FOURTH QUARTER 2025 HIGHLIGHTS
-- Total transaction volume of $18.3 billion, up 36% from Q4'24
-- Total revenues of $340.0 million, flat from Q4'24
-- Net loss of $13.9 million and diluted loss per share of $0.41, both
down 131% from Q4'24
-- Adjusted EBITDA(1) of $38.8 million, down 59% from Q4'24
-- Adjusted core EPS(2) of $0.28, down 79% from Q4'24
-- Servicing portfolio of $144.0 billion as of December 31, 2025, up 6%
from December 31, 2024
FULL-YEAR 2025 HIGHLIGHTS
-- Total transaction volume of $54.8 billion, up 37% from 2024
-- Total revenues of $1.2 billion, up 9% from 2024
-- Net income of $56.2 million and diluted earnings per share of $1.64,
down 48% and 49%, respectively, from 2024
-- Adjusted EBITDA(1) of $262.6 million, down 20% from 2024
-- Adjusted core EPS(2) of $3.50, down 30% from 2024
BETHESDA, Md.--(BUSINESS WIRE)--February 26, 2026--
Walker & Dunlop, Inc. $(WD)$ (the "Company", "Walker & Dunlop" or "W&D") reported fourth quarter results that reflect significant improvement in its core Capital Markets business, which delivered a 36% increase in total transaction volume to $18.3 billion year over year, and generated fourth quarter revenues of $340 million. The Company reported a diluted loss per share of $0.41 in the fourth quarter of 2025. Adjusted EBITDA decreased to $38.8 million, and adjusted core EPS also declined to $0.28. Included in the Company's reported results this quarter are $66.2 million of expenses associated primarily with (i) impairment charges and other losses related to underperforming assets the Company plans to sell in 2026, and (ii) operating costs and losses resulting from indemnified and repurchased loans. The Company ended the year with $299 million of cash and cash equivalents, as the majority of the impairment charges and other losses taken in the fourth quarter were non-cash. The recurring cash revenues driven by the Company's $144 billion loan servicing portfolio and strength of the balance sheet led the Company's Board of Directors to declare a dividend of $0.68 per share for the first quarter of 2026, a 1.5% increase over the 2025 quarterly dividend and a 172% increase since the dividend was initiated in 2018.
"We closed 2025 with strong momentum across our business after growing total transaction volume each quarter throughout the year from $7 billion in Q1'25 to $18 billion in Q4'25, up 161%" commented Walker & Dunlop Chairman and CEO Willy Walker. "As the commercial real estate transaction market continues to improve, our people and our brand are winning, reflected in our growing market share, and strong league table rankings. We finished the year as the #1 Fannie Mae DUS lender, #3 Freddie Mac Optigo lender, the second-largest combined GSE loan originator, and the fourth-largest multifamily property sales broker in the United States."
Mr. Walker continued, "Our fourth quarter results were impacted by loan repurchase expenses and impairment charges related to our real estate owned portfolio. As we move forward from these issues, we feel very well positioned for growth in 2026 and beyond. With a $144 billion servicing portfolio generating durable recurring revenue, a robust Capital Markets pipeline building early in the year, and an improving macroeconomic backdrop for commercial real estate, we are focused on generating top and bottom-line growth in 2026 and beyond. Our mission is to become the very best commercial real estate capital markets company in the world, and that journey begins now."
____________________
(1) Adjusted EBITDA is a non-GAAP financial measure the Company presents to
help investors better understand our operating performance. For a
reconciliation of adjusted EBITDA to net income, refer to the sections
of this press release below titled "Non-GAAP Financial Measures,"
"Adjusted Financial Measure Reconciliation to GAAP" and "Adjusted
Financial Measure Reconciliation to GAAP by Segment."
(2) Adjusted core EPS is a non-GAAP financial measure the Company presents
to help investors better understand our operating performance. For a
reconciliation of Adjusted core EPS to diluted EPS, refer to the
sections of this press release below titled "Non-GAAP Financial
Measures" and "Adjusted Core EPS Reconciliation."
CONSOLIDATED FOURTH QUARTER 2025
OPERATING RESULTS
TRANSACTION VOLUMES
(in thousands) Q4 2025 Q4 2024 $ Variance % Variance
----------- ----------- ----------- ------------
Fannie Mae $ 2,785,231 $ 3,225,633 $ (440,402) (14)%
Freddie Mac 2,023,592 1,553,495 470,097 30
Ginnie Mae - HUD 153,748 116,437 37,311 32
Brokered (1) 8,675,937 4,893,643 3,782,294 77
Principal
Lending and
Investing (2) 167,700 207,000 (39,300) (19)
---------------- ---------- ---------- --------- ---- -----
Debt financing
volume $13,806,208 $ 9,996,208 $3,810,000 38%
---------------- ---------- ---------- --------- ---- -----
Property sales
volume 4,524,142 3,450,614 1,073,528 31
---------------- ---------- ---------- --------- ---- ------
Total
transaction
volume $18,330,350 $13,446,822 $4,883,528 36%
---------------- ---------- ---------- --------- ---- -----
(1) Brokered transactions for life insurance companies, commercial banks,
and other capital sources.
(2) Includes debt financing volumes from Walker & Dunlop Investment
Partners, Inc. ("WDIP") separate accounts.
DISCUSSION OF QUARTERLY RESULTS:
-- Total transaction volume grew 36% to $18.3 billion in the fourth
quarter of 2025, reflecting Walker & Dunlop's strong position within an
increasingly active commercial real estate transactions market.
-- Fannie Mae and Freddie Mac (collectively, the "GSEs") debt financing
volumes remained relatively flat in the fourth quarter of 2025,
increasing less than 1% compared to the fourth quarter of 2024. Walker &
Dunlop's 2025 GSE market share was 11.2%, up from 10.3% in 2024. Walker &
Dunlop was ranked the largest Fannie Mae lender for the seventh
consecutive year and the third-largest Freddie Mac lender for 2025,
improving from fourth largest in 2024, and finishing the year as the
second largest lender with the GSEs on a combined basis.
-- HUD debt financing volume increased 32% from the prior year as our team
continues to expand and deliver strong results for our clients, ranking
the Company as one of the top five HUD lenders in 2025.
-- The 77% increase in brokered debt financing volume during the fourth
quarter of 2025 reflected a strong supply of capital to the commercial
real estate transaction markets from life insurance companies, banks,
commercial mortgage-backed securities, and other private capital
providers.
-- Property sales volume increased 31% in the fourth quarter of 2025.
Walker & Dunlop maintains a strong position in the institutional
multifamily property sales markets and finished the year as the fourth
largest seller of multifamily assets greater than $25 million, up from
the seventh largest in 2024, and representing over 10% of the
institutional market. Macroeconomic fundamentals supporting the
multifamily market, such as steady absorptions, a significant decline in
new construction starts across most markets, and the widening
affordability gap between renting versus owning, continue to drive a
recovery in the multifamily acquisitions market.
MANAGED PORTFOLIO
(dollars in thousands,
unless otherwise
noted) Q4 2025 Q4 2024 $ Variance % Variance
------------ ------------ ---------- ------------
Fannie Mae $ 72,708,372 $ 68,196,744 $4,511,628 7%
Freddie Mac 42,595,441 39,185,091 3,410,350 9
Ginnie Mae - HUD 11,563,020 10,847,265 715,755 7
Brokered 17,111,320 17,057,912 53,408 -
------------------------ ----------- ----------- --------- --------
Total Servicing
Portfolio $143,978,153 $135,287,012 $8,691,141 6%
------------------------ ----------- ----------- --------- -------
Assets under management 18,631,100 18,423,463 207,637 1
------------------------ ----------- ----------- --------- --------
Total Managed Portfolio $162,609,253 $153,710,475 $8,898,778 6%
------------------------ ----------- ----------- --------- -------
Average custodial escrow
account deposits (in
billions) $ 2.9 $ 3.2
Weighted-average
servicing fee rate at
period end (basis
points) 23.6 24.2
Weighted-average
remaining servicing
portfolio term at
period end (years) 7.2 7.7
DISCUSSION OF QUARTERLY RESULTS:
-- Our servicing portfolio continues to grow, primarily as a result of
additional Fannie Mae, Freddie Mac, and HUD (collectively, "Agency") debt
financing volumes over the past 12 months, partially offset by principal
paydowns and loan payoffs.
-- During the fourth quarter of 2025, we added $4.6 billion of net loans
to our servicing portfolio, and over the past 12 months, we added $8.7
billion of net loans to our servicing portfolio, with the growth led
primarily by Fannie Mae and Freddie Mac loans.
-- $12.2 billion of Agency loans in our servicing portfolio are scheduled
to mature over the next two years, which presents an opportunity for our
GSE loan servicing portfolios to continue scaling as our Capital Markets
team continues to deliver top end market share with the GSEs. The
maturing loans, with a weighted-average servicing fee of 28 basis points,
represent only 10% of the total Agency loans in our portfolio. Over the
next five years, 53% of Agency loans will mature, providing an
opportunity for us to recapitalize or sell these deals for our clients in
the coming years.
-- The mortgage servicing rights ("MSRs") associated with our servicing
portfolio are reported at an amortized cost of $808 million as of
December 31, 2025, while the fair value is estimated at $1.4 billion. The
long-term contractual nature of the servicing rights, coupled with
ancillary revenues earned from the portfolio, generate attractive upside
and value above our cost basis.
-- Assets under management totaled $18.6 billion as of December 31, 2025,
and consisted of $15.9 billion of low-income housing tax credit ("LIHTC")
funds managed by our affordable housing investment management team, and
$1.8 billion of debt funds and $0.9 billion of equity funds managed by
our registered investment advisor, WDIP.
KEY PERFORMANCE METRICS
(in thousands,
except per share
amounts) Q4 2025 Q4 2024 $ Variance % Variance
------------ ---------- ------------ ------------
Walker & Dunlop
net income
(loss) $(13,911) $44,836 $ (58,747) (131)%
Adjusted EBITDA 38,755 94,577 (55,822) (59)
------------------ ------- ------ ------- ----- ----
Diluted earnings
(loss) per share $ (0.41) $ 1.32 $ (1.73) (131)%
------------------ ------- ------ ------- ----- ---
Adjusted core EPS $ 0.28 $ 1.34 $ (1.06) (79)%
------------------ ------- ------ ------- ----- ---
Operating margin (5)% 15%
Return on equity (3) 10
Key Expense
Metrics (as a %
of total
revenues):
Personnel expense 55% 50%
Other operating
expenses 10 11
DISCUSSION OF KEY PERFORMANCE METRICS:
-- The decreases in net income and diluted earnings per share were
primarily the result of increases in indemnified and repurchased loan
expenses and asset impairments and other expenses during the fourth
quarter. In the first quarter of 2026, the Company made the strategic
decision to sell a portfolio of underperforming assets that was acquired
in 2021 from Alliant. Affordable assets have recovered more slowly than
market rate assets, particularly in rent-controlled markets, and the
carrying value of these assets was above the expected fair value,
resulting in $26.1 million of asset impairment charges and accrued losses
this quarter. In addition, we recognized a total of $35.5 million of
indemnified and repurchased loan expenses and credit losses in the
quarter in connection with all loans we have repurchased, indemnified or
expect to indemnify.
-- Total revenues decreased less than 1% this quarter, while total
expenses increased 24% as a result of the aforementioned asset impairment
charges and other expenses, and indemnified and repurchased loan expenses,
leading to the year-over-year decline in our operating margin and net
income. The decrease in net income was the primary factor in the decrease
in return on equity.
-- The increase in personnel expense as a percentage of total revenues was
principally the result of an increase in variable compensation driven by
the growth in loan origination and debt brokerage fees, net ("origination
fees") for the quarter.
-- The 59% decrease in adjusted EBITDA was largely related to the
aforementioned increases in asset impairments and other expenses and the
non-credit portion of indemnified and repurchased loan expenses, coupled
with increased personnel expenses and a decrease in other revenues.
-- Adjusted core EPS decreased 79%, largely for the same reasons that
adjusted EBITDA decreased.
KEY CREDIT METRICS
(in thousands) Q4 2025 Q4 2024 $ Variance % Variance
--------------- -------------- ---------- ------------
At-risk servicing
portfolio (1) $68,649,960 $63,365,672 $5,284,288 8%
Maximum exposure to
at-risk portfolio
(2) 14,052,667 12,893,593 1,159,074 9
-------------------- ---------- ---------- --------- ---- ------
Defaulted loans (3) $ 158,821 $ 41,737 $ 117,084 281%
-------------------- ---------- ---------- --------- ---- -----
Key credit metrics
(as a % of the
at-risk
portfolio):
Defaulted loans 0.23% 0.07%
Allowance for
risk-sharing 0.05 0.04
Key credit metrics
(as a % of maximum
exposure):
Allowance for
risk-sharing 0.27% 0.22%
____________________
(1) At-risk servicing portfolio is defined as the balance of Fannie Mae
Delegated Underwriting and Servicing ("DUS") loans subject to the
risk-sharing formula described below, as well as a small number of
Freddie Mac loans on which we share in the risk of loss. Use of the
at-risk portfolio provides for comparability of the full risk-sharing
and modified risk-sharing loans because the provision and allowance for
risk-sharing obligations are based on the at-risk balances of the
associated loans. Accordingly, we have presented the key statistics as a
percentage of the at-risk portfolio.
For example, a $15 million loan with 50% risk-sharing has the same
potential risk exposure as a $7.5 million loan with full DUS risk
sharing. Accordingly, if the $15 million loan with 50% risk-sharing were
to default, we would view the overall loss as a percentage of the
at-risk balance, or $7.5 million, to ensure comparability between all
risk-sharing obligations. To date, substantially all of the risk-sharing
obligations that we have settled have been from full risk-sharing
loans.
(2) Represents the maximum loss we would incur under our risk-sharing
obligations if all of the loans we service, for which we retain some
risk of loss, were to default and all of the collateral underlying these
loans was determined to be without value at the time of settlement. The
maximum exposure is not representative of the actual loss we would
incur.
(3) Defaulted loans represent loans in our Fannie Mae at-risk portfolio or
Freddie Mac small balance pre-securitized loans ("SBL") portfolio that
are probable of foreclosure or that have foreclosed and for which we
have recorded a collateral-based reserve (i.e., loans where we have
assessed a probable loss). Other loans that are delinquent but not
foreclosed or that are not probable of foreclosure are not included
here. Additionally, loans that have foreclosed or are probable of
foreclosure but are not expected to result in a loss to us are not
included here.
DISCUSSION OF KEY CREDIT METRICS:
-- Our at-risk servicing portfolio, which is comprised of loans subject to
a defined risk-sharing formula, increased primarily due to the level of
Fannie Mae loans added to the portfolio during the past 12 months. We
take credit risk exclusively on loans backed by multifamily assets and
have no credit exposure to losses in any other sector of the commercial
real estate lending market.
-- As of December 31, 2025, 14 at-risk loans were in default with an
aggregate unpaid principal balance ("UPB") of $158.8 million, compared to
ten loans with an aggregate UPB of $139.0 million as of September 30,
2025, and six at-risk loans in default with an aggregate UPB of $41.7
million as of December 31, 2024. The collateral-based reserves on
defaulted loans were $12.6 million and $4.0 million as of December 31,
2025 and 2024, respectively. The approximately 3,200 remaining loans in
the at-risk servicing portfolio continue to exhibit strong credit quality,
with low levels of delinquencies and strong operating performance of the
underlying properties in the portfolio.
-- We recorded a provision for credit losses of $3.1 million in the fourth
quarter of 2025, primarily related to updated loss reserves for loans
that previously defaulted.
INDEMNIFIED AND REPURCHASED LOANS
(in thousands) 12/31/2025 12/31/2024
------------ --------------
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
------- -------
Other real estate
owned 14,756 14,756
Other asset, net 24,124 25,524
------------------- -------- ------- ------- -------
Total balance
included in Other
assets $ 116,649 $ 73,146
------------------- -------- ------- ------- -------
Other Liabilities:
Secured borrowings $ 83,402 $ 59,441
Indemnification
reserves(1) 23,920 5,527
------------------- -------- ------- ------- -------
Total balance
included in Other
liabilities $ 107,322 $ 64,968
------------------- -------- ------- ------- -------
(in thousands) Q4 2025 Q4 2024 YTD 2025 YTD 2024
-------- ------- ------------ --------------
Initial loan
repurchase costs $ 7,996 $ 7,041 $ 8,318 $ 7,041
Indemnified and
repurchased loan
operating costs 7,696 1,414 12,440 3,532
Expected principal
losses on loan
repurchase ("loan
repurchase
losses") 20,092 - 20,092 -
------------------- ------ ------ ------- -------
Indemnified and
repurchased loan
expenses $35,784 $ 8,455 $ 40,850 $ 10,573
------------------- ------ ------ ------- -------
Provision (benefit)
for loan losses -
Indemnified Loans
(2) $ (300) $ 3,760 $ 199 $ 11,860
------------------- ------ ------ ------- -------
Total impact of
indemnified and
repurchased loans $35,484 $12,215 $ 41,049 $ 22,433
------------------- ------ ------ ------- -------
(1) Refer to NOTE 2 of the Company's Annual Report on Form 10-K for the year
ended December 31, 2025 for more information about the nature of these
reserves.
(2) Included as a component of Provision (benefit) for credit losses in the
Consolidated Statements of Income.
DISCUSSION OF INDEMNIFIED AND REPURCHASED LOANS:
-- During the past two years, we have repurchased, indemnified or expect
to indemnify the GSEs for $221.6 million of loans, including $134.3
million of loans during the fourth quarter 2025.
-- In the first quarter of 2026, the Company completed an internal
investigation into fraudulent borrower activity on certain loans sold to
Freddie Mac. Stemming from that investigation, Freddie Mac has either
asked us, or we expect they will ask us, to repurchase three portfolios
of loans associated with three separate borrowers with a UPB of $134.3
million. We executed a forbearance and indemnification agreement for one
of the portfolios of loans with a UPB of $50.7 million that delays the
repurchase of the loans until the fourth quarter of 2027 and indemnifies
Freddie Mac for any losses until the repurchase date. We are negotiating
a forbearance and indemnification agreement with Freddie Mac for the
second portfolio of loans with a UPB of $49.3 million, and we expect to
negotiate a forbearance and indemnification agreement for the third
portfolio of loans with a UPB of $34.3 million in the first half of
2026.
-- Prior to the fourth quarter, our approach to repurchased and
indemnified loans was to operate them with the intent of repositioning
them to recover a portion of the losses incurred. That approach no longer
aligns with our long-term strategy, and we shifted our focus for the
$87.3 million of assets repurchased or indemnified in 2024 to a near-term
exit strategy.
-- We have repurchased loans with a UPB totaling $52.5 million over the
last two years, and those loans are currently valued at $47.7 million. We
are evaluating the most effective path to selling those assets. We have
indemnification agreements in place for another $83.4 million of loans as
of December 31, 2025, with collateral posted of $22.7 million, resulting
in a maximum cash outlay over the next two years of $60.7 million. We
expect to sell the loans or underlying assets associated with the loans
prior to the expiration of the indemnification agreements in order to pay
off the repurchase obligation.
FOURTH QUARTER 2025
FINANCIAL RESULTS BY SEGMENT
Interest expense on corporate debt is determined at a consolidated corporate level and allocated to each segment proportionally based on each segment's use of that corporate debt. Income tax expense is determined at a consolidated corporate level and allocated to each segment proportionally based on each segment's income before taxes, except for significant, one-time tax activities, which are allocated entirely to the segment impacted by the tax activity. The following details explain the changes in these expense items at a consolidated corporate level:
-- Interest expense on corporate debt, which pays a variable interest rate,
remained flat at $16.0 million for the fourth quarter, primarily due to
lower average interest rates during the fourth quarter of 2025 compared
to the fourth quarter of 2024, largely offset by an increase in the
balance outstanding from the refinancing of our debt in the first quarter
of 2025.
-- Income tax expense decreased $16.4 million, or 150% year over year,
primarily resulting from the 136% decrease in income before taxes during
the fourth quarter of 2025 compared to 2024, partially offset by a
one-time benefit in international taxes in 2024 with no comparable
benefit in 2025.
FINANCIAL RESULTS - CAPITAL MARKETS
(in thousands) Q4 2025 Q4 2024 $ Variance % Variance
------------ ----------- ------------ ------------
Loan origination
and debt
brokerage fees,
net
("Origination
fees") $101,739 $ 91,732 $ 10,007 11%
Fair value of
expected net
cash flows from
servicing, net
of guaranty
obligation
("MSR income") 50,060 55,920 (5,860) (10)
Property sales
broker fees 28,488 21,175 7,313 35
Net warehouse
interest income
(expense),
loans held for
sale ("LHFS") (909) (2,458) 1,549 (63)
Other revenues 11,457 14,693 (3,236) (22)
------------------- ------- ------- -------- ----- ----
Total revenues $190,835 $181,062 $ 9,773 5%
------------------- ------- ------- -------- ----- ----
Personnel $141,266 $122,601 $ 18,665 15%
Amortization and
depreciation 1,146 1,139 7 1
Interest expense
on corporate
debt 4,316 4,451 (135) (3)
Goodwill
impairment -- 33,000 (33,000) (100)
Fair value
adjustments to
contingent
consideration
liabilities -- (38,125) 38,125 (100)
Asset
impairments and
other expenses -- 460 (460) (100)
Other operating
expenses 6,713 5,453 1,260 23
------------------- ------- ------- -------- ----- -----
Total expenses $153,441 $128,979 $ 24,462 19%
------------------- ------- ------- -------- ----- ----
Income (loss)
before taxes $ 37,394 $ 52,083 $ (14,689) (28)%
Income tax
expense
(benefit) 10,170 11,586 (1,416) (12)
------- ------- -------- ----- ----
Net income before
temporary equity
holders $ 27,224 $ 40,497 $ (13,273) (33)%
Less: net income
(loss)
attributable to
temporary
equity holders 837 -- 837 N/A
------------------- ------- ------- -------- ----- -----
Walker & Dunlop net
income (loss) $ 26,387 $ 40,497 $ (14,110) (35)%
------------------- ------- ------- -------- ----- ---
Key revenue
metrics (as a
percentage of debt
financing
volume):
Origination fee
rate(1) 0.75% 0.94%
Agency MSR
rate(2) 1.01 1.14
Key performance
metrics:
Operating margin 20% 29%
Adjusted EBITDA $ (4,212) $ 4,173 $ (8,385) (201)%
Diluted earnings
(loss) per
share $ 0.77 $ 1.20 $ (0.43) (36)%
____________________
(1) Origination fees as a percentage of debt financing volume. Excludes the
income and debt financing volume from Principal Lending and Investing.
(2) MSR income as a percentage of Agency debt financing volume.
CAPITAL MARKETS -- DISCUSSION OF QUARTERLY RESULTS:
The Capital Markets segment includes our Agency lending, debt brokerage, property sales, appraisal and valuation services, investment banking, and housing market research businesses.
-- Transaction volume growth of 36% this quarter was the principal driver
of the 5% revenue growth for the segment. Revenues grew at a slower pace
than transaction volumes principally due to (i) the increase in
origination fees, driven primarily by debt brokerage and property sales
transaction growth and several large transactions this quarter; and (ii)
lower non-cash MSR income on our new Fannie Mae loan originations.
-- Debt brokerage and property sales transactions generally carry lower
origination fee rates than Agency transactions. Large portfolio
transactions also generate lower origination fee rates than smaller
transactions, all else equal. The combination of these two factors this
quarter drove the decline in the origination fee rate to 75 basis points
this quarter, compared to 94 basis points in the year ago fourth
quarter.
-- The decrease in MSR income was largely a result of the decrease in the
Agency MSR rate. The Agency MSR rate decreased due to a decline in the
weighted-average servicing fee ("WASF") on Fannie Mae originations.
Borrowers continue opting for shorter duration loans due to the shape of
the yield curve and the desire to maintain optionality in the short term
as interest rates continue normalizing.
-- Property sales broker fees increased year over year primarily due to
the 31% increase in property sales volume, coupled with an increase in
the property sales broker fee rate year over year.
-- Personnel expense increased in the fourth quarter of 2025 primarily due
to an increase in commission costs primarily resulting from growth in
origination and property sales broker fees, coupled with an increase in
salaries and benefits resulting from an increase in average segment
headcount.
-- The change in fair value adjustments to contingent consideration
liabilities year over year was due to an adjustment taken in the fourth
quarter of 2024 with no comparable adjustment in the current year
quarter. The adjustment for the fourth quarter of 2024 was driven by the
reduction of an expected payout of earnouts associated with a technology
acquisition and one of our previous brokerage acquisitions, as both were
no longer expected to achieve specific long-term performance hurdles
because of the sharp declines in transaction volumes in 2023 and 2024.
-- The decrease in adjusted EBITDA was primarily due to the decrease in
income before taxes, coupled with an increase in personnel expenses,
partially offset by increases in origination fees and property sales
broker fees.
FINANCIAL RESULTS - SERVICING & ASSET MANAGEMENT
(in thousands) Q4 2025 Q4 2024 $ Variance % Variance
------------ ------------ ------------ ------------
Origination fees $ 1,875 $ 2,210 $ (335) (15)%
Servicing fees 86,339 82,961 3,378 4
Investment
management
fees 11,192 (3,110) 14,302 (460)
Net warehouse
interest
income, loans
held for
investment -- 272 (272) (100)
Placement fees
and other
interest
income 33,468 40,278 (6,810) (17)
Other revenues 10,424 34,687 (24,263) (70)
------------------- ------- ------- ------- ------ ---
Total revenues $143,298 $157,298 $ (14,000) (9)%
------------------- ------- ------- ------- ------
Personnel $ 23,959 $ 23,967 $ (8) (0)%
Amortization and
depreciation 58,269 65,155 (6,886) (11)
Provision
(benefit) for
credit losses 3,105 4,529 (1,424) (31)
Interest expense
on corporate
debt 10,200 9,986 214 2
Fair value
adjustments to
contingent
consideration
liabilities (8,243) (10,830) 2,587 (24)
Indemnified and
repurchased
loan expenses 35,784 8,455 27,329 323
Asset
impairments and
other expenses 26,055 621 25,434 4,096
Other operating
expenses 6,541 15,526 (8,985) (58)
------------------- ------- ------- ------- ------ ---
Total expenses $155,670 $117,409 $ 38,261 33%
------------------- ------- ------- ------- ------ ---
Income (loss)
before taxes $(12,372) $ 39,889 $ (52,261) (131)%
Income tax
expense
(benefit) (3,818) 7,007 (10,825) (154)
------- ------- ------- ------ ---
Net income before
noncontrolling
interests $ (8,554) $ 32,882 $ (41,436) (126)%
Less: net income
(loss) from
noncontrolling
interests (36) (3,671) 3,635 (99)
------------------- ------- ------- ------- ------ ---
Walker & Dunlop net
income (loss) $ (8,518) $ 36,553 $ (45,071) (123)%
------------------- ------- ------- ------- ------
Key performance
metrics:
Operating margin (9)% 25%
Adjusted EBITDA $ 79,792 $123,768 $ (43,976) (36)%
Diluted earnings
(loss) per
share $ (0.26) $ 1.07 $ (1.33) (124)%
SERVICING & ASSET MANAGEMENT -- DISCUSSION OF QUARTERLY RESULTS:
The Servicing & Asset Management segment includes loan servicing, principal lending and investing, management of third-party capital invested in tax credit equity funds focused on the affordable housing sector and other commercial real estate, and real estate-related investment banking and advisory services.
-- The $8.7 billion net increase in the servicing portfolio over the past
12 months was the principal driver of the growth in servicing fees year
over year.
-- Investment management fees increased primarily due to an increase in
investment management fees from our LIHTC operations, due to higher asset
dispositions in the fourth quarter of 2025. Our LIHTC business recognizes
asset management fees through cash flows from its underlying property
level investments and the sale, or realization, of those property level
investments.
-- The primary driver in the decrease in placement fees was a decline in
the placement fee rates on escrow deposits as a result of the lower
short-term interest rate environment in 2025 compared to 2024, combined
with a decrease in the average replacement reserve escrow balance period
over period.
-- During the fourth quarter of 2024, we entered into an agreement to sell
a portfolio of affordable assets, including some of the assets, which we
have operated since the acquisition of Alliant in 2021. The sale of one
of the assets closed in the fourth quarter of 2024, generating a gain on
sale of $26.5 million included in other revenues for this segment,
explaining the year over year decline in that line item. The remaining
assets included in that sale were expected to close in 2025 upon receipt
of customary consents. Those consents are still in process, and that sale
is now expected to close in the first half of 2026. However, intangible
and other assets were written off in the fourth quarter of 2024 in
connection with the agreement to sell the assets, explaining most of the
decline in amortization and depreciation this year.
-- The change in fair value adjustments to contingent consideration
liabilities was primarily due to an $8.2 million contingent consideration
revaluation in the fourth quarter of 2025 compared to a $10.8 million
revaluation in the fourth quarter of 2024, as the earnout targets for our
LIHTC acquisition were not fully achieved.
-- The increase in indemnified and repurchased loan expenses was primarily
driven by the repurchase requests as outlined in the Indemnified and
Repurchased Loans section above.
-- The increase in asset impairments and other expenses was primarily
driven by the asset impairments recorded in the fourth quarter of 2025 as
outlined in the Key Performance Metrics section above.
-- Other operating expenses decreased largely due to a decrease in
professional fees, driven by a decline in legal costs at one of our LIHTC
subsidiaries.
-- The decrease in losses attributed to noncontrolling interests is the
result of a change in the ownership of an entity producing losses in
2024. As part of a larger transaction with the noncontrolling interest
holder, we regained full control of the entity at the end of 2024. The
remaining noncontrolling interests in 2025 are immaterial.
FINANCIAL RESULTS - CORPORATE
(in thousands) Q4 2025 Q4 2024 $ Variance % Variance
--------- --------- ------------ ------------
Other interest
income $ 3,617 $ 3,684 $ (67) (2)%
Other revenues 2,274 (593) 2,867 (483)
----------------- ------- ------- ------- ----- ----
Total revenues $ 5,891 $ 3,091 $ 2,800 91%
----------------- ------- ------- ------- ----- ----
Personnel $ 21,888 $ 22,610 $ (722) (3)%
Amortization
and
depreciation 2,669 1,760 909 52
Interest
expense on
corporate
debt 1,467 1,484 (17) (1)
Asset
impairments
and other
expenses 4,335 -- 4,335 N/A
Other
operating
expenses 19,111 17,089 2,022 12
----------------- ------- ------- ------- ----- -----
Total expenses $ 49,470 $ 42,943 $ 6,527 15%
----------------- ------- ------- ------- ----- ----
Income (loss)
before taxes $(43,579) $(39,852) $ (3,727) 9%
Income tax
expense
(benefit) (11,799) (7,638) (4,161) 54
----------------- ------- ------- ------- ----- -----
Walker & Dunlop
net income
(loss) $(31,780) $(32,214) $ 434 (1)%
----------------- ------- ------- ------- ----- ---
Key performance
metric:
Adjusted
EBITDA $(36,825) $(33,364) $ (3,461) 10%
Diluted
earnings
(loss) per
share $ (0.92) $ (0.95) $ 0.03 (3)%
CORPORATE -- DISCUSSION OF QUARTERLY RESULTS:
The Corporate segment consists of corporate-level activities including accounting, information technology, legal, human resources, marketing, internal audit, and various other corporate groups ("support functions"). The Company does not allocate costs from these support functions to its other segments in presenting segment operating results.
-- Total revenues increased primarily due to an increase in other revenues
driven by income from equity method investments resulting from improved
performance.
-- Personnel expenses decreased 3% in the fourth quarter of 2025 due to a
decrease in variable compensation related to company performance,
partially offset by an increase in salaries and benefits.
-- The increase in asset impairments and other expenses was primarily due
to increased legal and other professional fees related to the
aforementioned borrower fraud investigation, as well as approximately
$2.1 million of third party costs incurred in connection with an M&A
opportunity that did not materialize.
-- Other operating expenses increased largely as a result of increased
software costs and travel and entertainment expenses for an annual
corporate event held in the fourth quarter 2025, with no comparable event
in 2024.
FULL-YEAR 2025
CONSOLIDATED OPERATING RESULTS
Interest expense on corporate debt is determined at a consolidated corporate level and allocated to each segment proportionally based on each segment's use of that corporate debt. Income tax expense is determined at a consolidated corporate level and allocated to each segment proportionally based on each segment's income before taxes, except for significant, one-time tax activities, which are allocated entirely to the segment impacted by the tax activity. The following details explain the changes in these expense items at a consolidated corporate level:
-- Interest expense on corporate debt decreased $5.0 million, or 7% from
the prior year, primarily due to lower average interest rates during 2025
compared to 2024, partially offset by an increase in the balance
outstanding from the aforementioned refinancing of our debt.
-- Income tax expense decreased $8.5 million, or 28% year over year,
primarily driven by a 40% decrease in income before taxes, partially
offset by a decrease in excess tax benefits. In 2025, we recognized a
$1.4 million shortfall in excess tax benefits compared to a $1.7 million
benefit in 2024. The shortfall resulted from the change between the grant
date and vesting date fair values of share-based compensation that vested
during the year.
FULL-YEAR OPERATING RESULTS AND KEY PERFORMANCE METRICS
(in thousands) 2025 2024 $ Variance % Variance
--------------- --------------- ------------ ------------
Debt financing
volume $41,483,695 $30,154,666 $11,329,029 38%
Property sales
volume 13,349,892 9,751,223 3,598,669 37
---------------- ---------- ---------- ---------- ---- ------
Total
transaction
volume $54,833,587 $39,905,889 $14,927,698 37%
---------------- ---------- ---------- ---------- ---- -----
Total revenues 1,234,306 1,132,490 101,816 9
Total expenses 1,155,308 1,000,989 154,319 15
---------------- ---------- ---------- ---------- ---- ------
Walker & Dunlop
net income
(loss) $ 56,247 $ 108,167 $ (51,920) (48)%
---------------- ---------- ---------- ---------- ---- ----
Adjusted EBITDA 262,616 328,549 (65,933) (20)
---------------- ---------- ---------- ---------- ---- -----
Diluted earnings
(loss) per
share $ 1.64 $ 3.19 $ (1.55) (49)%
---------------- ---------- ---------- ---------- ---- ----
Adjusted core
EPS $ 3.50 $ 4.97 $ (1.47) (30)%
---------------- ---------- ---------- ---------- ---- ----
Operating margin 6% 12%
Return on equity 3 6
DISCUSSION OF FULL-YEAR RESULTS:
-- The increase in total transaction volume was primarily driven by a 39%
increase in Agency debt financing volume, a 37% increase in brokered debt
financing volume, and a 37% increase in property sales volume year over
year.
-- The 9% growth in Walker & Dunlop total revenues in 2025 was outpaced by
the 15% increase in total expenses, primarily due to increases in
indemnified and repurchased loan expenses, asset impairments and other
expenses, and increased variable compensation costs associated with the
37% increase in total transaction volume. The decline in net income and
diluted EPS were principally attributable to a 40% decrease in income
before taxes.
-- Adjusted EBITDA decreased primarily due to decreases in placement fees
and other interest income and other revenues, coupled with increased
personnel costs and indemnified and repurchased loan expenses and a
decrease in losses attributable to non-controlling interest holders.
These changes were partially offset by increases in origination fees,
property sales broker fees, and servicing fees.
-- Diluted EPS decreased 49% year over year, in tandem with the 48%
decline in net income, compared to a decrease of 30% year over year for
adjusted core EPS. Adjusted core EPS decreased largely for the same
reasons that adjusted EBITDA decreased.
FULL-YEAR 2025
FINANCIAL RESULTS BY SEGMENT
FULL-YEAR FINANCIAL RESULTS - CAPITAL MARKETS
(in thousands) 2025 2024 $ Variance % Variance
------------ ------------ ------------ ------------
Total revenues $646,950 $524,841 $ 122,109 23%
Total expenses 521,275 437,549 83,726 19
------------------ ------- ------- -------- ---- ------
Walker & Dunlop
net income
(loss) $ 89,819 $ 66,664 $ 23,155 35%
------------------ ------- ------- -------- ---- -----
Key revenue
metrics (as a
percentage of
debt financing
volume):
Origination fee
rate(1) 0.83% 0.92%
Agency MSR
rate(2) 0.96 1.14
Key performance
metrics:
Operating
margin 19% 17%
Adjusted EBITDA $(16,980) $(28,258) $ 11,278 (40)%
Diluted
earnings
(loss) per
share 2.62 1.97 0.65 33
____________________
(1) Origination fees as a percentage of debt financing volume. Excludes the
income and debt financing volume from Principal Lending and Investing.
(2) MSR income as a percentage of Agency debt financing volume.
CAPITAL MARKETS - DISCUSSION OF FULL-YEAR RESULTS:
-- Total revenues increased primarily due to increases in origination fees,
MSR income, and property sales broker fees due to the 37% increase in
total transaction volume, partially offset by a decline in our
origination fee and MSR rates. Although our Agency debt financing volume
grew significantly, the competitive environment in the multifamily debt
financing market throughout 2025 resulted in a reduction in the
origination fee rate for Agency originations and the overall origination
fee rate, particularly for Freddie Mac originations. Additionally, we
originated a large Fannie Mae portfolio during the second quarter of
2025, with no comparable activity in 2024, contributing to the decline in
origination fee rates as large portfolios earn lower fee margins.
-- The increase in total expenses was primarily related to increases in
personnel costs mostly due to (i) increased commission costs resulting
from the growth in origination fees and property sales broker fees, (ii)
increased salaries and benefits largely related to an increase in average
segment headcount, and (iii) increased severance expense, resulting from
the separation of several underperforming producers.
-- Net income, Diluted EPS and adjusted EBITDA for the Capital Markets
segment have improved sequentially the last three years and represent a
direct reflection of the steady improvement in overall Capital Markets
transaction volumes. The increases in operating margin, adjusted EBITDA,
and diluted EPS were largely the result of the increased total
transaction volume year over year.
FULL-YEAR FINANCIAL RESULTS - SERVICING & ASSET MANAGEMENT
(in thousands) 2025 2024 $ Variance % Variance
------------ ------------ ------------ ------------
Total revenues $566,564 $591,649 $ (25,085) (4)%
Total expenses 448,712 396,024 52,688 13
---------------- ------- ------- ------- ---- ------
Walker & Dunlop
net income
(loss) $ 85,112 $157,750 $ (72,638) (46)%
---------------- ------- ------- ------- ---- ----
Key performance
metrics:
Operating
margin 21% 33%
Adjusted
EBITDA $419,049 $485,382 $ (66,333) (14)%
Diluted
earnings
(loss) per
share 2.48 4.65 (2.17) (47)
SERVICING & ASSET MANAGEMENT - DISCUSSION OF FULL-YEAR RESULTS:
-- The decrease in total revenues in 2025 was primarily the result of a
decline in placement fees and other interest income and other revenues.
Placement fees and other interest income was impacted by lower average
placement fees earned on escrow deposits resulting from lower short-term
interest rates, while other revenues were impacted by the sale of an
affordable asset in 2024 with no comparable activity in 2025. Partially
offsetting these declines was an increase in servicing fees, driven by an
increase in the average servicing portfolio period over period.
-- The increase in total expenses year over year was primarily due to
increases in indemnified and repurchased loan expenses and asset
impairments and other expenses. The increases were primarily the result
of (i) investment impairments related to assets held by one of our
affordable operating subsidiaries, (ii) an increase in costs associated
with the indemnified and repurchased loan portfolios from 2024 and 2025,
and (iii) the write off of unamortized debt issuance costs associated
with the refinancing of our corporate debt in the first quarter of 2025.
Personnel costs also increased primarily due to higher salaries, benefits,
and severance costs.
-- The increase in expenses was the primary driver of the decreases in
operating margin, adjusted EBITDA, and diluted EPS.
FULL-YEAR FINANCIAL RESULTS - CORPORATE
(in thousands) 2025 2024 $ Variance % Variance
---------- ---------- ------------ ------------
Total revenues $ 20,792 $ 16,000 $ 4,792 30%
Total expenses 185,321 167,416 17,905 11
---------------- -------- -------- ------- --- -------
Walker & Dunlop
net income
(loss) $(118,684) $(116,247) $ (2,437) 2%
---------------- -------- -------- ------- --- ------
Key performance
metric:
Adjusted
EBITDA $(139,453) $(128,575) $ (10,878) 8%
Diluted
earnings
(loss) per
share (3.46) (3.43) (0.03) 1
CORPORATE - DISCUSSION OF FULL-YEAR RESULTS:
-- Total revenues increased primarily due to a change to income from
equity method investments in 2025 from a loss from equity method
investments in 2024.
-- Total expenses increased primarily due to increased personnel costs,
asset impairment and other expenses, and other operating expenses year
over year. Personnel expense increased largely due to increased salaries
and benefits, driven by an increase in average segment headcount,
partially offset by a decrease in subjective bonus accrual related to
company performance. The increase in asset impairments and other expenses
was driven by increased legal and other professional fees related to
increased compliance costs and other corporate initiatives, while other
operating expenses saw a rise in software and travel and entertainment
costs.
CAPITAL SOURCES AND USES
On February 25, 2026, the Company's 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 the Company's restricted and unrestricted common stock as of March 13, 2026.
On February 12, 2025, our Board of Directors authorized the repurchase of up to $75.0 million of the Company's outstanding common stock over a 12-month period starting from February 21, 2025 (the "2025 Share Repurchase Program"). As of December 31, 2025, we had not repurchased any shares of common stock under the 2025 Share Repurchase Program. On February 13, 2026, our Board of Directors authorized the repurchase of up to $75.0 million of the Company's outstanding common stock over a 12-month period starting from February 26, 2026 (the "2026 Share Repurchase Program").
Any repurchases made pursuant to the 2026 Share Repurchase Program will be made in the open market or in privately negotiated transactions, from time to time, as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The repurchase program may be suspended or discontinued at any time.
CONFERENCE CALL INFORMATION
Listeners can access the Company's quarterly conference call for more information regarding our financial results via the dial-in number and webcast link below. Presentation materials related to the conference call will be posted to the Investor Relations section of the Company's website prior to the call. An audio replay will also be available on the Investor Relations section of the Company's website, along with the presentation materials.
Earnings Call: Thursday, February 26, 2026, at 8:30 a.m. EST
(800) 330-6710 from within the United States; (312)
Phone: 471-1353 from outside the United States
Confirmation Code: 1125082
Webcast Link: https://event.webcasts.com/starthere.jsp?ei=1751166&tp_
key=b177df1a08
ABOUT WALKER & DUNLOP
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
NON-GAAP FINANCIAL MEASURES
To supplement our financial statements presented in accordance with United States generally accepted accounting principles ("GAAP"), the Company uses adjusted EBITDA, adjusted core net income, and adjusted core EPS, which are non-GAAP financial measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. When analyzing our operating performance, readers should use adjusted EBITDA, adjusted core net income, and adjusted core EPS in addition to, and not as an alternative for, net income and diluted EPS.
Adjusted core net income and adjusted core EPS represent net income adjusted for amortization and depreciation, provision (benefit) for credit losses, net write-offs based on the final resolution of the defaulted loans or collateral, the fair value of expected net cash flows from servicing, net, the income statement impact from periodic revaluation and accretion associated with contingent consideration liabilities related to acquired companies, goodwill impairment and other adjustments. Adjusted EBITDA represents net income before income taxes, interest expense on our corporate debt, and amortization and depreciation, adjusted for provision (benefit) for credit losses, net write-offs based on the final resolution of the defaulted loans or collateral, loan repurchase losses, stock-based compensation, the fair value of expected net cash flows from servicing, net, the write-off of the unamortized balance of deferred issuance costs associated with the repayment of a portion of our corporate debt, goodwill impairment, and contingent consideration liability fair value adjustments when the fair value adjustment is a triggering event for a goodwill impairment assessment. Furthermore, adjusted EBITDA is not intended to be a measure of free cash flow for our management's discretionary use, as it does not reflect certain cash requirements such as tax and debt service payments. The amounts shown for adjusted EBITDA may also differ from the amounts calculated under similarly titled definitions in our debt instruments, which are further adjusted to reflect certain other cash and non-cash charges that are used to determine compliance with financial covenants. Because not all companies use identical calculations, our presentation of adjusted EBITDA, adjusted core net income and adjusted core EPS may not be comparable to similarly titled measures of other companies.
We use adjusted EBITDA, adjusted core net income, and adjusted core EPS to evaluate the operating performance of our business, for comparison with forecasts and strategic plans and for benchmarking performance externally against competitors. We believe that these non-GAAP measures, when read in conjunction with the Company's GAAP financial information, provide useful information to investors by offering:
-- the ability to make more meaningful period-to-period comparisons of the
Company's on-going operating results;
-- the ability to better identify trends in the Company's underlying
business and perform related trend analyses; and
-- a better understanding of how management plans and measures the
Company's underlying business.
We believe that these non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP and that these non-GAAP financial measures should only be used to evaluate the Company's results of operations in conjunction with the Company's GAAP financial information. For more information on adjusted EBITDA, adjusted core net income, and adjusted core EPS, refer to the section of this press release below titled "Adjusted Financial Measure Reconciliation to GAAP" and "Adjusted Financial Measure Reconciliation to GAAP By Segment."
FORWARD-LOOKING STATEMENTS
Some of the statements contained in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans, or intentions. The forward-looking statements contained in this press release reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause actual results to differ significantly from those expressed or contemplated in any forward-looking statement.
While forward-looking statements reflect our good faith projections, assumptions and expectations, they are not guarantees of future results. Furthermore, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by applicable law. Factors that could cause our results to differ materially include, but are not limited to: (1) general economic conditions and multifamily and commercial real estate market conditions, (2) changes in interest rates, (3) regulatory and/or legislative changes to Freddie Mac, Fannie Mae or HUD, (4) our ability to retain and attract loan originators and other professionals, (5) success of our various investments funded with corporate capital, (6) changes in federal government fiscal and monetary policies, including any constraints or cuts in federal funds allocated to HUD for loan originations, and (7) our obligations to repurchase or indemnify the GSEs for loans we originate under their programs, including additional charges or losses related to loans we have already repurchased or indemnified and new repurchase requests we may receive from the GSEs related to the previously identified instances of borrower fraud, additional instances of borrower fraud, or other reasons.
For a further discussion of these and other factors that could cause future results to differ materially from those expressed or contemplated in any forward-looking statements, see the section titled "Risk Factors" in our most recent Annual Report on Form 10-K and any updates or supplements in subsequent Quarterly Reports on Form 10-Q and our other filings with the SEC. Such filings are available publicly on our Investor Relations web page at www.walkerdunlop.com.
Walker & Dunlop, Inc. and Subsidiaries
Consolidated Balance Sheets
Unaudited
December September
31, 30, June 30, March 31, December 31,
(in thousands) 2025 2025 2025 2025 2024
----------- ---------- ---------- ---------- ------------
Assets
Cash and cash
equivalents $ 299,315 $ 274,828 $ 233,712 $ 180,971 $ 279,270
Restricted cash 22,772 44,462 41,090 32,268 25,156
Pledged
securities, at
fair value 224,954 221,730 218,435 214,374 206,904
Loans held for
sale, at fair
value 1,436,350 2,197,739 1,177,837 946,372 780,749
Mortgage
servicing
rights 808,145 805,975 817,814 825,761 852,399
Goodwill 868,710 868,710 868,710 868,710 868,710
Other
intangible
assets 141,877 145,631 149,385 153,139 156,893
Receivables,
net 419,358 374,316 360,646 372,689 335,879
Committed
investments in
tax credit
equity 241,401 257,564 194,479 337,510 313,230
Other assets 596,596 606,320 612,932 580,084 562,803
--------- --------- --------- --------- ---------
Total assets $5,059,478 $5,797,275 $4,675,040 $4,511,878 $4,381,993
========= ========= ========= ========= =========
Liabilities
Warehouse notes
payable $1,420,272 $2,175,157 $1,157,234 $ 931,002 $ 781,706
Corporate notes
payable 829,218 829,909 828,657 825,556 768,044
Allowance for
risk-sharing
obligations 37,546 34,140 33,191 31,871 28,159
Deferred tax
liabilities,
net 237,001 240,912 240,929 241,456 241,386
Commitments to
fund
investments in
tax credit
equity 219,949 223,788 168,863 295,052 274,975
Other
liabilities 569,630 515,903 484,368 442,852 527,860
--------- --------- --------- --------- ---------
Total liabilities $3,313,616 $4,019,809 $2,913,242 $2,767,789 $2,622,130
--------- --------- --------- --------- ---------
Temporary Equity
Profit
interests of a
wholly owned
subsidiary
subject to
possible
redemption $ (1,036) $ -- $ -- $ -- $ --
Stockholders'
Equity
Common stock $ 334 $ 333 $ 333 $ 333 $ 332
Additional
paid-in
capital 450,434 444,127 438,129 432,788 429,000
Accumulated
other
comprehensive
income (loss) 1,876 1,833 2,764 1,295 586
Retained
earnings 1,282,390 1,319,274 1,308,792 1,297,764 1,317,945
--------- --------- --------- --------- ---------
Total
stockholders'
equity $1,735,034 $1,765,567 $1,750,018 $1,732,180 $1,747,863
--------- --------- --------- --------- ---------
Noncontrolling
interests 11,864 11,899 11,780 11,909 12,000
--------- --------- --------- --------- ---------
Total permanent
equity $1,746,898 $1,777,466 $1,761,798 $1,744,089 $1,759,863
--------- --------- --------- --------- ---------
Commitments and
contingencies -- -- -- -- --
--------- --------- --------- --------- ---------
Total liabilities,
temporary equity,
and permanent
equity $5,059,478 $5,797,275 $4,675,040 $4,511,878 $4,381,993
========= ========= ========= ========= =========
Walker & Dunlop, Inc. and Subsidiaries
Consolidated Statements of Income and Comprehensive Income
Unaudited
Quarterly Trends Years ended
--------------------------------------------------------------------
December 31,
------------------------------
(in thousands,
except per share
amounts) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 2025 2024
------------ ------------ ------------ ------------ ------------ -------------- --------------
Revenues
Origination
fees $103,614 $ 97,845 $ 94,309 $ 46,381 $ 93,942 $ 342,149 $ 276,562
MSR income 50,060 48,657 53,153 27,811 55,920 179,681 153,593
Servicing fees 86,339 85,189 83,693 82,221 82,961 337,442 325,644
Property sales
broker fees 28,488 26,546 14,964 13,521 21,175 83,519 60,583
Investment
management
fees 11,192 6,178 7,577 9,682 (3,110) 34,629 36,976
Net warehouse
interest
income
(expense) (909) (2,035) (1,760) (786) (2,186) (5,490) (7,033)
Placement fees
and other
interest
income 37,085 46,302 35,986 33,211 43,962 152,584 167,961
Other revenues 24,155 28,993 31,318 25,326 48,787 109,792 118,204
------- ------- ------- ------- ------- --------- ---------
Total revenues $340,024 $337,675 $319,240 $237,367 $341,451 $1,234,306 $1,132,490
------- ------- ------- ------- ------- --------- ---------
Expenses
Personnel $187,113 $177,418 $161,888 $121,390 $169,178 $ 647,809 $ 559,246
Amortization
and
depreciation 62,084 60,041 58,936 57,621 68,054 238,682 237,549
Provision
(benefit) for
credit losses 3,105 949 1,820 3,712 4,529 9,586 10,839
Interest
expense on
corporate
debt 15,983 16,451 16,767 15,514 15,921 64,715 69,686
Goodwill
impairment -- -- -- -- 33,000 -- 33,000
Fair value
adjustments to
contingent
consideration
liabilities (8,243) -- -- -- (48,955) (8,243) (50,321)
Indemnified and
repurchased
loan expenses 35,784 3,526 683 857 8,455 40,850 10,573
Asset
impairments
and other
expenses 30,390 663 1,478 4,215 1,081 36,746 1,181
Other operating
expenses 32,365 32,690 31,294 28,814 38,068 125,163 129,236
------- ------- ------- ------- ------- --------- ---------
Total expenses $358,581 $291,738 $272,866 $232,123 $289,331 $1,155,308 $1,000,989
------- ------- ------- ------- ------- --------- ---------
Income (loss)
before taxes $(18,557) $ 45,937 $ 46,374 $ 5,244 $ 52,120 $ 78,998 $ 131,501
------- ------- ------- ------- ------- --------- ---------
Income tax
expense
(benefit) (5,447) 12,516 12,425 2,519 10,955 22,013 30,543
------- ------- ------- ------- ------- --------- ---------
Net income before
noncontrolling
interests and
temporary equity
holders $(13,110) $ 33,421 $ 33,949 $ 2,725 $ 41,165 $ 56,985 $ 100,958
------- ------- ------- ------- ------- --------- ---------
Less: net
income (loss)
from
noncontrolling
interests (36) (31) (3) (29) (3,671) (99) (7,209)
Less: net
income (loss)
attributable
to temporary
equity
holders 837 -- -- -- -- 837 --
------- ------- ------- ------- ------- --------- ---------
Walker & Dunlop
net income
(loss) $(13,911) $ 33,452 $ 33,952 $ 2,754 $ 44,836 $ 56,247 $ 108,167
======= ======= ======= ======= ======= ========= =========
Other
comprehensive
income (loss),
net of tax 43 (931) 1,469 709 (880) 1,290 1,065
------- ------- ------- ------- ------- --------- ---------
Walker & Dunlop
comprehensive
income (loss) $(13,868) $ 32,521 $ 35,421 $ 3,463 $ 43,956 $ 57,537 $ 109,232
======= ======= ======= ======= ======= ========= =========
Effective Tax Rate 29% 27% 27% 48% 21% 28% 23%
Basic earnings
(loss) per share $ (0.41) $ 0.98 $ 1.00 $ 0.08 $ 1.32 $ 1.65 $ 3.19
Diluted earnings
(loss) per share (0.41) 0.98 0.99 0.08 1.32 1.64 3.19
Cash dividends
paid per common
share 0.67 0.67 0.67 0.67 0.65 2.68 2.60
Basic
weighted-average
shares
outstanding 33,388 33,376 33,358 33,264 33,192 33,347 33,116
Diluted
weighted-average
shares
outstanding 33,410 33,397 33,371 33,296 33,223 33,369 33,158
SUPPLEMENTAL OPERATING DATA
Unaudited
Quarterly Trends Years ended
----------------------------------------------------------------------------------------
December 31,
--------------------------------
(in thousands,
except per share
data and unless
otherwise noted) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 2025 2024
---------------- ---------------- ---------------- ---------------- ---------------- --------------- ---------------
Transaction
Volume:
Components of Debt Financing Volume
Fannie Mae $ 2,785,231 $ 2,141,092 $ 3,114,308 $ 1,511,794 $ 3,225,633 $ 9,552,425 $ 7,641,161
Freddie Mac 2,023,592 3,664,380 1,752,597 808,247 1,553,495 8,248,816 5,227,550
Ginnie Mae -
HUD 153,748 325,169 288,449 148,158 116,437 915,524 588,529
Brokered (1) 8,675,937 4,512,729 6,335,071 2,552,943 4,893,643 22,076,680 16,093,776
Principal
Lending and
Investing
(2) 167,700 199,250 147,800 175,500 207,000 690,250 603,650
----------- ----------- ----------- ----------- ----------- ---------- ----------
Total Debt
Financing
Volume $ 13,806,208 $ 10,842,620 $ 11,638,225 $ 5,196,642 $ 9,996,208 $41,483,695 $30,154,666
----------- ----------- ----------- ----------- ----------- ---------- ----------
Property Sales
Volume 4,524,142 4,672,875 2,313,585 1,839,290 3,450,614 13,349,892 9,751,223
----------- ----------- ----------- ----------- ----------- ---------- ----------
Total Transaction
Volume $ 18,330,350 $ 15,515,495 $ 13,951,810 $ 7,035,932 $ 13,446,822 $54,833,587 $39,905,889
=========== =========== =========== =========== =========== ========== ==========
Key Performance
Metrics:
Operating margin (5)% 14% 15% 2% 15% 6% 12%
Return on equity (3) 8 8 1 10 3 6
Walker & Dunlop
net income
(loss) $ (13,911) $ 33,452 $ 33,952 $ 2,754 $ 44,836 $ 56,247 $ 108,167
Adjusted EBITDA
(3) 38,755 82,084 76,811 64,966 94,577 262,616 328,549
Diluted earnings
(loss) per
share (0.41) 0.98 0.99 0.08 1.32 1.64 3.19
Adjusted core EPS
(4) 0.28 1.22 1.15 0.85 1.34 3.50 4.97
Key Expense Metrics (as a percentage of total
revenues):
Personnel expense 55% 53% 51% 51% 50% 52% 49%
Other operating
expenses 10 10 10 12 11 10 11
Key Revenue Metrics (as a percentage of debt
financing volume):
Origination fee
rate (5) 0.75% 0.90% 0.82% 0.90% 0.94% 0.83% 0.92%
Agency MSR rate
(6) 1.01 0.79 1.03 1.13 1.14 0.96 1.14
Other Data:
Market
capitalization
at period end $ 2,048,798 $ 2,847,907 $ 2,395,939 $ 2,901,726 $ 3,282,018
Closing share
price at period
end $ 60.15 $ 83.62 $ 70.48 $ 85.36 $ 97.21
Average headcount 1,464 1,438 1,400 1,394 1,391
Components of Servicing Portfolio (end of period):
Fannie Mae $ 72,708,372 $ 71,006,342 $ 70,042,909 $ 69,176,839 $ 68,196,744
Freddie Mac 42,595,441 40,473,401 39,433,013 38,556,682 39,185,091
Ginnie Mae -
HUD 11,563,020 11,298,108 11,008,314 10,882,857 10,847,265
Brokered (7) 17,111,320 16,553,827 16,864,888 17,032,338 17,057,912
----------- ----------- ----------- ----------- -----------
Total Servicing
Portfolio $143,978,153 $139,331,678 $137,349,124 $135,648,716 $135,287,012
----------- ----------- ----------- ----------- -----------
Assets under
management
(8) 18,631,100 18,521,907 18,623,451 18,518,413 18,423,463
----------- ----------- ----------- ----------- -----------
Total Managed
Portfolio $162,609,253 $157,853,585 $155,972,575 $154,167,129 $153,710,475
=========== =========== =========== =========== ===========
Key Servicing Portfolio Metrics (end of period):
Custodial escrow
account deposits
(in billions) $ 3.1 $ 2.8 $ 2.7 $ 2.4 $ 2.7
Weighted-average
servicing fee
rate (basis
points) 23.6 24.0 24.1 24.4 24.2
Weighted-average
remaining
servicing
portfolio term
(years) 7.2 7.4 7.4 7.5 7.7
____________________
(1) Brokered transactions for life insurance companies, commercial banks,
and other capital sources.
(2) Includes debt financing volumes from our WDIP separate accounts.
(3) This is a non-GAAP financial measure. For more information on adjusted
EBITDA, refer to the section above titled "Non-GAAP Financial
Measures."
(4) This is a non-GAAP financial measure. For more information on adjusted
core EPS, refer to the section above titled "Non-GAAP Financial
Measures."
(5) Origination fees as a percentage of debt financing volume. Excludes the
income and debt financing volume from Principal Lending and Investing.
(6) MSR income as a percentage of Agency debt financing volume.
(7) Brokered loans serviced primarily for life insurance companies.
(8) WDAE assets under management, commercial real estate loans and funds
managed by WDIP, and interim loans serviced for our interim loan joint
venture.
KEY CREDIT METRICS
Unaudited
December 31, September 30, June 30, March 31, December 31,
(dollars in thousands) 2025 2025 2025 2025 2024
---------------- ---------------- ---------------- ---------------- ----------------
Risk-sharing servicing
portfolio:
Fannie Mae Full Risk $ 65,087,136 $ 63,382,256 $ 61,486,070 $ 60,493,946 $ 59,304,888
Fannie Mae Modified
Risk 7,621,236 7,624,086 8,556,839 8,682,893 8,891,856
Freddie Mac Modified
Risk 15,000 10,000 10,000 15,000 15,000
----------- ----------- ----------- ----------- -----------
Total risk-sharing
servicing portfolio $ 72,723,372 $ 71,016,342 $ 70,052,909 $ 69,191,839 $ 68,211,744
----------- ----------- ----------- ----------- -----------
Non-risk-sharing
servicing portfolio:
Freddie Mac No Risk $ 42,580,441 $ 40,463,401 $ 39,423,013 $ 38,541,682 $ 39,170,091
GNMA - HUD No Risk 11,563,020 11,298,108 11,008,314 10,882,857 10,847,265
Brokered 17,111,320 16,553,827 16,864,888 17,032,338 17,057,912
----------- ----------- ----------- ----------- -----------
Total non-risk-sharing
servicing portfolio $ 71,254,781 $ 68,315,336 $ 67,296,215 $ 66,456,877 $ 67,075,268
----------- ----------- ----------- ----------- -----------
Total loans serviced
for others $143,978,153 $139,331,678 $137,349,124 $135,648,716 $135,287,012
=========== =========== =========== =========== ===========
Loans held for
investment (full
risk) $ 36,926 $ 36,926 $ 36,926 $ 36,926 $ 36,926
Indemnification
reserves 23,920 -- -- -- 5,527
Interim Loan Joint
Venture Managed Loans
(1) 32,965 76,215 76,215 173,315 173,315
At-risk servicing
portfolio (2) $ 68,649,960 $ 66,946,180 $ 65,378,944 $ 64,450,319 $ 63,365,672
Maximum exposure to
at-risk portfolio (3) 14,052,667 13,704,585 13,382,410 13,200,846 12,893,593
Defaulted loans(4) 158,821 139,020 108,530 108,530 41,737
Defaulted loans as a
percentage of the
at-risk portfolio 0.23% 0.21% 0.17% 0.17% 0.07%
Allowance for
risk-sharing as a
percentage of the
at-risk portfolio 0.05 0.05 0.05 0.05 0.04
Allowance for
risk-sharing as a
percentage of maximum
exposure 0.27 0.25 0.25 0.24 0.22
____________________
(1) This balance consisted entirely of Interim Program JV managed loans. We
indirectly share in a portion of the risk of loss associated with
Interim Program JV managed loans through our 15% equity ownership in the
Interim Program JV. We have no exposure to risk of loss for the loans
serviced directly for the Interim Program JV partner. The balance of
this line is included as a component of assets under management in the
Supplemental Operating Data table above.
(2) At-risk servicing portfolio is defined as the balance of Fannie Mae DUS
loans subject to the risk-sharing formula described below, as well as a
small number of Freddie Mac loans on which we share in the risk of loss.
Use of the at-risk portfolio provides for comparability of the full
risk-sharing and modified risk-sharing loans because the provision and
allowance for risk-sharing obligations are based on the at-risk balances
of the associated loans. Accordingly, we have presented the key
statistics as a percentage of the at-risk portfolio.
For example, a $15 million loan with 50% risk-sharing has the same
potential risk exposure as a $7.5 million loan with full DUS risk
sharing. Accordingly, if the $15 million loan with 50% risk-sharing were
to default, we would view the overall loss as a percentage of the
at-risk balance, or $7.5 million, to ensure comparability between all
risk-sharing obligations. To date, substantially all of the risk-sharing
obligations that we have settled have been from full risk-sharing
loans.
(3) Represents the maximum loss we would incur under our risk-sharing
obligations if all of the loans we service, for which we retain some
risk of loss, were to default and all of the collateral underlying these
loans was determined to be without value at the time of settlement. The
maximum exposure is not representative of the actual loss we would
incur.
(4) Defaulted loans represent loans in our Fannie Mae at-risk portfolio or
Freddie Mac SBL portfolio that are probable of foreclosure or that have
foreclosed and for which we have recorded a collateral-based reserve
(i.e. loans where we have assessed a probable loss). Other loans that
are delinquent but not foreclosed or that are not probable of
foreclosure are not included here. Additionally, loans that have
foreclosed or are probable of foreclosure but are not expected to result
in a loss to us are not included here.
ADJUSTED FINANCIAL MEASURE RECONCILIATION TO GAAP
Unaudited
Quarterly Trends Years ended
-----------------------------------------------------
December 31,
------------------------
(in thousands) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 2025 2024
--------- --------- --------- --------- --------- ---------- ------------
Reconciliation of Walker & Dunlop Net
Income to Adjusted EBITDA
Walker & Dunlop
Net Income
(Loss) $(13,911) $ 33,452 $ 33,952 $ 2,754 $ 44,836 $ 56,247 $ 108,167
Income tax
expense
(benefit) (5,447) 12,516 12,425 2,519 10,955 22,013 30,543
Interest
expense on
corporate
debt 15,983 16,451 16,767 15,514 15,921 64,715 69,686
Amortization
and
depreciation 62,084 60,041 58,936 57,621 68,054 238,682 237,549
Provision
(benefit) for
credit losses 3,105 949 1,820 3,712 4,529 9,586 10,839
Loan repurchase
losses (1) 20,092 -- -- -- -- 20,092 --
Net write-offs -- -- -- -- -- -- (468)
Stock-based
compensation
expense 6,909 7,332 6,064 6,442 7,702 26,747 27,326
Goodwill
impairment,
net of
contingent
consideration
liability fair
value
adjustments(2) -- -- -- -- (1,500) -- (1,500)
Write-off of
unamortized
issuance costs
from corporate
debt
paydown(3) -- -- -- 4,215 -- 4,215 --
MSR income (50,060) (48,657) (53,153) (27,811) (55,920) (179,681) (153,593)
------- ------- ------- ------- ------- -------- --------
Adjusted EBITDA $ 38,755 $ 82,084 $ 76,811 $ 64,966 $ 94,577 $ 262,616 $ 328,549
======= ======= ======= ======= ======= ======== ========
____________________
(1) Presented as a component of Indemnified and repurchased loan expenses on
the Consolidated Statements of Income and Comprehensive Income.
(2) For the three months and year ended December 31, 2024, includes goodwill
impairment of $33.0 million and contingent consideration liability fair
value adjustments of $34.5 million.
(3) Presented as a component of Asset impairments and other expenses on the
Consolidated Statements of Income.
ADJUSTED FINANCIAL MEASURE RECONCILIATION TO GAAP BY SEGMENT
Unaudited
Capital Markets
----------------------------------------------
Three months ended For the year ended
December 31, December 31,
-------------------- ------------------------
(in thousands) 2025 2024 2025 2024
--------- --------- ---------- ------------
Reconciliation of Walker & Dunlop Net
Income to Adjusted EBITDA
Walker & Dunlop
Net Income
(Loss) $ 26,387 $ 40,497 $ 89,819 $ 66,664
Income tax
expense
(benefit) 10,170 11,586 35,019 20,275
Interest
expense on
corporate
debt 4,316 4,451 17,506 19,489
Amortization
and
depreciation 1,146 1,139 4,579 4,551
Stock-based
compensation
expense 3,829 3,920 14,514 15,856
Goodwill
impairment,
net of
contingent
consideration
liability fair
value
adjustments
(1) -- (1,500) -- (1,500)
Write-off of
unamortized
issuance costs
from corporate
debt
paydown(2) -- -- 1,264 --
MSR income (50,060) (55,920) (179,681) (153,593)
------- ------- -------- --------
Adjusted EBITDA $ (4,212) $ 4,173 $ (16,980) $ (28,258)
======= ======= ======== ========
Servicing & Asset Management
----------------------------------------------
Three months ended For the year ended
December 31, December 31,
-------------------- ------------------------
(in thousands) 2025 2024 2025 2024
--------- --------- ---------- ------------
Reconciliation of Walker & Dunlop Net
Income to Adjusted EBITDA
Walker & Dunlop
Net Income
(Loss) $ (8,518) $ 36,553 $ 85,112 $ 157,750
Income tax
expense
(benefit) (3,818) 7,007 32,839 45,437
Interest
expense on
corporate
debt 10,200 9,986 41,345 43,834
Amortization
and
depreciation 58,269 65,155 225,640 226,067
Provision
(benefit) for
credit losses 3,105 4,529 9,586 10,839
Loan repurchase
losses (3) 20,092 -- 20,092 --
Net write-offs -- -- -- (468)
Stock-based
compensation
expense 462 538 1,906 1,923
Write-off of
unamortized
issuance costs
from corporate
debt
paydown(2) -- -- 2,529 --
------- ------- -------- --------
Adjusted EBITDA $ 79,792 $123,768 $ 419,049 $ 485,382
======= ======= ======== ========
Corporate
----------------------------------------------
Three months ended For the year ended
December 31, December 31,
-------------------- ------------------------
(in thousands) 2025 2024 2025 2024
--------- --------- ---------- ------------
Reconciliation of Walker & Dunlop Net
Income to Adjusted EBITDA
Walker & Dunlop
Net Income
(Loss) $(31,780) $(32,214) $(118,684) $(116,247)
Income tax
expense
(benefit) (11,799) (7,638) (45,845) (35,169)
Interest
expense on
corporate
debt 1,467 1,484 5,864 6,363
Amortization
and
depreciation 2,669 1,760 8,463 6,931
Stock-based
compensation
expense 2,618 3,244 10,327 9,547
Write-off of
unamortized
issuance costs
from corporate
debt
paydown(2) -- -- 422 --
------- ------- -------- --------
Adjusted EBITDA $(36,825) $(33,364) $(139,453) $(128,575)
======= ======= ======== ========
____________________
(1) For the three months and year ended December 31, 2024, includes goodwill
impairment of $33.0 million and contingent consideration liability fair
value adjustments of $34.5 million.
(2) Presented as a component of Asset impairments and other expenses on the
Consolidated Statements of Income.
(3) Presented as a component of Indemnified and repurchased loan expenses on
the Consolidated Statements of Income and Comprehensive Income.
ADJUSTED CORE EPS RECONCILIATION
Unaudited
Quarterly Trends Years ended
-----------------------------------------------------
December 31,
------------------------
(in thousands) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 2025 2024
--------- --------- --------- --------- --------- ---------- ------------
Reconciliation of
Walker & Dunlop
Net Income to
Adjusted Core Net
Income
Walker & Dunlop
Net Income
(Loss) $(13,911) $ 33,452 $ 33,952 $ 2,754 $ 44,836 $ 56,247 $ 108,167
Provision
(benefit) for
credit losses 3,105 949 1,820 3,712 4,529 9,586 10,839
Loan repurchase
losses(1) 20,092 -- -- -- -- 20,092 --
Net write-offs -- -- -- -- -- -- (468)
Amortization and
depreciation 62,084 60,041 58,936 57,621 68,054 238,682 237,549
MSR income (50,060) (48,657) (53,153) (27,811) (55,920) (179,681) (153,593)
Goodwill
impairment -- -- -- -- 33,000 -- 33,000
Contingent
consideration
accretion and
fair value
adjustments (8,226) 18 41 40 (48,822) (8,127) (48,692)
Write-off of
unamortized
issuance costs
from corporate
debt paydown(2) -- -- -- 4,215 -- 4,215 --
Income tax
expense
adjustment(3) (3,662) (3,856) (2,429) (11,355) (177) (21,302) (18,264)
------- ------- ------- ------- ------- -------- --------
Adjusted Core Net
Income $ 9,422 $ 41,947 $ 39,167 $ 29,176 $ 45,500 $ 119,712 $ 168,538
======= ======= ======= ======= ======= ======== ========
Reconciliation of
Diluted EPS to
Adjusted core
EPS
Walker & Dunlop
Net Income $(13,911) $ 33,452 $ 33,952 $ 2,754 $ 44,836 $ 56,247 $ 108,167
Diluted
weighted-average
shares
outstanding 33,410 33,397 33,371 33,296 33,223 33,369 33,158
------- ------- ------- ------- ------- -------- --------
Diluted earnings
(loss) per
share $ (0.41) $ 0.98 $ 0.99 $ 0.08 $ 1.32 $ 1.64 $ 3.19
======= ======= ======= ======= ======= ======== ========
Adjusted Core Net
Income $ 9,422 $ 41,947 $ 39,167 $ 29,176 $ 45,500 $ 119,712 $ 168,538
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