| Summary and reconciliation of each segment's results and balances |
| | | | | | | | | | | | | | Segment Results and Total Assets (dollars in thousands, except per share data and ratios) | | As of and for the six months ended June 30, 2026 | | Revenues | | | CM | | | SAM | | | Corporate | | | Consolidated | | Loan origination and debt brokerage fees, net | | $ | 178,723 | | $ | 2,702 | | $ | — | | $ | 181,425 | | Fair value of expected net cash flows from servicing, net of guaranty obligation | | | 94,590 | | | — | | | — | | | 94,590 | | Servicing fees | | | — | | | 172,137 | | | — | | | 172,137 | | Property sales broker fees | | | 25,966 | | | — | | | — | | | 25,966 | | Investment management fees | | | — | | | 17,133 | | | — | | | 17,133 | | Net warehouse interest income (expense) | | | (126) | | | 520 | | | — | | | 394 | | Placement fees and other interest income | | | — | | | 59,559 | | | 5,585 | | | 65,144 | | Other revenues | | | 32,074 | | | 19,846 | | | (688) | | | 51,232 | | Total revenues | | $ | 331,227 | | $ | 271,897 | | $ | 4,897 | | $ | 608,021 | | | | | | | | | | | | | | | | Expenses | | | | | | | | | | | | | | Personnel(1) | | $ | 225,909 | | $ | 40,864 | | $ | 48,965 | | $ | 315,738 | | Amortization and depreciation | | | 2,292 | | | 116,575 | | | 4,796 | | | 123,663 | | Provision (benefit) for credit losses | | | — | | | 25,084 | | | — | | | 25,084 | | Interest expense on corporate debt | | | 8,010 | | | 19,482 | | | 2,670 | | | 30,162 | | Indemnified and repurchased loan expenses | | | — | | | 16,945 | | | — | | | 16,945 | | Other operating expenses | | | 16,000 | | | 11,199 | | | 41,206 | | | 68,405 | | Total expenses | | $ | 252,211 | | $ | 230,149 | | $ | 97,637 | | $ | 579,997 | | Income (loss) before taxes | | $ | 79,016 | | $ | 41,748 | | $ | (92,740) | | $ | 28,024 | | Income tax expense (benefit) | | | 20,466 | | | 10,813 | | | (24,021) | | | 7,258 | | Net income (loss) before noncontrolling interests and temporary equity holders | | $ | 58,550 | | $ | 30,935 | | $ | (68,719) | | $ | 20,766 | | Less: net income (loss) from noncontrolling interests | | $ | — | | | 986 | | | — | | $ | 986 | | Less: net income (loss) attributable to temporary equity holders | | | 903 | | | — | | | — | | | 903 | | Walker & Dunlop net income (loss) | | $ | 57,647 | | $ | 29,949 | | $ | (68,719) | | $ | 18,877 | | | | | | | | | | | | | | | | Total assets | | $ | 2,003,230 | | $ | 2,455,813 | | $ | 434,561 | | $ | 4,893,604 | | Diluted EPS | | $ | 1.68 | | $ | 0.87 | | $ | (2.00) | | $ | 0.55 | | Operating margin | | | 24 | % | | 15 | % | | (1,894) | % | | 5 | % |
| (1) | Personnel expense is primarily composed of the cost of salaries and benefits, payroll taxes, subjective and objective bonuses, commissions, retention bonuses, and stock-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 of guaranty obligation | | | 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 | | Indemnified and repurchased loan expenses | | | — | | | 1,540 | | | — | | | 1,540 | | Other operating expenses | | | 11,544 | | | 12,442 | | | 41,815 | | | 65,801 | | Total expenses | | $ | 225,393 | | $ | 192,924 | | $ | 86,672 | | $ | 504,989 | | Income (loss) before taxes | | $ | 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 stock-based compensation. |
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