| 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 September 30, 2026 | | Revenues | | | CM | | | SAM | | | Corporate | | | Consolidated | | Loan origination and debt brokerage fees, net | | $ | 79,528 | | $ | 1,729 | | $ | — | | $ | 81,257 | | Fair value of expected net cash flows from servicing, net of guaranty obligation | | | 29,196 | | | — | | | — | | | 29,196 | | Servicing fees | | | — | | | 87,690 | | | — | | | 87,690 | | Property sales broker fees | | | 19,780 | | | — | | | — | | | 19,780 | | Investment management fees | | | — | | | 8,583 | | | — | | | 8,583 | | Net warehouse interest income (expense) | | | 630 | | | 258 | | | — | | | 888 | | Placement fees and other interest income | | | — | | | 34,785 | | | 2,356 | | | 37,141 | | Other revenues | | | 18,631 | | | 15,256 | | | 27 | | | 33,914 | | Total revenues | | $ | 147,765 | | $ | 148,301 | | $ | 2,383 | | $ | 298,449 | | | | | | | | | | | | | | | | Expenses | | | | | | | | | | | | | | Personnel(1) | | $ | 119,671 | | $ | 21,598 | | $ | 23,424 | | $ | 164,693 | | Amortization and depreciation | | | 1,146 | | | 57,636 | | | 2,780 | | | 61,562 | | Provision (benefit) for credit losses | | | — | | | (4,232) | | | — | | | (4,232) | | Interest expense on corporate debt | | | 4,154 | | | 9,561 | | | 1,615 | | | 15,330 | | Indemnified and repurchased loan expenses, net | | | — | | | 63,072 | | | — | | | 63,072 | | Other operating expenses | | | 7,739 | | | 16,013 | | | 21,446 | | | 45,198 | | Total expenses | | $ | 132,710 | | $ | 163,648 | | $ | 49,265 | | $ | 345,623 | | Income (loss) before taxes | | $ | 15,055 | | $ | (15,347) | | $ | (46,882) | | $ | (47,174) | | Income tax expense (benefit) | | | 3,302 | | | (3,148) | | | (10,460) | | | (10,306) | | Net income (loss) before noncontrolling interests and temporary equity holders | | $ | 11,753 | | $ | (12,199) | | $ | (36,422) | | $ | (36,868) | | Less: net income (loss) from noncontrolling interests | | | — | | | 32 | | | — | | $ | 32 | | Less: net income (loss) attributable to temporary equity holders | | | 358 | | | — | | | — | | | 358 | | Walker & Dunlop net income (loss) | | $ | 11,395 | | $ | (12,231) | | $ | (36,422) | | $ | (37,258) | | | | | | | | | | | | | | | | Diluted EPS | | $ | 0.35 | | $ | (0.38) | | $ | (1.12) | | $ | (1.15) | | Operating margin | | | 10 | % | | (10) | % | | (1,967) | % | | (16) | % |
| (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 (dollars in thousands, except per share data and ratios) | | For the three months ended September 30, 2025 | | Revenues | | | CM | | | SAM | | | Corporate | | | Consolidated | | Loan origination and debt brokerage fees, net | | $ | 96,147 | | $ | 1,698 | | $ | — | | $ | 97,845 | | Fair value of expected net cash flows from servicing, net of guaranty obligation | | | 48,657 | | | — | | | — | | | 48,657 | | Servicing fees | | | — | | | 85,189 | | | — | | | 85,189 | | Property sales broker fees | | | 26,546 | | | — | | | — | | | 26,546 | | Investment management fees | | | — | | | 6,178 | | | — | | | 6,178 | | Net warehouse interest income (expense) | | | (2,035) | | | — | | | — | | | (2,035) | | Placement fees and other interest income | | | — | | | 42,123 | | | 4,179 | | | 46,302 | | Other revenues | | | 11,439 | | | 15,440 | | | 2,114 | | | 28,993 | | Total revenues | | $ | 180,754 | | $ | 150,628 | | $ | 6,293 | | $ | 337,675 | | | | | | | | | | | | | | | | Expenses | | | | | | | | | | | | | | Personnel(1) | | $ | 131,113 | | $ | 23,304 | | $ | 23,001 | | $ | 177,418 | | Amortization and depreciation | | | 1,146 | | | 56,991 | | | 1,904 | | | 60,041 | | Provision (benefit) for credit losses | | | — | | | 949 | | | — | | | 949 | | Interest expense on corporate debt | | | 4,535 | | | 10,404 | | | 1,512 | | | 16,451 | | Indemnified and repurchased loan expenses, net | | | — | | | 3,526 | | | — | | | 3,526 | | Other operating expenses | | | 5,647 | | | 4,944 | | | 22,762 | | | 33,353 | | Total expenses | | $ | 142,441 | | $ | 100,118 | | $ | 49,179 | | $ | 291,738 | | Income (loss) before taxes | | $ | 38,313 | | $ | 50,510 | | $ | (42,886) | | $ | 45,937 | | Income tax expense (benefit) | | | 10,383 | | | 13,578 | | | (11,445) | | | 12,516 | | Net income (loss) before noncontrolling interests | | $ | 27,930 | | $ | 36,932 | | $ | (31,441) | | $ | 33,421 | | Less: net income (loss) from noncontrolling interests | | | — | | | (31) | | | — | | | (31) | | Walker & Dunlop net income (loss) | | $ | 27,930 | | $ | 36,963 | | $ | (31,441) | | $ | 33,452 | | | | | | | | | | | | | | | | Diluted EPS | | $ | 0.81 | | $ | 1.09 | | $ | (0.92) | | $ | 0.98 | | Operating margin | | | 21 | % | | 34 | % | | (681) | % | | 14 | % |
| (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 nine months ended September 30, 2026 | | Revenues | | | CM | | | SAM | | | Corporate | | | Consolidated | | Loan origination and debt brokerage fees, net | | $ | 258,251 | | $ | 4,431 | | $ | — | | $ | 262,682 | | Fair value of expected net cash flows from servicing, net of guaranty obligation | | | 123,786 | | | — | | | — | | | 123,786 | | Servicing fees | | | — | | | 259,827 | | | — | | | 259,827 | | Property sales broker fees | | | 45,746 | | | — | | | — | | | 45,746 | | Investment management fees | | | — | | | 25,716 | | | — | | | 25,716 | | Net warehouse interest income (expense) | | | 504 | | | 778 | | | — | | | 1,282 | | Placement fees and other interest income | | | — | | | 94,344 | | | 7,941 | | | 102,285 | | Other revenues | | | 50,705 | | | 35,102 | | | (661) | | | 85,146 | | Total revenues | | $ | 478,992 | | $ | 420,198 | | $ | 7,280 | | $ | 906,470 | | | | | | | | | | | | | | | | Expenses | | | | | | | | | | | | | | Personnel(1) | | $ | 345,580 | | $ | 62,462 | | $ | 72,389 | | $ | 480,431 | | Amortization and depreciation | | | 3,438 | | | 174,211 | | | 7,576 | | | 185,225 | | Provision (benefit) for credit losses | | | — | | | 20,852 | | | — | | | 20,852 | | Interest expense on corporate debt | | | 12,164 | | | 29,043 | | | 4,285 | | | 45,492 | | Indemnified and repurchased loan expenses, net | | | — | | | 80,017 | | | — | | | 80,017 | | Other operating expenses | | | 23,739 | | | 27,212 | | | 62,652 | | | 113,603 | | Total expenses | | $ | 384,921 | | $ | 393,797 | | $ | 146,902 | | $ | 925,620 | | Income (loss) before taxes | | $ | 94,071 | | $ | 26,401 | | $ | (139,622) | | $ | (19,150) | | Income tax expense (benefit) | | | 23,768 | | | 7,665 | | | (34,481) | | | (3,048) | | Net income (loss) before noncontrolling interests and temporary equity holders | | $ | 70,303 | | $ | 18,736 | | $ | (105,141) | | $ | (16,102) | | Less: net income (loss) from noncontrolling interests | | | — | | | 1,018 | | | — | | $ | 1,018 | | Less: net income (loss) attributable to temporary equity holders | | | 1,261 | | | — | | | — | | | 1,261 | | Walker & Dunlop net income (loss) | | $ | 69,042 | | $ | 17,718 | | $ | (105,141) | | $ | (18,381) | | | | | | | | | | | | | | | | Total assets | | $ | 1,442,702 | | $ | 2,364,973 | | $ | 452,338 | | $ | 4,260,013 | | Diluted EPS | | $ | 2.37 | | $ | 0.60 | | $ | (3.60) | | $ | (0.63) | | Operating margin | | | 20 | % | | 6 | % | | (1,918) | % | | (2) | % |
| (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 nine months ended September 30, 2025 | | Revenues | | | CM | | | SAM | | | Corporate | | | Consolidated | | Loan origination and debt brokerage fees, net | | $ | 235,208 | | $ | 3,327 | | $ | — | | $ | 238,535 | | Fair value of expected net cash flows from servicing, net of guaranty obligation | | | 129,621 | | | — | | | — | | | 129,621 | | Servicing fees | | | — | | | 251,103 | | | — | | | 251,103 | | Property sales broker fees | | | 55,031 | | | — | | | — | | | 55,031 | | Investment management fees | | | — | | | 23,437 | | | — | | | 23,437 | | Net warehouse interest income (expense) | | | (4,581) | | | — | | | — | | | (4,581) | | Placement fees and other interest income | | | — | | | 104,396 | | | 11,103 | | | 115,499 | | Other revenues | | | 40,836 | | | 41,003 | | | 3,798 | | | 85,637 | | Total revenues | | $ | 456,115 | | $ | 423,266 | | $ | 14,901 | | $ | 894,282 | | | | | | | | | | | | | | | | Expenses | | | | | | | | | | | | | | Personnel(1) | | $ | 334,020 | | $ | 65,593 | | $ | 61,083 | | $ | 460,696 | | Amortization and depreciation | | | 3,433 | | | 167,371 | | | 5,794 | | | 176,598 | | Provision (benefit) for credit losses | | | — | | | 6,481 | | | — | | | 6,481 | | Interest expense on corporate debt | | | 13,190 | | | 31,145 | | | 4,397 | | | 48,732 | | Indemnified and repurchased loan expenses, net | | | — | | | 5,066 | | | — | | | 5,066 | | Other operating expenses | | | 17,191 | | | 17,386 | | | 64,577 | | | 99,154 | | Total expenses | | $ | 367,834 | | $ | 293,042 | | $ | 135,851 | | $ | 796,727 | | Income (loss) before taxes | | $ | 88,281 | | $ | 130,224 | | $ | (120,950) | | $ | 97,555 | | Income tax expense (benefit) | | | 24,849 | | | 36,657 | | | (34,046) | | | 27,460 | | Net income (loss) before noncontrolling interests | | $ | 63,432 | | $ | 93,567 | | $ | (86,904) | | $ | 70,095 | | Less: net income (loss) from noncontrolling interests | | | — | | | (63) | | | — | | | (63) | | Walker & Dunlop net income (loss) | | $ | 63,432 | | $ | 93,630 | | $ | (86,904) | | $ | 70,158 | | | | | | | | | | | | | | | | Total assets | | $ | 2,866,772 | | $ | 2,399,578 | | $ | 530,925 | | $ | 5,797,275 | | Diluted EPS | | $ | 1.85 | | $ | 2.74 | | $ | (2.54) | | $ | 2.05 | | Operating margin | | | 19 | % | | 31 | % | | (812) | % | | 11 | % |
| (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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