Slides
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Q3 2026 EARNINGS November 5, 2026 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, (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 and any potential losses we may incur as a result, including in connection with our decision to accelerate our disposition and liquidation strategy for previously repurchased and indemnified loans and associated collateral. 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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11.2% 13.7% $0 $2,000,000,000 $4,000,000,000 $6,000,000,000 $8,000,000,000 $10,000,000,000 $12,000,000,000 $14,000,000,000 $16,000,000,000 $18,000,000,000 2022 2023 2024 2025 YTD 2026 W&D Deliveries to GSE W&D Market Share COMBINED GSE MARKET SHARE HAS GROWN 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 3 +290bps
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ACCELERATING EXIT OF LEGACY LOAN REPURCHASES Charges and Operating Costs Related to Indemnified and Repurchased Loans (in millions) $0.9 $1.2 $3.5 $35.5 $12.1 $23.2 $64.0 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 $8M credit charge,$7M operating costs, and $49 million of valuation adjustments Disposition Strategy Underway ~1/3 of carrying value of assets under LOI; remaining ~2/3 being marketed Remaining dispositions anticipated in early 2027 WALKER & DUNLOP 4 Majority of Sales Expected by Year-End Includes quarterly Loan Losses, Operating Costs and Impairments
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5 GROWING SERVICING PORTFOLIO PROVIDES RESILIENT, RECURRING REVENUE $146.6 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 30-Sep-22 30-Sep-23 30-Sep-24 30-Sep-25 30-Sep-26 40% of YTD total revenue derived from recurring servicing portfolio cash flows Total Servicing Portfolio (in billions) +6% +5% +3% +6%
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RESHAPING OUR OPERATING MODEL TO DRIVE STRONGER, MORE CONSISTENT EARNINGS 6 EXPECTED ANNUAL NOI IMPROVEMENT ~$20M Q4 2026 actions expected to result in a $3–$4 million charge Full run-rate benefit expected in the second half of 2027 EXECUTION PRIORITIES 1 Simplifying the management structure Streamlining leadership and organizational structure Technology-enabled efficiency Leveraging technology investments to improve productivity Improving operating margins 04 Prioritizing capital allocation Focusing investments on opportunities with the most attractive returns 2 3 4 Optimizing our business portfolio and cost structure
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LOW-TEENS FULL- YEAR 2026 FINANCIAL OUTLOOK 7 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 ($0.10) - $0.30 $4.00 - $4.50 $260 - $280 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 6 for a detailed summary of repurchase-related charges incurred through the nine months ended September 30, 2026. 2026 Financial Outlook is based on Walker & Dunlop’s market and company information as of November 5, 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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8 MULTIFAMILY FUNDAMENTALS IMPROVING AS NEW SUPPLY IS ABSORBED Source: Walker & Dunlop, RealPage, CoStar (average of the two series), data as of 7.13.26; Zelman & Associates Q3 2026 investor survey. Starts Completions 0K 100K 200K 300K 400K 500K 600K 700K Q1 '15 Q1 '16 Q1 '17 Q1 '18 Q1 '19 Q1 '20 Q1 '21 Q1 '22 Q1 '23 Q1 '24 Q1 '25 Q1 '26 U.S. Multifamily Starts vs. Completions 600k 2024 multifamily unit deliveries pressured occupancy and rents over past two years 55% Where current multifamily starts sit below 2022 peak
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3.40% 2015–19 0.31% 2023 0.57% 2024 -0.25% 2025 2.83% 2026 -1% 0% 1% 2% 3% 4% 5% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 9 Ahead of 2023-25 Cumulative year-to-date change in same-store effective rent, U.S. market-rate apartments. Source: RealPage Market Analytics, monthly, Jan 2015 through Sep ’26 First Year-over-year occupancy increase since March 2022 4-year high YTD rent growth through September APARTMENT RENT GROWTH REACHES A FOUR- YEAR HIGH
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10 Source: Mortgage Bankers Association, Commercial/Multifamily Loan Maturities Volumes, as of December 31, 2025. Agency series is Fannie Mae, Freddie Mac, and FHA/Ginnie Mae balances (multifamily and healthcare). Balances at maturity will be lower than the unpaid principal shown. $525B Of multifamily debt maturities in 2027-2028, including +$65B of bank construction loans 61% Of multifamily debt maturing through 2028 is non-Agency MULTIFAMILY DEBT MATURITIES CREATE SIGNIFICANT GROWTH OPPORTUNITY $223B $237B $237B $235B $152B $187B $79B $58B $61B $47B $92B $137B $159B $105B $128B $63B $40B $52B $0B $80B $160B $240B $320B All multifamily Agency 2027 2028 2029 2030 2031 2032 2033 2034 2035 Multifamily debt maturities by year (in billions)
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APPENDIX 11
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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.