WALKER & DUNLOP, INC., 10-Q filed on 11/6/2025
Quarterly Report
v3.25.3
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2025
Oct. 30, 2025
Document And Entity Information    
Document Type 10-Q  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Sep. 30, 2025  
Securities Act File Number 001-35000  
Entity Registrant Name Walker & Dunlop, Inc.  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 80-0629925  
Entity Address, Address Line One 7272 Wisconsin Avenue, Suite 1300  
Entity Address, City or Town Bethesda  
Entity Address, State or Province MD  
Entity Address, Postal Zip Code 20814  
City Area Code 301  
Local Phone Number 215-5500  
Title of 12(b) Security Common Stock, $0.01 Par Value Per Share  
Trading Symbol WD  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   34,064,232
Entity Central Index Key 0001497770  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.25.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 274,828 $ 279,270
Restricted cash 44,462 25,156
Pledged securities, at fair value 221,730 206,904
Loans held for sale, at fair value 2,197,739 780,749
Mortgage servicing rights 805,975 852,399
Goodwill 868,710 868,710
Other intangible assets 145,631 156,893
Receivables, net 374,316 335,879
Committed investments in tax credit equity 257,564 313,230
Other assets 606,320 562,803
Total assets 5,797,275 4,381,993
Liabilities    
Warehouse notes payable 2,175,157 781,706
Notes payable 829,909 768,044
Allowance for risk-sharing obligations 34,140 28,159
Commitments to fund investments in tax credit equity 223,788 274,975
Other liabilities 756,815 769,246
Total liabilities 4,019,809 2,622,130
Stockholders' Equity    
Preferred stock (authorized 50,000 shares; none issued)
Common stock ($0.01 par value; authorized 200,000 shares; issued and outstanding 33,385 shares as of September 30, 2025 and 33,194 shares as of December 31, 2024) 333 332
Additional paid-in capital ("APIC") 444,127 429,000
Accumulated other comprehensive income (loss) ("AOCI") 1,833 586
Retained earnings 1,319,274 1,317,945
Total stockholders' equity 1,765,567 1,747,863
Noncontrolling interests 11,899 12,000
Total equity 1,777,466 1,759,863
Commitments and contingencies (NOTES 2 and 9)
Total liabilities and equity $ 5,797,275 $ 4,381,993
v3.25.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
shares in Thousands
Sep. 30, 2025
Dec. 31, 2024
Condensed Consolidated Balance Sheets    
Preferred shares, authorized 50,000 50,000
Preferred shares, issued 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized 200,000 200,000
Common stock, issued 33,385 33,194
Common stock, outstanding 33,385 33,194
v3.25.3
Condensed Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues        
Total revenues $ 337,675 $ 292,304 $ 894,282 $ 791,039
Expenses        
Personnel 177,418 145,538 460,696 390,068
Amortization and depreciation 60,041 57,561 176,598 169,495
Provision (benefit) for credit losses 949 2,850 6,481 6,310
Interest expense on corporate debt 16,451 18,232 48,732 53,765
Fair value adjustments to contingent consideration liabilities   (1,366)   (1,366)
Other operating expenses 36,879 31,984 104,220 93,386
Total expenses 291,738 254,799 796,727 711,658
Income from operations 45,937 37,505 97,555 79,381
Income tax expense 12,516 8,822 27,460 19,588
Net income before noncontrolling interests 33,421 28,683 70,095 59,793
Less: net income (loss) from noncontrolling interests (31) (119) (63) (3,538)
Walker & Dunlop net income 33,452 28,802 70,158 63,331
Other comprehensive income (loss), net of tax (931) 1,051 1,247 1,945
Walker & Dunlop comprehensive income $ 32,521 $ 29,853 $ 71,405 $ 65,276
Basic earnings per share (NOTE 10) $ 0.98 $ 0.85 $ 2.05 $ 1.87
Diluted earnings per share (NOTE 10) $ 0.98 $ 0.85 $ 2.05 $ 1.87
Basic weighted-average shares outstanding 33,376 33,169 33,333 33,090
Diluted weighted-average shares outstanding 33,397 33,203 33,355 33,135
Loan origination and debt brokerage fees, net        
Revenues        
Total revenues $ 97,845 $ 73,546 $ 238,535 $ 182,620
Fair value of expected net cash flows from servicing, net of guaranty obligation        
Revenues        
Total revenues 48,657 43,426 129,621 97,673
Fair value of expected net cash flows from servicing, net of guaranty obligation        
Revenues        
Total revenues 48,657 43,426 129,621 97,673
Servicing fees        
Revenues        
Total revenues 85,189 82,222 251,103 242,683
Property sales broker fees        
Revenues        
Total revenues 26,546 19,322 55,031 39,408
Investment management fees        
Revenues        
Total revenues 6,178 11,744 23,437 40,086
Net warehouse interest income (expense)        
Revenues        
Total revenues (2,035) (2,147) (4,581) (4,847)
Placement fees and other interest income        
Revenues        
Total revenues 46,302 43,557 115,499 123,999
Other revenues        
Revenues        
Total revenues $ 28,993 $ 20,634 $ 85,637 $ 69,417
v3.25.3
Consolidated Statements of Changes in Equity - USD ($)
shares in Thousands, $ in Thousands
Common Stock
APIC
AOCI
Retained Earnings
Noncontrolling Interests
Total
Balances at the beginning of the period at Dec. 31, 2023 $ 329 $ 425,488 $ (479) $ 1,298,412 $ 22,379 $ 1,746,129
Balance at the beginning of the period (in shares) at Dec. 31, 2023 32,874          
Change in Stockholders' Equity            
Net Income (Loss)       11,866   11,866
Net income (loss) from noncontrolling interests         (1,051) (1,051)
Other comprehensive income (loss), net of tax     (13)     (13)
Stock-based compensation - equity classified   5,842       5,842
Issuance of common stock in connection with equity compensation plans $ 3 5,642       5,645
Issuance of common stock in connection with equity compensation plans (in shares) 322          
Repurchase and retirement of common stock $ (1) (9,788)       (9,789)
Repurchase and retirement of common stock (in shares) (101)          
Distributions to noncontrolling interest holders         (500) (500)
Cash dividends paid       (21,965)   (21,965)
Other activity         (256) (256)
Balances at the end of the period at Mar. 31, 2024 $ 331 427,184 (492) 1,288,313 20,572 1,735,908
Balance at the end of the period (in shares) at Mar. 31, 2024 33,095          
Balances at the beginning of the period at Dec. 31, 2023 $ 329 425,488 (479) 1,298,412 22,379 1,746,129
Balance at the beginning of the period (in shares) at Dec. 31, 2023 32,874          
Change in Stockholders' Equity            
Net Income (Loss)           63,331
Net income (loss) from noncontrolling interests           (3,538)
Balances at the end of the period at Sep. 30, 2024 $ 332 412,570 1,466 1,295,459 36,526 1,746,353
Balance at the end of the period (in shares) at Sep. 30, 2024 33,189          
Balances at the beginning of the period at Mar. 31, 2024 $ 331 427,184 (492) 1,288,313 20,572 1,735,908
Balance at the beginning of the period (in shares) at Mar. 31, 2024 33,095          
Change in Stockholders' Equity            
Net Income (Loss)       22,663   22,663
Net income (loss) from noncontrolling interests         (2,368) (2,368)
Purchase of noncontrolling interests   (25,726)       (7,000)
Contributions from noncontrolling interests         18,726  
Other comprehensive income (loss), net of tax     907     907
Stock-based compensation - equity classified   6,608       6,608
Issuance of common stock in connection with equity compensation plans   169       169
Issuance of common stock in connection with equity compensation plans (in shares) 50          
Repurchase and retirement of common stock   (809)       (809)
Repurchase and retirement of common stock (in shares) (8)          
Distributions to noncontrolling interest holders         (36) (36)
Cash dividends paid       (22,248)   (22,248)
Balances at the end of the period at Jun. 30, 2024 $ 331 407,426 415 1,288,728 36,894 1,733,794
Balance at the end of the period (in shares) at Jun. 30, 2024 33,137          
Change in Stockholders' Equity            
Net Income (Loss)       28,802   28,802
Net income (loss) from noncontrolling interests         (119) (119)
Other comprehensive income (loss), net of tax     1,051     1,051
Stock-based compensation - equity classified   6,276       6,276
Issuance of common stock in connection with equity compensation plans $ 1 282       283
Issuance of common stock in connection with equity compensation plans (in shares) 65          
Repurchase and retirement of common stock   (1,414)       (1,414)
Repurchase and retirement of common stock (in shares) (13)          
Distributions to noncontrolling interest holders         (249) (249)
Cash dividends paid       (22,071)   (22,071)
Balances at the end of the period at Sep. 30, 2024 $ 332 412,570 1,466 1,295,459 36,526 1,746,353
Balance at the end of the period (in shares) at Sep. 30, 2024 33,189          
Balances at the beginning of the period at Dec. 31, 2024 $ 332 429,000 586 1,317,945 12,000 $ 1,759,863
Balance at the beginning of the period (in shares) at Dec. 31, 2024 33,194         33,194
Change in Stockholders' Equity            
Net Income (Loss)       2,754   $ 2,754
Net income (loss) from noncontrolling interests         (29) (29)
Other comprehensive income (loss), net of tax     709     709
Stock-based compensation - equity classified   6,303       6,303
Issuance of common stock in connection with equity compensation plans $ 2 6,071       6,073
Issuance of common stock in connection with equity compensation plans (in shares) 247          
Repurchase and retirement of common stock $ (1) (8,586)       (8,587)
Repurchase and retirement of common stock (in shares) (97)          
Distributions to noncontrolling interest holders         (62) (62)
Cash dividends paid       (22,935)   (22,935)
Balances at the end of the period at Mar. 31, 2025 $ 333 432,788 1,295 1,297,764 11,909 1,744,089
Balance at the end of the period (in shares) at Mar. 31, 2025 33,344          
Balances at the beginning of the period at Dec. 31, 2024 $ 332 429,000 586 1,317,945 12,000 $ 1,759,863
Balance at the beginning of the period (in shares) at Dec. 31, 2024 33,194         33,194
Change in Stockholders' Equity            
Net Income (Loss)           $ 70,158
Net income (loss) from noncontrolling interests           (63)
Balances at the end of the period at Sep. 30, 2025 $ 333 444,127 1,833 1,319,274 11,899 $ 1,777,466
Balance at the end of the period (in shares) at Sep. 30, 2025 33,385         33,385
Balances at the beginning of the period at Mar. 31, 2025 $ 333 432,788 1,295 1,297,764 11,909 $ 1,744,089
Balance at the beginning of the period (in shares) at Mar. 31, 2025 33,344          
Change in Stockholders' Equity            
Net Income (Loss)       33,952   33,952
Net income (loss) from noncontrolling interests         (3) (3)
Other comprehensive income (loss), net of tax     1,469     1,469
Stock-based compensation - equity classified   5,756       5,756
Issuance of common stock in connection with equity compensation plans   230       230
Issuance of common stock in connection with equity compensation plans (in shares) 31          
Repurchase and retirement of common stock   (645)       (645)
Repurchase and retirement of common stock (in shares) (9)          
Distributions to noncontrolling interest holders         (126) (126)
Cash dividends paid       (22,924)   (22,924)
Balances at the end of the period at Jun. 30, 2025 $ 333 438,129 2,764 1,308,792 11,780 1,761,798
Balance at the end of the period (in shares) at Jun. 30, 2025 33,366          
Change in Stockholders' Equity            
Net Income (Loss)       33,452   33,452
Net income (loss) from noncontrolling interests         (31) (31)
Other comprehensive income (loss), net of tax     (931)     (931)
Stock-based compensation - equity classified   7,036       7,036
Issuance of common stock in connection with equity compensation plans (in shares) 32          
Repurchase and retirement of common stock   (1,038)       (1,038)
Repurchase and retirement of common stock (in shares) (13)          
Distributions to noncontrolling interest holders         (150) (150)
Cash dividends paid       (22,970)   (22,970)
Balances at the end of the period at Sep. 30, 2025 $ 333 $ 444,127 $ 1,833 $ 1,319,274 $ 11,899 $ 1,777,466
Balance at the end of the period (in shares) at Sep. 30, 2025 33,385         33,385
v3.25.3
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares
 3 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Common Stock    
Cash dividends paid. amount per common share $ 0.67 $ 0.65
v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net income before noncontrolling interests $ 70,095 $ 59,793
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Gains attributable to the fair value of future servicing rights, net of guaranty obligation (129,621) (97,673)
Change in the fair value of premiums and origination fees (9,487) (1,857)
Amortization and depreciation 176,598 169,495
Provision (benefit) for credit losses 6,481 6,310
Originations of loans held for sale (11,256,803) (6,807,180)
Proceeds from transfers of loans held for sale 9,663,140 6,365,406
Other operating activities, net 11,918 (95,752)
Net cash provided by (used in) operating activities (1,467,679) (401,458)
Cash flows from investing activities    
Capital expenditures (8,507) (9,025)
Purchases of equity-method investments (17,919) (14,503)
Purchases of pledged available-for-sale ("AFS") securities (31,989) (20,900)
Proceeds from prepayment and sale of pledged AFS securities 11,700 7,153
Originations and repurchase of loans held for investment (24,145) (25,619)
Principal collected on loans held for investment   17,659
Other investing activities, net 6,025 8,092
Net cash provided by (used in) investing activities (64,835) (37,143)
Cash flows from financing activities    
Borrowings (repayments) of warehouse notes payable, net 1,580,848 452,497
Repayments of interim warehouse notes payable   (13,884)
Repayments of notes payable (330,731) (6,013)
Borrowings of notes payable 398,875  
Repurchase of common stock (10,270) (12,012)
Cash dividends paid (68,828) (66,284)
Payment of contingent consideration (10,954) (34,317)
Debt issuance costs (15,661)  
Other financing activities, net (797) (6,149)
Net cash provided by (used in) financing activities 1,542,482 313,838
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents (NOTE 2) 9,968 (124,763)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period 327,898 391,403
Total of cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period 337,866 266,640
Supplemental Disclosure of Cash Flow Information:    
Cash paid to third parties for interest 58,945 73,123
Cash paid for income taxes, net of cash refunds received $ 21,526 $ 29,076
v3.25.3
ORGANIZATION AND BASIS OF PRESENTATION
 9 Months Ended
Sep. 30, 2025
ORGANIZATION AND BASIS OF PRESENTATION  
ORGANIZATION AND BASIS OF PRESENTATION

NOTE 1—ORGANIZATION AND BASIS OF PRESENTATION

These financial statements represent the condensed consolidated financial position and results of operations of Walker & Dunlop, Inc. and its subsidiaries. Unless the context otherwise requires, references to “Walker & Dunlop” and the “Company” mean the Walker & Dunlop consolidated companies. The statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they may not include certain financial statement disclosures and other information required for annual financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”). In the opinion of management, all adjustments considered necessary for a fair presentation of the results for the Company in the interim periods presented have been included. Results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025 or thereafter.  

Walker & Dunlop, Inc. is a holding company and conducts the majority of its operations through Walker & Dunlop, LLC, the operating company. Walker & Dunlop is one of the leading commercial real estate services and finance companies in the United States. The Company originates, sells, and services a range of commercial real estate debt and equity financing products, provides multifamily property sales brokerage and valuation services, engages in commercial real estate investment management activities with a particular focus on the affordable housing sector through low-income housing tax credit (“LIHTC”) syndication, provides housing market research, and delivers real estate-related investment banking and advisory services.

Through its Agency (as defined below) lending products, the Company originates and sells loans pursuant to the programs of the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac” and, together with Fannie Mae, the “GSEs”), the Government National Mortgage Association (“Ginnie Mae”), and the Federal Housing Administration, a division of the U.S. Department of Housing and Urban Development (together with Ginnie Mae, “HUD” and, together with the GSEs, the “Agencies”). Through its debt brokerage products, the Company brokers, and, in some cases, services, loans for various life insurance companies, commercial banks, commercial mortgage-backed securities issuers, and other institutional investors.

v3.25.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Sep. 30, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Subsequent Events—The Company has evaluated the effects of all events that have occurred subsequent to September 30, 2025 and before the date of this filing. The Company has made certain disclosures in the notes to the condensed consolidated financial statements of events that have occurred subsequent to September 30, 2025. There have been no other material subsequent events that would require recognition in the condensed consolidated financial statements.

Use of Estimates—The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses, including the allowance for risk-sharing obligations, initial and recurring fair value assessments of capitalized mortgage servicing rights, and the periodic assessment of impairment of goodwill. Actual results may vary from these estimates.

Provision (Benefit) for Credit Losses—The Company records the income statement impact of the changes in the allowance for loan losses, the allowance for risk-sharing obligations, and other credit losses within Provision (benefit) for credit losses in the Condensed Consolidated Statements of Income. NOTE 4 contains additional discussion related to the allowance for risk-sharing obligations. The Company has credit risk exclusively on loans secured by multifamily real estate, with no exposure to any other sector of commercial real estate, including office, retail, industrial, and hospitality.

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For the three months ended 

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For the nine months ended 

​

​

​

September 30, 

​

September 30, 

​

Components of Provision (Benefit) for Credit Losses (in thousands)

    

2025

    

2024

    

2025

    

2024

 

Provision (benefit) for loan losses

​

$

—

​

$

—

​

$

500

​

$

(16)

​

Provision (benefit) for risk-sharing obligations

​

 

949

​

 

(150)

​

 

5,981

​

 

(1,274)

​

Provision (benefit) for loan credit losses

​

​

949

​

​

(150)

​

​

6,481

​

​

(1,290)

​

Provision (benefit) for other credit losses

​

 

—

​

 

3,000

​

 

—

​

 

7,600

​

Provision (benefit) for credit losses

​

$

949

​

$

2,850

​

$

6,481

​

$

6,310

​

​

Transfers of Financial Assets—The Company is obligated to repurchase loans that are originated for the GSEs’ programs if certain representations and warranties that it provides in connection with the sale of the loans through these programs are determined to have been breached. During 2024, the Company received requests to repurchase five GSE loans totaling $87.3 million. As of September 30, 2025, the Company has repurchased four of the loans, totaling $52.5 million, and still has a forbearance and indemnification agreement in place for the other loan (“Indemnified Loan”). The forbearance and indemnification agreement for the Indemnified Loan expires on March 29, 2026, at which time the Company would be expected to repurchase the Indemnified Loan. As of September 30, 2025, the Indemnified Loan has an outstanding balance of $23.2 million, net of collateral posted, and a reserve for credit losses of $9.3 million. All repurchased loans are delinquent and in non-accrual status. In the fourth quarter of 2025, the Company received requests from one of the GSEs to repurchase two additional portfolios of loans with an aggregate unpaid principal balance (“UPB”) of $100.2 million as a result of fraudulent documentation submitted by the borrower in connection with the loans. In the fourth quarter of 2025, the Company executed a forbearance and indemnification agreement with the GSE for one portfolio of loans with a UPB of $50.9 million and expects to enter into a forbearance and indemnification agreement with the GSE for the second portfolio of loans with a UPB of $49.3 million. If the Company fails to reach an agreement on a forbearance and indemnification agreement on the second portfolio, the Company may be required to repurchase these loans in the fourth quarter. As the Company gains access to the underlying collateral of the loans and is able to assess their fair values, it will accrue for any expected potential losses resulting from the forbearance and indemnification agreements.

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In addition to the Company’s obligation to repurchase certain loans due to material breaches of representations and warranties as discussed above, the Company also has the option to repurchase loans in certain situations. When the Company’s repurchase option becomes exercisable, such loans must be reported on the Condensed Consolidated Balance Sheets. The Company reports the loans as Loans held for sale, at fair value with a corresponding liability that is included as a component of Warehouse notes payable on the Condensed Consolidated Balance Sheets.

As of September 30, 2025, no such loans were included within Loans held for sale, at fair value and no corresponding liability was included in Warehouse notes payable as in 2025 the Company has waived its repurchase option for all of the eligible loans outstanding. As of December 31, 2024, the balance of loans with a repurchase option included within Loans held for sale, at fair value was $189.5 million, and the corresponding liability included within Warehouse notes payable (and NOTE 6) was $189.5 million. These were not cash transactions and thus were not reflected in the Consolidated Statements of Cash Flows for the year ended December 31, 2024.

Statement of Cash Flows—For presentation in the Condensed Consolidated Statements of Cash Flows, the Company considers pledged cash and cash equivalents (as detailed in NOTE 9) to be restricted cash and restricted cash equivalents. The following table presents a reconciliation of the total cash, cash equivalents, restricted cash, and restricted pledged cash and cash equivalents as presented in the Condensed Consolidated Statements of Cash Flows to the related captions in the Condensed Consolidated Balance Sheets as of September 30, 2025 and 2024, and December 31, 2024 and 2023.

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September 30, 

​

December 31,

​

(in thousands)

2025

    

2024

    

2024

    

2023

 

Cash and cash equivalents

$

274,828

​

$

179,759

​

$

279,270

​

$

328,698

​

Restricted cash

​

44,462

​

​

39,827

​

​

25,156

​

​

21,422

​

Pledged cash and cash equivalents (NOTE 9)

 

18,576

​

 

47,054

​

 

23,472

​

 

41,283

​

Total cash, cash equivalents, restricted cash, and restricted cash equivalents

$

337,866

​

$

266,640

​

$

327,898

​

$

391,403

​

​

Income Taxes—The Company records the realizable excess tax benefit or shortfall from stock-based compensation as a reduction or increase, respectively, to income tax expense. The Company had realizable excess tax benefits of $0.1 million and $0.7 million for the three months ended September 30, 2025 and 2024, respectively, and shortfalls of $1.4 million and benefits of $1.7 million for the nine months ended September 30, 2025 and 2024, respectively.

Net Warehouse Interest Income (Expense)—The Company presents warehouse interest income net of warehouse interest expense. Warehouse interest income is the interest earned from loans held for sale and loans held for investment. Generally, a substantial portion of the Company’s loans is financed with matched borrowings under one of its warehouse facilities. The remaining portion of loans not funded with matched borrowings is financed with the Company’s own cash. Warehouse interest income is earned or incurred on loans held for sale after a loan is closed and before a loan is sold. Warehouse interest income is earned or incurred on loans held for investment after a loan is closed and before a loan is repaid. Occasionally, the Company also fully funds a small number of loans held for sale or loans held for investment (including repurchased loans) with its own cash. Included in Net warehouse interest income (expense) for the three and nine months ended September 30, 2025 and 2024 are the following components:

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For the three months ended 

​

For the nine months ended 

(in thousands)

​

September 30, 

​

September 30, 

Components of Net Warehouse Interest Income (Expense)

    

2025

    

2024

    

2025

    

2024

Warehouse interest income

​

$

14,978

​

$

10,648

​

$

33,043

​

$

24,784

Warehouse interest expense

​

 

(17,013)

​

 

(12,795)

​

 

(37,624)

​

 

(29,631)

Net warehouse interest income (expense)

​

$

(2,035)

​

$

(2,147)

​

$

(4,581)

​

$

(4,847)

​

Co-broker Fees—Third-party co-broker fees are netted against Loan origination and debt brokerage fees, net in the Condensed Consolidated Statements of Income and were $5.7 million and $2.0 million for the three months ended September 30, 2025 and 2024, respectively, and $12.2 million and $6.6 million for the nine months ended September 30, 2025 and 2024, respectively.

​

Contracts with Customers—The majority of the Company’s revenues are derived from the following sources, all of which are excluded from the accounting provisions applicable to contracts with customers: (i) financial instruments, (ii) transfers and servicing, (iii) derivative transactions, and (iv) investments in debt securities/equity-method investments. The remaining portion of revenues is derived from contracts with customers.

Other than LIHTC asset management fees as described in the 2024 Form 10-K and presented as Investment management fees in the Condensed Consolidated Statements of Income, the Company’s contracts with customers generally do not require judgment or estimates that affect the determination of the transaction price (including the assessment of variable consideration), the allocation of the transaction price to performance obligations, and the determination of the timing of the satisfaction of performance obligations. Additionally, the earnings process for the majority of the Company’s contracts with customers is not complicated and is generally completed in a short period of time. The following table presents information about the Company’s contracts with customers for the three and nine months ended September 30, 2025 and 2024 (in thousands):  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended 

​

For the nine months ended 

​

​

​

​

September 30, 

​

September 30, 

​

​

Description

    

2025

    

2024

    

2025

    

2024

 

Statement of income line item

Certain loan origination fees

​

$

29,436

​

$

21,310

​

$

77,601

​

$

64,718

​

Loan origination and debt brokerage fees, net

Property sales broker fees

​

​

26,546

​

​

19,322

​

​

55,031

​

​

39,408

​

Property sales broker fees

Investment management fees

​

​

6,178

​

​

11,744

​

​

23,437

​

​

40,086

​

Investment management fees

Investment banking revenues, appraisal revenues, subscription revenues, syndication fees, and other revenues

​

 

14,303

​

 

12,014

​

 

56,105

​

 

41,008

​

Other revenues

Total revenues derived from contracts with customers

​

$

76,463

​

$

64,390

​

$

212,174

​

$

185,220

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Litigation—In the ordinary course of business, the Company may be party to various claims and litigation, none of which the Company believes is material. The Company cannot predict the outcome of any pending litigation and may be subject to consequences that could include fines, penalties, and other costs, and the Company’s reputation and business may be impacted. The Company believes that any liability that could be imposed on the Company in connection with the disposition of any pending lawsuits would not have a material adverse effect on its business, results of operations, liquidity, or financial condition.

​

Recently Announced Accounting Pronouncements and Other Recent Developments—The Company is currently evaluating the following Accounting Standards Updates (“ASUs”):

​

​

​

​

​

Standard

​

Description  

​

Date of Adoption

2023-09-Income Taxes (Topic 740)-Improvements to Income Tax Disclosures

​

Requires additional income tax disclosures including a more detailed tax rate reconciliation and income taxes paid by taxing jurisdiction

​

December 31, 2025

2024-03-Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)

​

Requires disaggregation of expense categories within an entity’s statement of income

​

January 1, 2027

2025-05-Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets

​

Introduces a practical expedient for measuring credit losses for accounts receivable under Topic 326.

​

January 1, 2026

2025-06-Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software

​

Clarifies the starting point for capitalization of software costs.

​

January 1, 2028

​

The adoption of these ASUs is not expected to have a material effect on the consolidated financial statements. There are no other recently announced but not yet effective accounting pronouncements issued that have the potential to impact the Company’s consolidated financial statements.

Additionally, on July 4, 2025, the One Big Beautiful Bill (“OBBB”) was signed into law. The Company has performed an assessment of the impact of the OBBB and concluded that it will not have a material impact on its taxes and financial results.

Reclassifications—The Company has made insignificant reclassifications to prior-year balances to conform to current-year presentation.

v3.25.3
MORTGAGE SERVICING RIGHTS
 9 Months Ended
Sep. 30, 2025
MSRs  
Mortgage Servicing Rights  
MORTGAGE SERVICING RIGHTS

NOTE 3—MORTGAGE SERVICING RIGHTS

The fair value of the mortgage servicing rights (“MSRs”) was $1.4 billion as of both September 30, 2025 and December 31, 2024. The Company uses a discounted static cash flow valuation approach, and the key economic assumptions are the discount rate and placement fee rate. See the following sensitivities showing the changes in fair value related to changes in these key economic assumptions:

​

​

​

​

​

MSR Key Economic Assumptions Sensitivities (in millions)

​

Decrease in Fair Value

Discount Rate

​

​

​

100 basis point increase

​

$

40.6

200 basis point increase

​

​

78.4

Placement Fee Rate

​

​

​

50 basis point decrease

​

$

49.5

100 basis point decrease

​

​

99.0

​

These sensitivities are hypothetical and should be used with caution. These estimates do not include interplay among assumptions and are estimated as a portfolio rather than individual assets.

Activity related to capitalized MSRs (net of accumulated amortization) for the three and nine months ended September 30, 2025 and 2024 follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended

​

For the nine months ended

 

​

​

September 30, 

​

September 30, 

 

Roll Forward of MSRs (in thousands)

    

2025

    

2024

    

2025

    

2024

 

Beginning balance

​

$

817,814

​

$

850,831

​

$

852,399

​

$

907,415

​

Additions, following the sale of loan

​

 

44,607

​

 

39,806

​

 

118,518

​

 

87,388

​

Amortization

​

 

(52,254)

​

 

(50,871)

​

 

(157,340)

​

 

(151,897)

​

Pre-payments and write-offs

​

 

(4,192)

​

 

(2,870)

​

 

(7,602)

​

 

(6,010)

​

Ending balance

​

$

805,975

​

$

836,896

​

$

805,975

​

$

836,896

​

​

The following table summarizes the gross value, accumulated amortization, and net carrying value of the Company’s MSRs as of September 30, 2025 and December 31, 2024:

​

​

​

​

​

​

​

​

Components of MSRs (in thousands)

​

September 30, 2025

​

December 31, 2024

Gross value

​

$

1,844,664

​

$

1,808,295

Accumulated amortization

​

 

(1,038,689)

​

 

(955,896)

Net carrying value

​

$

805,975

​

$

852,399

​

The expected amortization of MSRs held in the Condensed Consolidated Balance Sheet as of September 30, 2025 is shown in the table below. Actual amortization may vary from these estimates.

​

​

​

​

​

​

​

​

(in thousands)

Expected

Three Months Ending December 31, 

​

  Amortization  

2025

​

$

51,194

Year Ending December 31,

​

​

​

2026

​

$

189,809

2027

​

 

168,568

2028

​

 

137,194

2029

​

 

99,066

2030

​

 

66,218

Thereafter

​

​

93,926

Total

​

$

805,975

​
v3.25.3
ALLOWANCE FOR RISK-SHARING OBLIGATIONS
 9 Months Ended
Sep. 30, 2025
ALLOWANCE FOR RISK-SHARING OBLIGATIONS  
ALLOWANCE FOR RISK-SHARING OBLIGATIONS

NOTE 4—ALLOWANCE FOR RISK-SHARING OBLIGATIONS

When a loan is sold under the Fannie Mae Delegated Underwriting and Servicing (“DUS”) program, the Company typically agrees to guarantee a portion of the ultimate loss incurred on the loan should the borrower fail to perform. The compensation for this risk is a component of the servicing fee on the loan. The guaranty is in force while the loan is outstanding. Substantially all loans sold under the Fannie Mae DUS program contain modified or full risk-sharing guaranties that are based on the credit performance of the loan. The Company records an estimate of the contingent loss reserve for Current Expected Credit Losses (“CECL”), for all loans in its Fannie Mae at-risk servicing portfolio and an insignificant number of Freddie Mac’s small balance pre-securitized loans (“SBL”) as discussed in the Company’s 2024 Form 10-K. Most loans are collectively evaluated, while a small portion is individually evaluated. For loans that are individually evaluated, a reserve for estimated credit losses is recorded when it is probable that a risk-sharing loan will foreclose or has foreclosed (“collateral-based reserves”), and a reserve for estimated credit losses is recorded for all other risk-sharing loans that are collectively evaluated (“CECL allowance”). The combined loss reserves, along with an insignificant balance of reserves for Freddie Mac SBLs, are presented as Allowance for risk-sharing obligations on the Condensed Consolidated Balance Sheets.

Activity related to the allowance for risk-sharing obligations for the three and nine months ended September 30, 2025 and 2024 follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended

​

For the nine months ended

 

​

​

September 30, 

​

September 30, 

 

Roll Forward of Allowance for Risk-Sharing Obligations
(in thousands)

    

2025

    

2024

    

2025

    

2024

 

Beginning balance

​

$

33,191

​

$

30,477

​

$

28,159

​

$

31,601

​

Provision (benefit) for risk-sharing obligations

​

 

949

​

 

(150)

​

 

5,981

​

 

(1,274)

​

Write-offs

​

 

—

​

 

(468)

​

 

—

​

 

(468)

​

Ending balance

​

$

34,140

​

$

29,859

​

$

34,140

​

$

29,859

​

​

​

The Company assesses several qualitative and quantitative factors, including the current and expected unemployment rate, macroeconomic conditions, and the multifamily market, to calculate the Company’s CECL allowance each quarter. The key inputs for the CECL allowance are the historical loss rate, the forecast-period loss rate, the reversion-period loss rate, and the UPB of the at-risk servicing portfolio. A summary of the key inputs of the CECL allowance as of the end of each of the quarters presented and the provision (benefit) impact during each quarter for the nine months ended September 30, 2025 and 2024 follows:

 ​

​

​

​

​

​

​

​

​

​

​

​

​

2025

CECL Allowance Calculation Inputs, Details, and Provision Impact

Q1

​

Q2

​

Q3

​

Total

Forecast-period loss rate (in basis points)

​

2.1

​

2.1

​

2.1

​

N/A

Reversion-period loss rate (in basis points)

​

1.2

​

1.2

​

1.2

​

N/A

Historical loss rate (in basis points)

​

0.3

​

0.3

​

0.3

​

N/A

At-risk Fannie Mae servicing portfolio UPB (in billions)

$

63.6

$

64.7

$

66.0

​

N/A

CECL allowance (in millions)

$

24.4

$

24.6

$

24.8

​

N/A

Provision (benefit) for CECL allowance (in millions)

$

0.2

$

0.2

$

0.1

$

0.5

​

​

​

​

​

​

​

​

​

​

​

​

2024

CECL Allowance Calculation Inputs, Details, and Provision Impact

Q1

​

Q2

​

Q3

​

Total

Forecast-period loss rate (in basis points)

​

2.3

​

2.3

​

2.1

​

N/A

Reversion-period loss rate (in basis points)

​

1.3

​

1.3

​

1.2

​

N/A

Historical loss rate (in basis points)

​

0.3

​

0.3

​

0.3

​

N/A

At-risk Fannie Mae servicing portfolio UPB (in billions)

$

59.2

$

59.5

$

60.6

​

N/A

CECL allowance (in millions)

$

25.0

$

24.9

$

23.4

​

N/A

Provision (benefit) for CECL allowance (in millions)

$

(6.6)

$

(0.1)

$

(1.5)

$

(8.2)

​

During the first quarters of both 2025 and 2024, the Company updated its 10-year look-back period, resulting in loss data from the earliest year being replaced with loss data for the most recently completed year. The look-back period update for the three months ended March 31, 2024 resulted in the historical loss rate factor decreasing and the benefit for CECL allowance, as noted in the table above. For the three months ended March 31, 2025, the historical loss rate did not change. As noted in the table above, the changes for the other quarters during both 2025 and 2024 were due to increases in the at-risk Fannie Mae servicing portfolio UPB and/or due to changes in the forecast-period loss rate.

The weighted-average remaining life of the at-risk Fannie Mae servicing portfolio as of September 30, 2025 was 5.2 years compared to 5.7 years as of December 31, 2024.

Seven Fannie Mae DUS loans and three Freddie Mac SBLs had aggregate collateral-based reserves of $9.4 million as of September 30, 2025, compared to three Fannie Mae DUS loans and three Freddie Mac SBLs that had aggregate collateral-based reserves of $4.0 million as of December 31, 2024.

As of September 30, 2025 and 2024, the maximum quantifiable contingent liability associated with the Company’s guaranties for the at-risk loans serviced under the Fannie Mae DUS agreement was $13.7 billion and $12.5 billion, respectively. This maximum quantifiable contingent liability relates to the at-risk loans serviced for Fannie Mae at the specific point in time indicated. The maximum quantifiable contingent liability is not representative of the actual loss the Company would incur. The Company would be liable for this amount only if all of the loans it services for Fannie Mae, for which the Company retains some risk of loss, were to default and all of the collateral underlying these loans were determined to be without value at the time of settlement.
v3.25.3
SERVICING
 9 Months Ended
Sep. 30, 2025
Loans and Other Servicing Accounts  
Servicing  
SERVICING

NOTE 5—SERVICING

The total UPB of loans the Company was servicing for various institutional investors was $139.3 billion as of September 30, 2025 compared to $135.3 billion as of December 31, 2024.

As of September 30, 2025 and December 31, 2024, custodial deposit accounts (“escrow deposits”) relating to loans serviced by the Company totaled $2.8 billion and $2.7 billion, respectively. These amounts are not included in the Condensed Consolidated Balance Sheets as such amounts are not Company assets; however, the Company is entitled to placement fees on these escrow deposits, presented within Placement fees and other interest income in the Condensed Consolidated Statements of Income. Certain cash deposits exceed the Federal Deposit Insurance Corporation insurance limits; however, the Company believes it has mitigated this risk by holding uninsured deposits at large national banks.

v3.25.3
DEBT
 9 Months Ended
Sep. 30, 2025
DEBT  
DEBT

NOTE 6—DEBT

Warehouse Facilities

​

As of September 30, 2025, to provide financing to borrowers under the Agencies’ programs, the Company had committed and uncommitted warehouse lines of credit in the amount of $4.6 billion with certain national banks and a $1.5 billion uncommitted facility with Fannie Mae (collectively, the “Agency Warehouse Facilities”). In support of these Agency Warehouse Facilities, the Company has pledged substantially all of its loans held for sale under the Company’s approved programs. The Company’s ability to originate mortgage loans for sale depends upon its ability to secure and maintain these types of short-term financings on acceptable terms.

The interest rate for all the Company’s warehouse facilities is based on an Adjusted Term Secured Overnight Financing Rate (“SOFR”). The maximum amount and outstanding borrowings under Agency Warehouse Facilities as of September 30, 2025 follow:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

​

​

​

(dollars in thousands)

    

Committed

    

Uncommitted

​

Total Facility

​

Outstanding

    

    

​

Facility

​

Amount

​

Amount

​

Capacity

​

Balance

​

Interest rate(1)

​

Agency Warehouse Facility #1

​

$

325,000

​

​

250,000

​

​

575,000

​

$

160,931

 

SOFR plus 1.30%

​

Agency Warehouse Facility #2

​

 

700,000

​

​

300,000

​

​

1,000,000

​

 

149,367

​

SOFR plus 1.30%

​

Agency Warehouse Facility #3

​

 

425,000

​

​

425,000

​

​

850,000

​

 

403,083

 

SOFR plus 1.30%

​

Agency Warehouse Facility #4

​

​

400,000

​

​

225,000

​

​

625,000

​

​

506,708

​

SOFR plus 1.30% to 1.35%

​

Agency Warehouse Facility #5

​

​

50,000

​

​

1,450,000

​

​

1,500,000

​

​

644,282

​

SOFR plus 1.45%

​

Total National Bank Agency Warehouse Facilities

​

$

1,900,000

​

​

2,650,000

​

​

4,550,000

​

$

1,864,371

​

​

​

Fannie Mae repurchase agreement, uncommitted line and open maturity

​

 

—

​

​

1,500,000

​

​

1,500,000

​

 

311,346

 

​

​

Total Agency Warehouse Facilities

​

$

1,900,000

​

​

4,150,000

​

​

6,050,000

​

$

2,175,717

​

​

​

(1)Interest rate presented does not include the effect of any applicable interest rate floors.

​

During 2025, the following amendments to the Company’s Agency Warehouse Facilities were executed in the normal course of business to support the Company’s business. No other material modifications have been made to the Agency Warehouse Facilities during the year.

The maturity date of Agency Warehouse Facility #1 was extended to August 26, 2026.

The maturity date of Agency Warehouse Facility #2 was extended to April 10, 2026.

The maturity date of Agency Warehouse Facility #3 was extended to May 15, 2026.

The maturity date of Agency Warehouse Facility #4 was extended to June 22, 2026. During the third quarter of 2025, the Company temporarily increased the committed borrowing capacity of Agency Warehouse Facility #4 to $400.0 million until November 28, 2025, at which point it will revert to $150.0 million.

The maturity date of Agency Warehouse Facility #5 was extended to September 10, 2026. During the third quarter of 2025, the Company temporarily increased the uncommitted borrowing capacity of Agency Warehouse Facility #5 to $1.5 billion until November 20, 2025, at which point the uncommitted borrowing capacity will revert to $950.0 million.

Notes Payable

​

The Company has a senior secured credit agreement, which has been amended several times, that provides for a $450.0 million term loan (the “Term Loan”) and a revolving credit facility of $50.0 million. As of September 30, 2025, the balance of the Term Loan was $447.8 million, and the revolving credit facility did not have an outstanding balance. The Company also has $400.0 million aggregate principal amount of senior unsecured notes (“Senior Notes”) as of September 30, 2025.

​

The warehouse facilities and notes payable are subject to various financial covenants. The Company is in compliance with all of these financial covenants as of September 30, 2025.
v3.25.3
GOODWILL AND OTHER INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 2025
GOODWILL AND OTHER INTANGIBLE ASSETS  
GOODWILL AND OTHER INTANGIBLE ASSETS

NOTE 7—GOODWILL AND OTHER INTANGIBLE ASSETS

​

Goodwill

The Company’s reportable segments are Capital Markets (“CM”), Servicing & Asset Management (“SAM”), and Corporate. A summary of the Company’s goodwill by reportable segments as of and for the nine months ended September 30, 2025 and 2024 follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of and for the nine months ended

​

​

September 30, 

(in thousands)

    

2025

    

2024

Roll Forward of Gross Goodwill

​

CM

​

SAM

​

Consolidated(1)

​

CM

​

SAM

​

Consolidated(1)

Beginning balance

​

$

524,189

​

​

439,521

​

$

963,710

​

$

524,189

​

$

439,521

​

$

963,710

Additions from acquisitions

​

 

—

​

​

—

​

​

—

​

 

—

​

​

—

​

 

—

Ending gross goodwill balance

​

$

524,189

​

$

439,521

​

$

963,710

​

$

524,189

​

$

439,521

​

$

963,710

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Roll Forward of Accumulated Goodwill Impairment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Beginning balance

​

$

95,000

​

​

—

​

$

95,000

​

$

62,000

​

$

—

​

$

62,000

Impairment

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Ending accumulated goodwill impairment

​

$

95,000

​

$

—

​

$

95,000

​

$

62,000

​

$

—

​

$

62,000

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Goodwill

​

$

429,189

​

$

439,521

​

$

868,710

​

$

462,189

​

$

439,521

​

$

901,710

(1)For all the periods presented, no goodwill was allocated to the Corporate reportable segment.

​

Other Intangible Assets

​

Activity related to other intangible assets for the nine months ended September 30, 2025 and 2024 follows:

​

​

​

​

​

​

​

​

​

​

As and for the nine months ended

​

​

September 30, 

Roll Forward of Other Intangible Assets (in thousands)

    

2025

    

2024

Beginning balance

​

$

156,893

​

$

181,975

Amortization

​

​

(11,262)

​

​

(11,262)

Ending balance

​

$

145,631

​

$

170,713

​

The following table summarizes the gross value, accumulated amortization, and net carrying value of the Company’s other intangible assets as of September 30, 2025 and December 31, 2024:

​

​

​

​

​

​

​

​

Components of Other Intangible Assets (in thousands)

​

September 30, 2025

​

December 31, 2024

Gross value

​

$

208,782

​

$

210,616

Accumulated amortization

​

 

(63,151)

​

 

(53,723)

Net carrying value

​

$

145,631

​

$

156,893

​

The expected amortization of other intangible assets shown in the Condensed Consolidated Balance Sheet as of September 30, 2025 is shown in the table below. Actual amortization may vary from these estimates.

​

​

​

​

​

​

​

​

(in thousands)

​

Expected

Three Months Ending December 31, 

​

  Amortization  

2025

​

$

3,754

Year Ending December 31,

​

​

​

2026

​

$

15,016

2027

​

 

15,016

2028

​

 

15,016

2029

​

 

14,952

2030

​

 

14,946

Thereafter

​

​

66,931

Total

​

$

145,631

​

Contingent Consideration Liabilities

​

A summary of the Company’s contingent consideration liabilities, which are included in Other liabilities in the Condensed Consolidated Balance Sheets, as of and for the nine months ended September 30, 2025 and 2024 follows:

​

​

​

​

​

​

​

​

​

​

​

As of and for the nine months ended

​

​

​

September 30, 

​

Roll Forward of Contingent Consideration Liabilities (in thousands)

    

2025

    

2024

​

Beginning balance

​

$

30,537

​

$

113,546

​

Accretion

​

​

99

​

​

1,496

​

Fair value adjustments

​

​

—

​

​

(1,366)

​

Payments

​

​

(11,354)

​

​

(34,317)

​

Ending balance

​

$

19,282

​

$

79,359

​

​

The contingent consideration liabilities presented in the table above relate to acquisitions of debt brokerage and investment sales brokerage companies and other acquisitions, all completed over the past several years. The contingent consideration for each of the acquisitions may be earned over various lengths of time after each acquisition, with a maximum earnout period of five years, provided certain revenue targets and other metrics have been met. The last of the earnout periods related to the contingent consideration ends in the third quarter of 2027.

​
v3.25.3
FAIR VALUE MEASUREMENTS
 9 Months Ended
Sep. 30, 2025
FAIR VALUE MEASUREMENTS  
FAIR VALUE MEASUREMENTS

NOTE 8—FAIR VALUE MEASUREMENTS

The Company uses valuation techniques that are consistent with the market approach, the income approach, and/or the cost approach to measure assets and liabilities that are measured at fair value. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, accounting standards establish a fair value hierarchy for valuation inputs that

gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows:

●Level 1—Financial assets and liabilities whose values are based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.
●Level 2—Financial assets and liabilities whose values are based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means.
●Level 3—Financial assets and liabilities whose values are based on inputs that are both unobservable and significant to the overall valuation.

The Company's MSRs are measured at fair value at inception, and thereafter on a nonrecurring basis and are carried at the lower of amortized costs or fair value. That is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value measurement when there is evidence of impairment and for disclosure purposes (NOTE 3). The Company's MSRs do not trade in an active, open market with readily observable prices. While sales of multifamily MSRs do occur on occasion, precise terms and conditions vary with each transaction and are not readily available. Accordingly, the estimated fair value of the Company’s MSRs was developed using discounted cash flow models that calculate the present value of estimated future net servicing income. The model considers contractually specified servicing fees, prepayment assumptions, estimated placement fee revenue from escrow deposits, and other economic factors. The Company periodically reassesses and adjusts, when necessary, the underlying inputs and assumptions used in the model to reflect observable market conditions and assumptions that a market participant would consider in valuing MSR assets.

​

Undesignated Derivatives

Loan commitments that meet the definition of a derivative are recorded at fair value on the Condensed Consolidated Balance Sheets upon the executions of the commitments to originate a loan with a borrower and to sell the loan to an investor, with a corresponding amount recognized as revenue on the Condensed Consolidated Statements of Income. The estimated fair value of loan commitments includes (i) the fair value of loan origination fees and premiums on the anticipated sale of the loan, net of co-broker fees (included in derivative assets, a component of Other Assets, on the Condensed Consolidated Balance Sheets and as a component of Loan origination and debt brokerage fees, net in the Condensed Consolidated Statements of Income), (ii) the fair value of the expected net cash flows associated with the servicing of the loan, net of any estimated net future cash flows associated with the guarantee obligation (included in derivative assets, a component of Other Assets, on the Condensed Consolidated Balance Sheets and in Fair value of expected net cash flows from servicing, net of guaranty obligation in the Condensed Consolidated Statements of Income), and (iii) the effects of interest rate movements between the trade date and balance sheet date. Loan commitments are generally derivative assets but can become derivative liabilities if the effects of the interest rate movement between the trade date and the balance sheet date are greater than the combination of (i) and (ii) above. Forward sale commitments that meet the definition of a derivative are recorded as either derivative assets or derivative liabilities depending on the effects of the interest rate movements between the trade date and the balance sheet date. Adjustments to the fair value are reflected as a component of income within Loan origination and debt brokerage fees, net in the Condensed Consolidated Statements of Income. All loan and forward sale commitments described above are undesignated derivatives.

​

Designated Derivatives

In connection with the issuance of the Senior Notes during the first quarter of 2025, the Company entered into a standard swap agreement to hedge the exposure to changes in fair value of the Senior Notes related to interest rates. The swap converts the fixed interest payments required by the Senior Notes to a variable interest rate based on SOFR (i.e., the Company pays variable and receives fixed payments). The Senior Notes are the only fixed-rate debt the Company has outstanding, and as a result of the swap, all of the Company’s corporate debt is tied to variable rates.

The Company has designated this hedging relationship as a fair value hedge, with the entire balance of the Senior Notes as the hedged item and the swap as the hedging instrument. As the terms of the swap mirror the terms of the Senior Notes, the Company is permitted to assume no ineffectiveness in the hedging relationship. The fair value adjustment to the Senior Notes is the offset of the fair value of the interest

rate swap, with no net impact to the Condensed Consolidated Statements of Income. The initial fair value of the swap was zero. The swap agreement does not require the Company to post any collateral.

The gain or loss on the hedging instrument (the interest rate swap) and the offsetting loss or gain on the hedged item (the fixed-rate debt) attributable to the hedged risk are recognized in the same line item associated with the hedged item in current earnings, which is Interest expense on corporate debt in the Condensed Consolidated Statements of Income. The swap agreement allows for a net cash settlement of the interest expense corresponding with the interest payment dates on the Senior Notes. The swap derivative is recognized as a derivative asset or derivative liability as a component of Other assets or Other liabilities, respectively, on the Condensed Consolidated Balance Sheets, depending on the swap’s variable interest rate in relation to the fixed rate of the Senior Notes. The related fair value adjustment to the Senior Notes is recognized as an adjustment in Notes payable on the Condensed Consolidated Balance Sheets.

A description of the valuation methodologies used for assets and liabilities measured at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below.

​

●Derivative Instruments—Designated Derivatives and Hedged Item—The Company determines the fair value of the interest rate swap and hedged item using observable market data to determine the expected net cash flows of the receive-fix and pay-variable legs and is classified as Level 2 of the valuation hierarchy.
●Derivative Instruments—Undesignated Derivatives—These derivative positions primarily consist of interest rate lock commitments and forward sale agreements to the Agencies related to the Company’s mortgage banking activities. The fair value of these instruments is estimated using a discounted cash flow model developed based on changes in the U.S. Treasury rate and other observable market data. The value was determined after considering the potential impact of collateralization, adjusted to reflect the nonperformance risk of both the counterparty and the Company, and is classified within Level 2 of the valuation hierarchy.
●Loans Held for Sale—All loans held for sale presented in the Condensed Consolidated Balance Sheets are reported at fair value. The Company determines the fair value of the loans held for sale using discounted cash flow models that incorporate quoted observable inputs from market participants, such as changes in the U.S. Treasury rate. Therefore, the Company classifies these loans held for sale as Level 2.
●Pledged Securities—Investments in money market funds are valued using quoted market prices from recent trades and typically have maturities of 90 days or less. Therefore, the Company classifies this portion of pledged securities as Level 1. The Company determines the fair value of its AFS Agency mortgage-backed securities (“Agency MBS”) using third-party estimates of fair value. Consequently, the Company classifies this portion of pledged securities as Level 2. Additional details on pledged securities are included in NOTE 9.
●Contingent Consideration Liabilities—Contingent consideration liabilities from acquisitions are initially recognized at fair value at acquisition and subsequently remeasured using a Monte Carlo simulation that uses updated management forecasts and current valuation assumptions and discount rates. The Company determines the fair value of each contingent consideration liability based on a probability of earnout achievement, which incorporates management estimates, volatility rates, and discount rate to determine the expected earn-out cash flows. As a result, the Company classifies these liabilities as Level 3. Additional details on Contingent consideration liabilities are included in NOTE 7.

​

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024, segregated by the level of the valuation inputs within the fair value hierarchy used to measure fair value:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance as of

 

(in thousands)

​

Level 1

​

Level 2

​

Level 3

​

Period End

 

September 30, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans held for sale

​

$

—

​

$

2,197,739

​

$

—

​

$

2,197,739

​

Pledged securities

​

 

18,576

​

 

203,154

​

 

—

​

 

221,730

​

Derivative assets

​

 

—

​

 

51,680

​

​

—

​

 

51,680

​

Total

​

$

18,576

​

$

2,452,573

​

$

—

​

$

2,471,149

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivative liabilities

​

$

—

​

$

9,011

​

$

—

​

$

9,011

​

Notes payable —Senior Notes

​

​

—

​

​

401,221

​

​

—

​

​

401,221

​

Contingent consideration liabilities(1)

​

​

—

​

​

—

​

​

19,282

​

​

19,282

​

Total

​

$

—

​

$

410,232

​

$

19,282

​

$

429,514

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans held for sale

​

$

—

​

$

780,749

​

$

—

​

$

780,749

​

Pledged securities

​

 

23,472

​

 

183,432

​

 

—

​

 

206,904

​

Derivative assets

​

 

—

​

 

30,175

​

 

—

​

 

30,175

​

Total

​

$

23,472

​

$

994,356

​

$

—

​

$

1,017,828

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivative liabilities

​

$

—

​

$

915

​

$

—

​

$

915

​

Contingent consideration liabilities(1)

​

​

—

​

​

—

​

​

30,537

​

​

30,537

​

Total

​

$

—

​

$

915

​

$

30,537

​

$

31,452

​

(1)NOTE 7 has a detailed roll forward of this Level 3 liability, titled “Roll Forward of Contingent Consideration Liabilities”.

There were no transfers between any of the levels within the fair value hierarchy during the nine months ended September 30, 2025 or 2024.

Undesignated derivative instruments related to the Company’s mortgage banking activities (Level 2) are outstanding for short periods of time (generally less than 60 days). Designated derivatives related to interest rate swaps are outstanding for the length of the hedged item, which currently matures on April 1, 2033. A roll forward of derivative instruments is presented below for the three and nine months ended September 30, 2025 and 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended

​

For the nine months ended

​

​

​

September 30, 

​

September 30, 

​

Derivative Assets and Liabilities, net (in thousands)

    

2025

    

2024

    

2025

    

2024

 

Beginning balance

​

$

36,162

​

$

21,272

​

$

29,260

​

$

3,204

​

Settlements

​

 

(139,995)

​

 

(108,571)

​

 

(354,747)

​

 

(253,824)

​

Realized gains (losses) recorded in earnings(1)

​

 

103,833

​

 

87,299

​

 

325,487

​

 

250,620

​

Unrealized gains (losses) recorded in earnings(1)(2)

​

 

42,669

​

 

29,673

​

 

42,669

​

 

29,673

​

Ending balance

​

$

42,669

​

$

29,673

​

$

42,669

​

$

29,673

​

(1)Realized and unrealized gains (losses) from undesignated derivatives are recognized in Loan origination and debt brokerage fees, net and Fair value of expected net cash flows from servicing, net of guaranty obligation in the Condensed Consolidated Statements of Income.
(2)Unrealized gain (loss) from designated derivatives is recognized in Interest expense on corporate debt in the Condensed Consolidated Statements of Income.

​

​

The following table presents information about significant unobservable inputs used in the recurring measurement of the fair value of the Company’s Level 3 assets and liabilities as of September 30, 2025:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quantitative Information about Level 3 Fair Value Measurements

(in thousands)

    

Fair Value

    

Valuation Technique

    

Unobservable Input (1)

    

Input Range (1)

 

Weighted Average (2)

Contingent consideration liabilities

​

$

19,282

​

Monte Carlo Simulation

​

Probability of earnout achievement

​

0% - 53%

​

8%

(1)Significant changes in this input may lead to significant changes in the fair value measurements.
(2)Contingent consideration weighted based on maximum remaining gross earnout amount.

The carrying amounts and the fair values of the Company's financial instruments as of September 30, 2025 and December 31, 2024 are presented below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

​

December 31, 2024

 

​

​

    

Carrying

    

Fair

    

Carrying

    

Fair

 

(in thousands)

Level

​

Amount

​

Value

​

Amount

​

Value

 

Financial Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

Level 1

​

$

274,828

​

$

274,828

​

$

279,270

​

$

279,270

​

Restricted cash

Level 1

​

 

44,462

​

 

44,462

​

 

25,156

​

 

25,156

​

Pledged securities

Level 1 & 2

​

 

221,730

​

 

221,730

​

 

206,904

​

 

206,904

​

Loans held for sale

Level 2

​

 

2,197,739

​

 

2,197,739

​

 

780,749

​

 

780,749

​

Loans held for investment, net(1)

Level 3

​

 

32,366

​

 

32,366

​

 

32,866

​

 

32,866

​

Derivative assets(1)

Level 2

​

 

51,680

​

 

51,680

​

 

30,175

​

 

30,175

​

Total financial assets

​

​

$

2,822,805

​

$

2,822,805

​

$

1,355,120

​

$

1,355,120

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivative liabilities(2)

Level 2

​

$

9,011

​

$

9,011

​

$

915

​

$

915

​

Contingent consideration liabilities(2)

Level 3

​

​

19,282

​

​

19,282

​

​

30,537

​

​

30,537

​

Secured borrowings(2)

Level 2

​

​

35,296

​

​

35,296

​

​

59,441

​

​

59,441

​

Warehouse notes payable(3)

Level 2

​

 

2,175,157

​

 

2,175,717

​

 

781,706

​

 

781,972

​

Notes payable(3)(4)

Level 2

​

 

829,909

​

 

848,971

​

 

768,044

​

 

778,481

​

Total financial liabilities

​

​

$

3,068,655

​

$

3,088,277

​

$

1,640,643

​

$

1,651,346

​

(1)Included as a component of Other assets on the Condensed Consolidated Balance Sheets.
(2)Included as a component of Other liabilities on the Condensed Consolidated Balance Sheets.
(3)Carrying value includes unamortized debt issuance costs.
(4)Carrying value includes unamortized debt discount.

​

Fair Value of Undesignated Derivative Instruments and Loans Held for Sale—In the normal course of business, the Company enters into contractual commitments to originate and sell multifamily mortgage loans at fixed prices with fixed expiration dates. The commitments become effective when the borrowers "lock-in" a specified interest rate within time frames established by the Company. All mortgagors are evaluated for creditworthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the "lock-in" of rates by the borrower and the sale date of the loan to an investor.

To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, the Company enters into a sale commitment with the investor simultaneously with the rate lock commitment with the borrower. The sale contract with the investor locks in an interest rate and price for the sale of the loan. The terms of the contract with the investor and the rate lock with the borrower are matched in substantially all respects, with the objective of eliminating interest rate risk to the extent practical. Sale commitments with the investors have an expiration date that is longer than the Company’s related commitments to the borrower to allow for, among other things, the closing of the loan and processing of paperwork to deliver the loan into the sale commitment.

​

Both the rate lock commitments to borrowers and the forward sale contracts to buyers are undesignated derivatives and, accordingly, are marked to fair value through Loan origination and debt brokerage fees, net in the Condensed Consolidated Statements of Income. The fair value of the Company's rate lock commitments to borrowers and loans held for sale includes, as applicable:

●the estimated gain of the expected loan sale to the investor;
●the expected net cash flows associated with servicing the loan, net of any guaranty obligations retained;
●the effects of interest rate movements between the date of the rate lock and the balance sheet date; and
●the nonperformance risk of both the counterparty and the Company.

The estimated gain considers the origination fees the Company expects to collect upon loan closing (derivative instruments only) and premiums the Company expects to receive upon sale of the loan. The fair value of the expected net cash flows associated with servicing the loan is calculated pursuant to the valuation techniques applicable to the fair value of future servicing, net at loan sale.

To calculate the effects of interest rate movements, the Company uses applicable published U.S. Treasury prices and multiplies the price movement between the rate lock date and the balance sheet date by the notional loan commitment amount.

The fair value of the Company's forward sales contracts to investors considers the effects of interest rate movements between the trade date and the balance sheet date. The market price changes are multiplied by the notional amount of the forward sales contracts to measure the fair value.

The fair value of the Company’s interest rate lock commitments and forward sales contracts is adjusted to reflect the risk that the agreement will not be fulfilled. The Company’s exposure to nonperformance in interest rate lock commitments and forward sale contracts is represented by the contractual amount of those instruments. Given the credit quality of the Company’s counterparties and the short duration of interest rate lock commitments and forward sale contracts, the risk of nonperformance by the Company’s counterparties has historically been minimal.

The following table presents the components of fair value and other relevant information associated with the Company’s derivative instruments and loans held for sale as of September 30, 2025 and December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Adjustment Components

​

Balance Sheet Location

 

​

​

Notional or

​

Estimated

​

​

​

​

Total

​

​

​

​

​

​

​

​

 

​

​

Principal

​

Gain

​

Interest Rate

​

Fair Value 

​

Derivative

​

Derivative

​

Fair Value

 

(in thousands)

​

Amount

​

on Sale

​

Movement

​

Adjustment

​

Assets(1)

​

Liabilities(2)

​

Adjustment

 

September 30, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Undesignated derivatives

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Rate lock commitments

​

$

1,622,638

​

$

41,031

​

$

5,088

​

$

46,119

​

$

46,119

​

$

—

​

$

—

​

Forward sale contracts

​

 

3,812,268

​

​

—

​

​

(4,671)

​

​

(4,671)

​

​

4,340

​

​

(9,011)

​

​

—

​

Loans held for sale(3)

​

 

2,189,630

​

​

8,526

​

​

(417)

​

​

8,109

​

​

—

​

​

—

​

​

8,109

​

Total undesignated derivatives

​

​

​

​

$

49,557

​

$

—

​

$

49,557

​

$

50,459

​

$

(9,011)

​

$

8,109

​

Designated derivatives

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swap

​

​

400,000

​

​

—

​

​

1,221

​

​

1,221

​

​

1,221

​

​

—

​

​

—

​

Senior Notes(4)

​

​

400,000

​

​

—

​

​

(1,221)

​

​

(1,221)

​

​

—

​

​

—

​

​

(1,221)

​

Total designated derivatives

​

​

​

​

$

—

​

$

—

​

$

—

​

$

1,221

​

$

—

​

$

(1,221)

​

Total

​

​

​

​

$

49,557

​

$

—

​

$

49,557

​

$

51,680

​

$

(9,011)

​

$

6,888

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Rate lock commitments

​

$

472,905

​

$

19,968

​

$

(5,338)

​

$

14,630

​

$

14,930

​

$

(300)

​

$

—

​

Forward sale contracts

​

 

1,258,323

​

​

—

​

​

14,630

​

 

14,630

​

 

15,245

​

​

(615)

​

 

—

​

Loans held for sale

​

 

785,418

​

​

4,623

​

​

(9,292)

​

 

(4,669)

​

 

—

​

​

—

​

 

(4,669)

​

Total

​

​

​

​

$

24,591

​

$

—

​

$

24,591

​

$

30,175

​

$

(915)

​

$

(4,669)

​

(1)Included as a component of Other assets on the Condensed Consolidated Balance Sheets.
(2)Included as a component of Other liabilities on the Condensed Consolidated Balance Sheets.
(3)Fair value adjustment included as an adjustment to Loans held for sale, at fair value on the Condensed Consolidated Balance Sheets.
(4)Fair value adjustment included as an adjustment to Notes payable on the Condensed Consolidated Balance Sheets.
v3.25.3
FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES
 9 Months Ended
Sep. 30, 2025
FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES  
FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES

NOTE 9—FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES

​

Fannie Mae DUS Related Commitments—Commitments for the origination and subsequent sale and delivery of loans to Fannie Mae represent those mortgage loan transactions where the borrower has locked an interest rate and scheduled closing, and the Company has entered into a mandatory delivery commitment to sell the loan to Fannie Mae. As discussed in NOTE 8, the Company accounts for these commitments as derivatives recorded at fair value.

​

The Company is generally required to share the risk of any losses associated with loans sold under the Fannie Mae DUS program. The Company is required to secure these obligations by assigning restricted cash balances and securities to Fannie Mae, which are classified as Pledged securities, at fair value on the Condensed Consolidated Balance Sheets. The amount of collateral required by Fannie Mae is a formulaic calculation at the loan level and considers the balance of the loan, the risk level of the loan, the age of the loan, and the level of risk-sharing. Fannie Mae requires restricted liquidity for Tier 2 loans of 75 basis points, which is funded over a 48-month period that begins upon delivery of the loan to Fannie Mae. Pledged securities held in the form of money market funds holding U.S. Treasuries are discounted 5%, and Agency MBS are discounted 4% for purposes of calculating compliance with the restricted liquidity requirements. As seen below, the Company held the majority of its pledged securities in Agency MBS as of September 30, 2025. The majority of the loans for which the Company has risk sharing are Tier 2 loans.

The Company is in compliance with the September 30, 2025 collateral requirements as outlined above. As of September 30, 2025, reserve requirements for the DUS loan portfolio will require the Company to fund $74.7 million in additional restricted liquidity over the next 48 months, assuming no further principal paydowns, prepayments, or defaults within the at-risk portfolio. Fannie Mae has reassessed the DUS Capital Standards in the past and may make changes to these standards in the future. The Company generates sufficient cash flow from its operations to meet these capital standards and does not expect any future changes to have a material impact on its future operations; however, any future increases to collateral requirements may adversely impact the Company’s available cash.

Fannie Mae has established benchmark standards for capital adequacy and reserves the right to terminate the Company's servicing authority for all or some of the portfolio if, at any time, it determines that the Company's financial condition is not adequate to support its obligations under the DUS agreement. The Company is required to maintain acceptable net worth, as defined in the agreement, and the Company satisfied the requirements as of September 30, 2025. The net worth requirement is derived primarily from unpaid principal balances on Fannie Mae loans and the level of risk sharing. As of September 30, 2025, the net worth requirement was $337.9 million, and the Company's net worth, as defined in the requirements, was $1.1 billion, as measured at the Company’s wholly owned operating subsidiary, Walker & Dunlop, LLC. As of September 30, 2025, the Company was required to maintain at least $67.2 million of liquid assets to meet operational liquidity requirements for Fannie Mae, Freddie Mac, HUD, and Ginnie Mae, and the Company had operational liquidity, as defined in the requirements, of $273.7 million as of September 30, 2025, as measured at the Company’s wholly owned operating subsidiary, Walker & Dunlop, LLC.

Pledged Securities, at Fair Value—Pledged securities, at fair value on the Condensed Consolidated Balance Sheets consisted of the following balances as of September 30, 2025 and 2024, and December 31, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31,

​

Pledged Securities (in thousands)

2025

    

2024

    

2024

    

2023

 

Restricted cash

$

8,807

​

$

10,708

​

$

3,015

​

$

2,727

​

Money market funds

​

9,769

​

​

36,346

​

​

20,457

​

​

38,556

​

Total pledged cash and cash equivalents

$

18,576

​

$

47,054

​

$

23,472

​

$

41,283

​

Agency MBS

 

203,154

​

​

156,891

​

 

183,432

​

 

142,798

​

Total pledged securities, at fair value

$

221,730

​

$

203,945

​

$

206,904

​

$

184,081

​

​

The information in the preceding table is presented to reconcile beginning and ending cash, cash equivalents, restricted cash, and restricted cash equivalents in the Condensed Consolidated Statements of Cash Flows as more fully discussed in NOTE 2.

The Company’s investments included within Pledged securities, at fair value consist primarily of money market funds and Agency debt securities. The investments in Agency debt securities consist of multifamily Agency MBS and are all accounted for as AFS securities. A detailed discussion of the Company’s accounting policies regarding the allowance for credit losses for AFS securities is included in NOTE 2 of the

Company’s 2024 Form 10-K. The following table provides additional information related to the Agency MBS as of September 30, 2025 and December 31, 2024:

​

​

​

​

​

​

​

​

Fair Value and Amortized Cost of Agency MBS (in thousands)

September 30, 2025

    

December 31, 2024

    

Fair value

$

203,154

​

$

183,432

​

Amortized cost

​

201,096

​

​

182,912

​

Total gains for securities with net gains in AOCI

​

3,176

​

​

1,650

​

Total losses for securities with net losses in AOCI

 

(1,118)

​

 

(1,130)

​

Fair value of securities with unrealized losses

 

134,050

​

 

136,976

​

​

Pledged securities with a fair value of $78.7 million, an amortized cost of $79.8 million, and a net unrealized loss of $1.1 million have been in a continuous unrealized loss position for more than 12 months. All securities that have been in a continuous loss position are Agency debt securities that carry a guarantee of the contractual payments; therefore, an allowance for credit losses has not been recorded.

The following table provides contractual maturity information related to Agency MBS. The money market funds invest in short-term Federal Government and Agency debt securities and have no stated maturity date.

​

​

​

​

​

​

​

​

​

September 30, 2025

​

Detail of Agency MBS Maturities (in thousands)

Fair Value

    

Amortized Cost

    

Within one year

$

—

​

$

—

​

After one year through five years

​

97,304

​

​

97,340

​

After five years through ten years

​

90,030

​

​

88,822

​

After ten years

 

15,820

​

​

14,934

​

Total

$

203,154

​

$

201,096

​

​
v3.25.3
EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2025
EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY  
EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY

NOTE 10—EARNINGS PER SHARE AND STOCKHOLDERS’ EQUITY

Earnings per share (“EPS”) is calculated under the two-class method. The two-class method allocates all earnings (distributed and undistributed) to each class of common stock and participating securities based on their respective rights to receive dividends. The Company grants share-based awards to various employees and nonemployee directors under the Company’s 2024 Equity Incentive Plan, which was approved by stockholders on May 2, 2024 and constitutes an amendment and restatement of the Company’s 2020 Equity Incentive Plan, which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested awards meet the definition of participating securities.

The following table presents the calculation of basic and diluted EPS for the three and nine months ended September 30, 2025 and 2024 under the two-class method. Participating securities were included in the calculation of diluted EPS using the two-class method, as this computation was more dilutive than the treasury-stock method.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended September 30, 

​

For the nine months ended September 30, 

​

 

EPS Calculations (in thousands, except per share amounts)

2025

​

2024

​

2025

​

2024

​

 

Calculation of basic EPS

​

​

​

​

​

​

​

​

​

​

​

​

​

Walker & Dunlop net income

$

33,452

​

$

28,802

​

$

70,158

​

$

63,331

​

​

Less: dividends and undistributed earnings allocated to participating securities

 

829

​

 

626

​

 

1,688

​

 

1,449

​

​

Net income applicable to common stockholders

$

32,623

​

$

28,176

​

$

68,470

​

$

61,882

​

​

Weighted-average basic shares outstanding

​

33,376

​

​

33,169

​

​

33,333

​

​

33,090

​

​

Basic EPS

$

0.98

​

$

0.85

​

$

2.05

​

$

1.87

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Calculation of diluted EPS

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income applicable to common stockholders

$

32,623

​

$

28,176

​

$

68,470

​

$

61,882

​

​

Add: reallocation of dividends and undistributed earnings based on assumed conversion

​

—

​

​

—

​

​

—

​

​

—

​

​

Net income allocated to common stockholders

$

32,623

​

$

28,176

​

$

68,470

​

$

61,882

​

​

Weighted-average basic shares outstanding

​

33,376

​

​

33,169

​

​

33,333

​

​

33,090

​

​

Add: weighted-average diluted non-participating securities

​

21

​

​

34

​

​

22

​

​

45

​

​

Weighted-average diluted shares outstanding

​

33,397

​

​

33,203

​

​

33,355

​

​

33,135

​

​

Diluted EPS

$

0.98

​

$

0.85

​

$

2.05

​

$

1.87

​

​

​

The assumed proceeds used for calculating the dilutive impact of restricted stock awards under the treasury-stock method include the unrecognized compensation costs associated with the awards. For the three and nine months ended September 30, 2025, 139 thousand average restricted shares and 221 thousand average restricted shares, respectively, were excluded from the computation of diluted EPS under the treasury-stock method. For the three and nine months ended September 30, 2024, 78 thousand average restricted shares and 81 thousand average restricted shares, respectively, were excluded from the computation. These average restricted shares were excluded from the computation of diluted EPS under the treasury method because the effect would have been anti-dilutive (the exercise price of the options, or the grant date market price of the restricted shares, was greater than the average market price of the Company’s shares of common stock during the periods presented).

In February 2025, the Company’s Board of Directors approved a stock repurchase program that permits the repurchase of up to $75.0 million of the Company’s common stock over a 12-month period beginning on February 21, 2025 (the “2025 Stock Repurchase Program”). During the first nine months of 2025, the Company did not repurchase any shares of its common stock under the 2025 Stock Repurchase Program. As of September 30, 2025, the Company had $75.0 million of authorized share repurchase capacity remaining under the 2025 Stock Repurchase Program.

During each of the first three quarters of 2025, the Company paid a dividend of $0.67 per share. On November 5, 2025, the Company’s Board of Directors declared a dividend of $0.67 per share for the fourth quarter of 2025. The dividend will be paid on December 5, 2025 to all holders of record of the Company’s restricted and unrestricted common stock as of November 21, 2025.

The Company awarded $6.1 million and $4.4 million of stock to settle compensation liabilities, a non-cash transaction, for the nine months ended September 30, 2025 and 2024, respectively.

The Company’s notes payable contain direct restrictions on the amount of dividends the Company may pay, and the warehouse debt facilities and agreements with the Agencies contain minimum equity, liquidity, and other capital requirements that indirectly restrict the amount of dividends the Company may pay. The Company does not believe that these restrictions currently limit the amount of dividends the Company can pay for the foreseeable future.

v3.25.3
SEGMENTS
 9 Months Ended
Sep. 30, 2025
SEGMENTS  
SEGMENTS

​

​

NOTE 11—SEGMENTS

The Company’s executive leadership team, which functions as the Company’s chief operating decision making body (“CODM”), makes decisions and assesses performance based on the financial measures disclosed below for each of the following three reportable segments. The reportable segments are determined based on the product or service provided and reflect the manner in which management is currently evaluating the Company’s financial information.  

(i)Capital Markets—CM provides a comprehensive range of commercial real estate finance products to the Company’s customers, including Agency lending, debt brokerage, property sales, and appraisal and valuation services. The Company’s long-established relationships with the Agencies and institutional investors enable CM to offer a broad range of loan products and services to the Company’s customers, including first mortgage, second trust, supplemental, construction, mezzanine, preferred equity, and small-balance loans. CM provides property sales services to owners and developers of multifamily properties and commercial real estate and multifamily property appraisals for various lenders and investors. CM also provides real estate-related investment banking and advisory services, including housing market research.

As part of Agency lending, CM temporarily funds the loans it originates (loans held for sale) before selling them to the Agencies and earns net interest income on the spread between the interest income on the loans and the warehouse interest expense. For Agency loans, CM recognizes the fair value of expected net cash flows from servicing, which represents the right to receive future servicing fees. CM also earns fees for origination of loans for both Agency lending and debt brokerage, fees for property sales, appraisals, and investment banking and advisory services, and subscription revenue for its housing market research. Direct internal, including compensation, and external costs that are specific to CM are included within the results of this reportable segment.

(ii)Servicing & Asset Management—SAM’s activities include: (i) servicing and asset-managing the portfolio of loans the Company (a) originates and sells to the Agencies, (b) brokers to certain life insurance companies, and (c) originates through its principal lending and investing activities, and (ii) managing third-party capital invested in commercial real estate assets through senior secured debt or limited partnership equity instruments, e.g., preferred equity, mezzanine debt, etc., either through funds or direct investments, and (iii) managing third-party capital invested in tax credit equity funds focused on the LIHTC sector and other commercial real estate.

SAM earns revenue mainly through fees for servicing and asset-managing the loans in the Company’s servicing portfolio and asset management fees for managing third-party capital. Direct internal, including compensation, and external costs that are specific to SAM are included within the results of this reportable segment.

(iii)Corporate—The Corporate segment consists primarily of the Company’s treasury operations and other corporate-level activities. The Company’s treasury activities include monitoring and managing liquidity and funding requirements, including corporate debt. Other corporate-level activities include equity-method investments, 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 the CM or SAM segments in presenting segment operating results. The Company allocates interest expense and income tax expense. Corporate debt and the related interest expense are allocated first based on specific acquisitions where debt was directly used to fund the acquisition, such as the acquisition of Alliant, and then based on the remaining segment assets. Income tax expense is allocated proportionally based on income from operations at each segment, except for significant one-time tax activities, which are allocated entirely to the segment impacted by the tax activity.

​

​

The following tables provide a summary and reconciliation of each segment’s results for the three months ended September 30, 2025 and 2024.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment Results (dollars in thousands, except per share data and ratios)

​

For the three months ended September 30, 2025

​

Revenues

​

​

CM

​

​

SAM

​

​

Corporate

​

​

Consolidated

​

Loan origination and debt brokerage fees, net

​

$

96,147

​

$

1,698

​

$

—

​

$

97,845

​

Fair value of expected net cash flows from servicing, net of guaranty obligation

​

​

48,657

​

​

—

​

​

—

​

​

48,657

​

Servicing fees

​

​

—

​

​

85,189

​

​

—

​

​

85,189

​

Property sales broker fees

​

​

26,546

​

​

—

​

​

—

​

​

26,546

​

Investment management fees

​

​

—

​

​

6,178

​

​

—

​

​

6,178

​

Net warehouse interest income (expense)

​

​

(2,035)

​

​

—

​

​

—

​

​

(2,035)

​

Placement fees and other interest income

​

​

—

​

​

42,123

​

​

4,179

​

​

46,302

​

Other revenues

​

​

11,439

​

​

15,440

​

​

2,114

​

​

28,993

​

Total revenues

​

$

180,754

​

$

150,628

​

$

6,293

​

$

337,675

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Expenses

​

​

​

​

​

​

​

​

​

​

​

​

​

Personnel(1)

​

$

131,113

​

$

23,304

​

$

23,001

​

$

177,418

​

Amortization and depreciation

​

​

1,146

​

​

56,991

​

​

1,904

​

​

60,041

​

Provision (benefit) for credit losses

​

 

—

​

​

949

​

​

—

​

 

949

​

Interest expense on corporate debt

​

 

4,535

​

​

10,404

​

​

1,512

​

 

16,451

​

Fair value adjustments to contingent consideration liabilities

​

​

—

​

​

—

​

​

—

​

​

—

​

Other operating expenses

​

 

5,647

​

​

8,470

​

​

22,762

​

 

36,879

​

Total expenses

​

$

142,441

​

$

100,118

​

$

49,179

​

$

291,738

​

Income (loss) from operations

​

$

38,313

​

$

50,510

​

$

(42,886)

​

$

45,937

​

Income tax expense (benefit)

​

 

10,383

​

​

13,578

​

​

(11,445)

​

 

12,516

​

Net income (loss) before noncontrolling interests

​

$

27,930

​

$

36,932

​

$

(31,441)

​

$

33,421

​

Less: net income (loss) from noncontrolling interests

​

 

—

​

​

(31)

​

​

—

​

 

(31)

​

Walker & Dunlop net income (loss)

​

$

27,930

​

$

36,963

​

$

(31,441)

​

$

33,452

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Diluted EPS

​

$

0.81

​

$

1.09

​

$

(0.92)

​

$

0.98

​

Operating margin

​

​

21

%

​

34

%

​

(681)

%

​

14

%

(1)Personnel expense is primarily composed of the cost of salaries and benefits, payroll taxes, subjective and objective bonuses, commissions, retention bonuses, and share-based compensation.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment Results (dollars in thousands, except per share data and ratios)

​

For the three months ended September 30, 2024

​

Revenues

​

​

CM

​

​

SAM

​

​

Corporate

​

​

Consolidated

​

Loan origination and debt brokerage fees, net

​

$

72,723

​

​

823

​

​

—

​

$

73,546

​

Fair value of expected net cash flows from servicing, net of guaranty obligation

​

​

43,426

​

​

—

​

​

—

​

​

43,426

​

Servicing fees

​

​

—

​

​

82,222

​

​

—

​

​

82,222

​

Property sales broker fees

​

​

19,322

​

​

—

​

​

—

​

​

19,322

​

Investment management fees

​

​

—

​

​

11,744

​

​

—

​

​

11,744

​

Net warehouse interest income (expense)

​

​

(2,798)

​

​

651

​

​

—

​

​

(2,147)

​

Placement fees and other interest income

​

​

—

​

​

40,299

​

​

3,258

​

​

43,557

​

Other revenues

​

​

11,039

​

​

9,145

​

​

450

​

​

20,634

​

Total revenues

​

$

143,712

​

$

144,884

​

$

3,708

​

$

292,304

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Expenses

​

​

​

​

​

​

​

​

​

​

​

​

​

Personnel(1)

​

$

104,987

​

​

20,951

​

​

19,600

​

$

145,538

​

Amortization and depreciation

​

​

1,137

​

​

54,668

​

​

1,756

​

​

57,561

​

Provision (benefit) for credit losses

​

 

—

​

​

2,850

​

​

—

​

 

2,850

​

Interest expense on corporate debt

​

 

4,888

​

​

11,711

​

​

1,633

​

 

18,232

​

Fair value adjustments to contingent consideration liabilities

​

​

(1,366)

​

​

—

​

​

—

​

​

(1,366)

​

Other operating expenses

​

 

5,137

​

​

6,611

​

​

20,236

​

 

31,984

​

Total expenses

​

$

114,783

​

$

96,791

​

$

43,225

​

$

254,799

​

Income (loss) from operations

​

$

28,929

​

$

48,093

​

$

(39,517)

​

$

37,505

​

Income tax expense (benefit)

​

 

7,073

​

​

10,756

​

​

(9,007)

​

 

8,822

​

Net income (loss) before noncontrolling interests

​

$

21,856

​

$

37,337

​

$

(30,510)

​

$

28,683

​

Less: net income (loss) from noncontrolling interests

​

 

26

​

​

(145)

​

​

—

​

 

(119)

​

Walker & Dunlop net income (loss)

​

$

21,830

​

$

37,482

​

$

(30,510)

​

$

28,802

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Diluted EPS

​

$

0.64

​

$

1.11

​

$

(0.90)

​

$

0.85

​

Operating margin

​

​

20

%

​

33

%

​

(1,066)

%

​

13

%

(1)Personnel expense is primarily composed of the cost of salaries and benefits, payroll taxes, subjective and objective bonuses, commissions, retention bonuses, and share-based compensation.

​

​

The following tables provide a summary and reconciliation of each segment’s results and balances as of and for the nine months ended September 30, 2025 and 2024.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment Results and Total Assets (dollars in thousands, except per share data and ratios)

​

As of and for the nine months ended September 30, 2025

​

Revenues

​

​

CM

​

​

SAM

​

​

Corporate

​

​

Consolidated

​

Loan origination and debt brokerage fees, net

​

$

235,208

​

$

3,327

​

$

—

​

$

238,535

​

Fair value of expected net cash flows from servicing, net of guaranty obligation

​

​

129,621

​

​

—

​

​

—

​

​

129,621

​

Servicing fees

​

​

—

​

​

251,103

​

​

—

​

​

251,103

​

Property sales broker fees

​

​

55,031

​

​

—

​

​

—

​

​

55,031

​

Investment management fees

​

​

—

​

​

23,437

​

​

—

​

​

23,437

​

Net warehouse interest income (expense)

​

​

(4,581)

​

​

—

​

​

—

​

​

(4,581)

​

Placement fees and other interest income

​

​

—

​

​

104,396

​

​

11,103

​

​

115,499

​

Other revenues

​

​

40,836

​

​

41,003

​

​

3,798

​

​

85,637

​

Total revenues

​

$

456,115

​

$

423,266

​

$

14,901

​

$

894,282

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Expenses

​

​

​

​

​

​

​

​

​

​

​

​

​

Personnel(1)

​

$

334,020

​

$

65,593

​

$

61,083

​

$

460,696

​

Amortization and depreciation

​

​

3,433

​

​

167,371

​

​

5,794

​

​

176,598

​

Provision (benefit) for credit losses

​

 

—

​

​

6,481

​

​

—

​

​

6,481

​

Interest expense on corporate debt

​

 

13,190

​

​

31,145

​

​

4,397

​

​

48,732

​

Fair value adjustments to contingent consideration liabilities

​

​

—

​

​

—

​

​

—

​

​

—

​

Other operating expenses

​

 

17,191

​

​

22,452

​

​

64,577

​

​

104,220

​

Total expenses

​

$

367,834

​

$

293,042

​

$

135,851

​

$

796,727

​

Income (loss) from operations

​

$

88,281

​

$

130,224

​

$

(120,950)

​

$

97,555

​

Income tax expense (benefit)

​

 

24,849

​

​

36,657

​

​

(34,046)

​

 

27,460

​

Net income (loss) before noncontrolling interests

​

$

63,432

​

$

93,567

​

$

(86,904)

​

$

70,095

​

Less: net income (loss) from noncontrolling interests

​

 

—

​

​

(63)

​

​

—

​

 

(63)

​

Walker & Dunlop net income (loss)

​

$

63,432

​

$

93,630

​

$

(86,904)

​

$

70,158

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

2,866,772

​

$

2,399,578

​

$

530,925

​

$

5,797,275

​

Diluted EPS

​

$

1.85

​

$

2.74

​

$

(2.54)

​

$

2.05

​

Operating margin

​

​

19

%

​

31

%

​

(812)

%

​

11

%

(1)Personnel expense is primarily composed of the cost of salaries and benefits, payroll taxes, subjective and objective bonuses, commissions, retention bonuses, and share-based compensation.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment Results and Total Assets (dollars in thousands, except per share data and ratios)

​

As of and for the nine months ended September 30, 2024

​

Revenues

​

​

CM

​

​

SAM

​

​

Corporate

​

​

Consolidated

​

Loan origination and debt brokerage fees, net

​

$

180,264

​

$

2,356

​

$

—

​

$

182,620

​

Fair value of expected net cash flows from servicing, net of guaranty obligation

​

​

97,673

​

​

—

​

​

—

​

​

97,673

​

Servicing fees

​

​

—

​

​

242,683

​

​

—

​

​

242,683

​

Property sales broker fees

​

​

39,408

​

​

—

​

​

—

​

​

39,408

​

Investment management fees

​

​

—

​

​

40,086

​

​

—

​

​

40,086

​

Net warehouse interest income (expense)

​

​

(6,322)

​

​

1,475

​

​

—

​

​

(4,847)

​

Placement fees and other interest income

​

​

—

​

​

113,072

​

​

10,927

​

​

123,999

​

Other revenues

​

​

32,756

​

​

34,679

​

​

1,982

​

​

69,417

​

Total revenues

​

$

343,779

​

$

434,351

​

$

12,909

​

$

791,039

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Expenses

​

​

​

​

​

​

​

​

​

​

​

​

​

Personnel(1)

​

$

276,655

​

$

59,083

​

$

54,330

​

$

390,068

​

Amortization and depreciation

​

​

3,412

​

​

160,912

​

​

5,171

​

​

169,495

​

Provision (benefit) for credit losses

​

 

—

​

​

6,310

​

​

—

​

 

6,310

​

Interest expense on corporate debt

​

 

15,038

​

​

33,848

​

​

4,879

​

 

53,765

​

Fair value adjustments to contingent consideration liabilities

​

​

(1,366)

​

​

—

​

​

—

​

​

(1,366)

​

Other operating expenses

​

 

14,831

​

​

18,462

​

​

60,093

​

 

93,386

​

Total expenses

​

$

308,570

​

$

278,615

​

$

124,473

​

$

711,658

​

Income (loss) from operations

​

$

35,209

​

$

155,736

​

$

(111,564)

​

$

79,381

​

Income tax expense (benefit)

​

 

8,689

​

​

38,430

​

​

(27,531)

​

 

19,588

​

Net income (loss) before noncontrolling interests

​

$

26,520

​

$

117,306

​

$

(84,033)

​

$

59,793

​

Less: net income (loss) from noncontrolling interests

​

 

353

​

​

(3,891)

​

​

—

​

 

(3,538)

​

Walker & Dunlop net income (loss)

​

$

26,167

​

$

121,197

​

$

(84,033)

​

$

63,331

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

1,711,722

​

​

2,495,600

​

​

371,909

​

$

4,579,231

​

Diluted EPS

​

$

0.77

​

$

3.58

​

$

(2.48)

​

$

1.87

​

Operating margin

​

​

10

%

​

36

%

​

(864)

%

​

10

%

(1)Personnel expense is primarily composed of the cost of salaries and benefits, payroll taxes, subjective and objective bonuses, commissions, retention bonuses, and share-based compensation.

​

​
v3.25.3
VARIABLE INTEREST ENTITIES
 9 Months Ended
Sep. 30, 2025
VARIABLE INTEREST ENTITIES  
VARIABLE INTEREST ENTITIES

NOTE 12—VARIABLE INTEREST ENTITIES

​

The Company provides alternative investment management services through the syndication of tax credit funds and development of housing projects. To facilitate the syndication and development of housing projects, the Company is involved with the acquisition and/or formation of limited partnerships and joint ventures with investors, property developers, and property managers that are variable interest entities (“VIEs”). The Company’s continuing involvement in the VIEs usually includes either serving as the manager of the VIE or as a majority investor in the VIE with a property developer or manager serving as the manager of the VIE.

A detailed discussion of the Company’s accounting policies regarding the consolidation of VIEs and significant transactions involving VIEs is included in NOTE 2 and NOTE 17 of the 2024 Form 10-K.

As of September 30, 2025 and December 31, 2024, the assets and liabilities of the consolidated tax credit funds were insignificant. The table below presents the assets and liabilities of the Company’s consolidated joint venture development VIEs included in the Condensed Consolidated Balance Sheets:

​

​

​

​

​

​

​

​

Consolidated VIEs (in thousands)

    

​

September 30, 2025

    

​

December 31, 2024

Assets:

​

​

​

​

​

​

Cash and cash equivalents

​

$

382

​

$

863

Restricted cash

​

​

2,540

​

​

3,939

Receivables, net

​

​

26,873

​

​

26,570

Other Assets

​

​

8,616

​

​

44,892

Total assets of consolidated VIEs

​

$

38,411

​

$

76,264

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

​

​

Other liabilities

​

$

11,350

​

$

55,527

Total liabilities of consolidated VIEs

​

$

11,350

​

$

55,527

​

​

​

​

​

​

​

​

The table below presents the carrying value and classification of the Company’s interests in nonconsolidated VIEs included in the Condensed Consolidated Balance Sheets:

​

​

​

​

​

​

​

​

Nonconsolidated VIEs (in thousands)

​

​

September 30, 2025

    

​

December 31, 2024

Assets

​

​

​

​

​

​

Committed investments in tax credit equity

​

$

257,564

​

$

313,230

Other assets: Equity-method investments

​

​

90,241

​

​

50,592

Total interests in nonconsolidated VIEs

​

$

347,805

​

$

363,822

​

​

​

​

​

​

​

Liabilities

​

​

​

​

​

​

Commitments to fund investments in tax credit equity

​

$

223,788

​

$

274,975

Total commitments to fund nonconsolidated VIEs

​

$

223,788

​

$

274,975

​

​

​

​

​

​

​

Maximum exposure to losses(1)(2)

​

$

347,805

​

$

363,822

(1)Maximum exposure is determined as “Total interests in nonconsolidated VIEs.” The maximum exposure for the Company’s investments in tax credit equity is limited to the carrying value of its investment, as there are no funding obligations or other commitments related to the nonconsolidated VIEs other than the amounts presented in the table above.
(2)Based on historical experience and the underlying expected cash flows from the underlying investment, the maximum exposure of loss is not representative of the actual loss, if any, that the Company may incur.
v3.25.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Pay vs Performance Disclosure                
Net Income (Loss) $ 33,452 $ 33,952 $ 2,754 $ 28,802 $ 22,663 $ 11,866 $ 70,158 $ 63,331
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 9 Months Ended
Sep. 30, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Subsequent Events Subsequent Events—The Company has evaluated the effects of all events that have occurred subsequent to September 30, 2025 and before the date of this filing. The Company has made certain disclosures in the notes to the condensed consolidated financial statements of events that have occurred subsequent to September 30, 2025. There have been no other material subsequent events that would require recognition in the condensed consolidated financial statements.
Use of Estimates

Use of Estimates—The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses, including the allowance for risk-sharing obligations, initial and recurring fair value assessments of capitalized mortgage servicing rights, and the periodic assessment of impairment of goodwill. Actual results may vary from these estimates.
Provision (Benefit) for Credit Losses

Provision (Benefit) for Credit Losses—The Company records the income statement impact of the changes in the allowance for loan losses, the allowance for risk-sharing obligations, and other credit losses within Provision (benefit) for credit losses in the Condensed Consolidated Statements of Income. NOTE 4 contains additional discussion related to the allowance for risk-sharing obligations. The Company has credit risk exclusively on loans secured by multifamily real estate, with no exposure to any other sector of commercial real estate, including office, retail, industrial, and hospitality.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended 

​

For the nine months ended 

​

​

​

September 30, 

​

September 30, 

​

Components of Provision (Benefit) for Credit Losses (in thousands)

    

2025

    

2024

    

2025

    

2024

 

Provision (benefit) for loan losses

​

$

—

​

$

—

​

$

500

​

$

(16)

​

Provision (benefit) for risk-sharing obligations

​

 

949

​

 

(150)

​

 

5,981

​

 

(1,274)

​

Provision (benefit) for loan credit losses

​

​

949

​

​

(150)

​

​

6,481

​

​

(1,290)

​

Provision (benefit) for other credit losses

​

 

—

​

 

3,000

​

 

—

​

 

7,600

​

Provision (benefit) for credit losses

​

$

949

​

$

2,850

​

$

6,481

​

$

6,310

​
Transfers of Financial Assets

Transfers of Financial Assets—The Company is obligated to repurchase loans that are originated for the GSEs’ programs if certain representations and warranties that it provides in connection with the sale of the loans through these programs are determined to have been breached. During 2024, the Company received requests to repurchase five GSE loans totaling $87.3 million. As of September 30, 2025, the Company has repurchased four of the loans, totaling $52.5 million, and still has a forbearance and indemnification agreement in place for the other loan (“Indemnified Loan”). The forbearance and indemnification agreement for the Indemnified Loan expires on March 29, 2026, at which time the Company would be expected to repurchase the Indemnified Loan. As of September 30, 2025, the Indemnified Loan has an outstanding balance of $23.2 million, net of collateral posted, and a reserve for credit losses of $9.3 million. All repurchased loans are delinquent and in non-accrual status. In the fourth quarter of 2025, the Company received requests from one of the GSEs to repurchase two additional portfolios of loans with an aggregate unpaid principal balance (“UPB”) of $100.2 million as a result of fraudulent documentation submitted by the borrower in connection with the loans. In the fourth quarter of 2025, the Company executed a forbearance and indemnification agreement with the GSE for one portfolio of loans with a UPB of $50.9 million and expects to enter into a forbearance and indemnification agreement with the GSE for the second portfolio of loans with a UPB of $49.3 million. If the Company fails to reach an agreement on a forbearance and indemnification agreement on the second portfolio, the Company may be required to repurchase these loans in the fourth quarter. As the Company gains access to the underlying collateral of the loans and is able to assess their fair values, it will accrue for any expected potential losses resulting from the forbearance and indemnification agreements.

​

In addition to the Company’s obligation to repurchase certain loans due to material breaches of representations and warranties as discussed above, the Company also has the option to repurchase loans in certain situations. When the Company’s repurchase option becomes exercisable, such loans must be reported on the Condensed Consolidated Balance Sheets. The Company reports the loans as Loans held for sale, at fair value with a corresponding liability that is included as a component of Warehouse notes payable on the Condensed Consolidated Balance Sheets.

As of September 30, 2025, no such loans were included within Loans held for sale, at fair value and no corresponding liability was included in Warehouse notes payable as in 2025 the Company has waived its repurchase option for all of the eligible loans outstanding. As of December 31, 2024, the balance of loans with a repurchase option included within Loans held for sale, at fair value was $189.5 million, and the corresponding liability included within Warehouse notes payable (and NOTE 6) was $189.5 million. These were not cash transactions and thus were not reflected in the Consolidated Statements of Cash Flows for the year ended December 31, 2024.
Statement of Cash Flows

Statement of Cash Flows—For presentation in the Condensed Consolidated Statements of Cash Flows, the Company considers pledged cash and cash equivalents (as detailed in NOTE 9) to be restricted cash and restricted cash equivalents. The following table presents a reconciliation of the total cash, cash equivalents, restricted cash, and restricted pledged cash and cash equivalents as presented in the Condensed Consolidated Statements of Cash Flows to the related captions in the Condensed Consolidated Balance Sheets as of September 30, 2025 and 2024, and December 31, 2024 and 2023.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31,

​

(in thousands)

2025

    

2024

    

2024

    

2023

 

Cash and cash equivalents

$

274,828

​

$

179,759

​

$

279,270

​

$

328,698

​

Restricted cash

​

44,462

​

​

39,827

​

​

25,156

​

​

21,422

​

Pledged cash and cash equivalents (NOTE 9)

 

18,576

​

 

47,054

​

 

23,472

​

 

41,283

​

Total cash, cash equivalents, restricted cash, and restricted cash equivalents

$

337,866

​

$

266,640

​

$

327,898

​

$

391,403

​
Income Taxes Income Taxes—The Company records the realizable excess tax benefit or shortfall from stock-based compensation as a reduction or increase, respectively, to income tax expense. The Company had realizable excess tax benefits of $0.1 million and $0.7 million for the three months ended September 30, 2025 and 2024, respectively, and shortfalls of $1.4 million and benefits of $1.7 million for the nine months ended September 30, 2025 and 2024, respectively
Net Warehouse Interest Income (Expense)

Net Warehouse Interest Income (Expense)—The Company presents warehouse interest income net of warehouse interest expense. Warehouse interest income is the interest earned from loans held for sale and loans held for investment. Generally, a substantial portion of the Company’s loans is financed with matched borrowings under one of its warehouse facilities. The remaining portion of loans not funded with matched borrowings is financed with the Company’s own cash. Warehouse interest income is earned or incurred on loans held for sale after a loan is closed and before a loan is sold. Warehouse interest income is earned or incurred on loans held for investment after a loan is closed and before a loan is repaid. Occasionally, the Company also fully funds a small number of loans held for sale or loans held for investment (including repurchased loans) with its own cash. Included in Net warehouse interest income (expense) for the three and nine months ended September 30, 2025 and 2024 are the following components:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended 

​

For the nine months ended 

(in thousands)

​

September 30, 

​

September 30, 

Components of Net Warehouse Interest Income (Expense)

    

2025

    

2024

    

2025

    

2024

Warehouse interest income

​

$

14,978

​

$

10,648

​

$

33,043

​

$

24,784

Warehouse interest expense

​

 

(17,013)

​

 

(12,795)

​

 

(37,624)

​

 

(29,631)

Net warehouse interest income (expense)

​

$

(2,035)

​

$

(2,147)

​

$

(4,581)

​

$

(4,847)
Co-broker Fees

Co-broker Fees—Third-party co-broker fees are netted against Loan origination and debt brokerage fees, net in the Condensed Consolidated Statements of Income and were $5.7 million and $2.0 million for the three months ended September 30, 2025 and 2024, respectively, and $12.2 million and $6.6 million for the nine months ended September 30, 2025 and 2024, respectively.

​
Contracts with Customers

Contracts with Customers—The majority of the Company’s revenues are derived from the following sources, all of which are excluded from the accounting provisions applicable to contracts with customers: (i) financial instruments, (ii) transfers and servicing, (iii) derivative transactions, and (iv) investments in debt securities/equity-method investments. The remaining portion of revenues is derived from contracts with customers.

Other than LIHTC asset management fees as described in the 2024 Form 10-K and presented as Investment management fees in the Condensed Consolidated Statements of Income, the Company’s contracts with customers generally do not require judgment or estimates that affect the determination of the transaction price (including the assessment of variable consideration), the allocation of the transaction price to performance obligations, and the determination of the timing of the satisfaction of performance obligations. Additionally, the earnings process for the majority of the Company’s contracts with customers is not complicated and is generally completed in a short period of time. The following table presents information about the Company’s contracts with customers for the three and nine months ended September 30, 2025 and 2024 (in thousands):  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended 

​

For the nine months ended 

​

​

​

​

September 30, 

​

September 30, 

​

​

Description

    

2025

    

2024

    

2025

    

2024

 

Statement of income line item

Certain loan origination fees

​

$

29,436

​

$

21,310

​

$

77,601

​

$

64,718

​

Loan origination and debt brokerage fees, net

Property sales broker fees

​

​

26,546

​

​

19,322

​

​

55,031

​

​

39,408

​

Property sales broker fees

Investment management fees

​

​

6,178

​

​

11,744

​

​

23,437

​

​

40,086

​

Investment management fees

Investment banking revenues, appraisal revenues, subscription revenues, syndication fees, and other revenues

​

 

14,303

​

 

12,014

​

 

56,105

​

 

41,008

​

Other revenues

Total revenues derived from contracts with customers

​

$

76,463

​

$

64,390

​

$

212,174

​

$

185,220

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
Litigation

Litigation—In the ordinary course of business, the Company may be party to various claims and litigation, none of which the Company believes is material. The Company cannot predict the outcome of any pending litigation and may be subject to consequences that could include fines, penalties, and other costs, and the Company’s reputation and business may be impacted. The Company believes that any liability that could be imposed on the Company in connection with the disposition of any pending lawsuits would not have a material adverse effect on its business, results of operations, liquidity, or financial condition.

Recently Announced Accounting Pronouncements and Other Recent Developments

Recently Announced Accounting Pronouncements and Other Recent Developments—The Company is currently evaluating the following Accounting Standards Updates (“ASUs”):

​

​

​

​

​

Standard

​

Description  

​

Date of Adoption

2023-09-Income Taxes (Topic 740)-Improvements to Income Tax Disclosures

​

Requires additional income tax disclosures including a more detailed tax rate reconciliation and income taxes paid by taxing jurisdiction

​

December 31, 2025

2024-03-Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)

​

Requires disaggregation of expense categories within an entity’s statement of income

​

January 1, 2027

2025-05-Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets

​

Introduces a practical expedient for measuring credit losses for accounts receivable under Topic 326.

​

January 1, 2026

2025-06-Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software

​

Clarifies the starting point for capitalization of software costs.

​

January 1, 2028

​

The adoption of these ASUs is not expected to have a material effect on the consolidated financial statements. There are no other recently announced but not yet effective accounting pronouncements issued that have the potential to impact the Company’s consolidated financial statements.

Additionally, on July 4, 2025, the One Big Beautiful Bill (“OBBB”) was signed into law. The Company has performed an assessment of the impact of the OBBB and concluded that it will not have a material impact on its taxes and financial results.

Reclassifications Reclassifications—The Company has made insignificant reclassifications to prior-year balances to conform to current-year presentation.
v3.25.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Schedule of Components of Provision (Benefit) for Credit Losses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended 

​

For the nine months ended 

​

​

​

September 30, 

​

September 30, 

​

Components of Provision (Benefit) for Credit Losses (in thousands)

    

2025

    

2024

    

2025

    

2024

 

Provision (benefit) for loan losses

​

$

—

​

$

—

​

$

500

​

$

(16)

​

Provision (benefit) for risk-sharing obligations

​

 

949

​

 

(150)

​

 

5,981

​

 

(1,274)

​

Provision (benefit) for loan credit losses

​

​

949

​

​

(150)

​

​

6,481

​

​

(1,290)

​

Provision (benefit) for other credit losses

​

 

—

​

 

3,000

​

 

—

​

 

7,600

​

Provision (benefit) for credit losses

​

$

949

​

$

2,850

​

$

6,481

​

$

6,310

​
Schedule of Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31,

​

(in thousands)

2025

    

2024

    

2024

    

2023

 

Cash and cash equivalents

$

274,828

​

$

179,759

​

$

279,270

​

$

328,698

​

Restricted cash

​

44,462

​

​

39,827

​

​

25,156

​

​

21,422

​

Pledged cash and cash equivalents (NOTE 9)

 

18,576

​

 

47,054

​

 

23,472

​

 

41,283

​

Total cash, cash equivalents, restricted cash, and restricted cash equivalents

$

337,866

​

$

266,640

​

$

327,898

​

$

391,403

​
Schedule of Net Warehouse Interest Income (Expense)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended 

​

For the nine months ended 

(in thousands)

​

September 30, 

​

September 30, 

Components of Net Warehouse Interest Income (Expense)

    

2025

    

2024

    

2025

    

2024

Warehouse interest income

​

$

14,978

​

$

10,648

​

$

33,043

​

$

24,784

Warehouse interest expense

​

 

(17,013)

​

 

(12,795)

​

 

(37,624)

​

 

(29,631)

Net warehouse interest income (expense)

​

$

(2,035)

​

$

(2,147)

​

$

(4,581)

​

$

(4,847)
Schedule of Contracts with Customers The following table presents information about the Company’s contracts with customers for the three and nine months ended September 30, 2025 and 2024 (in thousands):  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended 

​

For the nine months ended 

​

​

​

​

September 30, 

​

September 30, 

​

​

Description

    

2025

    

2024

    

2025

    

2024

 

Statement of income line item

Certain loan origination fees

​

$

29,436

​

$

21,310

​

$

77,601

​

$

64,718

​

Loan origination and debt brokerage fees, net

Property sales broker fees

​

​

26,546

​

​

19,322

​

​

55,031

​

​

39,408

​

Property sales broker fees

Investment management fees

​

​

6,178

​

​

11,744

​

​

23,437

​

​

40,086

​

Investment management fees

Investment banking revenues, appraisal revenues, subscription revenues, syndication fees, and other revenues

​

 

14,303

​

 

12,014

​

 

56,105

​

 

41,008

​

Other revenues

Total revenues derived from contracts with customers

​

$

76,463

​

$

64,390

​

$

212,174

​

$

185,220

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
v3.25.3
MORTGAGE SERVICING RIGHTS (Tables)
 9 Months Ended
Sep. 30, 2025
MORTGAGE SERVICING RIGHTS  
Schedule of MSR Key Economic Assumptions Sensitivities

​

​

​

​

​

MSR Key Economic Assumptions Sensitivities (in millions)

​

Decrease in Fair Value

Discount Rate

​

​

​

100 basis point increase

​

$

40.6

200 basis point increase

​

​

78.4

Placement Fee Rate

​

​

​

50 basis point decrease

​

$

49.5

100 basis point decrease

​

​

99.0
Schedule of Activity Related to MSRs

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended

​

For the nine months ended

 

​

​

September 30, 

​

September 30, 

 

Roll Forward of MSRs (in thousands)

    

2025

    

2024

    

2025

    

2024

 

Beginning balance

​

$

817,814

​

$

850,831

​

$

852,399

​

$

907,415

​

Additions, following the sale of loan

​

 

44,607

​

 

39,806

​

 

118,518

​

 

87,388

​

Amortization

​

 

(52,254)

​

 

(50,871)

​

 

(157,340)

​

 

(151,897)

​

Pre-payments and write-offs

​

 

(4,192)

​

 

(2,870)

​

 

(7,602)

​

 

(6,010)

​

Ending balance

​

$

805,975

​

$

836,896

​

$

805,975

​

$

836,896

​
Summary of Components of Net Carrying Value of MSRs

​

​

​

​

​

​

​

​

Components of MSRs (in thousands)

​

September 30, 2025

​

December 31, 2024

Gross value

​

$

1,844,664

​

$

1,808,295

Accumulated amortization

​

 

(1,038,689)

​

 

(955,896)

Net carrying value

​

$

805,975

​

$

852,399
Schedule of Expected Amortization of MSRs

​

​

​

​

​

​

​

​

(in thousands)

Expected

Three Months Ending December 31, 

​

  Amortization  

2025

​

$

51,194

Year Ending December 31,

​

​

​

2026

​

$

189,809

2027

​

 

168,568

2028

​

 

137,194

2029

​

 

99,066

2030

​

 

66,218

Thereafter

​

​

93,926

Total

​

$

805,975

​
v3.25.3
ALLOWANCE FOR RISK-SHARING OBLIGATIONS (Tables)
 9 Months Ended
Sep. 30, 2025
ALLOWANCE FOR RISK-SHARING OBLIGATIONS  
Summary of Allowance for Risk-Sharing Obligations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended

​

For the nine months ended

 

​

​

September 30, 

​

September 30, 

 

Roll Forward of Allowance for Risk-Sharing Obligations
(in thousands)

    

2025

    

2024

    

2025

    

2024

 

Beginning balance

​

$

33,191

​

$

30,477

​

$

28,159

​

$

31,601

​

Provision (benefit) for risk-sharing obligations

​

 

949

​

 

(150)

​

 

5,981

​

 

(1,274)

​

Write-offs

​

 

—

​

 

(468)

​

 

—

​

 

(468)

​

Ending balance

​

$

34,140

​

$

29,859

​

$

34,140

​

$

29,859

​
Schedule of CECL Calculation Details and Provision Impact

​

​

​

​

​

​

​

​

​

​

​

​

2025

CECL Allowance Calculation Inputs, Details, and Provision Impact

Q1

​

Q2

​

Q3

​

Total

Forecast-period loss rate (in basis points)

​

2.1

​

2.1

​

2.1

​

N/A

Reversion-period loss rate (in basis points)

​

1.2

​

1.2

​

1.2

​

N/A

Historical loss rate (in basis points)

​

0.3

​

0.3

​

0.3

​

N/A

At-risk Fannie Mae servicing portfolio UPB (in billions)

$

63.6

$

64.7

$

66.0

​

N/A

CECL allowance (in millions)

$

24.4

$

24.6

$

24.8

​

N/A

Provision (benefit) for CECL allowance (in millions)

$

0.2

$

0.2

$

0.1

$

0.5

​

​

​

​

​

​

​

​

​

​

​

​

2024

CECL Allowance Calculation Inputs, Details, and Provision Impact

Q1

​

Q2

​

Q3

​

Total

Forecast-period loss rate (in basis points)

​

2.3

​

2.3

​

2.1

​

N/A

Reversion-period loss rate (in basis points)

​

1.3

​

1.3

​

1.2

​

N/A

Historical loss rate (in basis points)

​

0.3

​

0.3

​

0.3

​

N/A

At-risk Fannie Mae servicing portfolio UPB (in billions)

$

59.2

$

59.5

$

60.6

​

N/A

CECL allowance (in millions)

$

25.0

$

24.9

$

23.4

​

N/A

Provision (benefit) for CECL allowance (in millions)

$

(6.6)

$

(0.1)

$

(1.5)

$

(8.2)
v3.25.3
DEBT (Tables)
 9 Months Ended
Sep. 30, 2025
DEBT  
Schedule of warehouse lines of credit

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

​

​

​

(dollars in thousands)

    

Committed

    

Uncommitted

​

Total Facility

​

Outstanding

    

    

​

Facility

​

Amount

​

Amount

​

Capacity

​

Balance

​

Interest rate(1)

​

Agency Warehouse Facility #1

​

$

325,000

​

​

250,000

​

​

575,000

​

$

160,931

 

SOFR plus 1.30%

​

Agency Warehouse Facility #2

​

 

700,000

​

​

300,000

​

​

1,000,000

​

 

149,367

​

SOFR plus 1.30%

​

Agency Warehouse Facility #3

​

 

425,000

​

​

425,000

​

​

850,000

​

 

403,083

 

SOFR plus 1.30%

​

Agency Warehouse Facility #4

​

​

400,000

​

​

225,000

​

​

625,000

​

​

506,708

​

SOFR plus 1.30% to 1.35%

​

Agency Warehouse Facility #5

​

​

50,000

​

​

1,450,000

​

​

1,500,000

​

​

644,282

​

SOFR plus 1.45%

​

Total National Bank Agency Warehouse Facilities

​

$

1,900,000

​

​

2,650,000

​

​

4,550,000

​

$

1,864,371

​

​

​

Fannie Mae repurchase agreement, uncommitted line and open maturity

​

 

—

​

​

1,500,000

​

​

1,500,000

​

 

311,346

 

​

​

Total Agency Warehouse Facilities

​

$

1,900,000

​

​

4,150,000

​

​

6,050,000

​

$

2,175,717

​

​

​

(1)Interest rate presented does not include the effect of any applicable interest rate floors.
v3.25.3
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
 9 Months Ended
Sep. 30, 2025
GOODWILL AND OTHER INTANGIBLE ASSETS  
Schedule of Goodwill by Reportable Segment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of and for the nine months ended

​

​

September 30, 

(in thousands)

    

2025

    

2024

Roll Forward of Gross Goodwill

​

CM

​

SAM

​

Consolidated(1)

​

CM

​

SAM

​

Consolidated(1)

Beginning balance

​

$

524,189

​

​

439,521

​

$

963,710

​

$

524,189

​

$

439,521

​

$

963,710

Additions from acquisitions

​

 

—

​

​

—

​

​

—

​

 

—

​

​

—

​

 

—

Ending gross goodwill balance

​

$

524,189

​

$

439,521

​

$

963,710

​

$

524,189

​

$

439,521

​

$

963,710

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Roll Forward of Accumulated Goodwill Impairment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Beginning balance

​

$

95,000

​

​

—

​

$

95,000

​

$

62,000

​

$

—

​

$

62,000

Impairment

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Ending accumulated goodwill impairment

​

$

95,000

​

$

—

​

$

95,000

​

$

62,000

​

$

—

​

$

62,000

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Goodwill

​

$

429,189

​

$

439,521

​

$

868,710

​

$

462,189

​

$

439,521

​

$

901,710

(1)For all the periods presented, no goodwill was allocated to the Corporate reportable segment.

​
Schedule of Other Intangible Assets

​

​

​

​

​

​

​

​

​

​

As and for the nine months ended

​

​

September 30, 

Roll Forward of Other Intangible Assets (in thousands)

    

2025

    

2024

Beginning balance

​

$

156,893

​

$

181,975

Amortization

​

​

(11,262)

​

​

(11,262)

Ending balance

​

$

145,631

​

$

170,713
Summary of Components of Net Carrying Value of Other Intangible Assets

​

​

​

​

​

​

​

​

Components of Other Intangible Assets (in thousands)

​

September 30, 2025

​

December 31, 2024

Gross value

​

$

208,782

​

$

210,616

Accumulated amortization

​

 

(63,151)

​

 

(53,723)

Net carrying value

​

$

145,631

​

$

156,893
Schedule of Expected Amortization of Other Intangible Assets

​

​

​

​

​

​

​

​

(in thousands)

​

Expected

Three Months Ending December 31, 

​

  Amortization  

2025

​

$

3,754

Year Ending December 31,

​

​

​

2026

​

$

15,016

2027

​

 

15,016

2028

​

 

15,016

2029

​

 

14,952

2030

​

 

14,946

Thereafter

​

​

66,931

Total

​

$

145,631
Schedule of Contingent Consideration Liabilities

​

​

​

​

​

​

​

​

​

​

​

As of and for the nine months ended

​

​

​

September 30, 

​

Roll Forward of Contingent Consideration Liabilities (in thousands)

    

2025

    

2024

​

Beginning balance

​

$

30,537

​

$

113,546

​

Accretion

​

​

99

​

​

1,496

​

Fair value adjustments

​

​

—

​

​

(1,366)

​

Payments

​

​

(11,354)

​

​

(34,317)

​

Ending balance

​

$

19,282

​

$

79,359

​
v3.25.3
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
FAIR VALUE MEASUREMENTS  
Summary of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance as of

 

(in thousands)

​

Level 1

​

Level 2

​

Level 3

​

Period End

 

September 30, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans held for sale

​

$

—

​

$

2,197,739

​

$

—

​

$

2,197,739

​

Pledged securities

​

 

18,576

​

 

203,154

​

 

—

​

 

221,730

​

Derivative assets

​

 

—

​

 

51,680

​

​

—

​

 

51,680

​

Total

​

$

18,576

​

$

2,452,573

​

$

—

​

$

2,471,149

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivative liabilities

​

$

—

​

$

9,011

​

$

—

​

$

9,011

​

Notes payable —Senior Notes

​

​

—

​

​

401,221

​

​

—

​

​

401,221

​

Contingent consideration liabilities(1)

​

​

—

​

​

—

​

​

19,282

​

​

19,282

​

Total

​

$

—

​

$

410,232

​

$

19,282

​

$

429,514

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans held for sale

​

$

—

​

$

780,749

​

$

—

​

$

780,749

​

Pledged securities

​

 

23,472

​

 

183,432

​

 

—

​

 

206,904

​

Derivative assets

​

 

—

​

 

30,175

​

 

—

​

 

30,175

​

Total

​

$

23,472

​

$

994,356

​

$

—

​

$

1,017,828

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivative liabilities

​

$

—

​

$

915

​

$

—

​

$

915

​

Contingent consideration liabilities(1)

​

​

—

​

​

—

​

​

30,537

​

​

30,537

​

Total

​

$

—

​

$

915

​

$

30,537

​

$

31,452

​

(1)NOTE 7 has a detailed roll forward of this Level 3 liability, titled “Roll Forward of Contingent Consideration Liabilities”.
Schedule of Roll Forward of Derivative Instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended

​

For the nine months ended

​

​

​

September 30, 

​

September 30, 

​

Derivative Assets and Liabilities, net (in thousands)

    

2025

    

2024

    

2025

    

2024

 

Beginning balance

​

$

36,162

​

$

21,272

​

$

29,260

​

$

3,204

​

Settlements

​

 

(139,995)

​

 

(108,571)

​

 

(354,747)

​

 

(253,824)

​

Realized gains (losses) recorded in earnings(1)

​

 

103,833

​

 

87,299

​

 

325,487

​

 

250,620

​

Unrealized gains (losses) recorded in earnings(1)(2)

​

 

42,669

​

 

29,673

​

 

42,669

​

 

29,673

​

Ending balance

​

$

42,669

​

$

29,673

​

$

42,669

​

$

29,673

​

(1)Realized and unrealized gains (losses) from undesignated derivatives are recognized in Loan origination and debt brokerage fees, net and Fair value of expected net cash flows from servicing, net of guaranty obligation in the Condensed Consolidated Statements of Income.
(2)Unrealized gain (loss) from designated derivatives is recognized in Interest expense on corporate debt in the Condensed Consolidated Statements of Income.
Schedule of Significant Unobservable Inputs Used in the Measurement of the Fair Value of Level 3 Assets and Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quantitative Information about Level 3 Fair Value Measurements

(in thousands)

    

Fair Value

    

Valuation Technique

    

Unobservable Input (1)

    

Input Range (1)

 

Weighted Average (2)

Contingent consideration liabilities

​

$

19,282

​

Monte Carlo Simulation

​

Probability of earnout achievement

​

0% - 53%

​

8%

(1)Significant changes in this input may lead to significant changes in the fair value measurements.
(2)Contingent consideration weighted based on maximum remaining gross earnout amount.
Schedule of Carrying Amounts and the Fair Values of the Company's Financial Instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

​

December 31, 2024

 

​

​

    

Carrying

    

Fair

    

Carrying

    

Fair

 

(in thousands)

Level

​

Amount

​

Value

​

Amount

​

Value

 

Financial Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

Level 1

​

$

274,828

​

$

274,828

​

$

279,270

​

$

279,270

​

Restricted cash

Level 1

​

 

44,462

​

 

44,462

​

 

25,156

​

 

25,156

​

Pledged securities

Level 1 & 2

​

 

221,730

​

 

221,730

​

 

206,904

​

 

206,904

​

Loans held for sale

Level 2

​

 

2,197,739

​

 

2,197,739

​

 

780,749

​

 

780,749

​

Loans held for investment, net(1)

Level 3

​

 

32,366

​

 

32,366

​

 

32,866

​

 

32,866

​

Derivative assets(1)

Level 2

​

 

51,680

​

 

51,680

​

 

30,175

​

 

30,175

​

Total financial assets

​

​

$

2,822,805

​

$

2,822,805

​

$

1,355,120

​

$

1,355,120

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivative liabilities(2)

Level 2

​

$

9,011

​

$

9,011

​

$

915

​

$

915

​

Contingent consideration liabilities(2)

Level 3

​

​

19,282

​

​

19,282

​

​

30,537

​

​

30,537

​

Secured borrowings(2)

Level 2

​

​

35,296

​

​

35,296

​

​

59,441

​

​

59,441

​

Warehouse notes payable(3)

Level 2

​

 

2,175,157

​

 

2,175,717

​

 

781,706

​

 

781,972

​

Notes payable(3)(4)

Level 2

​

 

829,909

​

 

848,971

​

 

768,044

​

 

778,481

​

Total financial liabilities

​

​

$

3,068,655

​

$

3,088,277

​

$

1,640,643

​

$

1,651,346

​

(1)Included as a component of Other assets on the Condensed Consolidated Balance Sheets.
(2)Included as a component of Other liabilities on the Condensed Consolidated Balance Sheets.
(3)Carrying value includes unamortized debt issuance costs.
(4)Carrying value includes unamortized debt discount.

​
Schedule of Fair Value of Derivative Instruments and Loans Held for Sale

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Adjustment Components

​

Balance Sheet Location

 

​

​

Notional or

​

Estimated

​

​

​

​

Total

​

​

​

​

​

​

​

​

 

​

​

Principal

​

Gain

​

Interest Rate

​

Fair Value 

​

Derivative

​

Derivative

​

Fair Value

 

(in thousands)

​

Amount

​

on Sale

​

Movement

​

Adjustment

​

Assets(1)

​

Liabilities(2)

​

Adjustment

 

September 30, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Undesignated derivatives

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Rate lock commitments

​

$

1,622,638

​

$

41,031

​

$

5,088

​

$

46,119

​

$

46,119

​

$

—

​

$

—

​

Forward sale contracts

​

 

3,812,268

​

​

—

​

​

(4,671)

​

​

(4,671)

​

​

4,340

​

​

(9,011)

​

​

—

​

Loans held for sale(3)

​

 

2,189,630

​

​

8,526

​

​

(417)

​

​

8,109

​

​

—

​

​

—

​

​

8,109

​

Total undesignated derivatives

​

​

​

​

$

49,557

​

$

—

​

$

49,557

​

$

50,459

​

$

(9,011)

​

$

8,109

​

Designated derivatives

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swap

​

​

400,000

​

​

—

​

​

1,221

​

​

1,221

​

​

1,221

​

​

—

​

​

—

​

Senior Notes(4)

​

​

400,000

​

​

—

​

​

(1,221)

​

​

(1,221)

​

​

—

​

​

—

​

​

(1,221)

​

Total designated derivatives

​

​

​

​

$

—

​

$

—

​

$

—

​

$

1,221

​

$

—

​

$

(1,221)

​

Total

​

​

​

​

$

49,557

​

$

—

​

$

49,557

​

$

51,680

​

$

(9,011)

​

$

6,888

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Rate lock commitments

​

$

472,905

​

$

19,968

​

$

(5,338)

​

$

14,630

​

$

14,930

​

$

(300)

​

$

—

​

Forward sale contracts

​

 

1,258,323

​

​

—

​

​

14,630

​

 

14,630

​

 

15,245

​

​

(615)

​

 

—

​

Loans held for sale

​

 

785,418

​

​

4,623

​

​

(9,292)

​

 

(4,669)

​

 

—

​

​

—

​

 

(4,669)

​

Total

​

​

​

​

$

24,591

​

$

—

​

$

24,591

​

$

30,175

​

$

(915)

​

$

(4,669)

​

(1)Included as a component of Other assets on the Condensed Consolidated Balance Sheets.
(2)Included as a component of Other liabilities on the Condensed Consolidated Balance Sheets.
(3)Fair value adjustment included as an adjustment to Loans held for sale, at fair value on the Condensed Consolidated Balance Sheets.
(4)Fair value adjustment included as an adjustment to Notes payable on the Condensed Consolidated Balance Sheets.
v3.25.3
FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES (Tables)
 9 Months Ended
Sep. 30, 2025
FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES  
Schedule of Pledged Securities at Fair Value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31,

​

Pledged Securities (in thousands)

2025

    

2024

    

2024

    

2023

 

Restricted cash

$

8,807

​

$

10,708

​

$

3,015

​

$

2,727

​

Money market funds

​

9,769

​

​

36,346

​

​

20,457

​

​

38,556

​

Total pledged cash and cash equivalents

$

18,576

​

$

47,054

​

$

23,472

​

$

41,283

​

Agency MBS

 

203,154

​

​

156,891

​

 

183,432

​

 

142,798

​

Total pledged securities, at fair value

$

221,730

​

$

203,945

​

$

206,904

​

$

184,081

​
Schedule of Investment Information Related to AFS Agency MBS

​

​

​

​

​

​

​

​

Fair Value and Amortized Cost of Agency MBS (in thousands)

September 30, 2025

    

December 31, 2024

    

Fair value

$

203,154

​

$

183,432

​

Amortized cost

​

201,096

​

​

182,912

​

Total gains for securities with net gains in AOCI

​

3,176

​

​

1,650

​

Total losses for securities with net losses in AOCI

 

(1,118)

​

 

(1,130)

​

Fair value of securities with unrealized losses

 

134,050

​

 

136,976

​
Schedule of Contractual Maturity Information Related to Agency MBS

​

​

​

​

​

​

​

​

​

September 30, 2025

​

Detail of Agency MBS Maturities (in thousands)

Fair Value

    

Amortized Cost

    

Within one year

$

—

​

$

—

​

After one year through five years

​

97,304

​

​

97,340

​

After five years through ten years

​

90,030

​

​

88,822

​

After ten years

 

15,820

​

​

14,934

​

Total

$

203,154

​

$

201,096

​

​
v3.25.3
EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY (Tables)
 9 Months Ended
Sep. 30, 2025
EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY  
Schedule of basic and diluted EPS under two-class method

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended September 30, 

​

For the nine months ended September 30, 

​

 

EPS Calculations (in thousands, except per share amounts)

2025

​

2024

​

2025

​

2024

​

 

Calculation of basic EPS

​

​

​

​

​

​

​

​

​

​

​

​

​

Walker & Dunlop net income

$

33,452

​

$

28,802

​

$

70,158

​

$

63,331

​

​

Less: dividends and undistributed earnings allocated to participating securities

 

829

​

 

626

​

 

1,688

​

 

1,449

​

​

Net income applicable to common stockholders

$

32,623

​

$

28,176

​

$

68,470

​

$

61,882

​

​

Weighted-average basic shares outstanding

​

33,376

​

​

33,169

​

​

33,333

​

​

33,090

​

​

Basic EPS

$

0.98

​

$

0.85

​

$

2.05

​

$

1.87

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Calculation of diluted EPS

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income applicable to common stockholders

$

32,623

​

$

28,176

​

$

68,470

​

$

61,882

​

​

Add: reallocation of dividends and undistributed earnings based on assumed conversion

​

—

​

​

—

​

​

—

​

​

—

​

​

Net income allocated to common stockholders

$

32,623

​

$

28,176

​

$

68,470

​

$

61,882

​

​

Weighted-average basic shares outstanding

​

33,376

​

​

33,169

​

​

33,333

​

​

33,090

​

​

Add: weighted-average diluted non-participating securities

​

21

​

​

34

​

​

22

​

​

45

​

​

Weighted-average diluted shares outstanding

​

33,397

​

​

33,203

​

​

33,355

​

​

33,135

​

​

Diluted EPS

$

0.98

​

$

0.85

​

$

2.05

​

$

1.87

​

​
v3.25.3
SEGMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
SEGMENTS  
Summary and reconciliation of each segment's results and balances

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment Results (dollars in thousands, except per share data and ratios)

​

For the three months ended September 30, 2025

​

Revenues

​

​

CM

​

​

SAM

​

​

Corporate

​

​

Consolidated

​

Loan origination and debt brokerage fees, net

​

$

96,147

​

$

1,698

​

$

—

​

$

97,845

​

Fair value of expected net cash flows from servicing, net of guaranty obligation

​

​

48,657

​

​

—

​

​

—

​

​

48,657

​

Servicing fees

​

​

—

​

​

85,189

​

​

—

​

​

85,189

​

Property sales broker fees

​

​

26,546

​

​

—

​

​

—

​

​

26,546

​

Investment management fees

​

​

—

​

​

6,178

​

​

—

​

​

6,178

​

Net warehouse interest income (expense)

​

​

(2,035)

​

​

—

​

​

—

​

​

(2,035)

​

Placement fees and other interest income

​

​

—

​

​

42,123

​

​

4,179

​

​

46,302

​

Other revenues

​

​

11,439

​

​

15,440

​

​

2,114

​

​

28,993

​

Total revenues

​

$

180,754

​

$

150,628

​

$

6,293

​

$

337,675

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Expenses

​

​

​

​

​

​

​

​

​

​

​

​

​

Personnel(1)

​

$

131,113

​

$

23,304

​

$

23,001

​

$

177,418

​

Amortization and depreciation

​

​

1,146

​

​

56,991

​

​

1,904

​

​

60,041

​

Provision (benefit) for credit losses

​

 

—

​

​

949

​

​

—

​

 

949

​

Interest expense on corporate debt

​

 

4,535

​

​

10,404

​

​

1,512

​

 

16,451

​

Fair value adjustments to contingent consideration liabilities

​

​

—

​

​

—

​

​

—

​

​

—

​

Other operating expenses

​

 

5,647

​

​

8,470

​

​

22,762

​

 

36,879

​

Total expenses

​

$

142,441

​

$

100,118

​

$

49,179

​

$

291,738

​

Income (loss) from operations

​

$

38,313

​

$

50,510

​

$

(42,886)

​

$

45,937

​

Income tax expense (benefit)

​

 

10,383

​

​

13,578

​

​

(11,445)

​

 

12,516

​

Net income (loss) before noncontrolling interests

​

$

27,930

​

$

36,932

​

$

(31,441)

​

$

33,421

​

Less: net income (loss) from noncontrolling interests

​

 

—

​

​

(31)

​

​

—

​

 

(31)

​

Walker & Dunlop net income (loss)

​

$

27,930

​

$

36,963

​

$

(31,441)

​

$

33,452

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Diluted EPS

​

$

0.81

​

$

1.09

​

$

(0.92)

​

$

0.98

​

Operating margin

​

​

21

%

​

34

%

​

(681)

%

​

14

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment Results (dollars in thousands, except per share data and ratios)

​

For the three months ended September 30, 2024

​

Revenues

​

​

CM

​

​

SAM

​

​

Corporate

​

​

Consolidated

​

Loan origination and debt brokerage fees, net

​

$

72,723

​

​

823

​

​

—

​

$

73,546

​

Fair value of expected net cash flows from servicing, net of guaranty obligation

​

​

43,426

​

​

—

​

​

—

​

​

43,426

​

Servicing fees

​

​

—

​

​

82,222

​

​

—

​

​

82,222

​

Property sales broker fees

​

​

19,322

​

​

—

​

​

—

​

​

19,322

​

Investment management fees

​

​

—

​

​

11,744

​

​

—

​

​

11,744

​

Net warehouse interest income (expense)

​

​

(2,798)

​

​

651

​

​

—

​

​

(2,147)

​

Placement fees and other interest income

​

​

—

​

​

40,299

​

​

3,258

​

​

43,557

​

Other revenues

​

​

11,039

​

​

9,145

​

​

450

​

​

20,634

​

Total revenues

​

$

143,712

​

$

144,884

​

$

3,708

​

$

292,304

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Expenses

​

​

​

​

​

​

​

​

​

​

​

​

​

Personnel(1)

​

$

104,987

​

​

20,951

​

​

19,600

​

$

145,538

​

Amortization and depreciation

​

​

1,137

​

​

54,668

​

​

1,756

​

​

57,561

​

Provision (benefit) for credit losses

​

 

—

​

​

2,850

​

​

—

​

 

2,850

​

Interest expense on corporate debt

​

 

4,888

​

​

11,711

​

​

1,633

​

 

18,232

​

Fair value adjustments to contingent consideration liabilities

​

​

(1,366)

​

​

—

​

​

—

​

​

(1,366)

​

Other operating expenses

​

 

5,137

​

​

6,611

​

​

20,236

​

 

31,984

​

Total expenses

​

$

114,783

​

$

96,791

​

$

43,225

​

$

254,799

​

Income (loss) from operations

​

$

28,929

​

$

48,093

​

$

(39,517)

​

$

37,505

​

Income tax expense (benefit)

​

 

7,073

​

​

10,756

​

​

(9,007)

​

 

8,822

​

Net income (loss) before noncontrolling interests

​

$

21,856

​

$

37,337

​

$

(30,510)

​

$

28,683

​

Less: net income (loss) from noncontrolling interests

​

 

26

​

​

(145)

​

​

—

​

 

(119)

​

Walker & Dunlop net income (loss)

​

$

21,830

​

$

37,482

​

$

(30,510)

​

$

28,802

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Diluted EPS

​

$

0.64

​

$

1.11

​

$

(0.90)

​

$

0.85

​

Operating margin

​

​

20

%

​

33

%

​

(1,066)

%

​

13

%

(1)Personnel expense is primarily composed of the cost of salaries and benefits, payroll taxes, subjective and objective bonuses, commissions, retention bonuses, and share-based compensation.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment Results and Total Assets (dollars in thousands, except per share data and ratios)

​

As of and for the nine months ended September 30, 2025

​

Revenues

​

​

CM

​

​

SAM

​

​

Corporate

​

​

Consolidated

​

Loan origination and debt brokerage fees, net

​

$

235,208

​

$

3,327

​

$

—

​

$

238,535

​

Fair value of expected net cash flows from servicing, net of guaranty obligation

​

​

129,621

​

​

—

​

​

—

​

​

129,621

​

Servicing fees

​

​

—

​

​

251,103

​

​

—

​

​

251,103

​

Property sales broker fees

​

​

55,031

​

​

—

​

​

—

​

​

55,031

​

Investment management fees

​

​

—

​

​

23,437

​

​

—

​

​

23,437

​

Net warehouse interest income (expense)

​

​

(4,581)

​

​

—

​

​

—

​

​

(4,581)

​

Placement fees and other interest income

​

​

—

​

​

104,396

​

​

11,103

​

​

115,499

​

Other revenues

​

​

40,836

​

​

41,003

​

​

3,798

​

​

85,637

​

Total revenues

​

$

456,115

​

$

423,266

​

$

14,901

​

$

894,282

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Expenses

​

​

​

​

​

​

​

​

​

​

​

​

​

Personnel(1)

​

$

334,020

​

$

65,593

​

$

61,083

​

$

460,696

​

Amortization and depreciation

​

​

3,433

​

​

167,371

​

​

5,794

​

​

176,598

​

Provision (benefit) for credit losses

​

 

—

​

​

6,481

​

​

—

​

​

6,481

​

Interest expense on corporate debt

​

 

13,190

​

​

31,145

​

​

4,397

​

​

48,732

​

Fair value adjustments to contingent consideration liabilities

​

​

—

​

​

—

​

​

—

​

​

—

​

Other operating expenses

​

 

17,191

​

​

22,452

​

​

64,577

​

​

104,220

​

Total expenses

​

$

367,834

​

$

293,042

​

$

135,851

​

$

796,727

​

Income (loss) from operations

​

$

88,281

​

$

130,224

​

$

(120,950)

​

$

97,555

​

Income tax expense (benefit)

​

 

24,849

​

​

36,657

​

​

(34,046)

​

 

27,460

​

Net income (loss) before noncontrolling interests

​

$

63,432

​

$

93,567

​

$

(86,904)

​

$

70,095

​

Less: net income (loss) from noncontrolling interests

​

 

—

​

​

(63)

​

​

—

​

 

(63)

​

Walker & Dunlop net income (loss)

​

$

63,432

​

$

93,630

​

$

(86,904)

​

$

70,158

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

2,866,772

​

$

2,399,578

​

$

530,925

​

$

5,797,275

​

Diluted EPS

​

$

1.85

​

$

2.74

​

$

(2.54)

​

$

2.05

​

Operating margin

​

​

19

%

​

31

%

​

(812)

%

​

11

%

(1)Personnel expense is primarily composed of the cost of salaries and benefits, payroll taxes, subjective and objective bonuses, commissions, retention bonuses, and share-based compensation.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment Results and Total Assets (dollars in thousands, except per share data and ratios)

​

As of and for the nine months ended September 30, 2024

​

Revenues

​

​

CM

​

​

SAM

​

​

Corporate

​

​

Consolidated

​

Loan origination and debt brokerage fees, net

​

$

180,264

​

$

2,356

​

$

—

​

$

182,620

​

Fair value of expected net cash flows from servicing, net of guaranty obligation

​

​

97,673

​

​

—

​

​

—

​

​

97,673

​

Servicing fees

​

​

—

​

​

242,683

​

​

—

​

​

242,683

​

Property sales broker fees

​

​

39,408

​

​

—

​

​

—

​

​

39,408

​

Investment management fees

​

​

—

​

​

40,086

​

​

—

​

​

40,086

​

Net warehouse interest income (expense)

​

​

(6,322)

​

​

1,475

​

​

—

​

​

(4,847)

​

Placement fees and other interest income

​

​

—

​

​

113,072

​

​

10,927

​

​

123,999

​

Other revenues

​

​

32,756

​

​

34,679

​

​

1,982

​

​

69,417

​

Total revenues

​

$

343,779

​

$

434,351

​

$

12,909

​

$

791,039

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Expenses

​

​

​

​

​

​

​

​

​

​

​

​

​

Personnel(1)

​

$

276,655

​

$

59,083

​

$

54,330

​

$

390,068

​

Amortization and depreciation

​

​

3,412

​

​

160,912

​

​

5,171

​

​

169,495

​

Provision (benefit) for credit losses

​

 

—

​

​

6,310

​

​

—

​

 

6,310

​

Interest expense on corporate debt

​

 

15,038

​

​

33,848

​

​

4,879

​

 

53,765

​

Fair value adjustments to contingent consideration liabilities

​

​

(1,366)

​

​

—

​

​

—

​

​

(1,366)

​

Other operating expenses

​

 

14,831

​

​

18,462

​

​

60,093

​

 

93,386

​

Total expenses

​

$

308,570

​

$

278,615

​

$

124,473

​

$

711,658

​

Income (loss) from operations

​

$

35,209

​

$

155,736

​

$

(111,564)

​

$

79,381

​

Income tax expense (benefit)

​

 

8,689

​

​

38,430

​

​

(27,531)

​

 

19,588

​

Net income (loss) before noncontrolling interests

​

$

26,520

​

$

117,306

​

$

(84,033)

​

$

59,793

​

Less: net income (loss) from noncontrolling interests

​

 

353

​

​

(3,891)

​

​

—

​

 

(3,538)

​

Walker & Dunlop net income (loss)

​

$

26,167

​

$

121,197

​

$

(84,033)

​

$

63,331

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

1,711,722

​

​

2,495,600

​

​

371,909

​

$

4,579,231

​

Diluted EPS

​

$

0.77

​

$

3.58

​

$

(2.48)

​

$

1.87

​

Operating margin

​

​

10

%

​

36

%

​

(864)

%

​

10

%

(1)Personnel expense is primarily composed of the cost of salaries and benefits, payroll taxes, subjective and objective bonuses, commissions, retention bonuses, and share-based compensation.
v3.25.3
VARIABLE INTEREST ENTITIES (Tables)
 9 Months Ended
Sep. 30, 2025
Consolidated VIEs  
Variable Interest Entity [Line Items]  
Schedule of the carrying value and classification of assets and liabilities of VIEs

​

​

​

​

​

​

​

​

Consolidated VIEs (in thousands)

    

​

September 30, 2025

    

​

December 31, 2024

Assets:

​

​

​

​

​

​

Cash and cash equivalents

​

$

382

​

$

863

Restricted cash

​

​

2,540

​

​

3,939

Receivables, net

​

​

26,873

​

​

26,570

Other Assets

​

​

8,616

​

​

44,892

Total assets of consolidated VIEs

​

$

38,411

​

$

76,264

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

​

​

Other liabilities

​

$

11,350

​

$

55,527

Total liabilities of consolidated VIEs

​

$

11,350

​

$

55,527

​

​

​

​

​

​

​
Nonconsolidated VIEs  
Variable Interest Entity [Line Items]  
Schedule of the carrying value and classification of assets and liabilities of VIEs

​

​

​

​

​

​

​

​

Nonconsolidated VIEs (in thousands)

​

​

September 30, 2025

    

​

December 31, 2024

Assets

​

​

​

​

​

​

Committed investments in tax credit equity

​

$

257,564

​

$

313,230

Other assets: Equity-method investments

​

​

90,241

​

​

50,592

Total interests in nonconsolidated VIEs

​

$

347,805

​

$

363,822

​

​

​

​

​

​

​

Liabilities

​

​

​

​

​

​

Commitments to fund investments in tax credit equity

​

$

223,788

​

$

274,975

Total commitments to fund nonconsolidated VIEs

​

$

223,788

​

$

274,975

​

​

​

​

​

​

​

Maximum exposure to losses(1)(2)

​

$

347,805

​

$

363,822

(1)Maximum exposure is determined as “Total interests in nonconsolidated VIEs.” The maximum exposure for the Company’s investments in tax credit equity is limited to the carrying value of its investment, as there are no funding obligations or other commitments related to the nonconsolidated VIEs other than the amounts presented in the table above.
(2)Based on historical experience and the underlying expected cash flows from the underlying investment, the maximum exposure of loss is not representative of the actual loss, if any, that the Company may incur.
v3.25.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Provision for Credit Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Components of Provision for Credit Losses        
Provision (benefit) for loan losses     $ 500 $ (16)
Provision (benefit) for risk-sharing obligations $ 949 $ (150) 5,981 (1,274)
Provision (benefit) for loan credit losses 949 (150) 6,481 (1,290)
Provision (benefit) for other credit losses   3,000   7,600
Provision (benefit) for credit losses $ 949 $ 2,850 $ 6,481 $ 6,310
v3.25.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Transfers of Financial Assets (Details)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
item
Sep. 30, 2025
USD ($)
loan
Dec. 31, 2024
USD ($)
loan
Schedule of Investments [Line Items]      
Number of agency loans requested to be repurchased | loan     5
Carrying value of loans to be repurchased     $ 87.3
Loans repurchased | loan   4  
Payments for repurchase of loans   $ 52.5  
Indemnified loan outstanding balance   23.2  
Reserve for credit losses   9.3  
Unpaid principal balance of loans repurchased from agency program   $ 0.0 $ 189.5
Investment Type   wd:FreddieMacAndFannieMaeMember wd:FreddieMacAndFannieMaeMember
Liabilities associated with loans held for sale due to a repurchase option   $ 0.0 $ 189.5
Subsequent Event      
Schedule of Investments [Line Items]      
Number of agency loans requested to be repurchased | item 2    
Carrying value of loans to be repurchased $ 100.2    
Freddie Mac And Fannie Mae, Loan One | Subsequent Event      
Schedule of Investments [Line Items]      
Unpaid principal balance of loans repurchased from agency program 49.3    
Freddie Mac And Fannie Mae, Loan Two | Subsequent Event      
Schedule of Investments [Line Items]      
Unpaid principal balance of loans repurchased from agency program $ 50.9    
v3.25.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash Flows (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents        
Cash and cash equivalents $ 274,828 $ 279,270 $ 179,759 $ 328,698
Restricted cash 44,462 25,156 39,827 21,422
Total cash, cash equivalents, restricted cash, and restricted cash equivalents 337,866 327,898 266,640 391,403
Total pledged cash and cash equivalents        
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents        
Pledged cash and cash equivalents $ 18,576 $ 23,472 $ 47,054 $ 41,283
v3.25.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES        
Excess tax benefits (shortfall) recognized $ (0.1) $ 0.7 $ (1.4) $ 1.7
v3.25.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Net Warehouse Interest Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES        
Warehouse interest income $ 14,978 $ 10,648 $ 33,043 $ 24,784
Warehouse interest expense (17,013) (12,795) (37,624) (29,631)
Net warehouse interest income (expense) (2,035) (2,147) (4,581) (4,847)
Co-broker fees $ 5,700 $ 2,000 $ 12,200 $ 6,600
v3.25.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contracts with Customers and Asset Management Fees (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Contracts with Customers        
Revenue from contracts with customer $ 76,463 $ 64,390 $ 212,174 $ 185,220
Revenue from Contract with Customer, Product and Service [Extensible Enumeration] Revenues Revenues Revenues Revenues
Loan origination and debt brokerage fees, net        
Contracts with Customers        
Revenue from contracts with customer $ 29,436 $ 21,310 $ 77,601 $ 64,718
Revenue from Contract with Customer, Product and Service [Extensible Enumeration] Revenues Revenues Revenues Revenues
Property sales broker fees        
Contracts with Customers        
Revenue from contracts with customer $ 26,546 $ 19,322 $ 55,031 $ 39,408
Revenue from Contract with Customer, Product and Service [Extensible Enumeration] Revenues Revenues Revenues Revenues
Investment management fees        
Contracts with Customers        
Revenue from contracts with customer $ 6,178 $ 11,744 $ 23,437 $ 40,086
Revenue from Contract with Customer, Product and Service [Extensible Enumeration] Revenues Revenues Revenues Revenues
Investment banking revenues, appraisal revenues, subscription revenues, syndication fees, and other revenues        
Contracts with Customers        
Revenue from contracts with customer $ 14,303 $ 12,014 $ 56,105 $ 41,008
Revenue from Contract with Customer, Product and Service [Extensible Enumeration] Revenues Revenues Revenues Revenues
v3.25.3
MORTGAGE SERVICING RIGHTS - Fair Value Disclosures (Detail) - MSRs - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Servicing    
Fair value of the MSRs $ 1,400.0 $ 1,400.0
Sensitivity Analysis of Fair Value, example 1, impact of percent adverse change in discount rate, percent 1.00%  
Decrease in fair value as a result of 100 basis point increase in discount rate $ 40.6  
Sensitivity Analysis of Fair Value, example 2, impact of percent adverse change in discount rate, percent 2.00%  
Decrease in fair value as a result of 200 basis point increase in discount rate $ 78.4  
Sensitivity Analysis of Fair Value, example 1, impact of percent adverse change in placement fee rate, percent 0.50%  
Decrease in fair value as a result of 50 basis point decrease in placement fee rate $ 49.5  
Sensitivity Analysis of Fair Value, example 2, impact of percent adverse change in placement fee rate, percent 1.00%  
Decrease in fair value as a result of 100 basis point decrease in placement fee rate $ 99.0  
v3.25.3
MORTGAGE SERVICING RIGHTS - Schedule of Activity Related to MSRs (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Mortgage Servicing Rights        
Beginning balance     $ 852,399  
Ending balance $ 805,975   805,975  
MSRs        
Mortgage Servicing Rights        
Beginning balance 817,814 $ 850,831 852,399 $ 907,415
Additions, following the sale of loan 44,607 39,806 118,518 87,388
Amortization (52,254) (50,871) (157,340) (151,897)
Pre-payments and write-offs (4,192) (2,870) (7,602) (6,010)
Ending balance $ 805,975 $ 836,896 $ 805,975 $ 836,896
v3.25.3
MORTGAGE SERVICING RIGHTS - Summary of Components of Net Carrying Value of Acquired and Originated MSRs (Detail) - MSRs - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Mortgage Servicing Rights Acquired and Originated    
Gross value $ 1,844,664 $ 1,808,295
Accumulated amortization (1,038,689) (955,896)
Net carrying value $ 805,975 $ 852,399
v3.25.3
MORTGAGE SERVICING RIGHTS - Schedule of Expected Amortization of MSRs (Detail) - MSRs - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Future amortization    
2025 $ 51,194  
Year Ending December 31, 2026 189,809  
2027 168,568  
2028 137,194  
2029 99,066  
2030 66,218  
Thereafter 93,926  
Net carrying value $ 805,975 $ 852,399
v3.25.3
ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION - Summary of Allowance for Risk-Sharing Obligations (Detail)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
loan
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
loan
Allowance for Risk-Sharing Contracts          
Beginning balance $ 33,191 $ 30,477 $ 28,159 $ 31,601 $ 31,601
Provision (benefit) for risk-sharing obligations 949 (150) 5,981 (1,274)  
Write-offs   (468)   (468)  
Ending balance 34,140 29,859 34,140 29,859 28,159
Amount of specific reserves placed on defaulted at risk loans 9,400   9,400   $ 4,000
Fannie Mae DUS program          
Allowance for Risk-Sharing Contracts          
Maximum quantifiable contingent liability associated with guarantees $ 13,700,000 $ 12,500,000 $ 13,700,000 $ 12,500,000  
Fannie Mae DUS program          
Allowance for Risk-Sharing Contracts          
Number of defaulted loans | loan     7   3
Weighted average remaining life of the at risk servicing portfolio     5 years 2 months 12 days   5 years 8 months 12 days
Freddie Mac          
Allowance for Risk-Sharing Contracts          
Number of defaulted loans | loan     3   3
v3.25.3
ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION - CECL Provision Impact (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]                
Forecast-period loss rate 0.021 0.021 0.021 0.021 0.023 0.023    
Reversion-period loss rate 0.012 0.012 0.012 0.012 0.013 0.013    
Historical loss rate 0.003 0.003 0.003 0.003 0.003 0.003    
CECL allowance $ 24.8 $ 24.6 $ 24.4 $ 23.4 $ 24.9 $ 25.0    
Provision (benefit) for CECL allowance 0.1 0.2 0.2 (1.5) (0.1) (6.6) $ 0.5 $ (8.2)
Fannie Mae DUS Program                
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]                
At-risk Fannie Mae servicing portfolio UPB $ 66,000.0 $ 64,700.0 $ 63,600.0 $ 60,600.0 $ 59,500.0 $ 59,200.0    
v3.25.3
SERVICING - (Detail) - USD ($)
$ in Billions
Sep. 30, 2025
Dec. 31, 2024
Servicing    
Custodial deposit accounts $ 2.8 $ 2.7
Loans serviced    
Servicing    
Servicing portfolio loans unpaid principal balance $ 139.3 $ 135.3
v3.25.3
DEBT - Warehouse Facilities (Detail) - Agency Warehouse Facility - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Nov. 29, 2025
Nov. 28, 2025
Nov. 21, 2025
Nov. 20, 2025
Warehouse notes payable          
Committed Amount $ 1,900,000        
Uncommitted Amount 4,150,000        
Total Facility Capacity 6,050,000        
Fair Value          
Warehouse notes payable          
Outstanding Balance 2,175,717        
National Banks          
Warehouse notes payable          
Committed Amount 1,900,000        
Uncommitted Amount 2,650,000        
Total Facility Capacity 4,550,000        
National Banks | Fair Value          
Warehouse notes payable          
Outstanding Balance 1,864,371        
National Banks | Agency Warehouse Facility #1          
Warehouse notes payable          
Committed Amount 325,000        
Uncommitted Amount 250,000        
Total Facility Capacity $ 575,000        
Percentage added to reference rate 1.30%        
Maturity date Aug. 26, 2026        
National Banks | Agency Warehouse Facility #1 | Fair Value          
Warehouse notes payable          
Outstanding Balance $ 160,931        
National Banks | Agency Warehouse Facility #2          
Warehouse notes payable          
Committed Amount 700,000        
Uncommitted Amount 300,000        
Total Facility Capacity $ 1,000,000        
Percentage added to reference rate 1.30%        
Maturity date Apr. 10, 2026        
National Banks | Agency Warehouse Facility #2 | Fair Value          
Warehouse notes payable          
Outstanding Balance $ 149,367        
National Banks | Agency Warehouse Facility #3          
Warehouse notes payable          
Committed Amount 425,000        
Uncommitted Amount 425,000        
Total Facility Capacity $ 850,000        
Percentage added to reference rate 1.30%        
Maturity date May 15, 2026        
National Banks | Agency Warehouse Facility #3 | Fair Value          
Warehouse notes payable          
Outstanding Balance $ 403,083        
National Banks | Agency Warehouse Facility #4          
Warehouse notes payable          
Committed Amount 400,000 $ 150,000 $ 400,000    
Uncommitted Amount 225,000        
Total Facility Capacity $ 625,000        
Maturity date Jun. 22, 2026        
National Banks | Agency Warehouse Facility #4 | Minimum          
Warehouse notes payable          
Percentage added to reference rate 1.30%        
National Banks | Agency Warehouse Facility #4 | Maximum          
Warehouse notes payable          
Percentage added to reference rate 1.35%        
National Banks | Agency Warehouse Facility #4 | Fair Value          
Warehouse notes payable          
Outstanding Balance $ 506,708        
National Banks | Agency Warehouse Facility #5          
Warehouse notes payable          
Committed Amount 50,000        
Uncommitted Amount 1,450,000     $ 950,000 $ 1,500,000
Total Facility Capacity $ 1,500,000        
Percentage added to reference rate 1.45%        
Maturity date Sep. 10, 2026        
National Banks | Agency Warehouse Facility #5 | Fair Value          
Warehouse notes payable          
Outstanding Balance $ 644,282        
Fannie Mae | Fannie Mae Repurchase Agreement, Uncommitted Line and Open Maturity          
Warehouse notes payable          
Uncommitted Amount 1,500,000        
Total Facility Capacity 1,500,000        
Fannie Mae | Fannie Mae Repurchase Agreement, Uncommitted Line and Open Maturity | Fair Value          
Warehouse notes payable          
Outstanding Balance $ 311,346        
v3.25.3
DEBT - Notes Payable (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Mar. 14, 2025
Term Loan | Credit Agreement    
Debt    
Principal amount   $ 450.0
Unpaid principal balance $ 447.8  
Term Loan | Revolving Credit Facility    
Debt    
Principal amount   $ 50.0
Senior Notes | Credit Agreement    
Debt    
Principal amount $ 400.0  
v3.25.3
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Detail) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Gross Goodwill      
Beginning balance $ 963,710 $ 963,710  
Additions from acquisitions 0 0  
Ending gross goodwill balance 963,710 963,710  
Accumulated Goodwill Impairment      
Beginning balance 95,000 62,000  
Impairment 0 0  
Ending accumulated goodwill impairment 95,000 62,000  
Goodwill 868,710 901,710 $ 868,710
Capital Markets      
Gross Goodwill      
Beginning balance 524,189 524,189  
Additions from acquisitions 0 0  
Ending gross goodwill balance 524,189 524,189  
Accumulated Goodwill Impairment      
Beginning balance 95,000 62,000  
Impairment 0 0  
Ending accumulated goodwill impairment 95,000 62,000  
Goodwill 429,189 462,189  
Servicing and Asset Management      
Gross Goodwill      
Beginning balance 439,521 439,521  
Additions from acquisitions 0 0  
Ending gross goodwill balance 439,521 439,521  
Accumulated Goodwill Impairment      
Impairment 0 0  
Goodwill 439,521 $ 439,521  
Corporate      
Accumulated Goodwill Impairment      
Goodwill $ 0    
v3.25.3
GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - Other intangible assets - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Other intangible assets      
Beginning Balance $ 156,893 $ 181,975  
Amortization (11,262) (11,262)  
Ending Balance 145,631 170,713  
Components of other intangible assets      
Gross value 208,782   $ 210,616
Accumulated amortization (63,151)   (53,723)
Net carrying value $ 145,631 $ 170,713 $ 156,893
v3.25.3
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Expected Amortization of Other Intangible Assets (Details) - Other intangible assets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Future amortization        
2025 $ 3,754      
Year Ending December 31, 2026 15,016      
2027 15,016      
2028 15,016      
2029 14,952      
2030 14,946      
Thereafter 66,931      
Net carrying value $ 145,631 $ 156,893 $ 170,713 $ 181,975
v3.25.3
GOODWILL AND OTHER INTANGIBLE ASSETS - Contingent Consideration Liabilities (Detail) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Contingent consideration liabilities    
Accretion $ 99 $ 1,496
Fair value adjustments   (1,366)
Payments $ (11,354) (34,317)
Maximum    
Contingent consideration liabilities    
Contingent consideration liability earnout period 5 years  
Other Liabilities    
Contingent consideration liabilities    
Beginning balance $ 30,537 113,546
Ending balance $ 19,282 $ 79,359
v3.25.3
FAIR VALUE MEASUREMENTS - Summary of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets    
Loans held for sale $ 2,197,739 $ 780,749
Pledged securities 221,730 206,904
Derivative assets 51,680 30,175
Liabilities    
Derivative liabilities 9,011 915
Recurring Basis    
Assets    
Loans held for sale 2,197,739 780,749
Pledged securities 221,730 206,904
Derivative assets 51,680 30,175
Total financial assets 2,471,149 1,017,828
Liabilities    
Derivative liabilities 9,011 915
Notes payable - Senior Notes 401,221  
Contingent consideration liabilities 19,282 30,537
Total financial liabilities 429,514 31,452
Level 1 | Recurring Basis    
Assets    
Pledged securities 18,576 23,472
Total financial assets 18,576 23,472
Level 2 | Recurring Basis    
Assets    
Loans held for sale 2,197,739 780,749
Pledged securities 203,154 183,432
Derivative assets 51,680 30,175
Total financial assets 2,452,573 994,356
Liabilities    
Derivative liabilities 9,011 915
Notes payable - Senior Notes 401,221  
Total financial liabilities 410,232 915
Level 3 | Recurring Basis    
Liabilities    
Contingent consideration liabilities 19,282 30,537
Total financial liabilities $ 19,282 $ 30,537
v3.25.3
FAIR VALUE MEASUREMENTS - Additional Information (Detail) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Fair Value Measurements    
Amount of transfers between any of the levels within the fair value hierarchy $ 0 $ 0
Maximum    
Fair Value Measurements    
Contract term 60 days  
v3.25.3
FAIR VALUE MEASUREMENTS - Schedule of Roll Forward of Derivative Instruments (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Derivative assets and liabilities, net        
Beginning balance $ 36,162 $ 21,272 $ 29,260 $ 3,204
Settlements (139,995) (108,571) (354,747) (253,824)
Realized gains (losses) recorded in earnings 103,833 87,299 325,487 250,620
Unrealized gains (losses) recorded in earnings 42,669 29,673 42,669 29,673
Ending balance $ 42,669 $ 29,673 $ 42,669 $ 29,673
v3.25.3
FAIR VALUE MEASUREMENTS - Schedule of Significant Unobservable Inputs Used in the Measurement of the Fair Value of Level 3 Assets and Liabilities (Detail) - Recurring Basis
$ in Thousands
Sep. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value Measurements    
Contingent consideration liabilities $ 19,282 $ 30,537
Level 3    
Fair Value Measurements    
Contingent consideration liabilities 19,282 $ 30,537
Level 3 | Contingent Consideration Liabilities | Monte Carlo Simulation    
Fair Value Measurements    
Contingent consideration liabilities $ 19,282  
Level 3 | Contingent Consideration Liabilities | Monte Carlo Simulation | Probability of earnout achievement | Minimum    
Fair Value Measurements    
Contingent consideration liabilities, Measurement input 0  
Level 3 | Contingent Consideration Liabilities | Monte Carlo Simulation | Probability of earnout achievement | Maximum    
Fair Value Measurements    
Contingent consideration liabilities, Measurement input 0.53  
Level 3 | Contingent Consideration Liabilities | Monte Carlo Simulation | Probability of earnout achievement | Weighted Average    
Fair Value Measurements    
Contingent consideration liabilities, Measurement input 0.08  
v3.25.3
FAIR VALUE MEASUREMENTS - Schedule of Carrying Amounts and the Fair Values of the Company's Financial Instruments (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Financial assets:        
Cash and cash equivalents $ 274,828 $ 279,270 $ 179,759 $ 328,698
Restricted cash 44,462 25,156 39,827 21,422
Pledged securities 221,730 206,904    
Loans held for sale 2,197,739 780,749    
Derivative assets $ 51,680 $ 30,175    
Derivative Asset, Statement of Financial Position Other assets Other assets    
Financial liabilities:        
Derivative liabilities $ 9,011 $ 915    
Derivative Liability, Statement of Financial Position Other liabilities Other liabilities    
Warehouse notes payable $ 2,175,157 $ 781,706    
Notes payable 829,909 768,044    
Other Liabilities        
Financial liabilities:        
Contingent consideration liabilities 19,282 30,537 $ 79,359 $ 113,546
Carrying Amount        
Financial assets:        
Cash and cash equivalents 274,828 279,270    
Restricted cash 44,462 25,156    
Pledged securities 221,730 206,904    
Loans held for sale 2,197,739 780,749    
Loans held for investment, net 32,366 32,866    
Derivative assets 51,680 30,175    
Total financial assets 2,822,805 1,355,120    
Financial liabilities:        
Derivative liabilities 9,011 915    
Contingent consideration liabilities 19,282 30,537    
Secured borrowings 35,296 59,441    
Warehouse notes payable 2,175,157 781,706    
Notes payable 829,909 768,044    
Total financial liabilities 3,068,655 1,640,643    
Fair Value        
Financial assets:        
Cash and cash equivalents 274,828 279,270    
Restricted cash 44,462 25,156    
Pledged securities 221,730 206,904    
Loans held for sale 2,197,739 780,749    
Loans held for investment, net 32,366 32,866    
Derivative assets 51,680 30,175    
Total financial assets 2,822,805 1,355,120    
Financial liabilities:        
Derivative liabilities 9,011 915    
Contingent consideration liabilities 19,282 30,537    
Secured borrowings 35,296 59,441    
Warehouse notes payable 2,175,717 781,972    
Notes payable 848,971 778,481    
Total financial liabilities $ 3,088,277 $ 1,651,346    
v3.25.3
FAIR VALUE MEASUREMENTS - Schedule of Fair Value of Derivative Instruments and Loans Held for Sale (Detail) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Derivative notional amount and balance sheet location    
Estimated Gain on Sale $ 49,557 $ 24,591
Total Fair Value Adjustment 49,557 24,591
Derivative assets $ 51,680 $ 30,175
Derivative Asset, Statement of Financial Position Other assets Other assets
Derivative Liabilities $ (9,011) $ (915)
Derivative Liability, Statement of Financial Position Other liabilities Other liabilities
Fair Value Adjustment $ 6,888 $ (4,669)
Undesignated derivatives    
Derivative notional amount and balance sheet location    
Estimated Gain on Sale 49,557  
Total Fair Value Adjustment 49,557  
Derivative assets 50,459  
Derivative Liabilities (9,011)  
Fair Value Adjustment 8,109  
Designated derivatives    
Derivative notional amount and balance sheet location    
Derivative assets 1,221  
Fair Value Adjustment (1,221)  
Interest Rate Swaps | Designated derivatives    
Derivative notional amount and balance sheet location    
Notional Amount 400,000  
Interest Rate Movement 1,221  
Total Fair Value Adjustment 1,221  
Derivative assets 1,221  
Rate Lock Commitments    
Derivative notional amount and balance sheet location    
Notional Amount   472,905
Estimated Gain on Sale   19,968
Interest Rate Movement   (5,338)
Total Fair Value Adjustment   14,630
Derivative assets   14,930
Derivative Liabilities   (300)
Rate Lock Commitments | Undesignated derivatives    
Derivative notional amount and balance sheet location    
Notional Amount 1,622,638  
Estimated Gain on Sale 41,031  
Interest Rate Movement 5,088  
Total Fair Value Adjustment 46,119  
Derivative assets 46,119  
Forward Sale Contracts    
Derivative notional amount and balance sheet location    
Notional Amount   1,258,323
Interest Rate Movement   14,630
Total Fair Value Adjustment   14,630
Derivative assets   15,245
Derivative Liabilities   (615)
Forward Sale Contracts | Undesignated derivatives    
Derivative notional amount and balance sheet location    
Notional Amount 3,812,268  
Interest Rate Movement (4,671)  
Total Fair Value Adjustment (4,671)  
Derivative assets 4,340  
Derivative Liabilities (9,011)  
Loans Held for Sale    
Derivative notional amount and balance sheet location    
Notional Amount   785,418
Estimated Gain on Sale   4,623
Interest Rate Movement   (9,292)
Total Fair Value Adjustment   (4,669)
Fair Value Adjustment   $ (4,669)
Loans Held for Sale | Undesignated derivatives    
Derivative notional amount and balance sheet location    
Notional Amount 2,189,630  
Estimated Gain on Sale 8,526  
Interest Rate Movement (417)  
Total Fair Value Adjustment 8,109  
Fair Value Adjustment 8,109  
Senior Notes | Designated derivatives    
Derivative notional amount and balance sheet location    
Notional Amount 400,000  
Interest Rate Movement (1,221)  
Total Fair Value Adjustment (1,221)  
Fair Value Adjustment $ (1,221)  
v3.25.3
FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES - Commitments (Detail) - DUS Risk-Sharing Obligations
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Fannie Mae, Freddie Mac, HUD and Ginnie Mae  
LITIGATION, COMMITMENTS, AND CONTINGENCIES  
Minimum liquid assets to be maintained to meet operational liquidity requirements $ 67.2
Operational liquidity $ 273.7
Fannie Mae  
LITIGATION, COMMITMENTS, AND CONTINGENCIES  
Period of funding for collateral requirement 48 months
Amount of additional capital required to be funded over the next 48 months $ 74.7
Net worth requirement 337.9
Net worth $ 1,100.0
Fannie Mae | New Tier 2 loans  
LITIGATION, COMMITMENTS, AND CONTINGENCIES  
Collateral requirements percentage 0.75%
Period of funding for collateral requirement 48 months
Fannie Mae | New Tier 2 loans | Money Market Funds  
LITIGATION, COMMITMENTS, AND CONTINGENCIES  
Restricted liquidity collateral reduction percentage 5.00%
Fannie Mae | New Tier 2 loans | Agency MBS  
LITIGATION, COMMITMENTS, AND CONTINGENCIES  
Restricted liquidity collateral reduction percentage 4.00%
v3.25.3
FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES - Pledged Securities at Fair Value (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Pledged securities        
Pledged securities $ 221,730 $ 206,904    
Pledged Securities - Fannie Mae DUS Program        
Pledged securities        
Fair value of pledged securities in a continuous unrealized loss position for more than 12 months 78,700      
Amortized cost of pledged securities in a continuous unrealized loss position for more than 12 months 79,800      
Net unrealized loss of pledged securities in a continuous unrealized loss position for more than 12 months 1,100      
Total pledged cash and cash equivalents        
Pledged securities        
Pledged securities 18,576 23,472 $ 47,054 $ 41,283
Restricted Cash - Pledged        
Pledged securities        
Pledged securities 8,807 3,015 10,708 2,727
Money Market Funds        
Pledged securities        
Pledged securities 9,769 20,457 36,346 38,556
Agency MBS        
Pledged securities        
Pledged securities 203,154 183,432 156,891 142,798
Asset Pledged as Collateral with Right | Pledged Securities - Fannie Mae DUS Program        
Pledged securities        
Pledged securities $ 221,730 $ 206,904 $ 203,945 $ 184,081
v3.25.3
FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES - Agency Multifamily Mortgage Based Securities Pledged Securities (Detail) - Agency MBS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Investments in Agency debt securities    
Fair Value $ 203,154 $ 183,432
Amortized Cost 201,096 182,912
Total gains for securities with net gains in AOCI 3,176 1,650
Total losses for securities with net losses in AOCI (1,118) (1,130)
Fair value of securities with unrealized losses 134,050 136,976
Maturities - Fair Value    
After one year through five years 97,304  
After five years through ten years 90,030  
After ten years 15,820  
Total 203,154 183,432
Maturities - Amortized Cost    
After one year through five years 97,340  
After five years through ten years 88,822  
After ten years 14,934  
Total $ 201,096 $ 182,912
v3.25.3
EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY - Basic and Diluted EPS (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Calculation of basic EPS                
Net Income (Loss) $ 33,452 $ 33,952 $ 2,754 $ 28,802 $ 22,663 $ 11,866 $ 70,158 $ 63,331
Less: dividends and undistributed earnings allocated to participating securities 829     626     1,688 1,449
Net income applicable to common stockholders $ 32,623     $ 28,176     $ 68,470 $ 61,882
Basic weighted-average shares outstanding 33,376     33,169     33,333 33,090
Basic EPS $ 0.98     $ 0.85     $ 2.05 $ 1.87
Calculation of diluted EPS                
Net income allocated to common stockholders $ 32,623     $ 28,176     $ 68,470 $ 61,882
Add: weighted-average diluted non-participating securities 21     34     22 45
Weighted average diluted shares outstanding 33,397     33,203     33,355 33,135
Diluted EPS $ 0.98     $ 0.85     $ 2.05 $ 1.87
Shares outstanding excluded from computation of earnings per share 139     78     221 81
v3.25.3
EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY - Restricted Stock Awards and Share Repurchases (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended
Feb. 28, 2025
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Repurchases of common stock                    
Reduction of equity for retirement of repurchased shares     $ 1,038 $ 645 $ 8,587 $ 1,414 $ 809 $ 9,789    
Dividends                    
Cash dividends paid per common share       $ 0.67 $ 0.67   $ 0.65 $ 0.65 $ 0.67  
Dividends Q3 2025 | Subsequent Event                    
Dividends                    
Cash dividends declared per common share   $ 0.67                
Dividend - Date Declared   Nov. 05, 2025                
Dividend - Date to be paid   Dec. 05, 2025                
Dividend - Date of record   Nov. 21, 2025                
Common shares                    
Non-cash transactions                    
Issuance of common stock to settle compensation liabilities                 $ 6,100 $ 4,400
Share Repurchase Program 2025                    
Repurchases of common stock                    
Share repurchase program, period for repurchases 12 months                  
Authorized share repurchase capacity remaining     $ 75,000           $ 75,000  
Share Repurchase Program 2025 | Maximum                    
Repurchases of common stock                    
Repurchase authorization $ 75,000                  
v3.25.3
SEGMENTS - Reportable Segments (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
$ / shares
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Sep. 30, 2024
USD ($)
$ / shares
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Sep. 30, 2025
USD ($)
segment
$ / shares
Sep. 30, 2024
USD ($)
segment
$ / shares
Dec. 31, 2024
USD ($)
Segments                  
Number of reportable segments | segment             3 3  
Revenues                  
Total revenues $ 337,675     $ 292,304     $ 894,282 $ 791,039  
Expenses                  
Personnel 177,418     145,538     460,696 390,068  
Amortization and depreciation 60,041     57,561     176,598 169,495  
Provision (benefit) for credit losses 949     2,850     6,481 6,310  
Interest expense on corporate debt 16,451     18,232     48,732 53,765  
Fair value adjustments to contingent consideration liabilities       (1,366)       (1,366)  
Other operating expenses 36,879     31,984     104,220 93,386  
Total expenses 291,738     254,799     796,727 711,658  
Income from operations 45,937     37,505     97,555 79,381  
Income tax expense (benefit) 12,516     8,822     27,460 19,588  
Net income before noncontrolling interests 33,421     28,683     70,095 59,793  
Less: net income (loss) from noncontrolling interests (31) $ (3) $ (29) (119) $ (2,368) $ (1,051) (63) (3,538)  
Walker & Dunlop net income 33,452 $ 33,952 $ 2,754 28,802 $ 22,663 $ 11,866 70,158 63,331  
Total assets $ 5,797,275     $ 4,579,231     $ 5,797,275 $ 4,579,231 $ 4,381,993
Diluted EPS | $ / shares $ 0.98     $ 0.85     $ 2.05 $ 1.87  
Operating margin 14.00%     13.00%     11.00% 10.00%  
Loan origination and debt brokerage fees, net                  
Revenues                  
Total revenues $ 97,845     $ 73,546     $ 238,535 $ 182,620  
Fair value of expected net cash flows from servicing, net of guaranty obligation                  
Revenues                  
Total revenues 48,657     43,426     129,621 97,673  
Servicing fees                  
Revenues                  
Total revenues 85,189     82,222     251,103 242,683  
Property sales broker fees                  
Revenues                  
Total revenues 26,546     19,322     55,031 39,408  
Investment management fees                  
Revenues                  
Total revenues 6,178     11,744     23,437 40,086  
Net warehouse interest income (expense)                  
Revenues                  
Total revenues (2,035)     (2,147)     (4,581) (4,847)  
Placement fees and other interest income                  
Revenues                  
Total revenues 46,302     43,557     115,499 123,999  
Other revenues                  
Revenues                  
Total revenues 28,993     20,634     85,637 69,417  
Operating Segments | Capital Markets                  
Revenues                  
Total revenues 180,754     143,712     456,115 343,779  
Expenses                  
Personnel 131,113     104,987     334,020 276,655  
Amortization and depreciation 1,146     1,137     3,433 3,412  
Interest expense on corporate debt 4,535     4,888     13,190 15,038  
Fair value adjustments to contingent consideration liabilities       (1,366)       (1,366)  
Other operating expenses 5,647     5,137     17,191 14,831  
Total expenses 142,441     114,783     367,834 308,570  
Income from operations 38,313     28,929     88,281 35,209  
Income tax expense (benefit) 10,383     7,073     24,849 8,689  
Net income before noncontrolling interests 27,930     21,856     63,432 26,520  
Less: net income (loss) from noncontrolling interests       26       353  
Walker & Dunlop net income 27,930     21,830     63,432 26,167  
Total assets $ 2,866,772     $ 1,711,722     $ 2,866,772 $ 1,711,722  
Diluted EPS | $ / shares $ 0.81     $ 0.64     $ 1.85 $ 0.77  
Operating margin 21.00%     20.00%     19.00% 10.00%  
Operating Segments | Capital Markets | Loan origination and debt brokerage fees, net                  
Revenues                  
Total revenues $ 96,147     $ 72,723     $ 235,208 $ 180,264  
Operating Segments | Capital Markets | Fair value of expected net cash flows from servicing, net of guaranty obligation                  
Revenues                  
Total revenues 48,657     43,426     129,621 97,673  
Operating Segments | Capital Markets | Property sales broker fees                  
Revenues                  
Total revenues 26,546     19,322     55,031 39,408  
Operating Segments | Capital Markets | Net warehouse interest income (expense)                  
Revenues                  
Total revenues (2,035)     (2,798)     (4,581) (6,322)  
Operating Segments | Capital Markets | Other revenues                  
Revenues                  
Total revenues 11,439     11,039     40,836 32,756  
Operating Segments | Servicing and Asset Management                  
Revenues                  
Total revenues 150,628     144,884     423,266 434,351  
Expenses                  
Personnel 23,304     20,951     65,593 59,083  
Amortization and depreciation 56,991     54,668     167,371 160,912  
Provision (benefit) for credit losses 949     2,850     6,481 6,310  
Interest expense on corporate debt 10,404     11,711     31,145 33,848  
Other operating expenses 8,470     6,611     22,452 18,462  
Total expenses 100,118     96,791     293,042 278,615  
Income from operations 50,510     48,093     130,224 155,736  
Income tax expense (benefit) 13,578     10,756     36,657 38,430  
Net income before noncontrolling interests 36,932     37,337     93,567 117,306  
Less: net income (loss) from noncontrolling interests (31)     (145)     (63) (3,891)  
Walker & Dunlop net income 36,963     37,482     93,630 121,197  
Total assets $ 2,399,578     $ 2,495,600     $ 2,399,578 $ 2,495,600  
Diluted EPS | $ / shares $ 1.09     $ 1.11     $ 2.74 $ 3.58  
Operating margin 34.00%     33.00%     31.00% 36.00%  
Operating Segments | Servicing and Asset Management | Loan origination and debt brokerage fees, net                  
Revenues                  
Total revenues $ 1,698     $ 823     $ 3,327 $ 2,356  
Operating Segments | Servicing and Asset Management | Servicing fees                  
Revenues                  
Total revenues 85,189     82,222     251,103 242,683  
Operating Segments | Servicing and Asset Management | Investment management fees                  
Revenues                  
Total revenues 6,178     11,744     23,437 40,086  
Operating Segments | Servicing and Asset Management | Net warehouse interest income (expense)                  
Revenues                  
Total revenues       651       1,475  
Operating Segments | Servicing and Asset Management | Placement fees and other interest income                  
Revenues                  
Total revenues 42,123     40,299     104,396 113,072  
Operating Segments | Servicing and Asset Management | Other revenues                  
Revenues                  
Total revenues 15,440     9,145     41,003 34,679  
Operating Segments | Corporate                  
Revenues                  
Total revenues 6,293     3,708     14,901 12,909  
Expenses                  
Personnel 23,001     19,600     61,083 54,330  
Amortization and depreciation 1,904     1,756     5,794 5,171  
Interest expense on corporate debt 1,512     1,633     4,397 4,879  
Other operating expenses 22,762     20,236     64,577 60,093  
Total expenses 49,179     43,225     135,851 124,473  
Income from operations (42,886)     (39,517)     (120,950) (111,564)  
Income tax expense (benefit) (11,445)     (9,007)     (34,046) (27,531)  
Net income before noncontrolling interests (31,441)     (30,510)     (86,904) (84,033)  
Walker & Dunlop net income (31,441)     (30,510)     (86,904) (84,033)  
Total assets $ 530,925     $ 371,909     $ 530,925 $ 371,909  
Diluted EPS | $ / shares $ (0.92)     $ (0.9)     $ (2.54) $ (2.48)  
Operating margin (681.00%)     (1066.00%)     (812.00%) (864.00%)  
Operating Segments | Corporate | Placement fees and other interest income                  
Revenues                  
Total revenues $ 4,179     $ 3,258     $ 11,103 $ 10,927  
Operating Segments | Corporate | Other revenues                  
Revenues                  
Total revenues $ 2,114     $ 450     $ 3,798 $ 1,982  
v3.25.3
VARIABLE INTEREST ENTITIES (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Assets        
Cash and cash equivalents $ 274,828 $ 279,270 $ 179,759 $ 328,698
Restricted cash 44,462 25,156 39,827 $ 21,422
Receivables, net 374,316 335,879    
Committed investments in tax credit equity 257,564 313,230    
Other assets 606,320 562,803    
Total assets 5,797,275 4,381,993 $ 4,579,231  
Liabilities        
Commitments to fund investments in tax credit equity 223,788 274,975    
Other Liabilities 756,815 769,246    
Total liabilities 4,019,809 2,622,130    
Consolidated VIEs        
Assets        
Cash and cash equivalents 382 863    
Restricted cash 2,540 3,939    
Receivables, net 26,873 26,570    
Other assets 8,616 44,892    
Total assets 38,411 76,264    
Liabilities        
Other Liabilities 11,350 55,527    
Total liabilities 11,350 55,527    
Nonconsolidated VIEs        
Assets        
Committed investments in tax credit equity 257,564 313,230    
Other assets 90,241 50,592    
Total assets 347,805 363,822    
Liabilities        
Commitments to fund investments in tax credit equity 223,788 274,975    
Total liabilities 223,788 274,975    
Maximum exposure $ 347,805 $ 363,822