $85.00 previously

      12/13/23 7:59:07 AM ET
      $WD
      Finance: Consumer Services
      Finance

    $WD
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Chairman & CEO Walker William M bought $1,508,671 worth of shares (17,500 units at $86.21), increasing direct ownership by 4% to 411,271 units (SEC Form 4)

      4 - Walker & Dunlop, Inc. (0001497770) (Issuer)

      3/6/25 5:45:32 PM ET
      $WD
      Finance: Consumer Services
      Finance

    $WD
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • SEC Form 4 filed by Chairman & CEO Walker William M

      4 - Walker & Dunlop, Inc. (0001497770) (Issuer)

      6/2/25 5:03:39 PM ET
      $WD
      Finance: Consumer Services
      Finance
    • SEC Form 4 filed by EVP & Chief Operating Officer Theobald Stephen P

      4 - Walker & Dunlop, Inc. (0001497770) (Issuer)

      6/2/25 5:02:36 PM ET
      $WD
      Finance: Consumer Services
      Finance
    • SEC Form 4 filed by EVP and Chief HR Officer Pryor Paula A.

      4 - Walker & Dunlop, Inc. (0001497770) (Issuer)

      6/2/25 5:01:47 PM ET
      $WD
      Finance: Consumer Services
      Finance

    $WD
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Walker & Dunlop Closes $240 Million LIHTC Investment Fund for Affordable Housing Across Ten States

      Walker & Dunlop, Inc. announced today the successful closing of Fund 124, a $240 million Multi-Investor Low-Income Housing Tax Credit (LIHTC) Investment Fund aimed at advancing affordable housing solutions in fifteen key markets across the United States. The largest Walker & Dunlop LIHTC fund to-date, Fund 124 will support the development of 18 properties in ten states: California, Texas, Maryland, Utah, Missouri, Michigan, Connecticut, Florida, Idaho, and Kansas totaling 1,701 affordable housing units. This fund will provide critically needed housing while also creating significant local economic impact. The Walker & Dunlop Affordable Equity team, led by Dudley Benoit, Peter Antonopoulos

      7/1/25 6:00:00 AM ET
      $WD
      Finance: Consumer Services
      Finance
    • Walker & Dunlop Arranged $170 Million Financing for Class A Mixed-Used Project in Downtown Salt Lake City

      Walker & Dunlop, Inc. announced today that it secured $170 million to refinance Post District, a Class A, mixed-use complex containing 580 residential units located in Downtown Salt Lake City, Utah. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250630492150/en/Post District. Photo Credits: Bridge Investment Group Walker & Dunlop New York Capital Markets, led by Aaron Appel, Sean Reimer, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, and Jackson Irwin, served as an exclusive advisor to Bridge Investment Group, with financing provided by Fannie Mae via their near-stabilization program. Developed by joint ventur

      6/30/25 7:00:00 AM ET
      $WD
      Finance: Consumer Services
      Finance
    • Walker & Dunlop Arranges $90 Million Refinance for 2000 Biscayne in Miami

      Walker & Dunlop, Inc. announced today that it arranged an $87.3 million refinance for 2000 Biscayne, a newly built, Class-A multifamily building totaling 420 units in Miami, Florida. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250625040314/en/2000 Biscayne. Photo Credits: Kushner Companies and PTM Partners Walker & Dunlop New York Capital Markets, led by Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Stepniewski, Dustin Stolly, Jordan Casella, Christopher de Raet, and Stanley Cayre, were exclusive advisors to the joint venture team that includes Kushner Companies and PTM Partners. Corebridge Financial p

      6/25/25 6:00:00 PM ET
      $WD
      Finance: Consumer Services
      Finance

    $WD
    SEC Filings

    See more
    • Amendment: SEC Form SCHEDULE 13G/A filed by Walker & Dunlop Inc

      SCHEDULE 13G/A - Walker & Dunlop, Inc. (0001497770) (Subject)

      5/14/25 12:30:03 PM ET
      $WD
      Finance: Consumer Services
      Finance
    • SEC Form 10-Q filed by Walker & Dunlop Inc

      10-Q - Walker & Dunlop, Inc. (0001497770) (Filer)

      5/6/25 4:01:35 PM ET
      $WD
      Finance: Consumer Services
      Finance
    • Walker & Dunlop Inc filed SEC Form 8-K: Submission of Matters to a Vote of Security Holders

      8-K - Walker & Dunlop, Inc. (0001497770) (Filer)

      5/5/25 4:30:31 PM ET
      $WD
      Finance: Consumer Services
      Finance

    $WD
    Leadership Updates

    Live Leadership Updates

    See more
    • Walker & Dunlop Investment Sales Team Establishes Presence in Phoenix

      Walker & Dunlop, Inc. announced today that it has grown its Investment Sales team with the addition of managing director, Christopher Westcott, based in Phoenix, Arizona. Westcott's strategic onboarding is part of the company's coordinated expansion effort in the mountain and Western U.S., spanning Denver, Southern California, and now Phoenix. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250313213660/en/Chris Westcott (Photo: Business Wire) Westcott will focus on the origination and execution of multifamily investment sales across Arizona, working directly with the Investment Sales teams in Denver and Southern California, as we

      3/13/25 6:00:00 AM ET
      $WD
      Finance: Consumer Services
      Finance
    • Walker & Dunlop Expands Internationally With Addition of London-Based Team

      Walker & Dunlop, Inc. (NYSE:WD) today announced its international expansion with the addition of a London-based brokerage and capital markets advisory team led by Claudio V.R. Sgobba. For 87 years, Walker & Dunlop has focused exclusively on the U.S. commercial real estate market and established itself as one of the largest and most recognized advisors in the industry. This strategic expansion capitalizes on the company's scale, client demand for its expertise beyond the U.S., and opportunity to strengthen relationships with global investors already engaged with the company in the U.S. market. This press release features multimedia. View the full release here: https://www.businesswire.com/n

      2/5/25 6:00:00 PM ET
      $WD
      Finance: Consumer Services
      Finance
    • Walker & Dunlop Grows Midwest Capital Markets Expertise

      Walker & Dunlop, Inc. announced today that it has expanded its Capital Markets Midwest presence with the addition of Jonathan Zilber as senior managing director. Based in Cleveland, Ohio, Zilber's arrival marks a strategic move to bolster Walker & Dunlop's capabilities across the country, particularly in the burgeoning Ohio market. As senior managing director, Jonathan Zilber will oversee the origination and placement of loans across various property types throughout the country, with a particular focus on agency and alternative products for multifamily assets. With an impressive track record of arranging over $7 billion in financing nationwide, Zilber brings a wealth of experience that co

      9/23/24 6:00:00 AM ET
      $WD
      Finance: Consumer Services
      Finance

    $WD
    Financials

    Live finance-specific insights

    See more
    • Walker & Dunlop Reports First Quarter 2025 Financial Results

      FIRST QUARTER 2025 HIGHLIGHTS Total transaction volume of $7.0 billion, up 10% from Q1'24 Total revenues of $237.4 million, up 4% from Q1'24 Net income of $2.8 million and diluted earnings per share of $0.08, both down 77% from Q1'24 Adjusted EBITDA(1) of $65.0 million, down 12% from Q1'24 Adjusted core EPS(2) of $0.85, down 29% from Q1'24 Servicing portfolio of $135.6 billion as of March 31, 2025, up 3% from March 31, 2024 Declared quarterly dividend of $0.67 per share for the second quarter 2025 Walker & Dunlop, Inc. (NYSE:WD) (the "Company", "Walker & Dunlop" or "W&D") reported first quarter total transaction volume of $7.0 billion, up 10% year over year. Total revenues w

      5/1/25 6:00:00 AM ET
      $WD
      Finance: Consumer Services
      Finance
    • Walker & Dunlop Announces First Quarter 2025 Earnings Conference Call Details

      Walker & Dunlop, Inc. announced today that it will release its first quarter 2025 results before the market opens on May 1, 2025. The Company will host a conference call to discuss the quarterly results on May 1, 2025, at 8:30 a.m. Eastern time. Listeners can access the call by dialing (888) 394-8218 from within the United States or (773) 305-6853 from outside the United States and are asked to reference the Confirmation Code: 3709282. A simultaneous webcast of the call will be available via the link below: https://event.webcasts.com/starthere.jsp?ei=1691689&tp_key=b39351272b A webcast replay will be available on the Investor Relations section of the Company's website at https://investor

      4/16/25 5:00:00 PM ET
      $WD
      Finance: Consumer Services
      Finance
    • Walker & Dunlop Reports Fourth Quarter 2024 Financial Results

      42% Increase in Net Income and Diluted Earnings per Share Generate Strong Finish to 2024 FOURTH QUARTER 2024 HIGHLIGHTS Total transaction volume of $13.4 billion, up 45% from Q4'23 Total revenues of $341.5 million, up 24% from Q4'23 Net income of $44.8 million and diluted earnings per share of $1.32, both up 42% from Q4'23 Adjusted EBITDA(1) of $94.6 million, up 8% from Q4'23 Adjusted core EPS(2) of $1.34, down 6% from Q4'23 Servicing portfolio of $135.3 billion as of December 31, 2024, up 4% from December 31, 2023 Declared quarterly dividend of $0.67 per share for the first quarter 2025, up 3% from the fourth quarter of 2024 FULL-YEAR 2024 HIGHLIGHTS Total tran

      2/13/25 6:00:00 AM ET
      $WD
      Finance: Consumer Services
      Finance

    $WD
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • Amendment: SEC Form SC 13G/A filed by Walker & Dunlop Inc

      SC 13G/A - Walker & Dunlop, Inc. (0001497770) (Subject)

      11/14/24 4:07:24 PM ET
      $WD
      Finance: Consumer Services
      Finance
    • Amendment: SEC Form SC 13G/A filed by Walker & Dunlop Inc

      SC 13G/A - Walker & Dunlop, Inc. (0001497770) (Subject)

      11/12/24 10:40:28 AM ET
      $WD
      Finance: Consumer Services
      Finance
    • SEC Form SC 13G/A filed by Walker & Dunlop Inc (Amendment)

      SC 13G/A - Walker & Dunlop, Inc. (0001497770) (Subject)

      2/13/24 5:17:30 PM ET
      $WD
      Finance: Consumer Services
      Finance