Walker & Dunlop Reports Fourth Quarter 2025 Financial Results
BETHESDA, Md.--( BUSINESS WIRE)--Walker & Dunlop, Inc. (NYSE: WD) (the “Company”, “Walker & Dunlop” or “W&D”) reported fourth quarter results that reflect significant improvement in its core Capital Markets business, which delivered a 36% increase in total transaction volume to $18.3 billion year over year, and generated fourth quarter revenues of $340 million. The Company reported a diluted loss per share of $0.41 in the fourth quarter of 2025. Adjusted EBITDA decreased to $38.8 million, and adjusted core EPS also declined to $0.28. Included in the Company’s reported results this quarter are $66.2 million of expenses associated primarily with (i) impairment charges and other losses related to underperforming assets the Company plans to sell in 2026, and (ii) operating costs and losses resulting from indemnified and repurchased loans. The Company ended the year with $299 million of cash and cash equivalents, as the majority of the impairment charges and other losses taken in the fourth quarter were non-cash. The recurring cash revenues driven by the Company’s $144 billion loan servicing portfolio and strength of the balance sheet led the Company’s Board of Directors to declare a dividend of $0.68 per share for the first quarter of 2026, a 1.5% increase over the 2025 quarterly dividend and a 172% increase since the dividend was initiated in 2018.
“We closed 2025 with strong momentum across our business after growing total transaction volume each quarter throughout the year from $7 billion in Q1’25 to $18 billion in Q4’25, up 161%” commented Walker & Dunlop Chairman and CEO Willy Walker. “As the commercial real estate transaction market continues to improve, our people and our brand are winning, reflected in our growing market share, and strong league table rankings. We finished the year as the #1 Fannie Mae DUS lender, #3 Freddie Mac Optigo lender, the second-largest combined GSE loan originator, and the fourth-largest multifamily property sales broker in the United States.”
Mr. Walker continued, “Our fourth quarter results were impacted by loan repurchase expenses and impairment charges related to our real estate owned portfolio. As we move forward from these issues, we feel very well positioned for growth in 2026 and beyond. With a $144 billion servicing portfolio generating durable recurring revenue, a robust Capital Markets pipeline building early in the year, and an improving macroeconomic backdrop for commercial real estate, we are focused on generating top and bottom-line growth in 2026 and beyond. Our mission is to become the very best commercial real estate capital markets company in the world, and that journey begins now.”
(1)
Adjusted EBITDA is a non-GAAP financial measure the Company presents to help investors better understand our operating performance. For a reconciliation of adjusted EBITDA to net income, refer to the sections of this press release below titled “Non-GAAP Financial Measures,” “Adjusted Financial Measure Reconciliation to GAAP” and “Adjusted Financial Measure Reconciliation to GAAP by Segment.”
(2)
Adjusted core EPS is a non-GAAP financial measure the Company presents to help investors better understand our operating performance. For a reconciliation of Adjusted core EPS to diluted EPS, refer to the sections of this press release below titled “Non-GAAP Financial Measures” and “Adjusted Core EPS Reconciliation.”
CONSOLIDATED FOURTH QUARTER 2025
OPERATING RESULTS
TRANSACTION VOLUMES
(in thousands)
Q4 2025
Q4 2024
$ Variance
% Variance
Fannie Mae
$
2,785,231
$
3,225,633
$
(440,402
)
(14
)%
Freddie Mac
2,023,592
1,553,495
470,097
30
Ginnie Mae - HUD
153,748
116,437
37,311
32
Brokered (1)
8,675,937
4,893,643
3,782,294
77
Principal Lending and Investing (2)
167,700
207,000
(39,300
)
(19
)
Debt financing volume
$
13,806,208
$
9,996,208
$
3,810,000
38
%
Property sales volume
4,524,142
3,450,614
1,073,528
31
Total transaction volume
$
18,330,350
$
13,446,822
$
4,883,528
36
%
(1)
Brokered transactions for life insurance companies, commercial banks, and other capital sources.
(2)
Includes debt financing volumes from Walker & Dunlop Investment Partners, Inc. (“WDIP”) separate accounts.
DISCUSSION OF QUARTERLY RESULTS:
MANAGED PORTFOLIO
(dollars in thousands, unless otherwise noted)
Q4 2025
Q4 2024
$ Variance
% Variance
Fannie Mae
$
72,708,372
$
68,196,744
$
4,511,628
7
%
Freddie Mac
42,595,441
39,185,091
3,410,350
9
Ginnie Mae - HUD
11,563,020
10,847,265
715,755
7
Brokered
17,111,320
17,057,912
53,408
-
Total Servicing Portfolio
$
143,978,153
$
135,287,012
$
8,691,141
6
%
Assets under management
18,631,100
18,423,463
207,637
1
Total Managed Portfolio
$
162,609,253
$
153,710,475
$
8,898,778
6
%
Average custodial escrow account deposits (in billions)
$
2.9
$
3.2
Weighted-average servicing fee rate at period end (basis points)
23.6
24.2
Weighted-average remaining servicing portfolio term at period end (years)
7.2
7.7
DISCUSSION OF QUARTERLY RESULTS:
KEY PERFORMANCE METRICS
(in thousands, except per share amounts)
Q4 2025
Q4 2024
$ Variance
% Variance
Walker & Dunlop net income (loss)
$
(13,911
)
$
44,836
$
(58,747
)
(131
)%
Adjusted EBITDA
38,755
94,577
(55,822
)
(59
)
Diluted earnings (loss) per share
$
(0.41
)
$
1.32
$
(1.73
)
(131
)%
Adjusted core EPS
$
0.28
$
1.34
$
(1.06
)
(79
)%
Operating margin
(5
)%
15
%
Return on equity
(3
)
10
Key Expense Metrics (as a % of total revenues):
Personnel expense
55
%
50
%
Other operating expenses
10
11
DISCUSSION OF KEY PERFORMANCE METRICS:
KEY CREDIT METRICS
(in thousands)
Q4 2025
Q4 2024
$ Variance
% Variance
At-risk servicing portfolio (1)
$
68,649,960
$
63,365,672
$
5,284,288
8
%
Maximum exposure to at-risk portfolio (2)
14,052,667
12,893,593
1,159,074
9
Defaulted loans (3)
$
158,821
$
41,737
$
117,084
281
%
Key credit metrics (as a % of the at-risk portfolio):
Defaulted loans
0.23
%
0.07
%
Allowance for risk-sharing
0.05
0.04
Key credit metrics (as a % of maximum exposure):
Allowance for risk-sharing
0.27
%
0.22
%
(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:
INDEMNIFIED AND REPURCHASED LOANS
(in thousands)
12/31/2025
12/31/2024
Loans held for investment:
Indemnified loans
$
46,253
$
24,617
Repurchased loans
36,926
12,309
Allowance for loan losses
(5,410
)
(4,060
)
Loans held for investment, net
$
77,769
$
32,866
Other real estate owned
14,756
14,756
Other asset, net
24,124
25,524
Total balance included in Other assets
$
116,649
$
73,146
Other Liabilities:
Secured borrowings
$
83,402
$
59,441
Indemnification reserves (1)
23,920
5,527
Total balance included in Other liabilities
$
107,322
$
64,968
(in thousands)
Q4 2025
Q4 2024
YTD 2025
YTD 2024
Initial loan repurchase costs
$
7,996
$
7,041
$
8,318
$
7,041
Indemnified and repurchased loan operating costs
7,696
1,414
12,440
3,532
Expected principal losses on loan repurchase ("loan repurchase losses")
20,092
-
20,092
-
Indemnified and repurchased loan expenses
$
35,784
$
8,455
$
40,850
$
10,573
Provision (benefit) for loan losses - Indemnified Loans (2)
$
(300
)
$
3,760
$
199
$
11,860
Total impact of indemnified and repurchased loans
$
35,484
$
12,215
$
41,049
$
22,433
(1)
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.
(2)
Included as a component of Provision (benefit) for credit losses in the Consolidated Statements of Income.
DISCUSSION OF INDEMNIFIED AND REPURCHASED LOANS:
FOURTH QUARTER 2025
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:
FINANCIAL RESULTS - CAPITAL MARKETS
(in thousands)
Q4 2025
Q4 2024
$ Variance
% Variance
Loan origination and debt brokerage fees, net ("Origination fees")
$
101,739
$
91,732
$
10,007
11
%
Fair value of expected net cash flows from servicing, net of guaranty obligation ("MSR income")
50,060
55,920
(5,860
)
(10
)
Property sales broker fees
28,488
21,175
7,313
35
Net warehouse interest income (expense), loans held for sale ("LHFS")
(909
)
(2,458
)
1,549
(63
)
Other revenues
11,457
14,693
(3,236
)
(22
)
Total revenues
$
190,835
$
181,062
$
9,773
5
%
Personnel
$
141,266
$
122,601
$
18,665
15
%
Amortization and depreciation
1,146
1,139
7
1
Interest expense on corporate debt
4,316
4,451
(135
)
(3
)
Goodwill impairment
—
33,000
(33,000
)
(100
)
Fair value adjustments to contingent consideration liabilities
—
(38,125
)
38,125
(100
)
Asset impairments and other expenses
—
460
(460
)
(100
)
Other operating expenses
6,713
5,453
1,260
23
Total expenses
$
153,441
$
128,979
$
24,462
19
%
Income (loss) before taxes
$
37,394
$
52,083
$
(14,689
)
(28
)%
Income tax expense (benefit)
10,170
11,586
(1,416
)
(12
)
Net income before temporary equity holders
$
27,224
$
40,497
$
(13,273
)
(33
)%
Less: net income (loss) attributable to temporary equity holders
837
—
837
N/A
Walker & Dunlop net income (loss)
$
26,387
$
40,497
$
(14,110
)
(35
)%
Key revenue metrics (as a percentage of debt financing volume):
Origination fee rate (1)
0.75
%
0.94
%
Agency MSR rate (2)
1.01
1.14
Key performance metrics:
Operating margin
20
%
29
%
Adjusted EBITDA
$
(4,212
)
$
4,173
$
(8,385
)
(201
)%
Diluted earnings (loss) per share
$
0.77
$
1.20
$
(0.43
)
(36
)%
(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.
FINANCIAL RESULTS - SERVICING & ASSET MANAGEMENT
(in thousands)
Q4 2025
Q4 2024
$ Variance
% Variance
Origination fees
$
1,875
$
2,210
$
(335
)
(15
)%
Servicing fees
86,339
82,961
3,378
4
Investment management fees
11,192
(3,110
)
14,302
(460
)
Net warehouse interest income, loans held for investment
—
272
(272
)
(100
)
Placement fees and other interest income
33,468
40,278
(6,810
)
(17
)
Other revenues
10,424
34,687
(24,263
)
(70
)
Total revenues
$
143,298
$
157,298
$
(14,000
)
(9
)%
Personnel
$
23,959
$
23,967
$
(8
)
(0
)%
Amortization and depreciation
58,269
65,155
(6,886
)
(11
)
Provision (benefit) for credit losses
3,105
4,529
(1,424
)
(31
)
Interest expense on corporate debt
10,200
9,986
214
2
Fair value adjustments to contingent consideration liabilities
(8,243
)
(10,830
)
2,587
(24
)
Indemnified and repurchased loan expenses
35,784
8,455
27,329
323
Asset impairments and other expenses
26,055
621
25,434
4,096
Other operating expenses
6,541
15,526
(8,985
)
(58
)
Total expenses
$
155,670
$
117,409
$
38,261
33
%
Income (loss) before taxes
$
(12,372
)
$
39,889
$
(52,261
)
(131
)%
Income tax expense (benefit)
(3,818
)
7,007
(10,825
)
(154
)
Net income before noncontrolling interests
$
(8,554
)
$
32,882
$
(41,436
)
(126
)%
Less: net income (loss) from noncontrolling interests
(36
)
(3,671
)
3,635
(99
)
Walker & Dunlop net income (loss)
$
(8,518
)
$
36,553
$
(45,071
)
(123
)%
Key performance metrics:
Operating margin
(9
)%
25
%
Adjusted EBITDA
$
79,792
$
123,768
$
(43,976
)
(36
)%
Diluted earnings (loss) per share
$
(0.26
)
$
1.07
$
(1.33
)
(124
)%
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.
FINANCIAL RESULTS - CORPORATE
(in thousands)
Q4 2025
Q4 2024
$ Variance
% Variance
Other interest income
$
3,617
$
3,684
$
(67
)
(2
)%
Other revenues
2,274
(593
)
2,867
(483
)
Total revenues
$
5,891
$
3,091
$
2,800
91
%
Personnel
$
21,888
$
22,610
$
(722
)
(3
)%
Amortization and depreciation
2,669
1,760
909
52
Interest expense on corporate debt
1,467
1,484
(17
)
(1
)
Asset impairments and other expenses
4,335
—
4,335
N/A
Other operating expenses
19,111
17,089
2,022
12
Total expenses
$
49,470
$
42,943
$
6,527
15
%
Income (loss) before taxes
$
(43,579
)
$
(39,852
)
$
(3,727
)
9
%
Income tax expense (benefit)
(11,799
)
(7,638
)
(4,161
)
54
Walker & Dunlop net income (loss)
$
(31,780
)
$
(32,214
)
$
434
(1
)%
Key performance metric:
Adjusted EBITDA
$
(36,825
)
$
(33,364
)
$
(3,461
)
10
%
Diluted earnings (loss) per share
$
(0.92
)
$
(0.95
)
$
0.03
(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.
FULL-YEAR 2025
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 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:
FULL-YEAR OPERATING RESULTS AND KEY PERFORMANCE METRICS
(in thousands)
2025
2024
$ Variance
% Variance
Debt financing volume
$
41,483,695
$
30,154,666
$
11,329,029
38
%
Property sales volume
13,349,892
9,751,223
3,598,669
37
Total transaction volume
$
54,833,587
$
39,905,889
$
14,927,698
37
%
Total revenues
1,234,306
1,132,490
101,816
9
Total expenses
1,155,308
1,000,989
154,319
15
Walker & Dunlop net income (loss)
$
56,247
$
108,167
$
(51,920
)
(48
)%
Adjusted EBITDA
262,616
328,549
(65,933
)
(20
)
Diluted earnings (loss) per share
$
1.64
$
3.19
$
(1.55
)
(49
)%
Adjusted core EPS
$
3.50
$
4.97
$
(1.47
)
(30
)%
Operating margin
6
%
12
%
Return on equity
3
6
DISCUSSION OF FULL-YEAR RESULTS:
FULL-YEAR 2025
FINANCIAL RESULTS BY SEGMENT
FULL-YEAR FINANCIAL RESULTS - CAPITAL MARKETS
(in thousands)
2025
2024
$ Variance
% Variance
Total revenues
$
646,950
$
524,841
$
122,109
23
%
Total expenses
521,275
437,549
83,726
19
Walker & Dunlop net income (loss)
$
89,819
$
66,664
$
23,155
35
%
Key revenue metrics (as a percentage of debt financing volume):
Origination fee rate (1)
0.83
%
0.92
%
Agency MSR rate (2)
0.96
1.14
Key performance metrics:
Operating margin
19
%
17
%
Adjusted EBITDA
$
(16,980
)
$
(28,258
)
$
11,278
(40
)%
Diluted earnings (loss) per share
2.62
1.97
0.65
33
(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 FULL-YEAR RESULTS:
FULL-YEAR FINANCIAL RESULTS - SERVICING & ASSET MANAGEMENT
(in thousands)
2025
2024
$ Variance
% Variance
Total revenues
$
566,564
$
591,649
$
(25,085
)
(4
)%
Total expenses
448,712
396,024
52,688
13
Walker & Dunlop net income (loss)
$
85,112
$
157,750
$
(72,638
)
(46
)%
Key performance metrics:
Operating margin
21
%
33
%
Adjusted EBITDA
$
419,049
$
485,382
$
(66,333
)
(14
)%
Diluted earnings (loss) per share
2.48
4.65
(2.17
)
(47
)
SERVICING & ASSET MANAGEMENT - DISCUSSION OF FULL-YEAR RESULTS:
FULL-YEAR FINANCIAL RESULTS - CORPORATE
(in thousands)
2025
2024
$ Variance
% Variance
Total revenues
$
20,792
$
16,000
$
4,792
30
%
Total expenses
185,321
167,416
17,905
11
Walker & Dunlop net income (loss)
$
(118,684
)
$
(116,247
)
$
(2,437
)
2
%
Key performance metric:
Adjusted EBITDA
$
(139,453
)
$
(128,575
)
$
(10,878
)
8
%
Diluted earnings (loss) per share
(3.46
)
(3.43
)
(0.03
)
1
CORPORATE - DISCUSSION OF FULL-YEAR RESULTS:
CAPITAL SOURCES AND USES
On February 25, 2026, the Company’s Board of Directors declared a dividend of $0.68 per share for the first quarter of 2026. The dividend will be paid on March 27, 2026, to all holders of record of the Company’s restricted and unrestricted common stock as of March 13, 2026.
On February 12, 2025, our Board of Directors authorized the repurchase of up to $75.0 million of the Company’s outstanding common stock over a 12-month period starting from February 21, 2025 (the “2025 Share Repurchase Program”). As of December 31, 2025, we had not repurchased any shares of common stock under the 2025 Share Repurchase Program. On February 13, 2026, 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 starting from February 26, 2026 (the “2026 Share Repurchase Program”).
Any repurchases made pursuant to the 2026 Share Repurchase Program will be made in the open market or in privately negotiated transactions, from time to time, as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The repurchase program may be suspended or discontinued at any time.
CONFERENCE CALL INFORMATION
Listeners can access the Company’s quarterly conference call for more information regarding our financial results via the dial-in number and webcast link below. Presentation materials related to the conference call will be posted to the Investor Relations section of the Company’s website prior to the call. An audio replay will also be available on the Investor Relations section of the Company’s website, along with the presentation materials.
Earnings Call:
Thursday, February 26, 2026, at 8:30 a.m. EST
Phone:
(800) 330-6710 from within the United States; (312) 471-1353 from outside the United States
Confirmation Code:
1125082
Webcast Link:
https://event.webcasts.com/starthere.jsp?ei=1751166&tp_key=b177df1a08
ABOUT WALKER & DUNLOP
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
NON-GAAP FINANCIAL MEASURES
To supplement our financial statements presented in accordance with United States generally accepted accounting principles (“GAAP”), the Company uses adjusted EBITDA, adjusted core net income, and adjusted core EPS, which are non-GAAP financial measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. When analyzing our operating performance, readers should use adjusted EBITDA, adjusted core net income, and adjusted core EPS in addition to, and not as an alternative for, net income and diluted EPS.
Adjusted core net income and adjusted core EPS represent net income adjusted for amortization and depreciation, provision (benefit) for credit losses, net write-offs based on the final resolution of the defaulted loans or collateral, the fair value of expected net cash flows from servicing, net, the income statement impact from periodic revaluation and accretion associated with contingent consideration liabilities related to acquired companies, goodwill impairment and other adjustments. Adjusted EBITDA represents net income before income taxes, interest expense on our corporate debt, and amortization and depreciation, adjusted for provision (benefit) for credit losses, net write-offs based on the final resolution of the defaulted loans or collateral, loan repurchase losses, stock-based compensation, the fair value of expected net cash flows from servicing, net, the write-off of the unamortized balance of deferred issuance costs 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:
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, (6) changes in federal government fiscal and monetary policies, including any constraints or cuts in federal funds allocated to HUD for loan originations, and (7) our obligations to repurchase or indemnify the GSEs for loans we originate under their programs, including additional charges or losses related to loans we have already repurchased or indemnified and new repurchase requests we may receive from the GSEs related to the previously identified instances of borrower fraud, additional instances of borrower fraud, or other reasons.
For a further discussion of these and other factors that could cause future results to differ materially from those expressed or contemplated in any forward-looking statements, see the section titled “Risk Factors” in our most recent Annual Report on Form 10-K and any updates or supplements in subsequent Quarterly Reports on Form 10-Q and our other filings with the SEC. Such filings are available publicly on our Investor Relations web page at www.walkerdunlop.com.
Walker & Dunlop, Inc. and Subsidiaries
Consolidated Balance Sheets
Unaudited
December 31,
September 30,
June 30,
March 31,
December 31,
(in thousands)
2025
2025
2025
2025
2024
Assets
Cash and cash equivalents
$
299,315
$
274,828
$
233,712
$
180,971
$
279,270
Restricted cash
22,772
44,462
41,090
32,268
25,156
Pledged securities, at fair value
224,954
221,730
218,435
214,374
206,904
Loans held for sale, at fair value
1,436,350
2,197,739
1,177,837
946,372
780,749
Mortgage servicing rights
808,145
805,975
817,814
825,761
852,399
Goodwill
868,710
868,710
868,710
868,710
868,710
Other intangible assets
141,877
145,631
149,385
153,139
156,893
Receivables, net
419,358
374,316
360,646
372,689
335,879
Committed investments in tax credit equity
241,401
257,564
194,479
337,510
313,230
Other assets
596,596
606,320
612,932
580,084
562,803
Total assets
$
5,059,478
$
5,797,275
$
4,675,040
$
4,511,878
$
4,381,993
Liabilities
Warehouse notes payable
$
1,420,272
$
2,175,157
$
1,157,234
$
931,002
$
781,706
Corporate notes payable
829,218
829,909
828,657
825,556
768,044
Allowance for risk-sharing obligations
37,546
34,140
33,191
31,871
28,159
Deferred tax liabilities, net
237,001
240,912
240,929
241,456
241,386
Commitments to fund investments in tax credit equity
219,949
223,788
168,863
295,052
274,975
Other liabilities
569,630
515,903
484,368
442,852
527,860
Total liabilities
$
3,313,616
$
4,019,809
$
2,913,242
$
2,767,789
$
2,622,130
Temporary Equity
Profit interests of a wholly owned subsidiary subject to possible redemption
$
(1,036
)
$
—
$
—
$
—
$
—
Stockholders' Equity
Common stock
$
334
$
333
$
333
$
333
$
332
Additional paid-in capital
450,434
444,127
438,129
432,788
429,000
Accumulated other comprehensive income (loss)
1,876
1,833
2,764
1,295
586
Retained earnings
1,282,390
1,319,274
1,308,792
1,297,764
1,317,945
Total stockholders’ equity
$
1,735,034
$
1,765,567
$
1,750,018
$
1,732,180
$
1,747,863
Noncontrolling interests
11,864
11,899
11,780
11,909
12,000
Total permanent equity
$
1,746,898
$
1,777,466
$
1,761,798
$
1,744,089
$
1,759,863
Commitments and contingencies
—
—
—
—
—
Total liabilities, temporary equity, and permanent equity
$
5,059,478
$
5,797,275
$
4,675,040
$
4,511,878
$
4,381,993
Walker & Dunlop, Inc. and Subsidiaries
Consolidated Statements of Income and Comprehensive Income
Unaudited
Quarterly Trends
Years ended
December 31,
(in thousands, except per share amounts)
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
2025
2024
Revenues
Origination fees
$
103,614
$
97,845
$
94,309
$
46,381
$
93,942
$
342,149
$
276,562
MSR income
50,060
48,657
53,153
27,811
55,920
179,681
153,593
Servicing fees
86,339
85,189
83,693
82,221
82,961
337,442
325,644
Property sales broker fees
28,488
26,546
14,964
13,521
21,175
83,519
60,583
Investment management fees
11,192
6,178
7,577
9,682
(3,110
)
34,629
36,976
Net warehouse interest income (expense)
(909
)
(2,035
)
(1,760
)
(786
)
(2,186
)
(5,490
)
(7,033
)
Placement fees and other interest income
37,085
46,302
35,986
33,211
43,962
152,584
167,961
Other revenues
24,155
28,993
31,318
25,326
48,787
109,792
118,204
Total revenues
$
340,024
$
337,675
$
319,240
$
237,367
$
341,451
$
1,234,306
$
1,132,490
Expenses
Personnel
$
187,113
$
177,418
$
161,888
$
121,390
$
169,178
$
647,809
$
559,246
Amortization and depreciation
62,084
60,041
58,936
57,621
68,054
238,682
237,549
Provision (benefit) for credit losses
3,105
949
1,820
3,712
4,529
9,586
10,839
Interest expense on corporate debt
15,983
16,451
16,767
15,514
15,921
64,715
69,686
Goodwill impairment
—
—
—
—
33,000
—
33,000
Fair value adjustments to contingent consideration liabilities
(8,243
)
—
—
—
(48,955
)
(8,243
)
(50,321
)
Indemnified and repurchased loan expenses
35,784
3,526
683
857
8,455
40,850
10,573
Asset impairments and other expenses
30,390
663
1,478
4,215
1,081
36,746
1,181
Other operating expenses
32,365
32,690
31,294
28,814
38,068
125,163
129,236
Total expenses
$
358,581
$
291,738
$
272,866
$
232,123
$
289,331
$
1,155,308
$
1,000,989
Income (loss) before taxes
$
(18,557
)
$
45,937
$
46,374
$
5,244
$
52,120
$
78,998
$
131,501
Income tax expense (benefit)
(5,447
)
12,516
12,425
2,519
10,955
22,013
30,543
Net income before noncontrolling interests and temporary equity holders
$
(13,110
)
$
33,421
$
33,949
$
2,725
$
41,165
$
56,985
$
100,958
Less: net income (loss) from noncontrolling interests
(36
)
(31
)
(3
)
(29
)
(3,671
)
(99
)
(7,209
)
Less: net income (loss) attributable to temporary equity holders
837
—
—
—
—
837
—
Walker & Dunlop net income (loss)
$
(13,911
)
$
33,452
$
33,952
$
2,754
$
44,836
$
56,247
$
108,167
Other comprehensive income (loss), net of tax
43
(931
)
1,469
709
(880
)
1,290
1,065
Walker & Dunlop comprehensive income (loss)
$
(13,868
)
$
32,521
$
35,421
$
3,463
$
43,956
$
57,537
$
109,232
Effective Tax Rate
29
%
27
%
27
%
48
%
21
%
28
%
23
%
Basic earnings (loss) per share
$
(0.41
)
$
0.98
$
1.00
$
0.08
$
1.32
$
1.65
$
3.19
Diluted earnings (loss) per share
(0.41
)
0.98
0.99
0.08
1.32
1.64
3.19
Cash dividends paid per common share
0.67
0.67
0.67
0.67
0.65
2.68
2.60
Basic weighted-average shares outstanding
33,388
33,376
33,358
33,264
33,192
33,347
33,116
Diluted weighted-average shares outstanding
33,410
33,397
33,371
33,296
33,223
33,369
33,158
SUPPLEMENTAL OPERATING DATA
Unaudited
Quarterly Trends
Years ended
December 31,
(in thousands, except per share data and unless otherwise noted)
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
2025
2024
Transaction Volume:
Components of Debt Financing Volume
Fannie Mae
$
2,785,231
$
2,141,092
$
3,114,308
$
1,511,794
$
3,225,633
$
9,552,425
$
7,641,161
Freddie Mac
2,023,592
3,664,380
1,752,597
808,247
1,553,495
8,248,816
5,227,550
Ginnie Mae - HUD
153,748
325,169
288,449
148,158
116,437
915,524
588,529
Brokered (1)
8,675,937
4,512,729
6,335,071
2,552,943
4,893,643
22,076,680
16,093,776
Principal Lending and Investing (2)
167,700
199,250
147,800
175,500
207,000
690,250
603,650
Total Debt Financing Volume
$
13,806,208
$
10,842,620
$
11,638,225
$
5,196,642
$
9,996,208
$
41,483,695
$
30,154,666
Property Sales Volume
4,524,142
4,672,875
2,313,585
1,839,290
3,450,614
13,349,892
9,751,223
Total Transaction Volume
$
18,330,350
$
15,515,495
$
13,951,810
$
7,035,932
$
13,446,822
$
54,833,587
$
39,905,889
Key Performance Metrics:
Operating margin
(5
)%
14
%
15
%
2
%
15
%
6
%
12
%
Return on equity
(3
)
8
8
1
10
3
6
Walker & Dunlop net income (loss)
$
(13,911
)
$
33,452
$
33,952
$
2,754
$
44,836
$
56,247
$
108,167
Adjusted EBITDA (3)
38,755
82,084
76,811
64,966
94,577
262,616
328,549
Diluted earnings (loss) per share
(0.41
)
0.98
0.99
0.08
1.32
1.64
3.19
Adjusted core EPS (4)
0.28
1.22
1.15
0.85
1.34
3.50
4.97
Key Expense Metrics (as a percentage of total revenues):
Personnel expense
55
%
53
%
51
%
51
%
50
%
52
%
49
%
Other operating expenses
10
10
10
12
11
10
11
Key Revenue Metrics (as a percentage of debt financing volume):
Origination fee rate (5)
0.75
%
0.90
%
0.82
%
0.90
%
0.94
%
0.83
%
0.92
%
Agency MSR rate (6)
1.01
0.79
1.03
1.13
1.14
0.96
1.14
Other Data:
Market capitalization at period end
$
2,048,798
$
2,847,907
$
2,395,939
$
2,901,726
$
3,282,018
Closing share price at period end
$
60.15
$
83.62
$
70.48
$
85.36
$
97.21
Average headcount
1,464
1,438
1,400
1,394
1,391
Components of Servicing Portfolio (end of period):
Fannie Mae
$
72,708,372
$
71,006,342
$
70,042,909
$
69,176,839
$
68,196,744
Freddie Mac
42,595,441
40,473,401
39,433,013
38,556,682
39,185,091
Ginnie Mae - HUD
11,563,020
11,298,108
11,008,314
10,882,857
10,847,265
Brokered (7)
17,111,320
16,553,827
16,864,888
17,032,338
17,057,912
Total Servicing Portfolio
$
143,978,153
$
139,331,678
$
137,349,124
$
135,648,716
$
135,287,012
Assets under management (8)
18,631,100
18,521,907
18,623,451
18,518,413
18,423,463
Total Managed Portfolio
$
162,609,253
$
157,853,585
$
155,972,575
$
154,167,129
$
153,710,475
Key Servicing Portfolio Metrics (end of period):
Custodial escrow account deposits (in billions)
$
3.1
$
2.8
$
2.7
$
2.4
$
2.7
Weighted-average servicing fee rate (basis points)
23.6
24.0
24.1
24.4
24.2
Weighted-average remaining servicing portfolio term (years)
7.2
7.4
7.4
7.5
7.7
(1)
Brokered transactions for life insurance companies, commercial banks, and other capital sources.
(2)
Includes debt financing volumes from our 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 Agency debt financing volume.
(7)
Brokered loans serviced primarily for life insurance companies.
(8)
WDAE assets under management, commercial real estate loans and funds managed by WDIP, and interim loans serviced for our interim loan joint venture.
KEY CREDIT METRICS
Unaudited
December 31,
September 30,
June 30,
March 31,
December 31,
(dollars in thousands)
2025
2025
2025
2025
2024
Risk-sharing servicing portfolio:
Fannie Mae Full Risk
$
65,087,136
$
63,382,256
$
61,486,070
$
60,493,946
$
59,304,888
Fannie Mae Modified Risk
7,621,236
7,624,086
8,556,839
8,682,893
8,891,856
Freddie Mac Modified Risk
15,000
10,000
10,000
15,000
15,000
Total risk-sharing servicing portfolio
$
72,723,372
$
71,016,342
$
70,052,909
$
69,191,839
$
68,211,744
Non-risk-sharing servicing portfolio:
Freddie Mac No Risk
$
42,580,441
$
40,463,401
$
39,423,013
$
38,541,682
$
39,170,091
GNMA - HUD No Risk
11,563,020
11,298,108
11,008,314
10,882,857
10,847,265
Brokered
17,111,320
16,553,827
16,864,888
17,032,338
17,057,912
Total non-risk-sharing servicing portfolio
$
71,254,781
$
68,315,336
$
67,296,215
$
66,456,877
$
67,075,268
Total loans serviced for others
$
143,978,153
$
139,331,678
$
137,349,124
$
135,648,716
$
135,287,012
Loans held for investment (full risk)
$
36,926
$
36,926
$
36,926
$
36,926
$
36,926
Indemnification reserves
23,920
—
—
—
5,527
Interim Loan Joint Venture Managed Loans (1)
32,965
76,215
76,215
173,315
173,315
At-risk servicing portfolio (2)
$
68,649,960
$
66,946,180
$
65,378,944
$
64,450,319
$
63,365,672
Maximum exposure to at-risk portfolio (3)
14,052,667
13,704,585
13,382,410
13,200,846
12,893,593
Defaulted loans (4)
158,821
139,020
108,530
108,530
41,737
Defaulted loans as a percentage of the at-risk portfolio
0.23
%
0.21
%
0.17
%
0.17
%
0.07
%
Allowance for risk-sharing as a percentage of the at-risk portfolio
0.05
0.05
0.05
0.05
0.04
Allowance for risk-sharing as a percentage of maximum exposure
0.27
0.25
0.25
0.24
0.22
(1)
This balance consisted entirely of Interim Program JV managed loans. We indirectly share in a portion of the risk of loss associated with Interim Program JV managed loans through our 15% equity ownership in the Interim Program JV. We have no exposure to risk of loss for the loans serviced directly for the Interim Program JV partner. The balance of this line is included as a component of assets under management in the Supplemental Operating Data table above.
(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 or Freddie Mac 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.
ADJUSTED FINANCIAL MEASURE RECONCILIATION TO GAAP
Unaudited
Quarterly Trends
Years ended
December 31,
(in thousands)
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
2025
2024
Reconciliation of Walker & Dunlop Net Income to Adjusted EBITDA
Walker & Dunlop Net Income (Loss)
$
(13,911
)
$
33,452
$
33,952
$
2,754
$
44,836
$
56,247
$
108,167
Income tax expense (benefit)
(5,447
)
12,516
12,425
2,519
10,955
22,013
30,543
Interest expense on corporate debt
15,983
16,451
16,767
15,514
15,921
64,715
69,686
Amortization and depreciation
62,084
60,041
58,936
57,621
68,054
238,682
237,549
Provision (benefit) for credit losses
3,105
949
1,820
3,712
4,529
9,586
10,839
Loan repurchase losses (1)
20,092
—
—
—
—
20,092
—
Net write-offs
—
—
—
—
—
—
(468
)
Stock-based compensation expense
6,909
7,332
6,064
6,442
7,702
26,747
27,326
Goodwill impairment, net of contingent consideration liability fair value adjustments (2)
—
—
—
—
(1,500
)
—
(1,500
)
Write-off of unamortized issuance costs from corporate debt paydown (3)
—
—
—
4,215
—
4,215
—
MSR income
(50,060
)
(48,657
)
(53,153
)
(27,811
)
(55,920
)
(179,681
)
(153,593
)
Adjusted EBITDA
$
38,755
$
82,084
$
76,811
$
64,966
$
94,577
$
262,616
$
328,549
(1)
Presented as a component of Indemnified and repurchased loan expenses on the Consolidated Statements of Income and Comprehensive Income.
(2)
For the three months and year ended December 31, 2024, includes goodwill impairment of $33.0 million and contingent consideration liability fair value adjustments of $34.5 million.
(3)
Presented as a component of Asset impairments and other expenses on the Consolidated Statements of Income.
ADJUSTED FINANCIAL MEASURE RECONCILIATION TO GAAP BY SEGMENT
Unaudited
Capital Markets
Three months ended
December 31,
For the year ended
December 31,
(in thousands)
2025
2024
2025
2024
Reconciliation of Walker & Dunlop Net Income to Adjusted EBITDA
Walker & Dunlop Net Income (Loss)
$
26,387
$
40,497
$
89,819
$
66,664
Income tax expense (benefit)
10,170
11,586
35,019
20,275
Interest expense on corporate debt
4,316
4,451
17,506
19,489
Amortization and depreciation
1,146
1,139
4,579
4,551
Stock-based compensation expense
3,829
3,920
14,514
15,856
Goodwill impairment, net of contingent consideration liability fair value adjustments (1)
—
(1,500
)
—
(1,500
)
Write-off of unamortized issuance costs from corporate debt paydown (2)
—
—
1,264
—
MSR income
(50,060
)
(55,920
)
(179,681
)
(153,593
)
Adjusted EBITDA
$
(4,212
)
$
4,173
$
(16,980
)
$
(28,258
)
Servicing & Asset Management
Three months ended
December 31,
For the year ended
December 31,
(in thousands)
2025
2024
2025
2024
Reconciliation of Walker & Dunlop Net Income to Adjusted EBITDA
Walker & Dunlop Net Income (Loss)
$
(8,518
)
$
36,553
$
85,112
$
157,750
Income tax expense (benefit)
(3,818
)
7,007
32,839
45,437
Interest expense on corporate debt
10,200
9,986
41,345
43,834
Amortization and depreciation
58,269
65,155
225,640
226,067
Provision (benefit) for credit losses
3,105
4,529
9,586
10,839
Loan repurchase losses (3)
20,092
—
20,092
—
Net write-offs
—
—
—
(468
)
Stock-based compensation expense
462
538
1,906
1,923
Write-off of unamortized issuance costs from corporate debt paydown (2)
—
—
2,529
—
Adjusted EBITDA
$
79,792
$
123,768
$
419,049
$
485,382
Corporate
Three months ended
December 31,
For the year ended
December 31,
(in thousands)
2025
2024
2025
2024
Reconciliation of Walker & Dunlop Net Income to Adjusted EBITDA
Walker & Dunlop Net Income (Loss)
$
(31,780
)
$
(32,214
)
$
(118,684
)
$
(116,247
)
Income tax expense (benefit)
(11,799
)
(7,638
)
(45,845
)
(35,169
)
Interest expense on corporate debt
1,467
1,484
5,864
6,363
Amortization and depreciation
2,669
1,760
8,463
6,931
Stock-based compensation expense
2,618
3,244
10,327
9,547
Write-off of unamortized issuance costs from corporate debt paydown (2)
—
—
422
—
Adjusted EBITDA
$
(36,825
)
$
(33,364
)
$
(139,453
)
$
(128,575
)
(1)
For the three months and year ended December 31, 2024, includes goodwill impairment of $33.0 million and contingent consideration liability fair value adjustments of $34.5 million.
(2)
Presented as a component of Asset impairments and other expenses on the Consolidated Statements of Income.
(3)
Presented as a component of Indemnified and repurchased loan expenses on the Consolidated Statements of Income and Comprehensive Income.
ADJUSTED CORE EPS RECONCILIATION
Unaudited
Quarterly Trends
Years ended
December 31,
(in thousands)
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
2025
2024
Reconciliation of Walker & Dunlop Net Income to Adjusted Core Net Income
Walker & Dunlop Net Income (Loss)
$
(13,911
)
$
33,452
$
33,952
$
2,754
$
44,836
$
56,247
$
108,167
Provision (benefit) for credit losses
3,105
949
1,820
3,712
4,529
9,586
10,839
Loan repurchase losses (1)
20,092
—
—
—
—
20,092
—
Net write-offs
—
—
—
—
—
—
(468
)
Amortization and depreciation
62,084
60,041
58,936
57,621
68,054
238,682
237,549
MSR income
(50,060
)
(48,657
)
(53,153
)
(27,811
)
(55,920
)
(179,681
)
(153,593
)
Goodwill impairment
—
—
—
—
33,000
—
33,000
Contingent consideration accretion and fair value adjustments
(8,226
)
18
41
40
(48,822
)
(8,127
)
(48,692
)
Write-off of unamortized issuance costs from corporate debt paydown (2)
—
—
—
4,215
—
4,215
—
Income tax expense adjustment (3)
(3,662
)
(3,856
)
(2,429
)
(11,355
)
(177
)
(21,302
)
(18,264
)
Adjusted Core Net Income
$
9,422
$
41,947
$
39,167
$
29,176
$
45,500
$
119,712
$
168,538
Reconciliation of Diluted EPS to Adjusted core EPS
Walker & Dunlop Net Income
$
(13,911
)
$
33,452
$
33,952
$
2,754
$
44,836
$
56,247
$
108,167
Diluted weighted-average shares outstanding
33,410
33,397
33,371
33,296
33,223
33,369
33,158
Diluted earnings (loss) per share
$
(0.41
)
$
0.98
$
0.99
$
0.08
$
1.32
$
1.64
$
3.19
Adjusted Core Net Income
$
9,422
$
41,947
$
39,167
$
29,176
$
45,500
$
119,712
$
168,538
Diluted weighted-average shares outstanding
33,410
33,397
33,371
33,296
33,223
33,369
33,158
Adjusted Core EPS
$
0.28
$
1.22
$
1.15
$
0.85
$
1.34
$
3.50
$
4.97
(1)
Presented as a component of Indemnified and repurchased loan expenses on the Consolidated Statements of Income and Comprehensive Income
(2)
Presented as a component of Asset impairments and other expenses on the Consolidated Statements of Income.
(3)
Income tax impact of the above adjustments to adjusted core net income. Uses (i) quarterly effective tax rate as disclosed in the Consolidated Statements of Income and Comprehensive Income in this press release, (ii) estimated annual effective rate, or (iii) annual marginal tax rate.
Category: Earnings