SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2024

SEGMENTS

Schedule of segment results and total assets

Segment Results (in thousands)	For the three months ended September 30, 2024
Revenues		CM		SAM		Corporate		Consolidated
Loan origination and debt brokerage fees, net	$	72,723		823		—	$	73,546
Fair value of expected net cash flows from servicing, net		43,426		—		—		43,426
Servicing fees		—		82,222		—		82,222
Property sales broker fees		19,322		—		—		19,322
Investment management fees		—		11,744		—		11,744
Net warehouse interest income (expense)		(2,798)		651		—		(2,147)
Placement fees and other interest income		—		40,299		3,258		43,557
Other revenues		11,039		9,145		450		20,634
Total revenues	$	143,712	$	144,884	$	3,708	$	292,304
Expenses
Personnel	$	104,987		20,951		19,600	$	145,538
Amortization and depreciation		1,137		54,668		1,756		57,561
Provision (benefit) for credit losses		—		2,850		—		2,850
Interest expense on corporate debt		4,888		11,711		1,633		18,232
Goodwill impairment		—		—		—		—
Fair value adjustments to contingent consideration liabilities		(1,366)		—		—		(1,366)
Other operating expenses		5,137		6,611		20,236		31,984
Total expenses	$	114,783	$	96,791	$	43,225	$	254,799
Income (loss) from operations	$	28,929	$	48,093	$	(39,517)	$	37,505
Income tax expense (benefit)		7,073		10,756		(9,007)		8,822
Net income (loss) before noncontrolling interests	$	21,856	$	37,337	$	(30,510)	$	28,683
Less: net income (loss) from noncontrolling interests		26		(145)		—		(119)
Walker & Dunlop net income (loss)	$	21,830	$	37,482	$	(30,510)	$	28,802

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
Goodwill impairment		14,000		—		—		14,000
Fair value adjustments to contingent consideration liabilities		(14,000)		—		—		(14,000)
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 and Total Assets (in thousands)	As of and for the nine months ended September 30, 2024
Revenues		CM		SAM		Corporate		Consolidated
Loan origination and debt brokerage fees, net	$	180,264	$	2,356	$	—	$	182,620
Fair value of expected net cash flows from servicing, net		97,673		—		—		97,673
Servicing fees		—		242,683		—		242,683
Property sales broker fees		39,408		—		—		39,408
Investment management fees		—		40,086		—		40,086
Net warehouse interest income (expense)		(6,322)		1,475		—		(4,847)
Placement fees and other interest income		—		113,072		10,927		123,999
Other revenues		32,756		34,679		1,982		69,417
Total revenues	$	343,779	$	434,351	$	12,909	$	791,039
Expenses
Personnel	$	276,655	$	59,083	$	54,330	$	390,068
Amortization and depreciation		3,412		160,912		5,171		169,495
Provision (benefit) for credit losses		—		6,310		—		6,310
Interest expense on corporate debt		15,038		33,848		4,879		53,765
Goodwill impairment		—		—		—		—
Fair value adjustments to contingent consideration liabilities		(1,366)		—		—		(1,366)
Other operating expenses		14,831		18,462		60,093		93,386
Total expenses	$	308,570	$	278,615	$	124,473	$	711,658
Income (loss) from operations	$	35,209	$	155,736	$	(111,564)	$	79,381
Income tax expense (benefit)		8,689		38,430		(27,531)		19,588
Net income (loss) before noncontrolling interests	$	26,520	$	117,306	$	(84,033)	$	59,793
Less: net income (loss) from noncontrolling interests		353		(3,891)		—		(3,538)
Walker & Dunlop net income (loss)	$	26,167	$	121,197	$	(84,033)	$	63,331
Total assets	$	1,711,722		2,495,600		371,909	$	4,579,231

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
Goodwill impairment		14,000		—		—		14,000
Fair value adjustments to contingent consideration liabilities		(14,000)		—		—		(14,000)
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