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Q4 2025 EARNINGS February 26, 2026 Q4
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2 Forward-Looking Statements Some of the statements contained in this presentation may constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as ''may,'' ''will,'' ''should,'' ''expects,'' ''intends,'' ''plans,'' ''anticipates,'' ''believes,'' ''estimates,'' ''predicts,'' or ''potential'' or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. The forward-looking statements contained in this presentation reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause actual results to differ significantly from those expressed or contemplated in any forward-looking statement. While forward-looking statements reflect our good faith projections, assumptions and expectations, they are not guarantees of future results. Furthermore, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by applicable law. Factors that could cause our results to differ materially include, but are not limited to: (1) general economic conditions and multifamily and commercial real estate market conditions, (2) changes in interest rates, (3) regulatory and/or legislative changes to Freddie Mac, Fannie Mae or HUD, (4) our ability to retain and attract loan originators and other professionals, (5) success of our various investments funded with corporate capital, (6) changes in federal government fiscal and monetary policies, including any constraints or cuts in federal funds allocated to HUD for loan originations, and (7) our obligations to repurchase or indemnify the GSEs for loans we originate under their programs, including additional charges or losses related to loans we have already repurchased or indemnified and new repurchase requests we may receive from the GSEs related to the previously identified instances of borrower fraud, additional instances of borrower fraud, or other reasons. For a further discussion of these and other factors that could cause future results to differ materially from those expressed or contemplated in any forward-looking statements, see the section titled ''Risk Factors" in our most recent Annual Report on Form 10-K, as it may be updated or supplemented by our subsequent Quarterly Reports on Form 10-Q and other SEC filings. Such filings are available publicly on our Investor Relations web page at www.walkerdunlop.com. Non-GAAP Financial Measures To supplement our financial statements presented in accordance with United States generally accepted accounting principles (“GAAP”), the Company uses adjusted EBITDA, adjusted core net income, adjusted core EPS, net income excluding charges, diluted EPS excluding charges, adjusted EBITDA excluding charges, adjusted core net income excluding charges, and adjusted core EPS excluding charges, which are non-GAAP financial measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. When analyzing our operating performance, readers should use adjusted EBITDA, adjusted core net income, adjusted core EPS, diluted EPS excluding charges, adjusted EBITDA excluding charges, adjusted core net income excluding charges, and adjusted core EPS excluding charges in addition to, and not as an alternative for, net income and diluted EPS. Adjusted EBITDA represents net income before income taxes, interest expense on our corporate debt, and amortization and depreciation, adjusted for provision (benefit) for credit losses, net write-offs based on the final resolution of the defaulted loans or collateral, loan repurchase losses, stock-based compensation, the fair value of expected net cash flows from servicing, net, the write-off of the unamortized balance of deferred issuance costs associated with the repayment of a portion of our corporate debt, goodwill impairment, and contingent consideration liability fair value adjustments when the fair value adjustment is a triggering event for a goodwill impairment assessment. Adjusted core net income and adjusted core EPS represent net income adjusted for amortization and depreciation, provision (benefit) for credit losses, net write-offs based on the final resolution of the defaulted loans or collateral, the fair value of expected net cash flows from servicing, net, the income statement impact from periodic revaluation and accretion associated with contingent consideration liabilities related to acquired companies, goodwill impairment, and other adjustments. Net income excluding charges and diluted EPS excluding charges represent net income excluding indemnified and repurchased loan expenses and asset impairments and other expenses. Adjusted EBITDA excluding charges represents net income before income taxes, interest expense on our corporate debt, and amortization and depreciation, adjusted for provision (benefit) for credit losses, net write-offs based on the final resolution of the defaulted loans or collateral, loan repurchase losses, stock-based compensation, the fair value of expected net cash flows from servicing, net, goodwill impairment, contingent consideration liability fair value adjustments when the fair value adjustment is a triggering event for a goodwill impairment assessment, indemnified and repurchased loan expenses, and asset impairments and other expenses. Adjusted core net income excluding charges and adjusted core EPS excluding charges represent net income adjusted for amortization and depreciation, provision (benefit) for credit losses, net write-offs based on the final resolution of the defaulted loans or collateral, the fair value of expected net cash flows from servicing, net, the income statement impact from periodic revaluation and accretion associated with contingent consideration liabilities related to acquired companies, goodwill impairment, indemnified and repurchased loan expenses, asset impairments and other expenses, and other adjustments.
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3 Non-GAAP Financial Measures (continued) Furthermore, adjusted EBITDA is not intended to be a measure of free cash flow for our management’s discretionary use, as it does not reflect certain cash requirements such as tax and debt service payments. The amounts shown for adjusted EBITDA may also differ from the amounts calculated under similarly titled definitions in our debt instruments, which are further adjusted to reflect certain other cash and non-cash charges that are used to determine compliance with financial covenants. Because not all companies use identical calculations, our presentation of adjusted EBITDA, adjusted core net income and adjusted core EPS may not be comparable to similarly titled measures of other companies. We use adjusted EBITDA, adjusted core net income, adjusted core EPS, net income excluding charges, diluted EPS excluding charges, adjusted EBITDA excluding charges, adjusted core net income excluding charges, and adjusted core EPS excluding charges to evaluate the operating performance of our business, for comparison with forecasts and strategic plans and for benchmarking performance externally against competitors. We believe that these non-GAAP measures, when read in conjunction with the Company's GAAP financial information, provide useful information to investors by offering: • the ability to make more meaningful period-to-period comparisons of the Company's on-going operating results; • the ability to better identify trends in the Company's underlying business and perform related trend analyses; and • a better understanding of how management plans and measures the Company's underlying business. We believe that these non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP and that these non-GAAP financial measures should only be used to evaluate the Company's results of operations in conjunction with the Company’s GAAP financial information. For more information on adjusted EBITDA, adjusted core net income, adjusted core EPS,, net income excluding charges, diluted EPS excluding charges, adjusted EBITDA excluding charges, adjusted core net income excluding charges, and adjusted core EPS excluding charges refer to the Appendix in this presentation.
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4 Total Transaction Volume (in millions) ACCELERATING QUARTERLY TRANSACTION VOLUMES WITHIN A RECOVERING CRE MARKET $18,330 $15,515 $13,952 $7,036 Q4'25Q3'25Q2'25Q1'25 Fannie Mae Freddie Mac HUD Brokered Principal Lending and Investing Property Sales
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5 2025 Top Fannie Mae DUS® Lenders Company 1 Walker & Dunlop 2 Wells Fargo 3 CBRE 4 Berkadia 5 Newmark 2025 Top Freddie Mac Optigo® Lenders Company 1 Berkadia 2 JLL 3 Walker & Dunlop 4 CBRE 5 Newmark 2025 Top GSE Lenders2 Company 1 Berkadia 2 Walker & Dunlop 3 CBRE 4 Wells Fargo 5 JLL MARKET LEADERSHIP IN 2025 2025 Top Multifamily Brokers1 Company 1 CBRE 2 JLL 3 Newmark 4 Walker & Dunlop 5 Marcus & Millichap Sources: 1) Green Street's Real Estate Alert Multifamily Broker Rankings: top brokers representing sellers in deals of at least $25 million; and 2) Fannie Mae and Freddie Mac combined deliveries
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6 Q4 and FY’25 FINANCIAL METRICS Excluding Indemnified and repurchased loan expenses and Asset impairments and other expenses (in thousands, except per share data) Reported Q4'25 Impact of Charges Excluding Charges Q4’251 Reported FY’25 Impact of Charges Excluding Charges FY’251 Diluted earnings (loss) per share $(0.41) $1.45 $1.04 $1.64 $1.71 $3.35 Adjusted EBITDA $38,755 $46,082 $84,837 $262,616 $53,289 $315,905 Adjusted Core EPS $0.28 $1.03 $1.31 $3.50 $1.18 $4.68 1) This is a non-GAAP financial measure. For a reconciliation of the measure to its nearest GAAP equivalent, refer to the appendix of this presentation.
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7 CAPITAL MARKETS YEAR- OVER- YEAR Q4’25 KEY FINANCIAL METRICS (in thousands) Q4’25 Q4’24 % Change Consolidated Total Transaction Volume $18,330,350 $13,446,822 36% Total Revenues $190,835 $181,062 5% Net Income $26,387 $40,497 (35%) Adjusted EBITDA1 ($4,212) $4,173 (201%) • Despite strong transaction volume, revenues increased only slightly as to volume growth year on year was driven primarily by debt brokerage and property sales activity, which earn lower fee margins and revenues than our Agency originations. Also, MSR margins on new GSE originations remain tight, and lower than the year ago quarter primarily due to the trend towards lower duration borrowing, which negatively impacts MSR revenues • Adjusted EBITDA decreased primarily due to the decrease in income before taxes, as the volume out performance in the fourth quarter compared to 2024 triggered performance incentives and increased personnel expenses 1) This is a non-GAAP financial measure. For a reconciliation of the measure to GAAP net income for the segment, refer to the appendix of this presentation.
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8 CAPITAL MARKETS YEAR- OVER- YEAR FY’25 KEY FINANCIAL METRICS (in thousands) FY’25 FY’24 % Change Consolidated Total Transaction Volume $54,833,587 $39,905,889 37% Total Revenues $646,950 $524,841 23% Net Income $89,819 $66,664 35% Adjusted EBITDA1 ($16,980) ($28,258) (40%) • Increase in total revenues due primarily to strong transaction volume across every execution, including higher property sales broker fees from increased property sales volume, and origination fees and non-cash MSR revenues from GSE lending volumes • Adjusted EBITDA for the segment should continue to improve as acquisition and financing activity increases with continued recovering market conditions 1) This is a non-GAAP financial measure. For a reconciliation of the measure to GAAP net income for the segment, refer to the appendix of this presentation.
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9 SERVICING & ASSET MANAGEMENT (“SAM”) YEAR- OVER- YEAR Q4’25 KEY FINANCIAL METRICS (in thousands) Q4’25 Q4’24 % Change Total Revenues $143,298 $157,298 (9%) Net Income ($8,518) $36,553 (123%) Adjusted EBITDA1 $79,792 $123,768 (36%) • Ended Q4’25 with total managed portfolio of $162.6 billion, including $144.0 billion servicing portfolio and $18.6 billion of total assets under management • Total revenues and adjusted EBITDA decreased primarily due to impairment charges and credit losses for the quarter related to loan repurchases and our strategic decision to exit the affordable assets held from the Alliant acquisition. As we exit the affordable and repurchased assets, we expect earnings and operating margins for this segment to improve in 2026 1) This is a non-GAAP financial measure. For a reconciliation of the measure to GAAP net income for the segment, refer to the appendix of this presentation.
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10 W&D’S AT - RISK PORTFOLIO MAINTAINS STRONG CREDIT FUNDAMENTALS Defaulted Loans1 0.23% WAVG Debt Service Coverage Ratio2 >2x % of Portfolio with WAVG Debt Service Coverage Ratio <1x2 3% Underwritten Loan-to-Value3 61% % of Portfolio with Underwritten Loan-to-Value >75% 3 4% 1) As a percentage of the at-risk portfolio at December 31, 2025. 2) Weighted average at-risk portfolio DSCR at December 31, 2024. 3) Weighted average at-risk portfolio LTV at time of underwriting. At-Risk Servicing Portfolio — Key Credit Metrics
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LOW-TEENS FULL- YEAR 2026 FINANCIAL OUTLOOK 11 Adjusted Core Earnings Per Share Adjusted EBITDA 2025 ACTUAL Diluted Earnings Per Share 2026 OUTLOOK RANGE $1.64 $3.50 $263 MILLION $3.50 - $4.00 $4.50 - $5.00 $300 - $325 MILLION 2026 Financial Outlook is based on Walker & Dunlop’s market and company information as of February 26, 2026, and remains subject to change based on market and interest rate volatility, demand for commercial real estate assets, market liquidity, and numerous other macroeconomic and geopolitical factors.
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ADV ANCING OUR POSITION IN COMMERCIAL REAL ESTATE CAPITAL MARKETS 12 CRE Services Specialized Comprehensive CRE Capital Markets Comprehensive 2030
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Top Brokers of Multifamily Properties1 Market Share (%) ’24-’25 % Change 1 CBRE 20.4 32.9 2 JLL 17.5 22.2 3 Newmark 16.4 40.8 4 Walker & Dunlop 10.2 42.0 5 Marcus & Millichap 7.7 -5.2 6 Berkadia 7.2 -5.3 7 Eastdil Secured 6.9 -8.0 8 Cushman & Wakefield 5.2 2.2 9 Northmarq 2.8 12.6 10 Colliers 1.4 36.3 WD YEAR - OVE R - YEAR GROWTH IN MULTIFAMILY INVESTMENT SALES OUTPACING KEY COMPETITORS IN 2025 Source: Green Street’s Real Estate Alert: top brokers representing sellers in deals of at least $25 million13
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14 SUSTAINED MARKET SHARE LEADERSHIP THROUGH MARKET VOLATILITY Sources: 1) Federal Reserve Bank of St. Louis and 2) Fannie Mae and Freddie Mac combined deliveries (volume in thousands) GSE Rankings2 #2 #3 #1 #2 #3 #2 2020 2021 2022 2023 2024 2025 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% $- $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 WD GSE Origination Volume U.S. 10-Year Treasury Yield1
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15 MSR DECLINE DRIVEN BY DURATION SHIFT AND FEE COMPRESSION (volume and income in thousands) $- $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $- $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 2020 2021 2022 2023 2024 2025 WD GSE Origination Volume MSR Income1 1) The fair value of expected net cash flows from servicing, net.
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16 2020 2021 2022 2023 2024 2025 2026 Goal Average Transaction Volume per Banker/Broker TRANSACTION VOLUME PER BANKER/BROKER TRENDING TOWARDS PEAK PRODUCTIVITY $209 Million $313 Million $270 Million $141 Million $177 Million $248 Million $300 Million
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APPENDIX
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DILUTED EARNINGS (LOSS) PER SHARE EXCLUDING IMPAIRMENT & REPURCHASE - RELATED CHARGES RECONCILIATION Reconciliation of Walker & Dunlop Net Income (Loss) to Net Income Excluding Charges (in thousands) Three months ended December 31, 2025 12 months ended December 31, 2025 Walker & Dunlop Net Income (Loss) $ (13,911) $ 56,247 Indemnified and repurchased loan expenses 35,784 40,850 Asset impairments and other expenses 30,390 36,746 Additional tax expense (16,634) (19,501) Net Income Excluding Charges $ 35,629 $ 114,342 Walker & Dunlop Net Income (Loss) $ (13,911) $ 56,247 Diluted weighted average shares outstanding 33,410 33,369 Diluted earnings (loss) per share $ (0.41) $ 1.64 Net Income Excluding Charges $ 35,629 $ 114,342 Diluted weighted-average shares outstanding 33,410 33,369 Diluted EPS Excluding Charges $ 1.04 $ 3.35
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ADJUSTED EBITDA EXCLUDING IMPAIRMENT & REPURCHASE - RELATED CHARGES RECONCILIATION TO GAAP Reconciliation of Walker & Dunlop Net Income (Loss) to Adjusted EBITDA Excluding Charges (in thousands) Three months ended December 31, 2025 12 months ended December 31, 2025 Walker & Dunlop Net Income (Loss) $ (13,911) $ 56,247 Income tax expense (benefit) (5,447) 22,013 Interest expense on corporate debt 15,983 64,715 Amortization and depreciation 62,084 238,682 Provision (benefit) for credit losses 3,105 9,586 Indemnified and repurchased loan expenses1 35,784 40,850 Asset impairments and other expenses1 30,390 36,746 Net write-offs __ __ Stock-based compensation expense 6,909 26,747 MSR income2 (50,060) (179,681) Adjusted EBITDA Excluding Charges $ 84,837 $ 315,905 1) This line represents an excluded charge. 2) The fair value of expected net cash flows from servicing, net .
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ADJUSTED CORE EPS EXCLUDING IMPAIRMENT & REPURCHASE - RELATED CHARGES RECONCILIATION Reconciliation of Walker & Dunlop Net Income (Loss) to Adjusted Core Net Income Excluding Charges (in thousands) Three months ended December 31, 2025 12 months ended December 31, 2025 Walker & Dunlop Net Income (Loss) $ (13,911) $ 56,247 Provision (benefit) for credit losses 3,105 9,586 Indemnified and repurchased loan expenses1 35,784 40,850 Asset impairments and other expenses1 30,390 36,746 Net write-offs __ __ Amortization and depreciation 62,084 238,682 MSR income2 (50,060) (179,681) Contingent consideration accretion and fair value adjustments (8,226) (8,127) Income tax expense adjustment3 (14,174) (34,682) Adjusted Core Net Income Excluding Charges $ 44,992 $ 159,621 Walker & Dunlop Net Income (Loss) $ (13,911) $ 56,247 Diluted weighted average shares outstanding 33,410 33,369 Diluted earnings (loss) per share $ (0.41) $ 1.64 Adjusted Core Net Income Excluding Charges $ 44,992 $ 159,621 Diluted weighted-average shares outstanding 33,410 33,369 Adjusted Core EPS Excluding Charges $ 1.31 $ 4.68 1) This line represents an excluded charge. 2) The fair value of expected net cash flows from servicing, net. 3) Income tax impact of the above adjustments to adjusted core net income. Uses ( i) quarterly effective tax rate as disclosed in the Consolidated Statements of Income and Comprehensive Income in the Fourth Q uarter 2025 press release, and (ii) estimated annual effective rate, or (iii) annual marginal tax rate.
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ADJUSTED FINANCIAL MEASURE RECONCILIATION TO GAAP Reconciliation of Walker & Dunlop Net Income to Adjusted EBITDA (in thousands) Three months ended December 31, 2025 Three months ended December 31, 2024 12 months ended December 31, 2025 12 months ended December 31, 2024 Walker & Dunlop Net Income $ (13,911) $ 44,836 $ 56,247 $ 108,167 Income tax expense (5,447) 10,955 22,013 30,543 Interest expense on corporate debt 15,983 15,921 64,715 69,686 Amortization and depreciation 62,084 68,054 238,682 237,549 Provision (benefit) for credit losses 3,105 4,529 9,586 10,839 Loan repurchase losses1 20,092 __ 20,092 __ Net write-offs __ __ __ (468) Stock-based compensation expense 6,909 7,702 26,747 27,326 Goodwill impairment, net of contingent consideration liability fair value adjustments2 __ (1,500) __ (1,500) Write-off of unamortized issuance costs from corporate debt paydown3 __ __ 4,215 __ MSR income4 (50,060) (55,920) (179,681) (153,593) Adjusted EBITDA $ 38,755 $ $94,577 $ 262,616 $ 328,549 1) Presented as a component of Indemnified and repurchased loan expenses on the Consolidated Statements of Income and Comprehensive Income in the Fourth Quarter 2025 press release. 2) For the three months and year ended December 31, 2024, includes goodwill impairment of $33.0 million and contingent considera tion liability fair value adjustments of $34.5 million. 3) Presented as a component of Asset impairments and other expenses on the Consolidated Statements of Income in the Fourth Quarter 2025 press release. 4) The fair value of expected net cash flows from servicing, net.
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ADJUSTED CORE EPS RECONCILIATION Reconciliation of Walker & Dunlop Net Income to Adjusted Core Net Income (in thousands) Three months ended December 31, 2025 Three months ended December 31, 2024 12 months ended December 31, 2025 12 months ended December 31, 2024 Walker & Dunlop Net Income $ (13,911) $ 44,836 $ 56,247 $ 108,167 Provision (benefit) for credit losses 3,105 4,529 9,586 10,839 Loan repurchases losses1 20,092 __ 20,092 __ Net write-offs __ __ __ (468) Amortization and depreciation 62,084 68,054 238,682 237,549 MSR income2 (50,060) (55,920) (179,681) (153,593) Goodwill impairment __ 33,000 __ 33,000 Contingent consideration accretion and fair value adjustments (8,226) (48,822) (8,127) (48,692) Write-off of unamortized issuance costs from corporate debt paydown3 __ __ 4,215 __ Income tax expense adjustment4 (3,662) (177) (21,302) (18,264) Adjusted Core Net Income $ 9,422 $ 45,500 $ 119,712 $ 168,538 Walker & Dunlop Net Income $ (13,911) $ 44,836 $ 56,247 $ 108,167 Diluted weighted average shares outstanding 33,410 33,223 33,369 33,158 Diluted EPS $ (0.41) $ 1.32 $ 1.64 $ 3.19 Adjusted Core Net Income $ 9,422 $ 45,500 $ 119,712 $ 169,538 Diluted weighted-average shares outstanding 33,410 33,223 33,369 33,158 Adjusted Core EPS $ 0.28 $ 1.34 $ 3.50 $ 4.97 1) Presented as a component of Indemnified and repurchased loan expenses on the Consolidated Statements of Income and Comprehensive Income in the Fourth Quarter 2025 press release. 2) The fair value of expected net cash flows from servicing, net. 3) Presented as a component of Asset impairments and other expenses on the Consolidated Statements of Income in the Fourth Quarter 2025 press release. 4) Income tax impact of the above adjustments to adjusted core net income. Uses quarterly or annual effective tax rate as disclo sed on the Consolidated Statements of Income and Comprehensive Income in Fourth Quarter 2025 press release. The effective tax rate is adjusted for the impacts of excess tax benefits and shortfalls.
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ADJUSTED FINANCIAL MEASURE RECONCILIATION TO GAAP BY SEGMENT RECONCILIATION OF WALKER & DUNLOP NET INCOME TO ADJUSTED EBITDA CAPITAL MARKETS (in thousands) Three months ended December 31, 2025 Three months ended December 31, 2024 12 months ended December 31, 2025 12 months ended December 31, 2024 Walker & Dunlop Net Income $ 26,387 $ 40,497 89,819 66,664 Income tax expense 10,170 11,586 35,019 20,275 Interest expense on corporate debt 4,316 4,451 17,506 19,489 Amortization and depreciation 1,146 1,139 4,579 4,551 Stock-based compensation expense 3,829 3,920 14,514 15,856 Goodwill impairment, net of contingent consideration liability fair value adjustments1 __ (1,500) __ (1,500) Write-off of unamortized issuance costs from corporate debt paydown2 __ __ 1,264 __ MSR income3 (50,060) (55,920) (179,681) (153,593) Adjusted EBITDA $ (4,212) $ 4,173 (16,980) (28,258) 1) For the three months and year ended December 31, 2024, includes goodwill impairment of $33.0 million and contingent considera tion liability fair value adjustments of $34.5 million. 2) Presented as a component of Asset impairments and other expenses on the Consolidated Statements of Income in the Fourth Quarter 2025 press release. 3) The fair value of expected net cash flows from servicing, net.
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ADJUSTED FINANCIAL MEASURE RECONCILIATION TO GAAP BY SEGMENT RECONCILIATION OF WALKER & DUNLOP NET INCOME TO ADJUSTED EBITDA SERVICING & ASSET MANAGEMENT (in thousands) Three months ended December 31, 2025 Three months ended December 31, 2024 Walker & Dunlop Net Income $ (8,518) $ 36,553 Income tax expense (3,818) 7,007 Interest expense on corporate debt 10,200 9,986 Amortization and depreciation 58,269 65,155 Provision (benefit) for credit losses 3,105 4,529 Loan repurchase losses1 20,092 __ Net write-offs __ __ Stock-based compensation expense 462 538 Adjusted EBITDA $ 79,792 $ 123,768 . 1) Presented as a component of Indemnified and repurchased loan expenses on the Consolidated Statements of Income and Comprehensive Income in the Fourth Quarter 2025 press release.