SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2025

Summary and reconciliation of each segment's results and balances


Segment Results (dollars in thousands, except per share data and ratios)		For the three months ended June 30, 2025
Revenues			CM			SAM			Corporate			Consolidated
Loan origination and debt brokerage fees, net		$	93,764		$	545		$	—		$	94,309
Fair value of expected net cash flows from servicing, net			53,153			—			—			53,153
Servicing fees			—			83,693			—			83,693
Property sales broker fees			14,964			—			—			14,964
Investment management fees			—			7,577			—			7,577
Net warehouse interest income (expense)			(1,760)			—			—			(1,760)
Placement fees and other interest income			—			32,651			3,335			35,986
Other revenues			12,670			16,269			2,379			31,318
Total revenues		$	172,791		$	140,735		$	5,714		$	319,240

Expenses
Personnel⁽¹⁾		$	116,441		$	22,743		$	22,704		$	161,888
Amortization and depreciation			1,146			55,882			1,908			58,936
Provision (benefit) for credit losses			—			1,820			—			1,820
Interest expense on corporate debt			4,468			10,810			1,489			16,767
Other operating expenses			5,309			6,514			21,632			33,455
Total expenses		$	127,364		$	97,769		$	47,733		$	272,866
Income (loss) from operations		$	45,427		$	42,966		$	(42,019)		$	46,374
Income tax expense (benefit)			12,285			5,428			(5,288)			12,425
Net income (loss) before noncontrolling interests		$	33,142		$	37,538		$	(36,731)		$	33,949
Less: net income (loss) from noncontrolling interests			—			(3)			—			(3)
Walker & Dunlop net income (loss)		$	33,142		$	37,541		$	(36,731)		$	33,952

Diluted EPS		$	0.97		$	1.10		$	(1.08)		$	0.99
Operating margin			26	%		31	%		(735)	%		15	%


Segment Results (dollars in thousands, except per share data and ratios)		For the three months ended June 30, 2024
Revenues			CM			SAM			Corporate			Consolidated
Loan origination and debt brokerage fees, net		$	63,841			1,493			—		$	65,334
Fair value of expected net cash flows from servicing, net			33,349			—			—			33,349
Servicing fees			—			80,418			—			80,418
Property sales broker fees			11,265			—			—			11,265
Investment management fees			—			14,822			—			14,822
Net warehouse interest income (expense)			(1,950)			366			—			(1,584)
Placement fees and other interest income			—			37,170			3,870			41,040
Other revenues			11,665			13,963			404			26,032
Total revenues		$	118,170		$	148,232		$	4,274		$	270,676

Expenses
Personnel⁽¹⁾		$	92,480			20,077			20,510		$	133,067
Amortization and depreciation			1,138			53,173			1,732			56,043
Provision (benefit) for credit losses			—			2,936			—			2,936
Interest expense on corporate debt			5,299			10,946			1,629			17,874
Other operating expenses			4,642			6,728			21,189			32,559
Total expenses		$	103,559		$	93,860		$	45,060		$	242,479
Income (loss) from operations		$	14,611		$	54,372		$	(40,786)		$	28,197
Income tax expense (benefit)			3,359			16,521			(11,978)			7,902
Net income (loss) before noncontrolling interests		$	11,252		$	37,851		$	(28,808)		$	20,295
Less: net income (loss) from noncontrolling interests			213			(2,581)			—			(2,368)
Walker & Dunlop net income (loss)		$	11,039		$	40,432		$	(28,808)		$	22,663

Diluted EPS		$	0.33		$	1.19		$	(0.85)		$	0.67
Operating margin			12	%		37	%		(954)	%		10	%

(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.


Segment Results and Total Assets (dollars in thousands, except per share data and ratios)		As of and for the six months ended June 30, 2025
Revenues			CM			SAM			Corporate			Consolidated
Loan origination and debt brokerage fees, net		$	139,061		$	1,629		$	—		$	140,690
Fair value of expected net cash flows from servicing, net			80,964			—			—			80,964
Servicing fees			—			165,914			—			165,914
Property sales broker fees			28,485			—			—			28,485
Investment management fees			—			17,259			—			17,259
Net warehouse interest income (expense)			(2,546)			—			—			(2,546)
Placement fees and other interest income			—			62,273			6,924			69,197
Other revenues			29,397			25,563			1,684			56,644
Total revenues		$	275,361		$	272,638		$	8,608		$	556,607

Expenses
Personnel⁽¹⁾		$	202,907		$	42,289		$	38,082		$	283,278
Amortization and depreciation			2,287			110,380			3,890			116,557
Provision (benefit) for credit losses			—			5,532			—			5,532
Interest expense on corporate debt			8,655			20,741			2,885			32,281
Other operating expenses			11,544			13,982			41,815			67,341
Total expenses		$	225,393		$	192,924		$	86,672		$	504,989
Income (loss) from operations		$	49,968		$	79,714		$	(78,064)		$	51,618
Income tax expense (benefit)			14,466			23,079			(22,601)			14,944
Net income (loss) before noncontrolling interests		$	35,502		$	56,635		$	(55,463)		$	36,674
Less: net income (loss) from noncontrolling interests			—			(32)			—			(32)
Walker & Dunlop net income (loss)		$	35,502		$	56,667		$	(55,463)		$	36,706

Total assets		$	1,851,055		$	2,337,205		$	486,780		$	4,675,040
Diluted EPS		$	1.04		$	1.65		$	(1.62)		$	1.07
Operating margin			18	%		29	%		(907)	%		9	%

(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.


Segment Results and Total Assets (dollars in thousands, except per share data and ratios)		As of and for the six months ended June 30, 2024
Revenues			CM			SAM			Corporate			Consolidated
Loan origination and debt brokerage fees, net		$	107,541		$	1,533		$	—		$	109,074
Fair value of expected net cash flows from servicing, net			54,247			—			—			54,247
Servicing fees			—			160,461			—			160,461
Property sales broker fees			20,086			—			—			20,086
Investment management fees			—			28,342			—			28,342
Net warehouse interest income (expense)			(3,524)			824			—			(2,700)
Placement fees and other interest income			—			72,773			7,669			80,442
Other revenues			21,717			25,534			1,532			48,783
Total revenues		$	200,067		$	289,467		$	9,201		$	498,735

Expenses
Personnel⁽¹⁾		$	171,667		$	38,132		$	34,731		$	244,530
Amortization and depreciation			2,275			106,244			3,415			111,934
Provision (benefit) for credit losses			—			3,460			—			3,460
Interest expense on corporate debt			10,150			22,137			3,246			35,533
Other operating expenses			9,694			11,851			39,857			61,402
Total expenses		$	193,786		$	181,824		$	81,249		$	456,859
Income (loss) from operations		$	6,281		$	107,643		$	(72,048)		$	41,876
Income tax expense (benefit)			1,615			27,674			(18,523)			10,766
Net income (loss) before noncontrolling interests		$	4,666		$	79,969		$	(53,525)		$	31,110
Less: net income (loss) from noncontrolling interests			327			(3,746)			—			(3,419)
Walker & Dunlop net income (loss)		$	4,339		$	83,715		$	(53,525)		$	34,529

Total assets		$	1,491,821		$	2,283,259		$	400,318		$	4,175,398
Diluted EPS		$	0.13		$	2.47		$	(1.58)		$	1.02
Operating margin			3	%		37	%		(783)	%		8	%

(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.