SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2023

SEGMENTS

Schedule of segment results and total assets

Segment Results (in thousands)	For the three months ended September 30, 2023
Revenues		CM		SAM		Corporate		Consolidated
Loan origination and debt brokerage fees, net	$	56,149	$	—	$	—	$	56,149
Fair value of expected net cash flows from servicing, net		35,375		—		—		35,375
Servicing fees		—		79,200		—		79,200
Property sales broker fees		16,862		—		—		16,862
Investment management fees		—		13,362		—		13,362
Net warehouse interest income (expense)		(2,565)		534		—		(2,031)
Placement fees and other interest income		—		39,475		3,525		43,000
Other revenues		11,875		15,569		(618)		26,826
Total revenues	$	117,696	$	148,140	$	2,907	$	268,743
Expenses
Personnel	$	97,973	$	17,139	$	21,395	$	136,507
Amortization and depreciation		1,137		54,375		1,967		57,479
Provision (benefit) for credit losses		—		421		—		421
Interest expense on corporate debt		4,874		11,096		1,624		17,594
Other operating expenses		4,193		5,039		19,297		28,529
Total expenses	$	108,177	$	88,070	$	44,283	$	240,530
Income (loss) from operations	$	9,519	$	60,070	$	(41,376)	$	28,213
Income tax expense (benefit)		2,386		15,040		(10,357)		7,069
Net income (loss) before noncontrolling interests	$	7,133	$	45,030	$	(31,019)	$	21,144
Less: net income (loss) from noncontrolling interests		83		(397)		—		(314)
Walker & Dunlop net income (loss)	$	7,050	$	45,427	$	(31,019)	$	21,458

Segment Results (in thousands)	For the three months ended September 30, 2022
Revenues		CM		SAM		Corporate		Consolidated
Loan origination and debt brokerage fees, net	$	89,752	$	1,106	$	—	$	90,858
Fair value of expected net cash flows from servicing, net		55,291		—		—		55,291
Servicing fees		—		75,975		—		75,975
Property sales broker fees		30,308		—		—		30,308
Investment management fees		—		16,301		—		16,301
Net warehouse interest income (expense)		2,178		1,802		—		3,980
Placement fees and other interest income		—		17,760		369		18,129
Other revenues		11,011		16,378		(2,620)		24,769
Total revenues	$	188,540	$	129,322	$	(2,251)	$	315,611
Expenses
Personnel	$	128,981	$	18,728	$	9,350	$	157,059
Amortization and depreciation		1,052		57,139		1,655		59,846
Provision (benefit) for credit losses		—		1,218		—		1,218
Interest expense on corporate debt		2,430		6,324		552		9,306
Other operating expenses		6,869		5,237		21,885		33,991
Total expenses	$	139,332	$	88,646	$	33,442	$	261,420
Income (loss) from operations	$	49,208	$	40,676	$	(35,693)	$	54,191
Income tax expense (benefit)		12,468		10,204		(15,140)		7,532
Net income (loss) before noncontrolling interests	$	36,740	$	30,472	$	(20,553)	$	46,659
Less: net income (loss) from noncontrolling interests		277		(451)		—		(174)
Walker & Dunlop net income (loss)	$	36,463	$	30,923	$	(20,553)	$	46,833

Segment Results and Total Assets (in thousands)	As of and for the nine months ended September 30, 2023
Revenues		CM		SAM		Corporate		Consolidated
Loan origination and debt brokerage fees, net	$	167,679	$	522	$	—	$	168,201
Fair value of expected net cash flows from servicing, net		107,446		—		—		107,446
Servicing fees		—		232,027		—		232,027
Property sales broker fees		38,831		—		—		38,831
Investment management fees		—		44,844		—		44,844
Net warehouse interest income (expense)		(7,006)		3,450		—		(3,556)
Placement fees and other interest income		—		100,636		8,674		109,310
Other revenues		40,735		42,697		(431)		83,001
Total revenues	$	347,685	$	424,176	$	8,243	$	780,104
Expenses
Personnel	$	281,502	$	53,669	$	53,254	$	388,425
Amortization and depreciation		3,412		161,935		5,390		170,737
Provision (benefit) for credit losses		—		(11,088)		—		(11,088)
Interest expense on corporate debt		13,870		31,385		4,623		49,878
Other operating expenses		15,037		16,465		51,820		83,322
Total expenses	$	313,821	$	252,366	$	115,087	$	681,274
Income (loss) from operations	$	33,864	$	171,810	$	(106,844)	$	98,830
Income tax expense (benefit)		8,462		42,931		(26,698)		24,695
Net income (loss) before noncontrolling interests	$	25,402	$	128,879	$	(80,146)	$	74,135
Less: net income (loss) from noncontrolling interests		1,741		(3,364)		—		(1,623)
Walker & Dunlop net income (loss)	$	23,661	$	132,243	$	(80,146)	$	75,758
Total assets	$	1,424,270	$	2,361,245	$	492,336	$	4,277,851

Segment Results and Total Assets (in thousands)	As of and for the nine months ended September 30, 2022
Revenues		CM		SAM		Corporate		Consolidated
Loan origination and debt brokerage fees, net	$	273,660	$	2,113	$	—	$	275,773
Fair value of expected net cash flows from servicing, net		159,970		—		—		159,970
Servicing fees		—		222,916		—		222,916
Property sales broker fees		100,092		—		—		100,092
Investment management fees		—		47,345		—		47,345
Net warehouse interest income (expense)		9,415		4,606		—		14,021
Placement fees and other interest income		—		26,166		517		26,683
Other revenues		29,838		57,624		41,641		129,103
Total revenues	$	572,975	$	360,770	$	42,158	$	975,903
Expenses
Personnel	$	372,656	$	53,211	$	43,741	$	469,608
Amortization and depreciation		2,191		170,501		4,409		177,101
Provision (benefit) for credit losses		—		(13,120)		—		(13,120)
Interest expense on corporate debt		5,488		15,388		1,247		22,123
Other operating expenses		19,943		15,535		66,922		102,400
Total expenses	$	400,278	$	241,515	$	116,319	$	758,112
Income (loss) from operations	$	172,697	$	119,255	$	(74,161)	$	217,791
Income tax expense (benefit)		41,878		28,919		(24,302)		46,495
Net income (loss) before noncontrolling interests	$	130,819	$	90,336	$	(49,859)	$	171,296
Less: net income (loss) from noncontrolling interests		995		(2,027)		—		(1,032)
Walker & Dunlop net income (loss)	$	129,824	$	92,363	$	(49,859)	$	172,328
Total assets	$	3,093,803	$	2,543,730	$	365,480	$	6,003,013