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Q3 2025 EARNINGS November 6, 2025 Q3
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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, and (6) changes in federal government fiscal and monetary policies, including any constraints or cuts in federal funds allocated to HUD for loan originations. 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, and adjusted core EPS, 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, and adjusted core EPS in addition to, and not as an alternative for, net income and diluted EPS. 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 of guaranty obligation, the income statement impact from periodic revaluation and accretion associated with contingent consideration liabilities related to acquired companies, goodwill impairment and other adjustments. 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, stock-based compensation, the fair value of expected net cash flows from servicing, net of guaranty obligation, 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. 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, and adjusted core EPS 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, and adjusted core EPS, refer to the Appendix in this presentation.
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3 $78,905 $82,084 Q3'24 Q3'25 $0.85 $0.98 Q3'24 Q3'25 Total Revenues (in thousands) Diluted EPS Adjusted EBITDA1 (in thousands) Adjusted Core EPS2 1) This is a non-GAAP financial measure. For a reconciliation of the measure to GAAP net income, refer to the appendix of this presentation. 2) This is a non-GAAP financial measure. For a reconciliation of the measure to Diluted EPS, refer to the appendix of this presentation. Q3 ’25 CONSOLIDATED KEY FINANCIAL METRICS +15% +4% $292,304 $337,675 Q3'24 Q3'25 +16% $1.19 $1.22 Q3'24 Q3'25 +3%
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4 Total Transaction Volume (in millions) Q3’25 TOTAL TRANSACTION ACTIVITY GREW ACROSS ALL EXECUTIONS $2,001 $1,546 $272 $4,028 $166 $3,602 $2,141 $3,664 $325 $4,513 $199 $4,673 Fannie Mae Freddie Mac HUD Brokered Principal Lending and Investing Property Sales Q3'24 Q3'25
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5 ACCELERATING GSE MATURITIES SIGNAL SIGNIFICANT REFINANCE AND SALES OPP ORTUNITY $31 $49 $50 $97 $144 2025 2026 2027 2028 2029 Source: Mortgage Banker’s Association 2024 Commercial/Multifamily Loan Maturity Volumes Total Fannie Mae, Freddie Mac, FHA, and Ginnie Mae Loan Maturities (in billions)
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CAPITAL RETURN AND DEPLOYMENT PRESSURES ARE FUELING TRANSACTION VOLUME Source: Preqin Pro, StepStone SPI Reporting, April 2025.6
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$5,249 $8,891 Q3'24 Q3'25 $3,318 $4,025 Q3'24 Q3'25 CONTINUED GROWTH IN TECHNOLOGY - ENABLED SERVICES Apprise Revenues (in thousands) Small Balance Lending (SBL) Revenues (in thousands) +69%+21% 7
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8 STRONG TREND TOWARDS 5 - YEAR GSE LOANS GSE Loan Term Distribution 1%1%0%1%8%1% 60%53% 38% 7% 1% 0% 16% 20% 18% 30%23% 17% 23%26% 44% 62%68% 82% YTD 202520242023202220212020 <5 Years 5 Years 7 Years 10+ Years
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9 CAPITAL MARKETS YEAR- OVER- YEAR Q3’25 KEY FINANCIAL METRICS (in thousands) Q3’25 Q3’24 % Change Consolidated Total Transaction Volume $15,515,495 $11,616,107 34% Total Revenues $180,754 $143,712 26% Net Income $27,930 $21,830 28% Adjusted EBITDA1 ($764) ($4,601) (83%) • 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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10 SERVICING & ASSET MANAGEMENT (“SAM”) YEAR- OVER- YEAR Q3’25 KEY FINANCIAL METRICS (in thousands) Q3’25 Q3’24 % Change Total Revenues $150,628 $144,884 4% Net Income $36,963 $37,482 (1%) Adjusted EBITDA1 $119,423 $117,455 2% • Ended Q3’25 with total managed portfolio of $157.8 billion, including $139.3 billion servicing portfolio and $18.5 billion of total assets under management • Total revenues and adjusted EBITDA increased primarily due to increased placement fees and other interest income from our affordable housing development loans and increased prepayment fees from increased refinancing activity in the quarter, increasing the average escrow balance, and offsetting the year over year decline in interest rates. 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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11 2025 Goal YTD 20251 Average Transaction Volume per Banker/Broker TRANSACTION VOLUME PER BANKER/BROKER DRIVING TOWARDS PEAK PRODUCTIVITY 1) Annualized average transaction volume per banker/broker $200 million $220 million
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APPENDIX
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ADJUSTED FINANCIAL MEASURE RECONCILIATION TO GAAP Reconciliation of Walker & Dunlop Net Income to Adjusted EBITDA (in thousands) Three months ended September 30, 2025 Three months ended September 30, 2024 Nine months ended September 30, 2025 Nine months ended September 30, 2024 Walker & Dunlop Net Income $ 33,452 $ 28,802 $ 70,158 $ 63,331 Income tax expense 12,516 8,822 27,460 19,588 Interest expense on corporate debt 16,451 18,232 48,732 53,765 Amortization and depreciation 60,041 57,561 176,598 169,495 Provision (benefit) for credit losses 949 2,850 6,481 6,310 Net write-offs __ (468) __ (468) Stock-based compensation expense 7,332 6,532 19,838 19,624 MSR income1 (48,657) (43,426) (129,621) (97,673) Write-off of unamortized issuance costs from corporate debt paydown __ __ 4,215 __ Adjusted EBITDA $ 82,084 $ $78,905 $ 223,861 $ 233,972 1) 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 September 30, 2025 Three months ended September 30, 2024 Nine months ended September 30, 2025 Nine months ended September 30, 2024 Walker & Dunlop Net Income $ 33,452 $ 28,802 $ 70,158 $ 63,331 Provision (benefit) for credit losses 949 2,850 6,481 6,310 Net write-offs __ (468) __ (468) Amortization and depreciation 60,041 57,561 176,598 169,495 MSR income1 (48,657) (43,426) (129,621) (97,673) Contingent consideration accretion and fair value adjustments 18 (1,204) 99 130 Write-off of unamortized issuance costs from corporate debt paydown __ __ 4,215 __ Income tax expense adjustment2 (3,856) (3,602) (17,640) (19,196) Adjusted Core Net Income $ 41,947 $ 40,513 $ 110,290 $ 121,929 Walker & Dunlop Net Income $ 33,452 $ 28,802 $ 70,158 $ 63,331 Diluted weighted average shares outstanding 33,397 33,203 33,355 33,135 Diluted EPS $ 0.98 $ 0.85 $ 2.05 $ 1.87 Adjusted Core Net Income $ 41,947 $ 40,513 $ 110,290 $ 121,929 Diluted weighted-average shares outstanding 33,397 33,203 33,355 33,135 Adjusted Core EPS $ 1.22 $ 1.19 $ 3.23 $ 3.60 2) Income tax impact of the above adjustments to adjusted core net income uses quarterly or annual effective tax rate as disclosed in the Condensed Consolidated Statements of Income and Comprehensive Income in our Q3 2025 Earnings Release. The effective tax rate is adjusted for the impacts of excess tax benefi ts and shortfalls. 1) 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 CAPITAL MARKETS (in thousands) Three months ended September 30, 2025 Three months ended September 30, 2024 Walker & Dunlop Net Income $ 27,930 $ 21,830 Income tax expense 10,383 7,073 Interest expense on corporate debt 4,535 4,888 Amortization and depreciation 1,146 1,137 Stock-based compensation expense 3,899 3,897 MSR income1 (48,657) (43,426) Adjusted EBITDA $ (764) $ (4,601) SERVICING & ASSET MANAGEMENT (in thousands) Three months ended September 30, 2025 Three months ended September 30, 2024 Walker & Dunlop Net Income $ 36,963 $ 37,482 Income tax expense 13,578 10,756 Interest expense on corporate debt 10,404 11,711 Amortization and depreciation 56,991 54,668 Provision (benefit) for credit losses 949 2,850 Net write-offs - (468) Stock-based compensation expense 538 456 Adjusted EBITDA $ 119,423 $ 117,455 1) The fair value of expected net cash flows from servicing, net.