FOURTH QUARTER 2025 HIGHLIGHTS

   --  Total transaction volume of $18.3 billion, up 36% from Q4'24 
 
   --  Total revenues of $340.0 million, flat from Q4'24 
 
   --  Net loss of $13.9 million and diluted loss per share of $0.41, both 
      down 131% from Q4'24 
 
   --  Adjusted EBITDA(1) of $38.8 million, down 59% from Q4'24 
 
   --  Adjusted core EPS(2) of $0.28, down 79% from Q4'24 
 
   --  Servicing portfolio of $144.0 billion as of December 31, 2025, up 6% 
      from December 31, 2024 

FULL-YEAR 2025 HIGHLIGHTS

   --  Total transaction volume of $54.8 billion, up 37% from 2024 
 
   --  Total revenues of $1.2 billion, up 9% from 2024 
 
   --  Net income of $56.2 million and diluted earnings per share of $1.64, 
      down 48% and 49%, respectively, from 2024 
 
   --  Adjusted EBITDA(1) of $262.6 million, down 20% from 2024 
 
   --  Adjusted core EPS(2) of $3.50, down 30% from 2024 
BETHESDA, Md.--(BUSINESS WIRE)--February 26, 2026-- 

Walker & Dunlop, Inc. $(WD)$ (the "Company", "Walker & Dunlop" or "W&D") reported fourth quarter results that reflect significant improvement in its core Capital Markets business, which delivered a 36% increase in total transaction volume to $18.3 billion year over year, and generated fourth quarter revenues of $340 million. The Company reported a diluted loss per share of $0.41 in the fourth quarter of 2025. Adjusted EBITDA decreased to $38.8 million, and adjusted core EPS also declined to $0.28. Included in the Company's reported results this quarter are $66.2 million of expenses associated primarily with (i) impairment charges and other losses related to underperforming assets the Company plans to sell in 2026, and (ii) operating costs and losses resulting from indemnified and repurchased loans. The Company ended the year with $299 million of cash and cash equivalents, as the majority of the impairment charges and other losses taken in the fourth quarter were non-cash. The recurring cash revenues driven by the Company's $144 billion loan servicing portfolio and strength of the balance sheet led the Company's Board of Directors to declare a dividend of $0.68 per share for the first quarter of 2026, a 1.5% increase over the 2025 quarterly dividend and a 172% increase since the dividend was initiated in 2018.

"We closed 2025 with strong momentum across our business after growing total transaction volume each quarter throughout the year from $7 billion in Q1'25 to $18 billion in Q4'25, up 161%" commented Walker & Dunlop Chairman and CEO Willy Walker. "As the commercial real estate transaction market continues to improve, our people and our brand are winning, reflected in our growing market share, and strong league table rankings. We finished the year as the #1 Fannie Mae DUS lender, #3 Freddie Mac Optigo lender, the second-largest combined GSE loan originator, and the fourth-largest multifamily property sales broker in the United States."

Mr. Walker continued, "Our fourth quarter results were impacted by loan repurchase expenses and impairment charges related to our real estate owned portfolio. As we move forward from these issues, we feel very well positioned for growth in 2026 and beyond. With a $144 billion servicing portfolio generating durable recurring revenue, a robust Capital Markets pipeline building early in the year, and an improving macroeconomic backdrop for commercial real estate, we are focused on generating top and bottom-line growth in 2026 and beyond. Our mission is to become the very best commercial real estate capital markets company in the world, and that journey begins now."

 
____________________ 
(1)   Adjusted EBITDA is a non-GAAP financial measure the Company presents to 
      help investors better understand our operating performance. For a 
      reconciliation of adjusted EBITDA to net income, refer to the sections 
      of this press release below titled "Non-GAAP Financial Measures," 
      "Adjusted Financial Measure Reconciliation to GAAP" and "Adjusted 
      Financial Measure Reconciliation to GAAP by Segment." 
(2)   Adjusted core EPS is a non-GAAP financial measure the Company presents 
      to help investors better understand our operating performance. For a 
      reconciliation of Adjusted core EPS to diluted EPS, refer to the 
      sections of this press release below titled "Non-GAAP Financial 
      Measures" and "Adjusted Core EPS Reconciliation." 
 

CONSOLIDATED FOURTH QUARTER 2025

OPERATING RESULTS

 
                         TRANSACTION VOLUMES 
(in thousands)      Q4 2025      Q4 2024    $ Variance    % Variance 
                  -----------  -----------  -----------  ------------ 
Fannie Mae        $ 2,785,231  $ 3,225,633  $ (440,402)   (14)% 
Freddie Mac         2,023,592    1,553,495     470,097     30 
Ginnie Mae - HUD      153,748      116,437      37,311     32 
Brokered (1)        8,675,937    4,893,643   3,782,294     77 
Principal 
 Lending and 
 Investing (2)        167,700      207,000     (39,300)   (19) 
----------------   ----------   ----------   ---------   ---- ----- 
Debt financing 
 volume           $13,806,208  $ 9,996,208  $3,810,000     38% 
----------------   ----------   ----------   ---------   ---- ----- 
Property sales 
 volume             4,524,142    3,450,614   1,073,528     31 
----------------   ----------   ----------   ---------   ----  ------ 
Total 
 transaction 
 volume           $18,330,350  $13,446,822  $4,883,528     36% 
----------------   ----------   ----------   ---------   ---- ----- 
 
 
(1)   Brokered transactions for life insurance companies, commercial banks, 
      and other capital sources. 
(2)   Includes debt financing volumes from Walker & Dunlop Investment 
      Partners, Inc. ("WDIP") separate accounts. 
 

DISCUSSION OF QUARTERLY RESULTS:

   --  Total transaction volume grew 36% to $18.3 billion in the fourth 
      quarter of 2025, reflecting Walker & Dunlop's strong position within an 
      increasingly active commercial real estate transactions market. 
 
   --  Fannie Mae and Freddie Mac (collectively, the "GSEs") debt financing 
      volumes remained relatively flat in the fourth quarter of 2025, 
      increasing less than 1% compared to the fourth quarter of 2024. Walker & 
      Dunlop's 2025 GSE market share was 11.2%, up from 10.3% in 2024. Walker & 
      Dunlop was ranked the largest Fannie Mae lender for the seventh 
      consecutive year and the third-largest Freddie Mac lender for 2025, 
      improving from fourth largest in 2024, and finishing the year as the 
      second largest lender with the GSEs on a combined basis. 
 
   --  HUD debt financing volume increased 32% from the prior year as our team 
      continues to expand and deliver strong results for our clients, ranking 
      the Company as one of the top five HUD lenders in 2025. 
 
   --  The 77% increase in brokered debt financing volume during the fourth 
      quarter of 2025 reflected a strong supply of capital to the commercial 
      real estate transaction markets from life insurance companies, banks, 
      commercial mortgage-backed securities, and other private capital 
      providers. 
 
   --  Property sales volume increased 31% in the fourth quarter of 2025. 
      Walker & Dunlop maintains a strong position in the institutional 
      multifamily property sales markets and finished the year as the fourth 
      largest seller of multifamily assets greater than $25 million, up from 
      the seventh largest in 2024, and representing over 10% of the 
      institutional market. Macroeconomic fundamentals supporting the 
      multifamily market, such as steady absorptions, a significant decline in 
      new construction starts across most markets, and the widening 
      affordability gap between renting versus owning, continue to drive a 
      recovery in the multifamily acquisitions market. 
 
                              MANAGED PORTFOLIO 
(dollars in thousands, 
unless otherwise 
noted)                      Q4 2025       Q4 2024     $ Variance   % Variance 
                          ------------  ------------  ----------  ------------ 
Fannie Mae                $ 72,708,372  $ 68,196,744  $4,511,628   7% 
Freddie Mac                 42,595,441    39,185,091   3,410,350   9 
Ginnie Mae - HUD            11,563,020    10,847,265     715,755   7 
Brokered                    17,111,320    17,057,912      53,408   - 
------------------------   -----------   -----------   ---------      -------- 
Total Servicing 
 Portfolio                $143,978,153  $135,287,012  $8,691,141   6% 
------------------------   -----------   -----------   ---------     ------- 
Assets under management     18,631,100    18,423,463     207,637   1 
------------------------   -----------   -----------   ---------      -------- 
Total Managed Portfolio   $162,609,253  $153,710,475  $8,898,778   6% 
------------------------   -----------   -----------   ---------     ------- 
Average custodial escrow 
 account deposits (in 
 billions)                $        2.9  $        3.2 
Weighted-average 
 servicing fee rate at 
 period end (basis 
 points)                          23.6          24.2 
Weighted-average 
 remaining servicing 
 portfolio term at 
 period end (years)                7.2           7.7 
 

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