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Walker & Dunlop (WD) investor relations material

Walker & Dunlop Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Q2 2025 transaction volume surged 65% year-over-year to $14B, led by strong Fannie Mae and brokered lending, signaling a robust CRE market rebound.

  • Total revenues rose 18% to $319.2M, net income increased 50% to $34M, and diluted EPS grew 48% to $0.99, while adjusted core EPS declined 7%.

  • Managed portfolio reached $156B, with a $137.3B servicing portfolio and $18.6B in assets under management, up 4% year-over-year.

  • Investments in technology, brand, and talent, and a $240M LIHTC fund syndication, position the platform for growth as the CRE cycle accelerates.

  • Multifamily sector remains robust due to housing shortages, high occupancy, and rental affordability compared to ownership.

Financial highlights

  • Q2 2025 revenues: $319.2M (+18% YoY); net income: $34M (+50% YoY); diluted EPS: $0.99 (+48% YoY); adjusted EBITDA: $76.8M (-5% YoY); adjusted core EPS: $1.15 (-7% YoY).

  • Year-to-date 2025: revenues $556.6M (+12% YoY); net income $36.7M (+6% YoY); adjusted EBITDA $141.8M (-9% YoY); adjusted core EPS $2.00 (-16% YoY).

  • Operating margin improved to 15% from 10% in Q2 2024; return on equity rose to 8% from 5%.

  • Personnel expenses increased to 51% of revenues in Q2 2025, mainly due to higher commissions.

  • Cash and equivalents at June 30, 2025 were $233.7M, with total liquidity at $292.8M.

Outlook and guidance

  • Management expects continued transaction volume growth as interest rates stabilize and capital markets activity accelerates.

  • Full-year 2025 guidance projects high single-digit to double-digit EPS growth, with flat to high single-digit growth in adjusted core EPS and adjusted EBITDA.

  • Strategic focus on scaling technology-enabled businesses and investment management, with competitive margin pressure expected to persist.

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Frequently asked questions

Walker & Dunlop, Inc. provides commercial real estate financial services primarily to developers and owners of multifamily properties in the United States. It offers Fannie Mae DUS loans, Freddie Mac structured adjustable-rate mortgage loans, Federal Housing Administration (FHA) financing, interim loans, forward commitments, and equity financing. The company also provides construction financing products; mezzanine financing products; and bridge/interim loan products for transitional properties and sponsors. In addition, it originates and services loans for Fannie Mae under its delegated underwriting and servicing authority; sells and services loans for Freddie Mac; produces fixed rate term sheets for the U.S. Department of Housing and Urban Development's FHA insured multifamily mortgage insurance programs; and provides debt capital through its subsidiary, Greystone Servicing Corporation.

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