Walker & Dunlop (WD) investor relations material

Differentiated business model and growth strategy

• Offers a broad suite of commercial real estate finance and advisory services, including capital markets, servicing, investment management, valuations, investment banking, and research.

• Achieved $41 billion in debt origination and $144 billion in servicing portfolio in 2025, with $18.6 billion in assets under management.

• Strategic acquisitions have expanded capabilities, national reach, and technology, enhancing people, brand, and platform since 1937.

• Growth driven by top industry talent, a strong national brand, and significant investment in technology.

• Maintains a unique culture recognized as a top workplace, with a senior management team averaging over 10 years of tenure.

Financial performance and capital allocation

• Five-year growth plan, 'Journey to 30', targets $80B+ origination volume, $35B+ property sales, $2B+ total revenues, and $400–$500M adjusted EBITDA by 2030.

• 2025 saw $1.25B in revenues, with a goal to reach $2B+ by 2030 through growth across all business lines.

• 2025 adjusted EBITDA was $315.9M, with a 5-year CAGR of 8%.

• Quarterly dividend increased for the eighth consecutive year to $0.68 per share in Q1 2026; $92M returned to shareholders in 2025.

• Board authorized $75M in share repurchases over 12 months starting February 2026.

Market opportunity and trends

• Maintains top-three market share in multifamily loan originations, with 8.7% of the overall market in 2025.

• Multifamily and commercial real estate markets present significant refinancing and sales opportunities, with $3 trillion in CRE debt maturing by 2030.

• Transaction volumes and credit markets are recovering, with lender competition and liquidity supporting growth.

• Multifamily fundamentals expected to stabilize as supply pressures ease and affordability continues to drive rental demand.

• Expanding into non-multifamily sectors, which represent 40–50% of the total lending market, to unlock further growth.