| Summary and reconciliation of each segment's results and balances |
| | | | | | | | | | | | | | Segment Results and Total Assets (in thousands, except per share data and ratios) | | As of and for the three months ended March 31, 2025 | | Revenues | | | CM | | | SAM | | | Corporate | | | Consolidated | | Loan origination and debt brokerage fees, net | | $ | 45,297 | | $ | 1,084 | | $ | — | | $ | 46,381 | | Fair value of expected net cash flows from servicing, net | | | 27,811 | | | — | | | — | | | 27,811 | | Servicing fees | | | — | | | 82,221 | | | — | | | 82,221 | | Property sales broker fees | | | 13,521 | | | — | | | — | | | 13,521 | | Investment management fees | | | — | | | 9,682 | | | — | | | 9,682 | | Net warehouse interest income (expense) | | | (786) | | | — | | | — | | | (786) | | Placement fees and other interest income | | | — | | | 29,622 | | | 3,589 | | | 33,211 | | Other revenues | | | 16,727 | | | 9,294 | | | (695) | | | 25,326 | | Total revenues | | $ | 102,570 | | $ | 131,903 | | $ | 2,894 | | $ | 237,367 | | | | | | | | | | | | | | | | Expenses | | | | | | | | | | | | | | Personnel(1) | | $ | 86,466 | | $ | 19,546 | | $ | 15,378 | | $ | 121,390 | | Amortization and depreciation | | | 1,141 | | | 54,498 | | | 1,982 | | | 57,621 | | Provision (benefit) for credit losses | | | — | | | 3,712 | | | — | | | 3,712 | | Interest expense on corporate debt | | | 4,187 | | | 9,931 | | | 1,396 | | | 15,514 | | Other operating expenses | | | 6,235 | | | 7,468 | | | 20,183 | | | 33,886 | | Total expenses | | $ | 98,029 | | $ | 95,155 | | $ | 38,939 | | $ | 232,123 | | Income (loss) from operations | | $ | 4,541 | | $ | 36,748 | | $ | (36,045) | | $ | 5,244 | | Income tax expense (benefit) | | | 2,181 | | | 17,651 | | | (17,313) | | | 2,519 | | Net income (loss) before noncontrolling interests | | $ | 2,360 | | $ | 19,097 | | $ | (18,732) | | $ | 2,725 | | Less: net income (loss) from noncontrolling interests | | | — | | | (29) | | | — | | | (29) | | Walker & Dunlop net income (loss) | | $ | 2,360 | | $ | 19,126 | | $ | (18,732) | | $ | 2,754 | | | | | | | | | | | | | | | | Total assets | | $ | 1,582,827 | | $ | 2,480,822 | | $ | 448,229 | | $ | 4,511,878 | | Diluted EPS | | $ | 0.07 | | $ | 0.55 | | $ | (0.54) | | $ | 0.08 | | Operating margin | | | 4 | % | | 28 | % | | (1,246) | % | | 2 | % |
| | | | | | | | | | | | | | Segment Results and Total Assets (in thousands, except per share data and ratios) | | As of and for the three months ended March 31, 2024 | | Revenues | | | CM | | | SAM | | | Corporate | | | Consolidated | | Loan origination and debt brokerage fees, net | | $ | 43,700 | | $ | 40 | | $ | — | | $ | 43,740 | | Fair value of expected net cash flows from servicing, net | | | 20,898 | | | — | | | — | | | 20,898 | | Servicing fees | | | — | | | 80,043 | | | — | | | 80,043 | | Property sales broker fees | | | 8,821 | | | — | | | — | | | 8,821 | | Investment management fees | | | — | | | 13,520 | | | — | | | 13,520 | | Net warehouse interest income (expense) | | | (1,574) | | | 458 | | | — | | | (1,116) | | Placement fees and other interest income | | | — | | | 35,603 | | | 3,799 | | | 39,402 | | Other revenues | | | 10,052 | | | 11,571 | | | 1,128 | | | 22,751 | | Total revenues | | $ | 81,897 | | $ | 141,235 | | $ | 4,927 | | $ | 228,059 | | | | | | | | | | | | | | | | Expenses | | | | | | | | | | | | | | Personnel(1) | | $ | 79,187 | | $ | 18,055 | | $ | 14,221 | | $ | 111,463 | | Amortization and depreciation | | | 1,137 | | | 53,071 | | | 1,683 | | | 55,891 | | Provision (benefit) for credit losses | | | — | | | 524 | | | — | | | 524 | | Interest expense on corporate debt | | | 4,851 | | | 11,191 | | | 1,617 | | | 17,659 | | Other operating expenses | | | 5,052 | | | 5,123 | | | 18,668 | | | 28,843 | | Total expenses | | $ | 90,227 | | $ | 87,964 | | $ | 36,189 | | $ | 214,380 | | Income (loss) from operations | | $ | (8,330) | | $ | 53,271 | | $ | (31,262) | | $ | 13,679 | | Income tax expense (benefit) | | | (1,744) | | | 11,153 | | | (6,545) | | | 2,864 | | Net income (loss) before noncontrolling interests | | $ | (6,586) | | $ | 42,118 | | $ | (24,717) | | $ | 10,815 | | Less: net income (loss) from noncontrolling interests | | | 114 | | | (1,165) | | | — | | | (1,051) | | Walker & Dunlop net income (loss) | | $ | (6,700) | | $ | 43,283 | | $ | (24,717) | | $ | 11,866 | | | | | | | | | | | | | | | | Total assets | | $ | 1,155,060 | | $ | 2,270,266 | | $ | 400,586 | | $ | 3,825,912 | | Diluted EPS | | $ | (0.20) | | $ | 1.28 | | $ | (0.73) | | $ | 0.35 | | Operating margin | | | (10) | % | | 38 | % | | (635) | % | | 6 | % |
| (1) | Personnel expense is primarily composed of the cost of salaries and benefits, payroll taxes, subjective and objective bonuses, commissions, retention bonuses, and share-based compensation . |
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