Slides
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Q2 2026 EARNINGS August 6 , 2026 WALKER & DUNLOP Q2
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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, 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, loan repurchase losses 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, loan repurchase losses, 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 TOTAL TRANSACTION ACTIVITY IS UP ANNUALLY $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 Total Brokered Fannie Mae Freddie Mac HUD Property Sales Principal Lending and Investing Q2'25 Q2'26 -0.8% -25% +44% +17% +116% -18% +3% Total Transaction Volume (in millions)
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GSE MARKET SHARE GROWTH SETS UP FOR STRONG SECOND HALF Combined GSE Market Share1 (in millions) 1) Market share calculated using W&D deliveries and combined Fannie Mae and Freddie Mac deliveries as reported by Fannie Mae and Freddie Mac, respectively 4 $15,891 $18,070 $11,393 $12,384 $9,201 12.7% 11.3% 10.3% 11.2% 14.7% $0 $5,000,000,000 $10,000,000,000 $15,000,000,000 $20,000,000,000 $25,000,000,000 $30,000,000,000 2022 2023 2024 2025 YTD 2026 W&D Deliveries to GSE W&D Market Share +350bps
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5 SERVICING PORTFOLIO GREW 6% YOY $119.0 $126.6 $132.8 $137.3 $146.0 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 30-Jun-22 30-Jun-23 30-Jun-24 30-Jun-25 30-Jun-26 50+% of portfolio matures in the next five years. Total Servicing Portfolio (in billions) +6% +5% +3% +6%
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One Interconnected Platform for: • any deal type, • any client, • every employee WDSUITE: FROM FRICTION TO FLOW 6
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FREDDIE MAC REVIEW CONCLUDED FANNIE MAE REVIEW NEARING COMPLETION CONTROLS SIGNIFICANTLY STRENGTHENED CLEARLY DEFINED PATH TO RESOLUTION OF FRAUD INVESTIGATION 7 FOCUSED ON EXECUTING 5- YEAR GROWTH PLAN
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JOURNEY TO ‘30 TARGETS GROW GLOBAL DEBT FINANCING VOLUME $80B+ Origination Volume GROW GLOBAL PROPERTY SALES VOLUME $35B+ Volume Sales ADJUSTED EBITDA 1 $400 – $500M TOTAL REVENUES $2B+ EPS $8.00 – $10.00 ADJUSTED CORE EPS 2 $8.00 – $10.00 8 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.
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TRANSACTION VOLUME PER BANKER/BROKER TRENDING TOWARDS PEAK PRODUCTIVITY $313 $270 $141 $177 $248 $288 $300 2021 2022 2023 2024 2025 Q2'26 TTM 2026 Goal Average Transaction Volume Per Banker/Broker (in millions) 19% of W&D’s transaction volume comes from new clients 9 74% of W&D’s refinancings were new loans to the portfolio
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REPURCHASE CHARGES ELEVATED IN CURRENT PERIOD WITH A PATH TO RESOLUTION DEFINED Charges and Operating Costs Related to Indemnified and Repurchased Loans (in millions) $0.9 $1.2 $3.5 $35.5 $12.1 $23.2 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Freddie Mac Review Concluded No further repurchases to come from the Freddie Mac investigation Fannie Mae Review Nearing Completion $12-$16M of expected incremental credit losses; no expected repurchases Actively Executing Disposition Strategy $40 million sold since quarter end; $41M expected to be sold before year end ~95% of repurchase losses concentrated within a banking team no longer with the Company WALKER & DUNLOP 10 Losses Concentrated in Former Banking Team Includes quarterly Loan Losses, Operating Costs and Impairments
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AT- RISK PORTFOLIO CONTINUES TO DEMONSTRATE STRONG CREDIT PERFORMANCE ≤1 bp Net write-offs in each of the last ten years WALKER & DUNLOP 11 Defaulted Loans1 0.28% WAVG Debt Service Coverage Ratio2 >2x Underwritten Loan-to-Value3 61% Net Write-Offs in Each of the Last Ten Years ≤1 basis point 1) As a percentage of the at-risk portfolio at March 31, 2026. 2) Weighted average at-risk portfolio DSCR at December 31, 2025. 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 12 Adjusted Core Earnings Per Share1 Adjusted EBITDA2 2025 ACTUAL Diluted Earnings Per Share 2026 OUTLOOK3 Excluding repurchase–related charges $1.64 $3.50 $263 MILLION $3.50 - $4.00 $4.50 - $5.00 $300 - $325 MILLION 1) This is a non-GAAP financial measure. For a reconciliation of the measure to diluted earnings per share, refer to the appendix of this presentation. 2) This is a non-GAAP financial measure. For a reconciliation of the measure to net income, refer to the appendix of this presentation. 3) 2026 Outlook for the financial measures provided on this slide excludes the impact of repurchase-related charges. Please refer to Slide 9 for a detailed summary of repurchase-related charges incurred through the six months ended June 30, 2026. 2026 Financial Outlook is based on Walker & Dunlop’s market and company information as of August 6, 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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MBA OUTLOOK: CONTINUED GROWTH IN CRE LENDING, MULTIFAMILY AS PRIMARY DRIVER $400 $504 $490 $430 $574 $601 $614 $891 $782 $429 $498 $706 $819 $896 $864 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E Non-Multifamily Volume Mutifamily Volume Sources: MBA Annual Originations Summation Report, MBA CREF Forecast 13 Projected Growth
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14 MULTIFAMILY SUPPLY IS NORMALIZING, WITH STARTS DOWN ~50% FROM PEAK Source: RealPage 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 Annual Starts Annual Deliveries Multifamily Starts vs. Deliveries (Quarterly)
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15 STRONG FIRST - HALF ABSORPTION SIGNALS THE EARLY STAGES OF THE NEXT INVESTMENT CYCLE Source: RealPage 29K 90K 249K 365K 279K 0K 50K 100K 150K 200K 250K 300K 350K 400K 1H 2022 1H 2023 1H 2024 1H 2025 1H 2026 1H Net Absorption by Year (2022–2026)
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16 Source: Walker & Dunlop, RealPage, Zillow, Freddie Mac WIDENING RENT - VS - OWN GAP CONTINUES TO ANCHOR RENTER DEMAND $250,000 $270,000 $290,000 $310,000 $330,000 $350,000 $370,000 $390,000 $410,000 $430,000 $450,000 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200 $2,400 $2,600 $2,800 Median List Price (Zillow) Monthly P&I RealPage Effective Rent
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17 APARTMENT V ACANCY RECORDS FOURTH CONSECUTIVE MONTH OF IMPROVEMENT Source: Apartment List -0.10% -0.05% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% MoM
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APPENDIX 18
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ADJUSTED CORE EPS RECONCILIATION Reconciliation of Walker & Dunlop Net Income to Adjusted Core Net Income (in thousands) 12 months ended December 31, 2025 Walker & Dunlop Net Income $ 56,247 Provision (benefit) for credit losses 9,586 Loan repurchases losses1 20,092 Net write-offs __ Amortization and depreciation 238,682 MSR income2 (179,681) Goodwill impairment __ Contingent consideration accretion and fair value adjustments (8,127) Write-off of unamortized issuance costs from corporate debt paydown3 4,215 Income tax expense adjustment4 (21,302) Adjusted Core Net Income $ 119,712 Walker & Dunlop Net Income $ 56,247 Diluted weighted average shares outstanding 33,369 Diluted EPS $ 1.64 Adjusted Core Net Income $ 119,712 Diluted weighted-average shares outstanding 33,369 Adjusted Core EPS $ 3.50 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 Reconciliation of Walker & Dunlop Net Income to Adjusted EBITDA (in thousands) 12 months ended December 31, 2025 Walker & Dunlop Net Income $ 56,247 Income tax expense 22,013 Interest expense on corporate debt 64,715 Amortization and depreciation 238,682 Provision (benefit) for credit losses 9,586 Loan repurchase losses1 20,092 Net write-offs __ Stock-based compensation expense 26,747 Goodwill impairment, net of contingent consideration liability fair value adjustments2 __ Write-off of unamortized issuance costs from corporate debt paydown3 4,215 MSR income4 (179,681) Adjusted EBITDA $ 262,616 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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TARGET ADJUSTED FINANCIAL MEASURE RECONCILIATION TO GAAP Reconciliation of Walker & Dunlop Net Income to Adjusted EBITDA (in thousands) Year ended December 31, 2030 Low End Target Range Year ended December 31, 2030 High End Target Range Walker & Dunlop Net Income $ 273,739 $ 343,659 Income tax expense 91,246 114,553 Interest expense on term loan 60,349 59,834 Amortization and depreciation 275,931 293,719 Stock-based compensation expense 39,449 41,120 Provision (benefit) for credit losses 8,000 8,000 MSR income (279,702) (323,833) Other adjustments _ 2,500 Adjusted EBITDA $ 469,012 $ 539,552 21
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TARGET ADJUSTED CORE EPS RANGE RECONCILIATION TO GAAP Reconciliation of Walker & Dunlop Net Income to Adjusted Core Net Income (in thousands) Year ended December 31, 2030 Low End Target Range Year ended December 31, 2030 High End Target Range Walker & Dunlop Net Income $ 273,739 $ 343,659 Amortization and depreciation 275,931 293,719 Provision (benefit) for credit losses 8,000 8,000 MSR income (279,702) (323,833) Income tax expense adjustment (1,057) 4,903 Other adjustments __ 2,500 Adjusted Core Net Income $ 276,911 $ 328,948 Walker & Dunlop Net Income $ 273,739 $ 343,659 Diluted weighted average shares outstanding 34,215 34,215 Diluted EPS $ 8.00 $ 10.04 Adjusted Core Net Income $ 276,911 $ 328,948 Diluted weighted-average shares outstanding 34,215 34,215 Adjusted Core EPS $ 8.09 $ 9.61 22