Walker & Dunlop Reports First Quarter 2026 Financial Results
FIRST QUARTER 2026 HIGHLIGHTS
- Total transaction volume of $13.7 billion, up 94% from Q1’25
- Total revenues of $301.3 million, up 27% from Q1’25
- Net income of $15.9 million and diluted earnings per share of $0.46, up 476% and 475%, respectively from Q1’25
- Adjusted EBITDA(1) of $73.8 million, up 14% from Q1’25
- Adjusted core EPS(2) of $1.02, up 20% from Q1’25
- Servicing portfolio of $146.4 billion as of March 31, 2026, up 8% from March 31, 2025
- Repurchased $13.3 million shares of common stock during the quarter at a weighted average price of $47.13
BETHESDA, Md.--(BUSINESS WIRE)--Walker & Dunlop, Inc. (NYSE: WD) (the “Company,” “Walker & Dunlop” or “W&D”) reported a strong first quarter of 2026, highlighted by a significant increase in total transaction volume to $13.7 billion, a 94% increase year over year. Total revenues grew 27% to $301.3 million, driving a 476% increase in net income to $15.9 million, or $0.46 per diluted share.
The Capital Markets segment delivered improved operating margins and profitability as continued strength in origination activity expanded the Company’s servicing portfolio by 8% year over year. Adjusted EBITDA increased 14% in the first quarter of 2026, and adjusted core EPS was up 20% year over year to $1.02. Results this quarter also include $10 million of indemnified and repurchased loan expenses, which the Company continues to actively manage. The first quarter of 2026 demonstrates the earnings power of Walker & Dunlop’s platform as market activity improves.
“The strength of our first-quarter transaction volumes and earnings is due to the W&D team, our brand, and our market position as one of the very best commercial real estate capital markets firms in the world,” commented Willy Walker, Walker & Dunlop’s Chairman and CEO. “Strong financing volumes generated robust quarterly transaction fees, which, coupled with recurring servicing and asset management fees, generated solid quarterly earnings as we begin the pursuit of our annual and five-year financial goals.”
Walker continued, “We enter the second quarter with a strong pipeline across all executions, customer segments, and geographies. While the macro environment remains challenging -- marked by interest rate volatility, high oil prices, and the Iran conflict -- many clients continue to transact due to loan maturities, the need to return capital to investors, and investment opportunities across the country. We remain confident in our 2026 outlook and in our ability to grow our company in the coming quarters and 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 FIRST QUARTER 2026
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TRANSACTION VOLUMES | |||||||||||||
(in thousands) |
| Q1 2026 |
| Q1 2025 |
| $ Variance |
| % Variance | |||||
Fannie Mae |
| $ | 1,553,899 |
| $ | 1,511,794 |
| $ | 42,105 |
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| 3 | % |
Freddie Mac |
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| 3,124,128 |
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| 808,247 |
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| 2,315,881 |
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| 287 |
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Ginnie Mae - HUD |
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| 481,384 |
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| 148,158 |
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| 333,226 |
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| 225 |
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Brokered (1) |
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| 6,503,051 |
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| 2,552,943 |
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| 3,950,108 |
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| 155 |
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Principal Lending and Investing (2) |
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| 87,900 |
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| 175,500 |
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| (87,600 | ) |
| (50 | ) |
Debt financing volume |
| $ | 11,750,362 |
| $ | 5,196,642 |
| $ | 6,553,720 |
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| 126 | % |
Property sales volume |
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| 1,910,300 |
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| 1,839,290 |
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| 71,010 |
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| 4 |
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Total transaction volume |
| $ | 13,660,662 |
| $ | 7,035,932 |
| $ | 6,624,730 |
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| 94 | % |
(1) | Brokered transactions for life insurance companies, commercial banks, and other capital sources. |
(2) | Includes debt financing volumes from our interim lending platform and Walker & Dunlop Investment Partners, Inc. (“WDIP”) separate accounts. |
DISCUSSION OF QUARTERLY RESULTS:
- Total transaction volume grew 94% to $13.7 billion in the first quarter of 2026, reflecting Walker & Dunlop’s strong position within an increasingly active commercial real estate transactions market.
- Fannie Mae and Freddie Mac (collectively, the “GSEs”) debt financing volumes increased 102% year over year, led by a 287% increase in Freddie Mac volumes, which included a $1.7 billion portfolio in the first quarter of 2026. Walker & Dunlop continues to be a top GSE lender, with a 12.3% market share in the first quarter of 2026, up from 9.6% in the first quarter of 2025.
- HUD debt financing volume increased 225% in the first quarter of 2026 due to strong market demand for HUD construction financing. Walker & Dunlop is one of the largest HUD construction lenders.
- The 155% increase in brokered debt financing volume during the first quarter of 2026 reflected a strong supply of capital to the commercial real estate transaction markets from life insurance companies, banks, commercial mortgage-backed securities, and other private capital providers.
- Property sales volume increased 4% in the first quarter of 2026, as the macroeconomic fundamentals supporting the multifamily acquisitions market supported a strong start to the year. We outperformed the multifamily property sales market, which increased only slightly year over year.
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MANAGED PORTFOLIO | |||||||||||||
(dollars in thousands, unless otherwise noted) |
| Q1 2026 |
| Q1 2025 |
| $ Variance |
| % Variance | |||||
Fannie Mae |
| $ | 73,498,820 |
| $ | 69,176,839 |
| $ | 4,321,981 |
|
| 6 | % |
Freddie Mac |
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| 44,836,263 |
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| 38,556,682 |
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| 6,279,581 |
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| 16 |
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Ginnie Mae - HUD |
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| 11,646,914 |
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| 10,882,857 |
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| 764,057 |
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| 7 |
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Brokered |
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| 16,385,040 |
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| 17,032,338 |
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| (647,298 | ) |
| (4 | ) |
Principal Lending and Investing |
|
| 17,500 |
|
| — |
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| 17,500 |
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| N/A |
|
Total Servicing Portfolio |
| $ | 146,384,537 |
| $ | 135,648,716 |
| $ | 10,735,821 |
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| 8 | % |
Assets under management |
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| 18,530,780 |
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| 18,518,413 |
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| 12,367 |
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| 0 |
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Total Managed Portfolio |
| $ | 164,915,317 |
| $ | 154,167,129 |
| $ | 10,748,188 |
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| 7 | % |
Average custodial escrow account deposits (in billions) |
| $ | 2.6 |
| $ | 2.5 |
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Weighted-average servicing fee rate at period end (basis points) |
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| 23.4 |
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| 24.4 |
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Weighted-average remaining servicing portfolio term at period end (years) |
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| 7.1 |
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| 7.5 |
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DISCUSSION OF QUARTERLY RESULTS:
- Our servicing portfolio continues to grow, primarily as a result of additional Fannie Mae, Freddie Mac, and HUD (collectively, “Agency”) debt financing volumes over the past 12 months.
- During the first quarter of 2026, we added $2.4 billion of net loans to our servicing portfolio, and over the past 12 months, we added $10.7 billion of net loans to our servicing portfolio, with the growth led primarily by Fannie Mae and Freddie Mac loans.
- $14.7 billion of Agency loans in our servicing portfolio are scheduled to mature over the next two years. The maturing loans, with a weighted-average servicing fee of 28 basis points, represent only 11% of the total Agency loans in our portfolio. Over the next five years, 54% of Agency loans are expected to mature, providing an opportunity for us to recapitalize or sell these deals for our clients in the coming years.
- The mortgage servicing rights (“MSRs”) associated with our servicing portfolio are reported at an amortized cost of $795.8 million as of March 31, 2026, while the fair value is estimated at $1.4 billion. The relative long-term contractual nature of the servicing rights, coupled with ancillary revenues earned from the portfolio, generate attractive upside and value above our cost basis.
- Assets under management totaled $18.5 billion as of March 31, 2026, and consisted of $15.9 billion of low-income housing tax credit (“LIHTC”) funds managed by our affordable housing investment management team, approximately $1.7 billion of debt funds, and $0.9 billion of equity funds, managed by our registered investment advisor, WDIP.
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KEY PERFORMANCE METRICS | ||||||||||||||
(in thousands, except per share amounts) |
| Q1 2026 |
| Q1 2025 |
| $ Variance |
| % Variance | ||||||
Walker & Dunlop net income |
| $ | 15,871 |
| $ | 2,754 |
| $ | 13,117 |
| 476 | % | ||
Adjusted EBITDA |
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| 73,782 |
|
| 64,966 |
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| 8,816 |
| 14 |
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Diluted earnings per share |
| $ | 0.46 |
| $ | 0.08 |
| $ | 0.38 |
| 475 | % | ||
Adjusted core EPS |
| $ | 1.02 |
| $ | 0.85 |
| $ | 0.17 |
| 20 | % | ||
Operating margin |
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| 9 | % |
| 2 | % |
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Return on equity |
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| 4 |
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| 1 |
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Key Expense Metrics (as a % of total revenues): |
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Personnel expense |
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| 51 | % |
| 51 | % |
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Other operating expenses |
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| 10 |
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| 14 |
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DISCUSSION OF KEY PERFORMANCE METRICS:
- Total revenues increased 27% this quarter, largely driven by higher transaction activity, which contributed to growth in origination fees and MSR income, as well as expansion of the managed portfolio, resulting in higher recurring servicing fees and related revenues. Total expenses increased 19%, reflecting higher variable personnel costs that scale with transaction-driven revenue growth, an increase in amortization and depreciation expenses, as well as an increase in indemnified and repurchased loan expenses due to a higher balance of repurchased loans year over year, partially offset by a decrease in other operating expenses.
- The increases in net income and diluted earnings per share were primarily driven by growth across both operating segments-Capital Markets and Servicing and Asset Management. Capital Markets performance benefited from a significant increase in transaction activity, which drove meaningful operating leverage as volumes scaled. This activity continued to expand our managed portfolio, which grew 7% year over year, supporting higher recurring revenue and earnings in Servicing and Asset Management. The resulting increase in income before taxes contributed to an improved operating margin and was a key driver of higher return on equity.
- The 14% increase in adjusted EBITDA was largely due to higher origination fees and servicing fees, partially offset by increases in personnel expenses, costs to operate indemnified and repurchased loans, and net income attributable to noncontrolling interest and temporary equity holders.
- Adjusted core EPS increased 20%, largely for the same reasons that adjusted EBITDA increased.
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KEY CREDIT METRICS | ||||||||||||||
(in thousands) |
| Q1 2026 |
| Q1 2025 |
| $ Variance |
| % Variance | ||||||
At-risk servicing portfolio (1) |
| $ | 69,444,656 |
| $ | 64,450,319 |
| $ | 4,994,337 |
| 8 | % | ||
Maximum exposure to at-risk portfolio (2) |
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| 14,221,298 |
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| 13,200,846 |
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| 1,020,452 |
| 8 |
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Defaulted loans (3) |
| $ | 167,456 |
| $ | 108,530 |
| $ | 58,926 |
| 54 | % | ||
Key credit metrics (as a % of the at-risk portfolio): |
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Defaulted loans |
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| 0.24 | % |
| 0.17 | % |
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Allowance for risk-sharing |
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| 0.06 |
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| 0.05 |
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Key credit metrics (as a % of maximum exposure): |
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Allowance for risk-sharing |
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| 0.27 | % |
| 0.24 | % |
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______________________________ | |
(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 or Freddie Mac small balance pre-securitized loans (“SBL”) 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 KEY CREDIT METRICS:
- Our at-risk servicing portfolio, which is comprised of loans subject to a defined risk-sharing formula, increased primarily due to the level of Fannie Mae loans added to the portfolio during the past 12 months. We take credit risk exclusively on loans backed by multifamily assets and have no credit exposure to losses in any other sector of the commercial real estate lending market.
- As of March 31, 2026, 14 at-risk loans were in default with an aggregate unpaid principal balance (“UPB”) of $167.5 million, compared to 14 loans with an aggregate UPB of $158.8 million at December 31, 2025, and eight loans with an aggregate UPB of $108.5 million as of March 31, 2025. The collateral-based reserves on defaulted loans were $13.3 million and $7.5 million as of March 31, 2026 and 2025, respectively. The approximately 3,200 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.
- We recorded a provision for credit losses of $4.1 million in the first quarter of 2026, primarily related to initial loss reserves for loans that defaulted during the quarter. Of this amount, $2.5 million was associated with loans that we indemnified in the fourth quarter of 2025.
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INDEMNIFIED AND REPURCHASED LOANS | ||||||||
(in thousands) |
| March 31, 2026 |
| December 31, 2025 | ||||
Other Assets |
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Loans held for investment: |
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Indemnified loans |
| $ | 91,241 |
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| $ | 46,253 |
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Repurchased loans |
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| 41,556 |
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| 36,926 |
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Allowance for loan losses |
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| (29,077 | ) |
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| (5,410 | ) |
Loans held for investment, net |
| $ | 103,720 |
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| $ | 77,769 |
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Other real estate owned ("OREO") (1) |
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| 13,218 |
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| 14,756 |
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Other asset, net (1) |
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| 24,124 |
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| 24,124 |
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Total other assets related to indemnified and repurchased loans |
| $ | 141,062 |
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| $ | 116,649 |
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Other Liabilities |
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Secured borrowings |
| $ | 128,697 |
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| $ | 83,402 |
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Indemnification reserves (2) |
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| 7,961 |
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| 23,920 |
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Total other liabilities related to indemnified and repurchased loans |
| $ | 136,658 |
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| $ | 107,322 |
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(in thousands) |
| Q1 2026 |
| Q1 2025 | ||||
Initial loan repurchase costs |
| $ | 797 |
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| $ | 322 |
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Indemnified and repurchased loan operating costs |
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| 2,314 |
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| 535 |
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Expected principal losses on loan repurchase ("loan repurchase losses") |
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| 6,950 |
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| — |
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Indemnified and repurchased loan expenses |
| $ | 10,061 |
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| $ | 857 |
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Provision (benefit) for loan losses (3) |
| $ | 2,500 |
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| $ | — |
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Other operating expenses (4) |
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| 1,538 |
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| — |
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Other interest income (5) |
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| (1,074 | ) |
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| — |
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Total net expense impact of indemnified and repurchased loans |
| $ | 13,025 |
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| $ | 857 |
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______________________________ | |
(1) | The OREO asset and other asset, net are held for sale as of March 31, 2026 and are presented as components of Other assets on the Condensed Consolidated Balance Sheets. |
(2) | Refer to NOTE 2 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for more information about the nature of these reserves. |
(3) | Included as a component of Provision (benefit) for credit losses in the Condensed Consolidated Statements of Income. |
(4) | Impairment charges related to an OREO asset that was previously repurchased and included as a component of Other operating expenses in the Condensed Consolidated Statements of Income. |
(5) | Included as a component of Placement fees and other interest income in the Condensed Consolidated Statements of Income. |
DISCUSSION OF INDEMNIFIED AND REPURCHASED LOANS:
- We continue to execute on our plan to reduce exposure to repurchased loans, with total repurchased loans declining to $191.9 million at March 31, 2026, compared to $221.6 million at December 31, 2025.
- In the second quarter, we entered into an indemnification agreement for a $34.3 million portfolio of loans without the requirement to repurchase the portfolio, reducing our potential repurchase exposure. The portfolio has performed well since origination, and the matters leading to the indemnification are not indicative of underlying credit concerns. This reduction was partially offset by the repurchase of a loan with an outstanding UPB of $4.6 million.
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We expect continued progress in reducing our exposure to repurchased loans through asset sales over time, which should lower related credit charges and operating costs as these assets are resolved.
FIRST QUARTER 2026
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 before taxes, 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, which pays a variable interest rate, decreased 4% year over year, to $14.9 million primarily due to lower average interest rates during the first quarter of 2026 compared to the first quarter of 2025.
- Income tax expense increased $5.5 million, or 218% year over year, primarily driven by a 395% increase in income before taxes during the first quarter of 2026 compared to the first quarter of 2025. Additionally, we recognized a higher balance of realizable tax shortfall. We recognized a $2.0 million shortfall during the first quarter of 2026, compared to a $1.3 million shortfall during the first quarter of 2025, resulting from changes between the grant date fair value and vesting date fair value of share-based compensation awards that vested during the first quarter of 2026. Absent the impact from tax shortfalls, income tax expense increased 394%, which is consistent with the growth in income before taxes.
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FINANCIAL RESULTS - CAPITAL MARKETS | |||||||||||||||
(in thousands) |
| Q1 2026 |
| Q1 2025 |
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| $ Variance |
| % Variance | ||||||
Origination fees |
| $ | 88,076 |
| $ | 45,297 |
| $ | 42,779 |
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| 94 | % | ||
MSR income |
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| 46,773 |
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| 27,811 |
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| 18,962 |
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| 68 |
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Property sales broker fees |
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| 13,179 |
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| 13,521 |
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| (342 | ) |
| (3 | ) | ||
Net warehouse interest income (expense), loans held for sale |
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| (266 | ) |
| (786 | ) |
| 520 |
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| (66 | ) | ||
Other revenues |
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| 14,679 |
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| 16,727 |
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| (2,048 | ) |
| (12 | ) | ||
Total revenues |
| $ | 162,441 |
| $ | 102,570 |
| $ | 59,871 |
|
| 58 | % | ||
Personnel |
| $ | 109,851 |
| $ | 86,466 |
| $ | 23,385 |
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| 27 | % | ||
Amortization and depreciation |
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| 1,146 |
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| 1,141 |
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| 5 |
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| 0 |
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Interest expense on corporate debt |
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| 3,985 |
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| 4,187 |
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| (202 | ) |
| (5 | ) | ||
Other operating expenses |
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| 5,470 |
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| 6,235 |
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| (765 | ) |
| (12 | ) | ||
Total expenses |
| $ | 120,452 |
| $ | 98,029 |
| $ | 22,423 |
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| 23 | % | ||
Income (loss) before taxes |
| $ | 41,989 |
| $ | 4,541 |
| $ | 37,448 |
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| 825 | % | ||
Income tax expense (benefit) |
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| 12,980 |
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| 2,181 |
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| 10,799 |
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| 495 |
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Net income (loss) before temporary equity holders |
| $ | 29,009 |
| $ | 2,360 |
| $ | 26,649 |
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| 1,129 | % | ||
Less: net income (loss) attributable to temporary equity holders |
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| 1,083 |
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| — |
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| 1,083 |
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| N/A |
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Walker & Dunlop net income (loss) |
| $ | 27,926 |
| $ | 2,360 |
| $ | 25,566 |
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| 1,083 | % | ||
Key revenue metrics (as a percentage of debt financing volume): |
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Origination fee rate (1) |
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| 0.76 | % |
| 0.90 | % |
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Agency MSR rate (2) |
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| 0.91 |
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| 1.13 |
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Key performance metrics: |
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Operating margin |
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| 26 | % |
| 4 | % |
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Adjusted EBITDA |
| $ | 3,915 |
| $ | (13,327 | ) | $ | 17,242 |
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| (129 | )% | ||
Diluted earnings (loss) per share |
| $ | 0.81 |
| $ | 0.07 |
| $ | 0.74 |
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| 1,057 | % | ||
______________________________ | |
(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 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 due to higher debt financing volume, partially offset by a decline in the origination fee rate. The lower fee rate was primarily driven by the origination of a $1.7 billion Freddie Mac portfolio in the first quarter of 2026 with no comparable activity in the prior year and a shift in volume mix towards brokered transactions. Portfolio transactions also generally have lower fee rates than non-portfolio transactions. Brokered transactions, which carry lower fee margins, represented 55% of total debt financing volume in the first quarter of 2026, compared to 49% in the first quarter of 2025.
- MSR income increased due to higher debt financing volumes, partially offset by a decrease in the Agency MSR rate. The lower Agency MSR rate was primarily driven by a shift in Agency volume mix, including the $1.7 billion portfolio in the first quarter of 2026. Freddie Mac transactions, which carry lower servicing fees, represented 61% of Agency volume in the first quarter of 2026 compared to 33% in the first quarter of 2025, and portfolio transactions are also priced at lower servicing fees. A higher weighted average servicing fee on Fannie Mae volume partially offset the impact of the Agency volume mix and portfolio transaction.
- Other revenues decreased due to lower investment banking revenues, partially offset by increases in application and appraisal revenues.
- Personnel expense increased in the first quarter of 2026, primarily reflecting higher variable compensation associated with increased transaction volumes, as well as growth in salaries, benefits and subjective bonuses. Personnel expense declined to 68% of segment revenue from 84% last year, demonstrating the operating leverage and scalability of the platform as volumes increased.
- The increase in adjusted EBITDA reflects higher origination fees, partially offset by increased personnel expenses.
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FINANCIAL RESULTS - SERVICING & ASSET MANAGEMENT | |||||||||||||||
(in thousands) |
| Q1 2026 | Q1 2025 | $ Variance |
| % Variance | |||||||||
Origination fees |
| $ | 456 |
| $ | 1,084 |
| $ | (628 | ) |
| (58 | )% | ||
Servicing fees |
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| 85,437 |
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| 82,221 |
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| 3,216 |
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| 4 |
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Investment management fees |
|
| 10,226 |
|
| 9,682 |
|
| 544 |
|
| 6 |
| ||
Net warehouse interest income, loans held for investment |
|
| 291 |
|
| — |
|
| 291 |
|
| N/A |
| ||
Placement fees and other interest income |
|
| 29,494 |
|
| 29,622 |
|
| (128 | ) |
| (0 | ) | ||
Other revenues |
|
| 12,399 |
|
| 9,294 |
|
| 3,105 |
|
| 33 |
| ||
Total revenues |
| $ | 138,303 |
| $ | 131,903 |
| $ | 6,400 |
|
| 5 | % | ||
Personnel |
| $ | 19,123 |
| $ | 19,546 |
| $ | (423 | ) |
| (2 | )% | ||
Amortization and depreciation |
|
| 59,394 |
|
| 54,498 |
|
| 4,896 |
|
| 9 |
| ||
Provision (benefit) for credit losses |
|
| 4,118 |
|
| 3,712 |
|
| 406 |
|
| 11 |
| ||
Interest expense on corporate debt |
|
| 9,589 |
|
| 9,931 |
|
| (342 | ) |
| (3 | ) | ||
Indemnified and repurchased loan expenses |
|
| 10,061 |
|
| 857 |
|
| 9,204 |
|
| 1,074 |
| ||
Other operating expenses |
|
| 3,559 |
|
| 6,611 |
|
| (3,052 | ) |
| (46 | ) | ||
Total expenses |
| $ | 105,844 |
| $ | 95,155 |
| $ | 10,689 |
|
| 11 | % | ||
Income (loss) before taxes |
| $ | 32,459 |
| $ | 36,748 |
| $ | (4,289 | ) |
| (12 | )% | ||
Income tax expense (benefit) |
|
| 10,033 |
|
| 17,651 |
|
| (7,618 | ) |
| (43 | ) | ||
Net income (loss) before noncontrolling interests |
| $ | 22,426 |
| $ | 19,097 |
| $ | 3,329 |
|
| 17 | % | ||
Less: net income (loss) from noncontrolling interests |
|
| 974 |
|
| (29 | ) |
| 1,003 |
|
| (3,459 | ) | ||
Walker & Dunlop net income (loss) |
| $ | 21,452 |
| $ | 19,126 |
| $ | 2,326 |
|
| 12 | % | ||
Key performance metrics: |
|
|
|
|
|
|
|
|
| ||||||
Operating margin |
|
| 23 | % |
| 28 | % |
|
|
|
| ||||
Adjusted EBITDA |
| $ | 111,630 |
| $ | 107,902 |
| $ | 3,728 |
|
| 3 | % | ||
Diluted earnings (loss) per share |
| $ | 0.62 |
| $ | 0.55 |
| $ | 0.07 |
|
| 13 | % | ||
Contacts
Headquarters:
7272 Wisconsin Avenue, Suite 1300
Bethesda, Maryland 20814
Phone 301.215.5500
info@walkeranddunlop.com
Investors:
Kelsey Duffey
Senior Vice President, Investor Relations
Phone 301.202.3207
investorrelations@walkeranddunlop.com
Media:
Carol McNerney
Chief Marketing Officer
Phone 301.215.5515
info@walkeranddunlop.com
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