WD

EX-99.1

2 wd-20260806xex99d1.htm

EX-99.1

Exhibit 99.1

Walker & Dunlop Reports Second Quarter 2026 Financial Results

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BETHESDA, MD – AUGUST 6, 2026 – Walker & Dunlop, Inc. (NYSE: WD) (the “Company”, “Walker & Dunlop” or “W&D”) reported second quarter 2026 financial results.

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KEY FINANCIAL METRICS

●Total transaction volume of $14.4 billion, up 3% from Q2’25

●Total revenues of $306.7 million, down 4% from Q2’25

●Net income of $3.0 million and diluted earnings per share of $0.09, both down 91% from Q2’25

●Adjusted core EPS(1) of $1.19, up 3% from Q2’25

●Servicing portfolio of $145.8 billion as of June 30, 2026, up 6% from June 30, 2025

●Year-to-date GSE market share is 14.7%, compared to 11.2% in 2025

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“Walker & Dunlop continues to demonstrate the strength and resilience of our commercial real estate capital markets platform by gaining market share with the GSEs, expanding our capital markets capabilities, and generating durable, recurring cash flows from our servicing and asset management businesses,” said Willy Walker, Chairman and CEO.

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“While our Q2 financial results reflect the impact of the legacy repurchases and associated credit marks, we are nearing the conclusion of these reviews which have strengthened our underwriting processes along with our partnerships with Fannie Mae and Freddie Mac. The GSE’s have a tremendous amount of lending capacity for the remainder of 2026, and after expanding W&D’s market share by 3.5% in the first half of 2026 to 15%, we see plenty of opportunity going forward.”

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Walker continued, “Our focus now firmly turns to the Journey to ’30, our five-year strategic growth plan to become the best commercial real estate capital markets company in the world by expanding the services we offer, the depth of our client relationships, and generating long-term value for our shareholders.”

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The Capital Markets team generated $14.4 billion of total transaction volume, up 3% from a year ago. Debt financing volume increased 8%, led by 43% growth in HUD originations and 17% growth in brokered lending, reflecting the continued expansion of capital relationships beyond the Agencies. The servicing portfolio grew 6%, to $145.8 billion, providing durable recurring revenue and cash flow while deepening the client relationships that create future financing and advisory opportunities.

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Year-to-date, debt financing volume increased 44% to $24.3 billion within a complex macroeconomic and interest rate environment, reinforcing our confidence in the long-term earnings power of Walker & Dunlop’s platform as improving market activity continues to create opportunities across the business.

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Results this quarter include $23.2 million of operating and credit-related expenses associated with legacy indemnified and repurchased loans. A large of portion of these charges is concentrated in loans associated with a small number of fraudulent sponsors we previously identified. These charges do not reflect new or increasing repurchase exposure in our overall portfolio. We are actively executing our disposition strategy for the repurchased loan portfolio, reducing that exposure by $39.4 million since quarter end to $153.8 million, and we have $41.7 million of credit-related reserves against that remaining portfolio.

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Second quarter 2026 Earnings Release

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(1)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.”

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●Total transaction volume increased 3%, to $14.4 billion, as transaction activity remained healthy across the commercial real estate market.

●Although GSE debt financing volumes decreased 10% year over year, our market share with the GSEs increased year over year.

●Growth in brokered lending reflects strong lender participation across numerous third-party capital sources during the quarter, demonstrating the availability of capital at this time in the cycle, and the breadth of our financing capabilities across executions and property types.

●Property sales volume remained active despite continued market volatility, as investment decisions across the multifamily sector continued to be influenced by operating fundamentals, interest rate expectations and transaction timing.

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FINANCIAL RESULTS - CAPITAL MARKETS ("CM")

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Three months ended June 30,

(in millions, unless otherwise noted)

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2026

​ ​ ​

​

2025

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% Change

Total revenues

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$

169

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$

173

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(2)

%

Total expenses

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​

131

​

​

127

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3

​

Walker & Dunlop net income (loss)

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$

30

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$

33

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(10)

%

Key revenue metrics:

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Origination fee rate (1)

​

​

0.74

%

​

0.82

%

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Agency MSR rate (2)

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​

0.99

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1.03

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2

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Second q

EX-99.1

2 wd-20260507xex99d1.htm

EX-99.1

Exhibit 99.1

Walker & Dunlop Reports First Quarter 2026 Financial Results

FIRST QUARTER 2026 HIGHLIGHTS

●Total transaction volume of $13.7 billion, up 94% from Q1’25

●Total revenues of $301.3 million, up 27% from Q1’25

●Net income of $15.9 million and diluted earnings per share of $0.46, up 476% and 475%, respectively from Q1’25

●Adjusted EBITDA(1) of $73.8 million, up 14% from Q1’25

●Adjusted core EPS(2) of $1.02, up 20% from Q1’25

●Servicing portfolio of $146.4 billion as of March 31, 2026, up 8% from March 31, 2025

●Repurchased $13.3 million shares of common stock during the quarter at a weighted average price of $47.13

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BETHESDA, MD – MAY 7, 2026 – Walker & Dunlop, Inc. (NYSE: WD) (the “Company”, “Walker & Dunlop” or “W&D”) reported a strong first quarter of 2026, highlighted by a significant increase in total transaction volume to $13.7 billion, a 94% increase year over year. Total revenues grew 27% to $301.3 million, driving a 476% increase in net income to $15.9 million, or $0.46 per diluted share.

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The Capital Markets segment delivered improved operating margins and profitability as continued strength in origination activity expanded the Company’s servicing portfolio by 8% year over year. Adjusted EBITDA increased 14% in the first quarter of 2026, and adjusted core EPS was up 20% year over year to $1.02. Results this quarter also include $10 million of indemnified and repurchased loan expenses, which the Company continues to actively manage. The first quarter of 2026 demonstrates the earnings power of Walker & Dunlop’s platform as market activity improves.

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“The strength of our first-quarter transaction volumes and earnings is due to the W&D team, our brand, and our market position as one of the very best commercial real estate capital markets firms in the world,” commented Willy Walker, Walker & Dunlop’s Chairman and CEO. “Strong financing volumes generated robust quarterly transaction fees, which, coupled with recurring servicing and asset management fees, generated solid quarterly earnings as we begin the pursuit of our annual and five-year financial goals.”

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Walker continued, “We enter the second quarter with a strong pipeline across all executions, customer segments, and geographies. While the macro environment remains challenging -- marked by interest rate volatility, high oil prices, and the Iran conflict -- many clients continue to transact due to loan maturities, the need to return capital to investors, and investment opportunities across the country. We remain confident in our 2026 outlook and in our ability to grow our company in the coming quarters and years.”

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(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.”

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1

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First quarter 2026 Earnings Release

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CONSOLIDATED FIRST QUARTER 2026

OPERATING RESULTS

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TRANSACTION VOLUMES

(in thousands)

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Q1 2026

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Q1 2025

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$ Variance

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% Variance

Fannie Mae

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$

1,553,899

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$

1,511,794

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$

42,105

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3

%

Freddie Mac

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3,124,128

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808,247

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2,315,881

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287

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Ginnie Mae - HUD

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481,384

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148,158

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333,226

​

225

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Brokered (1)

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6,503,051

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2,552,943

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3,950,108

​

155

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Principal Lending and Investing (2)

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87,900

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175,500

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(87,600)

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(50)

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Debt financing volume

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$

11,750,362

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$

5,196,642

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$

6,553,720

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126

%

Property sales volume

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1,910,300

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1,839,290

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71,010

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4

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Total transaction volume

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$

13,660,662

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$

7,035,932

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$

6,624,730

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94

%

(1)Brokered transactions for life insurance companies, commercial banks, and other capital sources.

(2)Includes debt financing volumes from our interim lending platform and Walker & Dunlop Investment Partners, Inc. (“WDIP”) separate accounts.

DISCUSSION OF QUARTERLY RESULTS:

●Total transaction volume grew 94% to $13.7 billion in the first quarter of 2026, 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 increased 102% year over year, led by a 287% increase in Freddie Mac volumes, which included a $1.7 billion portfol

Walker & Dunlop, Inc._February 26, 2026 0001497770false00014977702026-02-262026-02-26

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 ​

FORM 8-K

​

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 ​ Date of Report (Date of earliest event reported): February 26, 2026 ​ Walker & Dunlop, Inc. ​ (Exact name of registrant as specified in its charter) ​ ​

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Maryland ​ 001-35000 ​ 80-0629925

(State or other Jurisdiction of Incorporation) ​ (Commission File Number)

(IRS Employer Identification No.)

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7272 Wisconsin Avenue, Suite 1300 Bethesda, MD ​ 20814

(Address of Principal Executive Offices)

(Zip Code)

​ Registrant’s telephone number, including area code: (301) 215-5500 ​ Not applicable (Former name or former address if changed since last report.) ​

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Securities registered pursuant to Section 12(b) of the Act:

Title of each class ​ Trading Symbol ​ Name of each exchange on which registered

Common Stock, $0.01 Par Value Per Share ​ WD ​ New York Stock Exchange

​ Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ​ ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ​ ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ​ ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ​ ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ​ Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ​ ☐ Emerging growth company ​ ☐If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

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Item 2.02.  Results of Operations and Financial Condition. ​ On February 26, 2026, Walker & Dunlop, Inc. (the “Company”) issued a press release reporting its financial results for the quarter and year-to-date period ended December 31, 2025. A copy of this press release is furnished herewith as Exhibit 99.1 and is hereby incorporated by reference into this Item 2.02. ​ The information contained in this current report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended. ​ Item 9.01. Financial Statements and Exhibits. ​ (d) Exhibits.

​ The exhibit contained in this current report on Form 8-K shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended. ​ Exhibit Number ​ Description

99.1 ​ Press Release dated February 26, 2026

104 ​ Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

​ Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ​ ​

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​ ​ ​ Walker & Dunlop, Inc.

​ ​ ​ (Registrant)

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Date: February 26, 2026 ​ By: /s/ Gregory A. Florkowski

​ ​ ​ Gregory A. Florkowski Executive Vice President and Chief Financial Officer

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