Form 8-K

8-K — Walker & Dunlop, Inc.

Accession: 0001104659-26-056553

Filed: 2026-05-07

Period: 2026-05-07

CIK: 0001497770

SIC: 6199 (FINANCE SERVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — wd-20260507x8k.htm (Primary)

EX-99.1 (wd-20260507xex99d1.htm)

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GRAPHIC (wd-20260507xex99d1002.jpg)

GRAPHIC (wd-20260507xex99d1007.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: wd-20260507x8k.htm · Sequence: 1

Walker & Dunlop, Inc._May 7, 2026

0001497770false00014977702026-05-072026-05-07

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 7, 2026

Walker & Dunlop, Inc.

(Exact name of registrant as specified in its charter)

Maryland

001-35000

80-0629925

(State or other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

7272 Wisconsin Avenue, Suite 1300

Bethesda, MD

20814

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code: (301) 215-5500

Not applicable

(Former name or former address if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $0.01 Par Value Per Share

New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

☐If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02. Results of Operations and Financial Condition.

On May 7, 2026, Walker & Dunlop, Inc. (the “Company”) issued a press release reporting its financial results for the quarter and year-to-date period ended March 31, 2026. A copy of this press release is furnished herewith as Exhibit 99.1 and is hereby incorporated by reference into this Item 2.02.

The information contained in this current report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.

(d)

Exhibits.

The exhibit contained in this current report on Form 8-K shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

Exhibit

Number

Description

99.1

Press Release dated May 7, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Walker & Dunlop, Inc.

(Registrant)

Date: May 7, 2026

By:

/s/ Gregory A. Florkowski

Gregory A. Florkowski

Executive Vice President and Chief Financial Officer

EX-99.1

Filename: wd-20260507xex99d1.htm · Sequence: 2

Exhibit 99.1

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 – MAY 7, 2026 – 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.”

First quarter 2026 Earnings Release

CONSOLIDATED FIRST QUARTER 2026

OPERATING RESULTS

TRANSACTION VOLUMES

(in thousands)

Q1 2026

Q1 2025

$ Variance

% Variance

Fannie Mae

1,553,899

1,511,794

42,105

Freddie Mac

3,124,128

808,247

2,315,881

287

Ginnie Mae - HUD

481,384

148,158

333,226

225

Brokered (1)

6,503,051

2,552,943

3,950,108

155

Principal Lending and Investing (2)

87,900

175,500

(87,600)

(50)

Debt financing volume

11,750,362

5,196,642

6,553,720

126

Property sales volume

1,910,300

1,839,290

71,010

Total transaction volume

13,660,662

7,035,932

6,624,730

(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.

First quarter 2026 Earnings Release

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

Freddie Mac

44,836,263

38,556,682

6,279,581

Ginnie Mae - HUD

11,646,914

10,882,857

764,057

Brokered

16,385,040

17,032,338

(647,298)

(4)

Principal Lending and Investing

17,500

—

17,500

N/A

Total Servicing Portfolio

146,384,537

135,648,716

10,735,821

Assets under management

18,530,780

18,518,413

12,367

Total Managed Portfolio

164,915,317

154,167,129

10,748,188

Average custodial escrow account deposits (in billions)

2.6

2.5

Weighted-average servicing fee rate at period end (basis points)

23.4

24.4

Weighted-average remaining servicing portfolio term at period end (years)

7.1

7.5

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.

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

73,782

64,966

8,816

Diluted earnings per share

0.46

0.08

0.38

475

Adjusted core EPS

1.02

0.85

0.17

Operating margin

Return on equity

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

Personnel expense

Other operating expenses

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

First quarter 2026 Earnings Release

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.

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

Maximum exposure to at-risk portfolio (2)

14,221,298

13,200,846

1,020,452

Defaulted loans (3)

167,456

108,530

58,926

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

Defaulted loans

0.24

0.17

Allowance for risk-sharing

0.06

0.05

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

Allowance for risk-sharing

0.27

0.24

(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.

First quarter 2026 Earnings Release

INDEMNIFIED AND REPURCHASED LOANS

(in thousands)

March 31, 2026

December 31, 2025

Other Assets

Loans held for investment:

Indemnified loans

91,241

46,253

Repurchased loans

41,556

36,926

Allowance for loan losses

(29,077)

(5,410)

Loans held for investment, net

103,720

77,769

Other real estate owned ("OREO") (1)

13,218

14,756

Other asset, net (1)

24,124

Total other assets related to indemnified and repurchased loans

141,062

116,649

Other Liabilities

Secured borrowings

128,697

83,402

Indemnification reserves (2)

7,961

23,920

Total other liabilities related to indemnified and repurchased loans

136,658

107,322

(in thousands)

Q1 2026

Q1 2025

Initial loan repurchase costs

797

322

Indemnified and repurchased loan operating costs

2,314

535

Expected principal losses on loan repurchase ("loan repurchase losses")

6,950

—

Indemnified and repurchased loan expenses

10,061

857

Provision (benefit) for loan losses (3)

2,500

—

Other operating expenses (4)

1,538

—

Other interest income (5)

(1,074)

—

Total net expense impact of indemnified and repurchased loans

13,025

857

(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.

● 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 Earnings Release

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.

FINANCIAL RESULTS - CAPITAL MARKETS

(in thousands)

Q1 2026

Q1 2025

$ Variance

% Variance

Origination fees

88,076

45,297

42,779

MSR income

46,773

27,811

18,962

Property sales broker fees

13,179

13,521

(342)

(3)

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

(266)

(786)

520

(66)

Other revenues

14,679

16,727

(2,048)

(12)

Total revenues

162,441

102,570

59,871

Personnel

109,851

86,466

23,385

Amortization and depreciation

1,146

1,141

Interest expense on corporate debt

3,985

4,187

(202)

(5)

Other operating expenses

5,470

6,235

(765)

(12)

Total expenses

120,452

98,029

22,423

Income (loss) before taxes

41,989

4,541

37,448

825

Income tax expense (benefit)

12,980

2,181

10,799

495

Net income (loss) before temporary equity holders

29,009

2,360

26,649

1,129

Less: net income (loss) attributable to temporary equity holders

1,083

—

1,083

N/A

Walker & Dunlop net income (loss)

27,926

2,360

25,566

1,083

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

Origination fee rate (1)

0.76

0.90

Agency MSR rate (2)

0.91

1.13

Key performance metrics:

Operating margin

Adjusted EBITDA

3,915

(13,327)

17,242

(129)

Diluted earnings (loss) per share

0.81

0.07

0.74

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.

First quarter 2026 Earnings Release

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 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.

First quarter 2026 Earnings Release

FINANCIAL RESULTS - SERVICING & ASSET MANAGEMENT

(in thousands)

Q1 2026

Q1 2025

$ Variance

% Variance

Origination fees

456

1,084

(628)

(58)

Servicing fees

85,437

82,221

3,216

Investment management fees

10,226

9,682

544

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

Total revenues

138,303

131,903

6,400

Personnel

19,123

19,546

(423)

(2)

Amortization and depreciation

59,394

54,498

4,896

Provision (benefit) for credit losses

4,118

3,712

406

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

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

Less: net income (loss) from noncontrolling interests

974

(29)

1,003

(3,459)

Walker & Dunlop net income (loss)

21,452

19,126

2,326

Key performance metrics:

Operating margin

Adjusted EBITDA

111,630

107,902

3,728

Diluted earnings (loss) per share

0.62

0.55

0.07

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 servicing portfolio increased $10.7 billion over the past 12 months and was the principal driver of the growth in servicing fees year over year, partially offset by a decrease in the weighted average servicing fee across the portfolio.

● Other revenues increased as a result of growth in prepayment fees and other LIHTC fees, partially offset by a decrease in income from equity-method investments. Prepayment fees increased as a result of higher prepayment activity driven by the interest rate environment and increased refinancing activity. LIHTC fees increased as a result of higher fee income and reimbursable fees from our LIHTC operations. Income from equity method investments decreased due to elevated performance from our equity method investments in 2025.

● Amortization and depreciation increased due to the combination of higher recurring amortization of mortgage servicing rights and write-offs due to loan prepayments.

● The increase in indemnified and repurchased loan expenses was primarily driven by the increase in loan repurchase losses coupled with an increase in repurchased loans operating costs as outlined in the Indemnified and Repurchased Loans section above.

● Other operating expenses decreased largely due to a true up to the estimate of losses of certain affordable assets that we sold in the first quarter of 2026, with no comparable activity in the prior year.

First quarter 2026 Earnings Release

FINANCIAL RESULTS - CORPORATE

(in thousands)

Q1 2026

Q1 2025

$ Variance

% Variance

Other interest income

3,210

3,589

(379)

(11)

Other revenues

(2,623)

(695)

(1,928)

277

Total revenues

587

2,894

(2,307)

(80)

Personnel

23,855

15,378

8,477

Amortization and depreciation

2,424

1,982

442

Interest expense on corporate debt

1,328

1,396

(68)

(5)

Other operating expenses

21,478

20,183

1,295

Total expenses

49,085

38,939

10,146

Income (loss) before taxes

(48,498)

(36,045)

(12,453)

Income tax expense (benefit)

(14,991)

(17,313)

2,322

(13)

Walker & Dunlop net income (loss)

(33,507)

(18,732)

(14,775)

Key performance metric:

Adjusted EBITDA

(41,763)

(29,609)

(12,154)

Diluted earnings (loss) per share

(0.97)

(0.54)

(0.43)

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.

● The decrease in other revenues was primarily due to lower income from equity-method investments.

● Personnel expenses increased due to higher salaries and benefits associated with a 9% increase in average segment headcount to support growth in transaction activity, as well as higher subjective bonus accruals reflecting improved financial performance year over year.

First quarter 2026 Earnings Release

CAPITAL SOURCES AND USES

On May 6, 2026, the Company’s Board of Directors declared a dividend of $0.68 per share for the second quarter of 2026. The dividend will be paid on June 4, 2026, to all holders of record of the Company’s restricted and unrestricted common stock as of May 21, 2026.

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 Stock Repurchase Program”). During the first quarter of 2026, the Company repurchased 283 thousand shares under the 2026 Stock Repurchase Program at a weighted-average price of $47.13 per share and immediately retired the shares, reducing stockholders’ equity by $13.3 million. As of March 31, 2026, the Company had $61.7 million of authorized share repurchase capacity remaining under the 2026 Stock Repurchase Program.

Any repurchases made pursuant to the 2026 Stock 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, May 7, 2026, at 8:30 a.m. EDT

Phone:

(800) 330-6710 from within the United States; (312) 471-1353 from outside the United States

Confirmation Code:

7877733

Webcast Link:

https://event.webcasts.com/starthere.jsp?ei=1752006&tp_key=c5facb3699

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 of guaranty obligation, the income statement impact from periodic revaluation and accretion associated with contingent consideration liabilities related to acquired companies, goodwill impairment, loan repurchase losses 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 of guaranty obligation, 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.

First quarter 2026 Earnings Release

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, (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.

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

First quarter 2026 Earnings Release

Walker & Dunlop, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

Unaudited

March 31,

December 31,

September 30,

June 30,

March 31,

(in thousands)

2026

2025

Assets

Cash and cash equivalents

192,527

299,315

274,828

233,712

180,971

Restricted cash

34,419

22,772

44,462

41,090

32,268

Pledged securities, at fair value

228,646

224,954

221,730

218,435

214,374

Loans held for sale, at fair value

2,546,860

1,436,350

2,197,739

1,177,837

946,372

Mortgage servicing rights

795,754

808,145

805,975

817,814

825,761

Goodwill

868,710

Other intangible assets

138,123

141,877

145,631

149,385

153,139

Receivables, net

424,393

419,358

374,316

360,646

372,689

Committed investments in tax credit equity

265,368

241,401

257,564

194,479

337,510

Other assets

670,660

596,596

606,320

612,932

580,084

Total assets

6,165,460

5,059,478

5,797,275

4,675,040

4,511,878

Liabilities

Warehouse notes payable

2,535,227

1,420,272

2,175,157

1,157,234

931,002

Corporate notes payable

825,816

829,218

829,909

828,657

825,556

Allowance for risk-sharing obligations

38,673

37,546

34,140

33,191

31,871

Commitments to fund investments in tax credit equity

256,121

219,949

223,788

168,863

295,052

Other liabilities

775,837

806,631

756,815

725,297

684,308

Total liabilities

4,431,674

3,313,616

4,019,809

2,913,242

2,767,789

Temporary Equity

Profit interests of a wholly owned subsidiary subject to possible redemption

752

(1,036)

—

Stockholders' Equity

Common stock

332

334

333

Additional paid-in capital

454,215

450,434

444,127

438,129

432,788

Accumulated other comprehensive income (loss)

1,203

1,876

1,833

2,764

1,295

Retained earnings

1,264,446

1,282,390

1,319,274

1,308,792

1,297,764

Total stockholders’ equity

1,720,196

1,735,034

1,765,567

1,750,018

1,732,180

Noncontrolling interests

12,838

11,864

11,899

11,780

11,909

Total permanent equity

1,733,034

1,746,898

1,777,466

1,761,798

1,744,089

Commitments and contingencies

—

Total liabilities, temporary equity, and permanent equity

6,165,460

5,059,478

5,797,275

4,675,040

4,511,878

First quarter 2026 Earnings Release

Walker & Dunlop, Inc. and Subsidiaries

Condensed Consolidated Statements of Income and Comprehensive Income

Unaudited

Quarterly Trends

(in thousands, except per share amounts)

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Revenues

Origination fees

88,532

103,614

97,845

94,309

46,381

MSR income

46,773

50,060

48,657

53,153

27,811

Servicing fees

85,437

86,339

85,189

83,693

82,221

Property sales broker fees

13,179

28,488

26,546

14,964

13,521

Investment management fees

10,226

11,192

6,178

7,577

9,682

Net warehouse interest income (expense)

(909)

(2,035)

(1,760)

(786)

Placement fees and other interest income

32,704

37,085

46,302

35,986

33,211

Other revenues

24,455

24,155

28,993

31,318

25,326

Total revenues

301,331

340,024

337,675

319,240

237,367

Expenses

Personnel

152,829

187,113

177,418

161,888

121,390

Amortization and depreciation

62,964

62,084

60,041

58,936

57,621

Provision (benefit) for credit losses

4,118

3,105

949

1,820

3,712

Interest expense on corporate debt

14,902

15,983

16,451

16,767

15,514

Indemnified and repurchased loan expenses

10,061

35,784

3,526

683

857

Other operating expenses

30,507

54,512

33,353

32,772

33,029

Total expenses

275,381

358,581

291,738

272,866

232,123

Income (loss) before taxes

25,950

(18,557)

45,937

46,374

5,244

Income tax expense (benefit)

8,022

(5,447)

12,516

12,425

2,519

Net income (loss) before noncontrolling interests and temporary equity holders

17,928

(13,110)

33,421

33,949

2,725

Less: net income (loss) from noncontrolling interests

974

(36)

(31)

(3)

(29)

Less: net income (loss) attributable to temporary equity holders

1,083

837

—

Walker & Dunlop net income (loss)

15,871

(13,911)

33,452

33,952

2,754

Other comprehensive income (loss), net of tax

(673)

(931)

1,469

709

Walker & Dunlop comprehensive income (loss)

15,198

(13,868)

32,521

35,421

3,463

Effective Tax Rate

31%

29%

27%

48%

Basic earnings (loss) per share

0.46

(0.41)

0.98

1.00

0.08

Diluted earnings (loss) per share

0.46

(0.41)

0.98

0.99

0.08

Cash dividends paid per common share

0.68

0.67

Basic weighted-average shares outstanding

33,394

33,388

33,376

33,358

33,264

Diluted weighted-average shares outstanding

33,411

33,410

33,397

33,371

33,296

First quarter 2026 Earnings Release

SUPPLEMENTAL OPERATING DATA

Unaudited

Quarterly Trends

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

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Transaction Volume:

Components of Debt Financing Volume

Fannie Mae

1,553,899

2,785,231

2,141,092

3,114,308

1,511,794

Freddie Mac

3,124,128

2,023,592

3,664,380

1,752,597

808,247

Ginnie Mae - HUD

481,384

153,748

325,169

288,449

148,158

Brokered (1)

6,503,051

8,675,937

4,512,729

6,335,071

2,552,943

Principal Lending and Investing (2)

87,900

167,700

199,250

147,800

175,500

Total Debt Financing Volume

11,750,362

13,806,208

10,842,620

11,638,225

5,196,642

Property Sales Volume

1,910,300

4,524,142

4,672,875

2,313,585

1,839,290

Total Transaction Volume

13,660,662

18,330,350

15,515,495

13,951,810

7,035,932

Key Performance Metrics:

Operating margin

(5)

Return on equity

(3)

Walker & Dunlop net income (loss)

15,871

(13,911)

33,452

33,952

2,754

Adjusted EBITDA (3)

73,782

38,755

82,084

76,811

64,966

Diluted earnings (loss) per share

0.46

(0.41)

0.98

0.99

0.08

Adjusted core EPS (4)

1.02

0.28

1.22

1.15

0.85

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

Personnel expense

Other operating expenses

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

Origination fee rate (5)

0.76

0.75

0.90

0.82

0.90

Agency MSR rate (6)

0.91

1.01

0.79

1.03

1.13

Other Data:

Market capitalization at period end

1,522,458

2,048,798

2,847,907

2,395,939

2,901,726

Closing share price at period end

44.38

60.15

83.62

70.48

85.36

Average headcount

1,471

1,464

1,438

1,400

1,394

Components of Servicing Portfolio (end of period):

Fannie Mae

73,498,820

72,708,372

71,006,342

70,042,909

69,176,839

Freddie Mac

44,836,263

42,595,441

40,473,401

39,433,013

38,556,682

Ginnie Mae - HUD

11,646,914

11,563,020

11,298,108

11,008,314

10,882,857

Brokered (7)

16,385,040

17,111,320

16,553,827

16,864,888

17,032,338

Principal Lending and Investing (8)

17,500

—

Total Servicing Portfolio

146,384,537

143,978,153

139,331,678

137,349,124

135,648,716

Assets under management (9)

18,530,780

18,631,100

18,521,907

18,623,451

18,518,413

Total Managed Portfolio

164,915,317

162,609,253

157,853,585

155,972,575

154,167,129

Key Servicing Portfolio Metrics (end of period):

Custodial escrow account deposits (in billions)

2.5

3.1

2.8

2.7

2.4

Weighted-average servicing fee rate (basis points)

23.4

23.6

24.0

24.1

24.4

Weighted-average remaining servicing portfolio term (years)

7.1

7.2

7.4

7.5

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

(2) Includes debt financing volumes from our interim lending platform 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 Agency debt financing volume.

(7) Brokered loans serviced primarily for life insurance companies.

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

(9) 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.

First quarter 2026 Earnings Release

KEY CREDIT METRICS

Unaudited

March 31,

December 31,

September 30,

June 30,

March 31,

(dollars in thousands)

2026

2025

Risk-sharing servicing portfolio:

Fannie Mae Full Risk

65,886,235

65,087,136

63,382,256

61,486,070

60,493,946

Fannie Mae Modified Risk

7,612,585

7,621,236

7,624,086

8,556,839

8,682,893

Freddie Mac Modified Risk

15,000

10,000

15,000

Total risk-sharing servicing portfolio

73,513,820

72,723,372

71,016,342

70,052,909

69,191,839

Non-risk-sharing servicing portfolio:

Freddie Mac No Risk

44,821,263

42,580,441

40,463,401

39,423,013

38,541,682

GNMA - HUD No Risk

11,646,914

11,563,020

11,298,108

11,008,314

10,882,857

Brokered

16,385,040

17,111,320

16,553,827

16,864,888

17,032,338

Total non-risk-sharing servicing portfolio

72,853,217

71,254,781

68,315,336

67,296,215

66,456,877

Total loans serviced for others

146,367,037

143,978,153

139,331,678

137,349,124

135,648,716

Loans held for investment (full risk)

56,203

36,926

Indemnification reserves

7,961

23,920

2,000

—

5,527

Interim Loan Joint Venture Managed Loans (1)

17,099

32,965

76,215

173,315

At-risk servicing portfolio (2)

69,444,656

68,649,960

66,946,180

65,378,944

64,450,319

Maximum exposure to at-risk portfolio (3)

14,221,298

14,052,667

13,704,585

13,382,410

13,200,846

Defaulted loans (4)

167,456

158,821

139,020

108,530

Defaulted loans as a percentage of the at-risk portfolio

0.24

0.23

0.21

0.17

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

0.06

0.05

Allowance for risk-sharing as a percentage of maximum exposure

0.27

0.26

0.25

0.24

(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.

(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 pre-securitized 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.

First quarter 2026 Earnings Release

ADJUSTED FINANCIAL MEASURE RECONCILIATION TO GAAP

Unaudited

Quarterly Trends

(in thousands)

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Reconciliation of Walker & Dunlop Net Income to Adjusted EBITDA

Walker & Dunlop Net Income (Loss)

15,871

(13,911)

33,452

33,952

2,754

Income tax expense (benefit)

8,022

(5,447)

12,516

12,425

2,519

Interest expense on corporate debt

14,902

15,983

16,451

16,767

15,514

Amortization and depreciation

62,964

62,084

60,041

58,936

57,621

Provision (benefit) for credit losses

4,118

3,105

949

1,820

3,712

Loan repurchase losses (1)

6,950

20,092

—

Net write-offs

(491)

—

Stock-based compensation expense

8,219

6,909

7,332

6,064

6,442

Write-off of unamortized issuance costs from corporate debt paydown (2)

—

4,215

MSR income

(46,773)

(50,060)

(48,657)

(53,153)

(27,811)

Adjusted EBITDA

73,782

38,755

82,084

76,811

64,966

(1) Presented as a component of Indemnified and repurchased loan expenses on the Condensed Consolidated Statements of Income.

(2) Presented as a component of Other operating expenses on the Condensed Consolidated Statements of Income.

First quarter 2026 Earnings Release

ADJUSTED FINANCIAL MEASURE RECONCILIATION TO GAAP BY SEGMENT

Unaudited

Capital Markets

Three months ended

March 31,

(in thousands)

2026

2025

Reconciliation of Walker & Dunlop Net Income (Loss) to Adjusted EBITDA

Walker & Dunlop Net Income (Loss)

27,926

2,360

Income tax expense (benefit)

12,980

2,181

Interest expense on corporate debt

3,985

4,187

Amortization and depreciation

1,146

1,141

Stock-based compensation expense

4,651

3,351

Write-off of unamortized issuance costs from corporate debt paydown (1)

—

1,264

MSR income

(46,773)

(27,811)

Adjusted EBITDA

3,915

(13,327)

Servicing & Asset Management

Three months ended

March 31,

(in thousands)

2026

2025

Reconciliation of Walker & Dunlop Net Income (Loss) to Adjusted EBITDA

Walker & Dunlop Net Income (Loss)

21,452

19,126

Income tax expense (benefit)

10,033

17,651

Interest expense on corporate debt

9,589

9,931

Amortization and depreciation

59,394

54,498

Provision (benefit) for credit losses

4,118

3,712

Loan repurchase losses (2)

6,950

—

Net write-offs

(491)

—

Stock-based compensation expense

585

455

Write-off of unamortized issuance costs from corporate debt paydown (1)

—

2,529

Adjusted EBITDA

111,630

107,902

Corporate

Three months ended

March 31,

(in thousands)

2026

2025

Reconciliation of Walker & Dunlop Net Income (Loss) to Adjusted EBITDA

Walker & Dunlop Net Income (Loss)

(33,507)

(18,732)

Income tax expense (benefit)

(14,991)

(17,313)

Interest expense on corporate debt

1,328

1,396

Amortization and depreciation

2,424

1,982

Stock-based compensation expense

2,983

2,636

Write-off of unamortized issuance costs from corporate debt paydown (1)

—

422

Adjusted EBITDA

(41,763)

(29,609)

(1) Presented as a component of Other operating expenses on the Condensed Consolidated Statements of Income.

(2) Presented as a component of Indemnified and repurchased loan expenses on the Condensed Consolidated Statements of Income.

First quarter 2026 Earnings Release

ADJUSTED CORE EPS RECONCILIATION

Unaudited

Quarterly Trends

(in thousands)

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Reconciliation of Walker & Dunlop Net Income (Loss) to Adjusted Core Net Income

Walker & Dunlop Net Income (Loss)

15,871

(13,911)

33,452

33,952

2,754

Provision (benefit) for credit losses

4,118

3,105

949

1,820

3,712

Loan repurchase losses (1)

6,950

20,092

—

Net write-offs

(491)

—

Amortization and depreciation

62,964

62,084

60,041

58,936

57,621

MSR income

(46,773)

(50,060)

(48,657)

(53,153)

(27,811)

Contingent consideration accretion and fair value adjustments

(299)

(8,226)

Write-off of unamortized issuance costs from corporate debt paydown (2)

—

4,215

Income tax expense adjustment (3)

(6,908)

(3,662)

(3,856)

(2,429)

(11,355)

Adjusted Core Net Income

35,432

9,422

41,947

39,167

29,176

Reconciliation of Diluted EPS to Adjusted core EPS

Walker & Dunlop Net Income (Loss)

15,871

(13,911)

33,452

33,952

2,754

Diluted weighted-average shares outstanding

33,411

33,410

33,397

33,371

33,296

Diluted earnings (loss) per share

0.46

(0.41)

0.98

0.99

0.08

Adjusted Core Net Income

35,432

9,422

41,947

39,167

29,176

Diluted weighted-average shares outstanding

33,411

33,410

33,397

33,371

33,296

Adjusted core EPS

1.02

0.28

1.22

1.15

0.85

(1)

Presented as a component of Indemnified and repurchased loan expenses on the Condensed Consolidated Statements of Income.

(2)

Presented as a component of Other operating expenses on the Condensed 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 Condensed Consolidated Statements of Income in this press release or (ii) estimated annual effective rate.

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Document and Entity Information

May 07, 2026

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Entity Address, Adress Line Two

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