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    Walker & Dunlop Reports Third Quarter 2024 Financial Results

    11/7/24 6:00:00 AM ET
    $WD
    Finance: Consumer Services
    Finance
    Get the next $WD alert in real time by email

    36% Increase in Total Transaction Volume Drives 33% Increase in Diluted Earnings Per Share

    THIRD QUARTER 2024 HIGHLIGHTS

    • Total transaction volume of $11.6 billion, up 36% from Q3'23
    • Total revenues of $292.3 million, up 9% from Q3'23
    • Net income of $28.8 million and diluted earnings per share of $0.85, up 34% and 33%, respectively, from Q3'23
    • Adjusted EBITDA(1) of $78.9 million, up 7% from Q3'23
    • Adjusted core EPS(2) of $1.19, up 7% from Q3'23
    • Servicing portfolio of $134.1 billion as of September 30, 2024, up 4% from September 30, 2023
    • Declared quarterly dividend of $0.65 per share for the fourth quarter 2024

    YEAR-TO-DATE 2024 HIGHLIGHTS

    • Total transaction volume of $26.5 billion, up 12% from 2023
    • Total revenues of $791.0 million, up 1% from 2023
    • Net income of $63.3 million and diluted earnings per share of $1.87, down 16% and 17%, respectively, from 2023
    • Adjusted EBITDA(1) of $234.0 million, up 10% from 2023
    • Adjusted core EPS(2) of $3.60, up 11% from 2023

    Walker & Dunlop, Inc. (NYSE:WD) (the "Company," or "Walker & Dunlop") reported quarterly total transaction volume of $11.6 billion, up 36% from the third quarter of 2023, which drove total revenues of $292.3 million, up 9% year over year. Net income for the third quarter of 2024 was up 34% year over year to $28.8 million, while diluted earnings per share of $0.85 was up 33%. Adjusted EBITDA increased 7% to $78.9 million, reflecting the growth in transaction volumes year over year. Adjusted core EPS, which removes primarily non-cash revenues and expenses, was up 7% year over year to $1.19. The Company's Board of Directors declared a dividend of $0.65 per share for the fourth quarter 2024.

    "The commercial real estate market continues to improve, supported by strong fundamentals that are attracting capital to the market and driving an increase in acquisition and financing activity," commented Walker & Dunlop Chairman and CEO Willy Walker. "As a result, nearly all of our key financial results improved in the third quarter, including a 33% year-over-year increase in diluted earnings per share to $0.85 driven by $11.6 billion of total transaction volume, up 36% year over year and 37% sequentially from Q2'24."

    "We carried the market's momentum into the fourth quarter, and while rate movements and the presidential election have been headwinds, it is our belief that we are at the beginning of the next commercial real estate cycle where profits will be harvested, loans will be refinanced, and capital will be deployed – all generating demand for Walker & Dunlop's capital and services," continued Walker. "Our scaled servicing and asset management business will continue to generate strong recurring cash revenues as our Capital Markets business recovers and grows in the next cycle. Our continued investments in the people of Walker & Dunlop, our brand, and our technology position us extremely well to grow our financial results on the top and bottom line over the next several years."

    _______________

    (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 THIRD QUARTER 2024

    OPERATING RESULTS

     

     

     

     

     

     

     

     

     

     

     

     

     

    TRANSACTION VOLUMES

    (in thousands)

     

     

    Q3 2024

     

     

    Q3 2023

     

    $ Variance

     

    % Variance

    Fannie Mae

     

    $

    2,001,356

     

    $

    1,739,332

     

    $

    262,024

     

    15

    %

    Freddie Mac

     

     

    1,545,939

     

     

     

    1,072,048

     

     

     

    473,891

     

     

    44

     

    Ginnie Mae - HUD

     

     

    272,054

     

     

     

    86,557

     

     

     

    185,497

     

     

    214

     

    Brokered (1)

     

     

    4,028,208

     

     

     

    3,149,457

     

     

     

    878,751

     

     

    28

     

    Principal Lending and Investing (2)

     

     

    165,875

     

     

     

    -

     

     

     

    165,875

     

     

    N/A

     

    Debt financing volume

     

    $

    8,013,432

     

     

    $

    6,047,394

     

     

    $

    1,966,038

     

     

    33

    %

    Property sales volume

     

     

    3,602,675

     

     

     

    2,508,073

     

     

     

    1,094,602

     

     

    44

     

    Total transaction volume

     

    $

    11,616,107

     

     

    $

    8,555,467

     

     

    $

    3,060,640

     

     

    36

    %

    (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:

    • As interest rates stabilized during the third quarter of 2024, capital flows increased causing a surge in multifamily property sales this quarter. Consequently, our property sales volume increased dramatically to $3.6 billion, a 44% increase over the third quarter of 2023.
    • The acceleration of multifamily property sales activity caused an increased need for debt financing, as many sales transactions rely on debt financing. Fannie Mae and Freddie Mac are the largest providers of capital to the multifamily sector, and we are the largest Fannie Mae lender and third largest Freddie Mac lender. Consequently, our lending volumes with the GSE's grew to a combined $3.5 billion during the third quarter of 2024, an increase of 26% over the same quarter last year.
    • The year-over-year increase in HUD financing volume solidified Walker & Dunlop as the 2nd largest HUD lender for their fiscal year ended September 30, 2024, up from 5th in 2023.
    • The 28% increase in brokered volume was primarily the result of an expanding supply of capital from life insurance companies, banks, CMBS and other private capital providers, highlighted by a $1.2 billion refinancing of a marquee mixed-use property in the current quarter.

    MANAGED PORTFOLIO

    (dollars in thousands, unless otherwise noted)

     

     

    Q3 2024

     

     

    Q3 2023

     

    $ Variance

     

    % Variance

    Fannie Mae

     

    $

    66,068,212

     

    $

    62,850,853

     

    $

    3,217,359

     

     

    5

    %

    Freddie Mac

     

     

    40,090,158

     

     

     

    38,656,136

     

     

     

    1,434,022

     

     

    4

     

    Ginnie Mae - HUD

     

     

    10,727,323

     

     

     

    10,320,520

     

     

     

    406,803

     

     

    4

     

    Brokered

     

     

    17,156,810

     

     

     

    17,091,925

     

     

     

    64,885

     

     

    -

     

    Principal Lending and Investing

     

     

    38,043

     

     

     

    40,000

     

     

     

    (1,957

    )

     

    (5

    )

    Total Servicing Portfolio

     

    $

    134,080,546

     

     

    $

    128,959,434

     

     

    $

    5,121,112

     

     

    4

    %

    Assets under management

     

     

    18,210,452

     

     

     

    17,334,877

     

     

     

    875,575

     

     

    5

     

    Total Managed Portfolio

     

    $

    152,290,998

     

     

    $

    146,294,311

     

     

    $

    5,996,687

     

     

    4

    %

    Custodial escrow account balance at period end (in billions)

     

    $

    3.1

     

     

    $

    2.8

     

     

     

     

     

     

    Weighted-average servicing fee rate (basis points)

     

     

    24.1

     

     

     

    24.2

     

     

     

     

     

     

    Weighted-average remaining servicing portfolio term (years)

     

     

    7.7

     

     

     

    8.4

     

     

     

     

     

     

    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 third quarter of 2024, we added $1.3 billion of net loans to our servicing portfolio, and over the past 12 months, we added $5.1 billion of net loans to our servicing portfolio, almost all of which were Agency loans.
    • $11.4 billion of Agency loans in our servicing portfolio are scheduled to mature over the next two years. These loans, with a lower weighted-average servicing fee of 22.6 basis points, represent only 10% 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 September 30, 2024 and 2023.
    • Assets under management as of September 30, 2024 consisted of $15.8 billion of low-income housing tax credit ("LIHTC") funds, $1.5 billion of debt funds, and $1.0 billion of equity funds managed by Walker & Dunlop Investment Partners, Inc. The 5% increase in assets under management was due to increases in all three categories.

     

     

     

     

     

     

     

     

     

     

     

    KEY PERFORMANCE METRICS

    (in thousands, except per share amounts)

     

     

    Q3 2024

     

    Q3 2023

    $ Variance

     

    % Variance

    Walker & Dunlop net income

     

    $

    28,802

     

    $

    21,458

     

    $

    7,344

     

    34

    %

    Adjusted EBITDA

     

     

    78,905

     

     

    74,065

     

     

    4,840

     

     

    7

     

    Diluted EPS

     

    $

    0.85

     

    $

    0.64

     

    $

    0.21

     

     

    33

    %

    Adjusted core EPS

     

    $

    1.19

     

    $

    1.11

     

    $

    0.08

     

     

    7

    %

    Operating margin

     

     

    13

    %

     

    10

    %

     

     

     

     

     

    Return on equity

     

     

    7

     

     

    5

     

     

     

     

     

     

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

     

     

     

     

     

     

     

     

     

     

    Personnel expenses

     

     

    50

    %

     

    51

    %

     

     

     

     

     

    Other operating expenses

     

     

    11

     

     

    11

     

     

     

     

     

     

    DISCUSSION OF QUARTERLY RESULTS:

    • Net income and diluted EPS increased 34% and 33%, respectively, in the third quarter of 2024 compared to the same period in 2023, primarily driven by higher origination fees and non-cash MSR income from increased Agency debt financing volume year over year. The increase in net income also drove the increase in return on equity to 7% for the third quarter of 2024.
    • The 7% increase in adjusted EBITDA was largely due to higher origination fees, servicing fees, and property sale broker fees, partially offset by decreases in investment management fees, and other revenues and increases in variable personnel expenses tied to higher transaction activity, and 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, rose to $1.19 from $1.11 in the third quarter of 2024. The increase was largely due to the same factors causing the increase in adjusted EBITDA.
    • The operating margin increase in the third quarter of 2024 was largely due to the growth in total transaction volume that drove a 33% increase to our income from operations.

     

     

     

     

     

     

     

     

     

     

     

    KEY CREDIT METRICS

    (in thousands)

     

     

    Q3 2024

     

    Q3 2023

    $ Variance

     

    % Variance

    At-risk servicing portfolio (1)

     

    $

    61,237,535

     

    $

    57,857,659

     

    $

    3,379,876

     

    6

    %

    Maximum exposure to at-risk portfolio (2)

     

     

    12,454,158

     

     

    11,750,068

     

     

    704,090

     

     

    6

     

    Defaulted loans (3)

     

    $

    59,645

     

    $

    —

     

    $

    N/A

     

     

    N/A

    %

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

     

     

     

     

     

     

     

     

     

     

    Defaulted loans

     

     

    0.10

    %

     

    0.00

    %

     

     

     

     

     

    Allowance for risk-sharing

     

     

    0.05

     

     

    0.05

     

     

     

     

     

     

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

     

     

     

     

     

     

     

     

     

     

    Allowance for risk-sharing

     

     

    0.24

    %

     

    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 RESULTS:

    • 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 September 30, 2024, seven at-risk loans were in default with an aggregate unpaid principal balance ("UPB") of $59.6 million compared to none as of September 30, 2023. The collateral-based reserves on defaulted loans were $6.5 million and zero as of September 30, 2024 and September 30, 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 the first quarter of 2024, we repurchased a Fannie Mae loan for $13.5 million in cash. We have an immaterial reserve for credit losses related to this loan. In 2023, we received repurchase requests from Freddie Mac related to two loans with UPBs of $11.4 million and $34.8 million, respectively. In the first quarter of 2024, we entered into forbearance and indemnification agreements with Freddie Mac that, among other things, delayed the repurchases of these loans and transferred the risk of loss for both loans from Freddie Mac to Walker & Dunlop. The forbearance and indemnification agreement for one of the loans was extended during the third quarter of 2024, and both now expire in March 2025. As of September 30, 2024, the aggregate UPB of repurchased and indemnified loans totaled $61.8 million, and we have recorded collateral based reserves of $8.4 million for those loans.
    • During the third quarter of 2024, we recorded a provision for credit losses of $3.0 million, primarily related to an increase in the estimated losses associated with the portfolio of repurchased and indemnified assets described in the previous bullet point.

    THIRD 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 increased 4% from the third quarter of 2023, primarily due to an increase in interest expense on borrowings to support our LIHTC operations, which is included as a component of interest expense on corporate debt.
    • Income tax expense increased $1.8 million, or 25%, from the third quarter of 2023, primarily as a result of the 33% increase in income from operations, partially offset by a decrease in the effective tax rate from 25% to 24% year over year. The decrease in the effective tax rate was primarily due to a $1.1 million tax adjustment to our international tax accruals due to a lower than estimated amount of taxes in our 2022 return, which was recently filed timely.

    FINANCIAL RESULTS – CAPITAL MARKETS

    (in thousands)

     

     

    Q3 2024

     

    Q3 2023

     

    $ Variance

    % Variance

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

     

    $

    72,723

     

    $

    56,149

     

    $

    16,574

     

    30

    %

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

     

     

    43,426

     

     

    35,375

     

     

    8,051

     

    23

     

    Property sales broker fees

     

     

    19,322

     

     

    16,862

     

     

    2,460

     

    15

     

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

     

     

    (2,798

    )

     

    (2,565

    )

     

    (233

    )

    (9

    )

    Other revenues

     

     

    11,039

     

     

    11,875

     

     

    (836

    )

    (7

    )

    Total revenues

     

    $

    143,712

     

    $

    117,696

     

    $

    26,016

     

    22

    %

    Personnel

     

    $

    104,987

     

    $

    97,973

     

    $

    7,014

     

    7

    %

    Amortization and depreciation

     

     

    1,137

     

     

    1,137

     

     

    —

     

    —

     

    Interest expense on corporate debt

     

     

    4,888

     

     

    4,874

     

     

    14

     

    0

     

    Goodwill impairment

     

     

    —

     

     

    14,000

     

     

    (14,000

    )

    (100

    )

    Fair value adjustments to contingent consideration liabilities

     

     

    (1,366

    )

     

    (14,000

    )

     

    12,634

     

    90

     

    Other operating expenses

     

     

    5,137

     

     

    4,193

     

     

    944

     

    23

     

    Total expenses

     

    $

    114,783

     

    $

    108,177

     

    $

    6,606

     

    6

    %

    Income (loss) from operations

     

    $

    28,929

     

    $

    9,519

     

    $

    19,410

     

    204

    %

    Income tax expense (benefit)

     

     

    7,073

     

     

    2,386

     

     

    4,687

     

    196

     

    Net income (loss) before noncontrolling interests

     

    $

    21,856

     

    $

    7,133

     

    $

    14,723

     

    206

    %

    Less: net income (loss) from noncontrolling interests

     

     

    26

     

     

    83

     

     

    (57

    )

    (69

    )

    Walker & Dunlop net income (loss)

     

    $

    21,830

     

    $

    7,050

     

    $

    14,780

     

    210

    %

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

     

     

     

     

     

     

     

     

    Origination fee rate (1)

     

     

    0.93

    %

     

    0.93

    %

     

     

     

    MSR rate (2)

     

     

    0.55

     

     

    0.58

     

     

     

     

    Agency MSR rate (3)

     

     

    1.14

     

     

    1.22

     

     

     

     

    Key performance metrics:

     

     

     

     

     

     

     

     

    Operating margin

     

     

    20

    %

     

    8

    %

     

     

     

    Adjusted EBITDA

     

    $

    (4,601

    )

    $

    (15,704

    )

    $

    11,103

     

    71

    %

    _______________

    (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.

    • Origination fees increased in the third quarter of 2024 primarily because of the increase in debt financing volume. MSR income increased primarily due to 32% growth in Agency financing volume that was partially offset by a decline in the Agency MSR rate, largely driven by a decrease in FNMA loans as a percentage of Agency debt financing volume during the quarter.
    • Property sales broker fees increased year over year as a result of the 44% increase in property sales volumes, partially offset by a decrease in the fee margin.
    • Personnel expense increased in the third 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.
    • During the third quarter of 2024, the fair value adjustments made to contingent consideration liabilities were associated with a much smaller acquisition than those made in the prior year, leading to the change year over year. Additionally, the fair value adjustments made in the third quarter of 2024 did not trigger a goodwill impairment consideration event, while the adjustments in the third quarter of 2023 did, resulting in the decrease in goodwill impairment year over year.

    FINANCIAL RESULTS – SERVICING & ASSET MANAGEMENT

    (in thousands)

     

    Q3 2024

     

     

    Q3 2023

     

     

    $ Variance

     

    % Variance

    Origination fees

     

    $

    823

     

     

    $

    —

     

     

    $

    823

     

     

    N/A%

    Servicing fees

     

     

    82,222

     

     

     

    79,200

     

     

     

    3,022

     

     

    4

     

    Investment management fees

     

     

    11,744

     

     

     

    13,362

     

     

     

    (1,618

    )

     

    (12

    )

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

     

     

    651

     

     

     

    534

     

     

     

    117

     

     

    22

     

    Placement fees and other interest income

     

     

    40,299

     

     

     

    39,475

     

     

     

    824

     

     

    2

     

    Other revenues

     

     

    9,145

     

     

     

    15,569

     

     

     

    (6,424

    )

     

    (41

    )

    Total revenues

     

    $

    144,884

     

     

    $

    148,140

     

     

    $

    (3,256

    )

     

    (2

    )%

    Personnel

     

    $

    20,951

     

     

    $

    17,139

     

     

    $

    3,812

     

     

    22

    %

    Amortization and depreciation

     

     

    54,668

     

     

     

    54,375

     

     

     

    293

     

     

    1

     

    Provision (benefit) for credit losses

     

     

    2,850

     

     

     

    421

     

     

     

    2,429

     

     

    577

     

    Interest expense on corporate debt

     

     

    11,711

     

     

     

    11,096

     

     

     

    615

     

     

    6

     

    Other operating expenses

     

     

    6,611

     

     

     

    5,039

     

     

     

    1,572

     

     

    31

     

    Total expenses

     

    $

    96,791

     

     

    $

    88,070

     

     

    $

    8,721

     

     

    10

    %

    Income (loss) from operations

     

    $

    48,093

     

     

    $

    60,070

     

     

    $

    (11,977

    )

     

    (20

    )%

    Income tax expense (benefit)

     

     

    10,756

     

     

     

    15,040

     

     

     

    (4,284

    )

     

    (28

    )

    Net income (loss) before noncontrolling interests

     

    $

    37,337

     

     

    $

    45,030

     

     

    $

    (7,693

    )

     

    (17

    )%

    Less: net income (loss) from noncontrolling interests

     

     

    (145

    )

     

     

    (397

    )

     

     

    252

     

     

    63

     

    Walker & Dunlop net income (loss)

     

    $

    37,482

     

     

    $

    45,427

     

     

    $

    (7,945

    )

     

    (17

    )%

    Key performance metrics:

     

     

     

     

     

     

     

     

     

     

     

    Operating margin

     

     

    33

    %

     

    41

    %

     

     

     

     

    Adjusted EBITDA

     

    $

    117,455

     

     

    $

    124,849

     

     

    $

    (7,394

    )

     

    (6

    )%

    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 $5.1 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, partially offset by a slight decrease in the weighted-average servicing fee year over year.
    • Investment management fees decreased primarily due to a decline in the accrual for investment management fees from our LIHTC funds resulting from lower anticipated revenues for the year.
    • Other revenues primarily decreased as a result of lower syndication and other revenues related to a 78% decline in gross equity raised year over year, as the closing of one of our LIHTC funds was delayed in the third quarter of 2024.
    • Personnel expense increased primarily due to increased salaries and benefits resulting from an 8% increase in average segment headcount year over year combined with an increase in variable compensation costs.
    • The provision for credit losses in 2024 was primarily attributable to the $3.0 million increase in the fair value of the forbearance and indemnification agreements with Freddie Mac, as noted above in our Key Credit Metrics, with no comparable activity in the prior year.
    • Other operating expenses increased primarily as a result of costs associated with operating properties controlled through loan repurchase or indemnification, with no comparable activity in the prior year.

    FINANCIAL RESULTS – CORPORATE

    (in thousands)

     

    Q3 2024

     

    Q3 2023

     

    $ Variance

     

    % Variance

    Other interest income

     

    $

    3,258

     

     

    $

    3,525

     

     

    $

    (267

    )

     

    (8

    )%

    Other revenues

     

     

    450

     

     

     

    (618

    )

     

     

    1,068

     

     

    173

     

    Total revenues

     

    $

    3,708

     

     

    $

    2,907

     

     

    $

    801

     

     

    28

    %

    Personnel

     

    $

    19,600

     

     

    $

    21,395

     

     

    $

    (1,795

    )

     

    (8

    )%

    Amortization and depreciation

     

     

    1,756

     

     

     

    1,967

     

     

     

    (211

    )

     

    (11

    )

    Interest expense on corporate debt

     

     

    1,633

     

     

     

    1,624

     

     

     

    9

     

     

    1

     

    Other operating expenses

     

     

    20,236

     

     

     

    19,297

     

     

     

    939

     

     

    5

     

    Total expenses

     

    $

    43,225

     

     

    $

    44,283

     

     

    $

    (1,058

    )

     

    (2

    )%

    Income (loss) from operations

     

    $

    (39,517

    )

     

    $

    (41,376

    )

     

    $

    1,859

     

     

    4

    %

    Income tax expense (benefit)

     

     

    (9,007

    )

     

     

    (10,357

    )

     

     

    1,350

     

     

    13

     

    Walker & Dunlop net income (loss)

     

    $

    (30,510

    )

     

    $

    (31,019

    )

     

    $

    509

     

     

    2

    %

    Key performance metric:

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA

     

    $

    (33,949

    )

     

    $

    (35,080

    )

     

    $

    1,131

     

     

    3

    %

    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 loss in the third quarter of 2023 to a gain in the third quarter of 2024.
    • The decrease in personnel expense was primarily driven by a decrease in subjective bonus expenses tied to company performance, principally for our executive officers. This decrease was partially offset by an increase in salaries and benefits from a 2% higher average segment headcount year over year.

    YEAR-TO-DATE 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 $3.9 million, or 8%, from 2023, primarily as a result of an increase in interest rates on our term loan year over year, as our term loan carries a floating interest rate. Additionally, interest expense on borrowings to support our LIHTC operations, which is also included as a component of interest expense on corporate debt, increased year over year as the amount of borrowings increased.
    • Income tax expense decreased $5.1 million, or 21%, from 2023, primarily as a result of the 20% decrease in income from operations and the aforementioned decrease in international tax accruals.

    OPERATING RESULTS AND KEY PERFORMANCE METRICS

    (in thousands)

     

    YTD Q3 2024

     

    YTD Q3 2023

     

    $ Variance

     

    % Variance

    Debt financing volume

     

    $

    20,158,458

     

    $

    17,781,027

     

    $

    2,377,431

     

     

    13

    %

    Property sales volume

     

     

    6,300,609

     

     

    5,907,138

     

     

    393,471

     

     

    7

     

    Total transaction volume

     

    $

    26,459,067

     

    $

    23,688,165

     

    $

    2,770,902

     

     

    12

    %

    Total revenues

     

     

    791,039

     

     

    780,104

     

     

    10,935

     

     

    1

     

    Total expenses

     

     

    711,658

     

     

    681,274

     

     

    30,384

     

     

    4

     

    Walker & Dunlop net income

     

    $

    63,331

     

    $

    75,758

     

    $

    (12,427

    )

     

    (16

    )%

    Adjusted EBITDA

     

     

    233,972

     

     

    212,541

     

     

    21,431

     

     

    10

     

    Diluted EPS

     

    $

    1.87

     

    $

    2.25

     

    $

    (0.38

    )

     

    (17

    )%

    Adjusted core EPS

     

    $

    3.60

     

    $

    3.25

     

    $

    0.35

     

     

    11

    %

    Operating margin

     

     

    10

    %

     

    13

    %

     

     

     

     

     

    Return on equity

     

     

    5

     

     

    6

     

     

     

     

     

     

    DISCUSSION OF YEAR-TO-DATE RESULTS:

    • The 12% increase in total transaction volume was primarily driven by the 27% increase in brokered debt financing volume and 7% increase in property sales financing volume, partially offset by a 17% decline in Fannie Mae debt financing volume.
    • The 16% decrease in Walker & Dunlop net income was primarily as a result of a 20% decrease in income from operations driven by: (i) a 9% decline in non-cash MSR income from lower Fannie Mae debt financing volume, (ii) a 16% decrease in other revenues, (iii) a net provision for credit losses in 2024 compared to a net benefit in 2023, and (iv) a 12% increase in other operating expenses. These factors driving income from operations down were partially offset by a (i) 9% increase in origination fees due to the increase in debt financing volume, partially offset by a decrease in Agency debt financing volume as a percentage of overall debt financing volume; (ii) 5% growth in servicing fees, and (iii) a 13% increase in placement fees and other interest income primarily due to elevated earnings rates on deposits tied to short-term interest rates.
    • The decrease in other revenues was primarily attributable to (i) a decrease in investment banking revenues year over year, as we closed the largest investment banking transaction in our history in 2023 with no similar transaction in the current year, (ii) a decline in syndication and other revenues related to a decline in gross equity raised year over year as the closing of one of our LIHTC funds was delayed in the third quarter of 2024, and (iii) the write-off of debt premium related to the payoff of fixed-rate debt in 2023 with no comparable activity in 2024.
    • The provision for credit losses in 2024 was primarily related to a $7.6 million provision for other credit losses related to repurchased and indemnified loans discussed above in our Key Credit Metrics, with no comparable activity in 2023. The net benefit for credit losses in 2023 related primarily an annual update of our historical loss rate.
    • The increase in other operating expenses was primarily related to increases in expenses associated with multi-year software and data contracts that are used throughout our business, and miscellaneous expenses, including the costs associated with operating properties noted above.
    • Adjusted EBITDA increased 10% primarily due to increased origination fees, servicing fees, and placement fees and other interest income and a decrease in net write-offs, partially offset by decreases in investment management fees and other revenues and increases in personnel and other operating expenses.
    • Diluted EPS decreased 17% year over year, compared to an 11% increase in our adjusted core EPS year over year. The main drivers of the difference between diluted EPS and adjusted core EPS relate to a decrease in non-cash MSR income and an increase to non-cash provision for credit loss expenses, which are removed from adjusted core EPS. Diluted EPS incorporates the impact of those items, while adjusted core EPS excludes those items and reflects the year-over-year growth of our recurring revenue streams. Additionally, net write-offs, a cash-related reduction for adjusted core EPS decreased, resulting in increased adjusted core EPS. This cash-related reduction for adjusted core EPS is not included in diluted EPS.
    • Operating margin decreased primarily due to changes in our non-cash activity, including: (i) a decline of MSR income due to lower Fannie Mae debt financing volume, (ii) a change from a large benefit for credit losses in 2023 to a provision for credit losses in 2024, and (iii) other changes as noted above describing the decrease in income from operations.

    YEAR-TO-DATE 2024

    FINANCIAL RESULTS BY SEGMENT

    FINANCIAL RESULTS – CAPITAL MARKETS

    (in thousands)

     

     

    YTD Q3 2024

     

    YTD Q3 2023

     

    $ Variance

     

    % Variance

    Origination fees

     

    $

    180,264

     

    $

    167,679

     

    $

    12,585

     

     

    8

    %

    MSR income

     

     

    97,673

     

     

    107,446

     

     

    (9,773

    )

     

    (9

    )

    Property sales broker fees

     

     

    39,408

     

     

    38,831

     

     

    577

     

     

    1

     

    Net warehouse interest income (expense), LHFS

     

     

    (6,322

    )

     

    (7,006

    )

     

    684

     

     

    10

     

    Other revenues

     

     

    32,756

     

     

    40,735

     

     

    (7,979

    )

     

    (20

    )

    Total revenues

     

    $

    343,779

     

    $

    347,685

     

    $

    (3,906

    )

     

    (1

    )%

    Personnel

     

    $

    276,655

     

    $

    281,502

     

    $

    (4,847

    )

     

    (2

    )%

    Amortization and depreciation

     

     

    3,412

     

     

    3,412

     

     

    —

     

     

    —

     

    Interest expense on corporate debt

     

     

    15,038

     

     

    13,870

     

     

    1,168

     

     

    8

     

    Goodwill impairment

     

     

    —

     

     

    14,000

     

     

    (14,000

    )

     

    (100

    )

    Fair value adjustments to contingent consideration liabilities

     

     

    (1,366

    )

     

    (14,000

    )

     

    12,634

     

     

    90

     

    Other operating expenses

     

     

    14,831

     

     

    15,037

     

     

    (206

    )

     

    (1

    )

    Total expenses

     

    $

    308,570

     

    $

    313,821

     

    $

    (5,251

    )

     

    (2

    )%

    Income (loss) from operations

     

    $

    35,209

     

    $

    33,864

     

    $

    1,345

     

     

    4

    %

    Income tax expense (benefit)

     

     

    8,689

     

     

    8,462

     

     

    227

     

     

    3

     

    Net income (loss) before noncontrolling interests

     

    $

    26,520

     

    $

    25,402

     

    $

    1,118

     

     

    4

    %

    Less: net income (loss) from noncontrolling interests

     

     

    353

     

     

    1,741

     

     

    (1,388

    )

     

    (80

    )

    Walker & Dunlop net income (loss)

     

    $

    26,167

     

    $

    23,661

     

    $

    2,506

     

     

    11

    %

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

     

     

     

     

     

     

     

     

     

    Origination fee rate

     

     

    0.91

    %

     

    0.94

    %

     

     

     

     

    MSR rate

     

     

    0.49

     

     

    0.60

     

     

     

     

     

    Agency MSR rate

     

     

    1.14

     

     

    1.20

     

     

     

     

     

    Key performance metrics:

     

     

     

     

     

     

     

     

     

    Operating margin

     

     

    10

    %

     

    10

    %

     

     

     

     

    Adjusted EBITDA

     

    $

    (32,431

    )

    $

    (44,725

    )

    $

    12,294

     

     

    27

    %

    CAPITAL MARKETS – DISCUSSION OF YEAR-TO-DATE RESULTS:

    • The increase in origination fees was largely driven by a 13% increase in debt financing volume year over year, partially offset by a slight decline in our origination fee rate due to the shift in the mix of our debt financing volume towards brokered debt financing volume.
    • The decreases in our MSR income and Agency MSR rate were primarily attributable to a decline in Fannie Mae debt financing volume in 2024. Fannie Mae volume as a percentage of total debt financing volume decreased from 30% to 22% year over year. Fannie Mae loans produce higher MSR income compared to our other product types, due to their higher weighted average servicing fees.
    • The decrease in other revenues was primarily related to the closing of the largest investment banking deal in the Company's history, a $7.5 million transaction, which closed in the first quarter of 2023, with no comparable transaction in 2024.
    • Personnel expense decreased year over year primarily as a result of a 7% lower average segment headcount, partially offset by increased commission costs related to higher origination fees in 2024.
    • During 2024, the fair value adjustments made to contingent consideration liabilities were associated with a much smaller acquisition than those made in the prior year, leading to the change year over year. Additionally, the fair value adjustments made in 2024 did not trigger a goodwill impairment consideration event, while the adjustments in 2023 did, resulting in the decrease in goodwill impairment year over year.

    FINANCIAL RESULTS – SERVICING & ASSET MANAGEMENT

    (in thousands)

     

     

    YTD Q3 2024

     

    YTD Q3 2023

     

    $ Variance

     

    % Variance

    Origination fees

     

    $

    2,356

     

    $

    522

     

    $

    1,834

     

     

    351

    %

    Servicing fees

     

     

    242,683

     

     

    232,027

     

     

    10,656

     

     

    5

     

    Investment management fees

     

     

    40,086

     

     

    44,844

     

     

    (4,758

    )

     

    (11

    )

    Net warehouse interest income, LHFI

     

     

    1,475

     

     

    3,450

     

     

    (1,975

    )

     

    (57

    )

    Placement fees and other interest income

     

     

    113,072

     

     

    100,636

     

     

    12,436

     

     

    12

     

    Other revenues

     

     

    34,679

     

     

    42,697

     

     

    (8,018

    )

     

    (19

    )

    Total revenues

     

    $

    434,351

     

    $

    424,176

     

    $

    10,175

     

     

    2

    %

    Personnel

     

    $

    59,083

     

    $

    53,669

     

    $

    5,414

     

     

    10

    %

    Amortization and depreciation

     

     

    160,912

     

     

    161,935

     

     

    (1,023

    )

     

    (1

    )

    Provision (benefit) for credit losses

     

     

    6,310

     

     

    (11,088

    )

     

    17,398

     

     

    157

     

    Interest expense on corporate debt

     

     

    33,848

     

     

    31,385

     

     

    2,463

     

     

    8

     

    Other operating expenses

     

     

    18,462

     

     

    16,465

     

     

    1,997

     

     

    12

     

    Total expenses

     

    $

    278,615

     

    $

    252,366

     

    $

    26,249

     

     

    10

    %

    Income (loss) from operations

     

    $

    155,736

     

    $

    171,810

     

    $

    (16,074

    )

     

    (9

    )%

    Income tax expense (benefit)

     

     

    38,430

     

     

    42,931

     

     

    (4,501

    )

     

    (10

    )

    Net income (loss) before noncontrolling interests

     

    $

    117,306

     

    $

    128,879

     

    $

    (11,573

    )

     

    (9

    )%

    Less: net income (loss) from noncontrolling interests

     

     

    (3,891

    )

     

    (3,364

    )

     

    (527

    )

     

    (16

    )

    Walker & Dunlop net income (loss)

     

    $

    121,197

     

    $

    132,243

     

    $

    (11,046

    )

     

    (8

    )%

    Key performance metrics:

     

     

     

     

     

     

     

     

     

    Operating margin

     

     

    36

    %

     

    41

    %

     

     

     

     

    Adjusted EBITDA

     

    $

    361,614

     

    $

    346,283

     

    $

    15,331

     

     

    4

    %

    SERVICING & ASSET MANAGEMENT – DISCUSSION OF YEAR-TO-DATE RESULTS:

    • The $5.1 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, partially offset by a slight decrease in the weighted average servicing fee.
    • Investment management fees decreased primarily due to a decline in the accrual for investment management fees from our LIHTC funds due to lower anticipated revenues for the year.
    • 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. Additionally, the average escrow balance increased in 2024.
    • The decrease in other revenues was primarily related to a decline in syndication and other revenues related to a decline in gross equity raised year over year as the closing of one of our LIHTC funds was delayed in the third quarter of 2024.
    • Personnel expense increased primarily due to increased salaries and benefits due to a 5% increase in average segment headcount year over year.
    • The provision for credit losses in 2024 was primarily related to a $7.6 million provision for credit losses related to repurchased and indemnified loans, as noted in our Key Credit Metrics, with no comparable activity in 2023. The benefit for credit losses in 2023 related primarily to the update of our historical loss rate.

    FINANCIAL RESULTS – CORPORATE

    (in thousands)

     

     

    YTD Q3 2024

     

     

    YTD Q3 2023

     

     

    $ Variance

     

    % Variance

    Other interest income

     

    $

    10,927

     

     

    $

    8,674

     

     

    $

    2,253

     

     

    26

    %

    Other revenues

     

     

    1,982

     

     

     

    (431

    )

     

     

    2,413

     

     

    560

     

    Total revenues

     

    $

    12,909

     

     

    $

    8,243

     

     

    $

    4,666

     

     

    57

    %

    Personnel

     

    $

    54,330

     

     

    $

    53,254

     

     

    $

    1,076

     

     

    2

    %

    Amortization and depreciation

     

     

    5,171

     

     

     

    5,390

     

     

     

    (219

    )

     

    (4

    )

    Interest expense on corporate debt

     

     

    4,879

     

     

     

    4,623

     

     

     

    256

     

     

    6

     

    Other operating expenses

     

     

    60,093

     

     

     

    51,820

     

     

     

    8,273

     

     

    16

     

    Total expenses

     

    $

    124,473

     

     

    $

    115,087

     

     

    $

    9,386

     

     

    8

    %

    Income (loss) from operations

     

    $

    (111,564

    )

     

    $

    (106,844

    )

     

    $

    (4,720

    )

     

    (4

    )%

    Income tax expense (benefit)

     

     

    (27,531

    )

     

     

    (26,698

    )

     

     

    (833

    )

     

    (3

    )

    Walker & Dunlop net income (loss)

     

    $

    (84,033

    )

     

    $

    (80,146

    )

     

    $

    (3,887

    )

     

    (5

    )%

    Key performance metric:

     

     

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA

     

    $

    (95,211

    )

     

    $

    (89,017

    )

     

    $

    (6,194

    )

     

    (7

    )%

    CORPORATE – DISCUSSION OF YEAR-TO-DATE RESULTS:

    • Total revenues increased as a result of higher interest income earned on our corporate and fund cash balances and an increase in income from equity-method investments.
    • The increase in other operating expenses was primarily the result of increased travel and entertainment, software, and miscellaneous expenses year over year.

    CAPITAL SOURCES AND USES

    On November 6, 2024, the Company's Board of Directors declared a dividend of $0.65 per share for the fourth quarter of 2024. The dividend will be paid on December 6, 2024, to all holders of record of the Company's restricted and unrestricted common stock as of November 22, 2024.

    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.

    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 12-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.

    Any purchases made pursuant to the 2024 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, November 7, 2024 at 8:30am EST

    Phone:

    (888) 256-1007 from within the United States; (773) 305-6853 from outside the United States

    Confirmation Code:

    1186507

    Webcast Link:

    https://event.webcasts.com/viewer/event.jsp?ei=1655311&tp_key=70e4b5c240

    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, 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, and other one-time adjustments, such as goodwill impairment. 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, 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

    Condensed Consolidated Balance Sheets

    Unaudited

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    September 30,

     

    June 30,

     

    March 31,

     

    December 31,

     

    September 30,

     

    2024

     

    2024

     

    2024

     

    2023

     

    2023

    (in thousands)

     

     

     

     

     

     

     

     

     

    Assets

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cash and cash equivalents

    $

    179,759

     

    $

    208,095

     

    $

    216,532

     

    $

    328,698

     

    $

    236,321

    Restricted cash

     

    39,827

     

     

     

    35,460

     

     

     

    21,071

     

     

     

    21,422

     

     

     

    17,768

     

    Pledged securities, at fair value

     

    203,945

     

     

     

    197,936

     

     

     

    190,679

     

     

     

    184,081

     

     

     

    177,509

     

    Loans held for sale, at fair value

     

    1,024,984

     

     

     

    814,883

     

     

     

    497,933

     

     

     

    594,998

     

     

     

    758,926

     

    Mortgage servicing rights

     

    836,896

     

     

     

    850,831

     

     

     

    881,834

     

     

     

    907,415

     

     

     

    921,746

     

    Goodwill

     

    901,710

     

     

     

    901,710

     

     

     

    901,710

     

     

     

    901,710

     

     

     

    949,710

     

    Other intangible assets

     

    170,713

     

     

     

    174,467

     

     

     

    178,221

     

     

     

    181,975

     

     

     

    185,927

     

    Receivables, net

     

    307,407

     

     

     

    272,827

     

     

     

    250,406

     

     

     

    233,563

     

     

     

    265,234

     

    Committed investments in tax credit equity

     

    333,713

     

     

     

    151,674

     

     

     

    122,332

     

     

     

    154,028

     

     

     

    212,296

     

    Other assets

     

    580,277

     

     

     

    567,515

     

     

     

    565,194

     

     

     

    544,457

     

     

     

    552,414

     

    Total assets

    $

    4,579,231

     

     

    $

    4,175,398

     

     

    $

    3,825,912

     

     

    $

    4,052,347

     

     

    $

    4,277,851

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Liabilities

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Warehouse notes payable

    $

    1,019,850

     

     

    $

    810,114

     

     

    $

    521,977

     

     

    $

    596,178

     

     

    $

    790,742

     

    Notes payable

     

    769,376

     

     

     

    770,707

     

     

     

    772,037

     

     

     

    773,358

     

     

     

    774,677

     

    Allowance for risk-sharing obligations

     

    29,859

     

     

     

    30,477

     

     

     

    30,124

     

     

     

    31,601

     

     

     

    30,957

     

    Commitments to fund investments in tax credit equity

     

    289,250

     

     

     

    134,493

     

     

     

    114,206

     

     

     

    140,259

     

     

     

    196,250

     

    Other liabilities

     

    724,543

     

     

     

    695,813

     

     

     

    651,660

     

     

     

    764,822

     

     

     

    754,234

     

    Total liabilities

    $

    2,832,878

     

     

    $

    2,441,604

     

     

    $

    2,090,004

     

     

    $

    2,306,218

     

     

    $

    2,546,860

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Stockholders' Equity

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Common stock

    $

    332

     

     

    $

    331

     

     

    $

    331

     

     

    $

    329

     

     

    $

    328

     

    Additional paid-in capital

     

    412,570

     

     

     

    407,426

     

     

     

    427,184

     

     

     

    425,488

     

     

     

    420,062

     

    Accumulated other comprehensive income (loss)

     

    1,466

     

     

     

    415

     

     

     

    (492

    )

     

     

    (479

    )

     

     

    (1,864

    )

    Retained earnings

     

    1,295,459

     

     

     

    1,288,728

     

     

     

    1,288,313

     

     

     

    1,298,412

     

     

     

    1,287,653

     

    Total stockholders' equity

    $

    1,709,827

     

     

    $

    1,696,900

     

     

    $

    1,715,336

     

     

    $

    1,723,750

     

     

    $

    1,706,179

     

    Noncontrolling interests

     

    36,526

     

     

     

    36,894

     

     

     

    20,572

     

     

     

    22,379

     

     

     

    24,812

     

    Total equity

    $

    1,746,353

     

     

    $

    1,733,794

     

     

    $

    1,735,908

     

     

    $

    1,746,129

     

     

    $

    1,730,991

     

    Commitments and contingencies

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Total liabilities and stockholders' equity

    $

    4,579,231

     

     

    $

    4,175,398

     

     

    $

    3,825,912

     

     

    $

    4,052,347

     

     

    $

    4,277,851

    Walker & Dunlop, Inc. and Subsidiaries

    Condensed Consolidated Statements of Income and Comprehensive Income

    Unaudited

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Quarterly Trends

     

    Nine months ended

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    September 30,

    (in thousands, except per share amounts)

    Q3 2024

     

    Q2 2024

     

    Q1 2024

     

    Q4 2023

     

    Q3 2023

     

    2024

     

    2023

    Revenues

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Origination fees

    $

    73,546

     

     

    $

    65,334

     

     

    $

    43,740

     

     

    $

    66,208

     

     

    $

    56,149

     

     

    $

    182,620

     

     

    $

    168,201

     

    MSR income

     

    43,426

     

     

     

    33,349

     

     

     

    20,898

     

     

     

    34,471

     

     

     

    35,375

     

     

     

    97,673

     

     

     

    107,446

     

    Servicing fees

     

    82,222

     

     

     

    80,418

     

     

     

    80,043

     

     

     

    79,887

     

     

     

    79,200

     

     

     

    242,683

     

     

     

    232,027

     

    Property sales broker fees

     

    19,322

     

     

     

    11,265

     

     

     

    8,821

     

     

     

    15,135

     

     

     

    16,862

     

     

     

    39,408

     

     

     

    38,831

     

    Investment management fees

     

    11,744

     

     

     

    14,822

     

     

     

    13,520

     

     

     

    537

     

     

     

    13,362

     

     

     

    40,086

     

     

     

    44,844

     

    Net warehouse interest income (expense)

     

    (2,147

    )

     

     

    (1,584

    )

     

     

    (1,116

    )

     

     

    (2,077

    )

     

     

    (2,031

    )

     

     

    (4,847

    )

     

     

    (3,556

    )

    Placement fees and other interest income

     

    43,557

     

     

     

    41,040

     

     

     

    39,402

     

     

     

    45,210

     

     

     

    43,000

     

     

     

    123,999

     

     

     

    109,310

     

    Other revenues

     

    20,634

     

     

     

    26,032

     

     

     

    22,751

     

     

     

    34,965

     

     

     

    26,826

     

     

     

    69,417

     

     

     

    83,001

     

    Total revenues

    $

    292,304

     

     

    $

    270,676

     

     

    $

    228,059

     

     

    $

    274,336

     

     

    $

    268,743

     

     

    $

    791,039

     

     

    $

    780,104

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Expenses

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Personnel

    $

    145,538

     

     

    $

    133,067

     

     

    $

    111,463

     

     

    $

    125,865

     

     

    $

    136,507

     

     

    $

    390,068

     

     

    $

    388,425

     

    Amortization and depreciation

     

    57,561

     

     

     

    56,043

     

     

     

    55,891

     

     

     

    56,015

     

     

     

    57,479

     

     

     

    169,495

     

     

     

    170,737

     

    Provision (benefit) for credit losses

     

    2,850

     

     

     

    2,936

     

     

     

    524

     

     

     

    636

     

     

     

    421

     

     

     

    6,310

     

     

     

    (11,088

    )

    Interest expense on corporate debt

     

    18,232

     

     

     

    17,874

     

     

     

    17,659

     

     

     

    18,598

     

     

     

    17,594

     

     

     

    53,765

     

     

     

    49,878

     

    Goodwill impairment

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    48,000

     

     

     

    14,000

     

     

     

    —

     

     

     

    14,000

     

    Fair value adjustments to contingent consideration liabilities

     

    (1,366

    )

     

     

    —

     

     

     

    —

     

     

     

    (48,500

    )

     

     

    (14,000

    )

     

     

    (1,366

    )

     

     

    (14,000

    )

    Other operating expenses

     

    31,984

     

     

     

    32,559

     

     

     

    28,843

     

     

     

    34,355

     

     

     

    28,529

     

     

     

    93,386

     

     

     

    83,322

     

    Total expenses

    $

    254,799

     

     

    $

    242,479

     

     

    $

    214,380

     

     

    $

    234,969

     

     

    $

    240,530

     

     

    $

    711,658

     

     

    $

    681,274

     

    Income from operations

    $

    37,505

     

     

    $

    28,197

     

     

    $

    13,679

     

     

    $

    39,367

     

     

    $

    28,213

     

     

    $

    79,381

     

     

    $

    98,830

     

    Income tax expense

     

    8,822

     

     

     

    7,902

     

     

     

    2,864

     

     

     

    10,331

     

     

     

    7,069

     

     

     

    19,588

     

     

     

    24,695

     

    Net income before noncontrolling interests

    $

    28,683

     

     

    $

    20,295

     

     

    $

    10,815

     

     

    $

    29,036

     

     

    $

    21,144

     

     

    $

    59,793

     

     

    $

    74,135

     

    Less: net income (loss) from noncontrolling interests

     

    (119

    )

     

     

    (2,368

    )

     

     

    (1,051

    )

     

     

    (2,563

    )

     

     

    (314

    )

     

     

    (3,538

    )

     

     

    (1,623

    )

    Walker & Dunlop net income

    $

    28,802

     

     

    $

    22,663

     

     

    $

    11,866

     

     

    $

    31,599

     

     

    $

    21,458

     

     

    $

    63,331

     

     

    $

    75,758

     

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

     

    1,051

     

     

     

    907

     

     

     

    (13

    )

     

     

    1,385

     

     

     

    (399

    )

     

     

    1,945

     

     

     

    (296

    )

    Walker & Dunlop comprehensive income

    $

    29,853

     

     

    $

    23,570

     

     

    $

    11,853

     

     

    $

    32,984

     

     

    $

    21,059

     

     

    $

    65,276

     

     

    $

    75,462

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Effective Tax Rate

     

    24

    %

     

     

    28

    %

     

     

    21

    %

     

     

    26

    %

     

     

    25

    %

     

     

    25

    %

     

     

    25

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic earnings per share

    $

    0.85

     

     

    $

    0.67

     

     

    $

    0.35

     

     

    $

    0.94

     

     

    $

    0.64

     

     

    $

    1.87

     

     

    $

    2.26

     

    Diluted earnings per share

     

    0.85

     

     

     

    0.67

     

     

     

    0.35

     

     

     

    0.93

     

     

     

    0.64

     

     

     

    1.87

     

     

     

    2.25

     

    Cash dividends paid per common share

     

    0.65

     

     

     

    0.65

     

     

     

    0.65

     

     

     

    0.63

     

     

     

    0.63

     

     

     

    1.95

     

     

     

    1.89

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic weighted-average shares outstanding

     

    33,169

     

     

     

    33,121

     

     

     

    32,978

     

     

     

    32,825

     

     

     

    32,737

     

     

     

    33,090

     

     

     

    32,654

     

    Diluted weighted-average shares outstanding

     

    33,203

     

     

     

    33,154

     

     

     

    33,048

     

     

     

    32,941

     

     

     

    32,895

     

     

     

    33,135

     

     

     

    32,853

     

    SUPPLEMENTAL OPERATING DATA

    Unaudited

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Quarterly Trends

    Nine months ended

     

     

     

     

     

     

     

     

     

     

     

    September 30,

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

    Q3 2024

    Q2 2024

    Q1 2024

    Q4 2023

    Q3 2023

    2024

     

    2023

     

    Transaction Volume:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Components of Debt Financing Volume

     

     

     

     

     

     

     

     

     

     

    Fannie Mae

    $

    2,001,356

     

    $

    1,510,804

     

    $

    903,368

     

    $

    1,692,405

     

    $

    1,739,332

     

    $

    4,415,528

     

    $

    5,328,992

     

    Freddie Mac

     

    1,545,939

     

     

    1,153,190

     

     

    974,926

     

     

    1,308,263

     

     

    1,072,048

     

     

    3,674,055

     

     

    3,260,672

     

    Ginnie Mae - HUD

     

    272,054

     

     

    185,898

     

     

    14,140

     

     

    316,960

     

     

    86,557

     

     

    472,092

     

     

    361,929

     

    Brokered (1)

     

    4,028,208

     

     

    3,852,851

     

     

    3,319,074

     

     

    2,885,454

     

     

    3,149,457

     

     

    11,200,133

     

     

    8,829,434

     

    Principal Lending and Investing (2)

     

    165,875

     

     

    214,975

     

     

    15,800

     

     

    218,750

     

     

    —

     

     

    396,650

     

     

    —

     

    Total Debt Financing Volume

    $

    8,013,432

     

    $

    6,917,718

     

    $

    5,227,308

     

    $

    6,421,832

     

    $

    6,047,394

     

    $

    20,158,458

     

    $

    17,781,027

     

    Property Sales Volume

     

    3,602,675

     

     

    1,530,783

     

     

    1,167,151

     

     

    2,877,399

     

     

    2,508,073

     

     

    6,300,609

     

     

    5,907,138

     

    Total Transaction Volume

    $

    11,616,107

     

    $

    8,448,501

     

    $

    6,394,459

     

    $

    9,299,231

     

    $

    8,555,467

     

    $

    26,459,067

     

    $

    23,688,165

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Key Performance Metrics:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating margin

     

    13

    %

     

    10

    %

     

    6

    %

     

    14

    %

     

    10

    %

     

    10

    %

     

    13

    %

    Return on equity

     

    7

     

     

    5

     

     

    3

     

     

    7

     

     

    5

     

     

    5

     

     

    6

     

    Walker & Dunlop net income

    $

    28,802

     

    $

    22,663

     

    $

    11,866

     

    $

    31,599

     

    $

    21,458

     

    $

    63,331

     

    $

    75,758

     

    Adjusted EBITDA (3)

     

    78,905

     

     

    80,931

     

     

    74,136

     

     

    87,582

     

     

    74,065

     

     

    233,972

     

     

    212,541

     

    Diluted EPS

     

    0.85

     

     

    0.67

     

     

    0.35

     

     

    0.93

     

     

    0.64

     

     

    1.87

     

     

    2.25

     

    Adjusted core EPS (4)

     

    1.19

     

     

    1.23

     

     

    1.19

     

     

    1.42

     

     

    1.11

     

     

    3.60

     

     

    3.25

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

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

     

     

     

     

     

     

     

     

     

     

    Personnel expenses

     

    50

    %

     

    49

    %

     

    49

    %

     

    46

    %

     

    51

    %

     

    49

    %

     

    50

    %

    Other operating expenses

     

    11

     

     

    12

     

     

    13

     

     

    13

     

     

    11

     

     

    12

     

     

    11

     

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

     

     

     

     

     

     

     

     

     

     

    Origination fee rate (5)

     

    0.93

    %

     

    0.95

    %

     

    0.84

    %

     

    1.05

    %

     

    0.93

    %

     

    0.91

    %

     

    0.94

    %

    MSR rate (6)

     

    0.55

     

     

    0.50

     

     

    0.40

     

     

    0.56

     

     

    0.58

     

     

    0.49

     

     

    0.60

     

    Agency MSR rate (7)

     

    1.14

     

     

    1.17

     

     

    1.10

     

     

    1.04

     

     

    1.22

     

     

    1.14

     

     

    1.20

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Other Data:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Market capitalization at period end

    $

    3,834,715

     

    $

    3,311,629

     

    $

    3,406,853

     

    $

    3,719,589

     

    $

    2,433,494

     

     

     

     

     

    Closing share price at period end

    $

    113.59

     

    $

    98.20

     

    $

    101.06

     

    $

    111.01

     

    $

    74.24

     

     

     

     

     

    Average headcount

     

    1,356

     

     

    1,321

     

     

    1,323

     

     

    1,341

     

     

    1,344

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Components of Servicing Portfolio (end of period):

     

     

     

     

     

     

     

     

     

     

    Fannie Mae

    $

    66,068,212

     

    $

    64,954,426

     

    $

    64,349,886

     

    $

    63,699,106

     

    $

    62,850,853

     

     

     

     

     

    Freddie Mac

     

    40,090,158

     

     

    39,938,411

     

     

    39,665,386

     

     

    39,330,545

     

     

    38,656,136

     

     

     

     

     

    Ginnie Mae - HUD

     

    10,727,323

     

     

    10,619,764

     

     

    10,595,841

     

     

    10,460,884

     

     

    10,320,520

     

     

     

     

     

    Brokered (8)

     

    17,156,810

     

     

    17,239,417

     

     

    17,312,513

     

     

    16,940,850

     

     

    17,091,925

     

     

     

     

     

    Principal Lending and Investing (9)

     

    38,043

     

     

    25,893

     

     

    40,139

     

     

    40,139

     

     

    40,000

     

     

     

     

     

    Total Servicing Portfolio

    $

    134,080,546

     

    $

    132,777,911

     

    $

    131,963,765

     

    $

    130,471,524

     

    $

    128,959,434

     

     

     

     

     

    Assets under management (10)

     

    18,210,452

     

     

    17,566,666

     

     

    17,465,398

     

     

    17,321,452

     

     

    17,334,877

     

     

     

     

     

    Total Managed Portfolio

    $

    152,290,998

     

    $

    150,344,577

     

    $

    149,429,163

     

    $

    147,792,976

     

    $

    146,294,311

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Key Servicing Portfolio Metrics (end of period):

     

     

     

     

     

     

     

     

     

     

    Custodial escrow deposit balance (in billions)

    $

    3.1

     

    $

    2.7

     

    $

    2.3

     

    $

    2.7

     

    $

    2.8

     

     

     

     

     

    Weighted-average servicing fee rate (basis points)

     

    24.1

     

     

    24.1

     

     

    24.0

     

     

    24.1

     

     

    24.2

     

     

     

     

     

    Weighted-average remaining servicing portfolio term (years)

     

    7.7

     

     

    7.9

     

     

    8.0

     

     

    8.2

     

     

    8.4

     

     

     

     

     

    _______________

    (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)

    Walker & Dunlop Affordable Equity 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

     

     

     

     

     

     

     

     

     

     

     

     

    September 30,

     

    June 30,

     

    March 31,

     

    December 31,

     

    September 30,

    (dollars in thousands)

    2024

     

    2024

     

    2024

     

    2023

     

    2023

    Risk-sharing servicing portfolio:

     

     

     

     

     

     

     

     

     

     

    Fannie Mae Full Risk

    $

    57,032,839

     

    $

    55,915,670

     

    $

    55,236,618

     

    $

    54,583,555

     

    $

    53,549,966

     

    Fannie Mae Modified Risk

     

    9,035,373

     

     

    9,038,756

     

     

    9,113,268

     

     

    9,115,551

     

     

    9,295,368

     

    Freddie Mac Modified Risk

     

    69,400

     

     

    69,510

     

     

    69,510

     

     

    23,415

     

     

    23,415

     

    Total risk-sharing servicing portfolio

    $

    66,137,612

     

    $

    65,023,936

     

    $

    64,419,396

     

    $

    63,722,521

     

    $

    62,868,749

     

     

     

     

     

     

     

     

     

     

     

     

    Non-risk-sharing servicing portfolio:

     

     

     

     

     

     

     

     

     

     

    Fannie Mae No Risk

    $

    —

     

    $

    —

     

    $

    —

     

    $

    —

     

    $

    5,519

     

    Freddie Mac No Risk

     

    40,020,758

     

     

    39,868,901

     

     

    39,595,876

     

     

    39,307,130

     

     

    38,632,721

     

    GNMA - HUD No Risk

     

    10,727,323

     

     

    10,619,764

     

     

    10,595,841

     

     

    10,460,884

     

     

    10,320,520

     

    Brokered

     

    17,156,810

     

     

    17,239,417

     

     

    17,312,513

     

     

    16,940,850

     

     

    17,091,925

     

    Total non-risk-sharing servicing portfolio

    $

    67,904,891

     

    $

    67,728,082

     

    $

    67,504,230

     

    $

    66,708,864

     

    $

    66,050,685

     

    Total loans serviced for others

    $

    134,042,503

     

    $

    132,752,018

     

    $

    131,923,626

     

    $

    130,431,385

     

    $

    128,919,434

     

    Interim loans (full risk) servicing portfolio

     

    38,043

     

     

    25,893

     

     

    40,139

     

     

    40,139

     

     

    40,000

     

    Total servicing portfolio unpaid principal balance

    $

    134,080,546

     

    $

    132,777,911

     

    $

    131,963,765

     

    $

    130,471,524

     

    $

    128,959,434

     

     

     

     

     

     

     

     

     

     

     

     

    Interim Loan Joint Venture Managed Loans (1)

    $

    424,774

     

    $

    570,299

     

    $

    711,541

     

    $

    710,041

     

    $

    736,320

     

     

     

     

     

     

     

     

     

     

     

     

    At-risk servicing portfolio (2)

    $

    61,237,535

     

    $

    60,122,274

     

    $

    59,498,851

     

    $

    58,801,055

     

    $

    57,857,659

     

    Maximum exposure to at-risk portfolio (3)

     

    12,454,158

     

     

    12,222,290

     

     

    12,088,698

     

     

    11,949,041

     

     

    11,750,068

     

    Defaulted loans(4)

     

    59,645

     

     

    48,560

     

     

    63,264

     

     

    27,214

     

     

    —

     

     

     

     

     

     

     

     

     

     

     

     

    Defaulted loans as a percentage of the at-risk portfolio

     

    0.10

    %

     

    0.08

    %

     

    0.11

    %

     

    0.05

    %

     

    0.00

    %

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

     

    0.05

     

     

    0.05

     

     

    0.05

     

     

    0.05

     

     

    0.05

     

    Allowance for risk-sharing as a percentage of maximum exposure

     

    0.24

     

     

    0.25

     

     

    0.25

     

     

    0.26

     

     

    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

     

    Nine months ended

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    September 30,

    (in thousands)

    Q3 2024

     

    Q2 2024

     

    Q1 2024

     

    Q4 2023

     

    Q3 2023

     

    2024

     

    2023

    Reconciliation of Walker & Dunlop Net Income to Adjusted EBITDA

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Walker & Dunlop Net Income

    $

    28,802

     

     

    $

    22,663

     

     

    $

    11,866

     

     

    $

    31,599

     

     

    $

    21,458

     

     

    $

    63,331

     

     

    $

    75,758

     

    Income tax expense

     

    8,822

     

     

     

    7,902

     

     

     

    2,864

     

     

     

    10,331

     

     

     

    7,069

     

     

     

    19,588

     

     

     

    24,695

     

    Interest expense on corporate debt

     

    18,232

     

     

     

    17,874

     

     

     

    17,659

     

     

     

    18,598

     

     

     

    17,594

     

     

     

    53,765

     

     

     

    49,878

     

    Amortization and depreciation

     

    57,561

     

     

     

    56,043

     

     

     

    55,891

     

     

     

    56,015

     

     

     

    57,479

     

     

     

    169,495

     

     

     

    170,737

     

    Provision (benefit) for credit losses

     

    2,850

     

     

     

    2,936

     

     

     

    524

     

     

     

    636

     

     

     

    421

     

     

     

    6,310

     

     

     

    (11,088

    )

    Net write-offs(1)

     

    (468

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (2,008

    )

     

     

    (468

    )

     

     

    (8,041

    )

    Stock-based compensation expense

     

    6,532

     

     

     

    6,862

     

     

     

    6,230

     

     

     

    5,374

     

     

     

    7,427

     

     

     

    19,624

     

     

     

    22,468

     

    MSR income

     

    (43,426

    )

     

     

    (33,349

    )

     

     

    (20,898

    )

     

     

    (34,471

    )

     

     

    (35,375

    )

     

     

    (97,673

    )

     

     

    (107,446

    )

    Write-off of unamortized premium from corporate debt repayment

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (4,420

    )

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

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (500

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Adjusted EBITDA

    $

    78,905

     

     

    $

    80,931

     

     

    $

    74,136

     

     

    $

    87,582

     

     

    $

    74,065

     

     

    $

    233,972

     

     

    $

    212,541

     

    _______________

    (1)

    The net write-offs for the nine months ended September 30, 2023 includes the $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 and nine months ended September 30, 2023, includes goodwill impairment of $14.0 million and contingent consideration liability fair value adjustment of $14.0 million. For the three and nine months ended September 30, 2024, there was no goodwill impairment or contingent consideration liability fair value adjustments that resulted in a triggering event for a goodwill impairment assessment.

    ADJUSTED FINANCIAL MEASURE RECONCILIATION TO GAAP BY SEGMENT

    Unaudited

     

     

     

     

     

     

     

     

     

     

     

     

     

    Capital Markets

     

    Three months ended

    September 30,

     

    Nine months ended

    September 30,

    (in thousands)

    2024

     

    2023

     

    2024

     

    2023

    Reconciliation of Walker & Dunlop Net Income to Adjusted EBITDA

     

     

     

     

     

     

    Walker & Dunlop Net Income (Loss)

    $

    21,830

     

     

    $

    7,050

     

     

    $

    26,167

     

     

    $

    23,661

     

    Income tax expense (benefit)

     

    7,073

     

     

     

    2,386

     

     

     

    8,689

     

     

     

    8,462

     

    Interest expense on corporate debt

     

    4,888

     

     

     

    4,874

     

     

     

    15,038

     

     

     

    13,870

     

    Amortization and depreciation

     

    1,137

     

     

     

    1,137

     

     

     

    3,412

     

     

     

    3,412

     

    Stock-based compensation expense

     

    3,897

     

     

     

    4,224

     

     

     

    11,936

     

     

     

    13,316

     

    MSR income

     

    (43,426

    )

     

     

    (35,375

    )

     

     

    (97,673

    )

     

     

    (107,446

    )

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

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Adjusted EBITDA

    $

    (4,601

    )

     

    $

    (15,704

    )

     

    $

    (32,431

    )

     

    $

    (44,725

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

    Servicing & Asset Management

     

    Three months ended

    September 30,

     

     

    Nine months ended

    September 30,

    (in thousands)

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    Reconciliation of Walker & Dunlop Net Income to Adjusted EBITDA

     

     

     

     

     

     

    Walker & Dunlop Net Income (Loss)

    $

    37,482

     

     

    $

    45,427

     

     

    $

    121,197

     

     

    $

    132,243

     

    Income tax expense (benefit)

     

    10,756

     

     

     

    15,040

     

     

     

    38,430

     

     

     

    42,931

     

    Interest expense on corporate debt

     

    11,711

     

     

     

    11,096

     

     

     

    33,848

     

     

     

    31,385

     

    Amortization and depreciation

     

    54,668

     

     

     

    54,375

     

     

     

    160,912

     

     

     

    161,935

     

    Provision (benefit) for credit losses

     

    2,850

     

     

     

    421

     

     

     

    6,310

     

     

     

    (11,088

    )

    Net write-offs(2)

     

    (468

    )

     

     

    (2,008

    )

     

     

    (468

    )

     

     

    (8,041

    )

    Stock-based compensation expense

     

    456

     

     

     

    498

     

     

     

    1,385

     

     

     

    1,338

     

    Write-off of unamortized premium from corporate debt repayment

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (4,420

    )

    Adjusted EBITDA

    $

    117,455

     

     

    $

    124,849

     

     

    $

    361,614

     

     

    $

    346,283

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Corporate

     

    Three months ended

    September 30,

     

     

    Nine months ended

    September 30,

    (in thousands)

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    Reconciliation of Walker & Dunlop Net Income to Adjusted EBITDA

     

     

     

     

     

     

    Walker & Dunlop Net Income (Loss)

    $

    (30,510

    )

     

    $

    (31,019

    )

     

    $

    (84,033

    )

     

    $

    (80,146

    )

    Income tax expense (benefit)

     

    (9,007

    )

     

     

    (10,357

    )

     

     

    (27,531

    )

     

     

    (26,698

    )

    Interest expense on corporate debt

     

    1,633

     

     

     

    1,624

     

     

     

    4,879

     

     

     

    4,623

     

    Amortization and depreciation

     

    1,756

     

     

     

    1,967

     

     

     

    5,171

     

     

     

    5,390

     

    Stock-based compensation expense

     

    2,179

     

     

     

    2,705

     

     

     

    6,303

     

     

     

    7,814

     

    Adjusted EBITDA

    $

    (33,949

    )

     

    $

    (35,080

    )

     

    $

    (95,211

    )

     

    $

    (89,017

    )

    _______________

    (1)

    For the three and nine months ended September 30, 2023, includes goodwill impairment of $14.0 million and contingent consideration liability fair value adjustment of $14.0 million. For the three and nine months ended September 30, 2024, there was no goodwill impairment or contingent consideration liability fair value adjustment that resulted in a triggering event for a goodwill impairment assessment.

    (2)

    The net write-offs for the nine months ended September 30, 2023 includes the $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

     

    Nine months ended

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    September 30,

    (in thousands)

    Q3 2024

     

    Q2 2024

     

    Q1 2024

     

    Q4 2023

     

    Q3 2023

     

    2024

     

    2023

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

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Walker & Dunlop Net Income

    $

    28,802

     

     

    $

    22,663

     

     

    $

    11,866

     

     

    $

    31,599

     

     

    $

    21,458

     

     

    $

    63,331

     

     

    $

    75,758

     

    Provision (benefit) for credit losses

     

    2,850

     

     

     

    2,936

     

     

     

    524

     

     

     

    636

     

     

     

    421

     

     

     

    6,310

     

     

     

    (11,088

    )

    Net write-offs(1)

     

    (468

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (2,008

    )

     

     

    (468

    )

     

     

    (8,041

    )

    Amortization and depreciation

     

    57,561

     

     

     

    56,043

     

     

     

    55,891

     

     

     

    56,015

     

     

     

    57,479

     

     

     

    169,495

     

     

     

    170,737

     

    MSR income

     

    (43,426

    )

     

     

    (33,349

    )

     

     

    (20,898

    )

     

     

    (34,471

    )

     

     

    (35,375

    )

     

     

    (97,673

    )

     

     

    (107,446

    )

    Goodwill impairment

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    48,000

     

     

     

    14,000

     

     

     

    —

     

     

     

    14,000

     

    Contingent consideration accretion and fair value adjustments

     

    (1,204

    )

     

     

    822

     

     

     

    512

     

     

     

    (47,637

    )

     

     

    (13,426

    )

     

     

    130

     

     

     

    (13,073

    )

    Income tax expense adjustment(2)

     

    (3,602

    )

     

     

    (7,413

    )

     

     

    (7,543

    )

     

     

    (5,916

    )

     

     

    (5,285

    )

     

     

    (19,196

    )

     

     

    (11,267

    )

    Adjusted Core Net Income

    $

    40,513

     

     

    $

    41,702

     

     

    $

    40,352

     

     

    $

    48,226

     

     

    $

    37,264

     

     

    $

    121,929

     

     

    $

    109,580

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Reconciliation of Diluted EPS to Adjusted core EPS

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Walker & Dunlop Net Income

    $

    28,802

     

     

    $

    22,663

     

     

    $

    11,866

     

     

    $

    31,599

     

     

    $

    21,458

     

     

    $

    63,331

     

     

    $

    75,758

     

    Diluted weighted-average shares outstanding

     

    33,203

     

     

     

    33,154

     

     

     

    33,048

     

     

     

    32,941

     

     

     

    32,895

     

     

     

    33,135

     

     

     

    32,853

     

    Diluted EPS

    $

    0.85

     

     

    $

    0.67

     

     

    $

    0.35

     

     

    $

    0.93

     

     

    $

    0.64

     

     

    $

    1.87

     

     

    $

    2.25

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted Core Net Income

    $

    40,513

     

     

    $

    41,702

     

     

    $

    40,352

     

     

    $

    48,226

     

     

    $

    37,264

     

     

    $

    121,929

     

     

    $

    109,580

     

    Diluted weighted-average shares outstanding

     

    33,203

     

     

     

    33,154

     

     

     

    33,048

     

     

     

    32,941

     

     

     

    32,895

     

     

     

    33,135

     

     

     

    32,853

     

    Adjusted Core EPS

    $

    1.19

     

     

    $

    1.23

     

     

    $

    1.19

     

     

    $

    1.42

     

     

    $

    1.11

     

     

    $

    3.60

     

     

    $

    3.25

     

    _______________

    (1)

    The net write-offs for the nine months ended September 30, 2023 includes the $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 Condensed 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/20241107957729/en/

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      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
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      Finance: Consumer Services
      Finance

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    Insider Trading

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    • Director Wells Donna was granted 2,025 shares, increasing direct ownership by 74% to 4,777 units (SEC Form 4)

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

      5/5/25 5:19:16 PM ET
      $WD
      Finance: Consumer Services
      Finance
    • Director Hayward Jeffery R was granted 2,025 shares, increasing direct ownership by 127% to 3,616 units (SEC Form 4)

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

      5/5/25 5:18:15 PM ET
      $WD
      Finance: Consumer Services
      Finance
    • Director Rice E. John Jr was granted 2,025 shares, increasing direct ownership by 6% to 33,301 units (SEC Form 4)

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

      5/5/25 5:17:28 PM ET
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      Finance: Consumer Services
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    Large Ownership Changes

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    • 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
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      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
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      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
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      Finance: Consumer Services
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    Insider Purchases

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    Analyst Ratings

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

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    • 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
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      Finance: Consumer Services
      Finance
    • 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
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      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
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      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