XML 51 R37.htm IDEA: XBRL DOCUMENT

SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Summary and reconciliation of each segment's results and balances


Segment Results and Total Assets (dollars in thousands, except per share data and ratios)		As of and for the year ended December 31, 2025
Revenues			CM			SAM			Corporate			Consolidated
Loan origination and debt brokerage fees, net		$	336,947		$	5,202		$	—		$	342,149
Fair value of expected net cash flows from servicing, net of guaranty obligation			179,681			—			—			179,681
Servicing fees			—			337,442			—			337,442
Property sales broker fees			83,519			—			—			83,519
Investment management fees			—			34,629			—			34,629
Net warehouse interest income (expense)			(5,490)			—			—			(5,490)
Placement fees and other interest income			—			137,864			14,720			152,584
Other revenues			52,293			51,427			6,072			109,792
Total revenues		$	646,950		$	566,564		$	20,792		$	1,234,306

Expenses
Personnel⁽¹⁾		$	475,286		$	89,552		$	82,971		$	647,809
Amortization and depreciation			4,579			225,640			8,463			238,682
Provision (benefit) for credit losses			—			9,586			—			9,586
Interest expense on corporate debt			17,506			41,345			5,864			64,715
Goodwill impairment			—			—			—			—
Fair value adjustments to contingent consideration liabilities			—			(8,243)			—			(8,243)
Indemnified and repurchased loan expenses			—			40,850			—			40,850
Asset impairments and other expenses			2,742			28,584			5,420			36,746
Other operating expenses			21,162			21,398			82,603			125,163
Total expenses		$	521,275		$	448,712		$	185,321		$	1,155,308
Income (loss) before taxes		$	125,675		$	117,852		$	(164,529)		$	78,998
Income tax expense (benefit)			35,019			32,839			(45,845)			22,013
Net income (loss) before noncontrolling interests and temporary equity holders		$	90,656		$	85,013		$	(118,684)		$	56,985
Less: net income (loss) from noncontrolling interests		$	—		$	(99)		$	—		$	(99)
Less: net income (loss) attributable to temporary equity holders			837			—			—			837
Walker & Dunlop net income (loss)		$	89,819		$	85,112		$	(118,684)		$	56,247

Total assets		$	2,031,815		$	2,425,954		$	601,709		$	5,059,478
Diluted EPS		$	2.62		$	2.48		$	(3.46)		$	1.64
Operating margin			19	%		21	%		(791)	%		6	%


Segment Results and Total Assets (dollars in thousands, except per share data and ratios)		As of and for the year ended December 31, 2024
Revenues			CM			SAM			Corporate			Consolidated
Loan origination and debt brokerage fees, net		$	271,996		$	4,566		$	—		$	276,562
Fair value of expected net cash flows from servicing, net of guaranty obligation			153,593			—			—			153,593
Servicing fees			—			325,644			—			325,644
Property sales broker fees			60,583			—			—			60,583
Investment management fees			—			36,976			—			36,976
Net warehouse interest income (expense)			(8,780)			1,747			—			(7,033)
Placement fees and other interest income			—			153,350			14,611			167,961
Other revenues			47,449			69,366			1,389			118,204
Total revenues		$	524,841		$	591,649		$	16,000		$	1,132,490

Expenses
Personnel⁽¹⁾		$	399,256		$	83,050		$	76,940		$	559,246
Amortization and depreciation			4,551			226,067			6,931			237,549
Provision (benefit) for credit losses			—			10,839			—			10,839
Interest expense on corporate debt			19,489			43,834			6,363			69,686
Goodwill impairment			33,000			—			—			33,000
Fair value adjustments to contingent consideration liabilities			(39,491)			(10,830)			—			(50,321)
Indemnified and repurchased loan expenses			—			10,573			—			10,573
Asset impairments and other expenses			460			721			—			1,181
Other operating expenses			20,284			31,770			77,182			129,236
Total expenses		$	437,549		$	396,024		$	167,416		$	1,000,989
Income (loss) before taxes		$	87,292		$	195,625		$	(151,416)		$	131,501
Income tax expense (benefit)			20,275			45,437			(35,169)			30,543
Net income (loss) before noncontrolling interests		$	67,017		$	150,188		$	(116,247)		$	100,958
Less: net income (loss) from noncontrolling interests			353			(7,562)			—			(7,209)
Walker & Dunlop net income (loss)		$	66,664		$	157,750		$	(116,247)		$	108,167

Total assets		$	1,407,206		$	2,439,986		$	534,801		$	4,381,993
Diluted EPS		$	1.97		$	4.65		$	(3.43)		$	3.19
Operating margin			17	%		33	%		(946)	%		12	%


Segment Results and Total Assets (dollars in thousands, except per share data and ratios)	As of and for the year ended December 31, 2023
Revenues			CM			SAM			Corporate			Consolidated
Loan origination and debt brokerage fees, net		$	232,625		$	1,784		$	—		$	234,409
Fair value of expected net cash flows from servicing, net of guaranty obligation			141,917			—			—			141,917
Servicing fees			—			311,914			—			311,914
Property sales broker fees			53,966			—			—			53,966
Investment management fees			—			45,381			—			45,381
Net warehouse interest income (expense)			(9,497)			3,864			—			(5,633)
Placement fees and other interest income			—			141,374			13,146			154,520
Other revenues			57,755			59,526			685			117,966
Total revenues		$	476,766		$	563,843		$	13,831		$	1,054,440

Expenses
Personnel⁽¹⁾		$	375,450		$	74,407		$	64,433		$	514,290
Amortization and depreciation			4,550			214,978			7,224			226,752
Provision (benefit) for credit losses			—			(10,452)			—			(10,452)
Interest expense on corporate debt			18,779			42,489			7,208			68,476
Goodwill impairment			62,000			—			—			62,000
Fair value adjustments to contingent consideration liabilities			(62,500)			—			—			(62,500)
Indemnified and repurchased loan expenses			—			—			—			—
Asset impairments and other expenses			(1,157)			550			—			(607)
Other operating expenses			21,151			28,032			69,101			118,284
Total expenses		$	418,273		$	350,004		$	147,966		$	916,243
Income (loss) before taxes		$	58,493		$	213,839		$	(134,135)		$	138,197
Income tax expense (benefit)			14,824			54,198			(33,996)			35,026
Net income (loss) before noncontrolling interests		$	43,669		$	159,641		$	(100,139)		$	103,171
Less: net income (loss) from noncontrolling interests			2,489			(6,675)			—			(4,186)
Walker & Dunlop net income (loss)		$	41,180		$	166,316		$	(100,139)		$	107,357

Total assets		$	1,193,137		$	2,273,033		$	586,177		$	4,052,347
Diluted EPS		$	1.22		$	4.93		$	(2.97)		$	3.18
Operating margin			12	%		38	%		(970)	%		13	%

(1)	Personnel expense is primarily composed of the cost of salaries and benefits, payroll taxes, subjective and objective bonuses, commissions, retention bonuses, and share-based compensation.

Schedule of loans serviced for others, by product


		As of December 31,
Loan Servicing Portfolio by Product (in thousands)		2025			2024			2023
Fannie Mae		$	72,708,372		$	68,196,744		$	63,699,106
Freddie Mac			42,595,441			39,185,091			39,330,545
Ginnie Mae-HUD			11,563,020			10,847,265			10,460,884
Other			17,111,320			17,057,912			16,980,989
Total		$	143,978,153		$	135,287,012		$	130,471,524

Schedule of volume of debt financing by product


		For the year ended December 31,
Debt Financing by Product (in thousands)		2025			2024			2023
Fannie Mae		$	9,552,425		$	7,641,161		$	7,021,397
Freddie Mac			8,248,816			5,227,550			4,568,935
Ginnie Mae-HUD			915,524			588,529			678,889
Brokered			22,076,680			16,093,776			11,714,888
Principal Lending and Investing			690,250			603,650			218,750
Total		$	41,483,695		$	30,154,666		$	24,202,859