$WD

Walker & Dunlop, Inc.

CIK:0001497770|SEC Filings

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total revenues	$ 306,690	$ 319,240	$ 608,021	$ 556,607
Expenses
Personnel	162,909	161,888	315,738	283,278
Amortization and depreciation	60,699	58,936	123,663	116,557
Provision (benefit) for credit losses	20,966	1,820	25,084	5,532
Interest expense on corporate debt	15,260	16,767	30,162	32,281
Indemnified and repurchased loan expenses	6,884	683	16,945	1,540
Other operating expenses	37,898	32,772	68,405	65,801
Total expenses	304,616	272,866	579,997	504,989
Income before taxes	2,074	46,374	28,024	51,618
Income tax expense (benefit)	(764)	12,425	7,258	14,944
Net income before noncontrolling interests and temporary equity holders	2,838	33,949	20,766	36,674
Less: net income (loss) from noncontrolling interests	12	(3)	986	(32)
Less: net income (loss) attributable to temporary equity holders	(180)		903
Walker & Dunlop net income	3,006	33,952	18,877	36,706
Other comprehensive income (loss), net of tax	(591)	1,469	(1,264)	2,178
Walker & Dunlop comprehensive income	$ 2,415	$ 35,421	$ 17,613	$ 38,884
Basic earnings per share (NOTE 11)	$ 0.09	$ 1	$ 0.55	$ 1.08
Diluted earnings per share (NOTE 11)	$ 0.09	$ 0.99	$ 0.55	$ 1.07
Basic weighted-average shares outstanding	33,263	33,358	33,328	33,311
Diluted weighted-average shares outstanding	33,275	33,371	33,343	33,333
Loan origination and debt brokerage fees, net
Revenues
Total revenues	$ 92,893	$ 94,309	$ 181,425	$ 140,690
Fair value of expected net cash flows from servicing, net of guaranty obligation
Revenues
Total revenues	47,817	53,153	94,590	80,964
Servicing fees
Revenues
Total revenues	86,700	83,693	172,137	165,914
Property sales broker fees
Revenues
Total revenues	12,787	14,964	25,966	28,485
Investment management fees
Revenues
Total revenues	6,907	7,577	17,133	17,259
Net warehouse interest income (expense)
Revenues
Total revenues	369	(1,760)	394	(2,546)
Placement fees and other interest income
Revenues
Total revenues	32,440	35,986	65,144	69,197
Other revenues
Revenues
Total revenues	$ 26,777	$ 31,318	$ 51,232	$ 56,644

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income before noncontrolling interests and temporary equity holders	$ 20,766	$ 36,674
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gains attributable to the fair value of future servicing rights, net of guaranty obligation	(94,590)	(80,964)
Change in the fair value of premiums and origination fees	(7,155)	(16,798)
Amortization and depreciation	123,663	116,557
Provision (benefit) for credit losses	25,084	5,532
Indemnified and repurchased loans expenses - loan repurchase losses	8,614
Originations of loans held for sale	(8,380,007)	(5,310,528)
Proceeds from transfers of loans held for sale	8,432,618	4,742,908
Other operating activities, net	(103,421)	(12,941)
Net cash provided by (used in) operating activities	25,572	(519,560)
Cash flows from investing activities
Capital expenditures	(2,487)	(6,195)
Capital invested in equity-method investments	(12,560)	(16,792)
Purchases of pledged available-for-sale ("AFS") securities	(22,894)	(21,989)
Proceeds from prepayment and sale of pledged AFS securities	6,372	4,547
Originations and repurchase of loans held for investment	(23,418)	(24,381)
Other investing activities, net	10,010	2,884
Net cash provided by (used in) investing activities	(44,977)	(61,926)
Cash flows from financing activities
Borrowings (repayments) of warehouse notes payable, net	(42,432)	559,042
Repayments of corporate notes payable	(2,250)	(329,606)
Borrowings of corporate notes payable		398,875
Repurchase of common stock	(19,398)	(9,232)
Cash dividends paid	(47,155)	(45,858)
Payment of contingent consideration	(8,646)	(10,954)
Debt issuance costs	(1,062)	(14,964)
Other financing activities, net	(115)	(947)
Net cash provided by (used in) financing activities	(121,058)	546,356
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents (NOTE 2)	(140,463)	(35,130)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period	344,375	327,898
Total of cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	203,912	292,768
Supplemental Disclosure of Cash Flow Information:
Cash paid to third parties for interest	64,201	35,093
Cash paid for income taxes, net of cash refunds received	$ 21,554	$ 15,910

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 160,858	$ 299,315
Restricted cash	25,782	22,772
Pledged securities, at fair value	234,525	224,954
Loans held for sale, at fair value	1,382,958	1,436,350
Mortgage servicing rights	793,351	808,145
Goodwill	868,710	868,710
Other intangible assets	134,369	141,877
Receivables, net	476,851	419,358
Committed investments in tax credit equity	170,671	241,401
Other assets	645,529	596,596
Total assets	4,893,604	5,059,478
Liabilities
Warehouse notes payable	1,384,282	1,420,272
Corporate notes payable	820,948	829,218
Allowance for risk-sharing obligations	49,081	37,546
Commitments to fund investments in tax credit equity	174,093	219,949
Other liabilities	744,448	806,631
Total liabilities	3,172,852	3,313,616
Temporary Equity
Profit interests of a wholly owned subsidiary subject to possible redemption	909	(1,036)
Stockholders' Equity
Preferred stock (authorized 50,000 shares; none issued)
Common stock ($0.01 par value; authorized 200,000 shares; issued and outstanding 33,269 shares as of June 30, 2026 and 33,389 shares as of December 31, 2025)	333	334
Additional paid-in capital ("APIC")	462,194	450,434
Accumulated other comprehensive income (loss) ("AOCI")	612	1,876
Retained earnings	1,243,903	1,282,390
Total stockholders' equity	1,707,042	1,735,034
Noncontrolling interests	12,801	11,864
Total permanent equity	1,719,843	1,746,898
Commitments and contingencies (NOTES 2 and 12)
Total liabilities, temporary equity, and permanent equity	$ 4,893,604	$ 5,059,478