Walker & Dunlop (WD) Investor presentation summary

Differentiated business model and growth strategy

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

• Achieved $30bn in debt origination and $135bn servicing portfolio in 2024, with $18.4bn in assets under management.

• Strategic acquisitions have expanded capabilities, national reach, and technology, supporting growth and diversification.

• Focuses on people, brand, and technology, investing in innovation and maintaining a strong workplace culture recognized by industry awards.

• Maintains a track record of long-term growth, with a 5-year CAGR of 6% in adjusted EBITDA and consistent achievement of ambitious goals.

Financial performance and capital allocation

• 2024 saw strong financial results: total transaction volume up 21% to $39.9bn, adjusted EBITDA up 9% to $328.5m, and diluted EPS stable at $3.19.

• Five-year revenue CAGR of 7%, with adjusted core EPS and EBITDA showing resilience despite market volatility.

• Increased quarterly dividend by 3% to $0.67 per share in 2025, marking the seventh consecutive annual increase; $88m returned to shareholders in 2024.

• Board authorized $75m in share repurchases for 2025; corporate debt to adjusted EBITDA ratio at 2.3x as of year-end 2024.

• Maintains strong cash flow, enabling both reinvestment and capital returns, with a focus on long-term shareholder value.

Strategic growth plan and market opportunity

• Drive to '25 plan targets $60bn+ debt origination, $25bn+ property sales, $160bn servicing portfolio, and $10bn+ AUM.

• 2024 progress: $30.2bn debt financing, $9.8bn property sales, $135.3bn servicing, $10bn AUM; some goals remain to be achieved.

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

• Business area goals include doubling average transaction volume per banker, significant growth in tax credit equity syndication, and small balance lending.

• Market trends show a rebound in multifamily sales, robust absorption rates, and a wide cost gap favoring renting over home ownership.