Walker & Dunlop Inc 2026年季度报告

FORM 10-Q Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file suchreports), and (2)has been subject to such filing requirements for the past 90days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that theregistrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. Large Accelerated Filer☒Smaller Reporting Company☐Accelerated Filer☐Emerging Growth Company☐Non-accelerated Filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☒As of April 30, 2026, there were 34,331,241 total shares of common stock outstanding. Walker & Dunlop, Inc.Form10-QINDEX PART IFINANCIAL INFORMATION3Item1.Financial Statements3Item2.Management's Discussion and Analysis of Financial Condition and Results of Operations30Item 3.Quantitative and Qualitative Disclosures About Market Risk57Item 4.Controls and Procedures58PART IIOTHER INFORMATION58Item1.Legal Proceedings58Item1A.Risk Factors58Item2.Unregistered Sales of Equity Securities and Use of Proceeds59Item 3.Defaults Upon Senior Securities59Item 4.Mine Safety Disclosures59Item 5.Other Information59Item6.Exhibits60Signatures61 PART I FINANCIAL INFORMATION Walker & Dunlop, Inc. and SubsidiariesCondensed Consolidated Balance Sheets(In thousands, except per share data)(Unaudited) March31,2026December31,2025AssetsCash and cash equivalents$192,527$299,315Restricted cash34,41922,772Pledged securities, at fair value228,646224,954Loans held for sale, at fair value2,546,8601,436,350Mortgage servicing rights795,754808,145Goodwill868,710868,710Other intangible assets138,123141,877Receivables, net424,393419,358Committed investments in tax credit equity265,368241,401Other assets670,660596,596Total assets$6,165,460$5,059,478 Walker & Dunlop, Inc. and SubsidiariesCondensed Consolidated Statements of Income and Comprehensive Income(In thousands, except per share data)(Unaudited) For the three months endedMarch31,20262025RevenuesLoan origination and debt brokerage fees, net$88,532$46,381Fair value of expected net cash flows from servicing, net of guaranty obligation46,77327,811Servicing fees85,43782,221Property sales broker fees13,17913,521Investment management fees10,2269,682Net warehouse interest income (expense)25(786)Placement fees and other interest income32,70433,211Other revenues24,45525,326Total revenues$301,331$237,367 Walker & Dunlop, Inc. and SubsidiariesCondensed Consolidated Statements of Changes in Equity(In thousands, except per share data)(Unaudited) Walker & Dunlop, Inc. and SubsidiariesCondensed Consolidated Statements of Cash Flows(In thousands)(Unaudited) For the three months ended March31,20262025Cash flows from operating activitiesNet income before noncontrolling interests and temporary equity holders$17,928$2,725Adjustments to reconcile net income to net cash provided by (used in) operating activities:Gains attributable to the fair value of future servicing rights, net of guaranty obligation(46,773)(27,811)Change in the fair value of premiums and origination fees(13,412)1,074Amortization and depreciation62,96457,621Provision (benefit) for credit losses4,1183,712Indemnified and repurchased loans expenses - loan repurchase losses6,950—Originations of loans held for sale(3,906,787)(1,199,612)Proceeds from transfers of loans held for sale2,795,446999,647Other operating activities, net(64,346)(118,464)Net cash provided by (used in) operating activities$(1,143,912)$(281,108) Capital expenditures$(1,887)$(3,628)Capital invested in equity-method investments(3,118)(8,965)Purchases of pledged available-for-sale ("AFS") securities(22,894)(16,989)Proceeds from prepayment and sale of pledged AFS securities3,3412,406Originations and repurchase of loans held for investment(23,418)(13,371)Other investing activities, net7,8971,165Net cash provided by (used in) investing activities$(40,079)$(39,382) Borrowings (repayments) of warehouse notes payable, net$1,118,166$199,823Repayments of corporate notes payable(1,125)(328,481)Borrowing