FIRST QUARTER 2024 HIGHLIGHTS
- Total transaction volume of $6.4 billion, down 5% from
Q1’23
- Total revenues of $228.1 million, down 4% from Q1’23
- Net income of $11.9 million and diluted earnings per share of
$0.35, down 55% and 56%, respectively, from Q1’23
- Adjusted EBITDA1 of $74.1 million, up 9% from Q1’23
- Adjusted core EPS2 of $1.19, up 2% from Q1’23
- Servicing portfolio of $132.0 billion as of March 31, 2024, up
6% from March 31, 2023
- Declared quarterly dividend of $0.65 per share for the second
quarter of 2024
Walker & Dunlop, Inc. (NYSE:
WD) (the “Company,” “Walker & Dunlop,” or “W&D”) reported
total revenues of $228.1 million for the first quarter of 2024, a
decrease of 4% year over year. First quarter total transaction
volume was $6.4 billion, down 5% year over year. Net income for the
first quarter of 2024 was $11.9 million, or $0.35 per diluted
share, down 55% and 56%, respectively, year over year. Adjusted
EBITDA was up 9% to $74.1 million, reflecting the strength of the
Company’s recurring revenue streams. As well, adjusted core EPS,
which primarily strips out non-cash revenues and expenses, was up
2% from the first quarter of 2023 to $1.19. The Company’s Board of
Directors declared a dividend of $0.65 per share for the second
quarter of 2024.
“Q1 2024 began with optimism for imminent Fed rate cuts and
ended with broad acceptance of ‘higher for longer.’ The market
uncertainty along with rising rates slowed transaction volume
significantly. The W&D team closed $6.4 billion of total
transaction volume in the quarter, down 5% from Q1 2023,” commented
Walker & Dunlop Chairman and CEO Willy Walker. “While lower
origination volumes with the GSEs and HUD reduced mortgage
servicing rights as well as non-cash revenues and diluted EPS, both
adjusted core EPS and adjusted EBITDA, which eliminate the impact
of non-cash revenues and expenses, were up 2% and 9%, respectively,
on the quarter. These numbers exemplify the durability of the
W&D business model."
"As we enter Q2, there are plenty of signs that commercial real
estate investors are working ‘higher for longer’ into their actions
-- to refinance properties, buy and sell properties, or raise new
capital," continued Walker. "We believe our full-year 2024
financial guidance is achievable given the volume of loan
refinancings and equity capital looking to be deployed between now
and year-end. And while higher rates and uncertain Fed policy are
headwinds, the onus is on our team to provide our clients with
solutions in challenging markets."
"Finally," added Walker, “Walker & Dunlop's business model
-- that includes a scaled, low risk servicing business generating
strong cash flow -- allows us to invest in our people, brand, and
technology to continue exceeding our clients' expectations."
CONSOLIDATED FIRST QUARTER
2024
OPERATING RESULTS
TRANSACTION VOLUMES
(dollars in thousands)
Q1 2024
Q1 2023
$ Variance
% Variance
Fannie Mae
$
903,368
$
1,358,708
$
(455,340
)
(34
)%
Freddie Mac
974,926
975,737
(811
)
-
Ginnie Mae - HUD
14,140
127,599
(113,459
)
(89
)
Brokered (3)
3,319,074
2,363,754
955,320
40
Principal Lending and Investing (4)
15,800
-
15,800
N/A
Debt financing volume
$
5,227,308
$
4,825,798
$
401,510
8
%
Property sales volume
1,167,151
1,894,682
(727,531
)
(38
)
Total transaction volume
$
6,394,459
$
6,720,480
$
(326,021
)
(5
)%
Discussion of Results:
- Total transaction volume decreased 5% from the first quarter of
2023, primarily due to a 20% decrease in the Fannie Mae and the
Freddie Mac (collectively, the “GSEs”) transaction volume and a
decrease in property sales volume, partially offset by a 40%
increase in brokered transactions.
- The decrease in HUD debt financing volume reflects the impacts
of high interest rates and elongated processing times for
construction loans. Walker & Dunlop was the second largest HUD
construction loan lender by volume for HUD’s 2023 fiscal year.
- The 40% increase in brokered debt volume drove our 8% increase
in debt financing volume in the first quarter of 2024, as there was
increased activity from life insurance companies, banks, CMBS and
other private capital providers in the first quarter 2024 compared
to 2023.
- Property sales volume decreased as fewer multifamily owners
seek to sell their investments under these market conditions,
resulting in the market’s lowest quarter of multifamily property
sales volume since the second quarter of 2020, according to Real
Capital Analytics. Volatility in interest rates and increased
supply in select markets from new deliveries have caused cap rates
for multifamily assets to widen, and sellers remain hesitant to
pursue sales in this market.
MANAGED PORTFOLIO
(dollars in thousands, unless otherwise
noted)
Q1 2024
Q1 2023
$ Variance
% Variance
Fannie Mae
$
64,349,886
$
59,890,444
$
4,459,442
7
%
Freddie Mac
39,665,386
38,184,798
1,480,588
4
Ginnie Mae - HUD
10,595,841
10,027,781
568,060
6
Brokered
17,312,513
16,285,391
1,027,122
6
Principal Lending and Investing
40,139
187,505
(147,366
)
(79
)
Total Servicing Portfolio
$
131,963,765
$
124,575,919
$
7,387,846
6
%
Assets under management
17,465,398
16,654,566
810,832
5
Total Managed Portfolio
$
149,429,163
$
141,230,485
$
8,198,678
6
%
Custodial escrow account balance at period
end (in billions)
$
2.3
$
2.2
Weighted-average servicing fee rate (basis
points)
24.0
24.3
Weighted-average remaining servicing
portfolio term (years)
8.0
8.7
Discussion of Results:
- Our servicing portfolio continues to expand with the addition
of GSE debt financing volumes over the past 12 months. Although
loan origination volumes have slowed down over the past year,
higher interest rates are leading to fewer loan prepayments within
the servicing portfolio.
- During the first quarter of 2024, we added $1.5 billion of net
loans to our servicing portfolio, and over the past 12 months, we
added $7.4 billion of net loans to our servicing portfolio, 88% of
which were GSE or HUD (collectively, “Agency”) loans.
- $10.7 billion of Agency loans in our servicing portfolio are
scheduled to mature over the next two years. These loans, with a
low weighted-average servicing fee of 20 basis points, represent
only 9% of the total Agency loans in our portfolio.
- The mortgage servicing rights (“MSRs”) associated with our
servicing portfolio had a fair value of $1.4 billion as of both
March 31, 2024 and 2023.
- Assets under management as of March 31, 2024 consisted of $15.2
billion of low-income housing tax credit (“LIHTC”) funds, $1.4
billion of debt funds, and $0.9 billion of equity funds. The $0.8
billion increase was primarily related to syndication activity of
the tax credit funds over the past year.
KEY PERFORMANCE METRICS
(dollars in thousands, except per share
amounts)
Q1 2024
Q1 2023
$ Variance
% Variance
Walker & Dunlop net income
$
11,866
$
26,665
$
(14,799
)
(55
)%
Adjusted EBITDA
74,136
67,975
6,161
9
Diluted EPS
$
0.35
$
0.79
$
(0.44
)
(56
)%
Adjusted core EPS
$
1.19
$
1.17
$
0.02
2
%
Operating margin
6
%
14
%
Return on equity
3
6
Key Expense Metrics (as a percentage of
total revenues):
Personnel expenses
49
%
50
%
Other operating expenses
13
10
Discussion of Results:
- Net income and diluted EPS decreased 55% and 56%, respectively,
in the first quarter of 2024, compared to the same period in 2023.
The first quarter of 2023 included a $10.8 million benefit for
credit losses, a $4.4 million benefit from the refinancing of debt
assumed in the acquisition of Alliant, and a $7.5 million
investment banking transaction, with no comparable transaction
activity in the first quarter of 2024, which contributed to the
decrease in our income from operations. Adjusted core EPS, which
excludes, among other items, the impacts of non-cash MSR revenues,
the provision for loan losses, and acquisition related costs (such
as amortization of intangible assets) was $1.19 in the first
quarter 2024, an increase of 2% year over year.
- The increase in adjusted EBITDA was primarily the result of
increased placement fees and other interest income, higher
servicing fees, and decreased personnel expenses, partially offset
by decreases in loan origination and debt brokerage fees, net and
property sales broker fees.
- Operating margin decreased primarily due to changes in our
non-cash activity, including: (i) a decline of MSR income due to
lower Fannie Mae volume, and (ii) a change from a large benefit for
credit losses in 2023 to a small provision for credit losses in
2024.
- Return on equity declined primarily due to the 55% decrease in
net income combined with a 2% increase in stockholders’ equity over
the past year.
KEY CREDIT METRICS
(dollars in thousands)
Q1 2024
Q1 2023
$ Variance
% Variance
At-risk servicing portfolio (5)
$
59,498,851
$
54,898,461
$
4,600,390
8
%
Maximum exposure to at-risk portfolio
(6)
12,088,698
11,132,473
956,225
9
Defaulted loans (7)
$
63,264
$
36,983
$
26,281
71
%
Key credit metrics (as a percentage of
the at-risk portfolio):
Defaulted loans
0.11
%
0.07
%
Allowance for risk-sharing
0.05
0.06
Key credit metrics (as a percentage of
maximum exposure):
Allowance for risk-sharing
0.25
%
0.30
%
Discussion of Results:
- Our at-risk servicing portfolio, which is comprised of loans
subject to a defined risk-sharing formula, increased primarily due
to the level of Fannie Mae loans added to the portfolio during the
past 12 months.
- As of March 31, 2024, six at-risk loans were in default with an
aggregate unpaid principal balance (“UPB”) of $63.3 million
compared to two at-risk loans with an aggregate UPB of $37.0
million that were in default as of March 31, 2023. The
collateral-based reserve on defaulted loans was $5.1 million and
$4.4 million as of March 31, 2024 and March 31, 2023, respectively.
The remaining at-risk servicing portfolio continues to exhibit
strong credit quality, with very low levels of delinquencies and
strong operating performance of the underlying properties in the
portfolio.
- We take credit risk exclusively on loans backed by multifamily
assets and have no credit exposure to losses in any other sector of
the commercial real estate lending market.
- During the first quarter of 2024, we repurchased a Fannie Mae
loan for $13.5 million in cash. We have an immaterial reserve for
credit losses related to this loan.
- In 2023, we received repurchase requests from Freddie Mac
related to two loans with UPBs of $11.4 million and $34.8 million,
respectively. In March 2024, we entered into a forbearance and
indemnification agreement with Freddie Mac that, among other
things, delayed the repurchases of these loans for six and twelve
months, respectively, and transferred the risk of loss for both
loans from Freddie Mac to Walker & Dunlop. As of March 31,
2024, our estimate of the fair value of the indemnification
agreements was $2.0 million, which is included in the provision for
credit losses for the first quarter of 2024.
FIRST QUARTER 2024 FINANCIAL RESULTS
BY SEGMENT
Interest expense on corporate debt is determined at a
consolidated corporate level and allocated to each segment
proportionally based on each segment’s use of that corporate
debt.
Income tax expense is determined at a consolidated corporate
level and allocated to each segment proportionally based on each
segment’s income from operations, except for significant, one-time
tax activities, which are allocated entirely to the segment
impacted by the tax activity.
The following details explain the changes in these expense items
at a consolidated corporate level:
- Interest expense on corporate debt increased $2.4 million, or
16%, from the first quarter of 2023, primarily as a result of an
increase in interest rates year over year, as our term loan carries
a floating interest rate.
- Income tax expense decreased $4.3 million, or 60%, from the
first quarter of 2023, primarily as a result of the 60% decrease in
income from operations, as our effective tax rate remained flat at
21% year over year.
FINANCIAL RESULTS - CAPITAL
MARKETS
(dollars in thousands)
Q1 2024
Q1 2023
$ Variance
% Variance
Loan origination and debt brokerage fees,
net ("Origination fees")
$
43,700
$
46,956
$
(3,256
)
(7
)%
Fair value of expected net cash flows from
servicing, net ("MSR income")
20,898
30,013
(9,115
)
(30
)
Property sales broker fees
8,821
11,624
(2,803
)
(24
)
Net warehouse interest income (expense),
loans held for sale ("LHFS")
(1,574
)
(1,689
)
115
(7
)
Other revenues
10,052
17,100
(7,048
)
(41
)
Total revenues
$
81,897
$
104,004
$
(22,107
)
(21
)%
Personnel
$
79,187
$
90,462
$
(11,275
)
(12
)%
Amortization and depreciation
1,137
1,186
(49
)
(4
)
Interest expense on corporate debt
4,851
4,269
582
14
Other operating expenses
5,052
5,644
(592
)
(10
)
Total expenses
$
90,227
$
101,561
$
(11,334
)
(11
)%
Income from operations
$
(8,330
)
$
2,443
$
(10,773
)
(441
)%
Income tax expense (benefit)
(1,744
)
504
(2,248
)
(446
)
Net income before noncontrolling
interests
$
(6,586
)
$
1,939
$
(8,525
)
(440
)%
Less: net income (loss) from
noncontrolling interests
114
1,435
(1,321
)
(92
)
Walker & Dunlop net income
(loss)
$
(6,700
)
$
504
$
(7,204
)
(1,429
)%
Key revenue metrics (as a percentage of
debt financing volume):
Origination fee rate (8)
0.84
%
0.97
%
MSR rate (9)
0.40
0.62
Agency MSR rate (10)
1.10
1.22
Key performance metrics:
Operating margin
(10
)%
2
%
Adjusted EBITDA
$
(19,297
)
$
(18,687
)
$
(610
)
3
%
Capital Markets - Discussion of
Quarterly Results:
The Capital Markets segment includes our Agency lending, debt
brokerage, property sales, appraisal and valuation services,
investment banking, and housing market research businesses.
- The decrease in origination fees was primarily the result of
the 13-basis-point decrease in our origination fee rate, partially
offset by an 8% increase in debt financing volume. The decrease in
the origination fee rate was driven by an increase in brokered debt
financing volume as a percentage of total debt financing volume and
decreases in the Fannie Mae and HUD percentages. Brokered loans
have lower origination fees than Agency loans.
- The decrease in MSR income was primarily attributable to the
decreases in Fannie Mae and HUD debt financing volumes Fannie Mae
loans have higher weighted-average servicing fee (“WASF”) than our
other products, resulting in higher MSR income from this product
than our other products.
- The decrease in property sales broker fees was primarily driven
by the 38% decrease in property sales transaction volume.
- The decrease in other revenues was primarily related to the
closing of the largest investment banking deal in the Company’s
history, a $7.5 million transaction, which closed in the first
quarter of 2023, with no comparable activity in the first quarter
of 2024.
- Personnel expense decreased primarily due to a decrease in
commission costs on lower transaction revenues, combined with a
decrease in other personnel costs due to lower headcount. Our lower
headcount was due to a workforce reduction undertaken in the second
quarter of 2023.
FINANCIAL RESULTS - SERVICING
& ASSET MANAGEMENT
(dollars in thousands)
Q1 2024
Q1 2023
$ Variance
% Variance
Origination fees
$
40
$
128
$
(88
)
(69
)%
Servicing fees
80,043
75,766
4,277
6
Investment management fees
13,520
15,173
(1,653
)
(11
)
Net warehouse interest income, loans held
for investment ("LHFI")
458
1,690
(1,232
)
(73
)
Placement fees and other interest
income
35,603
28,824
6,779
24
Other revenues
11,571
11,615
(44
)
(0
)
Total revenues
$
141,235
$
133,196
$
8,039
6
%
Personnel
$
18,055
$
15,341
$
2,714
18
%
Amortization and depreciation
53,071
54,010
(939
)
(2
)
Provision (benefit) for credit losses
524
(10,775
)
11,299
(105
)
Interest expense on corporate debt
11,191
9,582
1,609
17
Other operating expenses
5,123
1,480
3,643
246
Total expenses
$
87,964
$
69,638
$
18,326
26
%
Income from operations
$
53,271
$
63,558
$
(10,287
)
(16
)%
Income tax expense (benefit)
11,153
13,104
(1,951
)
(15
)
Net income before noncontrolling
interests
$
42,118
$
50,454
$
(8,336
)
(17
)%
Less: net income (loss) from
noncontrolling interests
(1,165
)
(630
)
(535
)
85
Walker & Dunlop net income
(loss)
$
43,283
$
51,084
$
(7,801
)
(15
)%
Key performance metrics:
Operating margin
38
%
48
%
Adjusted EBITDA
$
119,658
$
112,975
$
6,683
6
%
Servicing & Asset Management -
Discussion of Quarterly Results:
The Servicing & Asset Management segment includes loan
servicing, principal lending and investing, management of
third-party capital invested in tax credit equity funds focused on
the affordable housing sector and other commercial real estate, and
real estate-related investment banking and advisory services.
- The $7.4 billion net increase in the servicing portfolio over
the past 12 months was the principal driver of the growth in
servicing fees year over year, partially offset by a slight
decrease in the servicing portfolio’s weighted-average servicing
fee.
- Investment management fees decreased primarily as a result of a
decline in revenue from our LIHTC funds as fewer dispositions were
expected to be realized in Q1 2024 compared to Q1 2023.
- Placement fees and other interest income increased largely as a
result of higher custodial escrow balances and higher placement
fees earned on those escrow deposits due to higher short-term
interest rates.
- The increase in personnel expense was primarily the result of
an increase in salaries and benefits as the average headcount for
the segment increased. The increase in average headcount was due to
additional personnel hired in our LIHTC operations as we continue
to scale and integrate those operations.
- The provision for credit losses in 2024 was primarily
attributable to losses related to the forbearance and
indemnification agreement with Freddie Mac noted above, partially
offset by a small benefit for risk-sharing obligations resulting
from an update to our historical loss rate and forecast-period loss
rate. The benefit for credit losses in 2023 was primarily due to
the annual update of our historical loss rate and forecast-period
loss rates that resulted in a decrease to the calculated CECL. The
ratio of the forecast-period loss rate to the historical loss rate
was 3.8 at March 31, 2023, compared to 7.7 at March 31, 2024,
reflecting the high inflation, higher interest rates and continued
uncertainty in the macroeconomic environment.
- The increase in other operating expenses was primarily driven
by the write-off of the unamortized premium associated with the
payoff of the note payable of one of our subsidiaries that occurred
in the first quarter of 2023, with no comparable activity in the
current year.
FINANCIAL RESULTS -
CORPORATE
(dollars in thousands)
Q1 2024
Q1 2023
$ Variance
% Variance
Other interest income
$
3,799
$
2,100
$
1,699
81
%
Other revenues
1,128
(554
)
1,682
(304
)
Total revenues
$
4,927
$
1,546
$
3,381
219
%
Personnel
$
14,221
$
12,810
$
1,411
11
%
Amortization and depreciation
1,683
1,770
(87
)
(5
)
Interest expense on corporate debt
1,617
1,423
194
14
Other operating expenses
18,668
16,939
1,729
10
Total expenses
$
36,189
$
32,942
$
3,247
10
%
Income (loss) from operations
$
(31,262
)
$
(31,396
)
$
134
(0
)%
Income tax expense (benefit)
(6,545
)
(6,473
)
(72
)
1
Walker & Dunlop net income
(loss)
$
(24,717
)
$
(24,923
)
$
206
(1
)%
Key performance metric:
Adjusted EBITDA
$
(26,225
)
$
(26,313
)
$
88
(0
)%
Corporate - Discussion of Quarterly
Results:
The Corporate segment consists of corporate-level activities
including accounting, information technology, legal, human
resources, marketing, internal audit, and various other corporate
groups (“support functions”). The Company does not allocate costs
from these support functions to its other segments in presenting
segment operating results.
- The increase in total revenues was primarily driven by the
increase in interest income earned on our corporate cash balances
due to a higher short-term interest rate environment, combined with
an increase in income from equity-method investments.
- The increase in personnel expense was primarily related to an
increase in subjective bonus accrual, partially offset by a
decrease in salaries and benefits, driven by lower headcount as a
result of our workforce reduction undertaken in the second quarter
of 2023.
- The increase in other operating expenses was primarily the
result of increased office and software expenses in the first
quarter of 2024, partially offset by decreased professional
fees.
CAPITAL SOURCES AND USES
On May 1, 2024, the Company’s Board of Directors declared a
dividend of $0.65 per share for the second quarter of 2024. The
dividend will be paid on May 31, 2024 to all holders of record of
the Company’s restricted and unrestricted common stock as of May
16, 2024.
In January 2023, the Company entered into a lender joinder
agreement and amendment to our existing credit agreement that
provided for an incremental term loan with a principal amount of
$200 million. The incremental term loan bears interest at a rate
equal to adjusted Term SOFR plus 3.00% per annum and matures in
December 2028. Proceeds from the debt were used to repay $116
million of debt assumed in an acquisition and to strengthen the
balance sheet for general corporate purposes.
On February 14, 2024, our Board of Directors authorized the
repurchase of up to $75.0 million of the Company’s outstanding
common stock over a 12-month period ending February 23, 2025 (“2024
Share Repurchase Program”).
Any purchases made pursuant to the 2024 Share Repurchase Program
will be made in the open market or in privately negotiated
transactions, from time to time, as permitted by federal securities
laws and other legal requirements. The timing, manner, price and
amount of any repurchases will be determined by the Company in its
discretion and will be subject to economic and market conditions,
stock price, applicable legal requirements and other factors. The
repurchase program may be suspended or discontinued at any
time.
_____________________________________
(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.”
(3)
Brokered transactions for life
insurance companies, commercial banks, and other capital
sources.
(4)
Includes debt financing volumes
from our interim loan program, our interim loan joint venture, and
Walker & Dunlop Investment Partners, Inc. (“WDIP”) separate
accounts.
(5)
At-risk servicing portfolio is
defined as the balance of Fannie Mae Delegated Underwriting and
Servicing (“DUS”) loans subject to the risk-sharing formula
described below, as well as a small number of Freddie Mac loans on
which we share in the risk of loss. Use of the at-risk portfolio
provides for comparability of the full risk-sharing and modified
risk-sharing loans because the provision and allowance for
risk-sharing obligations are based on the at-risk balances of the
associated loans. Accordingly, we have presented the key statistics
as a percentage of the at-risk portfolio.
For example, a $15 million loan
with 50% risk-sharing has the same potential risk exposure as a
$7.5 million loan with full DUS risk sharing. Accordingly, if the
$15 million loan with 50% risk-sharing were to default, we would
view the overall loss as a percentage of the at-risk balance, or
$7.5 million, to ensure comparability between all risk-sharing
obligations. To date, substantially all of the risk-sharing
obligations that we have settled have been from full risk-sharing
loans.
(6)
Represents the maximum loss we
would incur under our risk-sharing obligations if all of the loans
we service, for which we retain some risk of loss, were to default
and all of the collateral underlying these loans was determined to
be without value at the time of settlement. The maximum exposure is
not representative of the actual loss we would incur.
(7)
Defaulted loans represent loans
in our Fannie Mae at-risk portfolio that are probable of
foreclosure or that have foreclosed and for which we have recorded
a collateral-based reserve (i.e., loans where we have assessed a
probable loss). Other loans that have defaulted but not foreclosed
or that are not probable of foreclosure are not included here.
Additionally, loans that have foreclosed or are probable of
foreclosure but are not expected to result in a loss to us are not
included here.
(8)
Origination fees as a percentage
of debt financing volume. Excludes the income and debt financing
volume from Principal Lending and Investing.
(9)
MSR income as a percentage of
debt financing volume. Excludes the income and debt financing
volume from Principal Lending and Investing.
(10)
MSR income as a percentage of
Agency debt financing volume.
CONFERENCE CALL INFORMATION
The Company will host a conference call to discuss its quarterly
results on Thursday, May 2, 2024 at 8:30 a.m. Eastern time.
Listeners can access the call via the dial-in number and webcast
link below. Presentation materials related to the conference call
will be posted to the Investor Relations section of the Company’s
website prior to the call. An audio replay will also be available
on the Investor Relations section of the Company’s website, along
with the presentation materials.
Phone: (888) 256-1007 from within the United States; (773)
305-6853 from outside the United States Confirmation Code: 4299257
Webcast Link:
https://event.webcasts.com/starthere.jsp?ei=1653643&tp_key=e4cfac9b39
ABOUT WALKER & DUNLOP
Walker & Dunlop (NYSE: WD) is one of the largest commercial
real estate finance and advisory services firms in the United
States. Our ideas and capital create communities where people live,
work, shop, and play. The diversity of our people, breadth of our
brand and technological capabilities make us one of the most
insightful and client-focused firms in the commercial real estate
industry.
NON-GAAP FINANCIAL MEASURES
To supplement our financial statements presented in accordance
with United States generally accepted accounting principles
(“GAAP”), the Company uses adjusted EBITDA, adjusted core net
income, and adjusted core EPS, which are non-GAAP financial
measures. The presentation of these non-GAAP financial measures is
not intended to be considered in isolation or as a substitute for,
or superior to, the financial information prepared and presented in
accordance with GAAP. When analyzing our operating performance,
readers should use adjusted EBITDA, adjusted core net income, and
adjusted core EPS in addition to, and not as an alternative for,
net income and diluted EPS.
Adjusted core net income and adjusted core EPS represent net
income adjusted for amortization and depreciation, provision
(benefit) for credit losses, net write-offs, the fair value of
expected net cash flows from servicing, net, the income statement
impact from periodic revaluation and accretion associated with
contingent consideration liabilities related to acquired companies,
and other one-time adjustments, such as goodwill impairment.
Adjusted EBITDA represents net income before income taxes, interest
expense on our corporate debt, and amortization and depreciation,
adjusted for provision (benefit) for credit losses, net write-offs,
stock-based incentive compensation charges, the fair value of
expected net cash flows from servicing, net, the write-off of the
unamortized balance of premium associated with the repayment of a
portion of our corporate debt, goodwill impairment, and contingent
consideration liability fair value adjustments when the fair value
adjustment is a triggering event for a goodwill impairment
assessment. Furthermore, adjusted EBITDA is not intended to be a
measure of free cash flow for our management's discretionary use,
as it does not reflect certain cash requirements such as tax and
debt service payments. The amounts shown for adjusted EBITDA may
also differ from the amounts calculated under similarly titled
definitions in our debt instruments, which are further adjusted to
reflect certain other cash and non-cash charges that are used to
determine compliance with financial covenants. Because not all
companies use identical calculations, our presentation of adjusted
EBITDA, adjusted core net income and adjusted core EPS may not be
comparable to similarly titled measures of other companies.
We use adjusted EBITDA, adjusted core net income, and adjusted
core EPS to evaluate the operating performance of our business, for
comparison with forecasts and strategic plans and for benchmarking
performance externally against competitors. We believe that these
non-GAAP measures, when read in conjunction with the Company's GAAP
financial information, provide useful information to investors by
offering:
- the ability to make more meaningful period-to-period
comparisons of the Company's on-going operating results;
- the ability to better identify trends in the Company's
underlying business and perform related trend analyses; and
- a better understanding of how management plans and measures the
Company's underlying business.
We believe that these non-GAAP financial measures have
limitations in that they do not reflect all of the amounts
associated with the Company's results of operations as determined
in accordance with GAAP and that these non-GAAP financial measures
should only be used to evaluate the Company's results of operations
in conjunction with the Company’s GAAP financial information. For
more information on adjusted EBITDA, adjusted core net income, and
adjusted core EPS, refer to the section of this press release below
titled “Adjusted Financial Measure Reconciliation to GAAP” and
“Adjusted Financial Measure Reconciliation to GAAP By Segment.”
FORWARD-LOOKING STATEMENTS
Some of the statements contained in this press release may
constitute forward-looking statements within the meaning of the
federal securities laws. Forward-looking statements relate to
expectations, projections, plans and strategies, anticipated events
or trends and similar expressions concerning matters that are not
historical facts. In some cases, you can identify forward-looking
statements by the use of forward-looking terminology such as “may,”
“will,” “should,” “expects,” “intends,” “plans,” “anticipates,”
“believes,” “estimates,” “predicts,” or “potential” or the negative
of these words and phrases or similar words or phrases that are
predictions of or indicate future events or trends and which do not
relate solely to historical matters. You can also identify
forward-looking statements by discussions of strategy, plans, or
intentions.
The forward-looking statements contained in this press release
reflect our current views about future events and are subject to
numerous known and unknown risks, uncertainties, assumptions and
changes in circumstances that may cause actual results to differ
significantly from those expressed or contemplated in any
forward-looking statement.
While forward-looking statements reflect our good faith
projections, assumptions and expectations, they are not guarantees
of future results. Furthermore, we disclaim any obligation to
publicly update or revise any forward-looking statement to reflect
changes in underlying assumptions or factors, new information, data
or methods, future events or other changes, except as required by
applicable law. Factors that could cause our results to differ
materially include, but are not limited to: (1) general economic
conditions and multifamily and commercial real estate market
conditions, (2) changes in interest rates, (3) regulatory and/or
legislative changes to Freddie Mac, Fannie Mae or HUD, (4) our
ability to retain and attract loan originators and other
professionals, (5) success of our various investments funded with
corporate capital, and (6) changes in federal government fiscal and
monetary policies, including any constraints or cuts in federal
funds allocated to HUD for loan originations.
For a further discussion of these and other factors that could
cause future results to differ materially from those expressed or
contemplated in any forward-looking statements, see the section
titled “Risk Factors” in our most recent Annual Report on Form 10-K
and any updates or supplements in subsequent Quarterly Reports on
Form 10-Q and our other filings with the SEC. Such filings are
available publicly on our Investor Relations web page at
www.walkerdunlop.com.
Walker & Dunlop, Inc. and
Subsidiaries
Condensed Consolidated Balance
Sheets
Unaudited
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
(in thousands)
Assets
Cash and cash equivalents
$
216,532
$
328,698
$
236,321
$
228,091
$
188,389
Restricted cash
21,071
21,422
17,768
21,769
20,504
Pledged securities, at fair value
190,679
184,081
177,509
170,666
165,081
Loans held for sale, at fair value
497,933
594,998
758,926
1,303,686
934,991
Mortgage servicing rights
881,834
907,415
921,746
932,131
946,406
Goodwill
901,710
901,710
949,710
963,710
959,712
Other intangible assets
178,221
181,975
185,927
189,919
194,208
Receivables, net
250,406
233,563
265,234
242,397
224,776
Committed investments in tax credit
equity
122,332
154,028
212,296
165,136
207,750
Other assets, net
565,194
544,457
552,414
589,919
651,235
Total assets
$
3,825,912
$
4,052,347
$
4,277,851
$
4,807,424
$
4,493,052
Liabilities
Warehouse notes payable
$
521,977
$
596,178
$
790,742
$
1,342,187
$
1,031,277
Notes payable
772,037
773,358
774,677
775,995
777,311
Allowance for risk-sharing obligations
30,124
31,601
30,957
32,410
33,087
Commitments to fund investments in tax
credit equity
114,206
140,259
196,250
156,617
196,522
Other liabilities
651,660
764,822
754,234
775,718
739,759
Total liabilities
$
2,090,004
$
2,306,218
$
2,546,860
$
3,082,927
$
2,777,956
Stockholders' Equity
Common stock
$
331
$
329
$
328
$
327
$
327
Additional paid-in capital
427,184
425,488
420,062
412,182
405,303
Accumulated other comprehensive income
(loss)
(492
)
(479
)
(1,864
)
(1,465
)
(1,621
)
Retained earnings
1,288,313
1,298,412
1,287,653
1,287,334
1,281,119
Total stockholders’ equity
$
1,715,336
$
1,723,750
$
1,706,179
$
1,698,378
$
1,685,128
Noncontrolling interests
20,572
22,379
24,812
26,119
29,968
Total equity
$
1,735,908
$
1,746,129
$
1,730,991
$
1,724,497
$
1,715,096
Commitments and contingencies
—
—
—
—
—
Total liabilities and stockholders'
equity
$
3,825,912
$
4,052,347
$
4,277,851
$
4,807,424
$
4,493,052
Walker & Dunlop, Inc. and
Subsidiaries
Condensed Consolidated Statements
of Income and Comprehensive Income
Unaudited
Quarterly Trends
(in thousands, except per share
amounts)
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
Revenues
Origination fees
$
43,740
$
66,208
$
56,149
$
64,968
$
47,084
MSR income
20,898
34,471
35,375
42,058
30,013
Servicing fees
80,043
79,887
79,200
77,061
75,766
Property sales broker fees
8,821
15,135
16,862
10,345
11,624
Investment management fees
13,520
537
13,362
16,309
15,173
Net warehouse interest income
(expense)
(1,116
)
(2,077
)
(2,031
)
(1,526
)
1
Placement fees and other interest
income
39,402
45,210
43,000
35,386
30,924
Other revenues
22,751
34,965
26,826
28,014
28,161
Total revenues
$
228,059
$
274,336
$
268,743
$
272,615
$
238,746
Expenses
Personnel
$
111,463
$
125,865
$
136,507
$
133,305
$
118,613
Amortization and depreciation
55,891
56,015
57,479
56,292
56,966
Provision (benefit) for credit losses
524
636
421
(734
)
(10,775
)
Interest expense on corporate debt
17,659
18,598
17,594
17,010
15,274
Goodwill impairment
—
48,000
14,000
—
—
Fair value adjustments to contingent
consideration liabilities
—
(48,500
)
(14,000
)
—
—
Other operating expenses
28,843
34,355
28,529
30,730
24,063
Total expenses
$
214,380
$
234,969
$
240,530
$
236,603
$
204,141
Income from operations
$
13,679
$
39,367
$
28,213
$
36,012
$
34,605
Income tax expense
2,864
10,331
7,069
10,491
7,135
Net income before noncontrolling
interests
$
10,815
$
29,036
$
21,144
$
25,521
$
27,470
Less: net income (loss) from
noncontrolling interests
(1,051
)
(2,563
)
(314
)
(2,114
)
805
Walker & Dunlop net income
$
11,866
$
31,599
$
21,458
$
27,635
$
26,665
Net change in unrealized gains (losses) on
pledged available-for-sale securities, net of taxes
(13
)
1,385
(399
)
156
(53
)
Walker & Dunlop comprehensive
income
$
11,853
$
32,984
$
21,059
$
27,791
$
26,612
Effective Tax Rate
21
%
26
%
25
%
29
%
21
%
Basic earnings per share
$
0.35
$
0.94
$
0.64
$
0.82
$
0.80
Diluted earnings per share
0.35
0.93
0.64
0.82
0.79
Cash dividends paid per common share
0.65
0.63
0.63
0.63
0.63
Basic weighted-average shares
outstanding
32,978
32,825
32,737
32,695
32,529
Diluted weighted-average shares
outstanding
33,048
32,941
32,895
32,851
32,816
SUPPLEMENTAL OPERATING
DATA
Unaudited
Quarterly Trends
(in thousands, except per share data and
unless otherwise noted)
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
Transaction Volume:
Components of Debt Financing
Volume
Fannie Mae
$
903,368
$
1,692,405
$
1,739,332
$
2,230,952
$
1,358,708
Freddie Mac
974,926
1,308,263
1,072,048
1,212,887
975,737
Ginnie Mae - HUD
14,140
316,960
86,557
147,773
127,599
Brokered (1)
3,319,074
2,885,454
3,149,457
3,316,223
2,363,754
Principal Lending and Investing (2)
15,800
218,750
—
—
—
Total Debt Financing Volume
$
5,227,308
$
6,421,832
$
6,047,394
$
6,907,835
$
4,825,798
Property Sales Volume
1,167,151
2,877,399
2,508,073
1,504,383
1,894,682
Total Transaction Volume
$
6,394,459
$
9,299,231
$
8,555,467
$
8,412,218
$
6,720,480
Key Performance Metrics:
Operating margin
6
%
14
%
10
%
13
%
14
%
Return on equity
3
7
5
7
6
Walker & Dunlop net income
$
11,866
$
31,599
$
21,458
$
27,635
$
26,665
Adjusted EBITDA (3)
74,136
87,582
74,065
70,501
67,975
Diluted EPS
0.35
0.93
0.64
0.82
0.79
Adjusted core EPS (4)
1.19
1.42
1.11
0.98
1.17
Key Expense Metrics (as a percentage of
total revenues):
Personnel expenses
49
%
46
%
51
%
49
%
50
%
Other operating expenses
13
13
11
11
10
Key Revenue Metrics (as a percentage of
debt financing volume):
Origination fee rate (5)
0.84
%
1.05
%
0.93
%
0.93
%
0.97
%
MSR rate (6)
0.40
0.56
0.58
0.61
0.62
Agency MSR rate (7)
1.10
1.04
1.22
1.17
1.22
Other Data:
Market capitalization at period end
$
3,406,853
$
3,719,589
$
2,433,494
$
2,586,519
$
2,489,200
Closing share price at period end
$
101.06
$
111.01
$
74.24
$
79.09
$
76.17
Average headcount
1,323
1,341
1,344
1,385
1,440
Components of Servicing Portfolio (end
of period):
Fannie Mae
$
64,349,886
$
63,699,106
$
62,850,853
$
61,356,554
$
59,890,444
Freddie Mac
39,665,386
39,330,545
38,656,136
38,287,200
38,184,798
Ginnie Mae - HUD
10,595,841
10,460,884
10,320,520
10,246,632
10,027,781
Brokered (8)
17,312,513
16,940,850
17,091,925
16,684,115
16,285,391
Principal Lending and Investing (9)
40,139
40,139
40,000
71,680
187,505
Total Servicing Portfolio
$
131,963,765
$
130,471,524
$
128,959,434
$
126,646,181
$
124,575,919
Assets under management (10)
17,465,398
17,321,452
17,334,877
16,903,055
16,654,566
Total Managed Portfolio
$
149,429,163
$
147,792,976
$
146,294,311
$
143,549,236
$
141,230,485
Key Servicing Portfolio Metrics (end of
period):
Custodial escrow deposit balance (in
billions)
$
2.3
$
2.7
$
2.8
$
2.8
$
2.2
Weighted-average servicing fee rate (basis
points)
24.0
24.1
24.2
24.3
24.3
Weighted-average remaining servicing
portfolio term (years)
8.0
8.2
8.4
8.6
8.7
_____________________________________
(1)
Brokered transactions for life
insurance companies, commercial banks, and other capital
sources.
(2)
Includes debt financing volumes
from our interim lending platform, our interim lending joint
venture, and WDIP separate accounts.
(3)
This is a non-GAAP financial
measure. For more information on adjusted EBITDA, refer to the
section above titled “Non-GAAP Financial Measures.”
(4)
This is a non-GAAP financial
measure. For more information on adjusted core EPS, refer to the
section above titled “Non-GAAP Financial Measures.”
(5)
Origination fees as a percentage
of debt financing volume. Excludes the income and debt financing
volume from Principal Lending and Investing.
(6)
MSR income as a percentage of
debt financing volume. Excludes the income and debt financing
volume from Principal Lending and Investing.
(7)
MSR income as a percentage of
Agency debt financing volume.
(8)
Brokered loans serviced primarily
for life insurance companies.
(9)
Consists of interim loans not
managed for our interim loan joint venture.
(10)
Walker & Dunlop Affordable
Equity, assets under management, commercial real estate loans and
funds managed by WDIP, and interim loans serviced for our interim
loan joint venture.
KEY CREDIT METRICS
Unaudited
March 31,
December 31,
September 30,
June 30,
March 31,
(dollars in thousands)
2024
2023
2023
2023
2023
Risk-sharing servicing
portfolio:
Fannie Mae Full Risk
$
55,236,618
$
54,583,555
$
53,549,966
$
52,383,701
$
50,713,349
Fannie Mae Modified Risk
9,113,268
9,115,551
9,295,368
8,947,292
9,170,127
Freddie Mac Modified Risk
69,510
23,415
23,415
23,515
23,515
Total risk-sharing servicing
portfolio
$
64,419,396
$
63,722,521
$
62,868,749
$
61,354,508
$
59,906,991
Non-risk-sharing servicing
portfolio:
Fannie Mae No Risk
$
—
$
—
$
5,519
$
25,561
$
6,968
Freddie Mac No Risk
39,595,876
39,307,130
38,632,721
38,263,685
38,161,283
GNMA - HUD No Risk
10,595,841
10,460,884
10,320,520
10,246,632
10,027,781
Brokered
17,312,513
16,940,850
17,091,925
16,684,115
16,285,391
Total non-risk-sharing servicing
portfolio
$
67,504,230
$
66,708,864
$
66,050,685
$
65,219,993
$
64,481,423
Total loans serviced for others
$
131,923,626
$
130,431,385
$
128,919,434
$
126,574,501
$
124,388,414
Interim loans (full risk) servicing
portfolio
40,139
40,139
40,000
71,680
187,505
Total servicing portfolio unpaid
principal balance
$
131,963,765
$
130,471,524
$
128,959,434
$
126,646,181
$
124,575,919
Interim Loan Joint Venture Managed Loans
(1)
$
711,541
$
710,041
$
736,320
$
895,491
$
894,829
At-risk servicing portfolio (2)
$
59,498,851
$
58,801,055
$
57,857,659
$
56,430,098
$
54,898,461
Maximum exposure to at-risk portfolio
(3)
12,088,698
11,949,041
11,750,068
11,346,580
11,132,473
Defaulted loans(4)
63,264
27,214
—
36,983
36,983
Defaulted loans as a percentage of the
at-risk portfolio
0.11
%
0.05
%
0.00
%
0.07
%
0.07
%
Allowance for risk-sharing as a percentage
of the at-risk portfolio
0.05
0.05
0.05
0.06
0.06
Allowance for risk-sharing as a percentage
of maximum exposure
0.25
0.26
0.26
0.29
0.30
_____________________________________
(1)
This balance consists entirely of
interim loan joint venture managed loans. We indirectly share in a
portion of the risk of loss associated with interim loan joint
venture managed loans through our 15% equity ownership in the joint
venture. We had no exposure to risk of loss for the loans serviced
directly for our interim loan joint venture partner. The balance of
this line is included as a component of assets under management in
the Supplemental Operating Data table.
(2)
At-risk servicing portfolio is
defined as the balance of Fannie Mae DUS loans subject to the
risk-sharing formula described below, as well as a small number of
Freddie Mac loans on which we share in the risk of loss. Use of the
at-risk portfolio provides for comparability of the full
risk-sharing and modified risk-sharing loans because the provision
and allowance for risk-sharing obligations are based on the at-risk
balances of the associated loans. Accordingly, we have presented
the key statistics as a percentage of the at-risk portfolio. For
example, a $15 million loan with 50% risk-sharing has the same
potential risk exposure as a $7.5 million loan with full DUS risk
sharing. Accordingly, if the $15 million loan with 50% risk-sharing
were to default, we would view the overall loss as a percentage of
the at-risk balance, or $7.5 million, to ensure comparability
between all risk-sharing obligations. To date, substantially all of
the risk-sharing obligations that we have settled have been from
full risk-sharing loans.
(3)
Represents the maximum loss we
would incur under our risk-sharing obligations if all of the loans
we service, for which we retain some risk of loss, were to default
and all of the collateral underlying these loans was determined to
be without value at the time of settlement. The maximum exposure is
not representative of the actual loss we would incur.
(4)
Defaulted loans represent loans
in our Fannie Mae at-risk portfolio that are probable of
foreclosure or that have foreclosed and for which we have recorded
a collateral-based reserve (i.e. loans where we have assessed a
probable loss). Other loans that have defaulted but not foreclosed
or that are not probable of foreclosure are not included here.
Additionally, loans that have foreclosed or are probable of
foreclosure but are not expected to result in a loss to us are not
included here.
ADJUSTED FINANCIAL MEASURE
RECONCILIATION TO GAAP
Unaudited
Quarterly Trends
(in thousands)
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
Reconciliation of Walker & Dunlop Net
Income to Adjusted EBITDA
Walker & Dunlop Net Income
$
11,866
$
31,599
$
21,458
$
27,635
$
26,665
Income tax expense
2,864
10,331
7,069
10,491
7,135
Interest expense on corporate debt
17,659
18,598
17,594
17,010
15,274
Amortization and depreciation
55,891
56,015
57,479
56,292
56,966
Provision (benefit) for credit losses
524
636
421
(734
)
(10,775
)
Net write-offs (1)
—
—
(2,008
)
(6,033
)
—
Stock-based compensation expense
6,230
5,374
7,427
7,898
7,143
MSR income
(20,898
)
(34,471
)
(35,375
)
(42,058
)
(30,013
)
Write-off of unamortized premium from
corporate debt repayment
—
—
—
—
(4,420
)
Goodwill impairment, net of contingent
consideration liability fair value adjustments
—
(500
)
—
—
—
Adjusted EBITDA
$
74,136
$
87,582
$
74,065
$
70,501
$
67,975
_____________________________________
(1)
The net write-off in Q2 2023 was related to the write off of the
collateral-based reserves related to a loan held for
investment.
ADJUSTED FINANCIAL MEASURE
RECONCILIATION TO GAAP BY SEGMENT
Unaudited
Capital Markets
Three months ended March
31,
(in thousands)
2024
2023
Reconciliation of Walker & Dunlop Net
Income to Adjusted EBITDA
Walker & Dunlop Net Income
(Loss)
$
(6,700
)
$
504
Income tax expense (benefit)
(1,744
)
504
Interest expense on corporate debt
4,851
4,269
Amortization and depreciation
1,137
1,186
Stock-based compensation expense
4,057
4,863
MSR income
(20,898
)
(30,013
)
Adjusted EBITDA
$
(19,297
)
$
(18,687
)
Servicing & Asset
Management
Three months ended March
31,
(in thousands)
2024
2023
Reconciliation of Walker & Dunlop Net
Income to Adjusted EBITDA
Walker & Dunlop Net Income
(Loss)
$
43,283
$
51,084
Income tax expense (benefit)
11,153
13,104
Interest expense on corporate debt
11,191
9,582
Amortization and depreciation
53,071
54,010
Provision (benefit) for credit losses
524
(10,775
)
Net write-offs
—
—
Stock-based compensation expense
436
390
Write-off of unamortized premium from
corporate debt repayment
—
(4,420
)
Adjusted EBITDA
$
119,658
$
112,975
Corporate
Three months ended March
31,
(in thousands)
2024
2023
Reconciliation of Walker & Dunlop Net
Income to Adjusted EBITDA
Walker & Dunlop Net Income
(Loss)
$
(24,717
)
$
(24,923
)
Income tax expense (benefit)
(6,545
)
(6,473
)
Interest expense on corporate debt
1,617
1,423
Amortization and depreciation
1,683
1,770
Stock-based compensation expense
1,737
1,890
Adjusted EBITDA
$
(26,225
)
$
(26,313
)
ADJUSTED CORE EPS
RECONCILIATION
Unaudited
Quarterly Trends
(in thousands)
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
Reconciliation of Walker & Dunlop Net
Income to Adjusted Core Net Income
Walker & Dunlop Net Income
$
11,866
$
31,599
$
21,458
$
27,635
$
26,665
Provision (benefit) for credit losses
524
636
421
(734
)
(10,775
)
Net write-offs(1)
—
—
(2,008
)
(6,033
)
—
Amortization and depreciation
55,891
56,015
57,479
56,292
56,966
MSR income
(20,898
)
(34,471
)
(35,375
)
(42,058
)
(30,013
)
Goodwill impairment
—
48,000
14,000
—
—
Contingent consideration accretion and
fair value adjustments
512
(47,637
)
(13,426
)
176
177
Income tax expense adjustment(2)
(7,543
)
(5,916
)
(5,285
)
(2,227
)
(3,372
)
Adjusted Core Net Income
$
40,352
$
48,226
$
37,264
$
33,051
$
39,648
Reconciliation of Diluted EPS to Adjusted
core EPS
Walker & Dunlop Net Income
$
11,866
$
31,599
$
21,458
$
27,635
$
26,665
Diluted weighted-average shares
outstanding
33,048
32,941
32,895
32,851
32,816
Diluted EPS
$
0.35
$
0.93
$
0.64
$
0.82
$
0.79
Adjusted Core Net Income
$
40,352
$
48,226
$
37,264
$
33,051
$
39,648
Diluted weighted-average shares
outstanding
33,048
32,941
32,895
32,851
32,816
Adjusted Core EPS
$
1.19
$
1.42
$
1.11
$
0.98
$
1.17
_____________________________________
(1)
The net write-off in Q2 2023 was
related to the write off of the collateral-based reserves related
to a loan held for investment.
(2)
Income tax impact of the above
adjustments to adjusted core net income. Uses quarterly or annual
effective tax rate as disclosed in the Condensed Consolidated
Statements of Income and Comprehensive Income in this “press
release.”
Category: Earnings
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240502758823/en/
Headquarters: Phone
301.215.5500 info@walkeranddunlop.com
Investors: Kelsey Duffey
Senior Vice President, Investor Relations Phone 301.202.3207
investorrelations@walkeranddunlop.com
Media: Carol McNerney Chief
Marketing Officer Phone 301.215.5515 info@walkeranddunlop.com
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