Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2025	Jan. 31, 2026	Jun. 30, 2025
Document And Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
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
Entity Address, Address Line Two	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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1.7
Entity Common Stock, Shares Outstanding		34,060,397
Documents Incorporated by Reference [Text Block]	Portions of the Proxy Statement of Walker & Dunlop, Inc. with respect to its 2026 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A of the Securities Exchange Act of 1934, as amended, on or prior to May 18, 2026 are incorporated by reference into Part III of this report.
Entity Central Index Key	0001497770
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	McLean, Virginia

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 299,315	$ 279,270
Restricted cash	22,772	25,156
Pledged securities, at fair value	224,954	206,904
Loans held for sale, at fair value	1,436,350	780,749
Mortgage servicing rights	808,145	852,399
Goodwill	868,710	868,710
Other intangible assets	141,877	156,893
Receivables, net	419,358	335,879
Committed investments in tax credit equity	241,401	313,230
Other assets	596,596	562,803
Total assets	5,059,478	4,381,993
Liabilities
Warehouse notes payable	1,420,272	781,706
Corporate notes payable	829,218	768,044
Allowance for risk-sharing obligations	37,546	28,159
Deferred tax liabilities, net	237,001	241,386
Commitments to fund investments in tax credit equity	219,949	274,975
Other liabilities	569,630	527,860
Total liabilities	3,313,616	2,622,130
Temporary Equity
Profit interests of a wholly owned subsidiary subject to possible redemption	(1,036)
Stockholders' Equity
Preferred stock (authorized 50,000 shares; none issued)
Common stock ($0.01 par value; authorized 200,000 shares; issued and outstanding 33,389 shares as of December 31, 2025 and 33,194 shares as of December 31, 2024)	334	332
Additional paid-in capital ("APIC")	450,434	429,000
Accumulated other comprehensive income (loss) ("AOCI")	1,876	586
Retained earnings	1,282,390	1,317,945
Total stockholders' equity	1,735,034	1,747,863
Noncontrolling interests	11,864	12,000
Total permanent equity	1,746,898	1,759,863
Commitments and contingencies (NOTES 2 and 12)
Total liabilities, temporary equity, and permanent equity	$ 5,059,478	$ 4,381,993

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2025	Dec. 31, 2024
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	33,389	33,194
Common stock, outstanding	33,389	33,194

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Total revenues	$ 1,234,306,000	$ 1,132,490,000	$ 1,054,440,000
Expenses
Personnel	647,809,000	559,246,000	514,290,000
Amortization and depreciation	238,682,000	237,549,000	226,752,000
Provision (benefit) for credit losses	9,586,000	10,839,000	(10,452,000)
Interest expense on corporate debt	64,715,000	69,686,000	68,476,000
Goodwill impairment	0	33,000,000	62,000,000
Fair value adjustments to contingent consideration liabilities	(8,243,000)	(50,321,000)	(62,500,000)
Indemnified and repurchased loan expenses (NOTE 5)	40,850,000	10,573,000
Asset impairments and other expenses (NOTE 17)	36,746,000	1,181,000	(607,000)
Other operating expenses	125,163,000	129,236,000	118,284,000
Total expenses	1,155,308,000	1,000,989,000	916,243,000
Income before taxes	78,998,000	131,501,000	138,197,000
Income tax expense	22,013,000	30,543,000	35,026,000
Net income before noncontrolling interests and temporary equity holders	56,985,000	100,958,000	103,171,000
Less: net income (loss) from noncontrolling interests	(99,000)	(7,209,000)	(4,186,000)
Less: net income (loss) attributable to temporary equity holders	837,000
Walker & Dunlop net income	56,247,000	108,167,000	107,357,000
Other comprehensive income (loss), net of tax	1,290,000	1,065,000	1,089,000
Walker & Dunlop comprehensive income	$ 57,537,000	$ 109,232,000	$ 108,446,000
Basic earnings per share (NOTE 11)	$ 1.65	$ 3.19	$ 3.2
Diluted earnings per share (NOTE 11)	$ 1.64	$ 3.19	$ 3.18
Basic weighted-average shares outstanding	33,347	33,116	32,697
Diluted weighted-average shares outstanding	33,369	33,158	32,875
Loan origination and debt brokerage fees, net
Revenues
Total revenues	$ 342,149,000	$ 276,562,000	$ 234,409,000
Fair value of expected net cash flows from servicing, net of guaranty obligation
Revenues
Total revenues	179,681,000	153,593,000	141,917,000
Servicing fees
Revenues
Total revenues	337,442,000	325,644,000	311,914,000
Property sales broker fees
Revenues
Total revenues	83,519,000	60,583,000	53,966,000
Investment management fees
Revenues
Total revenues	34,629,000	36,976,000	45,381,000
Net warehouse interest income (expense)
Revenues
Total revenues	(5,490,000)	(7,033,000)	(5,633,000)
Placement fees and other interest income
Revenues
Total revenues	152,584,000	167,961,000	154,520,000
Other revenues
Revenues
Total revenues	$ 109,792,000	$ 118,204,000	$ 117,966,000

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, 2022	$ 323	$ 412,636	$ (1,568)	$ 1,278,035	$ 27,403	$ 1,716,829
Balance at the beginning of the period (in shares) at Dec. 31, 2022	32,396
Change in Stockholders' Equity
Net Income (Loss)				107,357		107,357
Net income (loss) from noncontrolling interests					(4,186)	(4,186)
Other comprehensive income (loss), net of tax			1,089			1,089
Stock-based compensation - equity classified		27,033				27,033
Issuance of common stock in connection with equity compensation plans	$ 7	6,329				6,336
Issuance of common stock in connection with equity compensation plans (in shares)	699
Repurchase and retirement of common stock	$ (1)	(20,510)				(20,511)
Repurchase and retirement of common stock (in shares)	(221)
Distributions to noncontrolling interest holders					(3,198)	(3,198)
Cash dividends paid				(84,836)		(84,836)
Other activity				(2,144)	2,360	216
Balances at the end of the period at Dec. 31, 2023	$ 329	425,488	(479)	1,298,412	22,379	1,746,129
Balance at the end of the period (in shares) at Dec. 31, 2023	32,874
Change in Stockholders' Equity
Net Income (Loss)				108,167		108,167
Net income (loss) from noncontrolling interests					(7,209)	(7,209)
Purchase of noncontrolling interests		(16,558)			(2,151)	(18,709)
Other comprehensive income (loss), net of tax			1,065			1,065
Stock-based compensation - equity classified		26,358				26,358
Issuance of common stock in connection with equity compensation plans	$ 4	6,093				6,097
Issuance of common stock in connection with equity compensation plans (in shares)	447
Repurchase and retirement of common stock	$ (1)	(12,381)				(12,382)
Repurchase and retirement of common stock (in shares)	(127)
Distributions to noncontrolling interest holders					(1,019)	(1,019)
Cash dividends paid				(88,634)		(88,634)
Balances at the end of the period at Dec. 31, 2024	$ 332	429,000	586	1,317,945	12,000	$ 1,759,863
Balance at the end of the period (in shares) at Dec. 31, 2024	33,194					33,194
Ending balance, Temporary equity at Dec. 31, 2025						$ (1,036)
Change in Stockholders' Equity
Net Income (Loss)				56,247		56,247
Net income (loss) from noncontrolling interests					(99)	(99)
Net income (loss) attributable to temporary equity holders						837
Other comprehensive income (loss), net of tax			1,290			1,290
Stock-based compensation - equity classified						155
Stock-based compensation - equity classified		25,586				25,586
Issuance of common stock in connection with equity compensation plans	$ 3	6,300				6,303
Issuance of common stock in connection with equity compensation plans (in shares)	316
Repurchase and retirement of common stock	$ (1)	(10,452)				(10,453)
Repurchase and retirement of common stock (in shares)	(121)
Distributions to temporary equity interest holders						(2,028)
Distributions to noncontrolling interest holders					(37)	(37)
Cash dividends paid				(91,802)		(91,802)
Balances at the end of the period at Dec. 31, 2025	$ 334	$ 450,434	$ 1,876	$ 1,282,390	$ 11,864	$ 1,746,898
Balance at the end of the period (in shares) at Dec. 31, 2025	33,389					33,389

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Consolidated Statements of Changes in Equity
Cash dividends paid. amount per common share	$ 2.68	$ 2.6	$ 2.52

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income before noncontrolling interests and temporary equity holders	$ 56,985,000	$ 100,958,000	$ 103,171,000
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	(179,681,000)	(153,593,000)	(141,917,000)
Change in the fair value of premiums and origination fees (NOTE 2)	1,865,000	3,130,000	(2,460,000)
Amortization and depreciation	238,682,000	237,549,000	226,752,000
Stock compensation-equity and liability classified	26,747,000	27,326,000	27,842,000
Provision (benefit) for credit losses	9,586,000	10,839,000	(10,452,000)
Indemnified and repurchased loans expenses - loan repurchase losses (Note 5)	20,092,000
Deferred tax expense (benefit)	(5,829,000)	(2,500,000)	1,198,000
Goodwill impairment	0	33,000,000	62,000,000
Fair value adjustments to contingent consideration liabilities	(8,243,000)	(50,321,000)	(62,500,000)
Cash paid to settle risk-sharing obligations			(2,008,000)
Impairment of real estate held for investment and equity method investment	18,615,000	721,000	4,970,000
Originations of loans held for sale	(17,178,944,000)	(11,803,213,000)	(11,379,540,000)
Proceeds from transfers of loans held for sale	16,345,181,000	11,779,584,000	11,199,916,000
Other operating activities, net	7,736,000	4,901,000	776,000
Changes in:
Receivables, net	(83,479,000)	(68,802,000)	(35,309,000)
Other assets	29,203,000	(43,583,000)	(9,691,000)
Other liabilities	37,174,000	53,363,000	16,734,000
Net cash provided by (used in) operating activities	(664,310,000)	129,359,000	(518,000)
Cash flows from investing activities
Capital expenditures	(15,772,000)	(12,961,000)	(16,201,000)
Capital invested in equity-method investments	(26,547,000)	(19,406,000)	(24,679,000)
Purchases of pledged available-for-sale ("AFS") securities	(46,989,000)	(51,400,000)	(12,548,000)
Proceeds from prepayment and sale of pledged AFS securities	26,623,000	9,543,000	10,679,000
Originations and repurchase of loans held for investment	(24,381,000)	(37,928,000)
Principal collected on loans held for investment		55,701,000	160,662,000
Other investing activities, net	9,725,000	18,316,000	8,956,000
Net cash provided by (used in) investing activities	(77,341,000)	(38,135,000)	126,869,000
Cash flows from financing activities
Borrowings (repayments) of warehouse notes payable, net	824,546,000	33,705,000	189,736,000
Repayments of interim warehouse notes payable		(25,585,000)	(119,835,000)
Repayments of corporate notes payable	(331,856,000)	(8,019,000)	(122,046,000)
Borrowings of corporate notes payable	398,875,000		196,000,000
Repurchase of common stock	(10,453,000)	(12,381,000)	(20,511,000)
Cash dividends paid	(91,802,000)	(88,634,000)	(84,836,000)
Payment of contingent consideration	(12,347,000)	(34,317,000)	(26,090,000)
Purchase of noncontrolling interests		(17,709,000)
Debt issuance costs	(16,011,000)	(2,442,000)	(5,834,000)
Other financing activities, net	(2,824,000)	653,000	185,000
Net cash provided by (used in) financing activities	758,128,000	(154,729,000)	6,769,000
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents (NOTE 2)	16,477,000	(63,505,000)	133,120,000
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period	327,898,000	391,403,000	258,283,000
Total of cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	344,375,000	327,898,000	391,403,000
Supplemental Disclosure of Cash Flow Information:
Cash paid to third parties for interest	107,148,000	105,412,000	114,095,000
Cash paid for income taxes, net of cash refunds received	$ 22,622,000	$ 32,340,000	$ 30,903,000

ORGANIZATION

12 Months Ended

Dec. 31, 2025

ORGANIZATION

ORGANIZATION

NOTE 1—ORGANIZATION

These financial statements represent the 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.

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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation—The consolidated financial statements include the accounts of Walker & Dunlop, Inc., its wholly owned subsidiaries, and its majority owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation. The Company consolidates entities in which it has a controlling financial interest based on either the variable interest entity (“VIE”) or the voting interest model. The Company is required to first apply the VIE model to determine whether it holds a variable interest in an entity, and if so, whether the entity is a VIE. If the Company determines it holds a variable interest in a VIE and has a controlling financial interest as it is considered the primary beneficiary, the Company consolidates the entity. In instances where the Company holds a variable interest in a VIE but is not the primary beneficiary, it then applies the voting interest model.

Under the voting interest model, the Company consolidates an entity when it holds a majority voting interest in an entity. If the Company does not have a majority voting interest but has significant influence, it uses the equity method of accounting. In instances where the Company owns less than 100% of the equity interests of an entity but owns a majority of the voting interests or has control over an entity, the Company accounts for the portion of equity not attributable to Walker & Dunlop, Inc. as Noncontrolling interests on the Consolidated Balance Sheets and the portion of net income not attributable to Walker & Dunlop, Inc. as Net income (loss) from noncontrolling interests in the Consolidated Statements of Income.

Subsequent Events—The Company has evaluated the effects of all events that have occurred subsequent to December 31, 2025 and before the date of filing. The Company has made certain disclosures in the notes to the consolidated financial statements of events that have occurred subsequent to December 31, 2025, including the discussion below. There have been no other material subsequent events that would require recognition in the consolidated financial statements.

Use of Estimates—The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“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, loss estimates related to indemnified and repurchased loans, 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.

Mortgage Servicing Rights—When a loan is sold and the Company retains the right to service the loan, the derivative asset discussed below is reclassified and capitalized as an individual mortgage servicing right (“MSR”) at fair value. The initial capitalized amount is equal to the estimated fair value of the expected net cash flows associated with servicing the loans, net of the expected cash flows associated with any guaranty obligations. The following describes the principal assumptions used in estimating the fair value of capitalized MSRs.

Discount Rate—Depending upon loan type, the discount rate used is management's best estimate of market discount rates. The rates used for loans sold were between 8% and 14% for the years ended December 31, 2025, 2024, and 2023 and varied based on loan type.

Estimated Life— The Company’s model for MSRs assumes full prepayment of the loan at or near the point when the stated term of the prepayment provisions of the underlying loan expires.

Placement Fees—The estimated earnings rate on escrow accounts associated with the servicing of the loans for the life of the MSR is added to the estimated future cash flows.

The assumptions used to estimate the fair value of capitalized MSRs at loan sale are based on internal models and are compared to assumptions used by other market participants at least annually. When such comparisons indicate that these assumptions have changed significantly, the Company adjusts its assumptions accordingly.

Subsequent to the initial measurement date, MSRs are amortized using the interest method over the period that servicing income is expected to be received and presented as a component of Amortization and depreciation in the Consolidated Statements of Income. The individual loan-level MSR is written off through a charge to Amortization and depreciation when a loan prepays, defaults, or is probable of default. The Company evaluates all MSRs for impairment quarterly. The predominant risk characteristic affecting the MSRs is prepayment risk, and we do not believe there is sufficient variation within the portfolio to warrant stratification. Therefore, we assess MSR impairment at the portfolio level. The Company engages a third party to assist in determining an estimated fair value of our existing and outstanding MSRs on at least a semi-annual basis.

Business Combinations—The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. The Company recognizes identifiable assets acquired (including intangible assets) and liabilities (both specific and contingent) assumed at their fair values at the acquisition date. Furthermore, acquisition-related costs, such as due diligence, legal and accounting fees, are not capitalized or applied in determining the fair value of the acquired assets. The excess of the purchase price over the fair value of the assets acquired and the liabilities assumed is recognized as goodwill. During the measurement period, the Company records adjustments to the assets acquired and liabilities assumed with corresponding adjustments to goodwill in the reporting period in which the adjustment is identified. These adjustments during the measurement period are recorded to goodwill only in circumstances where the adjustment is related to additional information obtained subsequent to the acquisition about facts and circumstances that existed at the time of the acquisition. After the measurement period, which could be up to one year after the transaction date, subsequent adjustments are recorded to the Company’s Consolidated Statements of Income.

Goodwill—The Company evaluates goodwill for impairment annually. In addition to the annual impairment evaluation, the Company evaluates at least quarterly whether events or circumstances have occurred in the period subsequent to the annual impairment testing which indicate that it is more likely than not an impairment loss has occurred. The Company’s goodwill is allocated to three reporting units, each of which is a component of either the Capital Markets (“CM”) segment or the Servicing & Asset Management (“SAM”) segment. The Company performs its impairment testing annually as of October 1 for each reporting unit for which goodwill has been allocated. The Company’s October 1, 2025, impairment test consisted of a qualitative assessment for three reporting units as there were no indicators of impairment.

Allowance for Risk-Sharing Obligations—Substantially all loans sold under the Fannie Mae DUS program contain partial or full risk-sharing guaranties that are based on the performance of the loan serviced in the at-risk servicing portfolio. The Company records an estimate of the loss reserve for the current expected credit losses (“CECL”) for all loans in our Fannie Mae at-risk servicing portfolio and presents this loss reserve as Allowance for risk-sharing obligations on the Consolidated Balance Sheets. The Company also has risk sharing on small balance loans (“SBL”) with Freddie Mac prior to Freddie Mac’s placing the loan into a securitization. Any losses from SBL loans borne by the Company are capped at 10% of the unpaid principal balance (“UPB”). The Company has not experienced any realized losses to date. The Company has an insignificant reserve within its Allowance for Risk-sharing Obligations for these pre-securitized Freddie Mac SBL loans.

Overall Current Expected Credit Losses Approach

For loans evaluated collectively, the Company uses the weighted-average remaining maturity method (“WARM”) for calculating its allowance for risk-sharing obligations, the Company’s liability for the off-balance-sheet credit exposure associated with the Fannie Mae at-risk DUS loans. WARM uses a historical weighted average annual charge-off rate (“historical loss rate”) that contains loss content over multiple vintages and loan terms and is used as a foundation for estimating the collective reserve. The historical loss rate is applied to the UPB over the

contractual term, adjusted for estimated prepayments and amortization to arrive at the collective reserve for the portion of the portfolio not individually evaluated as described further below.

The Company maximizes the use of historical internal data because the Company has extensive historical data servicing Fannie Mae DUS loans from which to calculate historical loss rates and principal paydown by loan term type for its exposure to credit loss on its homogeneous portfolio of Fannie Mae DUS multifamily loans. Additionally, the Company believes its properties, loss history, and underwriting standards are not similar to public data such as loss histories for loans originated for collateralized mortgage-backed securities conduits.

Runoff Rate

One of the key inputs into a WARM calculation is the runoff rate, which is the expected rate at which loans in the current portfolio will prepay and amortize in the future. As the loans the Company originates have different original lives and run off over different periods, the Company groups loans by similar origination dates (vintage) and contractual maturity terms for purposes of calculating the runoff rate. The Company originates loans under the DUS program with various terms generally ranging from several years to 15 years; each of these various loan terms has a different runoff rate.

The Company uses its historical runoff rate for each of the different loan term pools as a proxy for the expected runoff rate. The Company believes that borrower behavior and macroeconomic conditions will not deviate significantly from historical performance over the approximately ten-year period in which the Company has compiled the actual loss data. The ten-year period is intended to capture the various cycles of industry performance and provides a period that is long enough to capture sufficient observations of runoff history. In addition, due to the prepayment protection provisions for Fannie Mae DUS loans, the Company has not seen significant volatility in historical prepayment rates due to gradual changes in interest rates and would not expect this to change materially in future periods.

The historical annual runoff rate is calculated for each year of a loan’s life for each vintage in the portfolio and aggregated with the calculated runoff rate for each comparable year in every vintage. For example, the annual runoff rate for the first year of loans originated in 2020 is aggregated with the annual runoff rate for the first year of loans originated in 2021, 2022, and so on to calculate the average annual runoff rate for the first year of a loan. This average runoff calculation is performed for each year of a loan’s life for each of the various loan terms to create a matrix of historical average annual runoffs by year for the entire portfolio.

The Company segments its current portfolio of at-risk DUS loans outstanding by original loan term type and years remaining and then applies the appropriate historical average runoff rates to calculate the expected remaining balance at the end of each reporting period in the future. For example, for a loan with an original ten-year term and seven years remaining, the Company applies the historical average annual runoff rate for a ten-year loan for year four to arrive at the estimated remaining UPB one year from the current period, the historical average runoff rate for year five to arrive at the estimated remaining UPB two years from the current period, and so on up to the loan’s maturity date.

Collective Reserve Calculation

Once the Company has calculated the estimated outstanding UPB for each future year until maturity for each loan term type, the Company then applies the historical loss rate (as further described below) to each future year’s estimated UPB. The Company then aggregates the allowance calculated for each year within each loan term type and for all different maturity years to arrive at the CECL reserve for the portfolio.

The historical loss rate is calculated using a ten-year look-back period, utilizing the average portfolio balance and settled losses for each year. A ten-year period is used as the Company believes that this period of time includes sufficiently different economic conditions to generate a reasonable estimate of expected results in the future, given the relatively long-term nature of the current portfolio. This approach captures a recession and several economic recoveries that are a typical part of an economic cycle in the multifamily industry. The same loss rate is utilized across each loan term type as the Company has not observed any historical or industry-published data to indicate there is any difference in the occurrence probability or loss severity for a loan based on its loan origination term.

Reasonable and Supportable Forecast and Reversion Period

The Company currently uses one year for its reasonable and supportable forecast period (the “forecast period”). The Company uses a forecast of unemployment rates, historically a highly correlated indicator for multifamily occupancy rates, and general economic forecasts from third parties to assess what macroeconomic and multifamily market conditions are expected to be like over the coming year. The Company then associates the forecasted conditions with a similar historical period over the past ten years, which could be one or several years, and uses the Company’s average loss rate for that historical period as a basis for the loss rate used for the forecast period. The Company reverts to the historical loss rate over a one-year period on a straight-line basis. For all remaining years until maturity, the Company uses the historical loss rate as described above to estimate losses. The average loss rate from a historical period used for the forecast period may be qualitatively adjusted as necessary if the forecasted macroeconomic and industry conditions differ materially from the historical period.

Identification of Collateral-Based Reserves

The Company monitors the performance of each risk-sharing loan for events or conditions which may signal a potential default (probable of foreclosure). The Company’s process for identifying which risk-sharing loans may be probable of default, and thus collateral dependent, consists of an assessment of several qualitative and quantitative factors, including payment status, property financial performance, local real estate market conditions, loan-to-value ratio, debt-service-coverage ratio (“DSCR”), property condition, and financial strength of the borrower or key principals. In instances where payment under the guaranty on a specific loan is determined to be likely, the Company separately measures the expected loss through an assessment of the underlying fair value of the asset, disposition costs, and the risk-sharing percentage (the “collateral-based reserve”) through a charge to the provision for risk-sharing obligations, which is a component of Provision (benefit) for credit losses in the Consolidated Statements of Income. These loans are not part of from the WARM calculation described above, and the associated loan-specific mortgage servicing right and guaranty obligation are written off. The expected loss on the risk-sharing obligation is dependent on the fair value of the underlying property as the loans are collateral dependent. Historically, initial recognition of a collateral-based reserve occurs at or before a loan becomes 60 days delinquent.

The amount of the collateral-based reserve considers historical loss experience, adverse situations affecting individual loans, the estimated disposition value of the underlying collateral, and the level of risk sharing. The estimate of property fair value at initial recognition of the collateral-based reserve is based on appraisals, broker opinions of value, or net operating income and market capitalization rates, depending on the facts and circumstances associated with the loan and underlying collateral. The Company regularly monitors the collateral-based reserves on all applicable loans and updates loss estimates as current information is received. The settlement with Fannie Mae is based on the actual sales price of the property and selling and property preservation costs and considers the Fannie Mae loss-sharing requirements. The maximum amount of the loss the Company absorbs at the time of settlement is 20% of the origination UPB of the loan.

Provision (Benefit) for Credit Losses—The Company records the income statement impact of the changes in the allowance for loan losses and the allowance for risk-sharing obligations and other credit losses within Provision (benefit) for credit losses in the Consolidated Statements of Income. NOTE 4 contains additional discussion related to the allowance for risk-sharing obligations. Provision (benefit) for credit losses consisted of the following activity for the years ended December 31, 2025, 2024, and 2023:


Components of Provision (Benefit) for Credit Losses (in thousands)	2025		2024		2023
Provision (benefit) for loan losses	$	199	$	11,813	$	(4)
Provision (benefit) for risk-sharing obligations		9,387		(974)		(10,448)
Provision (benefit) for credit losses	$	9,586	$	10,839	$	(10,452)

Transfers of Financial Assets—Transfers of financial assets are reported as sales when (i) the transferor surrenders control over those assets, (ii) the transferred financial assets have been legally isolated from the Company’s creditors, (iii) the transferred assets can be pledged or exchanged by the transferee, and (iv) consideration other than beneficial interests in the transferred assets is received in exchange. The transferor is considered to have surrendered control over transferred assets if, and only if, certain conditions are met. The Company determined that all loans sold during the periods presented met these specific conditions and accounted for all transfers of loans held for sale as completed sales.

Repurchase Obligations: Re-consolidation

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. At times, the Company may agree to indemnify the GSEs pursuant to a forbearance and indemnification agreement in lieu of repurchase. The indemnification, among other things, delays the repurchase of a loan for a specified period of time and fully transfers the risk of loss of the loan from the GSEs to the Company and provides the Company with control over loss-mitigation efforts. As part of the forbearance and indemnification agreement, the GSEs may require the Company to provide cash collateral to secure against future potential indemnification losses. The cash collateral is accounted for as a receivable from the GSEs and is included as a component of Receivables, net on the Consolidated Balance Sheets. The Company incurs a finance charge from the GSEs for the difference between the UPB of the loans ultimately required to be repurchased and the collateral posted.

As control over loss mitigation efforts transfers to the Company due to the indemnification, the indemnification results in the Company no longer meeting all of the conditions required to account for the original transfer as a sale. Consequently, the Company recognizes both the loan and the corresponding liability at fair value upon indemnification, which may result in a fair value loss. This loss is accreted into income over the remaining life of the loan using the effective-interest method. The indemnified loan is classified as a loan held for investment with the corresponding obligation to repurchase the loan as a secured borrowing. Loans held for investment are included as a component of Other assets, and secured borrowings are included as a component of Other liabilities on the Consolidated Balance Sheets. Loans that the Company repurchases are recorded at fair value upon repurchase and are accounted for and presented in the consolidated financial statements according to the Company’s intent for the loan – held for sale or held for investment. All loans that the Company has indemnified and consolidated or repurchased and not foreclosed on were held for investment as of December 31, 2025 and 2024.

Repurchase Obligations: Initial Loss Assessment

In addition to a fair value loss that might be incurred upon re-consolidation noted above, the Company also assesses whether it expects to incur any loss associated with the indemnification. In cases where the Company does believe that a loss is probable from the indemnification, it recognizes the loss through a charge to expected principal losses on loan repurchase (“loan repurchase losses”) and any expense incurred in the repurchase as initial loan repurchase costs, which are components of Indemnified and repurchased loan expenses on the Consolidated Statements of Income. The charge to loan repurchase losses represents the estimated losses of principal from indemnifying the loan, while the charge to initial loan repurchase costs represents any additional expected expenses from the indemnification such as reimbursing the GSE for legal costs, defaulted interest, and prepayment costs from repurchasing the loan from the securitization trust. The total loss amount is classified as a liability that is included within Other liabilities on the Consolidated Balance Sheets.

Repurchase Obligations: Credit-Deteriorated Loans

In cases where a repurchase obligation is for a credit-deteriorated loan and the Company agrees to indemnify the GSEs for the loan instead of repurchasing the loan, the loan is recorded at fair value plus the allowance for expected credit losses upon re-recognition, resulting in an initial amortized cost basis that reflects management’s estimate of lifetime expected losses as of the acquisition date. No provision for credit losses is recorded upon re-consolidation for this initial allowance for credit losses. In addition to the allowance for credit losses, a liability is recorded for the fair value of the amount indemnified (a secured borrowing). The difference between the fair value of the loan and the fair value of the secured borrowing may result in a loss. The Company also accounts for any indemnification losses for credit-deteriorated loans similar to the methodology described above in Repurchase Obligations: Initial Loss Assessment, with a charge to loan repurchase losses and a corresponding indemnification liability within Other liabilities.

Repurchase Obligations: Subsequent Accounting

After recognizing the loan held for investment as described above, the Company assesses the loan for expected credit losses according to our CECL policies noted above and records any estimated losses as a component of Provision (benefit) for credit losses in the Consolidated Statements of Income. The Company may incur additional repurchase costs and/or operating costs related to the loans after the initial loss assessment; these costs are recognized as indemnified and repurchased loans operating costs, a component of Indemnified and repurchased loan expenses.

Repurchase Obligations: Loans Probable of Repurchase

In certain circumstances, the Company may become aware that a GSE is assessing a loan for a breach of representations and warranties and engage in negotiations about the potential repurchase of a loan. The negotiations may indicate to the Company that the GSE is likely to issue a repurchase request, even though that request has not been issued prior to the end of a reporting period. In such circumstances, because the Company deems the loss as probable and estimable, it records a loss contingency obligation. This loss contingency obligation includes the expected credit losses and other repurchase expenses (as described above) from the expected repurchase request. The income statement presentation is the same as described in the Repurchase Obligations: Initial Loss Assessment section above – charges to Indemnified and repurchased loan expenses on the Consolidated Statements of Income. The total of the estimated credit and non-credit losses is recorded as an indemnification reserve that is included within Other liabilities on the Consolidated Balance Sheets.

Repurchase Obligations: Loans Indemnified but Foreclosed Upon Prior to Repurchase

In certain circumstances, the loan held for investment associated with an indemnification is extinguished by the GSEs through foreclosure. In these circumstances, the Company derecognizes the loan held for investment and recognizes an other asset. The asset is included in Other assets on the Consolidated Balance Sheets. Any expected loss from this asset is recognized as a component of Provision (benefit) for credit losses in the Consolidated Statements of Income in the table above with a corresponding reserve that is included in Other Liabilities in the Consolidated Balance Sheets.

Foreclosure of Loans Held for Investment

When a loan held for investment is foreclosed upon, the Company derecognizes the loan held for investment and charges off the associated reserve and recognizes an other real estate owned (“OREO”) asset at fair value. The OREO is then periodically assessed for impairment. OREO assets are recorded in Other assets in the Consolidated Balance Sheets.

NOTE 5 contains additional discussion related to repurchased and indemnified loans, other assets, and OREO.

Derivative Assets and Liabilities—The Company has both designated and undesignated derivatives.

Undesignated Derivatives

Loan commitments that meet the definition of a derivative are recorded at fair value on the 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 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 Consolidated Balance Sheets and as a component of Loan origination and debt brokerage fees, net of guaranty obligation in the Consolidated Income Statements), (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 Consolidated Balance Sheets and in Fair value of expected net cash flows from servicing, net in the Consolidated Income Statements), 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 originations and debt brokerage fees, net in the 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 (as defined in NOTE 7) 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 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 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 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 Corporate notes payable on the Consolidated Balance Sheets.

Loans Held for Sale—Loans held for sale represent originated loans that are generally transferred or sold within 60 days from the date that a mortgage loan is funded. The Company elects to measure all originated loans at fair value, unless the Company documents at the time the loan is originated that it will measure the specific loan at the lower of cost or fair value for the life of the loan. Electing to use fair value allows a better offset of the change in fair value of the loan and the change in fair value of the derivative instruments used as economic hedges. During the period prior to its sale, interest income on a loan held for sale is calculated in accordance with the terms of the individual loan. There were no loans held for sale that were valued at the lower of cost or fair value or on a non-accrual status as of December 31, 2025 and 2024.

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 Consolidated Balance Sheets as Loans held for sale, at fair value with a corresponding liability that is included as a component of Warehouse notes payable on the Consolidated Balance Sheets. 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. As of December 31, 2024, the corresponding liabilities included within Warehouse notes payable (and NOTE 7) were $189.5 million. As of December 31, 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 These are not cash transactions and thus are not reflected on the Consolidated Statements of Cash Flows and will not require a future cash outlay.

Co-broker fees, which are netted against Loan origination and debt brokerage fees, net in the Consolidated Statements of Income, were $16.5 million, $10.3 million, and $12.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Share-Based Payment—The Company recognizes compensation costs for all share-based payment awards made to employees and directors, including restricted stock and restricted stock units based on the grant date fair value. Restricted stock awards are granted without cost to the Company’s officers, employees, and non-employee directors. The fair value of the award is calculated as the fair value of the Company’s common stock on the date of grant.

Generally, the Company’s restricted stock awards for its officers and employees vest ratably over a three-year period based solely on continued employment. Restricted stock awards for non-employee directors fully vest after one year. Awards issued to the Company's production personnel sometimes vest over a period greater than three years.

Stock option awards were granted to executive officers in the past. The Company has not granted any stock option awards since 2017 and does not expect to issue stock options for the foreseeable future. A small number of vested but unexercised stock options is outstanding as of December 31, 2025.

The Company offers a performance share plan (“PSP”) principally for the Company’s executives and certain other members of senior management. The performance period for each PSP is three full calendar years beginning on January 1 of the grant year. Participants in the PSP receive restricted stock units (“RSUs”) on the grant date for the PSP in an amount equal to achievement of all performance targets at a maximum level. If the performance targets are met at the end of the performance period and the participant remains employed by the Company, the participant fully vests in the RSUs, which immediately convert to unrestricted shares of common stock. If the performance targets are not met at the maximum level, the participant generally forfeits a portion or all of the RSUs. Generally, if the participant is no longer employed by the Company, the participant forfeits all of the RSUs. The performance targets for all the PSPs issued by the Company are based on meeting

diluted earnings per share, return on equity, and total revenues goals. The Company records compensation expense for the PSP based on the grant-date fair value in an amount proportionate to the service time rendered by the participant and the expected achievement level of the goals.

Compensation expense for restricted shares is adjusted for actual forfeitures and is recognized on a straight-line basis, for each separately vesting portion of the award as if the award were in substance multiple awards, over the requisite service period of the award. Share-based compensation is recognized within the income statement as Personnel, the same expense line as the cash compensation paid to the respective employees.

In 2025, the Company granted a performance award to the CEO of the Company. The award was intended to award the CEO for outperformance against the S&P Financials Index and a Company-specific total stockholder return compounded annual growth rate hurdle. The performance is measured against the goals over a three-year period. The shares achieved, if any, vest according to the following schedule after the three-year performance measurement period: one-third immediately, one-third the year after, and the final one-third two years after the performance period has ended. The initial fair value of this grant was measured using a Monte Carlo simulation that resulted in a fair value of $8.2 million. The fair value of the grant is amortized over the five-year service period of the award as it qualifies as an equity-classified award.

Statement of Cash Flows—The Company records the fair value of premiums and origination fees as a component of the fair value of derivative assets on the loan commitment date and records the related income within Loan origination and debt brokerage fees, net within the Consolidated Statements of Income. The cash for the origination fee is received upon closing of the loan, and the cash for the premium is received upon loan sale, resulting in a timing mismatch of the recognition of income and the receipt of cash in a given period when the derivative or loan held for sale remains outstanding at period end.

The Company accounts for this mismatch by recording an adjustment called Change in the fair value of premiums and origination fees within the Consolidated Statements of Cash Flows. The amount of the adjustment reflects a reduction to cash provided by or used in operations for the amount of income recognized upon rate lock (i.e., non-cash income) for derivatives and loans held for sale outstanding at period end and an increase to cash provided by or used in operations for cash received upon loan origination or sale for derivatives and loans held for sale that were outstanding at prior period end. When income recognized upon rate lock is greater than cash received upon loan origination or sale, the adjustment is a negative amount. When income recognized upon rate lock is less than cash received upon loan origination or loan sale, the adjustment is a positive amount.

For presentation in the Consolidated Statements of Cash Flows, the Company considers pledged cash and cash equivalents (as detailed in NOTE 12) to be restricted cash and restricted cash equivalents. The following table presents a reconciliation of the total of cash, cash equivalents, restricted cash, and restricted cash equivalents as presented in the Consolidated Statements of Cash Flows to the related captions on the Consolidated Balance Sheets as of December 31, 2025, 2024, 2023, and 2022.


(in thousands)	2025		2024		2023		2022
Cash and cash equivalents	$	299,315	$	279,270	$	328,698	$	225,949
Restricted cash		22,772		25,156		21,422		17,676
Pledged cash and cash equivalents (NOTE 12)		22,288		23,472		41,283		14,658
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$	344,375	$	327,898	$	391,403	$	258,283

The Company has made certain disclosures throughout the footnotes to the consolidated financial statements regarding non-cash transactions that are not reflected in the Consolidated Statements of Cash flows for the years ended December 31, 2025, 2024, and 2023. In addition to those disclosures, the following non-cash transaction is not reflected in the Consolidated Statements of Cash Flows: $6.0 million allowance charge-off of a loan held for investment for the year ended December 31, 2023.

Income Taxes—The Company files income tax returns in the applicable U.S. federal, state, and local jurisdictions and generally is subject to examination by the respective jurisdictions for three to four years from the filing of a tax return. The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted.

Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realizable based on consideration of available evidence, including future reversals of existing taxable temporary differences, projected future taxable income, and tax planning strategies.

The Company had an insignificant accrual for uncertain tax positions as of December 31, 2025 and 2024.

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 on loans held for sale after a loan is closed and before a loan is sold. Warehouse interest income is earned 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 years ended December 31, 2025, 2024, and 2023 are the following components:


(in thousands)	For the year ended December 31,
Components of Net Warehouse Interest Income (Expense)	2025		2024		2023
Warehouse interest income	$	56,212	$	40,058	$	44,705
Warehouse interest expense		(61,702)		(47,091)		(50,338)
Net warehouse interest income (expense)	$	(5,490)	$	(7,033)	$	(5,633)

Pledged Securities—As collateral against its Fannie Mae risk-sharing obligations (NOTES 4 and 12), certain cash, cash equivalents, and securities have been pledged to the benefit of Fannie Mae to secure the Company's risk-sharing obligations. Substantially all of the balance of Pledged securities, at fair value within the Consolidated Balance Sheets as of December 31, 2025 and 2024 was pledged against Fannie Mae risk-sharing obligations. The Company’s investments included within Pledged securities, at fair value consist primarily of money market funds (cash equivalent) and Agency debt securities. The investments in Agency debt securities consist of multifamily Agency mortgage-backed securities (“Agency MBS”) and are all accounted for as available-for-sale (“AFS”) securities. The Company does not record an allowance for credit losses for its Agency MBS, including those whose fair value is less than amortized cost. Agency MBS carry the guarantee of payment from the Agencies, nor does the Company believe that it is more likely than not that it would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. The contractual cash flows of Agency MBS are guaranteed by the GSEs, which are government-sponsored enterprises under the conservatorship of the Federal Housing Finance Agency. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost of these securities.

Contracts with Customers—A 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 below, the Company’s contracts with customers generally do not require judgment or material 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 Company’s contracts with customers is generally not complicated and is generally completed in a short period of time.

The Company provides asset management services to investors in low-income housing tax credits funds and earns an asset management fee (“AMF”). The AMF is generally a specified percentage of invested assets in the LIHTC fund. The LIHTC funds invest in low-income housing projects, typically for a period of 10-15 years to meet the qualifications for the tax credit benefit. Cash distributions are made from the low-income housing project to the LIHTC fund. These distributions are subject to significant uncertainty as to the amount and timing as they are dependent upon the availability of cash for distribution, operating performance, and liquidity of the low-income housing project investments.

Due to this significant uncertainty, the Company considers the contractual AMF to be variable consideration, substantially all of which is constrained. The Company estimates the amount of consideration not subject to the constraint at each quarterly reporting period. The amount of AMF revenue recognized each period is based on an assessment of the projected cash collections expected over the next 12 months. This projection is based on historical collections and other considerations. The Company recognized asset management fees of $26.2 million, $21.6 million, and $36.7 million for the years ended December 31, 2025, 2024, and 2023, respectively. The AMF receivable was $27.4 million as of

December 31, 2025 and $30.3 million as of December 31, 2024. The asset management fee receivable is included in Receivables, net on the Consolidated Balance Sheets, and the AMF revenue is included within Investment management fees in the Consolidated Statements of Income.

The following table presents information about the Company’s contracts with customers for the years ended December 31, 2025, 2024, and 2023:


Description	2025		2024		2023		Statement of income line item
Certain loan origination fees	$	125,922	$	99,828	$	71,445	Loan origination and debt brokerage fees, net
Property sales broker fees		83,519		60,583		53,966	Property sales broker fees
Investment management fees		34,629		36,976		45,381	Investment management fees
Investment banking revenues, appraisal revenues, subscription revenues, syndication fees, and other revenues		75,894		67,991		87,417	Other revenues
Total revenues derived from contracts with customers	$	319,964	$	265,378	$	258,209

Loans Held for Investment, net (“LHFI”)— The Company recognizes interest income on an accrual basis except when the Company believes the collection of principal and interest in full is not reasonably assured. This generally occurs when a loan is two or more months past due according to its contractual terms. A loan is reported as past due if a full payment of principal and interest is not received within one month of its due date. When a loan is placed on nonaccrual status interest previously accrued but not collected on the loan is reversed through interest income. Cost basis adjustments on LHFI are amortized into interest income over the contractual life of the loan using the effective interest method.

Cost basis adjustments on the loan are not amortized into income while a loan is on nonaccrual status. The Company has elected not to measure an allowance for credit losses on accrued interest receivable balances as the Company has a nonaccrual policy to ensure the timely reversal of unpaid accrued interest.

The Company accounts for interest income on a cost recovery basis and the Company applies any payment received while on nonaccrual status to reduce the amortized cost of the loan. Thus, the Company does not recognize any interest income on a loan placed on nonaccrual status until the amortized cost of the loan has been reduced to zero.

A nonaccrual loan is returned to accrual status when the full collection of principal and interest is reasonably assured. The Company generally determines that the full collection of principal and interest is reasonably assured when the loan returns to current payment status. Upon a loan’s return to accrual status, the Company resumes the recognition of interest income on an accrual basis and the amortization of cost basis adjustments, if any, into interest income.

As of December 31, 2025 and 2024, loans held for investment consisted of loans repurchased or indemnified in 2025 and 2024 as discussed above. NOTE 5 contains additional details on loans held for investment and loans in nonaccrual status.

Guaranty Obligation, net—When a loan is sold under the Fannie Mae DUS program, the Company undertakes an obligation to partially guarantee the performance of the loan. Upon loan sale, a liability for the fair value of the obligation undertaken in issuing the guaranty is recognized and presented as a component of Other liabilities on the Consolidated Balance Sheets. The recognized guaranty obligation is the fair value of the Company’s obligation to stand ready to perform and credit risk over the term of the guaranty.

The estimated fair value of the guaranty obligation is based on the present value of the cash flows expected to be paid under the guaranty over the estimated life of the loan discounted using a rate consistent with what is used for the calculation of the mortgage servicing right for each loan. The life of the guaranty obligation is the estimated period over which the Company believes it will be required to stand ready under the guaranty, which is generally the term of the loan. Subsequent to the initial measurement date, the liability is amortized over the life of the guaranty period using the straight-line method as a component of and reduction to Amortization and depreciation in the Consolidated Statements of Income.

Cash and Cash Equivalents—The term cash and cash equivalents, as used in the accompanying consolidated financial statements, includes currency on hand, demand deposits with financial institutions, and short-term, highly liquid investments purchased with an original

maturity of three months or less. The Company had no cash equivalents, except as described in Pledged Securities above, as of December 31, 2025 and 2024.

Restricted Cash—Restricted cash represents primarily good faith deposits from borrowers. The Company records a corresponding liability for the good faith deposits from borrowers within Other liabilities on the Consolidated Balance Sheets.

Receivables, Net—Receivables, net represents amounts currently due to the Company pursuant to contractual servicing agreements, investor good faith deposits held in escrow by others, notes receivable from the developers of affordable housing projects, asset management fees receivable, and other receivables. Substantially all of these receivables are (i) expected to be collected within a short period of time, (ii) with counterparties with high credit quality (such as the Agencies) or (iii) sufficiently collateralized by underlying assets. Additionally, the Company has not experienced any material credit losses related to these receivables. Consequently, the Company has not recorded an allowance for credit losses associated with its receivables as of December 31, 2025 and 2024.

Concentrations of Credit Risk—Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents, loans held for sale, and derivative financial instruments.

The Company places the cash and temporary investments with systematically important financial institutions, which are Federal Deposit Insurance Corporation (“FDIC”) insured banks, and certain of the Company’s cash deposits exceed FDIC insurance limits. The Company believes no significant credit risk exists with these financial institutions. The counterparties to the loans held for sale and funding commitments are owners of residential multifamily properties located throughout the United States. Mortgage loans are generally transferred or sold within 60 days from the date that a mortgage loan is funded. There is no material residual counterparty risk with respect to the Company's funding commitments as each potential borrower must make a non-refundable good faith deposit when the funding commitment is executed. The counterparty to the forward sale is Fannie Mae, Freddie Mac, or a broker-dealer that has been determined to be a credit-worthy counterparty by us and our warehouse lenders. There is a risk that the purchase price agreed to by the investor will be reduced in the event of a late delivery. The risk for non-delivery of a loan primarily results from the risk that a borrower does not close on the funding commitment in a timely manner. This risk is generally mitigated by the non-refundable good faith deposit.

Leases—In the normal course of business, the Company executes lease arrangements for all of its office space. All such lease arrangements are accounted for as operating leases. The Company initially recognizes a lease liability for the obligation to make lease payments and a right-of-use (“ROU”) asset for the right to use the underlying asset for the lease term. The lease liability is measured at the present value of the lease payments over the lease term. The ROU asset is measured at the lease liability amount, adjusted for lease prepayments, accrued rent, lease incentives received, and the lessee’s initial direct costs.

These operating leases do not provide an implicit discount rate; therefore, the Company uses the incremental borrowing rate of its note payable at lease commencement to calculate lease liabilities as the terms on this debt most closely resemble the terms on the Company’s largest leases. The Company’s lease agreements often include options to extend or terminate the lease. Single lease cost related to these lease agreements is recognized on the straight-line basis over the term of the lease, which includes options to extend when it is reasonably certain that such options will be exercised and the Company knows what the lease payments will be during the optional periods.

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


Standard	Description	Date of Adoption
2024-03-Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses	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
2025-08-Financial Instruments-Credit Losses (Topic 326): Purchased Loans	Requires the gross-up approach for seasoned acquired financial assets similar to the accounting for purchased credit deteriorated financial assets.	January 1, 2027
2025-09-Derivatives and Hedging (Topic 815): Hedge Accounting Improvements	Addresses hedge accounting issues that will allow entities to achieve and maintain hedge accounting.	January 1, 2028
2025-11-Interim Reporting (Topic 270): Narrow-Scope Improvements	Clarifies interim disclosure requirements by providing a comprehensive list of required interim disclosures.	January 1, 2028

While the Company is currently assessing the impact of these new pronouncements, the Company currently believes that the future 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 the Company believes have the potential to impact the Company’s consolidated financial statements.

As of December 31, 2025, the Company adopted ASU 2023-09 Income Taxes – Improvements to Income Tax Disclosures. NOTE 14 contains additional information about the adoption of this new standard and includes the additional disclosures required by the standard. 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. Additionally, in 2025, the Company began presenting Indemnified and repurchased loan expenses and Asset impairments and other expenses on the Consolidated Statements of Income to enhance visibility around expenses related to specific events given their larger impact in 2025. Previously, these amounts were included in Other operating expenses and were disclosed throughout the notes to the consolidated financial statements. NOTE 5 and NOTE 17 contain additional detailed information on Indemnified and repurchased loan expenses and Asset impairments and other expenses, respectively.

MORTGAGE SERVICING RIGHTS

12 Months Ended

Dec. 31, 2025

MSRs

MORTGAGE SERVICING RIGHTS

MORTGAGE SERVICING RIGHTS

NOTE 3—MORTGAGE SERVICING RIGHTS

The fair value of MSRs was $1.4 billion as of both December 31, 2025 and 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	$	39.4
200 basis point increase		76.1
Placement Fee Rate
50 basis point decrease	$	49.7
100 basis point decrease		99.5

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 years ended December 31, 2025 and 2024 follows:


	For the year ended December 31,
Roll Forward of MSRs (in thousands)	2025		2024
Beginning balance	$	852,399	$	907,415
Additions, following the sale of loan		178,136		156,984
Amortization		(210,536)		(203,600)
Pre-payments and write-offs		(11,854)		(8,400)
Ending balance	$	808,145	$	852,399

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


Components of MSRs (in thousands)	December 31, 2025		December 31, 2024
Gross value	$	1,824,350	$	1,808,295
Accumulated amortization		(1,016,205)		(955,896)
Net carrying value	$	808,145	$	852,399

The expected amortization of MSRs held in the Consolidated Balance Sheet as of December 31, 2025 is shown in the table below. Actual amortization may vary from these estimates.


	Expected
	Amortization
Year Ending December 31, (in thousands)
2026	$	199,489
2027		178,400
2028		147,206
2029		107,607
2030		69,735
Thereafter		105,708
Total	$	808,145

The Company recorded write-offs of MSRs related to loans that were repaid prior to the expected maturity and loans that defaulted. These write-offs are included as a component of the MSR roll forward shown above and as a component of Amortization and depreciation in the Consolidated Statements of Income. Prepayment fees totaling $9.1 million, $3.5 million, and $3.5 million were earned for 2025, 2024, and 2023, respectively, and are included as a component of Other revenues in the Consolidated Statements of Income. Placement fees totaling $114.5 million, $137.6 million, and $127.4 million were earned for the years ended December 31, 2025, 2024, and 2023, respectively, and are included as a component of Placement fees and other interest income in the Consolidated Statements of Income. All other ancillary servicing fees were insignificant for the periods presented.

Management reviews the MSRs for temporary impairment quarterly by comparing the aggregate carrying value of the MSR portfolio to the aggregate estimated fair value of the portfolio. Additionally, MSRs related to Fannie Mae loans where the Company has risk-sharing obligations are assessed for permanent impairment on an asset-by-asset basis in conjunction with the Company’s assessment of the allowance for risk-sharing obligations. Except for defaulted or prepaid loans, no temporary or permanent impairment was recognized for the years ended December 31, 2025, 2024, and 2023.

As of December 31, 2025, the weighted-average remaining life of the aggregate MSR portfolio was 5.7 years.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION

12 Months Ended

Dec. 31, 2025

ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION

ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION

NOTE 4—ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION

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 CECL, for all loans in its Fannie Mae at-risk servicing portfolio and an insignificant number of Freddie Mac SBL pre-securitized loans as discussed in NOTE 2. 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 SBL, are presented as Allowance for risk-sharing obligations on the Consolidated Balance Sheets.

Activity related to the allowance for risk-sharing obligations for the years ended December 31, 2025 and 2024 follows:


	For the year ended December 31,
Roll Forward of Allowance for Risk-Sharing Obligations (in thousands)	2025		2024
Beginning balance	$	28,159	$	31,601
Provision (benefit) for risk-sharing obligations		9,387		(974)
Write-offs		—		(468)
Other		—		(2,000)
Ending balance	$	37,546	$	28,159

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 impact during each quarter for the years ended December 31, 2025, 2024, and 2023 follows.


		2025
CECL Allowance Calculation Inputs, Details, and Provision Impact		Q1		Q2		Q3		Q4		Total
Forecast-period loss rate (in basis points)		2.1		2.1		2.1		2.1		N/A
Reversion-period loss rate (in basis points)		1.2		1.2		1.2		1.2		N/A
Historical loss rate (in basis points)		0.3		0.3		0.3		0.3		N/A
At-risk Fannie Mae servicing portfolio UPB (in billions)	$	63.6	$	64.7	$	66.0	$	67.5		N/A
CECL allowance (in millions)	$	24.4	$	24.6	$	24.8	$	25.0		N/A
Provision (benefit) for CECL allowance (in millions)	$	0.2	$	0.2	$	0.1	$	0.2	$	0.7


		2024
CECL Allowance Calculation Inputs, Details, and Provision Impact		Q1		Q2		Q3		Q4		Total
Forecast-period loss rate (in basis points)		2.3		2.3		2.1		2.1		N/A
Reversion-period loss rate (in basis points)		1.3		1.3		1.2		1.2		N/A
Historical loss rate (in basis points)		0.3		0.3		0.3		0.3		N/A
At-risk Fannie Mae servicing portfolio UPB (in billions)	$	59.2	$	59.5	$	60.6	$	62.9		N/A
CECL allowance (in millions)	$	25.0	$	24.9	$	23.4	$	24.2		N/A
Provision (benefit) for CECL allowance (in millions)	$	(6.6)	$	(0.1)	$	(1.5)	$	0.8	$	(7.4)


		2023
CECL Allowance Calculation Inputs, Details, and Provision Impact		Q1		Q2		Q3		Q4		Total
Forecast-period loss rate (in basis points)		2.3		2.3		2.3		2.4		N/A
Reversion-period loss rate (in basis points)		1.5		1.5		1.5		1.5		N/A
Historical loss rate (in basis points)		0.6		0.6		0.6		0.6		N/A
At-risk Fannie Mae servicing portfolio UPB (in billions)	$	54.5	$	55.7	$	57.4	$	58.5		N/A
CECL allowance (in millions)	$	28.7	$	28.9	$	31.0	$	31.6		N/A
Provision (benefit) CECL allowance (in millions)	$	(11.0)	$	0.2	$	0.5	$	0.6	$	(9.7)

During the first quarters of 2025, 2024 and 2023, the Company updated its ten-year look-back period, resulting in loss data from the earliest year being replaced with loss data for the most recently completed year. In 2024 and 2023 the look-back period updates resulted in the historical loss rate factors decreasing and the benefit for CECL allowance, as noted in the table above. The Company also increased its forecast-period and reversion-period loss rates during the three months ended March 31, 2023 to incorporate uncertain macroeconomic conditions. For the three months ended March 31, 2024, the ratio of the forecast-period loss rate to the historical loss rate increased, resulting in a much lower benefit for CECL allowance than in 2023.

The weighted-average remaining life of the at-risk Fannie Mae servicing portfolio as of December 31, 2025 was 5.1 years compared to 5.7 years as of December 31, 2024.

As of December 31, 2025, 11 Fannie Mae DUS loans and three Freddie Mac SBLs had aggregate collateral-based reserves of $12.6 million 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.

Activity related to the guaranty obligation for the years ended December 31, 2025 and 2024 follows:


	For the year ended December 31,
Roll Forward of Guaranty Obligation (in thousands)	2025		2024
Beginning balance	$	35,980	$	39,868
Additions, following the sale of loan		5,679		4,218
Amortization and write-offs		(8,735)		(8,106)
Ending balance	$	32,924	$	35,980

As of December 31, 2025 and 2024, the maximum quantifiable contingent liability associated with the Company’s guarantees for the at-risk loans serviced under the Fannie Mae DUS agreement was $14.1 billion and $12.9 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.

- Definition

The entire disclosure for each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
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-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-4

+ Details

INDEMNIFIED AND REPURCHASED LOANS

12 Months Ended

Dec. 31, 2025

INDEMNIFIED AND REPURCHASED LOANS

INDEMNIFIED AND REPURCHASED LOANS

NOTE 5 – INDEMNIFIED AND REPURCHASED LOANS

The Company has repurchased, agreed to indemnify, or expects to indemnify the GSEs for $221.6 million of loans that were originated for the GSEs’ programs. In 2025, the Company received requests from one of the GSEs to repurchase loans with an aggregate unpaid principal balance (“UPB”) of $100.0 million as a result of fraudulent documentation submitted by the borrower in connection with the loans. The Company executed a forbearance and indemnification agreement with the GSE for loans with a UPB of $50.7 million that delays the repurchase of the loans until the fourth quarter of 2027 pursuant to which the Company agreed to indemnify the GSE against any losses until the repurchase date. A small portion of these loans were purchased credit deteriorated, and the Company recognized an insignificant allowance for credit losses and discount attributable to these loans. Additionally, the Company is in negotiations to enter into a forbearance and indemnification agreement with the GSE for the remaining $49.3 million of loans. Additionally, the Company believes that it is probable that the GSE will deliver a repurchase request for another $34.3 million of loans. If the Company fails to reach an agreement on a forbearance and indemnification agreement or some other form of increased loss sharing on either portfolio of loans, the Company may be required to repurchase these loans in 2026, resulting in a cash outlay for the UPB of the loans and any costs associated with repurchasing these loans.

During 2024, the Company received requests to repurchase five GSE loans totaling $87.3 million. As of December 31, 2025, the Company has repurchased four of the loans, totaling $52.5 million, and has a forbearance and indemnification agreement in place for the other loan (this is the other asset referenced in NOTE 2) totaling $24.1 million. The forbearance and indemnification agreement for the other asset expires on March 29, 2026, at which time the Company would, absent an extension, be expected to repurchase the other asset. The Company is in the process of negotiating a six-month extension of the forbearance and indemnification agreement to delay the repurchase until September 2026.

A summary of the Company’s indemnified and repurchased loans and their location on the Consolidated Balance Sheets as of December 31, 2025 and 2024 follows:


	As of December 31,
Other Assets Related to Indemnified and Repurchased Loans (in thousands)	2025		2024
Other Assets
Loans held for investment
Indemnified loans	$	46,253	$	24,617
Repurchased loans		36,926		12,309
Allowance for loan losses		(5,410)		(4,060)
Loans held for investment, net	$	77,769	$	32,866
OREO		14,756		14,756
Other asset, net		24,124		25,524
Total other assets related to indemnified and repurchased loans	$	116,649	$	73,146

Other Liabilities Related to Indemnified and Repurchased Loans (in thousands)
Secured borrowings	$	83,402	$	59,441
Indemnification reserves ⁽¹⁾		23,920		5,527
Total other liabilities related to indemnified and repurchased loans	$	107,322	$	64,968

(1)

NOTE 2 contains information about the nature of these reserves.


	As of December 31,
Maximum Expected Future Payments (in thousands)	2025		2024
Secured Borrowings	$	83,402	$	59,441
Collateral for Secured borrowings ⁽¹⁾		(22,668)		(12,538)
Total	$	60,734	$	46,903

(1)

Collateral for secured borrowings is included in Receivables, net on the Consolidated Balance Sheets.

In addition to the provision for credit losses related to the indemnified and repurchased loan portfolio, the Company also incurs costs related to operating the indemnified and repurchased loans and other asset. A summary of losses related to indemnified and repurchased loans for the years ended December 31, 2025 and 2024 follows (there were no such costs in 2023 as the Company received its first ever repurchase request in 2024):


	For the year ended December 31,
Impact of Indemnified and Repurchased Loans (in thousands)	2025		2024
Initial loan repurchase costs	$	8,318	$	7,041
Indemnified and repurchased loan operating costs		12,440		3,532
Expected principal losses on loan repurchase ("loan repurchase losses")		20,092		—
Indemnified and repurchased loan expenses	$	40,850	$	10,573

Provision (benefit) for loan losses — Indemnified Loans ⁽¹⁾	$	199	$	11,860
Total impact of indemnified and repurchased loans	$	41,049	$	22,433

(1)

Included as a component of Provision (benefit) for credit losses in the Consolidated Statements of Income.

A portion of the indemnified and repurchased loans above are on nonaccrual status. A summary of these loans as of December 31, 2025 and 2024 follows:


	As of December 31,
Non-accrual Loans (in thousands)	2025		2024
Loans held for investment UPB	$	48,630	$	36,926
Cost basis and fair value adjustments, net		1,331		—
Allowance for loan losses		(5,410)		(4,060)
Non-accrual Loans, net	$	44,551	$	32,866

SERVICING	12 Months Ended
SERVICING	Dec. 31, 2025
Loans and Other Servicing Accounts
SERVICING
SERVICING	NOTE 6—SERVICING The total unpaid principal balance of loans the Company was servicing for various institutional investors was $144.0 billion as of December 31, 2025 compared to $135.3 billion as of December 31, 2024. As of December 31, 2025 and 2024, custodial deposit accounts relating to loans serviced by the Company totaled $3.1 billion and $2.7 billion, respectively. These amounts are not included in the 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 Consolidated Statements of Income. Certain cash deposits exceed the FDIC insured limits; however, the Company believes it has mitigated this risk by holding uninsured deposits at large national banks.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

WAREHOUSE AND CORPORATE NOTES PAYABLE

12 Months Ended

Dec. 31, 2025

WAREHOUSE AND CORPORATE NOTES PAYABLE

WAREHOUSE AND CORPORATE NOTES PAYABLE

NOTE 7—WAREHOUSE AND CORPORATE NOTES PAYABLE

Warehouse Facilities

As of December 31, 2025, to provide financing to borrowers under the Agencies’ programs, the Company had committed and uncommitted warehouse lines of credit in the amount of $3.8 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 interest rate for all our warehouse facilities is based on SOFR. The maximum amount and outstanding borrowings under Warehouse notes payable as of December 31, 2025 and 2024 follow:


		December 31, 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	$	77,825		SOFR plus 1.30%
Agency Warehouse Facility #2			700,000			300,000		1,000,000		382,608		SOFR plus 1.30%
Agency Warehouse Facility #3			425,000			425,000		850,000		64,403		SOFR plus 1.30%
Agency Warehouse Facility #4			150,000			225,000		375,000		122,711		SOFR plus 1.30% to 1.35%
Agency Warehouse Facility #5			—			1,000,000		1,000,000		100,217		SOFR plus 1.45%
Total National Bank Agency Warehouse Facilities		$	1,600,000			2,200,000		3,800,000	$	747,764
Fannie Mae repurchase agreement, uncommitted line and open maturity			—			1,500,000		1,500,000		672,899
Total Agency Warehouse Facilities		$	1,600,000			3,700,000		5,300,000	$	1,420,663


		December 31, 2024
(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	$	69,401		SOFR plus 1.30%
Agency Warehouse Facility #2			700,000			300,000		1,000,000		137,792		SOFR plus 1.30%
Agency Warehouse Facility #3			425,000			425,000		850,000		102,463		SOFR plus 1.30%
Agency Warehouse Facility #4			150,000			225,000		375,000		66,861		SOFR plus 1.30% to 1.35%
Agency Warehouse Facility #5			50,000			950,000		1,000,000		11,461		SOFR plus 1.45%
Total National Bank Agency Warehouse Facilities		$	1,650,000		$	2,150,000	$	3,800,000	$	387,978
Fannie Mae repurchase agreement, uncommitted line and open maturity			—			1,500,000		1,500,000		204,542
Total Agency Warehouse Facilities		$	1,650,000		$	3,650,000	$	5,300,000	$	592,520
Liabilities associated with loans held for sale due to a repurchase option (NOTE 2)			—			—		—		189,452
Total Borrowings		$	1,650,000		$	3,650,000	$	5,300,000	$	781,972

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

Interest expense under the warehouse notes payable for the years ended December 31, 2025, 2024, and 2023 aggregated to $61.7 million, $47.1 million, and $50.3 million, respectively. Included in interest expense in 2025, 2024, and 2023 were the amortization of facility fees totaling $2.1 million, $2.4 million, and $3.2 million, respectively. The warehouse notes payable are subject to various financial covenants, and the Company was in compliance with all such covenants as of December 31, 2025.

Agency Warehouse Facilities

The following section provides a summary of the key terms related to each of the Agency Warehouse Facilities. The Company believes that the five committed and uncommitted credit facilities from national banks and the uncommitted credit facility from Fannie Mae provide the Company with sufficient borrowing capacity to conduct its Agency lending operations. The Agency Warehouse agreements contain certain affirmative and negative covenants that are binding on the Company’s operating subsidiary, Walker & Dunlop, LLC (which are in some cases subject to exceptions), including, but not limited to, restrictions on its ability to assume, guarantee, or become contingently liable for the obligation of another person, to undertake certain fundamental changes such as reorganizations, mergers, amendments to the Company’s certificate of formation or operating agreement, liquidations, dissolutions or dispositions or acquisitions of assets or businesses, to cease to be directly or indirectly wholly owned by the Company, to pay any subordinated debt in advance of its stated maturity or to take any action that would cause Walker & Dunlop, LLC to lose all or any part of its status as an eligible lender, seller, servicer or issuer or any license or approval required for it to engage in the business of originating, acquiring, or servicing mortgage loans.

Agency Warehouse Facility #1:

The Company has a warehousing credit and security agreement with a national bank for a $325.0 million committed warehouse line that is scheduled to mature on August 26, 2026. The agreement provides the Company with the ability to fund Fannie Mae, Freddie Mac, HUD, and FHA loans. Advances are made at 100% of the loan balance and borrowings under this line bear interest at SOFR plus 130 basis points. In addition to the committed borrowing capacity, the agreement provides $250.0 million of uncommitted borrowing capacity that bears interest at the same rate as the committed facility. During 2025, the Company executed an amendment to the warehouse agreement related to this facility that extended the maturity date.

Agency Warehouse Facility #2:

The Company has a warehousing credit and security agreement with a national bank for a $700.0 million committed warehouse line that is scheduled to mature on April 10, 2026. The committed warehouse facility provides the Company with the ability to fund Fannie Mae, Freddie Mac, HUD, and FHA loans. Advances are made at 100% of the loan balance, and borrowings under this line bear interest at SOFR plus 130 basis points. In addition to the committed borrowing capacity, the agreement provides $300.0 million of uncommitted borrowing capacity that bears interest at the same rate as the committed facility. During 2025, the Company executed an amendment to the warehouse agreement related

to this facility that extended the maturity date. In February 2026, the Company executed an amendment to the warehousing credit and security agreement that, among other things, reduced the interest rate to SOFR plus 120 basis points.

Agency Warehouse Facility #3:

The Company has a $425.0 million committed warehouse credit and security agreement with a national bank that is scheduled to mature on May 15, 2026. The committed warehouse facility provides the Company with the ability to fund Fannie Mae, Freddie Mac, HUD and FHA loans. Advances are made at 100% of the loan balance, and the borrowings under the warehouse agreement bear interest at a rate of SOFR plus 130 basis points. In addition to the committed borrowing capacity, the agreement provides $425.0 million of uncommitted borrowing capacity that bears interest at the same rate as the committed facility. During 2025, the Company executed an amendment to the warehouse agreement related to this facility that extended the maturity date.

Agency Warehouse Facility #4:

The Company has a $150.0 million committed warehouse credit and security agreement with a national bank that is scheduled to mature on June 22, 2026. The committed warehouse facility provides the Company with the ability to fund Fannie Mae, Freddie Mac, HUD, and FHA loans and has a sublimit of $75.0 million to fund defaulted HUD and FHA loans. Advances are made at 100% of the loan balance, and the borrowings under the warehouse agreement bear interest at a rate of SOFR plus 135 basis points. In addition to the committed borrowing capacity, the agreement provides $225.0 million of uncommitted borrowing capacity that bears interest at a rate of SOFR plus 130 basis points. During 2025, the Company executed an amendment to the warehouse agreement related to this facility that extended the maturity date.

Agency Warehouse Facility #5:

The Company has a master repurchase agreement with a national bank for a $1.0 billion uncommitted advance credit facility that is scheduled to mature on September 10, 2026. The facility provides the Company with the ability to fund Fannie Mae, Freddie Mac, HUD, and FHA loans. Advances are made at 100% of the loan balance, and the borrowings under the repurchase agreement bear interest at a rate of SOFR plus 145 basis points. During 2025, the Company executed an amendment to the warehouse agreement related to this facility that extended the maturity date, decreased the committed borrowing capacity to zero, and increased the uncommitted borrowing capacity to $1.0 billion.

No other material modifications were made to the Agency warehouse agreements during 2025.

Uncommitted Agency Warehouse Facility:

The Company has a $1.5 billion uncommitted facility with Fannie Mae under its As Soon As Pooled funding program. After approval of certain loan documents, Fannie Mae will fund loans after closing, and the advances are used to repay the primary warehouse line. Fannie Mae will advance 99% of the loan balance. There is no expiration date for this facility. The uncommitted facility has no specific negative or financial covenants.

The Agency Warehouse Facilities require compliance with certain financial covenants, which are measured for the Company and its subsidiaries on a consolidated basis, which include but are not limited to minimum tangible net worth requirements, minimum liquidity requirements, minimum servicing portfolio UPB requirements, debt service coverage ratios, and other customary financial covenants. The agreements contain customary events of default, which are in some cases subject to certain exceptions, thresholds, notice requirements, and grace periods. The warehouse agreements contain cross-default provisions, such that if a default occurs under any of the Company’s warehouse agreements, generally the lenders under the other warehouse agreements could also declare a default. The Company is in compliance with all of its Agency warehouse facility covenants.

The Company, through its LIHTC operations, has a warehouse line of credit with a national bank that is used to fund the Company’s Committed investments in tax credit equity before transferring them to a tax credit fund. The warehouse facility is a revolving commitment that is scheduled to mature on April 5, 2026, carries an interest rate of SOFR plus 280 basis points, and has an outstanding balance of $26.0 million as of December 31, 2025.

Corporate notes payable

As of December 31, 2024, the Company’s Corporate notes payable consisted of a senior secured credit agreement (as amended from time to time; the “Credit Agreement”) that provided for an $800.0 million borrowing pursuant to that certain Credit Agreement, dated as of December 16, 2021 (as amended from time to time, the “Term Loan”).

In March 2025, the Company completed its offering of $400.0 million aggregate principal amount of senior unsecured notes due 2033 (the “Senior Notes”). The Senior Notes were issued pursuant to an indenture, dated as of March 14, 2025 (the “Indenture”). The Senior Notes bear interest at a fixed rate of 6.625% per annum, accruing from March 14, 2025. Interest is payable semiannually in arrears on April 1 and October 1 of each year, commencing on October 1, 2025. The Senior Notes mature on April 1, 2033. The Senior Notes are guaranteed on a senior unsecured basis by the subsidiary guarantors. As discussed in NOTE 10, the Company entered into an interest rate swap agreement to convert the fixed interest rate to a floating interest rate based on SOFR. The Company used $328.5 million of the proceeds from the Senior Notes to paydown its obligations under the Term Loan. In connection with the paydown, the Company wrote-off a pro-rata portion of the unamortized debt issuance costs associated with the Term Loan, resulting in $4.2 million of expense included within Asset impairment and other expenses in the Consolidated Statements of Income.

After the paydown of a portion of the Term Loan, the Company amended the credit agreement (the “Restated Credit Agreement”) related to the remaining $450.0 million balance of the Term Loan (the “Restated Term Loan”) and added a $50.0 million revolving credit facility (“Revolving Credit Facility”). The Restated Credit Agreement amends and restates the Credit Agreement governing the Company’s Term Loan, including reducing the rate of interest to SOFR plus a spread of 200 basis points. Following the first full fiscal quarter ending after the closing date, the applicable interest margin of the Restated Term Loan will be subject to a 25 basis points step down if the Company’s total leverage ratio is equal to or less than 2.00 to 1.00. At any time, the Company may also elect to request the establishment of one or more incremental term loan facilities and/or one or more incremental revolving credit facilities (any such additional loan, an “Incremental Loan”) in an aggregate principal amount for all such Incremental Loans not to exceed the sum of (i) the greater of $325 million and 100% of Consolidated Adjusted EBITDA (as defined in the Restated Credit Agreement) as of the most recent test period under the Restated Credit Agreement ending on or immediately prior to such date plus (ii) the maximum amount of secured indebtedness that could be incurred at such time that would not cause the Consolidated Net Secured Leverage Ratio (as defined in the Restated Credit Agreement) to exceed 3.00 to 1.00, subject to certain conditions and receipt of commitments by existing or additional lenders.

The Company is required to repay the aggregate outstanding principal amount of the Restated Term Loan in consecutive quarterly installments equal to 0.25% of the aggregate principal amount of the loan (subject to certain adjustments for prepayments of the loan) on the last business day of each of March, June, September and December, commencing on June 30, 2025. The final principal installment of the Restated Term Loan is required to be paid in full on March 14, 2032 (or, if earlier, the date of acceleration of the loan pursuant to the terms of the Restated Credit Agreement) and will be in an amount equal to the aggregate outstanding principal of the Restated Term Loan on such date (together with all accrued interest thereon). The final outstanding principal amount of the Revolving Credit Loans (as defined in the Restated Credit Agreement) is required to be paid in full on March 14, 2028, together with all accrued but unpaid interest thereon (or, if earlier, the date of acceleration of the Revolving Credit Loans pursuant to the terms of the Restated Credit Agreement).

The following table shows the components of the Corporate notes payable as of December 31, 2025 and 2024:


		December 31,
(in thousands, unless otherwise specified)		2025			2024		Interest rate and repayments
Term Loan Note Payable
Unpaid principal balance		$	446,625		$	778,481	Quarterly principal payments of $1.1 million in 2025 and $2.0 million in 2024.
Unamortized debt discount			(2,688)			(3,484)
Unamortized debt issuance costs			(8,681)			(6,953)
Carrying balance		$	435,256		$	768,044

Senior Notes
Unpaid principal balance		$	400,000		$	—	No recurring principal payments. Stated interest rate is 6.625% Interest rate swapped to SOFR + 257 basis points.
Fair value adjustment (NOTE 10)			927			—
Unamortized debt issuance costs			(6,965)			—
Carrying balance		$	393,962		$	—

Corporate notes payable		$	829,218		$	768,044

The scheduled maturities, as of December 31, 2025, for the aggregate of the warehouse notes payable and Corporate notes payable are shown below. The warehouse notes payable obligations are incurred in support of the related loans held for sale. Amounts advanced under the warehouse notes payable for loans held for sale are included in the subsequent year as the amounts are usually drawn and repaid within 60 days. The amounts below related to the Term Debt note payable include only the quarterly and final principal payments required by the related credit agreement (i.e., the non-contingent payments) and do not include any principal payments that are contingent upon Company cash flow, as defined in the Credit Agreement (i.e., the contingent payments). The maturities below are in thousands.


Year Ending December 31,		Maturities
2026		$	1,451,117
2027			4,500
2028			4,500
2029			4,500
2030			4,500
Thereafter			824,125
Total		$	2,293,242

All of the debt instruments, including the warehouse facilities, are senior obligations of the Company. All warehouse notes payable balances associated with loans held for sale and outstanding as of December 31, 2025 were or are expected to be repaid in 2026.

Interest on the Company’s warehouse notes payable and Corporate notes payable are based on SOFR including the Senior Unsecured Note which has a stated fixed interest rate of 6.625% but was hedged through an interest rate swap to a variable rate of SOFR plus 257 basis points.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SEGMENTS

12 Months Ended

Dec. 31, 2025

SEGMENTS

SEGMENTS

NOTE 8—SEGMENTS

Reportable 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”)—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”)—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 before taxes 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 and balances as of and for the years ended December 31, 2025, 2024, and 2023.


Segment Results and Total Assets (dollars in thousands, except per share data and ratios)	As of and for the year ended December 31, 2025
Revenues		CM			SAM			Corporate			Consolidated
Loan origination and debt brokerage fees, net	$	336,947		$	5,202		$	—		$	342,149
Fair value of expected net cash flows from servicing, net of guaranty obligation		179,681			—			—			179,681
Servicing fees		—			337,442			—			337,442
Property sales broker fees		83,519			—			—			83,519
Investment management fees		—			34,629			—			34,629
Net warehouse interest income (expense)		(5,490)			—			—			(5,490)
Placement fees and other interest income		—			137,864			14,720			152,584
Other revenues		52,293			51,427			6,072			109,792
Total revenues	$	646,950		$	566,564		$	20,792		$	1,234,306

Expenses
Personnel⁽¹⁾	$	475,286		$	89,552		$	82,971		$	647,809
Amortization and depreciation		4,579			225,640			8,463			238,682
Provision (benefit) for credit losses		—			9,586			—			9,586
Interest expense on corporate debt		17,506			41,345			5,864			64,715
Goodwill impairment		—			—			—			—
Fair value adjustments to contingent consideration liabilities		—			(8,243)			—			(8,243)
Indemnified and repurchased loan expenses		—			40,850			—			40,850
Asset impairments and other expenses		2,742			28,584			5,420			36,746
Other operating expenses		21,162			21,398			82,603			125,163
Total expenses	$	521,275		$	448,712		$	185,321		$	1,155,308
Income (loss) before taxes	$	125,675		$	117,852		$	(164,529)		$	78,998
Income tax expense (benefit)		35,019			32,839			(45,845)			22,013
Net income (loss) before noncontrolling interests and temporary equity holders	$	90,656		$	85,013		$	(118,684)		$	56,985
Less: net income (loss) from noncontrolling interests	$	—		$	(99)		$	—		$	(99)
Less: net income (loss) attributable to temporary equity holders		837			—			—			837
Walker & Dunlop net income (loss)	$	89,819		$	85,112		$	(118,684)		$	56,247

Total assets	$	2,031,815		$	2,425,954		$	601,709		$	5,059,478
Diluted EPS	$	2.62		$	2.48		$	(3.46)		$	1.64
Operating margin		19	%		21	%		(791)	%		6	%


Segment Results and Total Assets (dollars in thousands, except per share data and ratios)	As of and for the year ended December 31, 2024
Revenues		CM			SAM			Corporate			Consolidated
Loan origination and debt brokerage fees, net	$	271,996		$	4,566		$	—		$	276,562
Fair value of expected net cash flows from servicing, net of guaranty obligation		153,593			—			—			153,593
Servicing fees		—			325,644			—			325,644
Property sales broker fees		60,583			—			—			60,583
Investment management fees		—			36,976			—			36,976
Net warehouse interest income (expense)		(8,780)			1,747			—			(7,033)
Placement fees and other interest income		—			153,350			14,611			167,961
Other revenues		47,449			69,366			1,389			118,204
Total revenues	$	524,841		$	591,649		$	16,000		$	1,132,490

Expenses
Personnel⁽¹⁾	$	399,256		$	83,050		$	76,940		$	559,246
Amortization and depreciation		4,551			226,067			6,931			237,549
Provision (benefit) for credit losses		—			10,839			—			10,839
Interest expense on corporate debt		19,489			43,834			6,363			69,686
Goodwill impairment		33,000			—			—			33,000
Fair value adjustments to contingent consideration liabilities		(39,491)			(10,830)			—			(50,321)
Indemnified and repurchased loan expenses		—			10,573			—			10,573
Asset impairments and other expenses		460			721			—			1,181
Other operating expenses		20,284			31,770			77,182			129,236
Total expenses	$	437,549		$	396,024		$	167,416		$	1,000,989
Income (loss) before taxes	$	87,292		$	195,625		$	(151,416)		$	131,501
Income tax expense (benefit)		20,275			45,437			(35,169)			30,543
Net income (loss) before noncontrolling interests	$	67,017		$	150,188		$	(116,247)		$	100,958
Less: net income (loss) from noncontrolling interests		353			(7,562)			—			(7,209)
Walker & Dunlop net income (loss)	$	66,664		$	157,750		$	(116,247)		$	108,167

Total assets	$	1,407,206		$	2,439,986		$	534,801		$	4,381,993
Diluted EPS	$	1.97		$	4.65		$	(3.43)		$	3.19
Operating margin		17	%		33	%		(946)	%		12	%


Segment Results and Total Assets (dollars in thousands, except per share data and ratios)	As of and for the year ended December 31, 2023
Revenues			CM			SAM			Corporate			Consolidated
Loan origination and debt brokerage fees, net		$	232,625		$	1,784		$	—		$	234,409
Fair value of expected net cash flows from servicing, net of guaranty obligation			141,917			—			—			141,917
Servicing fees			—			311,914			—			311,914
Property sales broker fees			53,966			—			—			53,966
Investment management fees			—			45,381			—			45,381
Net warehouse interest income (expense)			(9,497)			3,864			—			(5,633)
Placement fees and other interest income			—			141,374			13,146			154,520
Other revenues			57,755			59,526			685			117,966
Total revenues		$	476,766		$	563,843		$	13,831		$	1,054,440

Expenses
Personnel⁽¹⁾		$	375,450		$	74,407		$	64,433		$	514,290
Amortization and depreciation			4,550			214,978			7,224			226,752
Provision (benefit) for credit losses			—			(10,452)			—			(10,452)
Interest expense on corporate debt			18,779			42,489			7,208			68,476
Goodwill impairment			62,000			—			—			62,000
Fair value adjustments to contingent consideration liabilities			(62,500)			—			—			(62,500)
Indemnified and repurchased loan expenses			—			—			—			—
Asset impairments and other expenses			(1,157)			550			—			(607)
Other operating expenses			21,151			28,032			69,101			118,284
Total expenses		$	418,273		$	350,004		$	147,966		$	916,243
Income (loss) before taxes		$	58,493		$	213,839		$	(134,135)		$	138,197
Income tax expense (benefit)			14,824			54,198			(33,996)			35,026
Net income (loss) before noncontrolling interests		$	43,669		$	159,641		$	(100,139)		$	103,171
Less: net income (loss) from noncontrolling interests			2,489			(6,675)			—			(4,186)
Walker & Dunlop net income (loss)		$	41,180		$	166,316		$	(100,139)		$	107,357

Total assets		$	1,193,137		$	2,273,033		$	586,177		$	4,052,347
Diluted EPS		$	1.22		$	4.93		$	(2.97)		$	3.18
Operating margin			12	%		38	%		(970)	%		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.

Concentrations

The Company is one of the leading commercial real estate services and finance companies in the United States, with a primary focus on multifamily lending. The Company originates a range of multifamily and other commercial real estate loans that are sold to the Agencies or placed with institutional investors. The Company also services nearly all of the loans it sells to the Agencies and some of the loans that it places with institutional investors. The majority of the Company’s operations involve the delivery and servicing of loan products for its customers through its Capital Markets and Servicing & Asset Management reportable segments, respectively. A single customer represented 36.9%, 35.6%, and 34.8% of total revenues for the years ended December 31, 2025, 2024, and 2023, respectively, as reported through the CM and SAM reportable segments.

As of both December 31, 2025 and 2024, no one borrower/key principal accounted for more than 3% of our total risk-sharing loan portfolio.

An analysis of the product concentrations that impact the Company’s debt financing and servicing revenues is shown in the following tables. This information is based on the distribution of the loans sold or serviced for others.

The principal balance of the loans serviced for others, by product, as of December 31, 2025, 2024, and 2023 follows:


	As of December 31,
Loan Servicing Portfolio by Product (in thousands)	2025			2024			2023
Fannie Mae	$	72,708,372		$	68,196,744		$	63,699,106
Freddie Mac		42,595,441			39,185,091			39,330,545
Ginnie Mae-HUD		11,563,020			10,847,265			10,460,884
Other		17,111,320			17,057,912			16,980,989
Total	$	143,978,153		$	135,287,012		$	130,471,524

The volume of debt financing by product for the years ended December 31, 2025, 2024, and 2023 follows:


	For the year ended December 31,
Debt Financing by Product (in thousands)	2025			2024			2023
Fannie Mae	$	9,552,425		$	7,641,161		$	7,021,397
Freddie Mac		8,248,816			5,227,550			4,568,935
Ginnie Mae-HUD		915,524			588,529			678,889
Brokered		22,076,680			16,093,776			11,714,888
Principal Lending and Investing		690,250			603,650			218,750
Total	$	41,483,695		$	30,154,666		$	24,202,859

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 21
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-Publisher FASB
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+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2025

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

NOTE 9—GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill and Acquisition Activities

A summary of the Company’s goodwill by reportable segments as of and for the years ended December 31, 2025 and 2024 follows:


	For the year ended December 31,
(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		—		—		—			—		—		—
Measurement-period and other adjustments		—		—		—			—		—		—
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		—		—		—			33,000		—		33,000
Ending accumulated goodwill impairment	$	95,000	$	—	$	95,000		$	95,000	$	—	$	95,000

Goodwill	$	429,189	$	439,521	$	868,710		$	429,189	$	439,521	$	868,710

(1) As of both December 31, 2025 and 2024, no goodwill was allocated to the Corporate reportable segment.

The Company did not recognize any goodwill impairment in connection with its annual impairment evaluation performed on October 1, 2025 compared to $33.0 million of impairment during its October 1, 2024 evaluation. The estimated fair value of one reporting unit in 2024

declined below its carrying value. The Company estimated the fair value of the reporting unit based on discounted cash flow models that utilized significant unobservable inputs and assumptions.

Other Intangible Assets

The Company’s other intangible assets consist primarily of acquired customer contracts and technology intellectual property intangibles. The Company had no indefinite-lived intangible assets as of December 31, 2025 and 2024, and assesses its other intangible assets for impairment periodically. Activity related to other intangible assets for the years ended December 31, 2025 and 2024 follows:


	For the year ended December 31,
Roll Forward of Other Intangible Assets (in thousands)	2025		2024
Beginning balance	$	156,893	$	181,975
Additions from acquisitions		—		—
Amortization		(15,016)		(15,016)
Write-offs⁽¹⁾		—		(10,066)
Ending balance	$	141,877	$	156,893

(1) Amortization and Write-offs of Other Intangible Assets are recognized in Amortization and depreciation in the Consolidated Statements of Income.

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


Components of Other Intangible Assets (in thousands)	December 31, 2025		December 31, 2024
Gross value	$	208,782	$	210,616
Accumulated amortization		(66,905)		(53,723)
Net carrying value	$	141,877	$	156,893

The expected amortization of other intangible assets shown in the Consolidated Balance Sheet as of December 31, 2025 is shown in the table below. Actual amortization may vary from these estimates.


	Expected
	Amortization
Year Ending December 31, (in thousands)
2026	$	15,016
2027		15,016
2028		15,016
2029		14,952
2030		14,946
Thereafter		66,931
Total	$	141,877

As of December 31, 2025, the weighted average remaining life of all the other intangible assets was 9.9 years.

Contingent Consideration Liabilities

A summary of the Company’s contingent consideration liabilities, which are included in Other liabilities, as of and for the years ended December 31, 2025 and 2024 follows:


	For the year ended December 31,
Roll Forward of Contingent Consideration Liabilities (in thousands)	2025			2024
Beginning balance	$	30,537		$	113,546
Accretion		116			1,629
Fair value adjustments		(8,243)			(50,321)
Payments		(12,747)			(34,317)
Ending balance	$	9,663		$	30,537

The contingent consideration liabilities presented in the table above relate to: (i) acquisitions of investment sales brokerage companies completed over the past several years, and (ii) the Company’s LIHTC subsidiary. 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.

During 2025, the Company made fair value adjustments as seen above on contingent consideration liabilities associated with the Company’s LIHTC subsidiary based primarily on updated results that led to lower-than-expected payout. In 2024, the Company made fair value adjustments on contingent consideration liabilities associated with the Company’s LIHTC subsidiary and a 2022 acquisition.

The adjustments to the fair value of contingent considerations for the years ended December 31, 2025 and 2024 are included within Fair value adjustments to contingent consideration liabilities in the Consolidated Statements of Income.

The fair value adjustments in 2025 and 2024 are non-cash, and thus not reflected in the amount of cash consideration paid on the Consolidated Statements of Cash Flows.

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2025

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

NOTE 10—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.

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 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 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 12.

●

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 9.

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2025 and 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
December 31, 2025
Assets
Loans held for sale	$	—	$	1,436,350	$	—	$	1,436,350
Pledged securities		22,288		202,666		—		224,954
Derivative assets		—		27,216		—		27,216
Total	$	22,288	$	1,666,232	$	—	$	1,688,520

Liabilities
Derivative liabilities	$	—	$	1,718	$	—	$	1,718
Corporate notes payable —Senior Notes		—		400,927		—		400,927
Contingent consideration liabilities⁽¹⁾		—		—		9,663		9,663
Total	$	—	$	402,645	$	9,663	$	412,308

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)

For a detailed roll forward of this Level 3 liability, refer to “Roll Forward of Contingent Consideration Liabilities” in NOTE 9.

There were no transfers between any of the levels within the fair value hierarchy during any of the years presented in the consolidated financial statements.

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 years ended December 31, 2025 and 2024:


	For the year ended December 31,
Derivative Assets and Liabilities, net (in thousands)	2025		2024
Beginning balance	$	29,260	$	3,204
Settlements		(525,592)		(404,099)
Realized gains (losses) recorded in earnings⁽¹⁾		496,332		400,895
Unrealized gains (losses) recorded in earnings⁽¹⁾⁽²⁾		25,498		29,260
Ending balance	$	25,498	$	29,260

(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 Consolidated Statements of Income.

(2)

Unrealized gain (loss) from designated derivatives is recognized in Interest expense on corporate debt in the 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 December 31, 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		$	9,663		Monte Carlo Simulation		Probability of earnout achievement		0% - 34%	4%

(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 December 31, 2025 and December 31, 2024 are presented below:


		December 31, 2025						December 31, 2024
		Carrying			Fair			Carrying			Fair
(in thousands)	Level	Amount			Value			Amount			Value
Financial Assets:
Cash and cash equivalents	Level 1	$	299,315		$	299,315		$	279,270		$	279,270
Restricted cash	Level 1		22,772			22,772			25,156			25,156
Pledged securities	Level 1 & 2		224,954			224,954			206,904			206,904
Loans held for sale	Level 2		1,436,350			1,436,350			780,749			780,749
Loans held for investment, net⁽¹⁾	Level 3		77,769			77,769			32,866			32,866
Derivative assets⁽¹⁾	Level 2		27,216			27,216			30,175			30,175
Total financial assets		$	2,088,376		$	2,088,376		$	1,355,120		$	1,355,120

Financial Liabilities:
Derivative liabilities⁽²⁾	Level 2	$	1,718		$	1,718		$	915		$	915
Contingent consideration liabilities⁽²⁾	Level 3		9,663			9,663			30,537			30,537
Secured borrowings⁽²⁾	Level 2		83,402			83,402			59,441			59,441
Warehouse notes payable⁽³⁾	Level 2		1,420,272			1,420,662			781,706			781,972
Corporate notes payable⁽³⁾⁽⁴⁾	Level 2		829,218			847,552			768,044			778,481
Total financial liabilities		$	2,344,273		$	2,362,997		$	1,640,643		$	1,651,346

(1)

Included as a component of Other assets (NOTE 16) on the Consolidated Balance Sheets.

(2)

Included as a component of Other liabilities (NOTE 16) on the 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 Consolidated Statements of Income. The fair value of the Company's rate lock commitments to borrowers and loans held for sale and the related input levels 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 December 31, 2025 and 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
December 31, 2025
Undesignated derivatives
Rate lock commitments	$	374,384	$	18,673	$	(1,546)	$	17,127	$	17,608	$	(481)	$	—
Forward sale contracts		1,804,114		—		7,444		7,444		8,681		(1,237)		—
Loans held for sale⁽³⁾		1,429,730		12,518		(5,898)		6,620		—		—		6,620
Total undesignated derivatives			$	31,191	$	—	$	31,191	$	26,289	$	(1,718)	$	6,620
Designated derivatives
Interest rate swap		400,000		—		927		927		927		—		—
Senior Notes⁽⁴⁾		400,000		—		(927)		(927)		—		—		(927)
Total designated derivatives			$	—	$	—	$	—	$	927	$	—	$	(927)
Total			$	31,191	$	—	$	31,191	$	27,216	$	(1,718)	$	5,693

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 (NOTE 16) on the Consolidated Balance Sheets.

(2)	Included as a component of Other liabilities (NOTE 16) on the Consolidated Balance Sheets.

(3)	Fair value adjustment included as an adjustment to Loans held for sale, at fair value on the Consolidated Balance Sheets.

(4)	Fair value adjustment included as adjustment to Corporate notes payable on the Consolidated Balance Sheets.

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2025

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY

NOTE 11 — 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 that 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 years ended December 31, 2025, 2024, and 2023 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 years ended December 31,
EPS Calculations (in thousands, except per share amounts)	2025		2024		2023
Calculation of basic EPS
Walker & Dunlop net income	$	56,247	$	108,167	$	107,357
Less: dividends and undistributed earnings allocated to participating securities		1,355		2,441		2,752
Net income applicable to common stockholders	$	54,892	$	105,726	$	104,605
Weighted-average basic shares outstanding		33,347		33,116		32,697
Basic EPS	$	1.65	$	3.19	$	3.20

Calculation of diluted EPS
Net income applicable to common stockholders	$	54,892	$	105,726	$	104,605
Add: reallocation of dividends and undistributed earnings based on assumed conversion		(1)		1		3
Net income allocated to common stockholders	$	54,891	$	105,727	$	104,608
Weighted-average basic shares outstanding		33,347		33,116		32,697
Add: weighted-average diluted non-participating securities		22		42		178
Weighted-average diluted shares outstanding		33,369		33,158		32,875
Diluted EPS	$	1.64	$	3.19	$	3.18

The assumed proceeds used for calculating the dilutive impact of restricted stock awards under the treasury-stock method includes the unrecognized compensation costs associated with the awards. For the years ended December 31, 2025, 2024, and 2023, 212 thousand, 80 thousand, and 312 thousand average restricted shares, respectively were excluded from the computation of diluted EPS under the treasury-stock method.

Under the 2024 Equity Incentive Plan (and predecessor plans), subject to the Company’s approval, grantees have the option of electing to satisfy tax withholding obligations at the time of vesting or exercise by allowing the Company to withhold and purchase the shares of stock otherwise issuable to the grantee. For the years ended December 31, 2025, 2024, and 2023, the Company repurchased and retired 121 thousand, 127 thousand, and 130 thousand restricted shares at a weighted average market price of $86.07, $97.45, and $90.19, respectively, upon grantee vesting. For the year ended December 31, 2023, the Company repurchased and retired 91 thousand restricted share units at a weighted average market price of $96.89. The Company did not repurchase any restricted share units during the years ended December 31, 2024 and 2025.

Stock Repurchase Programs

In February 2026, the Company’s Board of Directors approved a new 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 26, 2026.

In February 2025, the Company’s Board of Directors authorized the Company to repurchase up to $75.0 million of its common stock over a 12-month period beginning on February 21, 2025. In 2025, the Company did not repurchase any shares of its common stock under the

2025 share repurchase program. The Company had $75.0 million of authorized share repurchase capacity remaining under the 2025 share repurchase program as of December 31, 2025.

In 2024 and 2023, the Company did not repurchase any shares of its common stock under a share repurchase program.

Dividends

In February 2026, our Board of Directors declared a dividend of $0.68 per share for the first quarter of 2026. The dividend will be paid on March 27, 2026 to all holders of record of our restricted and unrestricted common stock as of March 13, 2026.

The Term Loan contains 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.

Other Equity-Related Transactions

During the fourth quarter of 2025, the Company granted profit interest awards to certain non-executive employees of the Company to better align their incentive compensation with the Company’s goals. The profit interest awards allocate 15% of the income before taxes of a wholly owned subsidiary to these employees. The wholly owned subsidiary is focused on debt financing transactions closed by these employees. The profit interest holders have the right to put the interests to the Company beginning on December 31, 2030. Because of this put option, the profit interests are considered redeemable noncontrolling interests and are classified as temporary equity on the Consolidated Balance Sheets and presented between liabilities and equity. The fair value of the profit interests upon grant is amortized over the approximately 5.2 years from date of grant to the first put date as they qualify as equity-classified awards. The amortization of the awards is included as stock compensation expense with an offset to temporary equity. The Company is also required to periodically assess the redemption value of the awards and record any change in the value as an increase or decrease in temporary equity with a corresponding charge to the Company’s APIC. The activity related to temporary equity is included in the Consolidated Statements of Changes in Equity.

During 2024, the Company purchased two noncontrolling interests for cash consideration of $18.9 million. The purchase of the noncontrolling interests resulted in a net reduction to APIC of $16.7 million (non-cash transactions) for the excess of the purchase prices over the noncontrolling interests balance.

In 2025, 2024, and 2023, $6.1 million, $4.4 million, and $3.0 million, respectively, of stock was issued to employees, for which we had an accrued liability prior to the issuance of the award. Upon issuance, the accrued liability was reclassed to APIC, a non-cash transaction.

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES

12 Months Ended

Dec. 31, 2025

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES

NOTE 12 —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 10, 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 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 December 31, 2025. The majority of the loans for which the Company has risk sharing are Tier 2 loans.

The Company is in compliance with the December 31, 2025 collateral requirements as outlined above. As of December 31, 2025, reserve requirements for the December 31, 2025 DUS loan portfolio will require the Company to fund $99.7 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 December 31, 2025. The net worth requirement is derived primarily from unpaid principal balances on Fannie Mae loans and the level of risk sharing. As of December 31, 2025, the net worth requirement was $350.4 million, and the Company's net worth, as defined in the requirements, was $1.0 billion, as measured at the Company’s wholly owned operating subsidiary, Walker & Dunlop, LLC. As of December 31, 2025, the Company was required to maintain at least $69.7 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 $290.6 million as of December 31, 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 Consolidated Balance Sheets consisted of the following balances as of December 31, 2025, 2024, 2023, and 2022:


	December 31,
Pledged Securities (in thousands)	2025		2024		2023		2022
Restricted cash	$	17,419	$	3,015	$	2,727	$	5,788
Money market funds		4,869		20,457		38,556		8,870
Total pledged cash and cash equivalents	$	22,288	$	23,472	$	41,283	$	14,658
Agency MBS		202,666		183,432		142,798		142,624
Total pledged securities, at fair value	$	224,954	$	206,904	$	184,081	$	157,282

The information in the preceding table is presented to reconcile beginning and ending cash, cash equivalents, restricted cash, and restricted cash equivalents in the 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. The following table provides additional information related to the AFS Agency MBS as of December 31, 2025 and 2024:


Fair Value and Amortized Cost of Agency MBS (in thousands)	December 31, 2025		December 31, 2024
Fair value	$	202,666	$	183,432
Amortized cost		200,469		182,912
Total gains for securities with net gains in AOCI		3,247		1,650
Total losses for securities with net losses in AOCI		(1,050)		(1,130)
Fair value of securities with unrealized losses		124,684		136,976

Pledged securities with a fair value of $94.8 million, an amortized cost of $95.8 million, and a net unrealized loss of $1.0 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.


	December 31, 2025
Detail of Agency MBS Maturities (in thousands)	Fair Value		Amortized Cost
Within one year	$	—	$	—
After one year through five years		95,083		94,499
After five years through ten years		94,702		93,734
After ten years		12,881		12,236
Total	$	202,666	$	200,469

SHARE-BASED PAYMENT

12 Months Ended

Dec. 31, 2025

SHARE-BASED PAYMENT

SHARE-BASED PAYMENT

NOTE 13—SHARE-BASED PAYMENT

As of December 31, 2025, there were 12.0 million shares of stock authorized for issuance to directors, officers, and employees under the 2024 Equity Incentive Plan, which was approved by the stockholders on May 2, 2024 and constitutes an amendment and restatement of the Company’s 2020 Equity Incentive Plan, which entitles recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. As of December 31, 2025, 1.5 million shares remain available for grant under the 2024 Equity Incentive Plan.

Under the 2024 Equity Incentive Plan (and predecessor plans), the Company granted stock options to executive officers in the past and restricted shares to executive officers, employees, and non-employee directors during the years presented in the Consolidated Statements of Income, all without cost to the grantee. For the year ended December 31, 2025, the Company granted 0.2 million RSUs to the executive officers and certain other employees in connection with PSPs (“performance awards”). For both the years ended 2024 and 2023, the Company granted 0.2 million RSUs to the executive officers and certain other employees in connection with PSPs. The Company granted the RSUs at the maximum performance thresholds for each metric each year. As of December 31, 2025, the RSUs issued in connection with the 2025, 2024, and 2023 PSPs are unvested and outstanding. In 2025, the Company issued 0.4 million RSUs to the Company’s CEO in connection with a performance award. NOTE 2 contains additional details related to this award.

With respect to the 2024 and 2025 PSPs, the Company determined that the revenue and EPS targets were achievable at varying levels as of December 31, 2025.

The following table summarizes stock compensation expense for the years ended December 31, 2025, 2024, and 2023:


	For the year ended December 31,
Components of stock compensation expense (in thousands)	2025			2024			2023
Restricted shares	$	25,989		$	24,907		$	29,452
CEO outperformance award		716			—			—
PSP "RSUs"		42			2,419			(1,610)
Total stock compensation expense	$	26,747		$	27,326		$	27,842

Excess tax benefit (shortfall) recognized	$	(1,414)		$	1,674		$	2,972

The amounts attributable to restricted shares in the table above include both equity-classified awards granted in restricted shares and liability-classified awards to be granted in restricted shares. The excess tax benefits (shortfall) recognized above reduced (increased) income tax expense.

The following table summarizes restricted share activity for the year ended December 31, 2025:


			Weighted-
			Average
			Grant-date
Restricted Shares Activity	Shares		Fair Value
Nonvested as of January 1, 2025	784,968		$	89.69
Granted	462,402			83.67
Vested	(316,628)			88.97
Forfeited	(30,453)			90.94
Nonvested as of December 31, 2025	900,289		$	86.82

The fair value of restricted share awards granted during 2025 was estimated using the closing price on the date of grant. The weighted average grant date fair values of restricted shares granted in 2024 and 2023 were $98.45 per share and $84.78 per share, respectively. The fair value of the restricted shares that vested during the years ended December 31, 2025, 2024, and 2023 were $27.2 million, $36.3 million, and $31.5 million, respectively.

As of December 31, 2025, the total unrecognized compensation cost for outstanding restricted shares was $43.7 million. As of December 31, 2025, the weighted-average period over which this unrecognized compensation cost will be recognized is 3.2 years.

The following table summarizes activity related to RSU performance awards for the year ended December 31, 2025:


			Weighted-
			Average
			Grant-date
Restricted Share Units Activity	Share Units		Fair Value
Nonvested as of January 1, 2025	599,959		$	96.86
Granted	567,464			86.28
Vested	—			—
Forfeited	(155,505)			128.39
Cancelled	—			—
Nonvested as of December 31, 2025	1,011,918		$	86.08

The fair value of performance awards granted during 2025 was estimated using the closing price on the date of grant. The weighted average grant date fair values of performance awards granted in 2024 and 2023 were $93.19 per share and $76.17 per share, respectively. The fair value of the performance awards that vested during the year ended December 31, 2023 was $20.5 million. There were no performance share vestings during the years ended December 31, 2025 and December 31, 2024.

As of December 31, 2025, the total unrecognized compensation cost for outstanding performance awards was $11.1 million. As of December 31, 2025, the weighted-average period over which this unrecognized compensation cost will be recognized is 3.8 years. The unrecognized compensation cost is based on the achievement levels that are probable as of December 31, 2025.

As of December 31, 2025, the total unrecognized compensation cost for the profits interests discussed in NOTE 11 was $10.5 million. As of December 31, 2025, the weighted-average period over which this unrecognized compensation cost will be recognized is 5.0 years.

INCOME TAXES

12 Months Ended

Dec. 31, 2025

INCOME TAXES

INCOME TAXES

NOTE 14—INCOME TAXES

Income Tax Expense

The Company calculates its provision for federal, state, and international income taxes based on current tax law. The reported tax provision differs from the amounts currently receivable or payable because some income and expense items are recognized in different time periods for financial reporting purposes than for income tax purposes. The Company adopted ASU 2023-09 as of December 31, 2025. The adoption of the ASU did not have a material impact on the Company’s disclosures. As permitted by the ASU, the Company prospectively

adopted the disclosure requirements since the additional disclosures in prior years would not provide material new information or trends to users of the financial statements.

The following is a summary of income tax expense for the years ended December 31, 2025, 2024, and 2023:


	For the year ended December 31,
Components of Income Tax Expense (in thousands)	2025			2024			2023
Current
Federal	$	20,734		$	29,389		$	25,712
State		7,034			5,673			8,401
International		74			(2,019)			(285)
Total current expense	$	27,842		$	33,043		$	33,828

Deferred
Federal	$	(2,611)		$	(1,713)		$	1,250
State		(1,271)			(125)			(434)
International		(1,947)			(662)			382
Total deferred expense (benefit)	$	(5,829)		$	(2,500)		$	1,198
Total income tax expense	$	22,013		$	30,543		$	35,026

The following table presents a reconciliation of the statutory federal tax expense to the income tax expense in the accompanying Consolidated Statements of Income:


	For the year ended December 31,
(in thousands)	2025					2024			2023
Statutory federal expense	$	16,590	21.0	%		$	27,615		$	29,021
Statutory state income tax expense, net of federal tax benefit⁽¹⁾		3,246	4.1				4,216			6,465
Excess tax shortfalls (benefits), net of federal tax impact		1,414	1.8				(1,674)			(2,972)
Nondeductible expenses		1,707	2.2				3,381			3,064
Non-U.S. earnings (loss)		(1,480)	(1.9)				(2,117)			224
Other		536	0.7				(878)			(776)
Income tax expense	$	22,013	27.9	%		$	30,543		$	35,026

(1)

In 2025, state and local income taxes in California, Maryland, Massachusetts and Tennessee comprise the majority of the statutory state income tax expense, net of federal effect category.

Under the provisions of Section 162(m) of the Internal Revenue Code (“162(m)”), the deductibility of executive compensation is limited to $1 million per year for each named executive officer (“NEO”). Based on the information available as of December 31, 2025, 2024, and 2023, the Company believed that it is more likely than not a significant portion of NEO stock-based and other deferred compensation book expense will exceed the $1 million limitation in future years when the shares vest, resulting in no tax deductibility for the book expense associated with these compensation agreements and no deferred tax assets. Additionally, for each of the years presented above, portions of NEO compensation other than stock and other deferred compensation were above the $1 million limitation, resulting in no tax deductibility for amounts above the $1 million limitation. The majority of the nondeductible expenses shown in the table above relate to these two impacts from 162(m).

Deferred Tax Assets/Liabilities

The tax effects of temporary differences between reported earnings and taxable earnings consisted of the following:


	As of December 31,
Components of Deferred Tax Liabilities, Net (in thousands)	2025		2024
Deferred Tax Assets
Compensation related	$	7,866	$	5,978
Credit losses		17,654		10,202
Other		12,321		6,484
Total deferred tax assets	$	37,841	$	22,664

Deferred Tax Liabilities
Mark-to-market of derivatives and loans held for sale	$	(8,418)	$	(6,247)
Mortgage servicing rights related		(189,018)		(196,678)
Acquisition related ⁽¹⁾		(67,969)		(52,936)
Depreciation		(9,437)		(8,189)
Total deferred tax liabilities	$	(274,842)	$	(264,050)
Deferred tax liabilities, net	$	(237,001)	$	(241,386)

(1)

Acquisition-related deferred tax liabilities consist of book-to-tax differences associated with basis step ups related to the amortization of goodwill recorded from acquisitions and book-to-tax differences in intangible asset amortization.

The Company believes it is more likely than not that it will generate sufficient taxable income in future periods to realize the deferred tax assets. During the years ended December 31, 2025, 2024, and 2023, the Company recognized an insignificant amount of deferred tax assets or liabilities that are not included as a component of deferred tax expense. A significant portion of these differences relates to AFS securities. The Company is required to treat unrealized gains and losses on AFS securities as currently taxable income, impacting its deferred expense but not the deferred tax assets or liabilities. The Company’s pretax income (loss) from foreign operations was insignificant for all the periods presented.

Income Taxes Paid

As presented in our Statement of Cash Flows, the Company paid income taxes, net of cash refunds received of $22.6 million for the year ended December 31, 2025. For the year ended December 31, 2025, the Company made tax payments, net of cash refunds received of $16.5 million for its federal tax obligations, $6.1 million for its state and local obligations, and an insignificant amount for its foreign obligations. The Company made net tax payments of $1.9 million to the state of California during the year ended December 31, 2025. No other state was above 5% of worldwide net tax payments during the year ended December 31, 2025.

Tax Uncertainties

The Company periodically assesses its liabilities and contingencies for all periods open to examination by tax authorities based on the latest available information. Where the Company believes it is more likely than not that a tax position will not be sustained, management records its best estimate of the resulting tax liability, including interest and penalties, in the consolidated financial statements. As of December 31, 2025, based on all known facts and circumstances and current tax law, management believes that there are no material tax positions for which it is reasonably possible that the unrecognized tax benefits will significantly increase or decrease over the next 12 months, producing, individually or in the aggregate, a material effect on the Company’s results of operations, financial condition, or cash flows.

Pillar Two

A framework known as Pillar Two became effective for some countries in 2024. Pillar Two is designed to ensure large multinational enterprises pay a minimum level of tax on the income arising in each jurisdiction where they operate. Pillar Two has not had an impact on the Company’s tax liabilities as the Company’s corporate income tax rate in each of the jurisdictions it operates in is higher than the minimum thresholds established by Pillar Two.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

LEASES

12 Months Ended

Dec. 31, 2025

LEASES

LEASES

NOTE 15—LEASES

Right of use assets and lease liabilities associated with the Company’s operating leases are recorded as Other assets and Other liabilities, respectively, in the Consolidated Balance Sheet. As of December 31, 2025, our leases have terms varying in duration, with the longest term ending in 2036.

The following table presents information about the Company’s lease arrangements:


Operating Lease Arrangements (in thousands)	For the year ended December 31,
Operating Leases	2025		2024		2023
ROU assets	$	76,333	$	80,024	$	76,463
Lease liabilities		105,125		107,502		101,358
Weighted-average remaining lease term		8.4 years		9.1 years		9.8 years
Weighted-average discount rate		4.8%		4.6%		4.0%

Operating Lease Expenses
Single lease costs	$	16,110	$	16,061	$	14,150
Cash paid for amounts included in the measurement of lease liabilities		16,098		14,761		12,406
Right-of-use assets obtained in exchange for new lease obligations		6,056		10,655		16,798

Maturities of lease liabilities as of December 31, 2025 are presented below (in thousands):


Year Ending December 31,
2026	$	17,500
2027		17,477
2028		15,797
2029		13,399
2030		12,012
Thereafter		51,246
Total lease payments	$	127,431
Less imputed interest		(22,306)
Total	$	105,125

OTHER ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2025

OTHER ASSETS AND LIABILITIES

OTHER ASSETS AND LIABILITIES

NOTE 16 – OTHER ASSETS AND LIABILITIES

The following table is a summary of the major components of other assets as of December 31, 2025 and 2024.


	As of December 31,
Components of Other Assets (in thousands)	2025			2024
Equity-method investments	$	232,705		$	207,242
ROU assets		76,333			80,024
Prepaid expenses		71,929			78,487
Property and equipment, net		54,409			48,460
Loans held for investment, net		77,769			32,866
Derivative assets		27,216			30,175
All other		56,235			85,549
Total	$	596,596		$	562,803

The following table is a summary of the major components of other liabilities as of December 31, 2025 and 2024.


	As of December 31,
Components of Other Liabilities (in thousands)	2025			2024
Accrued expenses	$	172,516		$	155,252
Lease liability		105,125			107,502
Guaranty obligation, net		32,924			35,980
Contingent consideration liabilities		9,663			30,537
Secured Borrowing ⁽¹⁾		118,559			95,022
All other		130,843			103,567
Total	$	569,630		$	527,860

(1) Composed of borrowings related to repurchased loans of $83.4 million and a mortgage loan on a consolidated affordable property of $35.2 million. The mortgage loan carries an interest rate of SOFR plus 1.87% and will require our subsidiary to make insignificant monthly principal payments until October 1, 2029 at which point the subsidiary will make a $33.1 million principal payment.

OTHER REVENUES, OTHER OPERATING EXPENSES, AND ASSET IMPAIRMENTS AND OTHER EXPENSES

12 Months Ended

Dec. 31, 2025

OTHER REVENUES, OTHER OPERATING EXPENSES, AND ASSET IMPAIRMENTS AND OTHER EXPENSES

OTHER REVENUES, OTHER OPERATING EXPENSES, AND ASSET IMPAIRMENTS AND OTHER EXPENSES

NOTE 17—OTHER REVENUES, OTHER OPERATING EXPENSES, AND ASSET IMPAIRMENTS AND OTHER EXPENSES

The following table is a summary of the major components of other revenues for the years ended December 31, 2025, 2024, and 2023.


	For the year ended December 31,
Components of Other Revenues (in thousands)	2025			2024			2023
Housing market research subscription revenue ⁽¹⁾	$	25,423		$	19,093		$	35,794
Syndication and other LIHTC revenue ⁽²⁾		16,575			15,706			26,006
Assumption and application fees		7,134			10,271			9,629
All other		60,660			73,134			46,537
Total	$	109,792		$	118,204		$	117,966

(1) Housing market research subscription revenue and investment banking revenues generated from our research and investment banking subsidiary.

(2) Syndication and other LIHTC revenue generated from our subsidiary focused on affordable equity.

The following table is a summary of the major components of other operating expenses for the years ended December 31, 2025, 2024, and 2023.


	For the year ended December 31,
Components of Other Operating Expenses (in thousands)	2025			2024			2023
Professional fees	$	25,619		$	30,111		$	28,370
Office and software expenses		31,081			29,893			26,343
Rent ⁽¹⁾		20,609			19,880			18,174
Travel and entertainment		16,560			14,541			12,225
Marketing and preferred broker		13,296			12,542			12,142
All other		17,998			22,269			21,030
Total	$	125,163		$	129,236		$	118,284

(1) Includes single lease cost and other related expenses (common-area maintenance and other miscellaneous charges).

The following table is a summary of the components of asset impairments and other expenses for the years ended December 31, 2025, 2024, and 2023.


	For the year ended December 31,
Components of Asset Impairments and Other Expenses (in thousands)	2025			2024			2023
Debt issuance cost write-off		4,215			—			(4,420)
Asset impairments and investment related losses ⁽¹⁾		26,055			721			4,970
Legal investigation review		2,926			—			—
All other		3,550			460			(1,157)
Total	$	36,746		$	1,181		$	(607)

(1)

In 2025, consisted of (i) $13.6 million of impairment of real estate held for use, (ii) $5.0 million of impairment of an equity-method investment, and (iii) a $7.5 million accrual for losses expected on disposition of certain affordable assets. In 2024 and 2023, consisted of only impairment of real estate held for use.

VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 31, 2025

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES

NOTE 18—VARIABLE INTEREST ENTITIES

The Company provides alternative investment management services through the syndication of tax credit funds and development of affordable housing projects. To facilitate the syndication and development of affordable 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.

When the Company determines that it is the primary beneficiary of a material VIE, the Company consolidates the VIE. The primary beneficiary of a VIE is determined as the entity that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance and (ii) exposure to losses or benefits that could potentially be significant to the VIE. When the Company determines that it is not the primary beneficiary, the Company recognizes its investment in the VIE through the equity-method of accounting. The Company regularly assesses the primary beneficiary of the VIE as its involvement and ownership may change over time.

Syndication of Tax Credit Funds

Walker & Dunlop Affordable Equity (formerly Alliant) forms limited partnership funds (“the funds”) that are VIEs and hold investments in affordable housing projects. The Company identifies and enters into a commitment to invest equity in the limited partnership interests in affordable housing VIEs that own and operate affordable housing properties. The limited partnership interest exposes the Company to economic losses or benefits of the VIE but does not give it the power to direct the activities that most significantly impact the VIE’s economic performance. In such cases, the Company determined it is not the primary beneficiary and recognizes the VIE as an investment and a liability for the unfunded committed capital to the VIE. The Company’s exposure is limited to its contributed capital and remaining unfunded committed capital. The investments are included as Committed investments in tax credit equity, and the unfunded committed capital is included as Commitments to fund investments in tax credit equity in the Consolidated Balance Sheets until they are transferred to the credit fund as described below. The investments and unfunded committed capital are presented in the table below.

As part of the syndication of the tax credit fund, the Company capitalizes the funds by raising equity capital commitments from third-party investors. The Company transfers its limited partnership interests in affordable housing partnerships to the funds, where the Company serves as the general partner and manager and holds an insignificant ownership percentage of the funds. As the manager of the funds, the Company has the power to direct the activities that most significantly impact the economic performance of the funds; however, it normally does not have exposure to the economic losses or benefits significant to the VIEs. Accordingly, the Company is not the primary beneficiary of the funds and does not consolidate the VIEs. The Company records its general partnership interests as an equity-method investment included in Other assets in the Consolidated Balance Sheets.

The Company may purchase an investor’s partnership interest. In these circumstances, the Company assesses whether its new ownership percentage could potentially be significant to the VIE. When the Company determines the new ownership percentage is significant, it consolidates the fund as the Company is the primary beneficiary. As of both December 31, 2025 and 2024, the assets and liabilities of the consolidated funds were insignificant.

Joint Development of Affordable Housing Projects

The Company enters joint ventures with affordable property developers and/or investors to develop affordable housing projects. The joint ventures’ objectives are to develop the affordable housing project for syndication into a tax credit fund. When the Company develops affordable housing projects to ultimately syndicate the property into a tax credit fund, the Company invests in the joint venture but does not have management rights. The Company has significant exposure to the economic losses or benefits but does not have the power to direct the activities that most significantly impact the VIE’s economic performance; consequently, the Company determined that it is not the primary beneficiary in the VIE and recognizes an equity-method investment in the VIE included in Other assets in the Consolidated Balance Sheets.

The table below presents the assets and liabilities of the Company’s consolidated joint development VIEs included in the Consolidated Balance Sheets:


Consolidated VIEs (in thousands)		December 31, 2025		December 31, 2024
Assets:
Cash and cash equivalents	$	439	$	863
Restricted cash		2,452		3,939
Receivables, net		27,570		26,570
Other Assets		7,257		44,892
Total assets of consolidated VIEs	$	37,718	$	76,264

Liabilities:
Other liabilities	$	9,888	$	55,527
Total liabilities of consolidated VIEs	$	9,888	$	55,527

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


Nonconsolidated VIEs (in thousands)		December 31, 2025		December 31, 2024
Assets
Committed investments in tax credit equity	$	241,401	$	313,230
Other assets: Equity-method investments		93,018		50,592
Total interests in nonconsolidated VIEs	$	334,419	$	363,822

Liabilities
Commitments to fund investments in tax credit equity	$	219,949	$	274,975
Total commitments to fund nonconsolidated VIEs	$	219,949	$	274,975

Maximum exposure to losses⁽¹⁾⁽²⁾	$	334,419	$	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.

RELATED PARTY TRANSACTION

12 Months Ended

Dec. 31, 2025

RELATED PARTY TRANSACTION

RELATED PARTY TRANSACTION

NOTE 19—RELATED PARTY TRANSACTION

The Company, through its WDAE subsidiaries, has related party loans with its affordable housing project partners, which include property developers and managers. To facilitate the development of affordable housing projects prior to syndication into a tax credit fund, the Company extends pre-development and working capital loans to its partners in affordable housing project partnerships. The outstanding balance of these loans was $193.4 million and $137.0 million as of December 31, 2025 and 2024, respectively, and the related interest income was $12.5 million for the year ended December 31, 2025 and was insignificant for the year ended December 31, 2024. The balance of these receivables is included as Receivables, net in the Consolidated Balance Sheets.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 56,247	$ 108,167	$ 107,357

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure

12 Months Ended

Dec. 31, 2025

Cybersecurity Risk Management, Strategy, and Governance [Line Items]

Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information.

Our cybersecurity risk management program is guided by the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF). This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.

Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.

Key elements of our cybersecurity risk management program include, but are not limited to, the following:

●

risk metrics and self-assessments designed to help identify cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment;

●

a security team principally responsible for managing: (1) our cybersecurity risk assessment processes, (2) our cybersecurity controls and processes, and (3) our response to cybersecurity incidents;

●

the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our cybersecurity controls and processes;

●

periodic required cybersecurity awareness training of our employees;

●

a Technology & Information Risk Committee, comprised of technology and business leaders, that provides risk advisory and general guidance regarding new and modified information security controls;

●

a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and

●

a third-party risk management process for key service providers, suppliers, and vendors.

Cybersecurity Risk Management Processes Integrated [Flag]

true

Cybersecurity Risk Management Processes Integrated [Text Block]

Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.

Key elements of our cybersecurity risk management program include, but are not limited to, the following:

●

risk metrics and self-assessments designed to help identify cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment;

●

a security team principally responsible for managing: (1) our cybersecurity risk assessment processes, (2) our cybersecurity controls and processes, and (3) our response to cybersecurity incidents;

●

the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our cybersecurity controls and processes;

●

periodic required cybersecurity awareness training of our employees;

●

a Technology & Information Risk Committee, comprised of technology and business leaders, that provides risk advisory and general guidance regarding new and modified information security controls;

●

a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and

●

a third-party risk management process for key service providers, suppliers, and vendors.

Cybersecurity Risk Management Third Party Engaged [Flag]

true

Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]

true

Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]

false

Cybersecurity Risk Board of Directors Oversight [Text Block]

Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit and Risk Committee oversight of cybersecurity risks and the steps that management has taken to monitor and control exposure to such risks.

The Audit and Risk Committee receives quarterly reports from our Chief Information Security Officer (“CISO”) and our Chief Information Officer on our cybersecurity risks and meets in executive session with our CISO following such reports. In addition, management updates the Audit and Risk Committee, as necessary, regarding significant cybersecurity incidents.

The Audit and Risk Committee reports to the full Board regarding its activities, including those related to cybersecurity.

In 2024, we created a new position for a full time Chief Risk Officer. Our Chief Risk Officer has primary responsibility for our enterprise risk management program and works with our CISO in the oversight of our cybersecurity risk management program.

Our CISO is primarily responsible for assessing and managing our material risks from cybersecurity threats. Our information technology risk committee is comprised of senior managers in our information technology, loan origination, loan servicing, accounting, and legal groups that meet monthly to review information security risks and the development and implementation of policies and procedures and other controls to mitigate cybersecurity and other information security risks. Our CISO provides a report to our management risk committee on the activities of the information technology risk committee, which in turn, reports regularly to the full Board on its activities.

The CISO supervises both our internal cybersecurity personnel and our retained managed service providers, who among other things, operate security tooling that is deployed in the IT environment and monitor the prevention, detection, mitigation and remediation of cybersecurity incidents. The CISO brings over 30 years of technology, cybersecurity, and risk management experience from the finance and healthcare industries. His work experience includes the design, implementation, and oversight of control and governance frameworks in complex, hybrid-cloud, and data intensive environments operating in highly regulated entities in the financial services and healthcare insurance industries.

Our information security management team is informed about and monitors efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel, threat intelligence and other information obtained from governmental, public, or private sources, including managed service providers engaged by us, and alerts and reports produced by security tools deployed in our information technology environment.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]

Audit and Risk Committee

Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

The Audit and Risk Committee receives quarterly reports from our Chief Information Security Officer (“CISO”) and our Chief Information Officer on our cybersecurity risks and meets in executive session with our CISO following such reports. In addition, management updates the Audit and Risk Committee, as necessary, regarding significant cybersecurity incidents.

The Audit and Risk Committee reports to the full Board regarding its activities, including those related to cybersecurity.

In 2024, we created a new position for a full time Chief Risk Officer. Our Chief Risk Officer has primary responsibility for our enterprise risk management program and works with our CISO in the oversight of our cybersecurity risk management program.

Our CISO is primarily responsible for assessing and managing our material risks from cybersecurity threats. Our information technology risk committee is comprised of senior managers in our information technology, loan origination, loan servicing, accounting, and legal groups that meet monthly to review information security risks and the development and implementation of policies and procedures and other controls to mitigate cybersecurity and other information security risks. Our CISO provides a report to our management risk committee on the activities of the information technology risk committee, which in turn, reports regularly to the full Board on its activities.

Cybersecurity Risk Role of Management [Text Block]

In 2024, we created a new position for a full time Chief Risk Officer. Our Chief Risk Officer has primary responsibility for our enterprise risk management program and works with our CISO in the oversight of our cybersecurity risk management program.

Our CISO is primarily responsible for assessing and managing our material risks from cybersecurity threats. Our information technology risk committee is comprised of senior managers in our information technology, loan origination, loan servicing, accounting, and legal groups that meet monthly to review information security risks and the development and implementation of policies and procedures and other controls to mitigate cybersecurity and other information security risks. Our CISO provides a report to our management risk committee on the activities of the information technology risk committee, which in turn, reports regularly to the full Board on its activities.

Cybersecurity Risk Management Positions or Committees Responsible [Flag]

true

Cybersecurity Risk Management Positions or Committees Responsible [Text Block]

Chief Information Security Officer (“CISO”)

Cybersecurity Risk Management Expertise of Management Responsible [Text Block]

The CISO brings over 30 years of technology, cybersecurity, and risk management experience from the finance and healthcare industries. His work experience includes the design, implementation, and oversight of control and governance frameworks in complex, hybrid-cloud, and data intensive environments operating in highly regulated entities in the financial services and healthcare insurance industries.

Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]

In 2024, we created a new position for a full time Chief Risk Officer. Our Chief Risk Officer has primary responsibility for our enterprise risk management program and works with our CISO in the oversight of our cybersecurity risk management program.

Our CISO is primarily responsible for assessing and managing our material risks from cybersecurity threats. Our information technology risk committee is comprised of senior managers in our information technology, loan origination, loan servicing, accounting, and legal groups that meet monthly to review information security risks and the development and implementation of policies and procedures and other controls to mitigate cybersecurity and other information security risks. Our CISO provides a report to our management risk committee on the activities of the information technology risk committee, which in turn, reports regularly to the full Board on its activities.

Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]

true

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

Principles of Consolidation—The consolidated financial statements include the accounts of Walker & Dunlop, Inc., its wholly owned subsidiaries, and its majority owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation. The Company consolidates entities in which it has a controlling financial interest based on either the variable interest entity (“VIE”) or the voting interest model. The Company is required to first apply the VIE model to determine whether it holds a variable interest in an entity, and if so, whether the entity is a VIE. If the Company determines it holds a variable interest in a VIE and has a controlling financial interest as it is considered the primary beneficiary, the Company consolidates the entity. In instances where the Company holds a variable interest in a VIE but is not the primary beneficiary, it then applies the voting interest model.

Under the voting interest model, the Company consolidates an entity when it holds a majority voting interest in an entity. If the Company does not have a majority voting interest but has significant influence, it uses the equity method of accounting. In instances where the Company owns less than 100% of the equity interests of an entity but owns a majority of the voting interests or has control over an entity, the Company accounts for the portion of equity not attributable to Walker & Dunlop, Inc. as Noncontrolling interests on the Consolidated Balance Sheets and the portion of net income not attributable to Walker & Dunlop, Inc. as Net income (loss) from noncontrolling interests in the Consolidated Statements of Income.

Subsequent Events

Subsequent Events—The Company has evaluated the effects of all events that have occurred subsequent to December 31, 2025 and before the date of filing. The Company has made certain disclosures in the notes to the consolidated financial statements of events that have occurred subsequent to December 31, 2025, including the discussion below. There have been no other material subsequent events that would require recognition in the consolidated financial statements

Use of Estimates

Use of Estimates—The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“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, loss estimates related to indemnified and repurchased loans, 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.

Mortgage Servicing Rights

Mortgage Servicing Rights—When a loan is sold and the Company retains the right to service the loan, the derivative asset discussed below is reclassified and capitalized as an individual mortgage servicing right (“MSR”) at fair value. The initial capitalized amount is equal to the estimated fair value of the expected net cash flows associated with servicing the loans, net of the expected cash flows associated with any guaranty obligations. The following describes the principal assumptions used in estimating the fair value of capitalized MSRs.

Discount Rate—Depending upon loan type, the discount rate used is management's best estimate of market discount rates. The rates used for loans sold were between 8% and 14% for the years ended December 31, 2025, 2024, and 2023 and varied based on loan type.

Estimated Life— The Company’s model for MSRs assumes full prepayment of the loan at or near the point when the stated term of the prepayment provisions of the underlying loan expires.

Placement Fees—The estimated earnings rate on escrow accounts associated with the servicing of the loans for the life of the MSR is added to the estimated future cash flows.

The assumptions used to estimate the fair value of capitalized MSRs at loan sale are based on internal models and are compared to assumptions used by other market participants at least annually. When such comparisons indicate that these assumptions have changed significantly, the Company adjusts its assumptions accordingly.

Subsequent to the initial measurement date, MSRs are amortized using the interest method over the period that servicing income is expected to be received and presented as a component of Amortization and depreciation in the Consolidated Statements of Income. The individual loan-level MSR is written off through a charge to Amortization and depreciation when a loan prepays, defaults, or is probable of default. The Company evaluates all MSRs for impairment quarterly. The predominant risk characteristic affecting the MSRs is prepayment risk, and we do not believe there is sufficient variation within the portfolio to warrant stratification. Therefore, we assess MSR impairment at the portfolio level. The Company engages a third party to assist in determining an estimated fair value of our existing and outstanding MSRs on at least a semi-annual basis.

Business Combinations

Business Combinations—The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. The Company recognizes identifiable assets acquired (including intangible assets) and liabilities (both specific and contingent) assumed at their fair values at the acquisition date. Furthermore, acquisition-related costs, such as due diligence, legal and accounting fees, are not capitalized or applied in determining the fair value of the acquired assets. The excess of the purchase price over the fair value of the assets acquired and the liabilities assumed is recognized as goodwill. During the measurement period, the Company records adjustments to the assets acquired and liabilities assumed with corresponding adjustments to goodwill in the reporting period in which the adjustment is identified. These adjustments during the measurement period are recorded to goodwill only in circumstances where the adjustment is related to additional information obtained subsequent to the acquisition about facts and circumstances that existed at the time of the acquisition. After the measurement period, which could be up to one year after the transaction date, subsequent adjustments are recorded to the Company’s Consolidated Statements of Income.

Goodwill

Goodwill—The Company evaluates goodwill for impairment annually. In addition to the annual impairment evaluation, the Company evaluates at least quarterly whether events or circumstances have occurred in the period subsequent to the annual impairment testing which indicate that it is more likely than not an impairment loss has occurred. The Company’s goodwill is allocated to three reporting units, each of which is a component of either the Capital Markets (“CM”) segment or the Servicing & Asset Management (“SAM”) segment. The Company performs its impairment testing annually as of October 1 for each reporting unit for which goodwill has been allocated. The Company’s October 1, 2025, impairment test consisted of a qualitative assessment for three reporting units as there were no indicators of impairment.

Allowance for Risk-Sharing Obligations

Allowance for Risk-Sharing Obligations—Substantially all loans sold under the Fannie Mae DUS program contain partial or full risk-sharing guaranties that are based on the performance of the loan serviced in the at-risk servicing portfolio. The Company records an estimate of the loss reserve for the current expected credit losses (“CECL”) for all loans in our Fannie Mae at-risk servicing portfolio and presents this loss reserve as Allowance for risk-sharing obligations on the Consolidated Balance Sheets. The Company also has risk sharing on small balance loans (“SBL”) with Freddie Mac prior to Freddie Mac’s placing the loan into a securitization. Any losses from SBL loans borne by the Company are capped at 10% of the unpaid principal balance (“UPB”). The Company has not experienced any realized losses to date. The Company has an insignificant reserve within its Allowance for Risk-sharing Obligations for these pre-securitized Freddie Mac SBL loans.

Overall Current Expected Credit Losses Approach

For loans evaluated collectively, the Company uses the weighted-average remaining maturity method (“WARM”) for calculating its allowance for risk-sharing obligations, the Company’s liability for the off-balance-sheet credit exposure associated with the Fannie Mae at-risk DUS loans. WARM uses a historical weighted average annual charge-off rate (“historical loss rate”) that contains loss content over multiple vintages and loan terms and is used as a foundation for estimating the collective reserve. The historical loss rate is applied to the UPB over the

contractual term, adjusted for estimated prepayments and amortization to arrive at the collective reserve for the portion of the portfolio not individually evaluated as described further below.

The Company maximizes the use of historical internal data because the Company has extensive historical data servicing Fannie Mae DUS loans from which to calculate historical loss rates and principal paydown by loan term type for its exposure to credit loss on its homogeneous portfolio of Fannie Mae DUS multifamily loans. Additionally, the Company believes its properties, loss history, and underwriting standards are not similar to public data such as loss histories for loans originated for collateralized mortgage-backed securities conduits.

Runoff Rate

One of the key inputs into a WARM calculation is the runoff rate, which is the expected rate at which loans in the current portfolio will prepay and amortize in the future. As the loans the Company originates have different original lives and run off over different periods, the Company groups loans by similar origination dates (vintage) and contractual maturity terms for purposes of calculating the runoff rate. The Company originates loans under the DUS program with various terms generally ranging from several years to 15 years; each of these various loan terms has a different runoff rate.

The Company uses its historical runoff rate for each of the different loan term pools as a proxy for the expected runoff rate. The Company believes that borrower behavior and macroeconomic conditions will not deviate significantly from historical performance over the approximately ten-year period in which the Company has compiled the actual loss data. The ten-year period is intended to capture the various cycles of industry performance and provides a period that is long enough to capture sufficient observations of runoff history. In addition, due to the prepayment protection provisions for Fannie Mae DUS loans, the Company has not seen significant volatility in historical prepayment rates due to gradual changes in interest rates and would not expect this to change materially in future periods.

The historical annual runoff rate is calculated for each year of a loan’s life for each vintage in the portfolio and aggregated with the calculated runoff rate for each comparable year in every vintage. For example, the annual runoff rate for the first year of loans originated in 2020 is aggregated with the annual runoff rate for the first year of loans originated in 2021, 2022, and so on to calculate the average annual runoff rate for the first year of a loan. This average runoff calculation is performed for each year of a loan’s life for each of the various loan terms to create a matrix of historical average annual runoffs by year for the entire portfolio.

The Company segments its current portfolio of at-risk DUS loans outstanding by original loan term type and years remaining and then applies the appropriate historical average runoff rates to calculate the expected remaining balance at the end of each reporting period in the future. For example, for a loan with an original ten-year term and seven years remaining, the Company applies the historical average annual runoff rate for a ten-year loan for year four to arrive at the estimated remaining UPB one year from the current period, the historical average runoff rate for year five to arrive at the estimated remaining UPB two years from the current period, and so on up to the loan’s maturity date.

Collective Reserve Calculation

Once the Company has calculated the estimated outstanding UPB for each future year until maturity for each loan term type, the Company then applies the historical loss rate (as further described below) to each future year’s estimated UPB. The Company then aggregates the allowance calculated for each year within each loan term type and for all different maturity years to arrive at the CECL reserve for the portfolio.

The historical loss rate is calculated using a ten-year look-back period, utilizing the average portfolio balance and settled losses for each year. A ten-year period is used as the Company believes that this period of time includes sufficiently different economic conditions to generate a reasonable estimate of expected results in the future, given the relatively long-term nature of the current portfolio. This approach captures a recession and several economic recoveries that are a typical part of an economic cycle in the multifamily industry. The same loss rate is utilized across each loan term type as the Company has not observed any historical or industry-published data to indicate there is any difference in the occurrence probability or loss severity for a loan based on its loan origination term.

Reasonable and Supportable Forecast and Reversion Period

The Company currently uses one year for its reasonable and supportable forecast period (the “forecast period”). The Company uses a forecast of unemployment rates, historically a highly correlated indicator for multifamily occupancy rates, and general economic forecasts from third parties to assess what macroeconomic and multifamily market conditions are expected to be like over the coming year. The Company then associates the forecasted conditions with a similar historical period over the past ten years, which could be one or several years, and uses the Company’s average loss rate for that historical period as a basis for the loss rate used for the forecast period. The Company reverts to the historical loss rate over a one-year period on a straight-line basis. For all remaining years until maturity, the Company uses the historical loss rate as described above to estimate losses. The average loss rate from a historical period used for the forecast period may be qualitatively adjusted as necessary if the forecasted macroeconomic and industry conditions differ materially from the historical period.

Identification of Collateral-Based Reserves

The Company monitors the performance of each risk-sharing loan for events or conditions which may signal a potential default (probable of foreclosure). The Company’s process for identifying which risk-sharing loans may be probable of default, and thus collateral dependent, consists of an assessment of several qualitative and quantitative factors, including payment status, property financial performance, local real estate market conditions, loan-to-value ratio, debt-service-coverage ratio (“DSCR”), property condition, and financial strength of the borrower or key principals. In instances where payment under the guaranty on a specific loan is determined to be likely, the Company separately measures the expected loss through an assessment of the underlying fair value of the asset, disposition costs, and the risk-sharing percentage (the “collateral-based reserve”) through a charge to the provision for risk-sharing obligations, which is a component of Provision (benefit) for credit losses in the Consolidated Statements of Income. These loans are not part of from the WARM calculation described above, and the associated loan-specific mortgage servicing right and guaranty obligation are written off. The expected loss on the risk-sharing obligation is dependent on the fair value of the underlying property as the loans are collateral dependent. Historically, initial recognition of a collateral-based reserve occurs at or before a loan becomes 60 days delinquent.

The amount of the collateral-based reserve considers historical loss experience, adverse situations affecting individual loans, the estimated disposition value of the underlying collateral, and the level of risk sharing. The estimate of property fair value at initial recognition of the collateral-based reserve is based on appraisals, broker opinions of value, or net operating income and market capitalization rates, depending on the facts and circumstances associated with the loan and underlying collateral. The Company regularly monitors the collateral-based reserves on all applicable loans and updates loss estimates as current information is received. The settlement with Fannie Mae is based on the actual sales price of the property and selling and property preservation costs and considers the Fannie Mae loss-sharing requirements. The maximum amount of the loss the Company absorbs at the time of settlement is 20% of the origination UPB of the loan.

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 and the allowance for risk-sharing obligations and other credit losses within Provision (benefit) for credit losses in the Consolidated Statements of Income. NOTE 4 contains additional discussion related to the allowance for risk-sharing obligations. Provision (benefit) for credit losses consisted of the following activity for the years ended December 31, 2025, 2024, and 2023:


Components of Provision (Benefit) for Credit Losses (in thousands)	2025		2024		2023
Provision (benefit) for loan losses	$	199	$	11,813	$	(4)
Provision (benefit) for risk-sharing obligations		9,387		(974)		(10,448)
Provision (benefit) for credit losses	$	9,586	$	10,839	$	(10,452)

Transfers of Financial Assets

Transfers of Financial Assets—Transfers of financial assets are reported as sales when (i) the transferor surrenders control over those assets, (ii) the transferred financial assets have been legally isolated from the Company’s creditors, (iii) the transferred assets can be pledged or exchanged by the transferee, and (iv) consideration other than beneficial interests in the transferred assets is received in exchange. The transferor is considered to have surrendered control over transferred assets if, and only if, certain conditions are met. The Company determined that all loans sold during the periods presented met these specific conditions and accounted for all transfers of loans held for sale as completed sales.

Repurchase Obligations: Re-consolidation

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. At times, the Company may agree to indemnify the GSEs pursuant to a forbearance and indemnification agreement in lieu of repurchase. The indemnification, among other things, delays the repurchase of a loan for a specified period of time and fully transfers the risk of loss of the loan from the GSEs to the Company and provides the Company with control over loss-mitigation efforts. As part of the forbearance and indemnification agreement, the GSEs may require the Company to provide cash collateral to secure against future potential indemnification losses. The cash collateral is accounted for as a receivable from the GSEs and is included as a component of Receivables, net on the Consolidated Balance Sheets. The Company incurs a finance charge from the GSEs for the difference between the UPB of the loans ultimately required to be repurchased and the collateral posted.

As control over loss mitigation efforts transfers to the Company due to the indemnification, the indemnification results in the Company no longer meeting all of the conditions required to account for the original transfer as a sale. Consequently, the Company recognizes both the loan and the corresponding liability at fair value upon indemnification, which may result in a fair value loss. This loss is accreted into income over the remaining life of the loan using the effective-interest method. The indemnified loan is classified as a loan held for investment with the corresponding obligation to repurchase the loan as a secured borrowing. Loans held for investment are included as a component of Other assets, and secured borrowings are included as a component of Other liabilities on the Consolidated Balance Sheets. Loans that the Company repurchases are recorded at fair value upon repurchase and are accounted for and presented in the consolidated financial statements according to the Company’s intent for the loan – held for sale or held for investment. All loans that the Company has indemnified and consolidated or repurchased and not foreclosed on were held for investment as of December 31, 2025 and 2024.

Repurchase Obligations: Initial Loss Assessment

In addition to a fair value loss that might be incurred upon re-consolidation noted above, the Company also assesses whether it expects to incur any loss associated with the indemnification. In cases where the Company does believe that a loss is probable from the indemnification, it recognizes the loss through a charge to expected principal losses on loan repurchase (“loan repurchase losses”) and any expense incurred in the repurchase as initial loan repurchase costs, which are components of Indemnified and repurchased loan expenses on the Consolidated Statements of Income. The charge to loan repurchase losses represents the estimated losses of principal from indemnifying the loan, while the charge to initial loan repurchase costs represents any additional expected expenses from the indemnification such as reimbursing the GSE for legal costs, defaulted interest, and prepayment costs from repurchasing the loan from the securitization trust. The total loss amount is classified as a liability that is included within Other liabilities on the Consolidated Balance Sheets.

Repurchase Obligations: Credit-Deteriorated Loans

In cases where a repurchase obligation is for a credit-deteriorated loan and the Company agrees to indemnify the GSEs for the loan instead of repurchasing the loan, the loan is recorded at fair value plus the allowance for expected credit losses upon re-recognition, resulting in an initial amortized cost basis that reflects management’s estimate of lifetime expected losses as of the acquisition date. No provision for credit losses is recorded upon re-consolidation for this initial allowance for credit losses. In addition to the allowance for credit losses, a liability is recorded for the fair value of the amount indemnified (a secured borrowing). The difference between the fair value of the loan and the fair value of the secured borrowing may result in a loss. The Company also accounts for any indemnification losses for credit-deteriorated loans similar to the methodology described above in Repurchase Obligations: Initial Loss Assessment, with a charge to loan repurchase losses and a corresponding indemnification liability within Other liabilities.

Repurchase Obligations: Subsequent Accounting

After recognizing the loan held for investment as described above, the Company assesses the loan for expected credit losses according to our CECL policies noted above and records any estimated losses as a component of Provision (benefit) for credit losses in the Consolidated Statements of Income. The Company may incur additional repurchase costs and/or operating costs related to the loans after the initial loss assessment; these costs are recognized as indemnified and repurchased loans operating costs, a component of Indemnified and repurchased loan expenses.

Repurchase Obligations: Loans Probable of Repurchase

In certain circumstances, the Company may become aware that a GSE is assessing a loan for a breach of representations and warranties and engage in negotiations about the potential repurchase of a loan. The negotiations may indicate to the Company that the GSE is likely to issue a repurchase request, even though that request has not been issued prior to the end of a reporting period. In such circumstances, because the Company deems the loss as probable and estimable, it records a loss contingency obligation. This loss contingency obligation includes the expected credit losses and other repurchase expenses (as described above) from the expected repurchase request. The income statement presentation is the same as described in the Repurchase Obligations: Initial Loss Assessment section above – charges to Indemnified and repurchased loan expenses on the Consolidated Statements of Income. The total of the estimated credit and non-credit losses is recorded as an indemnification reserve that is included within Other liabilities on the Consolidated Balance Sheets.

Repurchase Obligations: Loans Indemnified but Foreclosed Upon Prior to Repurchase

In certain circumstances, the loan held for investment associated with an indemnification is extinguished by the GSEs through foreclosure. In these circumstances, the Company derecognizes the loan held for investment and recognizes an other asset. The asset is included in Other assets on the Consolidated Balance Sheets. Any expected loss from this asset is recognized as a component of Provision (benefit) for credit losses in the Consolidated Statements of Income in the table above with a corresponding reserve that is included in Other Liabilities in the Consolidated Balance Sheets.

Foreclosure of Loans Held for Investment

When a loan held for investment is foreclosed upon, the Company derecognizes the loan held for investment and charges off the associated reserve and recognizes an other real estate owned (“OREO”) asset at fair value. The OREO is then periodically assessed for impairment. OREO assets are recorded in Other assets in the Consolidated Balance Sheets.

NOTE 5 contains additional discussion related to repurchased and indemnified loans, other assets, and OREO.

Derivative Assets and Liabilities

Derivative Assets and Liabilities—The Company has both designated and undesignated derivatives.

Undesignated Derivatives

Loan commitments that meet the definition of a derivative are recorded at fair value on the 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 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 Consolidated Balance Sheets and as a component of Loan origination and debt brokerage fees, net of guaranty obligation in the Consolidated Income Statements), (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 Consolidated Balance Sheets and in Fair value of expected net cash flows from servicing, net in the Consolidated Income Statements), 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 originations and debt brokerage fees, net in the 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 (as defined in NOTE 7) 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 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 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 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 Corporate notes payable on the Consolidated Balance Sheets.

Loans Held for Sale

Loans Held for Sale—Loans held for sale represent originated loans that are generally transferred or sold within 60 days from the date that a mortgage loan is funded. The Company elects to measure all originated loans at fair value, unless the Company documents at the time the loan is originated that it will measure the specific loan at the lower of cost or fair value for the life of the loan. Electing to use fair value allows a better offset of the change in fair value of the loan and the change in fair value of the derivative instruments used as economic hedges. During the period prior to its sale, interest income on a loan held for sale is calculated in accordance with the terms of the individual loan. There were no loans held for sale that were valued at the lower of cost or fair value or on a non-accrual status as of December 31, 2025 and 2024.

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 Consolidated Balance Sheets as Loans held for sale, at fair value with a corresponding liability that is included as a component of Warehouse notes payable on the Consolidated Balance Sheets. 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. As of December 31, 2024, the corresponding liabilities included within Warehouse notes payable (and NOTE 7) were $189.5 million. As of December 31, 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 These are not cash transactions and thus are not reflected on the Consolidated Statements of Cash Flows and will not require a future cash outlay.

Co-broker fees, which are netted against Loan origination and debt brokerage fees, net in the Consolidated Statements of Income, were $16.5 million, $10.3 million, and $12.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Share-Based Payment

Share-Based Payment—The Company recognizes compensation costs for all share-based payment awards made to employees and directors, including restricted stock and restricted stock units based on the grant date fair value. Restricted stock awards are granted without cost to the Company’s officers, employees, and non-employee directors. The fair value of the award is calculated as the fair value of the Company’s common stock on the date of grant.

Generally, the Company’s restricted stock awards for its officers and employees vest ratably over a three-year period based solely on continued employment. Restricted stock awards for non-employee directors fully vest after one year. Awards issued to the Company's production personnel sometimes vest over a period greater than three years.

Stock option awards were granted to executive officers in the past. The Company has not granted any stock option awards since 2017 and does not expect to issue stock options for the foreseeable future. A small number of vested but unexercised stock options is outstanding as of December 31, 2025.

The Company offers a performance share plan (“PSP”) principally for the Company’s executives and certain other members of senior management. The performance period for each PSP is three full calendar years beginning on January 1 of the grant year. Participants in the PSP receive restricted stock units (“RSUs”) on the grant date for the PSP in an amount equal to achievement of all performance targets at a maximum level. If the performance targets are met at the end of the performance period and the participant remains employed by the Company, the participant fully vests in the RSUs, which immediately convert to unrestricted shares of common stock. If the performance targets are not met at the maximum level, the participant generally forfeits a portion or all of the RSUs. Generally, if the participant is no longer employed by the Company, the participant forfeits all of the RSUs. The performance targets for all the PSPs issued by the Company are based on meeting

diluted earnings per share, return on equity, and total revenues goals. The Company records compensation expense for the PSP based on the grant-date fair value in an amount proportionate to the service time rendered by the participant and the expected achievement level of the goals.

Compensation expense for restricted shares is adjusted for actual forfeitures and is recognized on a straight-line basis, for each separately vesting portion of the award as if the award were in substance multiple awards, over the requisite service period of the award. Share-based compensation is recognized within the income statement as Personnel, the same expense line as the cash compensation paid to the respective employees.

In 2025, the Company granted a performance award to the CEO of the Company. The award was intended to award the CEO for outperformance against the S&P Financials Index and a Company-specific total stockholder return compounded annual growth rate hurdle. The performance is measured against the goals over a three-year period. The shares achieved, if any, vest according to the following schedule after the three-year performance measurement period: one-third immediately, one-third the year after, and the final one-third two years after the performance period has ended. The initial fair value of this grant was measured using a Monte Carlo simulation that resulted in a fair value of $8.2 million. The fair value of the grant is amortized over the five-year service period of the award as it qualifies as an equity-classified award.

Statement of Cash Flows

Statement of Cash Flows—The Company records the fair value of premiums and origination fees as a component of the fair value of derivative assets on the loan commitment date and records the related income within Loan origination and debt brokerage fees, net within the Consolidated Statements of Income. The cash for the origination fee is received upon closing of the loan, and the cash for the premium is received upon loan sale, resulting in a timing mismatch of the recognition of income and the receipt of cash in a given period when the derivative or loan held for sale remains outstanding at period end.

The Company accounts for this mismatch by recording an adjustment called Change in the fair value of premiums and origination fees within the Consolidated Statements of Cash Flows. The amount of the adjustment reflects a reduction to cash provided by or used in operations for the amount of income recognized upon rate lock (i.e., non-cash income) for derivatives and loans held for sale outstanding at period end and an increase to cash provided by or used in operations for cash received upon loan origination or sale for derivatives and loans held for sale that were outstanding at prior period end. When income recognized upon rate lock is greater than cash received upon loan origination or sale, the adjustment is a negative amount. When income recognized upon rate lock is less than cash received upon loan origination or loan sale, the adjustment is a positive amount.

For presentation in the Consolidated Statements of Cash Flows, the Company considers pledged cash and cash equivalents (as detailed in NOTE 12) to be restricted cash and restricted cash equivalents. The following table presents a reconciliation of the total of cash, cash equivalents, restricted cash, and restricted cash equivalents as presented in the Consolidated Statements of Cash Flows to the related captions on the Consolidated Balance Sheets as of December 31, 2025, 2024, 2023, and 2022.


(in thousands)	2025		2024		2023		2022
Cash and cash equivalents	$	299,315	$	279,270	$	328,698	$	225,949
Restricted cash		22,772		25,156		21,422		17,676
Pledged cash and cash equivalents (NOTE 12)		22,288		23,472		41,283		14,658
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$	344,375	$	327,898	$	391,403	$	258,283

The Company has made certain disclosures throughout the footnotes to the consolidated financial statements regarding non-cash transactions that are not reflected in the Consolidated Statements of Cash flows for the years ended December 31, 2025, 2024, and 2023. In addition to those disclosures, the following non-cash transaction is not reflected in the Consolidated Statements of Cash Flows: $6.0 million allowance charge-off of a loan held for investment for the year ended December 31, 2023.

Income Taxes

Income Taxes—The Company files income tax returns in the applicable U.S. federal, state, and local jurisdictions and generally is subject to examination by the respective jurisdictions for three to four years from the filing of a tax return. The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted.

Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realizable based on consideration of available evidence, including future reversals of existing taxable temporary differences, projected future taxable income, and tax planning strategies.

The Company had an insignificant accrual for uncertain tax positions as of December 31, 2025 and 2024.

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 on loans held for sale after a loan is closed and before a loan is sold. Warehouse interest income is earned 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 years ended December 31, 2025, 2024, and 2023 are the following components:


(in thousands)	For the year ended December 31,
Components of Net Warehouse Interest Income (Expense)	2025		2024		2023
Warehouse interest income	$	56,212	$	40,058	$	44,705
Warehouse interest expense		(61,702)		(47,091)		(50,338)
Net warehouse interest income (expense)	$	(5,490)	$	(7,033)	$	(5,633)

Pledged Securities

Pledged Securities—As collateral against its Fannie Mae risk-sharing obligations (NOTES 4 and 12), certain cash, cash equivalents, and securities have been pledged to the benefit of Fannie Mae to secure the Company's risk-sharing obligations. Substantially all of the balance of Pledged securities, at fair value within the Consolidated Balance Sheets as of December 31, 2025 and 2024 was pledged against Fannie Mae risk-sharing obligations. The Company’s investments included within Pledged securities, at fair value consist primarily of money market funds (cash equivalent) and Agency debt securities. The investments in Agency debt securities consist of multifamily Agency mortgage-backed securities (“Agency MBS”) and are all accounted for as available-for-sale (“AFS”) securities. The Company does not record an allowance for credit losses for its Agency MBS, including those whose fair value is less than amortized cost. Agency MBS carry the guarantee of payment from the Agencies, nor does the Company believe that it is more likely than not that it would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. The contractual cash flows of Agency MBS are guaranteed by the GSEs, which are government-sponsored enterprises under the conservatorship of the Federal Housing Finance Agency. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost of these securities.

Contracts with Customers

Contracts with Customers—A 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 below, the Company’s contracts with customers generally do not require judgment or material 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 Company’s contracts with customers is generally not complicated and is generally completed in a short period of time.

The Company provides asset management services to investors in low-income housing tax credits funds and earns an asset management fee (“AMF”). The AMF is generally a specified percentage of invested assets in the LIHTC fund. The LIHTC funds invest in low-income housing projects, typically for a period of 10-15 years to meet the qualifications for the tax credit benefit. Cash distributions are made from the low-income housing project to the LIHTC fund. These distributions are subject to significant uncertainty as to the amount and timing as they are dependent upon the availability of cash for distribution, operating performance, and liquidity of the low-income housing project investments.

Due to this significant uncertainty, the Company considers the contractual AMF to be variable consideration, substantially all of which is constrained. The Company estimates the amount of consideration not subject to the constraint at each quarterly reporting period. The amount of AMF revenue recognized each period is based on an assessment of the projected cash collections expected over the next 12 months. This projection is based on historical collections and other considerations. The Company recognized asset management fees of $26.2 million, $21.6 million, and $36.7 million for the years ended December 31, 2025, 2024, and 2023, respectively. The AMF receivable was $27.4 million as of

December 31, 2025 and $30.3 million as of December 31, 2024. The asset management fee receivable is included in Receivables, net on the Consolidated Balance Sheets, and the AMF revenue is included within Investment management fees in the Consolidated Statements of Income.

The following table presents information about the Company’s contracts with customers for the years ended December 31, 2025, 2024, and 2023:


Description	2025		2024		2023		Statement of income line item
Certain loan origination fees	$	125,922	$	99,828	$	71,445	Loan origination and debt brokerage fees, net
Property sales broker fees		83,519		60,583		53,966	Property sales broker fees
Investment management fees		34,629		36,976		45,381	Investment management fees
Investment banking revenues, appraisal revenues, subscription revenues, syndication fees, and other revenues		75,894		67,991		87,417	Other revenues
Total revenues derived from contracts with customers	$	319,964	$	265,378	$	258,209

Loans Held for Investment, net ("LHFI")

Loans Held for Investment, net (“LHFI”)— The Company recognizes interest income on an accrual basis except when the Company believes the collection of principal and interest in full is not reasonably assured. This generally occurs when a loan is two or more months past due according to its contractual terms. A loan is reported as past due if a full payment of principal and interest is not received within one month of its due date. When a loan is placed on nonaccrual status interest previously accrued but not collected on the loan is reversed through interest income. Cost basis adjustments on LHFI are amortized into interest income over the contractual life of the loan using the effective interest method.

Cost basis adjustments on the loan are not amortized into income while a loan is on nonaccrual status. The Company has elected not to measure an allowance for credit losses on accrued interest receivable balances as the Company has a nonaccrual policy to ensure the timely reversal of unpaid accrued interest.

The Company accounts for interest income on a cost recovery basis and the Company applies any payment received while on nonaccrual status to reduce the amortized cost of the loan. Thus, the Company does not recognize any interest income on a loan placed on nonaccrual status until the amortized cost of the loan has been reduced to zero.

A nonaccrual loan is returned to accrual status when the full collection of principal and interest is reasonably assured. The Company generally determines that the full collection of principal and interest is reasonably assured when the loan returns to current payment status. Upon a loan’s return to accrual status, the Company resumes the recognition of interest income on an accrual basis and the amortization of cost basis adjustments, if any, into interest income.

As of December 31, 2025 and 2024, loans held for investment consisted of loans repurchased or indemnified in 2025 and 2024 as discussed above. NOTE 5 contains additional details on loans held for investment and loans in nonaccrual status.

Guaranty Obligation, net

Guaranty Obligation, net—When a loan is sold under the Fannie Mae DUS program, the Company undertakes an obligation to partially guarantee the performance of the loan. Upon loan sale, a liability for the fair value of the obligation undertaken in issuing the guaranty is recognized and presented as a component of Other liabilities on the Consolidated Balance Sheets. The recognized guaranty obligation is the fair value of the Company’s obligation to stand ready to perform and credit risk over the term of the guaranty.

The estimated fair value of the guaranty obligation is based on the present value of the cash flows expected to be paid under the guaranty over the estimated life of the loan discounted using a rate consistent with what is used for the calculation of the mortgage servicing right for each loan. The life of the guaranty obligation is the estimated period over which the Company believes it will be required to stand ready under the guaranty, which is generally the term of the loan. Subsequent to the initial measurement date, the liability is amortized over the life of the guaranty period using the straight-line method as a component of and reduction to Amortization and depreciation in the Consolidated Statements of Income.

Cash and Cash Equivalents

Cash and Cash Equivalents—The term cash and cash equivalents, as used in the accompanying consolidated financial statements, includes currency on hand, demand deposits with financial institutions, and short-term, highly liquid investments purchased with an original

maturity of three months or less. The Company had no cash equivalents, except as described in Pledged Securities above, as of December 31, 2025 and 2024.

Restricted Cash

Restricted Cash—Restricted cash represents primarily good faith deposits from borrowers. The Company records a corresponding liability for the good faith deposits from borrowers within Other liabilities on the Consolidated Balance Sheets.

Receivables, Net

Receivables, Net—Receivables, net represents amounts currently due to the Company pursuant to contractual servicing agreements, investor good faith deposits held in escrow by others, notes receivable from the developers of affordable housing projects, asset management fees receivable, and other receivables. Substantially all of these receivables are (i) expected to be collected within a short period of time, (ii) with counterparties with high credit quality (such as the Agencies) or (iii) sufficiently collateralized by underlying assets. Additionally, the Company has not experienced any material credit losses related to these receivables. Consequently, the Company has not recorded an allowance for credit losses associated with its receivables as of December 31, 2025 and 2024.

Concentrations of Credit Risk

Concentrations of Credit Risk—Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents, loans held for sale, and derivative financial instruments.

The Company places the cash and temporary investments with systematically important financial institutions, which are Federal Deposit Insurance Corporation (“FDIC”) insured banks, and certain of the Company’s cash deposits exceed FDIC insurance limits. The Company believes no significant credit risk exists with these financial institutions. The counterparties to the loans held for sale and funding commitments are owners of residential multifamily properties located throughout the United States. Mortgage loans are generally transferred or sold within 60 days from the date that a mortgage loan is funded. There is no material residual counterparty risk with respect to the Company's funding commitments as each potential borrower must make a non-refundable good faith deposit when the funding commitment is executed. The counterparty to the forward sale is Fannie Mae, Freddie Mac, or a broker-dealer that has been determined to be a credit-worthy counterparty by us and our warehouse lenders. There is a risk that the purchase price agreed to by the investor will be reduced in the event of a late delivery. The risk for non-delivery of a loan primarily results from the risk that a borrower does not close on the funding commitment in a timely manner. This risk is generally mitigated by the non-refundable good faith deposit.

Leases

Leases—In the normal course of business, the Company executes lease arrangements for all of its office space. All such lease arrangements are accounted for as operating leases. The Company initially recognizes a lease liability for the obligation to make lease payments and a right-of-use (“ROU”) asset for the right to use the underlying asset for the lease term. The lease liability is measured at the present value of the lease payments over the lease term. The ROU asset is measured at the lease liability amount, adjusted for lease prepayments, accrued rent, lease incentives received, and the lessee’s initial direct costs.

These operating leases do not provide an implicit discount rate; therefore, the Company uses the incremental borrowing rate of its note payable at lease commencement to calculate lease liabilities as the terms on this debt most closely resemble the terms on the Company’s largest leases. The Company’s lease agreements often include options to extend or terminate the lease. Single lease cost related to these lease agreements is recognized on the straight-line basis over the term of the lease, which includes options to extend when it is reasonably certain that such options will be exercised and the Company knows what the lease payments will be during the optional periods.

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 Adopted and Recently Announced Accounting Pronouncements

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


Standard	Description	Date of Adoption
2024-03-Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses	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
2025-08-Financial Instruments-Credit Losses (Topic 326): Purchased Loans	Requires the gross-up approach for seasoned acquired financial assets similar to the accounting for purchased credit deteriorated financial assets.	January 1, 2027
2025-09-Derivatives and Hedging (Topic 815): Hedge Accounting Improvements	Addresses hedge accounting issues that will allow entities to achieve and maintain hedge accounting.	January 1, 2028
2025-11-Interim Reporting (Topic 270): Narrow-Scope Improvements	Clarifies interim disclosure requirements by providing a comprehensive list of required interim disclosures.	January 1, 2028

While the Company is currently assessing the impact of these new pronouncements, the Company currently believes that the future 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 the Company believes have the potential to impact the Company’s consolidated financial statements.

As of December 31, 2025, the Company adopted ASU 2023-09 Income Taxes – Improvements to Income Tax Disclosures. NOTE 14 contains additional information about the adoption of this new standard and includes the additional disclosures required by the standard. 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. Additionally, in 2025, the Company began presenting Indemnified and repurchased loan expenses and Asset impairments and other expenses on the Consolidated Statements of Income to enhance visibility around expenses related to specific events given their larger impact in 2025. Previously, these amounts were included in Other operating expenses and were disclosed throughout the notes to the consolidated financial statements. NOTE 5 and NOTE 17 contain additional detailed information on Indemnified and repurchased loan expenses and Asset impairments and other expenses, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of Components of Provision (Benefit) for Credit Losses


Components of Provision (Benefit) for Credit Losses (in thousands)	2025		2024		2023
Provision (benefit) for loan losses	$	199	$	11,813	$	(4)
Provision (benefit) for risk-sharing obligations		9,387		(974)		(10,448)
Provision (benefit) for credit losses	$	9,586	$	10,839	$	(10,452)

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


(in thousands)	2025		2024		2023		2022
Cash and cash equivalents	$	299,315	$	279,270	$	328,698	$	225,949
Restricted cash		22,772		25,156		21,422		17,676
Pledged cash and cash equivalents (NOTE 12)		22,288		23,472		41,283		14,658
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$	344,375	$	327,898	$	391,403	$	258,283

Schedule of Net Warehouse Interest Income (Expense)


(in thousands)	For the year ended December 31,
Components of Net Warehouse Interest Income (Expense)	2025		2024		2023
Warehouse interest income	$	56,212	$	40,058	$	44,705
Warehouse interest expense		(61,702)		(47,091)		(50,338)
Net warehouse interest income (expense)	$	(5,490)	$	(7,033)	$	(5,633)

Schedule of Contracts with Customers


Description	2025		2024		2023		Statement of income line item
Certain loan origination fees	$	125,922	$	99,828	$	71,445	Loan origination and debt brokerage fees, net
Property sales broker fees		83,519		60,583		53,966	Property sales broker fees
Investment management fees		34,629		36,976		45,381	Investment management fees
Investment banking revenues, appraisal revenues, subscription revenues, syndication fees, and other revenues		75,894		67,991		87,417	Other revenues
Total revenues derived from contracts with customers	$	319,964	$	265,378	$	258,209

Summary of Expected Impact of Recently Announced Accounting Pronouncements


Standard	Description	Date of Adoption
2024-03-Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses	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
2025-08-Financial Instruments-Credit Losses (Topic 326): Purchased Loans	Requires the gross-up approach for seasoned acquired financial assets similar to the accounting for purchased credit deteriorated financial assets.	January 1, 2027
2025-09-Derivatives and Hedging (Topic 815): Hedge Accounting Improvements	Addresses hedge accounting issues that will allow entities to achieve and maintain hedge accounting.	January 1, 2028
2025-11-Interim Reporting (Topic 270): Narrow-Scope Improvements	Clarifies interim disclosure requirements by providing a comprehensive list of required interim disclosures.	January 1, 2028

MORTGAGE SERVICING RIGHTS (Tables)

12 Months Ended

Dec. 31, 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	$	39.4
200 basis point increase		76.1
Placement Fee Rate
50 basis point decrease	$	49.7
100 basis point decrease		99.5

Schedule of Activity Related to MSRs


	For the year ended December 31,
Roll Forward of MSRs (in thousands)	2025		2024
Beginning balance	$	852,399	$	907,415
Additions, following the sale of loan		178,136		156,984
Amortization		(210,536)		(203,600)
Pre-payments and write-offs		(11,854)		(8,400)
Ending balance	$	808,145	$	852,399

Summary of Components of Net Carrying Value of MSRs


Components of MSRs (in thousands)	December 31, 2025		December 31, 2024
Gross value	$	1,824,350	$	1,808,295
Accumulated amortization		(1,016,205)		(955,896)
Net carrying value	$	808,145	$	852,399

Schedule of Expected Amortization of MSRs


	Expected
	Amortization
Year Ending December 31, (in thousands)
2026	$	199,489
2027		178,400
2028		147,206
2029		107,607
2030		69,735
Thereafter		105,708
Total	$	808,145

ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION (Tables)

12 Months Ended

Dec. 31, 2025

ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION

Summary of Allowance for Risk-Sharing Obligations


	For the year ended December 31,
Roll Forward of Allowance for Risk-Sharing Obligations (in thousands)	2025		2024
Beginning balance	$	28,159	$	31,601
Provision (benefit) for risk-sharing obligations		9,387		(974)
Write-offs		—		(468)
Other		—		(2,000)
Ending balance	$	37,546	$	28,159

Schedule of CECL Calculation Details and Provision Impact


		2025
CECL Allowance Calculation Inputs, Details, and Provision Impact		Q1		Q2		Q3		Q4		Total
Forecast-period loss rate (in basis points)		2.1		2.1		2.1		2.1		N/A
Reversion-period loss rate (in basis points)		1.2		1.2		1.2		1.2		N/A
Historical loss rate (in basis points)		0.3		0.3		0.3		0.3		N/A
At-risk Fannie Mae servicing portfolio UPB (in billions)	$	63.6	$	64.7	$	66.0	$	67.5		N/A
CECL allowance (in millions)	$	24.4	$	24.6	$	24.8	$	25.0		N/A
Provision (benefit) for CECL allowance (in millions)	$	0.2	$	0.2	$	0.1	$	0.2	$	0.7


		2024
CECL Allowance Calculation Inputs, Details, and Provision Impact		Q1		Q2		Q3		Q4		Total
Forecast-period loss rate (in basis points)		2.3		2.3		2.1		2.1		N/A
Reversion-period loss rate (in basis points)		1.3		1.3		1.2		1.2		N/A
Historical loss rate (in basis points)		0.3		0.3		0.3		0.3		N/A
At-risk Fannie Mae servicing portfolio UPB (in billions)	$	59.2	$	59.5	$	60.6	$	62.9		N/A
CECL allowance (in millions)	$	25.0	$	24.9	$	23.4	$	24.2		N/A
Provision (benefit) for CECL allowance (in millions)	$	(6.6)	$	(0.1)	$	(1.5)	$	0.8	$	(7.4)


		2023
CECL Allowance Calculation Inputs, Details, and Provision Impact		Q1		Q2		Q3		Q4		Total
Forecast-period loss rate (in basis points)		2.3		2.3		2.3		2.4		N/A
Reversion-period loss rate (in basis points)		1.5		1.5		1.5		1.5		N/A
Historical loss rate (in basis points)		0.6		0.6		0.6		0.6		N/A
At-risk Fannie Mae servicing portfolio UPB (in billions)	$	54.5	$	55.7	$	57.4	$	58.5		N/A
CECL allowance (in millions)	$	28.7	$	28.9	$	31.0	$	31.6		N/A
Provision (benefit) CECL allowance (in millions)	$	(11.0)	$	0.2	$	0.5	$	0.6	$	(9.7)

Schedule of Activity Related to Guaranty Obligation


	For the year ended December 31,
Roll Forward of Guaranty Obligation (in thousands)	2025		2024
Beginning balance	$	35,980	$	39,868
Additions, following the sale of loan		5,679		4,218
Amortization and write-offs		(8,735)		(8,106)
Ending balance	$	32,924	$	35,980

INDEMNIFIED AND REPURCHASED LOANS (Tables)

12 Months Ended

Dec. 31, 2025

INDEMNIFIED AND REPURCHASED LOANS

Schedule of indemnified and repurchased loans and their location


	As of December 31,
Other Assets Related to Indemnified and Repurchased Loans (in thousands)	2025		2024
Other Assets
Loans held for investment
Indemnified loans	$	46,253	$	24,617
Repurchased loans		36,926		12,309
Allowance for loan losses		(5,410)		(4,060)
Loans held for investment, net	$	77,769	$	32,866
OREO		14,756		14,756
Other asset, net		24,124		25,524
Total other assets related to indemnified and repurchased loans	$	116,649	$	73,146

Other Liabilities Related to Indemnified and Repurchased Loans (in thousands)
Secured borrowings	$	83,402	$	59,441
Indemnification reserves ⁽¹⁾		23,920		5,527
Total other liabilities related to indemnified and repurchased loans	$	107,322	$	64,968

(1)

NOTE 2 contains information about the nature of these reserves.

Schedule of maximum expected future payments


	As of December 31,
Maximum Expected Future Payments (in thousands)	2025		2024
Secured Borrowings	$	83,402	$	59,441
Collateral for Secured borrowings ⁽¹⁾		(22,668)		(12,538)
Total	$	60,734	$	46,903

(1)

Collateral for secured borrowings is included in Receivables, net on the Consolidated Balance Sheets.

Schedule of indemnified and repurchased loan expenses


	For the year ended December 31,
Impact of Indemnified and Repurchased Loans (in thousands)	2025		2024
Initial loan repurchase costs	$	8,318	$	7,041
Indemnified and repurchased loan operating costs		12,440		3,532
Expected principal losses on loan repurchase ("loan repurchase losses")		20,092		—
Indemnified and repurchased loan expenses	$	40,850	$	10,573

Provision (benefit) for loan losses — Indemnified Loans ⁽¹⁾	$	199	$	11,860
Total impact of indemnified and repurchased loans	$	41,049	$	22,433

(1)

Included as a component of Provision (benefit) for credit losses in the Consolidated Statements of Income.

Schedule of portion of the indemnified and repurchased loans on nonaccrual status


	As of December 31,
Non-accrual Loans (in thousands)	2025		2024
Loans held for investment UPB	$	48,630	$	36,926
Cost basis and fair value adjustments, net		1,331		—
Allowance for loan losses		(5,410)		(4,060)
Non-accrual Loans, net	$	44,551	$	32,866

WAREHOUSE AND CORPORATE NOTES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2025

WAREHOUSE AND CORPORATE NOTES PAYABLE

Schedule of maturities of warehouse notes payable and corporate notes payable


Year Ending December 31,		Maturities
2026		$	1,451,117
2027			4,500
2028			4,500
2029			4,500
2030			4,500
Thereafter			824,125
Total		$	2,293,242

Warehouse Facilities

WAREHOUSE AND CORPORATE NOTES PAYABLE

Schedule of warehouse lines of credit


		December 31, 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	$	77,825		SOFR plus 1.30%
Agency Warehouse Facility #2			700,000			300,000		1,000,000		382,608		SOFR plus 1.30%
Agency Warehouse Facility #3			425,000			425,000		850,000		64,403		SOFR plus 1.30%
Agency Warehouse Facility #4			150,000			225,000		375,000		122,711		SOFR plus 1.30% to 1.35%
Agency Warehouse Facility #5			—			1,000,000		1,000,000		100,217		SOFR plus 1.45%
Total National Bank Agency Warehouse Facilities		$	1,600,000			2,200,000		3,800,000	$	747,764
Fannie Mae repurchase agreement, uncommitted line and open maturity			—			1,500,000		1,500,000		672,899
Total Agency Warehouse Facilities		$	1,600,000			3,700,000		5,300,000	$	1,420,663


		December 31, 2024
(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	$	69,401		SOFR plus 1.30%
Agency Warehouse Facility #2			700,000			300,000		1,000,000		137,792		SOFR plus 1.30%
Agency Warehouse Facility #3			425,000			425,000		850,000		102,463		SOFR plus 1.30%
Agency Warehouse Facility #4			150,000			225,000		375,000		66,861		SOFR plus 1.30% to 1.35%
Agency Warehouse Facility #5			50,000			950,000		1,000,000		11,461		SOFR plus 1.45%
Total National Bank Agency Warehouse Facilities		$	1,650,000		$	2,150,000	$	3,800,000	$	387,978
Fannie Mae repurchase agreement, uncommitted line and open maturity			—			1,500,000		1,500,000		204,542
Total Agency Warehouse Facilities		$	1,650,000		$	3,650,000	$	5,300,000	$	592,520
Liabilities associated with loans held for sale due to a repurchase option (NOTE 2)			—			—		—		189,452
Total Borrowings		$	1,650,000		$	3,650,000	$	5,300,000	$	781,972

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

Notes Payable

WAREHOUSE AND CORPORATE NOTES PAYABLE

Schedule of corporate notes payable


		December 31,
(in thousands, unless otherwise specified)		2025			2024		Interest rate and repayments
Term Loan Note Payable
Unpaid principal balance		$	446,625		$	778,481	Quarterly principal payments of $1.1 million in 2025 and $2.0 million in 2024.
Unamortized debt discount			(2,688)			(3,484)
Unamortized debt issuance costs			(8,681)			(6,953)
Carrying balance		$	435,256		$	768,044

Senior Notes
Unpaid principal balance		$	400,000		$	—	No recurring principal payments. Stated interest rate is 6.625% Interest rate swapped to SOFR + 257 basis points.
Fair value adjustment (NOTE 10)			927			—
Unamortized debt issuance costs			(6,965)			—
Carrying balance		$	393,962		$	—

Corporate notes payable		$	829,218		$	768,044

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2025

SEGMENTS

Summary and reconciliation of each segment's results and balances


Segment Results and Total Assets (dollars in thousands, except per share data and ratios)	As of and for the year ended December 31, 2025
Revenues		CM			SAM			Corporate			Consolidated
Loan origination and debt brokerage fees, net	$	336,947		$	5,202		$	—		$	342,149
Fair value of expected net cash flows from servicing, net of guaranty obligation		179,681			—			—			179,681
Servicing fees		—			337,442			—			337,442
Property sales broker fees		83,519			—			—			83,519
Investment management fees		—			34,629			—			34,629
Net warehouse interest income (expense)		(5,490)			—			—			(5,490)
Placement fees and other interest income		—			137,864			14,720			152,584
Other revenues		52,293			51,427			6,072			109,792
Total revenues	$	646,950		$	566,564		$	20,792		$	1,234,306

Expenses
Personnel⁽¹⁾	$	475,286		$	89,552		$	82,971		$	647,809
Amortization and depreciation		4,579			225,640			8,463			238,682
Provision (benefit) for credit losses		—			9,586			—			9,586
Interest expense on corporate debt		17,506			41,345			5,864			64,715
Goodwill impairment		—			—			—			—
Fair value adjustments to contingent consideration liabilities		—			(8,243)			—			(8,243)
Indemnified and repurchased loan expenses		—			40,850			—			40,850
Asset impairments and other expenses		2,742			28,584			5,420			36,746
Other operating expenses		21,162			21,398			82,603			125,163
Total expenses	$	521,275		$	448,712		$	185,321		$	1,155,308
Income (loss) before taxes	$	125,675		$	117,852		$	(164,529)		$	78,998
Income tax expense (benefit)		35,019			32,839			(45,845)			22,013
Net income (loss) before noncontrolling interests and temporary equity holders	$	90,656		$	85,013		$	(118,684)		$	56,985
Less: net income (loss) from noncontrolling interests	$	—		$	(99)		$	—		$	(99)
Less: net income (loss) attributable to temporary equity holders		837			—			—			837
Walker & Dunlop net income (loss)	$	89,819		$	85,112		$	(118,684)		$	56,247

Total assets	$	2,031,815		$	2,425,954		$	601,709		$	5,059,478
Diluted EPS	$	2.62		$	2.48		$	(3.46)		$	1.64
Operating margin		19	%		21	%		(791)	%		6	%


Segment Results and Total Assets (dollars in thousands, except per share data and ratios)	As of and for the year ended December 31, 2024
Revenues		CM			SAM			Corporate			Consolidated
Loan origination and debt brokerage fees, net	$	271,996		$	4,566		$	—		$	276,562
Fair value of expected net cash flows from servicing, net of guaranty obligation		153,593			—			—			153,593
Servicing fees		—			325,644			—			325,644
Property sales broker fees		60,583			—			—			60,583
Investment management fees		—			36,976			—			36,976
Net warehouse interest income (expense)		(8,780)			1,747			—			(7,033)
Placement fees and other interest income		—			153,350			14,611			167,961
Other revenues		47,449			69,366			1,389			118,204
Total revenues	$	524,841		$	591,649		$	16,000		$	1,132,490

Expenses
Personnel⁽¹⁾	$	399,256		$	83,050		$	76,940		$	559,246
Amortization and depreciation		4,551			226,067			6,931			237,549
Provision (benefit) for credit losses		—			10,839			—			10,839
Interest expense on corporate debt		19,489			43,834			6,363			69,686
Goodwill impairment		33,000			—			—			33,000
Fair value adjustments to contingent consideration liabilities		(39,491)			(10,830)			—			(50,321)
Indemnified and repurchased loan expenses		—			10,573			—			10,573
Asset impairments and other expenses		460			721			—			1,181
Other operating expenses		20,284			31,770			77,182			129,236
Total expenses	$	437,549		$	396,024		$	167,416		$	1,000,989
Income (loss) before taxes	$	87,292		$	195,625		$	(151,416)		$	131,501
Income tax expense (benefit)		20,275			45,437			(35,169)			30,543
Net income (loss) before noncontrolling interests	$	67,017		$	150,188		$	(116,247)		$	100,958
Less: net income (loss) from noncontrolling interests		353			(7,562)			—			(7,209)
Walker & Dunlop net income (loss)	$	66,664		$	157,750		$	(116,247)		$	108,167

Total assets	$	1,407,206		$	2,439,986		$	534,801		$	4,381,993
Diluted EPS	$	1.97		$	4.65		$	(3.43)		$	3.19
Operating margin		17	%		33	%		(946)	%		12	%


Segment Results and Total Assets (dollars in thousands, except per share data and ratios)	As of and for the year ended December 31, 2023
Revenues			CM			SAM			Corporate			Consolidated
Loan origination and debt brokerage fees, net		$	232,625		$	1,784		$	—		$	234,409
Fair value of expected net cash flows from servicing, net of guaranty obligation			141,917			—			—			141,917
Servicing fees			—			311,914			—			311,914
Property sales broker fees			53,966			—			—			53,966
Investment management fees			—			45,381			—			45,381
Net warehouse interest income (expense)			(9,497)			3,864			—			(5,633)
Placement fees and other interest income			—			141,374			13,146			154,520
Other revenues			57,755			59,526			685			117,966
Total revenues		$	476,766		$	563,843		$	13,831		$	1,054,440

Expenses
Personnel⁽¹⁾		$	375,450		$	74,407		$	64,433		$	514,290
Amortization and depreciation			4,550			214,978			7,224			226,752
Provision (benefit) for credit losses			—			(10,452)			—			(10,452)
Interest expense on corporate debt			18,779			42,489			7,208			68,476
Goodwill impairment			62,000			—			—			62,000
Fair value adjustments to contingent consideration liabilities			(62,500)			—			—			(62,500)
Indemnified and repurchased loan expenses			—			—			—			—
Asset impairments and other expenses			(1,157)			550			—			(607)
Other operating expenses			21,151			28,032			69,101			118,284
Total expenses		$	418,273		$	350,004		$	147,966		$	916,243
Income (loss) before taxes		$	58,493		$	213,839		$	(134,135)		$	138,197
Income tax expense (benefit)			14,824			54,198			(33,996)			35,026
Net income (loss) before noncontrolling interests		$	43,669		$	159,641		$	(100,139)		$	103,171
Less: net income (loss) from noncontrolling interests			2,489			(6,675)			—			(4,186)
Walker & Dunlop net income (loss)		$	41,180		$	166,316		$	(100,139)		$	107,357

Total assets		$	1,193,137		$	2,273,033		$	586,177		$	4,052,347
Diluted EPS		$	1.22		$	4.93		$	(2.97)		$	3.18
Operating margin			12	%		38	%		(970)	%		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.

Schedule of loans serviced for others, by product


	As of December 31,
Loan Servicing Portfolio by Product (in thousands)	2025			2024			2023
Fannie Mae	$	72,708,372		$	68,196,744		$	63,699,106
Freddie Mac		42,595,441			39,185,091			39,330,545
Ginnie Mae-HUD		11,563,020			10,847,265			10,460,884
Other		17,111,320			17,057,912			16,980,989
Total	$	143,978,153		$	135,287,012		$	130,471,524

Schedule of volume of debt financing by product


	For the year ended December 31,
Debt Financing by Product (in thousands)	2025			2024			2023
Fannie Mae	$	9,552,425		$	7,641,161		$	7,021,397
Freddie Mac		8,248,816			5,227,550			4,568,935
Ginnie Mae-HUD		915,524			588,529			678,889
Brokered		22,076,680			16,093,776			11,714,888
Principal Lending and Investing		690,250			603,650			218,750
Total	$	41,483,695		$	30,154,666		$	24,202,859

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

GOODWILL AND OTHER INTANGIBLE ASSETS

Schedule of Goodwill by Reportable Segment


	For the year ended December 31,
(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		—		—		—			—		—		—
Measurement-period and other adjustments		—		—		—			—		—		—
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		—		—		—			33,000		—		33,000
Ending accumulated goodwill impairment	$	95,000	$	—	$	95,000		$	95,000	$	—	$	95,000

Goodwill	$	429,189	$	439,521	$	868,710		$	429,189	$	439,521	$	868,710

(1) As of both December 31, 2025 and 2024, no goodwill was allocated to the Corporate reportable segment.

Schedule of Other Intangible Assets


	For the year ended December 31,
Roll Forward of Other Intangible Assets (in thousands)	2025		2024
Beginning balance	$	156,893	$	181,975
Additions from acquisitions		—		—
Amortization		(15,016)		(15,016)
Write-offs⁽¹⁾		—		(10,066)
Ending balance	$	141,877	$	156,893

(1) Amortization and Write-offs of Other Intangible Assets are recognized in Amortization and depreciation in the Consolidated Statements of Income.

Summary of Components of Net Carrying Value of Other Intangible Assets


Components of Other Intangible Assets (in thousands)	December 31, 2025		December 31, 2024
Gross value	$	208,782	$	210,616
Accumulated amortization		(66,905)		(53,723)
Net carrying value	$	141,877	$	156,893

Schedule of Expected Amortization of Other Intangible Assets


	Expected
	Amortization
Year Ending December 31, (in thousands)
2026	$	15,016
2027		15,016
2028		15,016
2029		14,952
2030		14,946
Thereafter		66,931
Total	$	141,877

Schedule of Contingent Consideration Liabilities


	For the year ended December 31,
Roll Forward of Contingent Consideration Liabilities (in thousands)	2025			2024
Beginning balance	$	30,537		$	113,546
Accretion		116			1,629
Fair value adjustments		(8,243)			(50,321)
Payments		(12,747)			(34,317)
Ending balance	$	9,663		$	30,537

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 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
December 31, 2025
Assets
Loans held for sale	$	—	$	1,436,350	$	—	$	1,436,350
Pledged securities		22,288		202,666		—		224,954
Derivative assets		—		27,216		—		27,216
Total	$	22,288	$	1,666,232	$	—	$	1,688,520

Liabilities
Derivative liabilities	$	—	$	1,718	$	—	$	1,718
Corporate notes payable —Senior Notes		—		400,927		—		400,927
Contingent consideration liabilities⁽¹⁾		—		—		9,663		9,663
Total	$	—	$	402,645	$	9,663	$	412,308

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)

For a detailed roll forward of this Level 3 liability, refer to “Roll Forward of Contingent Consideration Liabilities” in NOTE 9.

Schedule of Roll Forward of Derivative Instruments


	For the year ended December 31,
Derivative Assets and Liabilities, net (in thousands)	2025		2024
Beginning balance	$	29,260	$	3,204
Settlements		(525,592)		(404,099)
Realized gains (losses) recorded in earnings⁽¹⁾		496,332		400,895
Unrealized gains (losses) recorded in earnings⁽¹⁾⁽²⁾		25,498		29,260
Ending balance	$	25,498	$	29,260

(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 Consolidated Statements of Income.

(2)

Unrealized gain (loss) from designated derivatives is recognized in Interest expense on corporate debt in the 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		$	9,663		Monte Carlo Simulation		Probability of earnout achievement		0% - 34%	4%

(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


		December 31, 2025						December 31, 2024
		Carrying			Fair			Carrying			Fair
(in thousands)	Level	Amount			Value			Amount			Value
Financial Assets:
Cash and cash equivalents	Level 1	$	299,315		$	299,315		$	279,270		$	279,270
Restricted cash	Level 1		22,772			22,772			25,156			25,156
Pledged securities	Level 1 & 2		224,954			224,954			206,904			206,904
Loans held for sale	Level 2		1,436,350			1,436,350			780,749			780,749
Loans held for investment, net⁽¹⁾	Level 3		77,769			77,769			32,866			32,866
Derivative assets⁽¹⁾	Level 2		27,216			27,216			30,175			30,175
Total financial assets		$	2,088,376		$	2,088,376		$	1,355,120		$	1,355,120

Financial Liabilities:
Derivative liabilities⁽²⁾	Level 2	$	1,718		$	1,718		$	915		$	915
Contingent consideration liabilities⁽²⁾	Level 3		9,663			9,663			30,537			30,537
Secured borrowings⁽²⁾	Level 2		83,402			83,402			59,441			59,441
Warehouse notes payable⁽³⁾	Level 2		1,420,272			1,420,662			781,706			781,972
Corporate notes payable⁽³⁾⁽⁴⁾	Level 2		829,218			847,552			768,044			778,481
Total financial liabilities		$	2,344,273		$	2,362,997		$	1,640,643		$	1,651,346

(1)

Included as a component of Other assets (NOTE 16) on the Consolidated Balance Sheets.

(2)

Included as a component of Other liabilities (NOTE 16) on the 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
December 31, 2025
Undesignated derivatives
Rate lock commitments	$	374,384	$	18,673	$	(1,546)	$	17,127	$	17,608	$	(481)	$	—
Forward sale contracts		1,804,114		—		7,444		7,444		8,681		(1,237)		—
Loans held for sale⁽³⁾		1,429,730		12,518		(5,898)		6,620		—		—		6,620
Total undesignated derivatives			$	31,191	$	—	$	31,191	$	26,289	$	(1,718)	$	6,620
Designated derivatives
Interest rate swap		400,000		—		927		927		927		—		—
Senior Notes⁽⁴⁾		400,000		—		(927)		(927)		—		—		(927)
Total designated derivatives			$	—	$	—	$	—	$	927	$	—	$	(927)
Total			$	31,191	$	—	$	31,191	$	27,216	$	(1,718)	$	5,693

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 (NOTE 16) on the Consolidated Balance Sheets.

(2)	Included as a component of Other liabilities (NOTE 16) on the Consolidated Balance Sheets.

(3)	Fair value adjustment included as an adjustment to Loans held for sale, at fair value on the Consolidated Balance Sheets.

(4)	Fair value adjustment included as adjustment to Corporate notes payable on the Consolidated Balance Sheets.

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2025

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY

Schedule of basic and diluted EPS under two-class method


	For the years ended December 31,
EPS Calculations (in thousands, except per share amounts)	2025		2024		2023
Calculation of basic EPS
Walker & Dunlop net income	$	56,247	$	108,167	$	107,357
Less: dividends and undistributed earnings allocated to participating securities		1,355		2,441		2,752
Net income applicable to common stockholders	$	54,892	$	105,726	$	104,605
Weighted-average basic shares outstanding		33,347		33,116		32,697
Basic EPS	$	1.65	$	3.19	$	3.20

Calculation of diluted EPS
Net income applicable to common stockholders	$	54,892	$	105,726	$	104,605
Add: reallocation of dividends and undistributed earnings based on assumed conversion		(1)		1		3
Net income allocated to common stockholders	$	54,891	$	105,727	$	104,608
Weighted-average basic shares outstanding		33,347		33,116		32,697
Add: weighted-average diluted non-participating securities		22		42		178
Weighted-average diluted shares outstanding		33,369		33,158		32,875
Diluted EPS	$	1.64	$	3.19	$	3.18

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES (Tables)

12 Months Ended

Dec. 31, 2025

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES

Schedule of Pledged Securities at Fair Value


	December 31,
Pledged Securities (in thousands)	2025		2024		2023		2022
Restricted cash	$	17,419	$	3,015	$	2,727	$	5,788
Money market funds		4,869		20,457		38,556		8,870
Total pledged cash and cash equivalents	$	22,288	$	23,472	$	41,283	$	14,658
Agency MBS		202,666		183,432		142,798		142,624
Total pledged securities, at fair value	$	224,954	$	206,904	$	184,081	$	157,282

Schedule of Investment Information Related to AFS Agency MBS


Fair Value and Amortized Cost of Agency MBS (in thousands)	December 31, 2025		December 31, 2024
Fair value	$	202,666	$	183,432
Amortized cost		200,469		182,912
Total gains for securities with net gains in AOCI		3,247		1,650
Total losses for securities with net losses in AOCI		(1,050)		(1,130)
Fair value of securities with unrealized losses		124,684		136,976

Schedule of Contractual Maturity Information Related to Agency MBS


	December 31, 2025
Detail of Agency MBS Maturities (in thousands)	Fair Value		Amortized Cost
Within one year	$	—	$	—
After one year through five years		95,083		94,499
After five years through ten years		94,702		93,734
After ten years		12,881		12,236
Total	$	202,666	$	200,469

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

SHARE-BASED PAYMENT (Tables)

12 Months Ended

Dec. 31, 2025

SHARE-BASED PAYMENT

Schedule of stock compensation expense


	For the year ended December 31,
Components of stock compensation expense (in thousands)	2025			2024			2023
Restricted shares	$	25,989		$	24,907		$	29,452
CEO outperformance award		716			—			—
PSP "RSUs"		42			2,419			(1,610)
Total stock compensation expense	$	26,747		$	27,326		$	27,842

Excess tax benefit (shortfall) recognized	$	(1,414)		$	1,674		$	2,972

Schedule of restricted share activity


			Weighted-
			Average
			Grant-date
Restricted Shares Activity	Shares		Fair Value
Nonvested as of January 1, 2025	784,968		$	89.69
Granted	462,402			83.67
Vested	(316,628)			88.97
Forfeited	(30,453)			90.94
Nonvested as of December 31, 2025	900,289		$	86.82

Schedule of restricted share units activity


			Weighted-
			Average
			Grant-date
Restricted Share Units Activity	Share Units		Fair Value
Nonvested as of January 1, 2025	599,959		$	96.86
Granted	567,464			86.28
Vested	—			—
Forfeited	(155,505)			128.39
Cancelled	—			—
Nonvested as of December 31, 2025	1,011,918		$	86.08

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

INCOME TAXES

Summary of provision for income taxes


	For the year ended December 31,
Components of Income Tax Expense (in thousands)	2025			2024			2023
Current
Federal	$	20,734		$	29,389		$	25,712
State		7,034			5,673			8,401
International		74			(2,019)			(285)
Total current expense	$	27,842		$	33,043		$	33,828

Deferred
Federal	$	(2,611)		$	(1,713)		$	1,250
State		(1,271)			(125)			(434)
International		(1,947)			(662)			382
Total deferred expense (benefit)	$	(5,829)		$	(2,500)		$	1,198
Total income tax expense	$	22,013		$	30,543		$	35,026

Schedule of reconciliation of the statutory federal tax provision to income tax provision


	For the year ended December 31,
(in thousands)	2025					2024			2023
Statutory federal expense	$	16,590	21.0	%		$	27,615		$	29,021
Statutory state income tax expense, net of federal tax benefit⁽¹⁾		3,246	4.1				4,216			6,465
Excess tax shortfalls (benefits), net of federal tax impact		1,414	1.8				(1,674)			(2,972)
Nondeductible expenses		1,707	2.2				3,381			3,064
Non-U.S. earnings (loss)		(1,480)	(1.9)				(2,117)			224
Other		536	0.7				(878)			(776)
Income tax expense	$	22,013	27.9	%		$	30,543		$	35,026

(1)

In 2025, state and local income taxes in California, Maryland, Massachusetts and Tennessee comprise the majority of the statutory state income tax expense, net of federal effect category.

Schedule of deferred tax assets and liabilities


	As of December 31,
Components of Deferred Tax Liabilities, Net (in thousands)	2025		2024
Deferred Tax Assets
Compensation related	$	7,866	$	5,978
Credit losses		17,654		10,202
Other		12,321		6,484
Total deferred tax assets	$	37,841	$	22,664

Deferred Tax Liabilities
Mark-to-market of derivatives and loans held for sale	$	(8,418)	$	(6,247)
Mortgage servicing rights related		(189,018)		(196,678)
Acquisition related ⁽¹⁾		(67,969)		(52,936)
Depreciation		(9,437)		(8,189)
Total deferred tax liabilities	$	(274,842)	$	(264,050)
Deferred tax liabilities, net	$	(237,001)	$	(241,386)

(1)

Acquisition-related deferred tax liabilities consist of book-to-tax differences associated with basis step ups related to the amortization of goodwill recorded from acquisitions and book-to-tax differences in intangible asset amortization.

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

LEASES

Schedule of lease information


Operating Lease Arrangements (in thousands)	For the year ended December 31,
Operating Leases	2025		2024		2023
ROU assets	$	76,333	$	80,024	$	76,463
Lease liabilities		105,125		107,502		101,358
Weighted-average remaining lease term		8.4 years		9.1 years		9.8 years
Weighted-average discount rate		4.8%		4.6%		4.0%

Operating Lease Expenses
Single lease costs	$	16,110	$	16,061	$	14,150
Cash paid for amounts included in the measurement of lease liabilities		16,098		14,761		12,406
Right-of-use assets obtained in exchange for new lease obligations		6,056		10,655		16,798

Schedule of maturities of lease liabilities


Year Ending December 31,
2026	$	17,500
2027		17,477
2028		15,797
2029		13,399
2030		12,012
Thereafter		51,246
Total lease payments	$	127,431
Less imputed interest		(22,306)
Total	$	105,125

OTHER ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

OTHER ASSETS AND LIABILITIES

Schedule of other assets


	As of December 31,
Components of Other Assets (in thousands)	2025			2024
Equity-method investments	$	232,705		$	207,242
ROU assets		76,333			80,024
Prepaid expenses		71,929			78,487
Property and equipment, net		54,409			48,460
Loans held for investment, net		77,769			32,866
Derivative assets		27,216			30,175
All other		56,235			85,549
Total	$	596,596		$	562,803

Schedule of other liabilities


	As of December 31,
Components of Other Liabilities (in thousands)	2025			2024
Accrued expenses	$	172,516		$	155,252
Lease liability		105,125			107,502
Guaranty obligation, net		32,924			35,980
Contingent consideration liabilities		9,663			30,537
Secured Borrowing ⁽¹⁾		118,559			95,022
All other		130,843			103,567
Total	$	569,630		$	527,860

(1) Composed of borrowings related to repurchased loans of $83.4 million and a mortgage loan on a consolidated affordable property of $35.2 million. The mortgage loan carries an interest rate of SOFR plus 1.87% and will require our subsidiary to make insignificant monthly principal payments until October 1, 2029 at which point the subsidiary will make a $33.1 million principal payment.

OTHER REVENUES, OTHER OPERATING EXPENSES, AND ASSET IMPAIRMENTS AND OTHER EXPENSES (Tables)

12 Months Ended

Dec. 31, 2025

OTHER REVENUES, OTHER OPERATING EXPENSES, AND ASSET IMPAIRMENTS AND OTHER EXPENSES

Summary of major components of other revenues


	For the year ended December 31,
Components of Other Revenues (in thousands)	2025			2024			2023
Housing market research subscription revenue ⁽¹⁾	$	25,423		$	19,093		$	35,794
Syndication and other LIHTC revenue ⁽²⁾		16,575			15,706			26,006
Assumption and application fees		7,134			10,271			9,629
All other		60,660			73,134			46,537
Total	$	109,792		$	118,204		$	117,966

(1) Housing market research subscription revenue and investment banking revenues generated from our research and investment banking subsidiary.

(2) Syndication and other LIHTC revenue generated from our subsidiary focused on affordable equity.

Summary of major components of other operating expenses


	For the year ended December 31,
Components of Other Operating Expenses (in thousands)	2025			2024			2023
Professional fees	$	25,619		$	30,111		$	28,370
Office and software expenses		31,081			29,893			26,343
Rent ⁽¹⁾		20,609			19,880			18,174
Travel and entertainment		16,560			14,541			12,225
Marketing and preferred broker		13,296			12,542			12,142
All other		17,998			22,269			21,030
Total	$	125,163		$	129,236		$	118,284

(1) Includes single lease cost and other related expenses (common-area maintenance and other miscellaneous charges).

Summary of components of Asset impairments and other expenses


	For the year ended December 31,
Components of Asset Impairments and Other Expenses (in thousands)	2025			2024			2023
Debt issuance cost write-off		4,215			—			(4,420)
Asset impairments and investment related losses ⁽¹⁾		26,055			721			4,970
Legal investigation review		2,926			—			—
All other		3,550			460			(1,157)
Total	$	36,746		$	1,181		$	(607)

(1)

In 2025, consisted of (i) $13.6 million of impairment of real estate held for use, (ii) $5.0 million of impairment of an equity-method investment, and (iii) a $7.5 million accrual for losses expected on disposition of certain affordable assets. In 2024 and 2023, consisted of only impairment of real estate held for use.

VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Dec. 31, 2025

VARIABLE INTEREST ENTITIES

Schedule of the carrying value and classification of assets and liabilities of VIEs


Nonconsolidated VIEs (in thousands)		December 31, 2025		December 31, 2024
Assets
Committed investments in tax credit equity	$	241,401	$	313,230
Other assets: Equity-method investments		93,018		50,592
Total interests in nonconsolidated VIEs	$	334,419	$	363,822

Liabilities
Commitments to fund investments in tax credit equity	$	219,949	$	274,975
Total commitments to fund nonconsolidated VIEs	$	219,949	$	274,975

Maximum exposure to losses⁽¹⁾⁽²⁾	$	334,419	$	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.

Consolidated VIEs

VARIABLE INTEREST ENTITIES

Summary of assets and liabilities of the Company's consolidated joint development VIEs


Consolidated VIEs (in thousands)		December 31, 2025		December 31, 2024
Assets:
Cash and cash equivalents	$	439	$	863
Restricted cash		2,452		3,939
Receivables, net		27,570		26,570
Other Assets		7,257		44,892
Total assets of consolidated VIEs	$	37,718	$	76,264

Liabilities:
Other liabilities	$	9,888	$	55,527
Total liabilities of consolidated VIEs	$	9,888	$	55,527

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Mortgage Servicing Rights (Details) - OMSRs	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Minimum
Mortgage Banking Activities
Discount rate used for estimated capitalized MSRs (as a percent)	8.00%	8.00%	8.00%
Maximum
Mortgage Banking Activities
Discount rate used for estimated capitalized MSRs (as a percent)	14.00%	14.00%	14.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Details) - item	12 Months Ended
	Dec. 31, 2025	Oct. 01, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of reporting units tested for impairment of goodwill	3
Number of reporting units which did not recognize goodwill impairment		3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance for Risk Sharing Obligations (Details)	12 Months Ended
	Dec. 31, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Percentage of losses borne by the company	10.00%
Reasonable and supportable forecast period used for determining CECL reserves	1 year
Period of time rate reverts to historical rate	1 year
Fannie Mae DUS program \| Maximum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Term of targeted debt	15 years
Maximum delinquency period of loans at which initial loss recognition occurs	60 days
Amount of loss absorbed at time of loan default as a percent of the origination unpaid principal balance	20.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Provision for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Components of Provision (Benefit) for Credit Losses
Provision (benefit) for loan losses	$ 199	$ 11,813	$ (4)
Provision (benefit) for risk-sharing obligations	9,387	(974)	(10,448)
Provision (benefit) for credit losses	$ 9,586	$ 10,839	$ (10,452)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans Held-for-Sale (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Loans Held-for-Sale
Unpaid principal balance of loans repurchased from agency program	$ 0	$ 189,500
Liabilities associated with loans held for sale due to a repurchase option	0	189,452
Co-broker fees	$ 16,500	10,300	$ 12,000
Loans Held for Sale
Loans Held-for-Sale
Period of originated loans within which they are transferred or sold	60 days
Loans held for sale carried at lower of cost or fair value	$ 0	0
Loans held for investment, non-accrual status	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Share-Based Payment (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Restricted Stock Units (RSUs) \| CEO
Fair value assumptions, Black-Scholes
Performance measurement period	3 years
Restricted Stock Units (RSUs) \| CEO \| Tranche one
Fair value assumptions, Black-Scholes
Vesting percentage	33.33%
Restricted Stock Units (RSUs) \| CEO \| Tranche two
Fair value assumptions, Black-Scholes
Vesting percentage	33.33%
Restricted Stock Units (RSUs) \| CEO \| Tranche three
Fair value assumptions, Black-Scholes
Vesting period	2 years
Vesting percentage	33.33%
Initial fair value	$ 8.2
Amortization period of grant fair value	5 years
Restricted Stock Units (RSUs) \| PSP
Fair value assumptions, Black-Scholes
Vesting period	3 years
Restricted Shares \| Officers And Employees
Fair value assumptions, Black-Scholes
Vesting period	3 years
Restricted Shares \| Non-Employee Directors
Fair value assumptions, Black-Scholes
Vesting period	1 year
Restricted Shares \| Production Personnel \| Minimum
Fair value assumptions, Black-Scholes
Vesting period	3 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2022
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents
Cash and cash equivalents	$ 328,698	$ 299,315	$ 279,270	$ 225,949
Restricted cash	21,422	22,772	25,156	17,676
Pledged cash and cash equivalents	41,283	22,288	23,472	14,658
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	391,403	$ 344,375	$ 327,898	$ 258,283
Allowance charge-off of loan held for investment	$ 6,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Net Warehouse Interest Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Warehouse interest income	$ 56,212	$ 40,058	$ 44,705
Warehouse interest expense	(61,702)	(47,091)	(50,338)
Net warehouse interest income (expense)	$ (5,490)	$ (7,033)	$ (5,633)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contracts with Customers and Asset Management Fees (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Contracts with Customers
Revenue from contracts with customer	$ 319,964,000	$ 265,378,000	$ 258,209,000
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Revenues	Revenues	Revenues
Cash and Cash Equivalents
Cash equivalents	$ 0	$ 0
Receivables, net
Asset management fees
Asset management fee receivable	$ 27,400,000	30,300,000
Minimum
Asset management fees
Compliance period for properties held in the LIHTC fund	10 years
Maximum
Asset management fees
Compliance period for properties held in the LIHTC fund	15 years
Certain loan origination fees
Contracts with Customers
Revenue from contracts with customer	$ 125,922,000	$ 99,828,000	$ 71,445,000
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Revenues	Revenues	Revenues
Property sales broker fees
Contracts with Customers
Revenue from contracts with customer	$ 83,519,000	$ 60,583,000	$ 53,966,000
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Revenues	Revenues	Revenues
Investment management fees
Contracts with Customers
Revenue from contracts with customer	$ 34,629,000	$ 36,976,000	$ 45,381,000
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Revenues	Revenues	Revenues
Asset Management Fees
Contracts with Customers
Revenue from contracts with customer	$ 26,200,000	$ 21,600,000	$ 36,700,000
Investment banking revenues, appraisal revenues, subscription revenues, syndication fees, and other revenues
Contracts with Customers
Revenue from contracts with customer	$ 75,894,000	$ 67,991,000	$ 87,417,000
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Revenues	Revenues	Revenues

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans Held-for-Investment, Net and Concentrations of Credit Risk (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash equivalents	$ 0	$ 0
Mortgage Loans
Agency loan repurchases
Period of originated loans within which they are transferred or sold	60 days

MORTGAGE SERVICING RIGHTS - Fair Value Disclosures (Detail) - MSRs - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
MORTGAGE SERVICING RIGHTS
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	$ 39.4
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	$ 76.1
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	$ 49.7
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	$ 99.5

MORTGAGE SERVICING RIGHTS - Schedule of Activity Related to MSRs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
MORTGAGE SERVICING RIGHTS
Beginning balance	$ 852,399
Ending balance	808,145	$ 852,399
MSRs
MORTGAGE SERVICING RIGHTS
Beginning balance	852,399	907,415
Additions, following the sale of loan	178,136	156,984
Amortization	(210,536)	(203,600)
Pre-payments and write-offs	(11,854)	(8,400)
Ending balance	$ 808,145	$ 852,399

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

MORTGAGE SERVICING RIGHTS - Summary of Components of Net Carrying Value of Acquired and Originated MSRs (Detail) - MSRs - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
MORTGAGE SERVICING RIGHTS
Gross value	$ 1,824,350	$ 1,808,295
Accumulated amortization	(1,016,205)	(955,896)
Net carrying value	$ 808,145	$ 852,399

MORTGAGE SERVICING RIGHTS - Schedule of Expected Amortization of MSRs (Detail) - MSRs - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Future amortization
2026	$ 199,489
2027	178,400
2028	147,206
2029	107,607
2030	69,735
Thereafter	105,708
Net carrying value	$ 808,145	$ 852,399

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

MORTGAGE SERVICING RIGHTS - Prepayment fees and Other information (Detail) - MSRs - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SERVICING
Temporary and permanent impairment recognized	$ 0	$ 0	$ 0
Expected amortization period for net carrying value	5 years 8 months 12 days
Other revenues
SERVICING
Prepayment fees	$ 9,100,000	$ 3,500,000	$ 3,500,000
Ancillary Fee Income, Servicing Financial Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenues	Revenues	Revenues
Placement fees and other interest income
SERVICING
Placement fees on escrow deposits	$ 114,500,000	$ 137,600,000	$ 127,400,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION - Summary of Allowance for Risk-Sharing Obligations (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) loan	Dec. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($)
Allowance for Risk-Sharing Contracts
Beginning balance	$ 28,159	$ 31,601
Provision (benefit) for risk-sharing obligations	9,387	(974)	$ (10,448)
Write-offs		(468)
Other		(2,000)
Ending balance	$ 37,546	$ 28,159	$ 31,601
Number of defaulted loans \| loan	3	3
Investment, Type [Extensible Enumeration]	Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member]	Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member]
Amount of specific reserves placed on defaulted at risk loans	$ 12,600	$ 4,000
Fannie Mae DUS program
Allowance for Risk-Sharing Contracts
Maximum quantifiable contingent liability associated with guarantees	$ 14,100,000	$ 12,900,000
Fannie Mae DUS Program
Allowance for Risk-Sharing Contracts
Number of defaulted loans \| loan	11	3
Weighted average remaining life of the at risk servicing portfolio	5 years 1 month 6 days	5 years 8 months 12 days

ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION - CECL Provision Impact (Details) $ in Millions	3 Months Ended												12 Months Ended
	Dec. 31, 2025 USD ($)	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Forecast-period loss rate	0.021	0.021	0.021	0.021	0.021	0.021	0.023	0.023	0.024	0.023	0.023	0.023
Reversion-period loss rate	0.012	0.012	0.012	0.012	0.012	0.012	0.013	0.013	0.015	0.015	0.015	0.015
Historical loss rate	0.003	0.003	0.003	0.003	0.003	0.003	0.003	0.003	0.006	0.006	0.006	0.006
CECL allowance	$ 25.0	$ 24.8	$ 24.6	$ 24.4	$ 24.2	$ 23.4	$ 24.9	$ 25.0	$ 31.6	$ 31.0	$ 28.9	$ 28.7
Provision (benefit) for CECL allowance	0.2	0.1	0.2	0.2	0.8	(1.5)	(0.1)	(6.6)	0.6	0.5	0.2	(11.0)	$ 0.7	$ (7.4)	$ (9.7)
Fannie Mae DUS Program
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
At-risk Fannie Mae servicing portfolio UPB	$ 67,500.0	$ 66,000.0	$ 64,700.0	$ 63,600.0	$ 62,900.0	$ 60,600.0	$ 59,500.0	$ 59,200.0	$ 58,500.0	$ 57,400.0	$ 55,700.0	$ 54,500.0

ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION - Schedule of Activity Related to Guaranty Obligation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION
Guaranty obligation, net of accumulated amortization - beginning balance	$ 35,980	$ 39,868
Additions, following the sale of loan	5,679	4,218
Amortization and write-offs	(8,735)	(8,106)
Guaranty obligation, net of accumulated amortization - ending balance	$ 32,924	$ 35,980

INDEMNIFIED AND REPURCHASED LOANS (Details) $ in Millions	12 Months Ended
INDEMNIFIED AND REPURCHASED LOANS (Details) $ in Millions	Dec. 31, 2025 USD ($) loan	Dec. 31, 2024 USD ($) loan
INDEMNIFIED AND REPURCHASED LOANS
Indemnified amount	$ 221.6
Amount of Loans to be Repurchased, Carrying Value	100.0	$ 87.3
Originated Loans Repurchased, Unpaid Principal Balance	0.0	$ 189.5
Additional loan to be repurchased	$ 34.3
Number of agency loans requested to be repurchased \| loan		5
Loans repurchased \| loan	4
Payments for repurchase of loans	$ 52.5
Indemnification agreement amount	24.1
Freddie Mac And Fannie Mae, Loan One
INDEMNIFIED AND REPURCHASED LOANS
Originated Loans Repurchased, Unpaid Principal Balance	50.7
Freddie Mac And Fannie Mae, Loan Two
INDEMNIFIED AND REPURCHASED LOANS
Additional loan to be repurchased	$ 49.3

INDEMNIFIED AND REPURCHASED LOANS - Location on the balance sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
INDEMNIFIED AND REPURCHASED LOANS
Indemnified loans	$ 46,253	$ 24,617
Repurchased loans	36,926	12,309
Allowance for loan losses	(5,410)	(4,060)
Loans held for investment, net	77,769	32,866
OREO	14,756	14,756
Other asset, net	24,124	25,524
Total other assets related to indemnified and repurchased loans	116,649	73,146
Secured borrowings	83,402	59,441
Indemnification reserves	23,920	5,527
Total other liabilities related to indemnified and repurchased loans	$ 107,322	$ 64,968

INDEMNIFIED AND REPURCHASED LOANS - Maximum Expected Future Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
INDEMNIFIED AND REPURCHASED LOANS
Secured borrowings	$ 83,402	$ 59,441
Collateral for Secured borrowings	(22,668)	(12,538)
Total	$ 60,734	$ 46,903

INDEMNIFIED AND REPURCHASED LOANS - Impact of indemnified and repurchased loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
INDEMNIFIED AND REPURCHASED LOANS
Initial loan repurchase costs	$ 8,318	$ 7,041
Indemnified and repurchased loan operating costs	12,440	3,532
Expected principal losses on loan repurchase ("loan repurchase losses")	20,092
Indemnified and repurchased loan expenses	40,850	10,573
Provision (benefit) for loan losses - Indemnified Loans	199	11,860
Total impact of indemnified and repurchased loans	$ 41,049	$ 22,433

INDEMNIFIED AND REPURCHASED LOANS - Nonaccrual status (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
INDEMNIFIED AND REPURCHASED LOANS
Loans held for investment UPB	$ 48,630	$ 36,926
Cost basis and fair value adjustments, net	1,331
Allowance for loan losses	(5,410)	(4,060)
Non-accrual Loans, net	$ 44,551	$ 32,866

SERVICING - (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SERVICING
Servicing portfolio loans unpaid principal balance	$ 143,978,153	$ 135,287,012	$ 130,471,524
Custodial deposit accounts	3,100,000	2,700,000
Loans serviced
SERVICING
Servicing portfolio loans unpaid principal balance	$ 144,000,000	$ 135,300,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

WAREHOUSE AND CORPORATE NOTES PAYABLE - Warehouse Facilities (Detail)	1 Months Ended	12 Months Ended
	Feb. 28, 2026	Dec. 31, 2025 USD ($) facility	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Warehouse notes payable
Liabilities associated with loans held for sale due to a repurchase option		$ 0	$ 189,452,000
Total Borrowings		1,420,272,000	781,706,000
Interest expense		61,702,000	47,091,000	$ 50,338,000
Warehouse Facilities
Warehouse notes payable
Interest expense		61,700,000	47,100,000	50,300,000
Facility fees		2,100,000	2,400,000	$ 3,200,000
Loans held for sale
Warehouse notes payable
Committed Amount			1,650,000,000
Uncommitted Amount			3,650,000,000
Total Facility Capacity			5,300,000,000
Total Borrowings			781,972,000
Loans held for sale \| Agency Warehouse Facility
Warehouse notes payable
Committed Amount		1,600,000,000	1,650,000,000
Uncommitted Amount		3,700,000,000	3,650,000,000
Total Facility Capacity		5,300,000,000	5,300,000,000
Outstanding Balance		$ 1,420,663,000	592,520,000
National Banks \| Agency Warehouse Facility
Warehouse notes payable
Number of credit facilities \| facility		5
National Banks \| Loans held for sale \| Agency Warehouse Facility
Warehouse notes payable
Committed Amount		$ 1,600,000,000	1,650,000,000
Uncommitted Amount		2,200,000,000	2,150,000,000
Total Facility Capacity		3,800,000,000	3,800,000,000
Outstanding Balance		747,764,000	387,978,000
National Banks \| Loans held for sale \| Agency Warehouse Facility #1 \| Agency Warehouse Facility
Warehouse notes payable
Committed Amount		325,000,000	325,000,000
Uncommitted Amount		250,000,000	250,000,000
Total Facility Capacity		575,000,000	575,000,000
Outstanding Balance		$ 77,825,000	$ 69,401,000
Percentage added to reference rate		1.30%	1.30%
Debt instrument, Variable interest rate, Type		us-gaap:SecuredOvernightFinancingRateSofrMember
Maturity date		Aug. 26, 2026
Advances made as a percentage of the loan balance		100.00%
National Banks \| Loans held for sale \| Agency Warehouse Facility #2 \| Agency Warehouse Facility
Warehouse notes payable
Committed Amount		$ 700,000,000	$ 700,000,000
Uncommitted Amount		300,000,000	300,000,000
Total Facility Capacity		1,000,000,000	1,000,000,000
Outstanding Balance		$ 382,608,000	$ 137,792,000
Percentage added to reference rate		1.30%	1.30%
Debt instrument, Variable interest rate, Type		us-gaap:SecuredOvernightFinancingRateSofrMember
Maturity date		Apr. 10, 2026
Advances made as a percentage of the loan balance		100.00%
National Banks \| Loans held for sale \| Agency Warehouse Facility #2 \| Agency Warehouse Facility \| Subsequent Event
Warehouse notes payable
Percentage added to reference rate	1.20%
Debt instrument, Variable interest rate, Type	us-gaap:SecuredOvernightFinancingRateSofrMember
National Banks \| Loans held for sale \| Agency Warehouse Facility #3 \| Agency Warehouse Facility
Warehouse notes payable
Committed Amount		$ 425,000,000	$ 425,000,000
Uncommitted Amount		425,000,000	425,000,000
Total Facility Capacity		850,000,000	850,000,000
Outstanding Balance		$ 64,403,000	$ 102,463,000
Percentage added to reference rate		1.30%	1.30%
Debt instrument, Variable interest rate, Type		us-gaap:SecuredOvernightFinancingRateSofrMember
Maturity date		May 15, 2026
Advances made as a percentage of the loan balance		100.00%
National Banks \| Loans held for sale \| Agency Warehouse Facility #4 \| Agency Warehouse Facility
Warehouse notes payable
Committed Amount		$ 150,000,000	$ 150,000,000
Uncommitted Amount		225,000,000	225,000,000
Total Facility Capacity		375,000,000	375,000,000
Outstanding Balance		$ 122,711,000	$ 66,861,000
Maturity date		Jun. 22, 2026
Advances made as a percentage of the loan balance		100.00%
National Banks \| Loans held for sale \| Agency Warehouse Facility #4 \| Agency Warehouse Facility \| Minimum
Warehouse notes payable
Percentage added to reference rate		1.30%	1.30%
National Banks \| Loans held for sale \| Agency Warehouse Facility #4 \| Agency Warehouse Facility \| Maximum
Warehouse notes payable
Percentage added to reference rate		1.35%	1.35%
National Banks \| Loans held for sale \| Agency Warehouse Facility #4 \| Agency Warehouse Facility \| Facility Committed Amount
Warehouse notes payable
Percentage added to reference rate		1.35%
Debt instrument, Variable interest rate, Type		us-gaap:SecuredOvernightFinancingRateSofrMember
National Banks \| Loans held for sale \| Agency Warehouse Facility #4 \| Agency Warehouse Facility \| Facility Uncommitted Amount
Warehouse notes payable
Percentage added to reference rate		1.30%
Debt instrument, Variable interest rate, Type		us-gaap:SecuredOvernightFinancingRateSofrMember
National Banks \| Loans held for sale \| Agency Warehouse Facility #4, Defaulted FHA Sublimit \| Agency Warehouse Facility
Warehouse notes payable
Committed Amount		$ 75,000,000
National Banks \| Loans held for sale \| Agency Warehouse Facility #5 \| Agency Warehouse Facility
Warehouse notes payable
Committed Amount		0	$ 50,000,000
Uncommitted Amount		1,000,000,000	950,000,000
Total Facility Capacity		1,000,000,000	1,000,000,000
Outstanding Balance		$ 100,217,000	$ 11,461,000
Percentage added to reference rate		1.45%	1.45%
Debt instrument, Variable interest rate, Type		us-gaap:SecuredOvernightFinancingRateSofrMember
Maturity date		Sep. 10, 2026
Advances made as a percentage of the loan balance		100.00%
National Banks \| Committed investments in tax credit equity \| Tax Credit Equity Warehouse Facility \| Warehouse Facilities
Warehouse notes payable
Outstanding Balance		$ 26,000,000
Percentage added to reference rate		2.80%
Debt instrument, Variable interest rate, Type		us-gaap:SecuredOvernightFinancingRateSofrMember
Fannie Mae \| Loans held for sale \| Fannie Mae Repurchase Agreement, Uncommitted Line and Open Maturity \| Agency Warehouse Facility
Warehouse notes payable
Uncommitted Amount		$ 1,500,000,000	$ 1,500,000,000
Total Facility Capacity		1,500,000,000	1,500,000,000
Outstanding Balance		$ 672,899,000	$ 204,542,000
Advances made as a percentage of the loan balance		99.00%

WAREHOUSE AND CORPORATE NOTES PAYABLE - Corporate Notes Payable - Components of Notes Payable (Detail) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025 USD ($) loan	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
WAREHOUSE AND CORPORATE NOTES PAYABLE
Repayments of notes payable		$ 331,856	$ 8,019	$ 122,046
Unpaid principal balance		2,293,242
Carrying balance		829,218	768,044
Senior Notes
WAREHOUSE AND CORPORATE NOTES PAYABLE
Quarterly equal installments		0
Unpaid principal balance		400,000
Fair value adjustment		927
Unamortized debt issuance costs		(6,965)
Principal amount	$ 400,000
Maturity date	Apr. 01, 2033
Carrying balance		$ 393,962
Stated interest rate	6.625%	6.625%
Percentage added to reference rate		2.57%
Debt instrument, Variable interest rate, Type		us-gaap:SecuredOvernightFinancingRateSofrMember
Term Loan
WAREHOUSE AND CORPORATE NOTES PAYABLE
Repayments of notes payable	$ 328,500
Quarterly equal installments		$ 1,100	2,000
Unpaid principal balance		446,625	778,481
Unamortized debt discount		(2,688)	(3,484)
Unamortized debt issuance costs		(8,681)	(6,953)
Carrying balance		$ 435,256	768,044
Period for amounts drawn and repaid		60 days
Term Loan \| Asset impairment and other expenses
WAREHOUSE AND CORPORATE NOTES PAYABLE
Writeoff of unamortized debt issuance costs	4,200
Credit Agreement \| Senior Notes
WAREHOUSE AND CORPORATE NOTES PAYABLE
Stated interest rate		6.625%
Percentage added to reference rate		2.57%
Debt instrument, Variable interest rate, Type		us-gaap:SecuredOvernightFinancingRateSofrMember
Credit Agreement \| Term Loan
WAREHOUSE AND CORPORATE NOTES PAYABLE
Principal amount			$ 800,000
Restated Credit Agreement
WAREHOUSE AND CORPORATE NOTES PAYABLE
Amount for incremental loans	$ 325,000
Percentage of consolidated adjusted EBITDA	100.00%
Restated Credit Agreement \| Maximum
WAREHOUSE AND CORPORATE NOTES PAYABLE
Consolidated net secured leverage ratio	3
Restated Credit Agreement \| Restated Term Loan
WAREHOUSE AND CORPORATE NOTES PAYABLE
Principal amount	$ 450,000
Percentage added to reference rate	2.00%
Debt instrument, Variable interest rate, Type	us-gaap:SecuredOvernightFinancingRateSofrMember
Interest margin step down on debt instrument	0.25%
Number of incremental loans \| loan	1
Percentage of principal amount required as quarterly installment	0.25%
Restated Credit Agreement \| Restated Term Loan \| Maximum
WAREHOUSE AND CORPORATE NOTES PAYABLE
Consolidated net secured leverage ratio	2
Restated Credit Agreement \| Revolving Credit Facility
WAREHOUSE AND CORPORATE NOTES PAYABLE
Principal amount	$ 50,000
Number of incremental loans \| loan	1

WAREHOUSE AND CORPORATE NOTES PAYABLE - Corporate Notes Payable - Maturities (Detail) $ in Thousands	Dec. 31, 2025 USD ($)
WAREHOUSE AND CORPORATE NOTES PAYABLE
2026	$ 1,451,117
2027	4,500
2028	4,500
2029	4,500
2030	4,500
Thereafter	824,125
Total	$ 2,293,242

SEGMENTS - Reportable Segments (Details)	12 Months Ended
SEGMENTS - Reportable Segments (Details)	Dec. 31, 2025 USD ($) segment $ / shares	Dec. 31, 2024 USD ($) segment $ / shares	Dec. 31, 2023 USD ($) segment $ / shares
Segments
Number of reportable segments \| segment	3	3	3
Revenues
Total revenues	$ 1,234,306,000	$ 1,132,490,000	$ 1,054,440,000
Expenses
Personnel	647,809,000	559,246,000	514,290,000
Amortization and depreciation	238,682,000	237,549,000	226,752,000
Provision (benefit) for credit losses	9,586,000	10,839,000	(10,452,000)
Interest expense on corporate debt	64,715,000	69,686,000	68,476,000
Goodwill impairment	0	33,000,000	62,000,000
Fair value adjustments to contingent consideration liabilities	(8,243,000)	(50,321,000)	(62,500,000)
Indemnified and repurchased loan expenses	40,850,000	10,573,000
Asset impairments and other expenses	36,746,000	1,181,000	(607,000)
Other operating expenses	125,163,000	129,236,000	118,284,000
Total expenses	1,155,308,000	1,000,989,000	916,243,000
Income before taxes	78,998,000	131,501,000	138,197,000
Income tax expense (benefit)	22,013,000	30,543,000	35,026,000
Net income before noncontrolling interests and temporary equity holders	56,985,000	100,958,000	103,171,000
Less: net income (loss) from noncontrolling interests	(99,000)	(7,209,000)	(4,186,000)
Less: net income (loss) attributable to temporary equity holders	837,000
Walker & Dunlop net income	56,247,000	108,167,000	107,357,000
Total assets	$ 5,059,478,000	$ 4,381,993,000	$ 4,052,347,000
Diluted EPS \| $ / shares	$ 1.64	$ 3.19	$ 3.18
Operating margin	6.00%	12.00%	13.00%
Loan origination and debt brokerage fees, net
Revenues
Total revenues	$ 342,149,000	$ 276,562,000	$ 234,409,000
Fair value of expected net cash flows from servicing, net of guaranty obligation
Revenues
Total revenues	179,681,000	153,593,000	141,917,000
Servicing fees
Revenues
Total revenues	337,442,000	325,644,000	311,914,000
Property sales broker fees
Revenues
Total revenues	83,519,000	60,583,000	53,966,000
Investment management fees
Revenues
Total revenues	34,629,000	36,976,000	45,381,000
Net warehouse interest income (expense)
Revenues
Total revenues	(5,490,000)	(7,033,000)	(5,633,000)
Placement fees and other interest income
Revenues
Total revenues	152,584,000	167,961,000	154,520,000
Other revenues
Revenues
Total revenues	109,792,000	118,204,000	117,966,000
Capital Markets
Expenses
Goodwill impairment		33,000,000
Servicing and Asset Management
Expenses
Goodwill impairment	0	0
Operating Segments \| Capital Markets
Revenues
Total revenues	646,950,000	524,841,000	476,766,000
Expenses
Personnel	475,286,000	399,256,000	375,450,000
Amortization and depreciation	4,579,000	4,551,000	4,550,000
Interest expense on corporate debt	17,506,000	19,489,000	18,779,000
Goodwill impairment		33,000,000	62,000,000
Fair value adjustments to contingent consideration liabilities		(39,491,000)	(62,500,000)
Asset impairments and other expenses	2,742,000	460,000	(1,157,000)
Other operating expenses	21,162,000	20,284,000	21,151,000
Total expenses	521,275,000	437,549,000	418,273,000
Income before taxes	125,675,000	87,292,000	58,493,000
Income tax expense (benefit)	35,019,000	20,275,000	14,824,000
Net income before noncontrolling interests and temporary equity holders	90,656,000	67,017,000	43,669,000
Less: net income (loss) from noncontrolling interests		353,000	2,489,000
Less: net income (loss) attributable to temporary equity holders	837,000
Walker & Dunlop net income	89,819,000	66,664,000	41,180,000
Total assets	$ 2,031,815,000	$ 1,407,206,000	$ 1,193,137,000
Diluted EPS \| $ / shares	$ 2.62	$ 1.97	$ 1.22
Operating margin	19.00%	17.00%	12.00%
Operating Segments \| Capital Markets \| Loan origination and debt brokerage fees, net
Revenues
Total revenues	$ 336,947,000	$ 271,996,000	$ 232,625,000
Operating Segments \| Capital Markets \| Fair value of expected net cash flows from servicing, net of guaranty obligation
Revenues
Total revenues	179,681,000	153,593,000	141,917,000
Operating Segments \| Capital Markets \| Property sales broker fees
Revenues
Total revenues	83,519,000	60,583,000	53,966,000
Operating Segments \| Capital Markets \| Net warehouse interest income (expense)
Revenues
Total revenues	(5,490,000)	(8,780,000)	(9,497,000)
Operating Segments \| Capital Markets \| Other revenues
Revenues
Total revenues	52,293,000	47,449,000	57,755,000
Operating Segments \| Servicing and Asset Management
Revenues
Total revenues	566,564,000	591,649,000	563,843,000
Expenses
Personnel	89,552,000	83,050,000	74,407,000
Amortization and depreciation	225,640,000	226,067,000	214,978,000
Provision (benefit) for credit losses	9,586,000	10,839,000	(10,452,000)
Interest expense on corporate debt	41,345,000	43,834,000	42,489,000
Fair value adjustments to contingent consideration liabilities	(8,243,000)	(10,830,000)
Indemnified and repurchased loan expenses	40,850,000	10,573,000
Asset impairments and other expenses	28,584,000	721,000	550,000
Other operating expenses	21,398,000	31,770,000	28,032,000
Total expenses	448,712,000	396,024,000	350,004,000
Income before taxes	117,852,000	195,625,000	213,839,000
Income tax expense (benefit)	32,839,000	45,437,000	54,198,000
Net income before noncontrolling interests and temporary equity holders	85,013,000	150,188,000	159,641,000
Less: net income (loss) from noncontrolling interests	(99,000)	(7,562,000)	(6,675,000)
Walker & Dunlop net income	85,112,000	157,750,000	166,316,000
Total assets	$ 2,425,954,000	$ 2,439,986,000	$ 2,273,033,000
Diluted EPS \| $ / shares	$ 2.48	$ 4.65	$ 4.93
Operating margin	21.00%	33.00%	38.00%
Operating Segments \| Servicing and Asset Management \| Loan origination and debt brokerage fees, net
Revenues
Total revenues	$ 5,202,000	$ 4,566,000	$ 1,784,000
Operating Segments \| Servicing and Asset Management \| Servicing fees
Revenues
Total revenues	337,442,000	325,644,000	311,914,000
Operating Segments \| Servicing and Asset Management \| Investment management fees
Revenues
Total revenues	34,629,000	36,976,000	45,381,000
Operating Segments \| Servicing and Asset Management \| Net warehouse interest income (expense)
Revenues
Total revenues		1,747,000	3,864,000
Operating Segments \| Servicing and Asset Management \| Placement fees and other interest income
Revenues
Total revenues	137,864,000	153,350,000	141,374,000
Operating Segments \| Servicing and Asset Management \| Other revenues
Revenues
Total revenues	51,427,000	69,366,000	59,526,000
Operating Segments \| Corporate
Revenues
Total revenues	20,792,000	16,000,000	13,831,000
Expenses
Personnel	82,971,000	76,940,000	64,433,000
Amortization and depreciation	8,463,000	6,931,000	7,224,000
Interest expense on corporate debt	5,864,000	6,363,000	7,208,000
Asset impairments and other expenses	5,420,000
Other operating expenses	82,603,000	77,182,000	69,101,000
Total expenses	185,321,000	167,416,000	147,966,000
Income before taxes	(164,529,000)	(151,416,000)	(134,135,000)
Income tax expense (benefit)	(45,845,000)	(35,169,000)	(33,996,000)
Net income before noncontrolling interests and temporary equity holders	(118,684,000)	(116,247,000)	(100,139,000)
Walker & Dunlop net income	(118,684,000)	(116,247,000)	(100,139,000)
Total assets	$ 601,709,000	$ 534,801,000	$ 586,177,000
Diluted EPS \| $ / shares	$ (3.46)	$ (3.43)	$ (2.97)
Operating margin	(791.00%)	(946.00%)	(970.00%)
Operating Segments \| Corporate \| Placement fees and other interest income
Revenues
Total revenues	$ 14,720,000	$ 14,611,000	$ 13,146,000
Operating Segments \| Corporate \| Other revenues
Revenues
Total revenues	$ 6,072,000	$ 1,389,000	$ 685,000

SEGMENTS - Concentrations (Details) $ in Thousands	12 Months Ended
SEGMENTS - Concentrations (Details) $ in Thousands	Dec. 31, 2025 USD ($) borrower	Dec. 31, 2024 USD ($) borrower	Dec. 31, 2023 USD ($)
Product concentration
Maximum borrower/key principal exposure benchmark (as a percent)	3.00%	3.00%
Servicing portfolio loans unpaid principal balance	$ 143,978,153	$ 135,287,012	$ 130,471,524
Debt financing volume	41,483,695	30,154,666	24,202,859
Fannie Mae DUS Program
Product concentration
Servicing portfolio loans unpaid principal balance	72,708,372	68,196,744	63,699,106
Debt financing volume	9,552,425	7,641,161	7,021,397
Freddie Mac
Product concentration
Servicing portfolio loans unpaid principal balance	42,595,441	39,185,091	39,330,545
Debt financing volume	8,248,816	5,227,550	4,568,935
Ginnie Mae-HUD
Product concentration
Servicing portfolio loans unpaid principal balance	11,563,020	10,847,265	10,460,884
Debt financing volume	915,524	588,529	678,889
Brokered
Product concentration
Debt financing volume	22,076,680	16,093,776	11,714,888
Principal Lending and Investing
Product concentration
Debt financing volume	690,250	603,650	218,750
Other
Product concentration
Servicing portfolio loans unpaid principal balance	$ 17,111,320	$ 17,057,912	$ 16,980,989
Revenue \| Customer Concentration \| Customer 1
Product concentration
Percent of revenue	36.90%	35.60%	34.80%
Revenue \| Risk-sharing Concentration
Product concentration
Number of borrower/key principals exceeding the risk-sharing benchmark \| borrower	0	0

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Roll Forward of Gross Goodwill
Beginning balance	$ 963,710,000	$ 963,710,000
Ending gross goodwill balance	963,710,000	963,710,000	$ 963,710,000
Roll Forward of Accumulated Goodwill Impairment
Beginning balance	95,000,000	62,000,000
Goodwill impairment	0	33,000,000	62,000,000
Ending accumulated goodwill impairment	95,000,000	95,000,000	62,000,000
Goodwill	868,710,000	868,710,000
Capital Markets
Roll Forward of Gross Goodwill
Beginning balance	524,189,000	524,189,000
Ending gross goodwill balance	524,189,000	524,189,000	524,189,000
Roll Forward of Accumulated Goodwill Impairment
Beginning balance	95,000,000	62,000,000
Goodwill impairment		33,000,000
Ending accumulated goodwill impairment	95,000,000	95,000,000	62,000,000
Goodwill	429,189,000	429,189,000
Servicing and Asset Management
Roll Forward of Gross Goodwill
Beginning balance	439,521,000	439,521,000
Additions from acquisitions	0	0
Measurement-period and other adjustments	0	0
Ending gross goodwill balance	439,521,000	439,521,000	439,521,000
Roll Forward of Accumulated Goodwill Impairment
Beginning balance	0	0
Goodwill impairment	0	0
Ending accumulated goodwill impairment	0	0	$ 0
Goodwill	439,521,000	439,521,000
Corporate
Roll Forward of Accumulated Goodwill Impairment
Goodwill	$ 0	$ 0

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill Narrative (Detail)	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)
Acquisitions
Goodwill impairment \| $	$ 0	$ 33,000,000	$ 62,000,000
Number of reporting unit, fair value declined \| item		1

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Indefinite-lived intangible assets
Indefinite-lived intangible assets	$ 0	$ 0
Other intangible assets
Roll Forward of Other Intangible Assets
Beginning Balance	156,893	181,975
Amortization	(15,016)	(15,016)
Write-offs		$ (10,066)
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income		Amortization and depreciation
Ending Balance	141,877	$ 156,893
Components of Other Intangible Assets
Gross value	208,782	210,616
Accumulated amortization	(66,905)	(53,723)
Net carrying value	$ 141,877	$ 156,893

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Expected Amortization of Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
Weighted average remaining life	9 years 10 months 24 days
Other intangible assets
GOODWILL AND OTHER INTANGIBLE ASSETS
2026	$ 15,016
2027	15,016
2028	15,016
2029	14,952
2030	14,946
Thereafter	66,931
Net carrying value	$ 141,877	$ 156,893	$ 181,975

GOODWILL AND OTHER INTANGIBLE ASSETS - Contingent Consideration Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Roll Forward of Contingent Consideration Liabilities
Beginning balance	$ 30,537
Accretion	116	$ 1,629
Fair value adjustments	(8,243)	(50,321)
Payments	(12,747)	(34,317)
Ending balance	$ 9,663	30,537
Maximum
Roll Forward of Contingent Consideration Liabilities
Contingent consideration liability earnout period	5 years
Other Liabilities
Roll Forward of Contingent Consideration Liabilities
Beginning balance	$ 30,537	113,546
Ending balance	$ 9,663	$ 30,537

FAIR VALUE MEASUREMENTS - Summary of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Loans held for sale	$ 1,436,350	$ 780,749
Pledged securities	224,954	206,904
Derivative assets	27,216	30,175
Liabilities
Derivative liabilities	1,718	915
Contingent consideration liabilities	9,663	30,537
Recurring Basis
Assets
Loans held for sale	1,436,350	780,749
Pledged securities	224,954	206,904
Derivative assets	27,216	30,175
Total financial assets	1,688,520	1,017,828
Liabilities
Derivative liabilities	1,718	915
Corporate notes payable -Senior Notes	400,927
Contingent consideration liabilities	9,663	30,537
Total financial liabilities	412,308	31,452
Level 1 \| Recurring Basis
Assets
Pledged securities	22,288	23,472
Total financial assets	22,288	23,472
Level 2 \| Recurring Basis
Assets
Loans held for sale	1,436,350	780,749
Pledged securities	202,666	183,432
Derivative assets	27,216	30,175
Total financial assets	1,666,232	994,356
Liabilities
Derivative liabilities	1,718	915
Corporate notes payable -Senior Notes	400,927
Total financial liabilities	402,645	915
Level 3 \| Recurring Basis
Liabilities
Contingent consideration liabilities	9,663	30,537
Total financial liabilities	$ 9,663	$ 30,537

FAIR VALUE MEASUREMENTS - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Fair Value Measurements
Amount of transfers between any of the levels within the fair value hierarchy	$ 0
Maximum
Fair Value Measurements
Contract term	60 days

FAIR VALUE MEASUREMENTS - Schedule of Roll Forward of Derivative Instruments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Derivative assets and liabilities, net
Beginning balance	$ 29,260	$ 3,204
Settlements	(525,592)	(404,099)
Realized gains (losses) recorded in earnings	496,332	400,895
Unrealized gains (losses) recorded in earnings	25,498	29,260
Ending balance	$ 25,498	$ 29,260

FAIR VALUE MEASUREMENTS - Schedule of Significant Unobservable Inputs Used in the Measurement of the Fair Value of Level 3 Assets and Liabilities (Detail) $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Fair Value Measurements
Contingent consideration liabilities	$ 9,663	$ 30,537
Recurring Basis
Fair Value Measurements
Contingent consideration liabilities	9,663	30,537
Recurring Basis \| Level 3
Fair Value Measurements
Contingent consideration liabilities	9,663	$ 30,537
Recurring Basis \| Level 3 \| Contingent Consideration Liabilities \| Monte Carlo Simulation
Fair Value Measurements
Contingent consideration liabilities	$ 9,663
Recurring Basis \| Level 3 \| Contingent Consideration Liabilities \| Monte Carlo Simulation \| Probability of earnout achievement \| Minimum
Fair Value Measurements
Contingent consideration liabilities, Measurement input	0
Recurring Basis \| Level 3 \| Contingent Consideration Liabilities \| Monte Carlo Simulation \| Probability of earnout achievement \| Maximum
Fair Value Measurements
Contingent consideration liabilities, Measurement input	0.34
Recurring Basis \| Level 3 \| Contingent Consideration Liabilities \| Monte Carlo Simulation \| Probability of earnout achievement \| Weighted Average
Fair Value Measurements
Contingent consideration liabilities, Measurement input	0.04

FAIR VALUE MEASUREMENTS - Schedule of Carrying Amounts and the Fair Values of the Company's Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financial Assets:
Cash and cash equivalents	$ 299,315	$ 279,270	$ 328,698	$ 225,949
Restricted cash	22,772	25,156	$ 21,422	$ 17,676
Pledged securities	224,954	206,904
Loans held for sale	1,436,350	780,749
Loans held for investment, net	77,769	32,866
Derivative assets	$ 27,216	$ 30,175
Derivative Asset, Statement of Financial Position	Other assets	Other assets
Financial Liabilities:
Derivative liabilities	$ 1,718	$ 915
Derivative Liability, Statement of Financial Position	Other liabilities	Other liabilities
Contingent consideration liabilities	$ 9,663	$ 30,537
Secured borrowings	83,402	59,441
Warehouse notes payable	1,420,272	781,706
Corporate notes payable	829,218	768,044
Carrying Amount
Financial Assets:
Cash and cash equivalents	299,315	279,270
Restricted cash	22,772	25,156
Pledged securities	224,954	206,904
Loans held for sale	1,436,350	780,749
Loans held for investment, net	77,769	32,866
Derivative assets	27,216	30,175
Total financial assets	2,088,376	1,355,120
Financial Liabilities:
Derivative liabilities	1,718	915
Contingent consideration liabilities	9,663	30,537
Secured borrowings	83,402	59,441
Warehouse notes payable	1,420,272	781,706
Corporate notes payable	829,218	768,044
Total financial liabilities	2,344,273	1,640,643
Fair Value
Financial Assets:
Cash and cash equivalents	299,315	279,270
Restricted cash	22,772	25,156
Pledged securities	224,954	206,904
Loans held for sale	1,436,350	780,749
Loans held for investment, net	77,769	32,866
Derivative assets	27,216	30,175
Total financial assets	2,088,376	1,355,120
Financial Liabilities:
Derivative liabilities	1,718	915
Contingent consideration liabilities	9,663	30,537
Secured borrowings	83,402	59,441
Warehouse notes payable	1,420,662	781,972
Corporate notes payable	847,552	778,481
Total financial liabilities	$ 2,362,997	$ 1,651,346

FAIR VALUE MEASUREMENTS - Schedule of Fair Value of Derivative Instruments and Loans Held for Sale (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Derivative notional amount and balance sheet location
Estimated Gain on Sale	$ 31,191	$ 24,591
Total Fair Value Adjustment	31,191	24,591
Derivative Assets	$ 27,216	$ 30,175
Derivative Asset, Statement of Financial Position	Other assets	Other assets
Derivative Liabilities	$ (1,718)	$ (915)
Derivative Liability, Statement of Financial Position	Other liabilities	Other liabilities
Fair Value Adjustment	$ 5,693	$ (4,669)
Undesignated derivatives
Derivative notional amount and balance sheet location
Estimated Gain on Sale	31,191
Total Fair Value Adjustment	31,191
Derivative Assets	26,289
Derivative Liabilities	(1,718)
Fair Value Adjustment	6,620
Designated derivatives
Derivative notional amount and balance sheet location
Derivative Assets	927
Fair Value Adjustment	(927)
Interest Rate Swaps \| Designated derivatives
Derivative notional amount and balance sheet location
Notional Amount	400,000
Interest Rate Movement	927
Total Fair Value Adjustment	927
Derivative Assets	927
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	374,384
Estimated Gain on Sale	18,673
Interest Rate Movement	(1,546)
Total Fair Value Adjustment	17,127
Derivative Assets	17,608
Derivative Liabilities	(481)
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	1,804,114
Interest Rate Movement	7,444
Total Fair Value Adjustment	7,444
Derivative Assets	8,681
Derivative Liabilities	(1,237)
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	1,429,730
Estimated Gain on Sale	12,518
Interest Rate Movement	(5,898)
Total Fair Value Adjustment	6,620
Fair Value Adjustment	6,620
Senior Notes \| Designated derivatives
Derivative notional amount and balance sheet location
Notional Amount	400,000
Interest Rate Movement	(927)
Total Fair Value Adjustment	(927)
Fair Value Adjustment	$ (927)

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY - Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Calculation of basic EPS
Net Income (Loss)	$ 56,247	$ 108,167	$ 107,357
Less: dividends and undistributed earnings allocated to participating securities	1,355	2,441	2,752
Net income applicable to common stockholders	$ 54,892	$ 105,726	$ 104,605
Basic weighted-average shares outstanding	33,347	33,116	32,697
Basic EPS	$ 1.65	$ 3.19	$ 3.2
Calculation of diluted EPS
Add: reallocation of dividends and undistributed earnings based on assumed conversion	$ (1)	$ 1	$ 3
Net income allocated to common stockholders	$ 54,891	$ 105,727	$ 104,608
Add: weighted-average diluted non-participating securities	22	42	178
Weighted average diluted shares outstanding	33,369	33,158	32,875
Diluted EPS	$ 1.64	$ 3.19	$ 3.18
Shares outstanding excluded from computation of earnings per share	212	80	312

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY - Restricted Stock Awards and Share Repurchases (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Feb. 28, 2026	Feb. 28, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Repurchases of common stock
Reduction of equity for retirement of repurchased shares			$ 10,453	$ 12,382	$ 20,511
Repurchase authorization		$ 75,000
Share repurchase program, period for repurchases		12 months
Dividends
Cash dividends paid per common share			$ 2.68	$ 2.6	$ 2.52
Dividends Q1 2026 \| Subsequent Event
Dividends
Cash dividends declared per common share	$ 0.68
Dividend - Month Declared	2026-02
Dividend - Date to be paid	Mar. 27, 2026
Dividend - Date of record	Mar. 13, 2026
Restricted Shares
Repurchases of common stock
Shares repurchased and retired during the period			121,000	127,000	130,000
Weighted average market price of shares repurchased and retired (in dollars per share)			$ 86.07	$ 97.45	$ 90.19
Restricted Stock Units (RSUs)
Repurchases of common stock
Shares repurchased and retired during the period			0	0	91,000
Weighted average market price of shares repurchased and retired (in dollars per share)					$ 96.89
Share Repurchase Program 2025
Repurchases of common stock
Authorized share repurchase capacity remaining			$ 75,000
Share Repurchase Program 2025 \| Subsequent Event
Repurchases of common stock
Repurchase authorization	$ 75,000
Share repurchase program, period for repurchases	12 months
Share Repurchase Program 2024
Repurchases of common stock
Shares repurchased during the period			0
Share Repurchase Program 2023
Repurchases of common stock
Shares repurchased during the period				0	0

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY - Other Equity Related Transactions (Detail) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)
Acquisitions
Percentage of profit interests for employees	15.00%
Amortization period	5 years 2 months 12 days
Noncontrolling interests
Number of non controlling interests purchased \| item			2
Total cash consideration to acquire noncontrolling interest			$ 18.9
Increase (decrease) to APIC on purchase of noncontrolling interest			16.7
Employees
Acquisitions
Stock issued for settlement of contingent liabilities		$ 6.1	$ 4.4	$ 3.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-4

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+ Details

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES - Commitments (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Fannie Mae
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Period of funding for collateral requirement	48 months
DUS Risk-Sharing Obligations \| Fannie Mae, Freddie Mac, HUD and Ginnie Mae
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Minimum liquid assets to be maintained to meet operational liquidity requirements	$ 69.7
Operational liquidity	290.6
DUS Risk-Sharing Obligations \| Fannie Mae
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Amount of additional capital required to be funded over the next 48 months	99.7
Net worth requirement	350.4
Net worth	$ 1,000.0
DUS Risk-Sharing Obligations \| Fannie Mae \| Money Market Funds
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Restricted liquidity collateral reduction percentage	5.00%
DUS Risk-Sharing Obligations \| Fannie Mae \| New Tier 2 loans
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Collateral requirements percentage	0.75%
Period of funding for collateral requirement	48 months
DUS Risk-Sharing Obligations \| Fannie Mae \| New Tier 2 loans \| Agency MBS
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Restricted liquidity collateral reduction percentage	4.00%

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES - Pledged Securities at Fair Value (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pledged securities
Pledged securities	$ 224,954	$ 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	94,800
Amortized cost of pledged securities in a continuous unrealized loss position for more than 12 months	95,800
Net unrealized loss of pledged securities in a continuous unrealized loss position for more than 12 months	1,000
Total pledged cash and cash equivalents
Pledged securities
Pledged securities	22,288	23,472	$ 41,283	$ 14,658
Restricted Cash - Pledged
Pledged securities
Pledged securities	17,419	3,015	2,727	5,788
Money Market Funds
Pledged securities
Pledged securities	4,869	20,457	38,556	8,870
Agency MBS
Pledged securities
Pledged securities	202,666	183,432	142,798	142,624
Asset Pledged as Collateral with Right \| Pledged Securities - Fannie Mae DUS Program
Pledged securities
Pledged securities	$ 224,954	$ 206,904	$ 184,081	$ 157,282

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES - Agency Multifamily Mortgage Based Securities Pledged Securities (Detail) - Agency MBS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Investments in Agency debt securities
Fair Value	$ 202,666	$ 183,432
Amortized Cost	200,469	182,912
Total gains for securities with net gains in AOCI	3,247	1,650
Total losses for securities with net losses in AOCI	(1,050)	(1,130)
Fair value of securities with unrealized losses	124,684	136,976
Maturities - Fair Value
After one year through five years	95,083
After five years through ten years	94,702
After ten years	12,881
Total	202,666	183,432
Maturities - Amortized Cost
After one year through five years	94,499
After five years through ten years	93,734
After ten years	12,236
Total	$ 200,469	$ 182,912

SHARE-BASED PAYMENT - Plan Information (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restricted Stock Units (RSUs)
Share-Based Payment
Granted (in shares)	567,464
Restricted Stock Units (RSUs) \| CEO
Share-Based Payment
Granted (in shares)	400,000
2024 Equity Incentive Plan
Share-Based Payment
Stock authorized for issuance	12,000,000
Number of shares remaining available for grant	1,500,000
PSP \| Restricted Stock Units (RSUs) \| Officers And Employees
Share-Based Payment
Granted (in shares)	200,000	200,000	200,000

SHARE-BASED PAYMENT - Compensation Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Components of stock compensation expense
Total stock compensation expense	$ 26,747	$ 27,326	$ 27,842
Excess tax benefit (shortfall) recognized	(1,414)	1,674	2,972
Restricted Shares
Components of stock compensation expense
Total stock compensation expense	25,989	24,907	29,452
CEO outperformance award
Components of stock compensation expense
Total stock compensation expense	716
PSP \| Restricted Stock Units (RSUs)
Components of stock compensation expense
Total stock compensation expense	$ 42	$ 2,419	$ (1,610)

SHARE-BASED PAYMENT - Plan Activity (Details) - USD ($)	12 Months Ended
SHARE-BASED PAYMENT - Plan Activity (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized compensation
Profit interests, amount	$ 10,500,000
Profit interests, period for recognition	5 years
Restricted Shares
Restricted Shares - Shares
Nonvested at beginning of period (in shares)	784,968
Granted (in shares)	462,402
Vested (in shares)	(316,628)
Forfeited (in shares)	(30,453)
Nonvested at end of period (in shares)	900,289	784,968
Restricted Shares - Weighted Average Grant-date Fair Value
Nonvested at beginning of period (in dollars per share)	$ 89.69
Granted (in dollars per share)	83.67	$ 98.45	$ 84.78
Vested (in dollars per share)	88.97
Forfeited (in dollars per share)	90.94
Nonvested at end of period (in dollars per share)	$ 86.82	$ 89.69
Additional disclosures
Fair value, vested shares (in dollars)	$ 27,200,000	$ 36,300,000	$ 31,500,000
Unrecognized compensation
Unrecognized compensation for outstanding restricted shares/units	$ 43,700,000
Unrecognized compensation cost, period for recognition	3 years 2 months 12 days
Restricted Stock Units (RSUs)
Restricted Shares - Shares
Nonvested at beginning of period (in shares)	599,959
Granted (in shares)	567,464
Forfeited (in shares)	(155,505)
Nonvested at end of period (in shares)	1,011,918	599,959
Restricted Shares - Weighted Average Grant-date Fair Value
Nonvested at beginning of period (in dollars per share)	$ 96.86
Granted (in dollars per share)	86.28	$ 93.19	$ 76.17
Forfeited (in dollars per share)	128.39
Nonvested at end of period (in dollars per share)	$ 86.08	$ 96.86
Additional disclosures
Fair value, vested shares (in dollars)	$ 0	$ 0	$ 20,500,000
Unrecognized compensation
Unrecognized compensation for outstanding restricted shares/units	$ 11,100,000
Unrecognized compensation cost, period for recognition	3 years 9 months 18 days

INCOME TAXES - Provision (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES - Provision (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current
Federal	$ 20,734	$ 29,389	$ 25,712
State	7,034	5,673	8,401
International	74	(2,019)	(285)
Total current expense	27,842	33,043	33,828
Deferred
Federal	(2,611)	(1,713)	1,250
State	(1,271)	(125)	(434)
International	(1,947)	(662)	382
Total deferred expense (benefit)	(5,829)	(2,500)	1,198
Income tax expense	$ 22,013	$ 30,543	$ 35,026

INCOME TAXES - Statutory Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reconciliation (in amount)
Statutory federal expense	$ 16,590	$ 27,615	$ 29,021
Statutory state income tax expense, net of federal tax benefit	3,246	4,216	6,465
Excess tax shortfalls (benefits), net of federal tax impact	1,414	(1,674)	(2,972)
Nondeductible expenses	1,707	3,381	3,064
Non-U.S. earnings (loss)	(1,480)	(2,117)	224
Other	536	(878)	(776)
Income tax expense	$ 22,013	$ 30,543	$ 35,026
Reconciliation (in percent)
Statutory federal expense (as a percentage)	21.00%
Statutory state income tax expense, net of federal tax benefit (as a percentage)	4.10%
Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration]	CALIFORNIA, stpr:MA, stpr:MD, stpr:TN
Excess tax shortfalls (benefits), net of federal tax impact (as a percentage)	1.80%
Nondeductible expenses (as a percentage)	2.20%
Non-U.S. earnings (loss) (as a percentage)	(1.90%)
Other (as a percentage)	0.70%
Income tax expense (as a percentage)	27.90%

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred Tax Assets:
Compensation related	$ 7,866	$ 5,978
Credit losses	17,654	10,202
Other	12,321	6,484
Total deferred tax assets	37,841	22,664
Deferred Tax Liabilities:
Mark-to-market of derivatives and loans held for sale	(8,418)	(6,247)
Mortgage servicing rights related	(189,018)	(196,678)
Acquisition related	(67,969)	(52,936)
Depreciation	(9,437)	(8,189)
Total deferred tax liabilities	(274,842)	(264,050)
Deferred tax liabilities, net	$ (237,001)	$ (241,386)

INCOME TAXES - Income Taxes Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income taxes paid	$ 22,622	$ 32,340	$ 30,903
Federal tax payments	16,500
State and local tax payments	6,100
California
Income Tax Paid, by Individual Jurisdiction [Line Items]
State and local tax payments	$ 1,900

LEASES - Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
Operating Leases ROU assets	$ 76,333	$ 80,024	$ 76,463
Operating lease, right-of-use asset, Statement of Financial Position	Other assets	Other assets	Other assets
Operating Leases Lease liabilities	$ 105,125	$ 107,502	$ 101,358
Operating lease liability, Statement of Financial Position	Other liabilities	Other liabilities	Other liabilities
Operating Leases, Weighted-average remaining lease term	8 years 4 months 24 days	9 years 1 month 6 days	9 years 9 months 18 days
Operating Leases, Weighted-average discount rate (as a percent)	4.80%	4.60%	4.00%
Operating Lease Expenses
Single lease costs	$ 16,110	$ 16,061	$ 14,150
Cash paid for amounts included in the measurement of lease liabilities	16,098	14,761	12,406
Right-of-use assets obtained in exchange for new lease obligations	$ 6,056	$ 10,655	$ 16,798

LEASES - Future Operating Lease Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Maturities of lease liabilities
2026	$ 17,500
2027	17,477
2028	15,797
2029	13,399
2030	12,012
Thereafter	51,246
Total lease payments	127,431
Less imputed interest	(22,306)
Lease liability	$ 105,125	$ 107,502	$ 101,358

OTHER ASSETS AND LIABILITIES - Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Components of Other Assets
Equity-method investments	$ 232,705	$ 207,242
ROU assets	76,333	80,024	$ 76,463
Prepaid expenses	71,929	78,487
Property and equipment, net	54,409	48,460
Loans held for investment, net	77,769	32,866
Derivative assets	27,216	30,175
All other	56,235	85,549
Total	$ 596,596	$ 562,803

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

OTHER ASSETS AND LIABILITIES - Other Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Components of Other Liabilities
Accrued expenses	$ 172,516	$ 155,252
Lease liability	105,125	107,502	$ 101,358
Guaranty obligation, net	32,924	35,980	$ 39,868
Contingent consideration liabilities	9,663	30,537
Secured Borrowing	118,559	95,022
All other	130,843	103,567
Total	569,630	$ 527,860
Amount of repurchased loans	83,400
Amount of mortgage loan	$ 35,200
Mortgage Loans
Components of Other Liabilities
Debt instrument, Variable interest rate, Type	us-gaap:SecuredOvernightFinancingRateSofrMember
Percentage added to reference rate	1.87%
Mortgage Loans \| Subsidiaries
Components of Other Liabilities
Principal payment	$ 33,100

OTHER REVENUES, OTHER OPERATING EXPENSES, AND ASSET IMPAIRMENTS AND OTHER EXPENSES - Other Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OTHER REVENUES, OTHER OPERATING EXPENSES, AND ASSET IMPAIRMENTS AND OTHER EXPENSES
Total revenues	$ 1,234,306	$ 1,132,490	$ 1,054,440
Other revenues
OTHER REVENUES, OTHER OPERATING EXPENSES, AND ASSET IMPAIRMENTS AND OTHER EXPENSES
Housing market research subscription revenue	25,423	19,093	35,794
Syndication and other LIHTC revenue	16,575	15,706	26,006
Assumption and application fees	7,134	10,271	9,629
All other	60,660	73,134	46,537
Total revenues	$ 109,792	$ 118,204	$ 117,966

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

OTHER REVENUES, OTHER OPERATING EXPENSES, AND ASSET IMPAIRMENTS AND OTHER EXPENSES - Other Operating Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OTHER REVENUES, OTHER OPERATING EXPENSES, AND ASSET IMPAIRMENTS AND OTHER EXPENSES
Professional fees	$ 25,619	$ 30,111	$ 28,370
Office and software expenses	31,081	29,893	26,343
Rent	20,609	19,880	18,174
Travel and entertainment	16,560	14,541	12,225
Marketing and preferred broker	13,296	12,542	12,142
All other	17,998	22,269	21,030
Total	$ 125,163	$ 129,236	$ 118,284

OTHER REVENUES, OTHER OPERATING EXPENSES, AND ASSET IMPAIRMENTS AND OTHER EXPENSES - Components of Asset impairments and other expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OTHER REVENUES, OTHER OPERATING EXPENSES, AND ASSET IMPAIRMENTS AND OTHER EXPENSES
Debt issuance cost write-off	$ 4,215		$ (4,420)
Asset impairments and investment related losses	26,055	$ 721	4,970
Legal investigation review	2,926
All other	3,550	460	(1,157)
Total	36,746	$ 1,181	$ (607)
Impairment of real estate held for use	13,600
Impairment of an equity-method investment	5,000
Accrual of losses expected on disposition of assets	$ 7,500

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 299,315	$ 279,270	$ 328,698	$ 225,949
Restricted cash	22,772	25,156	21,422	$ 17,676
Receivables, net	419,358	335,879
Committed investments in tax credit equity	241,401	313,230
Other assets	596,596	562,803
Total assets	5,059,478	4,381,993	$ 4,052,347
Liabilities
Commitments to fund investments in tax credit equity	219,949	274,975
Other liabilities	569,630	527,860
Total liabilities	3,313,616	2,622,130
Consolidated VIEs
Assets
Cash and cash equivalents	439	863
Restricted cash	2,452	3,939
Receivables, net	27,570	26,570
Other assets	7,257	44,892
Total assets	37,718	76,264
Liabilities
Other liabilities	9,888	55,527
Total liabilities	9,888	55,527
Nonconsolidated VIEs
Assets
Committed investments in tax credit equity	241,401	313,230
Other assets	93,018	50,592
Total assets	334,419	363,822
Liabilities
Commitments to fund investments in tax credit equity	219,949	274,975
Total liabilities	219,949	274,975
Maximum exposure to losses	$ 334,419	$ 363,822

RELATED PARTY TRANSACTION (Details) - USD ($) $ in Millions	12 Months Ended
RELATED PARTY TRANSACTION (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
RELATED PARTY TRANSACTION
Related party loans outstanding	$ 193.4	$ 137.0
Accounts Receivable, after Allowance for Credit Loss, Related Party, Type	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Accounts Receivable, after Allowance for Credit Loss, Related Party, Name	wd:AffordableHousingProjectPartnersMember	wd:AffordableHousingProjectPartnersMember
Interest Income	$ 12.5
Interest Income, Operating, Related Party [Extensible Enumeration]	us-gaap:RelatedPartyMember

- Definition

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

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