WD

The following discussion should be read in conjunction with the historical financial statements and the related notes thereto included elsewhere in this Quarterly Report on Form 10-Q (“Form 10-Q”). The following discussion contains, in addition to historical information, forward-looking statements that include risks and uncertainties. Our actual results may differ materially from those expressed or contemplated in those forward-looking statements as a result of certain factors, including those set forth under the headings “Forward-Looking Statements” and “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”). Forward-Looking Statements Some of the statements in this Form 10-Q of Walker & Dunlop, Inc. and subsidiaries (the “Company,” “Walker & Dunlop,” “we,” “us,” or “our”) 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 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 Form 10-Q 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. Statements regarding the following subjects, among others, may be forward-looking: ​ ● the future of the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac,” and together with Fannie Mae, the “GSEs”), including their existence, relationship to the U.S. federal government, recapitalization, origination capacities, and their impact on our business; ● our obligations to repurchase or indemnify the GSEs for loans we originate under their programs and any potential losses we may incur as a result; ● changes to and trends in the interest rate environment and its impact on our business; ● our growth strategy; ● our projected financial condition, liquidity, and results of operations; ● our ability to obtain and maintain warehouse and other loan funding arrangements; ● our ability to make future dividend payments or repurchase shares of our common stock; ● availability of and our ability to attract and retain qualified personnel and our ability to develop and retain relationships with borrowers, key principals, and lenders; ● degree and nature of our competition; ● changes in governmental regulations, policies, and programs, tax laws and rates, tariffs and global trade policies, and similar matters, and the impact of such regulations, policies, and actions; ● our ability to comply with the laws, rules, and regulations applicable to us, including additional regulatory requirements for broker-dealer and other financial services firms; ● trends in the commercial real estate finance market, commercial real estate values, the credit and capital markets, or the general economy, including rent growth and demand for multifamily housing and low-income housing tax credits; ● general volatility of the capital markets and the market price of our common stock; and ● other risks and uncertainties associated with our business described in our 2025 Form 10-K and our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission. While forward-looking statements reflect our good-faith projections, assumptions, and expectations, they do not guarantee future results. Furthermore, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying 34 Table of Contents assumptions or factors, new information, data or methods, future events or other changes, except as required by applicable law. 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 Part I, Item 1A. Risk Factors in our 2025 Form 10-K. Business Overview Walker & Dunlop operates one of the largest commercial real estate capital markets and finance platforms in the United States, with a growing international capital markets business. We are focused on originating, selling, and servicing loans, with a market-leading position in the U.S. multifamily sector. Our longstanding multifamily focus has established us as one of the largest multifamily property sales brokerage platforms in the U.S., and perennially as one of the largest lenders for Fannie Mae and Freddie Mac (collectively, the “GSEs”), and the Federal Housing Administration, a division of the U.S. Department of Housing and Urban Development (together with Ginnie Mae, “HUD”) (collectively, the “Agencies”). We also provide investment management and other ancillary services to commercial real estate owners and investors. Our business is driven by two primary sources of revenues: (i) Transaction-related revenues, which includes loan origination and debt brokerage fees, property sales fees, and other revenues earned when we facilitate financing or execute transactions for our customers. These revenues are influenced by market conditions and commercial real estate transaction activity. (ii) Recurring fee-based revenues, which includes loan servicing fees, asset management fees, and related income streams generated from our loan servicing portfolio and assets under management. These revenues are contractual in nature, more stable than transaction-related revenues, and largely tied to the size and composition of our loan servicing portfolio and assets under management. A core element of our strategy is to convert transaction activity into contractual, long-duration, recurring revenue streams. When we originate loans—particularly through Agency programs—we typically retain the right to service those loans, which increases the size of our commercial real estate loan servicing portfolio, and generates ongoing cash flows over the life of the loan. Our strategy has established Walker & Dunlop as the sixth largest commercial real estate loan servicer in the U.S. As of June 30, 2026, we serviced $145.8 billion of commercial real estate loans (primarily multifamily) that provide durable, largely prepayment protected cash flows. This servicing platform is a foundational component of our business that supports our ability to invest in growth initiatives. Business Mix and Growth Strategy Our business is currently driven primarily by our multifamily-focused lending, brokerage, property sales and servicing activities in the United States. These operations benefit from our long-standing relationships with the Agencies and other institutional capital providers, as well as our scale within the multifamily sector. Over the past several years, we have been investing in expanding and diversifying our service offerings to commercial real estate owners and investors, including appraisal, valuation, research, investment banking, and additional investment management services. We have also been expanding our lending, brokerage and property sales capabilities across other commercial real estate asset classes, including hospitality, industrial, and digital infrastructure and expanding our presence and service offerings in Europe to better serve many of our institutional clients that operate global investment strategies. These initiatives represent long-term growth opportunities. Many of these businesses are currently operating at or near break-even as we continue to invest in their development. As a result, our near-term financial performance continues to be driven predominantly by our core multifamily lending, brokerage, property sales services, loan servicing, and investment management platforms. We are also investing in proprietary technology and software solutions to improve the efficiency of our business model, enhance our competitive position and support the long-term evolution of our business. These investments are designed to increase our touchpoints with current and prospective clients, improve the delivery and scalability of our existing and future services, and drive operating efficiencies across our business. As advancements in artificial intelligence and related technologies continue to reshape financial and real estate services, we believe it is critical to invest proactively to ensure we remain an essential partner to our clients and well-positioned within the evolving 35 Table of Contents transaction ecosystem. Our technology initiatives are intended to strengthen client engagement, improve data-driven decision-making, and enhance our ability to originate transactions and continue growing our servicing and asset management platforms over time. Segment Overview We manage our business through three reportable segments: (i) Capital Markets, which primarily generates transaction-based revenues through loan origination, debt brokerage, property sales, and related services. ​ (ii) Servicing & Asset Management, which primarily generates recurring, fee-based revenue from servicing our commercial real estate loan portfolio and managing third-party capital through our investment management operations. ​ (iii) Corporate, which includes our treasury activities and corporate-level functions that support the overall business. These reportable segments are determined based on the product or service provided and reflect the manner in which management evaluates the Company’s financial performance. The segments and related services are further described in the following paragraphs. Capital Markets (“CM”) CM provides a comprehensive range of commercial real estate finance products to our customers, including Agency lending, debt brokerage, property sales, appraisal and valuation services, and real estate-related investment banking and advisory services, including housing market research. Our long-established relationships with the Agencies and institutional investors enable us to offer a broad range of loan products and services to our customers. We provide property sales services to owners and developers of multifamily and hospitality properties and commercial real estate appraisals for various lenders and investors. Additionally, we earn subscription fees for our housing related research. The primary services within CM are described below. For additional information on our CM services, refer to Item 1. Business in our 2025 Form 10-K. Agency Lending We are one of the leading lenders with the Agencies, where we originate and sell multifamily, manufactured housing communities, student housing, affordable housing, seniors housing, and small-balance multifamily loans. We recognize Loan origination and debt brokerage fees, net and the Fair value of expected net cash flows from servicing, net of guaranty obligation from our lending with the Agencies when we commit to both originate a loan with a borrower and sell that loan to an investor. The loan origination and debt brokerage fees, net and the fair value of expected net cash flows from servicing, net of guaranty obligation for these transactions reflect the fair value attributable to loan origination fees, premiums on the sale of loans, net of any co-broker fees, and the fair value of the expected net cash flows associated with servicing the loans, net of any guaranty obligations retained. We generally fund our Agency loan products through warehouse facility financing and sell them to investors in accordance with the related loan sale commitment, which we obtain concurrent with rate lock. Proceeds from the sale of the loan are used to pay off the warehouse facility borrowing. The sale of the loan is typically completed within 60 days after the loan is closed. We earn net warehouse interest income or expense from loans held for sale while they are outstanding equal to the difference between the note rate on the loan and the cost of borrowing of the warehouse facility. Our cost of borrowing can exceed the note rate on the loan, resulting in a net interest expense. Our loan commitments and loans held for sale are currently not exposed to unhedged interest rate risk during the loan commitment, closing, and delivery process. The sale or placement of each loan to an investor is negotiated at the same time as we establish the coupon rate for the loan. We also seek to mitigate the risk of a loan not closing by collecting good faith deposits from the borrower. The deposit is returned to the borrower only after the loan is closed. Any potential loss from a catastrophic change in the property condition while the loan is held for sale using warehouse facility financing is mitigated through property insurance equal to replacement cost. We are also protected contractually from an investor’s failure to purchase the loan. We have experienced an insignificant number of failed deliveries in our history and have incurred insignificant losses on such failed deliveries. 36 Table of Contents We have been and may in the future be obligated to repurchase loans that are originated for the Agencies’ programs if certain representations and warranties that we provide in connection with such originations are breached. NOTE 2 and NOTE 5 of our 2025 Form 10-K and NOTE 5 to the condensed consolidated financial statements above contain disclosures regarding our repurchase activity and the accounting for such repurchases. At times, we may agree to indemnify the relevant Agency pursuant to a forbearance and indemnification agreement. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources – Credit Quality, Allowance for Risk-Sharing Obligations, and Loan Repurchases” below for additional details. Debt Brokerage Our mortgage bankers who focus on debt brokerage are engaged by borrowers to work with banks and various other institutional lenders to find the most appropriate debt and/or equity solution for the borrowers’ needs. These financing solutions are funded directly by the lender, and we receive an origination fee for our services. On occasion, we service the loans after they are originated by the lender. Property Sales We offer nationwide property sales brokerage services to owners and developers of multifamily and hospitality properties that are seeking to sell these properties. Through these property sales brokerage services, we seek to maximize proceeds and certainty of closure for our clients using our knowledge of the commercial real estate and capital markets and relying on our experienced transaction professionals. We receive a sales commission for brokering the sale of these assets on behalf of our clients, and we often are able to provide financing for the purchaser of the properties through our Agency lending or debt brokerage services. Our geographical reach covers many major markets in the United States, and our service offerings include sales of land, student, senior housing, hospitality, and affordable properties. We have broadened the types of assets we sell, increased the number of property sales brokers, and expanded the geographical reach of this platform through hiring and acquisitions and intend to continue this expansion in support of our growth strategy. Our property sales services are executed through our subsidiary Walker & Dunlop Investment Sales, LLC (“WDIS”). Housing Market Research and Real Estate Investment Banking Services We are a nationally recognized housing market research and investment banking firm that enhances the information we provide to our clients and increases our access to high-quality market insights in many areas of the housing market, including construction trends, demographics, housing demand and mortgage finance. We generate revenues through the sale of housing market research data and related publications to banks, investment banks and other financial institutions. We are also a leading independent investment bank providing comprehensive M&A advisory services and capital markets solutions to our clients within the housing and commercial real estate sectors. We sell our research and investment banking services through our subsidiary WDIB, LLC d/b/a Zelman & Associates (“Zelman”). ​ Appraisal and Valuation Services We offer multifamily appraisal and valuation services. We leverage technology and data science to dramatically improve the consistency, transparency, and speed of multifamily property appraisals in the U.S. through our proprietary technology and provide appraisal services to a client list that includes many national commercial real estate lenders. We also provide quarterly and annual valuation services to some of the largest institutional commercial real estate investors in the country. The growth strategy has resulted in an increase in our market share of the appraisal market over the past several years. Additionally, these valuation specialists provide support for and insight to our Agency lending and property sales professionals. We offer our appraisal and valuation services through our subsidiary, Apprise. Servicing & Asset Management (“SAM”) SAM focuses on servicing and asset-managing the portfolio of loans we originate and sell to the Agencies, broker to certain life insurance companies and other third-party capital providers, originate loans through our principal lending and investing activities, and manage through our tax credit equity funds focused on the affordable housing sector and other commercial real estate. We earn servicing fees for overseeing the loans in our servicing portfolio and asset management fees for the capital invested in our funds. Additionally, we earn revenue through net interest income on the loans held for investment and the associated warehouse interest expense. The primary services within SAM are described below. For additional information on our SAM services, refer to Item 1. Business in our 2025 Form 10-K. 37 Table of Contents Loan Servicing We retain servicing rights and asset management responsibilities on substantially all of our Agency loan products that we originate and sell and generate cash revenues from the fees we receive for servicing the loans, from the placement fees on escrow deposits held on behalf of borrowers, and from other ancillary fees relating to servicing the loans. Servicing fees, which are based on servicing fee rates set at the time an investor agrees to purchase the loan and on the unpaid principal balance of the loan, are generally paid monthly for the duration of the loan. Our Fannie Mae and Freddie Mac servicing arrangements generally provide prepayment protection to us in the event of a voluntary prepayment. For loans serviced outside of Fannie Mae and Freddie Mac, we typically do not have similar prepayment protections. For most loans we service under the Fannie Mae Delegated Underwriting and Servicing (“DUS”) program, we are required to advance the principal and interest payments and guarantee fees for four months should a borrower cease making payments under the terms of their loan, including while that loan is in forbearance. After advancing for four months, we may request reimbursement by Fannie Mae for the principal and interest advances, and Fannie Mae will reimburse us for these advances within 60 days of the request. Under the Ginnie Mae program, we are obligated to advance the principal and interest payments and guarantee fees until the HUD loan is brought current, fully paid or assigned to HUD. We are eligible to assign a loan to HUD once it is in default for 30 days. If the loan is not brought current, or the loan otherwise defaults, we are not reimbursed for our advances until such time as we assign the loan to HUD and file a claim for mortgage insurance benefits or work out a payment modification for the borrower. For loans in default, we may repurchase those loans out of the Ginnie Mae security, at which time our advance requirements cease, and we may then modify and resell the loan or assign the loan back to HUD and be reimbursed for our advances. We are not obligated to make advances on the loans we service under the Freddie Mac Optigo® program or our bank and life insurance company servicing agreements. We have risk-sharing obligations on substantially all loans we originate under the Fannie Mae DUS program. When a Fannie Mae DUS loan is subject to full risk-sharing, we absorb losses on the first 5% of the unpaid principal balance (“UPB”) of a loan at the time of loss settlement, and above 5% we share a percentage of the loss with Fannie Mae, with our maximum loss capped at 20% of the original unpaid principal balance of the loan (subject to increasing up to 100% of the loss if the loan does not meet specific underwriting criteria or if the loan defaults within 12 months of its sale to Fannie Mae). Our full risk-sharing is currently limited to loans up to $400 million, which equates to a maximum loss per loan of $80 million (such exposure would occur in the event that the underlying collateral is determined to be completely without value at the time of loss). For loans in excess of $400 million, we receive modified risk-sharing. We also may request modified risk-sharing at the time of origination on loans below $400 million, which reduces our potential risk-sharing losses from the levels described above if we do not believe that we are being fully compensated for the risks of the transactions. The full risk-sharing limit has varied over time. Accordingly, loans originated in prior years may have been subject to modified risk-sharing losses at lower levels. In limited circumstances we have agreed, and may in the future agree, with Fannie Mae to increase our loss sharing up to 100% of a loan’s UPB in lieu of the risk-sharing agreement described above. Our servicing fees for risk-sharing loans include compensation for the risk-sharing obligations and are larger than the servicing fees we would receive from Fannie Mae for loans with no risk-sharing obligations. We receive a lower servicing fee for modified risk-sharing than for full risk-sharing. For brokered loans that we also service, we collect ongoing servicing fees while those loans remain in our servicing portfolio. The scope of services we perform for brokered capital sources is typically limited to cashiering only; as a result, the servicing fees we typically earn on brokered loan transactions are lower than the servicing fees we earn on Agency loans. Investment Management We are the operator of a private commercial real estate investment adviser focused on the management of senior debt, mezzanine debt, preferred equity, and joint venture (“JV”) equity investments in commercial real estate funds. Our current regulatory assets under management (“AUM”) is $2.6 billion, primarily consisting of four equity investment vehicles: Fund IV, Fund V, Fund VI, and Fund VII (the “Equity Funds”) and two credit funds, Debt Fund I and Debt Fund II (the “Debt Funds” and, together with the Equity Funds, the “Funds”), as well as separate accounts managed primarily for life insurance companies and a preferred equity JV with a large Canadian pension fund. AUM for the Funds and for the separate accounts consists of both unfunded commitments and funded investments. Unfunded commitments are highest during the fundraising and investment phases. We receive management fees based on both unfunded commitments and funded investments. Additionally, with respect to the Funds, we receive a percentage of the return above the fund return hurdle rate specified in the fund agreements. We are a co-investor in the Funds and certain separate accounts. We offer these investment management services through our subsidiary, WDIP. Affordable Housing Real Estate Services We provide affordable housing investment management and real estate services through our subsidiaries, collectively known as Walker & Dunlop Affordable Equity (“WDAE”). We are one of the largest tax credit syndicators and affordable housing developers in the U.S. and 38 Table of Contents provide alternative investment management services focused on the affordable housing sector through LIHTC syndication and development of affordable housing projects through joint ventures. Our affordable housing investment management team works with our developer clients to identify properties that will generate LIHTCs and meet our affordable investors’ needs, and forms limited partnership funds (“LIHTC funds”) with third-party investors that invest in the limited partnership interests in these properties and earns a syndication fee for these services. We serve as the general partner of these LIHTC funds, and we receive fees, such as asset management fees, and a portion of refinance and disposition proceeds as compensation for its work as the general partner of the fund. We invest, as the managing or non-managing member of joint ventures, with developers of affordable housing projects that are partially funded through LIHTCs. When possible, we syndicate the LIHTC investment necessary to build properties through these joint venture partnerships. The joint ventures earn developer fees, and we receive the portion of the economic benefits commensurate with our investment in the joint ventures, including cash flows from operating activities and sales/refinancing. We provide LIHTC investment management services and make non-managing investments in developer joint ventures through our subsidiaries, collectively known as Walker & Dunlop Affordable Equity (“WDAE”). Corporate The Corporate segment consists primarily of our treasury operations and other corporate-level activities. Our treasury operations include monitoring and managing our liquidity and funding requirements, including our corporate debt. Other major corporate-level functions include our equity-method investments, accounting, information technology, legal, human resources, marketing, internal audit, and various other corporate groups. For additional information on our Corporate segment, refer to Item 1. Business in our 2025 Form 10-K. Basis of Presentation Walker & Dunlop, Inc. is a holding company. The accompanying condensed consolidated financial statements include all the accounts of the Company and its wholly owned subsidiaries, and all intercompany transactions have been eliminated. We conduct the majority of our operations through Walker & Dunlop, LLC, our operating company. During the fourth quarter of 2025, we granted profit interest awards to certain non-executive employees of Walker & Dunlop, LLC to better align their incentive compensation with our 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 and is part of our CM segment. Critical Accounting Estimates Our condensed consolidated financial statements have been prepared in accordance with GAAP, which require management to make estimates based on certain judgments and assumptions that are inherently uncertain and affect reported amounts. The estimates and assumptions are based on historical experience and other factors management believes to be reasonable. Actual results may differ from those estimates and assumptions, and the use of different judgments and assumptions may have a material impact on our results. The following critical accounting estimates involve significant estimation uncertainty that may have or is reasonably likely to have a material impact on our financial condition or results of operations. Additional information about our critical accounting estimates and other significant accounting policies is discussed in NOTE 2 of the consolidated financial statements in our 2025 Form 10-K. Mortgage Servicing Rights (“MSRs”). MSRs are recorded at fair value at loan sale. The fair value at loan sale is based on estimates of expected net cash flows associated with the servicing rights and takes into consideration an estimate of loan prepayment. Initially, the fair value amount is included as a component of the derivative asset fair value at the loan commitment date. The estimated net cash flows from servicing, which includes assumptions for discount rate, placement fees on escrow accounts (“placement fees”), prepayment speeds, and servicing costs, are discounted using a discounted cash flow model at a rate that reflects the credit and liquidity risk of the MSR over the estimated life of the underlying loan. The discount rates used throughout the periods presented for all MSRs were between 8-14% and varied based on the loan type. The life of the underlying loan is estimated giving consideration to the prepayment provisions in the loan and assumptions about loan behaviors around those provisions. Our model for MSRs assumes no prepayment prior to the expiration of the prepayment provisions and full prepayment of the loan at or near the point when the prepayment provisions have expired. The estimated net cash flows also include cash flows related to the future earnings from placement of escrow accounts associated with servicing the loans. We include a servicing cost assumption to account for our expected costs to service a loan. The estimated placement fee rate associated with servicing the loan increases estimated cash flows, 39 Table of Contents and the estimated future cost to service the loan decreases estimated future cash flows. The servicing cost assumption has had a de minimis impact on the estimate historically. We record an individual MSR asset for each loan at loan sale. The assumptions used to estimate the fair value of capitalized MSRs are developed internally and are periodically compared to assumptions used by other market participants. Due to the relatively few transactions in the multifamily MSR market and the lack of significant changes in assumptions by market participants, we have experienced limited volatility in the assumptions historically and do not expect to observe significant changes in the foreseeable future, including the assumption that most significantly impacts the estimate: the discount rate. We actively monitor the assumptions used and make adjustments when market conditions change, or other factors indicate such adjustments are warranted. Over the past several years, we have adjusted the placement fee rate assumption several times to reflect the current and expected future earnings rate projected for the life of the MSR as the interest rate environment has experienced significant volatility over the past several years. Subsequent to loan origination, the carrying value of the MSR is amortized over the expected life of the loan. We engage a third party to assist in determining an estimated fair value of our existing and outstanding MSRs on at least a semi-annual basis, primarily for financial statement disclosure purposes. Changes in our discount rate and placement fee rate assumptions on existing and outstanding MSRs may materially impact the fair value of our MSRs (NOTE 3 of the condensed consolidated financial statements details the portfolio-level impact of hypothetical changes in the discount rate and placement fee rate). Allowance for Risk-Sharing Obligations. This reserve liability (referred to as “allowance”) for risk-sharing obligations relates to our Fannie Mae at-risk and Freddie Mac SBL servicing portfolios and is presented as a separate liability on our balance sheets. We record an estimate of the loss reserve for the current expected credit losses (“CECL”) for all loans in these servicing portfolios. For those loans that are collectively evaluated, we use the weighted-average remaining maturity method (“WARM”). WARM uses an average annual loss rate that contains loss content over multiple vintages and loan terms and is used as a foundation for estimating the collective reserves. The average annual loss rate is applied to the estimated unpaid principal balance over the contractual term, adjusted for estimated prepayments and amortization to arrive at the allowance on loans that are collectively evaluated (“CECL Allowance”) as described further below. One of the key components of a WARM calculation is the runoff rate, which is the expected rate at which loans in the current portfolio will amortize and prepay in the future based on our historical prepayment and amortization experience. We group loans by similar origination dates (vintage) and contractual maturity terms for purposes of calculating the runoff rate. We originate 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 runoff rates applied to each vintage and contractual maturity term are determined using historical data; however, changes in prepayment and amortization behavior may significantly impact the estimate. We have not experienced significant changes in the runoff rate since we implemented CECL in 2020. The weighted-average annual 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 lookback period is used as we believe 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. As the weighted-average annual loss rate utilizes a rolling ten-year look-back period, the loss rate used in the estimate often changes as loss data from earlier periods in the look-back period continue to roll off as new loss data are added. For example, in the first quarter of 2024, loss data from earlier periods in the look-back period with significantly higher losses rolled off and were replaced with more recent loss data with fewer losses, resulting in the weighted-average historical annual loss rate changing from 0.6 basis points to 0.3 basis points. However, over the past two years, there has been no volatility in the historical annual loss rate. We currently use one year for our reasonable and supportable forecast period (“forecast period”), as we believe forecasts beyond one year are inherently less reliable. During the forecast period we apply an adjusted loss factor based on generally available economic and unemployment forecasts and a blended loss rate from historical periods that we believe reflect the forecasts. We revert to the historical loss rate over a one-year period on a straight-line basis. Over the past couple of years, the loss rate used in the forecast period has been updated to reflect our expectations of the economic conditions impacting the multifamily sector over the coming year in relation to the historical period. For example, over the past two years, we updated the loss rate used in the forecast period several times within a range of 2.1 basis points to 2.3 basis points. The forecast loss rate fluctuating within a tight range reflects our relatively unchanged view of the uncertainty of the evolving macroeconomic conditions facing the multifamily sector. We made multiple revisions to the loss rate used in the forecast period in the past, and those changes have significantly impacted the CECL reserve. 40 Table of Contents NOTE 4 of the condensed consolidated financial statements outlines adjustments made in the loss rates used to account for the expected economic conditions as of a given period and the related impact on the CECL Allowance. Changes in our expectations and forecasts have materially impacted, and in the future may materially impact, these inputs and the CECL Allowance. We evaluate our risk-sharing loans on a quarterly basis to determine whether there are loans that are probable of foreclosure and thus collateral dependent. Specifically, we assess a loan’s qualitative and quantitative risk factors, such as payment status, property financial performance, local real estate market conditions, loan-to-value ratio, debt-service-coverage ratio, and property condition. When a loan is determined to be probable of foreclosure based on these factors (or has foreclosed), we remove the loan from the WARM calculation and individually assess the loan for potential credit loss. This assessment requires certain judgments and assumptions to be made regarding the property values and other factors, which may differ significantly from actual results. Loss settlement with Fannie Mae has historically concluded within 18 to 36 months after foreclosure. Historically, the initial collateral-based reserves have not varied significantly from the final settlement. We actively monitor the judgments and assumptions used in our Allowance for Risk-Sharing Obligation estimate and make adjustments to those assumptions when market conditions change, or when other factors indicate such adjustments are warranted. We believe the level of Allowance for Risk-Sharing Obligation is appropriate based on our expectations of future market conditions; however, changes in one or more of the judgments or assumptions used above could have a significant impact on the reserve. Property Valuations. As noted above, property valuations are a key component of our collateral-based reserves for our risk-sharing portfolio. Additionally, property valuations impact our impairment analyses for real estate held for use (“real estate HFU”), the carrying value of real estate held for sale (“real estate HFS”), the assessment of allowances for loan losses, and the assessment of any expected principal losses on loan repurchase. Those property values are determined using (i) standard appraisals obtained from certified appraisers at national firms subjected to management review or (ii) internal management valuations using inputs and assumptions such as capitalization rates (“cap rates”), net operating income of the property, vacancy rates, bad debt expense, and rental rates. The appraisals often include assumptions about comparable sales and cap rates, among other things. Management reviews those assumptions against its own experience and market data to assess the reasonableness of the assumptions and the resulting property valuations. When management determines the property valuation using an internal model, management maximizes the use of its historical experience with the property and market data from well-recognized data providers. We also may benchmark our historical experience with external data sources to assess the reasonableness of our inputs and assumptions. We believe our property valuations are reasonable and in line with those a market participant would develop. However, actual sales prices for these properties may differ from the estimates used by management. Additionally, significant changes in the assumptions or judgments would have a significant impact on our reserves and impairment analyses and thus our reported financial results. As noted above, with respect to the property valuations and associated reserves for our risk-sharing portfolio, we have not experienced significant changes from the time of initial reserve and final settlement. However, with respect to properties used to calculate reserves on repurchased loans, impairment analyses for real estate HFU, and carrying value of real estate HFS, we have never disposed of a property. Goodwill. As of both June 30, 2026 and December 31, 2025, we reported goodwill of $868.7 million. Goodwill represents the excess of cost over the identifiable net assets of businesses acquired. Goodwill is assigned to the reporting unit to which the acquisition relates. Goodwill is recognized as an asset and is reviewed for impairment annually as of October 1. Between annual impairment analyses, we perform an evaluation of recoverability, when events and circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying value. Impairment testing requires an assessment of qualitative factors to determine if there are indicators of potential impairment, followed by, if necessary, an assessment of quantitative factors. These factors include, but are not limited to, whether there has been a significant or adverse change in the business climate that could affect the value of an asset and/or significant or adverse changes in cash flow projections or earnings forecasts. These assessments require management to make judgments, assumptions, and estimates about projected cash flows, discount rates, and other factors. ​ ​ 41 Table of Contents Overview of Current Business Environment During the second quarter of 2026, the U.S. macroeconomic environment remained constructive but became increasingly uneven and uncertain due to geopolitical risks and their impact on inflation and long-term interest rates, shown more fully in the graphs below. Inflation reaccelerated during the quarter, driven largely by higher energy prices, with the Consumer Price Index (“CPI”) rising 4.2% year over year in May 2026, a 12 month high, and core CPI rising 2.9%. The labor market remained relatively stable though as unemployment fell to a twelve-month low of 4.2% for June 2026, while payroll growth moderated as evidenced by non-farm payroll growth of 57,000 in June 2026. Overall, the increased uncertainty caused by geopolitical tensions has driven the path of long-term interest rates significantly higher throughout the second quarter of 2026, where rates have remained into the third quarter. Meanwhile, Fed Funds has remained steady since December 2025, as the Federal Reserve maintained the federal funds target range at 3.50% to 3.75% at its June 2026 meeting, reflecting a continued data-dependent monetary policy stance amid geopolitical uncertainty and resulting elevated inflation. Elevated interest rates and uncertainty surrounding the inflation outlook is impacting borrowing costs, leverage, asset valuations, and transaction timing across commercial real estate markets. Within commercial real estate, the capital markets remained bifurcated. The availability of multifamily debt capital broadened through Agency, securitization, and private-debt channels, while equity investment opportunities and property-sales activity remained comparatively subdued. Execution continued to be selective and sensitive to asset quality, market, sponsorship, basis, and the alignment of buyer and seller pricing expectations. Refinancing requirements also remained significant, with approximately 17%, or $875 billion, of outstanding commercial mortgage balances scheduled to mature during 2026. We believe these maturities should continue to create financing and transaction 42 Table of Contents opportunities, although interest-rate volatility may periodically delay execution. In the multifamily sector, demand strengthened meaningfully during the second quarter. More than 187,000 units were absorbed nationally during the quarter, compared with approximately 77,700 units delivered, helping occupancy increase to 95.5%. Annual deliveries declined to approximately 340,200 units for the 12 months ended June 30, 2026, marking the sixth consecutive quarter of declining annual supply following the peak in late 2024. Effective asking rents increased 1.4% during the quarter but remained 0.2% below year-earlier levels, and concessions remained widespread. Performance also continued to vary materially by geography, with supply-constrained coastal and Midwest markets generally outperforming markets in the South and portions of the Sun Belt where elevated supply maintained pressure on rents and occupancy. U.S. Census data indicates that, in June 2026, starts for buildings with five units or more were at a seasonally adjusted annual rate of 513,000, while permits for buildings with five units or more were 445,000 and completions were 413,000. Although the monthly construction series can be volatile, the continued moderation in multifamily permitting relative to recent peak levels, together with declining annual deliveries, supports our view that multifamily supply growth should continue to moderate as the existing development pipeline is completed. However, the substantial inventory of recently delivered units in lease-up is expected to continue creating competitive pressure in certain supply-heavy markets over the near term. As of the end of the second quarter of 2026, we believe the multifamily market remained in a transition period characterized by improving debt liquidity, stronger seasonal demand, slowing new supply, moderate annual rent growth, and significant variation in performance across markets. In this environment, asset performance and transaction execution are increasingly driven by local supply-and-demand fundamentals, affordability, sponsorship quality, basis, and access to capital. We believe these conditions continue to create opportunities for well-capitalized and experienced market participants, particularly in Agency lending, debt brokerage, loan servicing, and selective property-sales activity. ​ ​ ​ 43 Table of Contents Consolidated Results of Operations The following is a discussion of our consolidated results of operations for the three and six months ended June 30, 2026 and 2025. The financial results are not necessarily indicative of future results. Our quarterly results have fluctuated in the past and are expected to fluctuate in the future, reflecting the interest-rate environment, the volume of transactions, business acquisitions, regulatory actions, industry trends, and general economic conditions. The table below provides supplemental data regarding our financial performance. ​ SUPPLEMENTAL OPERATING DATA CONSOLIDATED ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Transaction Volume (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt Financing Volume ​ $ 12,534,203 ​ $ 11,638,225 ​ $ 24,284,565 ​ $ 16,834,867 ​ Property Sales Volume ​ 1,897,246 ​ 2,313,585 ​ 3,807,546 ​ 4,152,875 ​ Total Transaction Volume ​ $ 14,431,449 ​ $ 13,951,810 ​ $ 28,092,111 ​ $ 20,987,742 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Key Performance Metrics (dollars in thousands, except per share data) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating margin ​ ​ 1 % ​ 15 % ​ 5 % ​ 9 % Return on equity ​ ​ 1 ​ ​ 8 ​ ​ 2 ​ ​ 4 ​ Walker & Dunlop net income ​ $ 3,006 ​ $ 33,952 ​ $ 18,877 ​ $ 36,706 ​ Adjusted EBITDA(1) ​ ​ 62,129 ​ ​ 76,811 ​ ​ 135,911 ​ ​ 141,777 ​ Diluted EPS ​ ​ 0.09 ​ ​ 0.99 ​ ​ 0.55 ​ ​ 1.07 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Key Expense Metrics (as a percentage of total revenues) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel expenses ​ ​ 53 % ​ 51 % ​ 52 % ​ 51 % Other operating expenses ​ ​ 12 ​ ​ 10 ​ ​ 11 ​ ​ 12 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, Managed Portfolio (in thousands) ​ ​ ​ 2026 ​ ​ ​ 2025 Servicing Portfolio ​ $ 145,798,848 ​ $ 137,349,124 Assets under management ​ ​ 18,674,671 ​ ​ 18,623,451 Total Managed Portfolio ​ $ 164,473,519 ​ $ 155,972,575 (1) This is a non-GAAP financial measure. For more information on adjusted EBITDA, refer to the section below titled “Non-GAAP Financial Measure.” ​ ​ 44 Table of Contents The following table presents a period-to-period comparison of our financial results for the three- and six-month periods ended June 30, 2026 and 2025. ​ FINANCIAL RESULTS CONSOLIDATED ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ ​ ​ For the six months ended ​ ​ ​ ​ ​ ​ June 30, ​ $ ​ % ​ June 30, ​ $ ​ % (in thousands) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ ​ ​ Change ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ ​ ​ Change Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan origination and debt brokerage fees, net ​ $ 92,893 ​ $ 94,309 ​ $ (1,416) ​ (2) % ​ $ 181,425 ​ $ 140,690 ​ $ 40,735 ​ 29 % Fair value of expected net cash flows from servicing, net of guaranty obligation ​ ​ 47,817 ​ ​ 53,153 ​ ​ (5,336) ​ (10) ​ ​ ​ 94,590 ​ ​ 80,964 ​ ​ 13,626 ​ 17 ​ Servicing fees ​ 86,700 ​ 83,693 ​ 3,007 ​ 4 ​ ​ 172,137 ​ 165,914 ​ 6,223 ​ 4 ​ Property sales broker fees ​ ​ 12,787 ​ ​ 14,964 ​ ​ (2,177) ​ (15) ​ ​ ​ 25,966 ​ ​ 28,485 ​ ​ (2,519) ​ (9) ​ Investment management fees ​ ​ 6,907 ​ ​ 7,577 ​ ​ (670) ​ (9) ​ ​ ​ 17,133 ​ ​ 17,259 ​ ​ (126) ​ (1) ​ Net warehouse interest income (expense) ​ 369 ​ (1,760) ​ 2,129 ​ (121) ​ ​ 394 ​ (2,546) ​ 2,940 ​ (115) ​ Placement fees and other interest income ​ 32,440 ​ 35,986 ​ (3,546) ​ (10) ​ ​ 65,144 ​ 69,197 ​ (4,053) ​ (6) ​ Other revenues ​ 26,777 ​ 31,318 ​ (4,541) ​ (14) ​ ​ 51,232 ​ 56,644 ​ (5,412) ​ (10) ​ Total revenues ​ $ 306,690 ​ $ 319,240 ​ $ (12,550) ​ (4) ​ ​ $ 608,021 ​ $ 556,607 ​ $ 51,414 ​ 9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 162,909 ​ $ 161,888 ​ $ 1,021 ​ 1 % ​ $ 315,738 ​ $ 283,278 ​ $ 32,460 ​ 11 % Amortization and depreciation ​ 60,699 ​ 58,936 ​ 1,763 ​ 3 ​ ​ ​ 123,663 ​ ​ 116,557 ​ ​ 7,106 ​ 6 ​ Provision (benefit) for credit losses ​ 20,966 ​ 1,820 ​ 19,146 ​ 1,052 ​ ​ 25,084 ​ 5,532 ​ 19,552 ​ 353 ​ Interest expense on corporate debt ​ 15,260 ​ 16,767 ​ (1,507) ​ (9) ​ ​ 30,162 ​ 32,281 ​ (2,119) ​ (7) ​ Indemnified and repurchased loan expenses ​ ​ 6,884 ​ ​ 683 ​ ​ 6,201 ​ 908 ​ ​ ​ 16,945 ​ ​ 1,540 ​ ​ 15,405 ​ 1,000 ​ Other operating expenses ​ 37,898 ​ 32,772 ​ 5,126 ​ 16 ​ ​ 68,405 ​ 65,801 ​ 2,604 ​ 4 ​ Total expenses ​ $ 304,616 ​ $ 272,866 ​ $ 31,750 ​ 12 ​ ​ $ 579,997 ​ $ 504,989 ​ $ 75,008 ​ 15 ​ Income before taxes ​ $ 2,074 ​ $ 46,374 ​ $ (44,300) ​ (96) ​ ​ $ 28,024 ​ $ 51,618 ​ $ (23,594) ​ (46) ​ Income tax expense (benefit) ​ (764) ​ 12,425 ​ (13,189) ​ (106) ​ ​ 7,258 ​ 14,944 ​ (7,686) ​ (51) ​ Net income before noncontrolling interests and temp equity holders ​ $ 2,838 ​ $ 33,949 ​ $ (31,111) ​ (92) ​ ​ $ 20,766 ​ $ 36,674 ​ $ (15,908) ​ (43) ​ Less: net income (loss) from noncontrolling interests ​ 12 ​ (3) ​ 15 (500) ​ ​ 986 ​ (32) ​ 1,018 (3,181) ​ Less: net income (loss) attributable to temp equity holders ​ ​ (180) ​ ​ — ​ ​ (180) ​ N/A ​ ​ ​ 903 ​ ​ — ​ ​ 903 ​ N/A ​ Walker & Dunlop net income ​ $ 3,006 ​ $ 33,952 ​ $ (30,946) ​ (91) ​ ​ $ 18,877 ​ $ 36,706 ​ $ (17,829) ​ (49) ​ ​ Quarterly Results ​ Total revenues decreased to $306.7 million, down 4%. Although total transaction volumes were up 3% this quarter, the mix of business shifted from Agency transactions to a relatively higher proportion of brokered transactions. The shift in mix drove Loan origination and debt brokerage fees, net (‘Origination fees”) and Fair value of expected net cash flow from servicing, net of guaranty obligation (“MSR Income”) lower. Revenues also benefitted from the 6% growth in the servicing portfolio year over year, to $145.8 billion, which increased servicing fee revenue 4%. This benefit from Servicing fees was offset by both lower (i) Placement fees and other interest income, which is directly tied to short-term interest rates which declined 83 basis points from the same period last year and (ii) Other revenues due to a decline income from our affordable development joint ventures this year compared to the same period last year. ​ 45 Table of Contents Total expenses increased to $304.6 million, up 12%, primarily due to Provision (benefit) for credit losses and Indemnified and repurchased loan expenses. The charges this quarter were concentrated in loans associated with a small number of fraudulent sponsors previously identified and were largely driven by two events. First, a portfolio of previously repurchased loans defaulted during the quarter. We indemnified one of the GSEs on these loans in the fourth quarter of 2025, and the loans were performing until early in the second quarter of 2026. Upon default, we updated our property level inspections, and increased our loss estimates by $11.8 million to reflect the estimated fair value of the underlying collateral. Second, Fannie Mae notified us of underwriting concerns associated with two loans totaling $15.9 million. These loans previously defaulted in 2025, and we recognized a provision for credit losses at that time based on the estimated values of the underlying collateral and our risk sharing agreement in place. Rather than repurchase the loans from Fannie Mae, we agreed to increase our loss sharing on the loans, updated our estimated fair value of the underlying collateral, and recognized an additional provision for credit losses of $5.8 million during the second quarter of 2026. Additionally, we had increased costs of $4.5 million associated with operating these loans. Lastly, Other operating expenses increased primarily due to a reclass to professional fees to reflect an amendment to a contractual relationship that were previously reported in Personnel expense. ​ Income tax expense (benefit) decreased from expense in 2025 to benefit in 2026 due to lower income before taxes and a lower estimated annual effective tax rate largely driven by higher low-income housing tax credits becoming available in the second quarter of 2026. ​ Year-to-date Results ​ Total revenues increased to $608.0 million, up 9%, driven by a 34% increase in total transaction volume year over year. The increase in transaction volume was driven by a significant increase in brokered transactions, and a moderate increase in our Agency lending volume. The growth in transaction volume drove increases in Origination fees and MSR income. Revenues also benefitted from the 6% growth in the servicing portfolio, which drove a $6.2 million increase in Servicing fees. This benefit from Servicing Fees was offset by both lower (i) Placement fees and other interest income, which is directly tied to short-term interest rates, which declined 79 basis points year over year and (ii) Other revenues due to a decline in income from our affordable development joint ventures this year compared to the same period last year. ​ Total expenses increased to $580.0 million, up 15%, due to a $32.5 million increase in Personnel expense that was driven primarily by increased variable compensation costs associated with higher transaction revenue, and, to a lesser extent, increases in average headcount that drove higher fixed compensation costs. Year-to-date results were also impacted by the same credit-related expenses on legacy repurchased assets described in the Quarterly Results above. On a year-to-date basis, we recognized a $26.9 million increase in credit-related expenses, and a $6.8 million increase in costs to operate the assets following foreclosure. ​ Income tax expense (benefit) decreased due to the same factors that impacted the income tax expense (benefit) in the second quarter discussed above. ​ Non-GAAP Financial Measure To supplement our financial statements presented in accordance with GAAP, we use adjusted EBITDA, a non-GAAP financial measure. The presentation of adjusted EBITDA 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 in addition to, and not as an alternative for, net income. 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 of guaranty obligation, 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. In cases where the fair value adjustment of contingent consideration liabilities is a trigger for goodwill impairment, the goodwill impairment is netted against the fair value adjustment of contingent consideration liabilities and included as a net number. Because not all companies use identical calculations, our presentation of adjusted EBITDA may not be comparable to similarly titled measures of other companies. 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. 46 Table of Contents We use adjusted EBITDA 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 this non-GAAP measure, when read in conjunction with our GAAP financials, provides useful information to investors by offering: ● the ability to make more meaningful period-to-period comparisons of our ongoing operating results; ● the ability to better identify trends in our underlying business and perform related trend analyses; and ● a better understanding of how management plans and measures our underlying business. We believe that adjusted EBITDA has limitations in that it does not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP and that adjusted EBITDA should only be used to evaluate our results of operations in conjunction with net income on both a consolidated and segment basis. Adjusted EBITDA is reconciled to net income as follows: ADJUSTED FINANCIAL MEASURE RECONCILIATION TO GAAP CONSOLIDATED ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, (in thousands) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 Reconciliation of Walker & Dunlop Net Income to Adjusted EBITDA ​ ​ ​ ​ ​ ​ ​ ​ ​ Walker & Dunlop Net Income ​ $ 3,006 ​ $ 33,952 ​ $ 18,877 ​ $ 36,706 Income tax expense (benefit) ​ (764) ​ 12,425 ​ 7,258 ​ 14,944 Interest expense on corporate debt ​ 15,260 ​ 16,767 ​ 30,162 ​ 32,281 Amortization and depreciation ​ 60,699 ​ 58,936 ​ 123,663 ​ 116,557 Provision (benefit) for credit losses ​ 20,966 ​ 1,820 ​ 25,084 ​ 5,532 Loan repurchase losses (1) ​ ​ 1,664 ​ ​ — ​ ​ 8,614 ​ ​ — Net write-offs ​ — ​ — ​ (491) ​ — Stock-based compensation expense ​ 9,115 ​ 6,064 ​ 17,334 ​ 12,506 Write-off of unamortized issuance costs from corporate debt paydown (2) ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,215 MSR income ​ ​ (47,817) ​ ​ (53,153) ​ ​ (94,590) ​ ​ (80,964) Adjusted EBITDA ​ $ 62,129 ​ $ 76,811 ​ $ 135,911 ​ $ 141,777 (1) Presented as a component of Indemnified and repurchased loan expenses in the Condensed Consolidated Statements of Income. (2) Presented as a component of Other operating expenses in the Condensed Consolidated Statements of Income. ​ The following table presents a period-to-period comparison of the components of adjusted EBITDA for the three and six months ended June 30, 2026 and 2025. ​ ADJUSTED EBITDA – CONSOLIDATED ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ ​ ​ ​ For the six months ended ​ ​ ​ ​ ​ ​ June 30, ​ $ ​ % ​ June 30, ​ $ ​ % (in thousands) 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ ​ ​ Change ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ ​ ​ Change Loan origination and debt brokerage fees, net $ 92,893 ​ $ 94,309 ​ $ (1,416) ​ (2) % ​ $ 181,425 ​ $ 140,690 ​ $ 40,735 ​ 29 % Servicing fees 86,700 ​ 83,693 ​ 3,007 ​ 4 ​ ​ 172,137 ​ 165,914 ​ 6,223 ​ 4 ​ Property sales broker fees ​ 12,787 ​ ​ 14,964 ​ ​ (2,177) ​ (15) ​ ​ ​ 25,966 ​ ​ 28,485 ​ ​ (2,519) ​ (9) ​ Investment management fees ​ 6,907 ​ ​ 7,577 ​ ​ (670) ​ (9) ​ ​ ​ 17,133 ​ ​ 17,259 ​ ​ (126) ​ (1) ​ Net warehouse interest income (expense) 369 ​ (1,760) ​ 2,129 ​ (121) ​ ​ 394 ​ (2,546) ​ 2,940 ​ (115) ​ Placement fees and other interest income 32,440 ​ 35,986 ​ (3,546) ​ (10) ​ ​ 65,144 ​ 69,197 ​ (4,053) ​ (6) ​ Other revenues 26,777 ​ 31,318 ​ (4,541) ​ (14) ​ ​ 51,232 ​ 56,644 ​ (5,412) ​ (10) ​ Personnel (153,794) ​ (155,824) ​ 2,030 ​ (1) ​ ​ (298,404) ​ (270,772) ​ (27,632) ​ 10 ​ Indemnified and repurchased loan expenses ​ (5,220) ​ ​ (683) ​ ​ (4,537) ​ 664 ​ ​ ​ (8,331) ​ ​ (1,540) ​ ​ (6,791) ​ 441 ​ Other operating expenses ​ (37,898) ​ ​ (32,772) ​ ​ (5,126) ​ 16 ​ ​ (68,405) ​ (61,586) ​ (6,819) ​ 11 ​ Net (income) loss from noncontrolling interests and temporary equity holders 168 ​ 3 ​ 165 ​ 5,500 ​ ​ (1,889) ​ 32 ​ (1,921) ​ (6,003) ​ Adjusted EBITDA $ 62,129 ​ $ 76,811 ​ $ (14,682) ​ (19) ​ ​ $ 135,911 ​ $ 141,777 ​ $ (5,866) ​ (4) ​ ​ 47 Table of Contents Quarterly Results ​ Adjusted EBITDA decreased $14.7 million driven by lower earnings from our affordable development joint ventures quarter over quarter, a decrease in Placement fees and other interest income which is directly correlated to lower short-term interest rates, and the aforementioned increase in the cost to operate assets collateralizing repurchased loans. ​ Year-to-date Results ​ Adjusted EBITDA decreased $5.9 million driven by higher transaction revenues, net of variable commission costs tied directly to those revenues, which were offset by an increase in the cost of operating assets collateralizing repurchased loans and a decrease in Other revenue from the aforementioned affordable joint venture investments. Financial Condition Cash Flows from Operating Activities Our cash flows from operating activities are generated from loan sales, servicing fees, placement fees, net warehouse interest income (expense), property sales broker fees, investment management fees, research subscription fees, investment banking advisory fees, and other income, net of loan origination and operating costs. Our cash flows from operating activities are impacted by the fees generated by our loan originations and property sales, the timing of loan closings, and the period of time loans are held for sale in the warehouse loan facility prior to delivery to the investor. Cash Flows from Investing Activities We usually lease facilities and equipment for our operations. Our cash flows from investing activities include the funding and repayment of loans held for investment, including repurchased loans, contributions to and distributions from joint ventures, purchases of equity-method investments, cash paid for acquisitions, and the purchase of available-for-sale (“AFS”) securities pledged to Fannie Mae. Cash Flows from Financing Activities We use our warehouse loan facilities and, when necessary, our corporate cash to fund loan closings, both for loans held for sale and loans held for investment. We believe that our current warehouse loan facilities are adequate to meet our loan origination needs. Historically, we used a combination of long-term debt and cash flows from operating activities to fund large acquisitions. Additionally, we repurchase shares, pay cash dividends, make long-term debt principal payments, and repay short-term borrowings on a regular basis. We issue stock primarily in connection with the vesting of employee stock awards and occasionally for acquisitions (non-cash transactions). Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 The following table presents a period-to-period comparison of the significant components of cash flows for the six months ended June 30, 2026 and 2025. ​ 48 Table of Contents SIGNIFICANT COMPONENTS OF CASH FLOWS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, ​ Dollar ​ Percentage (in thousands) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ ​ ​ Change Net cash provided by (used in) operating activities ​ $ 25,572 ​ $ (519,560) ​ $ 545,132 ​ (105) % Net cash provided by (used in) investing activities ​ (44,977) ​ (61,926) ​ 16,949 ​ (27) ​ Net cash provided by (used in) financing activities ​ (121,058) ​ 546,356 ​ (667,414) ​ (122) ​ Total of cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period ("Total cash") ​ ​ 203,912 ​ ​ 292,768 ​ ​ (88,856) ​ (30) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows from (used in) operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net receipt (use) of cash for loan origination activity ​ $ 52,611 ​ $ (567,620) ​ $ 620,231 ​ (109) % Net cash provided by (used in) operating activities, excluding loan origination activity ​ ​ (27,039) ​ ​ 48,060 ​ ​ (75,099) ​ (156) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows from (used in) investing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital invested in equity-method investments ​ $ (12,560) ​ $ (16,792) ​ $ 4,232 ​ (25) % Other investing activities, net ​ ​ 10,010 ​ ​ 2,884 ​ ​ 7,126 ​ 247 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows from (used in) financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Borrowings (repayments) of warehouse notes payable, net ​ $ (42,432) ​ $ 559,042 ​ $ (601,474) ​ (108) % Borrowings of corporate notes payable ​ ​ — ​ ​ 398,875 ​ ​ (398,875) ​ (100) ​ Repayments of corporate notes payable ​ ​ (2,250) ​ ​ (329,606) ​ ​ 327,356 ​ (99) ​ Repurchase of common stock ​ ​ (19,398) ​ ​ (9,232) ​ ​ (10,166) ​ 110 ​ Debt issuance costs ​ ​ (1,062) ​ ​ (14,964) ​ ​ 13,902 ​ (93) ​ ​ Operating Activities Net cash related to operating activities changed from net cash used in operating activities to net cash provided by operating activities primarily due to: (i) lower net cash used in Loan origination activity primarily attributable to deliveries outpacing originations in 2026 compared to 2025. (ii) higher cash used in Other activities primarily due timing of working capital needs driven by changes in receivables, other liabilities, and other assets. Investing Activities Net cash used in investing activities decreased primarily due to: (i) lower cash used Capital invested in equity-method investments due to fewer capital calls. (ii) higher cash provided in Other investing activities, net driven by higher distributions from equity-method investments. Financing Activities Net cash related to financing activities changed from net cash provided by financing activities to net cash used in financing activities primarily due to: (i) lower Net borrowings of warehouse notes payable due to deliveries outpacing originations. (ii) lower Net borrowings of corporate notes payable as we had more borrowings associated with the issuance of our Senior Notes in 2025, with no comparable activity in 2026. (iii) higher Repurchase of common stock primarily due to share repurchases executed as part of our share repurchase program during 2026 with no comparable activity in 2025 49 Table of Contents The change to net cash used was offset by lower Debt issuance costs paid due to the issuance of our Senior Notes and amendment of the Term Loan in 2025, with no comparable activity in 2026. Segment Results The Company is managed based on our three reportable segments: (i) Capital Markets, (ii) Servicing & Asset Management, and (iii) Corporate. The segment results below are intended to present each of the reportable segments on a stand-alone basis. ​ Capital Markets ​ SUPPLEMENTAL OPERATING DATA CAPITAL MARKETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ ​ ​ ​ ​ For the six months ended ​ ​ ​ ​ ​ ​ Transaction Volume (in thousands) ​ June 30, ​ $ ​ ​ ​ % ​ June 30, ​ $ ​ ​ ​ % Components of Debt Financing Volume ​ 2026 ​ ​ ​ 2025 ​ Change ​ Change ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ Change Fannie Mae ​ $ 3,087,806 ​ $ 3,114,308 ​ $ (26,502) ​ (1) % ​ $ 4,641,705 ​ $ 4,626,102 ​ $ 15,603 ​ 0 % Freddie Mac ​ 1,310,879 ​ 1,752,597 ​ ​ (441,718) ​ (25) ​ ​ 4,435,007 ​ 2,560,844 ​ ​ 1,874,163 ​ 73 ​ Ginnie Mae ̶ HUD ​ 413,839 ​ 288,449 ​ ​ 125,390 ​ 43 ​ ​ 895,223 ​ 436,607 ​ ​ 458,616 ​ 105 ​ Brokered(1) ​ 7,402,029 ​ 6,335,071 ​ 1,066,958 ​ 17 ​ ​ 13,905,080 ​ 8,888,014 ​ 5,017,066 ​ 56 ​ Total Debt Financing Volume ​ $ 12,214,553 ​ $ 11,490,425 ​ $ 724,128 ​ 6 % ​ $ 23,877,015 ​ $ 16,511,567 ​ $ 7,365,448 ​ 45 % Property sales volume ​ ​ 1,897,246 ​ ​ 2,313,585 ​ ​ (416,339) ​ (18) ​ ​ ​ 3,807,546 ​ ​ 4,152,875 ​ ​ (345,329) ​ (8) ​ Total Transaction Volume ​ $ 14,111,799 ​ $ 13,804,010 ​ $ 307,789 ​ 2 % ​ $ 27,684,561 ​ $ 20,664,442 ​ $ 7,020,119 ​ 34 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Key Performance Metrics (dollars in thousands, except per share data) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 29,721 ​ $ 33,142 ​ ​ (3,421) ​ (10) ​ ​ $ 57,647 ​ $ 35,502 ​ ​ 22,145 ​ 62 % Adjusted EBITDA(2) ​ ​ (917) ​ ​ 1,323 ​ ​ (2,240) ​ (169) ​ ​ ​ 2,998 ​ ​ (12,004) ​ ​ 15,002 ​ (125) ​ Diluted EPS ​ ​ 0.89 ​ ​ 0.97 ​ ​ (0.08) ​ (8) ​ ​ ​ 1.68 ​ ​ 1.04 ​ ​ 0.64 ​ 62 ​ Operating margin ​ ​ 22 % ​ 26 % ​ ​ ​ ​ ​ ​ ​ 24 % ​ 18 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Key Revenue Metrics ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination fees, as a percentage of total debt financing volume ​ ​ 0.74 % ​ 0.82 % ​ ​ ​ ​ ​ ​ ​ 0.75 % ​ 0.84 % ​ ​ ​ ​ ​ MSR income, as a percentage of Agency debt financing volume ​ ​ 0.99 ​ ​ 1.03 ​ ​ ​ ​ ​ ​ ​ 0.95 ​ ​ 1.06 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ ​ For the six months ended ​ ​ June 30, ​ ​ ​ ​ June 30, Debt Financing Volume by Product Type ​ 2026 ​ ​ ​ ​ 2025 ​ ​ ​ ​ 2026 ​ ​ ​ ​ 2025 ​ Fannie Mae ​ 25 % ​ ​ ​ 27 % ​ ​ ​ 19 % ​ ​ ​ 28 % Freddie Mac ​ 11 ​ ​ ​ ​ 15 ​ ​ ​ ​ 19 ​ ​ ​ ​ 15 ​ Ginnie Mae ̶ HUD ​ 3 ​ ​ ​ ​ 3 ​ ​ ​ ​ 4 ​ ​ ​ ​ 3 ​ Brokered ​ 61 ​ ​ ​ ​ 55 ​ ​ ​ ​ 58 ​ ​ ​ ​ 54 ​ ​ 50 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ For the six months ended ​ June 30, ​ ​ ​ June 30, Mortgage Banking Details (basis points) 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 Origination Fee Rate (1) ​ 74 ​ ​ ​ ​ 82 ​ ​ ​ ​ 75 ​ ​ ​ ​ 84 Basis Point Change ​ (8) ​ ​ ​ ​ ​ ​ ​ ​ ​ (9) ​ ​ ​ ​ ​ Percentage Change ​ (10) % ​ ​ ​ ​ ​ ​ ​ ​ (11) % ​ ​ ​ ​ Agency MSR Rate (2) ​ 99 ​ ​ ​ ​ 103 ​ ​ ​ ​ 95 ​ ​ ​ ​ 106 Basis Point Change ​ (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ (11) ​ ​ ​ ​ ​ Percentage Change ​ (4) % ​ ​ ​ ​ ​ ​ ​ ​ (10) % ​ ​ ​ ​ (1) Origination fees as a percentage of total debt financing volume. (2) MSR income as a percentage of Agency debt financing volume. ​ FINANCIAL RESULTS CAPITAL MARKETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ ​ ​ ​ For the six months ended ​ ​ ​ ​ (in thousands) ​ ​ ​ June 30, ​ $ ​ % ​ ​ June 30, ​ ​ ​ $ ​ ​ ​ % Revenues ​ 2026 ​ 2025 ​ Change ​ Change ​ ​ 2026 ​ ​ ​ 2025 ​ Change ​ Change ​ Origination fees ​ $ 90,647 ​ $ 93,764 ​ $ (3,117) ​ (3) % ​ $ 178,723 ​ $ 139,061 ​ $ 39,662 ​ 29 % MSR income ​ ​ 47,817 ​ ​ 53,153 ​ ​ (5,336) ​ (10) ​ ​ ​ 94,590 ​ ​ 80,964 ​ ​ 13,626 ​ 17 ​ Property sales broker fees ​ ​ 12,787 ​ ​ 14,964 ​ ​ (2,177) ​ (15) ​ ​ ​ 25,966 ​ ​ 28,485 ​ ​ (2,519) ​ (9) ​ Net warehouse interest income (expense) ​ 140 ​ (1,760) ​ 1,900 ​ (108) ​ ​ (126) ​ (2,546) ​ 2,420 ​ (95) ​ Other revenues ​ 17,395 ​ 12,670 ​ 4,725 ​ 37 ​ ​ 32,074 ​ 29,397 ​ 2,677 ​ 9 ​ Total revenues ​ $ 168,786 ​ $ 172,791 ​ $ (4,005) ​ (2) ​ ​ $ 331,227 ​ $ 275,361 ​ $ 55,866 ​ 20 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 116,058 ​ $ 116,441 ​ $ (383) ​ (0) % ​ $ 225,909 ​ $ 202,907 ​ $ 23,002 ​ 11 % Amortization and depreciation ​ 1,146 ​ 1,146 ​ — ​ — ​ ​ 2,292 ​ 2,287 ​ 5 ​ 0 ​ Interest expense on corporate debt ​ ​ 4,025 ​ ​ 4,468 ​ ​ (443) ​ (10) ​ ​ ​ 8,010 ​ ​ 8,655 ​ ​ (645) ​ (7) ​ Other operating expenses ​ 10,530 ​ 5,309 ​ 5,221 ​ 98 ​ ​ 16,000 ​ 11,544 ​ 4,456 ​ 39 ​ Total expenses ​ $ 131,759 ​ $ 127,364 ​ $ 4,395 ​ 3 ​ ​ $ 252,211 ​ $ 225,393 ​ $ 26,818 ​ 12 ​ Income (loss) before taxes ​ $ 37,027 ​ $ 45,427 ​ $ (8,400) ​ (18) ​ ​ $ 79,016 ​ $ 49,968 ​ $ 29,048 ​ 58 ​ Income tax expense (benefit) ​ 7,486 ​ 12,285 ​ (4,799) ​ (39) ​ ​ 20,466 ​ 14,466 ​ 6,000 ​ 41 ​ Net income (loss) before temporary equity holders ​ $ 29,541 ​ $ 33,142 ​ $ (3,601) ​ (11) ​ ​ $ 58,550 ​ $ 35,502 ​ $ 23,048 ​ 65 ​ Less: net income (loss) attributable to temp equity holders ​ ​ (180) ​ ​ — ​ ​ (180) ​ N/A ​ ​ ​ 903 ​ ​ — ​ ​ 903 ​ N/A ​ Net income (loss) ​ $ 29,721 ​ $ 33,142 ​ $ (3,421) ​ (10) ​ ​ $ 57,647 ​ $ 35,502 ​ $ 22,145 ​ 62 ​ ​ Quarterly Results Total revenues decreased $4.0 million, down 2%, compared to the same quarter last year. Transaction volumes increased 2%, led by growth in brokered and HUD transactions, offset by declines in GSE lending and property sales transactions. The shift in mix of debt financing volume drove Origination fees and MSR income lower for the segment. The 15% decrease in property sales revenues was generally in line with 18% decrease in property sales transactions this quarter. Higher application and appraisal fees and investment banking revenue drove the increase in Other revenues. Total expenses were up only 3% this quarter, or $4.4 million. The increase was driven by an increase in other professional fees tied to a brokerage relationship. Costs associated with this relationship were previously reported in Personnel expense and were reclassified to Other operating expenses this quarter to reflect an amendment to the contractual relationship. ​ 51 Table of Contents Year-to-date Results Total revenues increased $55.9 million, or 20%, driven by a 45% increase in debt financing volume year to date. Debt financing volume growth was led by brokered, Freddie Mac and HUD transactions. The overall growth in debt financing volume drove Origination fees and MSR income higher. Total expenses increased $26.8 million, or 12%, largely associated with an increase in variable commission costs tied to origination fee growth. The aforementioned reclassification of the brokerage agreement also drove an increase in Other operating expenses on a year-to-date basis. Non-GAAP Financial Measure ​ A reconciliation of adjusted EBITDA for our CM segment is presented below. Our segment-level adjusted EBITDA represents the segment portion of consolidated adjusted EBITDA. A detailed description and reconciliation of consolidated adjusted EBITDA is provided above in our Consolidated Results of Operations—Non-GAAP Financial Measure. CM adjusted EBITDA is reconciled to net income as follows: ADJUSTED FINANCIAL MEASURE RECONCILIATION TO GAAP CAPITAL MARKETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, (in thousands) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 Reconciliation of Net Income (Loss) to Adjusted EBITDA ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 29,721 ​ $ 33,142 ​ $ 57,647 ​ $ 35,502 Income tax expense (benefit) ​ 7,486 ​ 12,285 ​ 20,466 ​ 14,466 Interest expense on corporate debt ​ ​ 4,025 ​ ​ 4,468 ​ ​ 8,010 ​ ​ 8,655 Amortization and depreciation ​ ​ 1,146 ​ ​ 1,146 ​ ​ 2,292 ​ ​ 2,287 Stock-based compensation expense ​ ​ 4,522 ​ ​ 3,435 ​ ​ 9,173 ​ ​ 6,786 Write-off of unamortized issuance costs from corporate debt paydown (1) ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,264 MSR income ​ ​ (47,817) ​ ​ (53,153) ​ ​ (94,590) ​ ​ (80,964) Adjusted EBITDA ​ $ (917) ​ $ 1,323 ​ $ 2,998 ​ $ (12,004) (1) Presented as a component of Other Operating Expenses on Condensed Consolidated Statements of Income. ​ The following tables present a period-to-period comparison of the components of CM adjusted EBITDA for the three and six months ended June 30, 2026 and 2025. ​ ADJUSTED EBITDA CAPITAL MARKETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ ​ ​ ​ For the six months ended ​ ​ ​ ​ ​ ​ June 30, ​ $ ​ % ​ June 30, ​ $ ​ % (in thousands) 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ ​ ​ Change ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ ​ ​ Change Origination fees $ 90,647 ​ $ 93,764 ​ $ (3,117) ​ (3) % ​ $ 178,723 ​ $ 139,061 ​ $ 39,662 ​ 29 % Property sales broker fees ​ 12,787 ​ ​ 14,964 ​ ​ (2,177) ​ (15) ​ ​ ​ 25,966 ​ ​ 28,485 ​ ​ (2,519) ​ (9) ​ Net warehouse interest income (expense) 140 ​ (1,760) ​ 1,900 ​ (108) ​ ​ (126) ​ (2,546) ​ 2,420 ​ (95) ​ Other revenues 17,395 ​ 12,670 ​ 4,725 ​ 37 ​ ​ 32,074 ​ 29,397 ​ 2,677 ​ 9 ​ Personnel (111,536) ​ (113,006) ​ 1,470 ​ (1) ​ ​ (216,736) ​ (196,121) ​ (20,615) ​ 11 ​ Other operating expenses ​ (10,530) ​ ​ (5,309) ​ ​ (5,221) ​ 98 ​ ​ (16,000) ​ (10,280) ​ (5,720) ​ 56 ​ Net (income) loss attributable to temp equity holders 180 ​ — ​ 180 ​ N/A ​ ​ ​ (903) ​ ​ — ​ ​ (903) ​ N/A ​ Adjusted EBITDA $ (917) ​ $ 1,323 ​ $ (2,240) ​ (169) ​ ​ $ 2,998 ​ $ (12,004) ​ $ 15,002 ​ (125) ​ ​ 52 Table of Contents Quarterly Results ​ Adjusted EBITDA decreased $2.2 million driven by lower Origination fees from the mix shift to a higher proportion of brokered transactions this quarter compared to the same quarter last year, and lower Property sales broker fees on lower property sales transaction volume. The declines in transaction-related revenues were offset by higher appraisal and investment banking revenues, which are a component of Other revenues. Other operating expenses were also elevated due to elevated professional fees from the brokerage relationship reclassification. ​ Year-to-date Results ​ Adjusted EBITDA increased $15.0 million compared to the same period last year primarily as result of the growth in transaction volumes that drove a significant increase in Origination fees. The growth in Origination fees was offset by an increase in variable commission costs included in Personnel that are associated with growth in transaction-related revenue. Other operating expenses were higher as a result of the brokerage agreement reclassification. 53 Table of Contents Servicing & Asset Management ​ SUPPLEMENTAL OPERATING DATA SERVICING & ASSET MANAGEMENT ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ $ ​ ​ ​ % Managed Portfolio (in thousands) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ Change Components of Servicing Portfolio ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae ​ $ 74,141,705 ​ $ 70,042,909 ​ $ 4,098,796 ​ 6 % Freddie Mac ​ 45,515,813 ​ 39,433,013 ​ ​ 6,082,800 ​ 15 ​ Ginnie Mae–HUD ​ 11,890,066 ​ 11,008,314 ​ ​ 881,752 ​ 8 ​ Brokered(1) ​ 14,233,764 ​ 16,864,888 ​ (2,631,124) ​ (16) ​ Principal Lending and Investing ​ ​ 17,500 ​ ​ — ​ ​ 17,500 ​ N/A ​ Total Servicing Portfolio ​ $ 145,798,848 ​ $ 137,349,124 ​ $ 8,449,724 ​ 6 % Assets under management ​ ​ 18,674,671 ​ ​ 18,623,451 ​ ​ 51,220 ​ 0 ​ Total Managed Portfolio ​ $ 164,473,519 ​ $ 155,972,575 ​ $ 8,500,944 ​ 5 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, Key Servicing Portfolio Metrics ​ 2026 ​ ​ ​ 2025 Custodial escrow deposit balance (in billions) ​ $ 3.1 ​ $ 2.7 Weighted-average servicing fee rate (basis points) ​ ​ 23.4 ​ ​ 24.1 Weighted-average remaining servicing portfolio term (years) ​ ​ 7.1 ​ ​ 7.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ ​ ​ ​ ​ For the six months ended ​ ​ ​ ​ ​ ​ (dollars in thousands, except per share data) ​ June 30, ​ $ ​ ​ ​ % ​ June 30, ​ $ ​ ​ ​ % Key Volume and Performance Metrics ​ 2026 ​ 2025 ​ Change ​ Change ​ 2026 ​ 2025 ​ Change ​ Change Equity syndication volume(2) ​ $ 212,481 ​ $ 253,250 ​ $ (40,769) ​ (16) % ​ $ 212,481 ​ $ 268,286 ​ $ (55,805) ​ (21) % Principal Lending and Investing debt financing volume(3) ​ ​ 319,650 ​ ​ 147,800 ​ ​ 171,850 ​ 116 ​ ​ ​ 407,550 ​ ​ 323,300 ​ ​ 84,250 ​ 26 ​ Net income ​ ​ 8,497 ​ ​ 37,541 ​ ​ (29,044) ​ (77) ​ ​ ​ 29,949 ​ ​ 56,667 ​ ​ (26,718) ​ (47) ​ Adjusted EBITDA(4) ​ ​ 99,747 ​ ​ 111,931 ​ ​ (12,184) ​ (11) ​ ​ ​ 211,377 ​ ​ 219,833 ​ ​ (8,456) ​ (4) ​ Diluted EPS ​ ​ 0.25 ​ ​ 1.10 ​ ​ (0.85) ​ (77) ​ ​ ​ 0.87 ​ ​ 1.65 ​ ​ (0.78) ​ (47) ​ Operating margin ​ ​ 7 % ​ 31 % ​ ​ ​ ​ ​ ​ ​ 15 % ​ 29 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, (in thousands) ​ 2026 ​ 2025 Components of equity and assets under management ​ ​ Equity under management ​ ​ Assets under management ​ ​ Equity under management ​ ​ Assets under management LIHTC ​ $ 6,829,738 ​ $ 16,015,574 ​ $ 6,958,845 ​ $ 15,993,370 Equity funds ​ ​ 877,911 ​ ​ 877,911 ​ ​ 957,719 ​ ​ 957,719 Debt funds(5) ​ ​ 1,008,321 ​ ​ 1,781,186 ​ ​ 873,697 ​ ​ 1,672,362 Total ​ $ 8,715,970 ​ $ 18,674,671 ​ $ 8,790,261 ​ $ 18,623,451 ​ (1) Brokered loans serviced primarily for life insurance companies, commercial banks, and other capital sources. (2) Amount of equity called and syndicated into LIHTC funds. (3) Comprised solely of WDIP separate account originations. (4) This is a non-GAAP financial measure. For more information on adjusted EBITDA, refer to the section below titled “Non-GAAP Financial Measure.” (5) As of June 30, 2026, included $20.3 million of equity under management and $17.1 million of assets under management of Interim program JV loans. The remainder consisted of WDIP debt funds. As of June 30, 2025, included $45.1 million of equity under management and $76.2 million of assets under management of Interim program JV loans. The remainder consisted of WDIP debt funds. ​ ​ 54 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ For the six months ended ​ ​ June 30, ​ ​ ​ June 30, ​ Servicing Fees Details (in thousands) 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ Average Servicing Portfolio $ 145,580,259 ​ ​ ​ $ 136,444,426 ​ ​ ​ $ 145,021,718 ​ ​ ​ $ 135,958,372 ​ Dollar Change $ 9,135,833 ​ ​ ​ ​ ​ ​ ​ ​ $ 9,063,346 ​ ​ ​ ​ ​ ​ Percentage Change ​ 7 % ​ ​ ​ ​ ​ ​ ​ ​ 7 % ​ ​ ​ ​ ​ Average Servicing Fee (basis points) ​ 23.5 ​ ​ ​ ​ 24.2 ​ ​ ​ ​ 23.5 ​ ​ ​ ​ 24.2 ​ Basis Point Change ​ (0.7) ​ ​ ​ ​ ​ ​ ​ ​ ​ (0.7) ​ ​ ​ ​ ​ ​ Percentage Change ​ (3) % ​ ​ ​ ​ ​ ​ ​ ​ (3) % ​ ​ ​ ​ ​ ​ FINANCIAL RESULTS SERVICING & ASSET MANAGEMENT ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ ​ ​ ​ For the six months ended ​ ​ ​ ​ ​ ​ June 30, ​ $ ​ % ​ ​ June 30, ​ $ ​ % (in thousands) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ ​ ​ Change ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ ​ ​ Change Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination fees ​ $ 2,246 ​ $ 545 ​ $ 1,701 ​ 312 ​ ​ $ 2,702 ​ $ 1,629 ​ $ 1,073 ​ 66 % Servicing fees ​ ​ 86,700 ​ ​ 83,693 ​ ​ 3,007 ​ 4 ​ ​ ​ 172,137 ​ ​ 165,914 ​ ​ 6,223 ​ 4 ​ Investment management fees ​ ​ 6,907 ​ ​ 7,577 ​ ​ (670) ​ (9) ​ ​ ​ 17,133 ​ ​ 17,259 ​ ​ (126) ​ (1) ​ Net warehouse interest income ​ 229 ​ — ​ 229 ​ N/A ​ ​ 520 ​ — ​ 520 ​ N/A ​ Placement fees and other interest income ​ 30,065 ​ 32,651 ​ (2,586) ​ (8) ​ ​ 59,559 ​ 62,273 ​ (2,714) ​ (4) ​ Other revenues ​ 7,447 ​ 16,269 ​ (8,822) ​ (54) ​ ​ 19,846 ​ 25,563 ​ (5,717) ​ (22) ​ Total revenues ​ $ 133,594 ​ $ 140,735 ​ $ (7,141) ​ (5) ​ ​ $ 271,897 ​ $ 272,638 ​ $ (741) ​ (0) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 21,741 ​ $ 22,743 ​ $ (1,002) ​ (4) ​ ​ $ 40,864 ​ $ 42,289 ​ $ (1,425) ​ (3) % Amortization and depreciation ​ 57,181 ​ 55,882 ​ 1,299 ​ 2 ​ ​ 116,575 ​ 110,380 ​ 6,195 ​ 6 ​ Provision (benefit) for credit losses ​ ​ 20,966 ​ ​ 1,820 ​ ​ 19,146 ​ 1,052 ​ ​ ​ 25,084 ​ ​ 5,532 ​ ​ 19,552 ​ 353 ​ Interest expense on corporate debt ​ ​ 9,893 ​ ​ 10,810 ​ ​ (917) ​ (8) ​ ​ ​ 19,482 ​ ​ 20,741 ​ ​ (1,259) ​ (6) ​ Indemnified and repurchased loan expenses ​ ​ 6,884 ​ ​ 683 ​ ​ 6,201 ​ 908 ​ ​ ​ 16,945 ​ ​ 1,540 ​ ​ 15,405 ​ 1,000 ​ Other operating expenses ​ 7,640 ​ 5,831 ​ 1,809 ​ 31 ​ ​ 11,199 ​ 12,442 ​ (1,243) ​ (10) ​ Total expenses ​ $ 124,305 ​ $ 97,769 ​ $ 26,536 ​ 27 ​ ​ $ 230,149 ​ $ 192,924 ​ $ 37,225 ​ 19 ​ Income (loss) before taxes ​ $ 9,289 ​ $ 42,966 ​ $ (33,677) ​ (78) ​ ​ $ 41,748 ​ $ 79,714 ​ $ (37,966) ​ (48) ​ Income tax expense (benefit) ​ 780 ​ 5,428 ​ (4,648) ​ (86) ​ ​ 10,813 ​ 23,079 ​ (12,266) ​ (53) ​ Net income (loss) before noncontrolling interests ​ $ 8,509 ​ $ 37,538 ​ $ (29,029) ​ (77) ​ ​ $ 30,935 ​ $ 56,635 ​ $ (25,700) ​ (45) ​ Less: net income (loss) from noncontrolling interests ​ 12 ​ (3) ​ 15 (500) ​ ​ ​ 986 ​ ​ (32) ​ ​ 1,018 (3,181) ​ Net income (loss) ​ $ 8,497 ​ $ 37,541 ​ $ (29,044) ​ (77) ​ ​ $ 29,949 ​ $ 56,667 ​ $ (26,718) ​ (47) ​ ​ Quarterly Results ​ Total revenues decreased $7.1 million, down 5%, driven principally by a decline in income from our affordable development joint ventures this year compared to the same period last year driving down Other revenues. That decline was partially offset by an increase in Servicing fees driven by the 7% growth in the average servicing portfolio balance over the same period last year. The earnings rate on Placement fees and other interest income is directly correlated with short-term interest rates, which declined 83 basis points from the same period last year. ​ Total expenses were up $26.5 million, or 27%, due to increases in Provision (benefit) for credit losses and Indemnified and repurchased loan expenses. The charges this quarter were concentrated in loans associated with a small number of fraudulent sponsors previously identified and were largely driven by two events. First, a portfolio of previously repurchased loans defaulted during the quarter. We indemnified one of the GSEs on these loans in the fourth quarter of 2025, and the loans were performing until early in the second quarter of 2026. Upon default, we updated our property level inspections, and increased our loss estimates by $11.8 million to reflect the estimated fair value of the underlying 55 Table of Contents collateral. Second, Fannie Mae notified us of underwriting concerns associated with two loans totaling $15.9 million. These loans previously defaulted in 2025, and we recognized a provision for credit losses at that time based on the estimated value of the underlying collateral value and our risk sharing agreement in place. Rather than repurchase the loans from Fannie Mae, we agreed to increase our loss sharing, updated our estimated fair value of the underlying collateral, and recognized an additional provision for credit losses of $5.8 million during the second quarter of 2026. Additionally, we had increased costs of $4.5 million associated with operating these loans. ​ Year-to-date Results ​ Total revenues were flat for the year compared to the same period last year. Servicing fees grew year over year and were offset by a decline in income from our affordable development joint ventures, which mostly drove the $5.7 million decrease in Other revenues this year compared to the same period last year. The earnings rate on Placement fee and other interest income is directly correlated with short-term interest rates, which declined 79 basis points year over year. ​ Total expenses increased $37.2 million, or 19%, due to an increase in Amortization and depreciation resulting from higher write-offs of MSRs following the payoff of the underlying loan. The increase was also driven by higher Provision (benefit) for credit losses and Indemnified and repurchased loan expenses. The charges year to date are concentrated in loans associated with a small number of fraudulent sponsors previously identified and were largely driven by three events. First, during the first quarter of 2026, we entered into a forbearance and indemnification agreement with one of the GSEs on a $49.3 million non-performing portfolio of loans. Upon execution of the agreement, we recognized $7.0 million of credit-related losses to reflect the estimated fair value of the underlying collateral. Second, a portfolio of previously repurchased loans defaulted during the second quarter of 2026. We indemnified one of the GSEs on these loans in the fourth quarter of 2025, and the loans were performing until early in the second quarter of 2026. Upon default, we updated our property level inspections, and increased our loss estimates by $11.8 million to reflect the estimated fair value of the underlying collateral. Third, Fannie Mae notified us of underwriting concerns associated with two loans totaling $15.9 million. These loans previously defaulted in 2025, and we recognized a provision for credit losses at that time based on the estimated value of the underlying collateral and the estimated fair value of the underlying collateral and our risk sharing agreement in place. Rather than repurchase the loans from Fannie Mae, we agreed to increase our loss sharing and recognized an additional provision for credit losses of $5.8 million during the second quarter of 2026. Non-GAAP Financial Measure A reconciliation of adjusted EBITDA for our SAM segment is presented below. Our segment-level adjusted EBITDA represents the segment portion of consolidated adjusted EBITDA. A detailed description and reconciliation of consolidated adjusted EBITDA is provided above in our Consolidated Results of Operations—Non-GAAP Financial Measure. SAM adjusted EBITDA is reconciled to net income as follows: ADJUSTED FINANCIAL MEASURE RECONCILIATION TO GAAP SERVICING & ASSET MANAGEMENT ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, (in thousands) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 Reconciliation of Net Income (loss) to Adjusted EBITDA ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 8,497 ​ $ 37,541 ​ $ 29,949 ​ $ 56,667 Income tax expense (benefit) ​ 780 ​ 5,428 ​ 10,813 ​ 23,079 Interest expense on corporate debt ​ ​ 9,893 ​ ​ 10,810 ​ ​ 19,482 ​ ​ 20,741 Amortization and depreciation ​ 57,181 ​ 55,882 ​ 116,575 ​ 110,380 Provision (benefit) for credit losses ​ ​ 20,966 ​ ​ 1,820 ​ ​ 25,084 ​ ​ 5,532 Loan repurchase losses (1) ​ ​ 1,664 ​ ​ — ​ ​ 8,614 ​ ​ — Net write-offs ​ ​ — ​ ​ — ​ ​ (491) ​ ​ — Stock-based compensation expense ​ 766 ​ 450 ​ 1,351 ​ 905 Write-off of unamortized issuance costs from corporate debt paydown (2) ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,529 Adjusted EBITDA ​ $ 99,747 ​ $ 111,931 ​ $ 211,377 ​ $ 219,833 (1)Presented as a component of Indemnified and repurchased loan expenses in the Condensed Consolidated Statements of Income. (2)Presented as a component of Other operating expenses in the Condensed Consolidated Statements of Income. ​ 56 Table of Contents The following tables present a period-to-period comparison of the components of SAM adjusted EBITDA for the three and six months ended June 30, 2026 and 2025. ​ ADJUSTED EBITDA SERVICING & ASSET MANAGEMENT ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ ​ ​ ​ For the six months ended ​ ​ ​ ​ ​ ​ June 30, ​ $ ​ % ​ June 30, ​ $ ​ % (in thousands) 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ ​ ​ Change ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ ​ ​ Change Origination fees $ 2,246 ​ $ 545 ​ $ 1,701 ​ 312 % ​ $ 2,702 ​ $ 1,629 ​ $ 1,073 ​ 66 % Servicing fees 86,700 ​ 83,693 ​ 3,007 ​ 4 ​ ​ 172,137 ​ 165,914 ​ 6,223 ​ 4 ​ Investment management fees ​ 6,907 ​ ​ 7,577 ​ ​ (670) ​ (9) ​ ​ ​ 17,133 ​ ​ 17,259 ​ ​ (126) ​ (1) ​ Net warehouse interest income (expense) 229 ​ — ​ 229 ​ N/A ​ ​ 520 ​ — ​ 520 ​ N/A ​ Placement fees and other interest income 30,065 ​ 32,651 ​ (2,586) ​ (8) ​ ​ 59,559 ​ 62,273 ​ (2,714) ​ (4) ​ Other revenues 7,447 ​ 16,269 ​ (8,822) ​ (54) ​ ​ 19,846 ​ 25,563 ​ (5,717) ​ (22) ​ Personnel (20,975) ​ (22,293) ​ 1,318 ​ (6) ​ ​ (39,513) ​ (41,384) ​ 1,871 ​ (5) ​ Net write-offs ​ — ​ ​ — ​ ​ — ​ N/A ​ ​ (491) ​ — ​ (491) ​ N/A ​ Indemnified and repurchased loan expenses ​ (5,220) ​ ​ (683) ​ ​ (4,537) ​ 664 ​ ​ ​ (8,331) ​ ​ (1,540) ​ ​ (6,791) ​ 441 ​ Other operating expenses ​ (7,640) ​ ​ (5,831) ​ ​ (1,809) ​ 31 ​ ​ (11,199) ​ (9,913) ​ (1,286) ​ 13 ​ Net (income) loss from noncontrolling interests (12) ​ 3 ​ (15) ​ (500) ​ ​ ​ (986) ​ ​ 32 ​ ​ (1,018) ​ (3,181) ​ Adjusted EBITDA $ 99,747 ​ $ 111,931 ​ $ (12,184) ​ (11) ​ ​ $ 211,377 ​ $ 219,833 ​ $ (8,456) ​ (4) ​ ​ Quarterly Results ​ Adjusted EBITDA declined $12.2 million due to lower Other revenues resulting from a decline in income from affordable development equity method investments. The increase in Indemnified and repurchased loan expenses was driven by greater operating costs of the underlying collateral as the average balance of non-performing repurchased loans increased significantly this quarter compared to the same period last year. Those declines were offset by growth in Servicing fees due to growth in the servicing portfolio. ​ Year-to-date Results ​ Adjusted EBITDA decreased $8.5 million due to lower Other revenues resulting from a decline in income from affordable development equity method investments. The increase in Indemnified and repurchased loan expenses was driven by greater operating costs of the underlying collateral as the average balance of non-performing repurchased loans increased significantly this quarter compared to the same period last year. Those declines were offset by growth in Servicing fees due to growth in the servicing portfolio. ​ ​ ​ ​ 57 Table of Contents Corporate ​ FINANCIAL RESULTS CORPORATE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ ​ ​ ​ For the six months ended ​ ​ ​ ​ ​ ​ June 30, ​ $ ​ % ​ ​ June 30, ​ $ ​ % (in thousands) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ ​ ​ Change ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ ​ ​ Change Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other interest income ​ $ 2,375 ​ $ 3,335 ​ $ (960) ​ (29) % ​ $ 5,585 ​ $ 6,924 ​ $ (1,339) ​ (19) % Other revenues ​ 1,935 ​ 2,379 ​ (444) ​ (19) ​ ​ (688) ​ 1,684 ​ (2,372) ​ (141) ​ Total revenues ​ $ 4,310 ​ $ 5,714 ​ $ (1,404) ​ (25) ​ ​ $ 4,897 ​ $ 8,608 ​ $ (3,711) ​ (43) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 25,110 ​ $ 22,704 ​ $ 2,406 ​ 11 % ​ $ 48,965 ​ $ 38,082 ​ $ 10,883 ​ 29 % Amortization and depreciation ​ 2,372 ​ 1,908 ​ 464 ​ 24 ​ ​ 4,796 ​ 3,890 ​ 906 ​ 23 ​ Interest expense on corporate debt ​ 1,342 ​ 1,489 ​ (147) ​ (10) ​ ​ 2,670 ​ 2,885 ​ (215) ​ (7) ​ Other operating expenses ​ 19,728 ​ 21,632 ​ (1,904) ​ (9) ​ ​ 41,206 ​ 41,815 ​ (609) ​ (1) ​ Total expenses ​ $ 48,552 ​ $ 47,733 ​ $ 819 ​ 2 ​ ​ $ 97,637 ​ $ 86,672 ​ $ 10,965 ​ 13 ​ Income (loss) before taxes ​ $ (44,242) ​ $ (42,019) ​ $ (2,223) ​ 5 ​ ​ $ (92,740) ​ $ (78,064) ​ $ (14,676) ​ 19 ​ Income tax expense (benefit) ​ (9,030) ​ (5,288) ​ (3,742) ​ 71 ​ ​ (24,021) ​ (22,601) ​ (1,420) ​ 6 ​ Net income before noncontrolling interests ​ $ (35,212) ​ $ (36,731) ​ $ 1,519 ​ (4) ​ ​ $ (68,719) ​ $ (55,463) ​ $ (13,256) ​ 24 ​ Net income (loss) ​ $ (35,212) ​ $ (36,731) ​ $ 1,519 ​ (4) ​ ​ $ (68,719) ​ $ (55,463) ​ $ (13,256) ​ 24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted EPS ​ $ (1.05) ​ $ (1.08) ​ $ 0.03 ​ (3) % ​ $ (2.00) ​ $ (1.62) ​ $ (0.38) ​ 23 % Adjusted EBITDA(1) ​ $ (36,701) ​ $ (36,443) ​ $ (258) ​ 1 ​ ​ $ (78,464) ​ $ (66,052) ​ $ (12,412) ​ 19 ​ Quarterly Results Net income (loss) declined slightly to a greater loss, driven mostly by an increase in personnel costs due to increased headcount and small declines in revenues. Year-to-date Results Total Revenues decreased $3.7 million, down 43%, due primarily to a decrease in income from co-investments in our investment management business this year compared to the same period last year that are reflected in Other revenues. Total Expenses increased $11.0 million, up 13%, due to an increase in average segment headcount to support Company operations as we have expanded our product offerings domestically, and our operations globally over the past year. ​ Non-GAAP Financial Measure ​ A reconciliation of adjusted EBITDA for our Corporate segment is presented below. Our segment-level adjusted EBITDA represents the segment portion of consolidated adjusted EBITDA. A detailed description and reconciliation of consolidated adjusted EBITDA is provided above in our Consolidated Results of Operations—Non-GAAP Financial Measure. Corporate adjusted EBITDA is reconciled to net income as follows: ​ 58 Table of Contents ADJUSTED FINANCIAL MEASURE RECONCILIATION TO GAAP CORPORATE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, (in thousands) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 Reconciliation of Net Income (loss) to Adjusted EBITDA ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ (35,212) ​ $ (36,731) ​ $ (68,719) ​ $ (55,463) Income tax expense (benefit) ​ (9,030) ​ (5,288) ​ (24,021) ​ (22,601) Interest expense on corporate debt ​ 1,342 ​ 1,489 ​ 2,670 ​ 2,885 Amortization and depreciation ​ 2,372 ​ 1,908 ​ 4,796 ​ 3,890 Stock-based compensation expense ​ 3,827 ​ 2,179 ​ 6,810 ​ 4,815 Write-off of unamortized issuance costs from corporate debt paydown (1) ​ ​ — ​ ​ — ​ ​ — ​ ​ 422 Adjusted EBITDA ​ $ (36,701) ​ $ (36,443) ​ $ (78,464) ​ $ (66,052) (1) Presented as a component of Other operating expenses in the Condensed Consolidated Statements of Income. ​ The following tables present a period-to-period comparison of the components of Corporate adjusted EBITDA for the three and six months ended June 30, 2026 and 2025. ​ ADJUSTED EBITDA CORPORATE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ ​ ​ ​ ​ For the six months ended ​ ​ ​ ​ ​ ​ June 30, ​ $ ​ % ​ June 30, ​ $ ​ % (in thousands) 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ ​ ​ Change ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ ​ ​ Change Other interest income $ 2,375 ​ $ 3,335 ​ $ (960) ​ (29) % ​ $ 5,585 ​ $ 6,924 ​ $ (1,339) ​ (19) % Other revenues 1,935 ​ 2,379 ​ (444) ​ (19) ​ ​ (688) ​ 1,684 ​ (2,372) ​ (141) ​ Personnel (21,283) ​ (20,525) ​ (758) ​ 4 ​ ​ (42,155) ​ (33,267) ​ (8,888) ​ 27 ​ Other operating expenses (19,728) ​ (21,632) ​ 1,904 ​ (9) ​ ​ (41,206) ​ (41,393) ​ 187 ​ (0) ​ Adjusted EBITDA $ (36,701) ​ $ (36,443) ​ $ (258) ​ 1 ​ ​ $ (78,464) ​ $ (66,052) ​ $ (12,412) ​ 19 ​ ​ Year-to-date Results ​ Adjusted EBITDA decreased $12.4 million, down 19%, primarily driven by higher Personnel expense due to an increase in average headcount for the segment as we have expanded our product offerings domestically and our operations globally over the past year. ​ Liquidity and Capital Resources Uses of Liquidity, Cash and Cash Equivalents Our significant recurring cash flow requirements consist of liquidity to (i) fund loans held for sale; (ii) pay cash dividends; (iii) fund our portion of the equity necessary to support equity-method investments; (iv) fund investments in properties to be syndicated to LIHTC investment funds that we will asset-manage; (v) meet working capital needs to support our day-to-day operations, including debt service payments, joint venture development partnership contributions, advances for servicing, loan repurchases, and payments for salaries, commissions, and income taxes; and (vi) meet working capital to satisfy collateral requirements for our Fannie Mae DUS risk-sharing obligations and to meet the operational liquidity requirements of Fannie Mae, Freddie Mac, HUD, Ginnie Mae, and our warehouse facility lenders. ​ Fannie Mae has established benchmark standards for capital adequacy and reserves the right to terminate our servicing authority for all or some of the portfolio if, at any time, it determines that our financial condition is not adequate to support our obligations under the DUS agreement. We are required to maintain acceptable net worth as defined in the standards, and we satisfied the requirements as of June 30, 2026. The net worth requirement is derived primarily from UPB on Fannie Mae loans and the level of risk-sharing. As of June 30, 2026, the net worth requirement was $357.4 million, and our net worth was $941 million, as measured at our wholly owned operating subsidiary, Walker & Dunlop, LLC. As of June 30, 2026, we were required to maintain at least $71.0 million of liquid assets to meet our operational liquidity requirements 59 Table of Contents for Fannie Mae, Freddie Mac, HUD, Ginnie Mae and our warehouse facility lenders. As of June 30, 2026, we had operational liquidity of $128.5 million, as measured at our wholly owned operating subsidiary, Walker & Dunlop, LLC. We paid a cash dividend of $0.68 per share during the second quarter of 2026, which is 1.5% higher than the quarterly dividend paid in the second quarter of 2025. On August 5, 2026, the Company’s Board of Directors declared a dividend of $0.68 per share for the third quarter of 2026. The dividend will be paid on September 3, 2026 to all holders of record of our restricted and unrestricted common stock as of August 20, 2026. In February 2026, our Board of Directors approved a stock repurchase program that permits the repurchase of up to $75.0 million of shares of our common stock over a 12-month period beginning February 26, 2026 (the “2026 Stock Repurchase Program”). During the three months ended March 31, 2026, we repurchased 283 thousand shares under the 2026 Stock Repurchase Program. During the three months ended June 30, 2026, we did not repurchase any shares, and we had $61.7 million of remaining capacity under the 2026 Stock Repurchase Program as of June 30, 2026. Historically, our cash flows from operations and warehouse facilities have been sufficient to enable us to meet our short-term liquidity needs and other funding requirements. We believe that cash flows from operations will continue to be sufficient for us to meet our current obligations for the foreseeable future. Restricted Cash and Pledged Securities Restricted cash consists primarily of good faith deposits held on behalf of borrowers between the time we enter into a loan commitment with the borrower and when the investor purchases the loan. We are generally required to share the risk of any losses associated with loans sold under the Fannie Mae DUS program, which is an off-balance sheet arrangement. We are required to secure this obligation by assigning collateral to Fannie Mae. We meet this obligation by assigning pledged securities to Fannie Mae. 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 collateral 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. Collateral held in the form of money market funds holding U.S. Treasuries is discounted 5%, and Agency MBS are discounted 4% for purposes of calculating compliance with the collateral requirements. As of June 30, 2026, we held substantially all of our restricted liquidity in Agency MBS in the aggregate amount of $217.3 million. Additionally, the majority of the loans for which we have risk-sharing are Tier 2 loans. We fund any growth in our Fannie Mae required operational liquidity and collateral requirements from our working capital. We are in compliance with the June 30, 2026 collateral requirements as outlined above. As of June 30, 2026, reserve requirements for the June 30, 2026 DUS loan portfolio will require us to fund $89.3 million in additional restricted liquidity over the next 48 months, assuming no further principal paydowns, prepayments, or defaults within our at-risk portfolio. Fannie Mae has assessed the DUS Capital Standards in the past and may make changes to these standards in the future. We generate sufficient cash flows from our operations to meet these capital standards and do not expect any future changes to have a material impact on our future operations; however, any future changes to collateral requirements may adversely impact our available cash. Under the provisions of the DUS agreement, we must also maintain a certain level of liquid assets referred to as the operational and unrestricted portions of the required reserves each year. We satisfied these requirements as of June 30, 2026. Sources of Liquidity: Warehouse Facilities and Corporate Notes Payable Warehouse Facilities We use a combination of warehouse facilities and notes payable to provide funding for our operations. We use warehouse facilities to fund our Agency Lending. Our ability to originate Agency mortgage loans depends upon our ability to secure and maintain these types of financing agreements on acceptable terms. For a detailed description of the terms of each warehouse agreement, refer to “Warehouse Facilities” in NOTE 7 in the consolidated financial statements in our 2025 Form 10-K, as updated in NOTE 7 in the condensed consolidated financial statements in this Form 10-Q. 60 Table of Contents Corporate Notes Payable For a detailed description of the terms of our various corporate debt instruments and related amendments, refer to “Corporate Notes Payable” in NOTE 7 in the consolidated financial statements in our 2025 Form 10-K. The warehouse facilities and corporate notes payable are subject to various financial covenants. The Company is in compliance with all of these financial covenants as of June 30, 2026. ​ Credit Quality, Allowance for Risk-Sharing Obligations, and Loan Repurchases The following table sets forth certain information useful in evaluating our credit performance. ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Key Credit Metrics (in thousands) ​ ​ ​ ​ ​ ​ ​ Risk-sharing servicing portfolio: ​ ​ ​ ​ ​ ​ ​ Fannie Mae Full Risk ​ $ 67,515,995 ​ $ 61,486,070 ​ Fannie Mae Modified Risk ​ 6,625,710 ​ 8,556,839 ​ Freddie Mac Modified Risk ​ 15,000 ​ 10,000 ​ Total risk-sharing servicing portfolio ​ $ 74,156,705 ​ $ 70,052,909 ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-risk-sharing servicing portfolio: ​ ​ ​ ​ ​ ​ ​ Freddie Mac No Risk ​ $ 45,500,813 ​ $ 39,423,013 ​ GNMA - HUD No Risk ​ 11,890,066 ​ 11,008,314 ​ Brokered ​ 14,233,764 ​ 16,864,888 ​ Total non-risk-sharing servicing portfolio ​ $ 71,624,643 ​ $ 67,296,215 ​ Total loans serviced for others ​ $ 145,781,348 ​ $ 137,349,124 ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for investment (full risk) ​ $ 160,391 ​ $ 36,926 ​ Interim Program JV Managed Loans(1) ​ ​ 17,099 ​ ​ 76,215 ​ ​ ​ ​ ​ ​ ​ ​ ​ At-risk servicing portfolio(2) ​ $ 70,499,346 ​ $ 65,378,944 ​ Maximum exposure to at-risk portfolio(3) ​ 14,433,243 ​ 13,382,410 ​ Defaulted loans(4) ​ 198,638 ​ 108,530 ​ ​ ​ ​ ​ ​ ​ ​ ​ Defaulted loans as a percentage of the at-risk portfolio ​ ​ 0.28 % ​ 0.17 % Allowance for risk-sharing as a percentage of the at-risk portfolio ​ ​ 0.07 ​ ​ 0.05 ​ Allowance for risk-sharing as a percentage of maximum exposure ​ ​ 0.34 ​ ​ 0.25 ​ (1) As of June 30, 2026 and 2025, this balance consisted 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, which was $3.1 million and $6.8 million at June 30, 2026 and 2025, respectively. 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 pre-securitized portfolio that are probable of foreclosure or that have foreclosed and for which the Company has recorded a collateral-based reserve (i.e., loans where we have assessed a probable loss). Other loans that are delinquent 61 Table of Contents 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 the Company are not included here. Fannie Mae DUS risk-sharing obligations are based on a tiered formula and represent substantially all of our risk-sharing activities. The risk-sharing tiers and the amount of the risk-sharing obligations we absorb under full risk-sharing are provided below. Except as described in the following paragraph, the maximum amount of risk-sharing obligations we absorb at the time of default is generally 20% of the origination UPB of the loan. ​ ​ ​ ​ Risk-Sharing Losses ​ ​ ​ Percentage Absorbed by Us First 5% of UPB at the time of loss settlement ​ 100% Next 20% of UPB at the time of loss settlement ​ 25% Losses above 25% of UPB at the time of loss settlement ​ 10% Maximum loss 20% of origination UPB Fannie Mae can increase our loss up to 100% of the loss if the loan does not meet specific underwriting criteria or if a loan defaults within 12 months of its sale to Fannie Mae. We may request modified risk-sharing at the time of origination, which reduces our potential risk-sharing obligation from the levels described above. At times, we have, and may in the future, agree to a higher risk-sharing percentage (up to 100% of UPB) after origination and under limited circumstances. We have a loss-sharing arrangement with Freddie Mac related to SBLs that is only applicable to SBLs that are pre-securitized and outstanding for more than 12 months. If a loan defaults prior to securitization, we are required to share the losses with Freddie Mac. Our loss-sharing arrangement is a 10% top loss, meaning that we are responsible for the first 10% of the losses incurred on such defaulted loans. We received an insignificant loss settlement notice from Freddie Mac in the first quarter of 2026 related to one defaulted loan and paid the loss settlement accordingly. We use several techniques to manage our risk exposure under the Fannie Mae DUS risk-sharing program. These techniques include maintaining a strong underwriting and approval process, evaluating and modifying our underwriting criteria given the underlying multifamily housing market fundamentals, limiting our geographic market and borrower exposures, and electing the modified risk-sharing option under the Fannie Mae DUS program. The “Business” section of “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2025 Form 10-K contains a discussion of the risk-sharing caps we have with Fannie Mae. We regularly monitor the credit quality of all loans for which we have a risk-sharing obligation. Loans with indicators of underperforming credit are placed on a watch list, assigned a numerical risk rating based on our assessment of the relative credit weakness, and subjected to additional evaluation or loss mitigation. Indicators of underperforming credit include poor financial performance, poor physical condition, poor management, and delinquency. A collateral-based reserve is recorded when it is probable that a risk-sharing loan will foreclose or has foreclosed and it is expected to result in a loss for the Company, and a reserve for estimated credit losses and a guaranty obligation are recorded for all other risk-sharing loans. We do not record a collateral-based reserve when it is probable that a risk-sharing loan will foreclose or has foreclosed, and the disposition proceeds are expected to be higher than the UPB, resulting in no losses for the Company. The allowance for risk-sharing obligations related to the Company’s $69.5 billion at-risk Fannie Mae servicing portfolio and our Freddie Mac defaulted SBLs that is based on a collective evaluation as of June 30, 2026 was $25.4 million compared to $25.0 million as of December 31, 2025. As of June 30, 2026, 16 loans (14 Fannie Mae loans and two Freddie Mac SBLs) were in default with an aggregate UPB of $198.6 million compared to eight loans (five Fannie Mae loans and three Freddie Mac SBLs) with an aggregate UPB of $108.5 million that were in default as of June 30, 2025. The collateral-based reserve on defaulted loans was $23.7 million and $8.6 million as of June 30, 2026 and 2025, respectively. We had a provision for risk-sharing obligations of $10.4 million for the three months ended June 30, 2026 compared to $1.3 million for the three months ended June 30, 2025. We had a provision for risk-sharing obligations of $12.0 million for the six months ended June 30, 2026 compared to $5.0 million for the six months ended June 30, 2025. 62 Table of Contents Loan Repurchases We are obligated to repurchase loans that are originated for the GSEs’ programs if certain representations and warranties that we provide in connection with the sale of the loans through these programs are breached. In lieu of repurchasing a loan directly from the GSEs, we have entered into Indemnification and Repurchase Agreements. These indemnification agreements delay the requirement to repurchase the loan for periods of up to two years, and in exchange we fund a collateral reserve generally equal to 20% of the UPB of the loans or an agreed upon amount based on the unsecured portion of the loans and pay a financing fee to the GSE for the uncollateralized portion of the UPB. When we agree to repurchase or indemnify the GSEs, we are required to report the loan or underlying collateral as an asset and the related obligation to repurchase the loans or indemnification liability to the GSE as a liability on our Condensed Consolidated Balance Sheets. NOTE 5 in the condensed consolidated financial statements provides additional details related to our repurchase and indemnification activity and balances as of June 30, 2026. As of June 30, 2026, we have either repurchased, or agreed to indemnify and repurchase (collectively, “Repurchased Loans”), $193.3 million of loans from the GSEs and recognized $54.3 million of collateral-based reserves associated with these loans. We have fully repurchased $57.1 million of these loans from the GSEs and agreed to indemnify and repurchase the remaining $136.2 million of loans—and funded an escrow reserve with the GSEs totaling $50.6 million in connection with those agreements. Of the total Repurchased Loans, $142.9 million are included in Loans held for investment, net of $39.6 million of estimated collateral reserves based on the estimated fair value of the underlying collateral. The remaining $50.4 million are included in Other assets, net of $14.7 million impairments based on the estimated fair value of the underlying collateral. New/Recent Accounting Pronouncements As seen in NOTE 2 in the condensed consolidated financial statements in Item 1 of Part I of this Form 10-Q, there were no accounting pronouncements that the Financial Accounting Standards Board has issued that have the potential to materially impact us as of June 30, 2026.