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● WALKER & DUNLOP FIRST QUARTER 2021 HIGHLIGHTS Total revenues of $ 224.3 million Total transaction volume of $ 9.0 billion Net income of $ 58.1 million and diluted earnings per share of $ 1.79 ● ● ● ● 7501 Wisconsin Avenue I Suite 1200E I Bethesda I Maryland 120814-6531 FOR IMMEDIATE RELEASE Walker & Dunlop Reports 20 % Growth in Diluted Earnings Per Share to $ 1.79 Benefit for credit losses of $ 11.3 million resulted in a $ 0.25 benefit to diluted earnings per share Servicing portfolio of $ 109.9 billion at March 31 , 2021 Adjusted EBITDA¹ of $ 60.7 million Declared quarterly dividend of $ 0.50 per share for the second quarter Bethesda , MD - May 6 , 2021 – Walker & Dunlop , Inc. ( NYSE : WD ) ( the " Company " ) reported first quarter net income of $ 58.1 million , or $ 1.79 per diluted share , up 20 % from the first quarter of 2020 on total revenues of $ 224.3 million . First quarter total transaction volume of $ 9.0 billion was down 20 % from the first quarter of 2020 , predominantly due to lower multifamily financing volumes after originating the largest deal in Walker & Dunlop's history in the first quarter of 2020. First quarter 2021 adjusted EBITDA¹ was $ 60.7 million , and the Company ended the quarter with $ 339.5 million of cash and short - term investments in loans held for sale . Willy Walker , Chairman and CEO , commented , " Walker & Dunlop is today the largest provider of capital to the multifamily industry and the fourth largest lender on commercial real estate in the United States thanks to our investments in people , brand , and technology . $ 9 billion of total transaction volume and $ 224 million in revenues during Q1 2021 resulted in diluted earnings per share of $ 1.79 , which includes a $ 0.25 benefit from a reduction in our allowance for credit losses that we do not consider to be core or recurring profit . W & D's proprietary , actionable technology platform continued to expand our client base during the quarter , with 79 % of the loans we refinanced during the quarter new loans to Walker & Dunlop , and 27 % of our total transaction volume from new clients to Walker & Dunlop . With the economy reopening , we are seeing a dramatic upswing in activity across all our lending and brokerage products . " Mr. Walker continued , " We had a great start to the year and see a lot of opportunity ahead of us . There is over $ 324 billion of institutional equity capital looking to be deployed into the U.S. commercial real estate industry today , and with banks , life companies , and specialty finance firms well capitalized and looking to invest , transaction volumes for 2021 and into 2022 will be robust . And after a slow first quarter , Fannie Mae and Freddie Mac have $ 105 billion of lending capacity to deploy over the remainder of 2021 . Walker & Dunlop is the GSEs ' second largest multifamily lending partner , and we will see very healthy volumes with both Fannie and Freddie for the remainder of the year . " 1