Walker & Dunlop (WD) 10-Q 9 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Entity File Number	001-35000
Entity Registrant Name	Walker & Dunlop, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	80-0629925
Entity Address, Address Line One	7272 Wisconsin Avenue, Suite 1300
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	301
Local Phone Number	215-5500
Title of 12(b) Security	Common Stock, $0.01 Par Value Per Share
Trading Symbol	WD
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,012,082
Entity Central Index Key	0001497770
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 152,188	$ 305,635
Restricted cash	40,246	42,812
Pledged securities, at fair value	151,413	148,996
Loans held for sale, at fair value	2,180,117	1,811,586
Loans held for investment, net	247,106	269,125
Mortgage servicing rights	967,770	953,845
Goodwill	948,164	698,635
Other intangible assets	202,834	183,904
Derivative assets	255,295	37,364
Receivables, net	216,963	212,019
Committed investments in tax credit equity	214,430	177,322
Other assets	426,487	364,746
Total assets	6,003,013	5,205,989
Liabilities
Warehouse notes payable	2,545,406	1,941,572
Note payable	711,107	740,174
Allowance for risk-sharing obligations	49,658	62,636
Derivative liabilities	24,054	6,403
Commitments to fund investments in tax credit equity	198,073	162,747
Other liabilities	780,012	714,250
Total liabilities	4,308,310	3,627,782
Equity
Preferred stock (authorized 50,000 shares; none issued)
Common stock ($0.01 par value; authorized 200,000 shares; issued and outstanding 32,344 shares at September 30, 2022 and 32,049 shares at December 31, 2021)	323	320
Additional paid-in capital ("APIC")	407,417	393,022
Accumulated other comprehensive income (loss) ("AOCI")	(1,460)	2,558
Retained earnings	1,256,663	1,154,252
Total stockholders' equity	1,662,943	1,550,152
Noncontrolling interests	31,760	28,055
Total equity	1,694,703	1,578,207
Commitments and contingencies (NOTES 2 and 9)
Total liabilities and equity	$ 6,003,013	$ 5,205,989

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 2022	Dec. 31, 2021
Consolidated Balance Sheets
Preferred shares, authorized	50,000	50,000
Preferred shares, issued	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized	200,000	200,000
Common stock, issued	32,344	32,049
Common stock, outstanding	32,344	32,049

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Total revenues	$ 315,611			$ 346,290			$ 975,903	$ 851,989
Expenses
Personnel	157,059			170,181			469,608	407,817
Amortization and depreciation	59,846			53,498			177,101	148,879
Provision (benefit) for credit losses	1,218			1,266			(13,120)	(14,380)
Interest expense on corporate debt	9,306			1,766			22,123	5,291
Other operating expenses	33,991			24,836			102,400	62,171
Total expenses	261,420			251,547			758,112	609,778
Income from operations	54,191			94,743			217,791	242,211
Income tax expense	7,532			22,953			46,495	56,311
Net income before noncontrolling interests	46,659			71,790			171,296	185,900
Less: net income (loss) from noncontrolling interests	(174)	$ (179)	$ (679)	69			(1,032)	69
Walker and Dunlop net income	46,833	$ 54,286	$ 71,209	71,721	$ 56,058	$ 58,052	172,328	185,831
Net change in unrealized gains (losses) on pledged available-for-sale securities, net of taxes	(1,238)			159			(4,018)	769
Walker and Dunlop comprehensive income	$ 45,595			$ 71,880			$ 168,310	$ 186,600
Basic earnings per share (NOTE 10)	$ 1.41			$ 2.23			$ 5.18	$ 5.80
Diluted earnings per share (NOTE 10)	$ 1.40			$ 2.21			$ 5.13	$ 5.73
Basic weighted average shares outstanding	32,290			31,064			32,300	30,969
Diluted weighted average shares outstanding	32,620			31,459			32,645	31,367
Loan origination and debt brokerage fees, Net
Revenues
Total revenues	$ 90,858			$ 123,242			$ 275,773	$ 306,593
Fair value of expected net cash flows from servicing, net
Revenues
Total revenues	55,291			89,482			159,970	209,266
Servicing fees
Revenues
Total revenues	75,975			70,628			222,916	205,658
Property sales broker fees
Revenues
Total revenues	30,308			33,677			100,092	65,173
Investment management fees
Revenues
Total revenues	16,301			2,564			47,345	9,115
Net warehouse interest income
Revenues
Total revenues	3,980			5,583			14,021	14,768
Escrow earnings and other interest income
Revenues
Total revenues	18,129			2,032			26,683	5,972
Other revenue
Revenues
Total revenues	$ 24,769			$ 19,082			$ 129,103	$ 35,444

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	APIC	AOCI	Retained Earnings	Noncontrolling Interests	Total
Balances at the beginning of the period at Dec. 31, 2020	$ 307	$ 241,004	$ 1,968	$ 952,943		$ 1,196,222
Balance at the beginning of the period (in shares) at Dec. 31, 2020	30,678
Change in Stockholders' Equity
Walker and Dunlop net income				58,052		58,052
Other comprehensive income (loss), net of tax			(158)			(158)
Stock-based compensation - equity classified		7,836				7,836
Issuance of common stock in connection with equity compensation plans	$ 4	12,602				12,606
Issuance of common stock in connection with equity compensation plans (in shares)	430
Repurchase and retirement of common stock	$ (1)	(13,373)				(13,374)
Repurchase and retirement of common stock (in shares)	(131)
Cash dividends paid				(16,052)		(16,052)
Balances at the end of the period at Mar. 31, 2021	$ 310	248,069	1,810	994,943		1,245,132
Balance at the end of the period (in shares) at Mar. 31, 2021	30,977
Balances at the beginning of the period at Dec. 31, 2020	$ 307	241,004	1,968	952,943		1,196,222
Balance at the beginning of the period (in shares) at Dec. 31, 2020	30,678
Change in Stockholders' Equity
Walker and Dunlop net income						185,831
Net income (loss) from noncontrolling interests						69
Balances at the end of the period at Sep. 30, 2021	$ 312	271,562	2,737	1,090,506	$ 18,819	1,383,936
Balance at the end of the period (in shares) at Sep. 30, 2021	31,194
Balances at the beginning of the period at Mar. 31, 2021	$ 310	248,069	1,810	994,943		1,245,132
Balance at the beginning of the period (in shares) at Mar. 31, 2021	30,977
Change in Stockholders' Equity
Walker and Dunlop net income				56,058		56,058
Other comprehensive income (loss), net of tax			768			768
Stock-based compensation - equity classified		7,892				7,892
Issuance of common stock in connection with equity compensation plans	$ 1	530				531
Issuance of common stock in connection with equity compensation plans (in shares)	64
Repurchase and retirement of common stock	$ (1)	(815)				(816)
Repurchase and retirement of common stock (in shares)	(7)
Cash dividends paid				(16,070)		(16,070)
Balances at the end of the period at Jun. 30, 2021	$ 310	255,676	2,578	1,034,931		1,293,495
Balance at the end of the period (in shares) at Jun. 30, 2021	31,034
Change in Stockholders' Equity
Walker and Dunlop net income				71,721		71,721
Net income (loss) from noncontrolling interests					69	69
Other comprehensive income (loss), net of tax			159			159
Stock-based compensation - equity classified		10,426				10,426
Issuance of common stock in connection with acquisitions	$ 1	5,249				5,250
Issuance of common stock in connection with acquisitions (in shares)	50
Issuance of common stock in connection with equity compensation plans	$ 2	1,706				1,708
Issuance of common stock in connection with equity compensation plans (in shares)	124
Repurchase and retirement of common stock	$ (1)	(1,495)				(1,496)
Repurchase and retirement of common stock (in shares)	(14)
Noncontrolling interests from acquisitions					18,750	18,750
Cash dividends paid				(16,146)		(16,146)
Balances at the end of the period at Sep. 30, 2021	$ 312	271,562	2,737	1,090,506	18,819	1,383,936
Balance at the end of the period (in shares) at Sep. 30, 2021	31,194
Balances at the beginning of the period at Dec. 31, 2021	$ 320	393,022	2,558	1,154,252	28,055	1,578,207
Balances at the beginning of the period at Dec. 31, 2021						$ 1,550,152
Balance at the beginning of the period (in shares) at Dec. 31, 2021	32,049					32,049
Change in Stockholders' Equity
Walker and Dunlop net income				71,209		$ 71,209
Net income (loss) from noncontrolling interests					(679)	(679)
Other comprehensive income (loss), net of tax			(970)			(970)
Stock-based compensation - equity classified		10,812				10,812
Issuance of common stock in connection with equity compensation plans	$ 5	15,526				15,531
Issuance of common stock in connection with equity compensation plans (in shares)	544
Repurchase and retirement of common stock	$ (1)	(27,048)				(27,049)
Repurchase and retirement of common stock (in shares)	(195)
Cash dividends paid				(20,077)		(20,077)
Other activity (NOTE 10)		(5,303)			15,490	10,187
Balances at the end of the period at Mar. 31, 2022	$ 324	387,009	1,588	1,205,384	42,866	1,637,171
Balance at the end of the period (in shares) at Mar. 31, 2022	32,398
Balances at the beginning of the period at Dec. 31, 2021	$ 320	393,022	2,558	1,154,252	28,055	1,578,207
Balances at the beginning of the period at Dec. 31, 2021						$ 1,550,152
Balance at the beginning of the period (in shares) at Dec. 31, 2021	32,049					32,049
Change in Stockholders' Equity
Walker and Dunlop net income						$ 172,328
Net income (loss) from noncontrolling interests						(1,032)
Balances at the end of the period at Sep. 30, 2022	$ 323	407,417	(1,460)	1,256,663	31,760	1,694,703
Balances at the end of the period at Sep. 30, 2022						$ 1,662,943
Balance at the end of the period (in shares) at Sep. 30, 2022	32,344					32,344
Balances at the beginning of the period at Mar. 31, 2022	$ 324	387,009	1,588	1,205,384	42,866	$ 1,637,171
Balance at the beginning of the period (in shares) at Mar. 31, 2022	32,398
Change in Stockholders' Equity
Walker and Dunlop net income				54,286		54,286
Net income (loss) from noncontrolling interests					(179)	(179)
Other comprehensive income (loss), net of tax			(1,810)			(1,810)
Stock-based compensation - equity classified		9,980				9,980
Issuance of common stock in connection with equity compensation plans		110				110
Issuance of common stock in connection with equity compensation plans (in shares)	43
Repurchase and retirement of common stock	$ (1)	(2,409)		(9,892)		(12,302)
Repurchase and retirement of common stock (in shares)	(119)
Distributions to noncontrolling interest holders					(1,675)	(1,675)
Cash dividends paid				(20,066)		(20,066)
Other activity (NOTE 10)		8,978			(8,718)	260
Balances at the end of the period at Jun. 30, 2022	$ 323	403,668	(222)	1,229,712	32,294	1,665,775
Balance at the end of the period (in shares) at Jun. 30, 2022	32,322
Change in Stockholders' Equity
Walker and Dunlop net income				46,833		46,833
Net income (loss) from noncontrolling interests					(174)	(174)
Other comprehensive income (loss), net of tax			(1,238)			(1,238)
Stock-based compensation - equity classified		5,185				5,185
Issuance of common stock in connection with equity compensation plans (in shares)	36
Repurchase and retirement of common stock		(1,436)				(1,436)
Repurchase and retirement of common stock (in shares)	(14)
Distributions to noncontrolling interest holders					(360)	(360)
Cash dividends paid				(19,882)		(19,882)
Balances at the end of the period at Sep. 30, 2022	$ 323	$ 407,417	$ (1,460)	$ 1,256,663	$ 31,760	1,694,703
Balances at the end of the period at Sep. 30, 2022						$ 1,662,943
Balance at the end of the period (in shares) at Sep. 30, 2022	32,344					32,344

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
TOTAL EQUITY.
Cash dividends paid. amount per common share	$ 0.60	$ 0.60	$ 0.60	$ 0.50	$ 0.50	$ 0.50

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net income before noncontrolling interests	$ 171,296	$ 185,900
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gains attributable to the fair value of future servicing rights, net of guaranty obligation	(159,970)	(209,266)
Change in the fair value of premiums and origination fees	8,586	6,909
Amortization and depreciation	177,101	148,879
Provision (benefit) for credit losses	(13,120)	(14,380)
Gain from revaluation of previously held equity-method investment	(39,641)
Originations of loans held for sale	(13,877,961)	(12,761,432)
Proceeds from transfers of loans held for sale	13,283,455	12,459,511
Other operating activities, net	(16,512)	(13,100)
Net cash provided by (used in) operating activities	(466,766)	(196,979)
Cash flows from investing activities
Capital expenditures	(19,302)	(5,507)
Purchase of equity-method investments	(25,098)	(8,029)
Purchase of pledged available-for-sale ("AFS") securities	(51,302)	(7,250)
Proceeds from prepayment and sale of pledged AFS securities	9,261	28,781
Investments in joint ventures	(5,040)	(58,065)
Distributions from joint ventures	11,926	34,012
Acquisitions, net of cash acquired	(114,163)	(62,208)
Originations of loans held for investment	(50,772)	(269,737)
Principal collected on loans held for investment upon payoff	73,500	397,328
Net cash provided by (used in) investing activities	(170,990)	49,325
Cash flows from financing activities
Borrowings (repayments) of warehouse notes payable, net	593,685	333,887
Borrowings of interim warehouse notes payable	36,459	154,661
Repayments of interim warehouse notes payable	(26,000)	(157,277)
Repayments of notes payable	(29,487)	(2,234)
Repayments of secured borrowings		(73,312)
Proceeds from issuance of common stock	263	5,256
Repurchase of common stock	(40,675)	(15,686)
Cash dividends paid	(60,025)	(48,268)
Payment of contingent consideration	(19,720)
Distributions to noncontrolling interests	(2,035)
Debt issuance costs	(2,831)	(2,762)
Net cash provided by (used in) financing activities	449,634	194,265
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents (NOTE 2)	(188,122)	46,611
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period	393,180	358,002
Total of cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	205,058	404,613
Supplemental Disclosure of Cash Flow Information:
Cash paid to third parties for interest	48,590	24,906
Cash paid for income taxes	$ 56,099	$ 38,728

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Supplemental Disclosure of Non-Cash Activity:
Issuance of common stock in connection with acquisitions		$ 5,250
Issuance of common stock to settle compensation liabilities	$ 6,551	9,589
Issuance of common stock to settle contingent consideration liabilities (NOTE 7)	8,750
Net increase (decrease) in total equity due to consolidations of tax credit entities (NOTE 10)	10,447
Net increase (decrease) in total assets due to consolidations of tax credit entities (NOTE 10)	13,700
Net increase (decrease) in total liabilities due to consolidations of tax credit entities (NOTE 10)	3,559
Forgiveness of a receivable the Company had with an acquired joint venture (NOTE 7)	5,460
Additions of contingent consideration liabilities from acquisitions (NOTE 7)	$ 119,955	$ 7,504

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2022
ORGANIZATION AND BASIS OF PRESENTATION
Organization and Basis of Presentation	NOTE 1—ORGANIZATION AND BASIS OF PRESENTATION These financial statements represent the condensed consolidated financial position and results of operations of Walker & Dunlop, Inc. and its subsidiaries. Unless the context otherwise requires, references to “we,” “us,” “our,” “Walker & Dunlop” and the “Company” mean the Walker & Dunlop consolidated companies. The statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they may not include certain financial statement disclosures and other information required for annual financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”). In the opinion of management, all adjustments considered necessary for a fair presentation of the results for the Company in the interim periods presented have been included. Results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 or thereafter. Walker & Dunlop, Inc. is a holding company and conducts the majority of its operations through Walker & Dunlop, LLC, the operating company. Walker & Dunlop is one of the leading commercial real estate services and finance companies in the United States. The Company originates, sells, and services a range of commercial real estate debt and equity financing products, provides multifamily property sales brokerage and valuation services, engages in commercial real estate investment management activities with a particular focus on the affordable housing sector through low-income housing tax credit (“LIHTC”) syndication, provides housing market research, and delivers real estate-related investment banking and advisory services. Through its agency lending products, the Company originates and sells loans pursuant to the programs of the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac” and, together with Fannie Mae, the “GSEs”), the Government National Mortgage Association (“Ginnie Mae”), and the Federal Housing Administration, a division of the U.S. Department of Housing and Urban Development (together with Ginnie Mae, “HUD”). Through its debt brokerage products, the Company brokers, and in some cases services, loans for various life insurance companies, commercial banks, commercial mortgage-backed securities issuers, and other institutional investors.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Summary of Significant Accounting Policies	NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation If the Company determines it does not hold a variable interest in a VIE, it then applies the voting interest model. Under the voting interest model, the Company consolidates an entity when it holds a majority voting interest in an entity. If the Company does not have a majority voting interest but has significant influence, it uses the equity method of accounting. In instances where the Company owns less than 100% of the equity interests of an entity but holds a controlling financial interest and is the primary beneficiary or owns a majority of the voting interests, the Company accounts for the portion of equity not attributable to Walker & Dunlop, Inc. as Noncontrolling interests Net income (loss) from noncontrolling interests Subsequent Events Use of Estimates combinations, estimation of the fair value of the Apprise joint venture (as discussed in NOTE 7), and the disclosure of contingent assets and liabilities. Actual results may vary from these estimates. Co-broker Fees— Loan origination and debt brokerage fees, net Loans Held for Investment, net As of September 30, 2022, Loans held for investment, net Loans held for investment, net One loan held for investment with an unpaid principal balance of $14.7 million was delinquent and on non-accrual status as of September 30, 2022 and December 31, 2021. The Company had $3.7 million in collateral-based reserves for this loan as of both September 30, 2022 and December 31, 2021 and has not recorded any interest related to this loan since it went on non-accrual status in 2019. All other loans were current as of September 30, 2022 and December 31, 2021. The amortized cost basis of loans that were current as of September 30, 2022 and December 31, 2021 was $236.1 million and $258.6 million, respectively. As of September 30, 2022, $48.6 million, $162.2 million, and $26.3 million of the loans that were current were originated in 2022, 2021, and 2019, respectively. Other than the defaulted loan noted above, the Company has never experienced any delinquencies related to loans held for investment. Provision (Benefit) for Credit Losses — Provision (benefit) for credit losses Provision (benefit) for credit losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ ​ September 30, ​ September 30, ​ Components of Provision (Benefit) for Credit Losses (in thousands) 2022 2021 2022 2021 Provision (benefit) for loan losses ​ $ 35 ​ $ (12) ​ $ (142) ​ $ (674) ​ Provision (benefit) for risk-sharing obligations ​ 1,183 ​ 1,278 ​ (12,978) ​ (13,706) ​ Provision (benefit) for credit losses ​ $ 1,218 ​ $ 1,266 ​ $ (13,120) ​ $ (14,380) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Warehouse Interest Income— Net warehouse interest income principal balance of the loans and secured borrowing for the nine months ended September 30, 2021. Included in Net warehouse interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ ​ September 30, ​ September 30, ​ Components of Net Warehouse Interest Income (in thousands) 2022 2021 2022 2021 Warehouse interest income - loans held for sale ​ $ 14,517 ​ $ 11,334 ​ $ 35,555 ​ $ 28,315 ​ Warehouse interest expense - loans held for sale ​ (12,339) ​ (7,611) ​ (26,140) ​ (19,249) ​ Net warehouse interest income - loans held for sale ​ $ 2,178 ​ $ 3,723 ​ $ 9,415 ​ $ 9,066 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warehouse interest income - loans held for investment ​ $ 3,896 ​ $ 3,108 ​ $ 9,261 ​ $ 9,298 ​ Warehouse interest expense - loans held for investment ​ (2,094) ​ (1,248) ​ (4,655) ​ (3,596) ​ Net warehouse interest income - loans held for investment ​ $ 1,802 ​ $ 1,860 ​ $ 4,606 ​ $ 5,702 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net warehouse interest income ​ $ 3,980 ​ $ 5,583 ​ $ 14,021 ​ $ 14,768 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statement of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ (in thousands) 2022 2021 2021 2020 Cash and cash equivalents $ 152,188 ​ $ 318,188 ​ $ 305,635 ​ $ 321,097 ​ Restricted cash ​ 40,246 ​ ​ 34,875 ​ ​ 42,812 ​ ​ 19,432 ​ Pledged cash and cash equivalents (NOTE 9) 12,624 ​ 51,550 ​ 44,733 ​ 17,473 ​ Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 205,058 ​ $ 404,613 ​ $ 393,180 ​ $ 358,002 ​ ​ Income Taxes ​ Contracts with Customers The majority of the Company’s contracts with customers do not require significant judgment or material estimates that affect the determination of the transaction price (including the assessment of variable consideration), the allocation of the transaction price to performance obligations, and the determination of the timing of the satisfaction of performance obligations. Additionally, the earnings process for the majority all of the Company’s contracts with customers is not complicated and is generally completed in a short period of time. The following table presents information about the Company’s contracts with customers for the three and nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ ​ ​ September 30, ​ September 30, ​ ​ Description in thousands 2022 2021 2022 2021 Statement of income line item Certain loan origination fees ​ $ 40,076 ​ $ 46,527 ​ $ 130,722 ​ $ 113,650 ​ Loan origination and debt brokerage fees, net Property sales broker fees ​ ​ 30,308 ​ ​ 33,677 ​ ​ 100,092 ​ ​ 65,173 ​ Property sales broker fees Investment management fees ​ ​ 16,301 ​ ​ 2,564 ​ ​ 47,345 ​ ​ 9,115 ​ Investment management fees Application fees, subscription revenues, other revenues from LIHTC operations, and other revenues ​ 12,643 ​ 8,372 ​ 55,384 ​ 15,999 ​ Other revenues Total revenues derived from contracts with customers ​ $ 99,328 ​ $ 91,140 ​ $ 333,543 ​ $ 203,937 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Litigation Recently Adopted and Recently Announced Accounting Pronouncement s Reclassifications

MORTGAGE SERVICING RIGHTS

MORTGAGE SERVICING RIGHTS	9 Months Ended
	Sep. 30, 2022
MSRs
Mortgage Servicing Rights
Mortgage Servicing Rights	NOTE 3—MORTGAGE SERVICING RIGHTS The fair value of the mortgage servicing rights (“MSRs”) was $1.3 billion as of both September 30, 2022 and December 31, 2021. The Company uses a discounted static cash flow valuation approach, and the key economic assumption is the discount rate. For example, see the following sensitivities related to the discount rate: The impact of a 100 - basis point increase in the discount rate at September 30, 2022 would be a decrease in the fair value of $40.6 million to the MSRs outstanding as of September 30, 2022. The impact of a 200 - basis point increase in the discount rate at September 30, 2022 would be a decrease in the fair value of $78.6 million to the MSRs outstanding as of September 30, 2022. These sensitivities are hypothetical and should be used with caution. These estimates do not include interplay among assumptions and are estimated as a portfolio rather than individual assets. Activity related to MSRs for the three and nine months ended September 30, 2022 and 2021 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ September 30, ​ September 30, Roll Forward of MSRs (in thousands) 2022 2021 2022 2021 Beginning balance ​ $ 978,745 ​ $ 915,519 ​ $ 953,845 ​ $ 862,813 ​ Additions, following the sale of loan ​ 45,454 ​ 70,095 ​ 182,753 ​ 224,035 ​ Amortization ​ (47,391) ​ (44,402) ​ (140,846) ​ (130,868) ​ Pre-payments and write-offs ​ (9,038) ​ (11,387) ​ (27,982) ​ (26,155) ​ Ending balance ​ $ 967,770 ​ $ 929,825 ​ $ 967,770 ​ $ 929,825 ​ ​ The following table summarizes the gross value, accumulated amortization, and net carrying value of the Company’s MSRs as of September 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ Components of MSRs (in thousands) ​ September 30, 2022 ​ December 31, 2021 Gross value ​ $ 1,622,213 ​ $ 1,548,870 Accumulated amortization ​ (654,443) ​ (595,025) Net carrying value ​ $ 967,770 ​ $ 953,845 ​ The expected amortization of MSRs shown in the Condensed Consolidated Balance Sheet as of September 30, 2022 is shown in the table below. Actual amortization may vary from these estimates. ​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Three Months Ending December 31, ​ ​ ​ 2022 ​ $ 46,639 Year Ending December 31, ​ ​ ​ 2023 ​ $ 180,469 2024 ​ 163,771 2025 ​ 141,014 2026 ​ 119,503 2027 ​ 101,362 Thereafter ​ ​ 215,012 Total ​ $ 967,770 ​

ALLOWANCE FOR RISK-SHARING OBLI

ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION	9 Months Ended
	Sep. 30, 2022
ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION
Allowance For Risk-Sharing Obligations and Guaranty Obligation	NOTE 4—ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION When a loan is sold under the Fannie Mae DUS program, the Company typically agrees to guarantee a portion of the ultimate loss incurred on the loan should the borrower fail to perform. The compensation for this risk is a component of the servicing fee on the loan. The guaranty is in force while the loan is outstanding. The Company does not provide a guaranty for any other loan product it sells or brokers. Substantially all loans sold under the Fannie Mae DUS program contain modified or full-risk sharing guaranties that are based on the credit performance of the loan. The Company records an estimate of the contingent loss reserve for Current Expected Credit Losses (“CECL”) for all loans in its Fannie Mae at-risk servicing portfolio and presents this loss reserve as Allowance for risk-sharing obligations Other liabilities Activity related to the allowance for risk-sharing obligations for the three and nine months ended September 30, 2022 and 2021 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ September 30, ​ September 30, Roll Forward of Allowance for Risk-Sharing Obligations (in thousands) 2022 2021 2022 2021 Beginning balance ​ $ 48,475 ​ $ 60,329 ​ $ 62,636 ​ $ 75,313 ​ Provision (benefit) for risk-sharing obligations ​ 1,183 ​ 1,278 ​ (12,978) ​ (13,706) ​ Write-offs ​ — ​ — ​ — ​ — ​ Ending balance ​ $ 49,658 ​ $ 61,607 ​ $ 49,658 ​ $ 61,607 ​ ​ During the first quarter of 2022, the Company updated its historical loss rate factor calculation to the current 10-year During the first three quarters of 2021, reported and forecasted unemployment rates significantly improved compared to December 31, 2020. In response to improving unemployment statistics and the expected continued overall health of the multifamily market, the Company reduced the loss rate for the forecast period to four basis points as of March 31, 2021 and three basis points as of both June 30, 2021 and September 30, 2021 from six basis points as of December 31, 2020, resulting in the benefit for risk-sharing obligations for the three and nine months ended September 30, 2021, as presented above. The calculated CECL reserve for the Company’s $52.1 billion at-risk Fannie Mae servicing portfolio as of September 30, 2022 was $38.9 million compared to $52.3 million as of December 31, 2021. The weighted-average remaining life of the at-risk Fannie Mae servicing portfolio as of September 30, 2022 was 7.3 years compared to 7.5 years as of December 31, 2021. Three loans had aggregate collateral-based reserves of $10.8 million and $10.3 million as of September 30, 2022 and December 31, 2021, respectively. Activity related to the guaranty obligation for the three and nine months ended September 30, 2022 and 2021 is presented in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ September 30, ​ September 30, Roll Forward of Guaranty Obligation (in thousands) 2022 2021 2022 2021 Beginning balance ​ $ 45,649 ​ $ 50,369 ​ $ 47,378 ​ $ 52,306 ​ Additions, following the sale of loan ​ 1,401 ​ 1,449 ​ 4,711 ​ 4,023 ​ Amortization and write-offs ​ (2,588) ​ (2,758) ​ (7,627) ​ (7,269) ​ Ending balance ​ $ 44,462 ​ $ 49,060 ​ $ 44,462 ​ $ 49,060 ​ ​ As of September 30, 2022 and 2021, the maximum quantifiable contingent liability associated with the Company’s guaranties for the at-risk loans serviced under the Fannie Mae DUS agreement was $10.8 billion and $9.8 billion, respectively. This maximum quantifiable contingent liability relates to the at-risk loans serviced for Fannie Mae at the specific point in time indicated. The maximum quantifiable contingent liability is not representative of the actual loss the Company would incur. The Company would be liable for this amount only if all of the loans it services for Fannie Mae, for which the Company retains some risk of loss, were to default and all of the collateral underlying these loans were determined to be without value at the time of settlement.

SERVICING

SERVICING	9 Months Ended
	Sep. 30, 2022
Loans and Other Servicing Accounts
Servicing
Servicing	NOTE 5—SERVICING The total unpaid principal balance of loans the Company was servicing for various institutional investors was $120.8 billion as of September 30, 2022 compared to $115.7 billion as of December 31, 2021. As of September 30, 2022 and December 31, 2021, custodial escrow accounts relating to loans serviced by the Company totaled $3.1 billion and $3.7 billion, respectively. These amounts are not included in the Condensed Consolidated Balance Sheets as such amounts are not Company assets; however, the Company is entitled to earn fees on these escrow balances, presented as a component of Escrow earnings and other interest income ​

WAREHOUSE NOTES PAYABLE

WAREHOUSE NOTES PAYABLE	9 Months Ended
	Sep. 30, 2022
WAREHOUSE NOTES PAYABLE
Warehouse Notes Payable	NOTE 6—WAREHOUSE NOTES PAYABLE As of September 30, 2022, to provide financing to borrowers under the Agencies’ programs, the Company has committed and uncommitted warehouse lines of credit in the amount of $3.9 billion with certain national banks and a $1.5 billion uncommitted facility with Fannie Mae (collectively, the “Agency Warehouse Facilities”). In support of these Agency Warehouse Facilities, the Company has pledged substantially all of its loans held for sale under the Company’s approved programs. The Company’s ability to originate mortgage loans for sale depends upon its ability to secure and maintain these types of financings on acceptable terms. Additionally, as of September 30, 2022, the Company has arranged for warehouse lines of credit in the amount of $0.5 billion with certain national banks to assist in funding loans held for investment under the Interim Loan Program (“Interim Warehouse Facilities”). The Company has pledged substantially all of its loans held for investment against these Interim Warehouse Facilities. The Company’s ability to originate loans held for investment depends upon its ability to secure and maintain these types of financings on acceptable terms. The Company also has a warehouse line of credit in the amount of $30.0 million with a national bank to assist in funding the Company’s Committed investments in tax credit equity The maximum amount and outstanding borrowings under Warehouse notes payable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ ​ (dollars in thousands) Committed Uncommitted Total Facility Outstanding Facility ​ Amount ​ Amount ​ Capacity ​ Balance ​ Interest rate (1) Agency Warehouse Facility #1 ​ $ 325,000 ​ $ 250,000 ​ $ 575,000 ​ $ 147,070 Adjusted Term SOFR plus 1.30% ​ Agency Warehouse Facility #2 ​ 700,000 ​ 300,000 ​ 1,000,000 ​ 536,956 ​ Adjusted Term SOFR plus 1.30% ​ Agency Warehouse Facility #3 ​ 600,000 ​ 265,000 ​ 865,000 ​ 420,585 Adjusted Term SOFR plus 1.35% ​ Agency Warehouse Facility #4 ​ ​ 200,000 ​ ​ 225,000 ​ ​ 425,000 ​ ​ 92,924 ​ Adjusted Term SOFR plus 1.30% ​ Agency Warehouse Facility #5 ​ ​ — ​ ​ 1,000,000 ​ ​ 1,000,000 ​ ​ 652,773 ​ Adjusted Term SOFR plus 1.45% ​ Total National Bank Agency Warehouse Facilities ​ $ 1,825,000 ​ $ 2,040,000 ​ $ 3,865,000 ​ $ 1,850,308 ​ ​ ​ Fannie Mae repurchase agreement, uncommitted line and open maturity ​ — ​ 1,500,000 ​ 1,500,000 ​ 507,412 ​ ​ Total Agency Warehouse Facilities ​ $ 1,825,000 ​ $ 3,540,000 ​ $ 5,365,000 ​ $ 2,357,720 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interim Warehouse Facility #1 ​ $ 135,000 ​ $ — ​ $ 135,000 ​ $ — Adjusted Term SOFR plus 1.80% ​ Interim Warehouse Facility #2 ​ 100,000 ​ — ​ 100,000 ​ — Adjusted Term SOFR plus 1.35% to 1.85% ​ Interim Warehouse Facility #3 ​ 200,000 ​ — ​ 200,000 ​ 163,468 30-day LIBOR plus 1.75% to 3.25% ​ Interim Warehouse Facility #4 ​ ​ 19,810 ​ ​ — ​ ​ 19,810 ​ ​ 19,810 ​ 30-day LIBOR plus 3.00% ​ Total National Bank Interim Warehouse Facilities ​ $ 454,810 ​ $ — ​ $ 454,810 ​ $ 183,278 ​ ​ ​ Tax Credit Equity Warehouse Facility ​ $ 30,000 ​ $ — ​ $ 30,000 ​ $ 5,300 ​ Adjusted Daily SOFR plus 3.00% ​ Debt issuance costs ​ — ​ — ​ — ​ (892) ​ ​ ​ Total warehouse facilities ​ $ 2,309,810 ​ $ 3,540,000 ​ $ 5,849,810 ​ $ 2,545,406 ​ ​ ​ (1) Interest rate presented does not include the effect of any applicable interest rate floors. ​ During 2022, the following amendments to the Warehouse Facilities were executed in the normal course of business to support the growth of the Company’s business. Agency Warehouse Facilities ​ During the third quarter of 2022, at the Company’s request, an amendment to Agency Warehouse Facility #1 was executed that decreased the committed borrowing capacity from $425.0 million to $325.0 million. In addition to the change in committed borrowing capacity, the amendment added $250 million of uncommitted borrowing capacity and extended the maturity date to August 30, 2023. No other material modifications have been made to the agreement during 2022. During the second quarter of 2022, the Company executed an amendment to Agency Warehouse Facility #2 that extended the maturity date to April 13, 2023 and transitioned the interest rate from 30-day LIBOR to Adjusted Term SOFR plus 130 basis points. No other material modifications have been made to the agreement during 2022. During the second quarter of 2022, the Company executed an amendment related to Agency Warehouse Facility #3 that extended the maturity date to May 15, 2023 and transitioned the interest rate from 30-day LIBOR to Adjusted Term SOFR plus 135 basis points with an Adjusted Term SOFR floor of 15 basis points. No other material modifications have been made to the agreement during 2022. During the second quarter of 2022, the Company executed an amendment related to Agency Warehouse Facility #4 that extended the maturity date to June 22, 2023, increased the total borrowing capacity to $425.0 million from $350.0 million, and transitioned the interest rate from 30-day LIBOR to Adjusted Term SOFR plus 130 basis points. No other material modifications have been made to the agreement during 2022. During the third quarter of 2022, the Company executed an amendment related to Agency Warehouse Facility #5 that extended the maturity date to September 14, 2023. No other material modifications have been made to the agreement during 2022. During the third quarter of 2022, the Company allowed an agency warehouse facility to mature on September 29, 2022, as the Company believed it had sufficient borrowing capacity from the other warehouse lenders. Interim Warehouse Facilities ​ During the second quarter of 2022, the Company executed an amendment related to Interim Warehouse Facility #1 that extended the maturity date to May 15, 2023 and transitioned the interest rate from 30-day LIBOR to Adjusted Term SOFR plus 180 basis points. No other material modifications have been made to the agreement during 2022. During the first quarter of 2022, the Company executed an amendment related to Interim Warehouse Facility #2 that extended the maturity date to December 13, 2023 and transitioned the interest rate from 30-day LIBOR to Adjusted Term SOFR plus 135 to 185 basis points. No other material modifications have been made to the agreement during 2022. During the third quarter of 2022, the Company executed an amendment related to Interim Warehouse Facility #3 that extended the maturity date to September 29, 2023. No other material modifications have been made to the agreement during 2022. During the fourth quarter of 2022, the Company executed an amendment related to Interim Warehouse Facility #4 that extended the maturity date to October 1, 2024 and transitioned the interest rate from 30-day LIBOR to Adjusted Term SOFR plus 311 basis points with an Adjusted Term SOFR floor of 15 basis points. No other material modifications have been made to the agreement during 2022. Tax Credit Equity Warehouse Facility ​ During the third quarter of 2022, the Company executed amendments related to the Tax Credit Equity Warehouse Facility that extended the maturity date to October 14, 2022. Additionally, the amendments transitioned the interest rate from Daily LIBOR plus 300 basis points to Adjusted Daily SOFR plus 300 basis points, with a SOFR floor of 150 basis points. During October 2022, the Company allowed the Tax Credit Equity Warehouse Facility to mature according to the terms of the agreement. In October 2022, the Company, through one of its wholly-owned subsidiaries, replaced the maturing Tax Credit Equity Warehouse Facility with a new warehouse facility with a national bank. The credit agreement is scheduled to mature on October 5, 2025. The facility provides the Company with up to $20.0 million in committed borrowing capacity to fund investments in affordable housing limited partnerships that also secure the borrowings. Borrowings under this facility bear interest at the Adjusted Term SOFR plus 280 basis points, with a SOFR floor of zero basis points. The credit agreement requires the Company to abide by the following financial covenants: ​ ● tangible net worth of the Company of not less than (i) $30.0 million; ​ ● liquid assets of the Company of not less than $15.0 million. ​ The warehouse notes payable are subject to various financial covenants, all of which the Company was in compliance with as of September 30, 2022. Interest on the Company’s warehouse notes payable is based on 30-day LIBOR, Adjusted Term SOFR, or Adjusted Daily SOFR. As a result of the expected transition from LIBOR, the Company has transitioned all of its debt agreements to a SOFR based benchmark or has included fallback language to govern the transition from 30-day LIBOR to an alternative reference rate.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill and Other Intangible Assets	NOTE 7—GOODWILL AND OTHER INTANGIBLE ASSETS ​ Goodwill and Acquisition Activities A summary of the Company’s goodwill for the nine months ended September 30, 2022 and 2021 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended ​ ​ ​ September 30, ​ Roll Forward of Goodwill (in thousands) 2022 2021 Beginning balance ​ $ 698,635 ​ $ 248,958 ​ Additions from acquisitions ​ 222,670 ​ 84,291 ​ Measurement-period adjustments ​ ​ 26,859 ​ ​ — ​ Impairment ​ — ​ — ​ Ending balance ​ $ 948,164 ​ $ 333,249 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The additions to goodwill from acquisitions during 2022 shown in the table above during the nine months ended September 30, 2022 relate to two acquisitions. On February 28, 2022, the Company acquired 100% of the equity interests of GeoPhy B.V. (“GeoPhy”), a Netherlands-based commercial real-estate technology company. As part of the acquisition, the Company also obtained GeoPhy’s 50% interest in the Company’s appraisal joint venture, Apprise. The Company now owns 100% of Apprise and consolidates its balances and its operating results post acquisition. Prior to the acquisition, the Company accounted for its investment in Apprise under the equity method. The fair value of the consideration was $204.6 million and consisted of $82.1 million of cash, $5.5 million of forgiveness of a receivable the Company had with the joint venture (non-cash activity not reflected in the Condensed Consolidated Statements of Cash Flows), and $117.0 million of contingent consideration. ​ GeoPhy’s data analytics and technology development capabilities are expected to accelerate the growth of the Company’s lending, brokerage, and appraisal operations. The GeoPhy acquisition is also expected to allow the Company to meet its goal of $5 billion of annual small-balance lending volume and appraisal revenue of $75 million by 2025 as part of the Company’s overall growth targets. A significant portion of the value associated with the GeoPhy acquisition was related to the assembled workforces with their combined expertise in information technology, data science, and commercial real estate. The Company believes that the combination of GeoPhy’s personnel, appraisal technology platform, and the future development of technology to accelerate growth in the origination of small-balance commercial loans, along with Walker & Dunlop’s financial resources will (i) drive a significant increase in the identification and retention of borrowers in the small-balance segment of the multifamily market and (ii) continue to drive significant growth in appraisal revenues over the next five years. GeoPhy’s financial results since the acquisition and pro-forma information as if the acquisition occurred January 1, 2021 were immaterial. ​ The contingent consideration noted above is contingent on achieving certain Apprise revenue and productivity milestones and small-balance loan volume and revenue milestones over a four-year period. The maximum earnout included as part of the GeoPhy acquisition is $205.0 million. The Company estimated that $132.7 million, or 65% of the maximum earnout, was achievable based on management forecasts. The discounted balance of $117.0 million is 57% of the maximum earnout amount. The Company estimated the fair value of this contingent consideration using a Monte Carlo simulation. The weighted average cost of capital (“WACC”) used for the valuation of the contingent consideration was 17.0% for the Apprise portion of the earnout and 14.5% for the small-balance portion of the earnout. The WACC reflects the additional risk inherent in the Apprise performance estimates as it is still in the startup stage of its development. The estimated achievable earnout amount was discounted using a forward curve for a Company-specific subordinated debt rating. ​ The calculation of goodwill of $206.4 million included the fair value of the consideration transferred of $204.6 million and the acquisition-date fair value of the Company’s previously held equity-method investment in Apprise of $58.5 million. The book value of the Company’s equity-method investment in Apprise prior to the acquisition date was $18.9 million, resulting in a $39.6 million gain from remeasuring to fair value. The gain is included as a component of Other revenues ​ The goodwill resulting from the GeoPhy acquisition was allocated to the Company’s Capital Markets reportable segment. The other assets primarily consisted of technology intangible assets of $31.0 million and deferred tax assets of $9.4 million. The technology intangible assets will be amortized over a 10-year ​ The Company expects a large portion of the goodwill to be tax deductible, with the tax-deductible amount of goodwill related to the contingent consideration to be determined once the cash payments to settle the contingent consideration are made. ​ The second acquisition occurred during the third quarter of 2022 for consideration of $6.0 million of cash and $3.0 million of contingent consideration and resulted in $8.8 million of goodwill. The Company allocated the goodwill from this acquisition to the Company’s Capital Markets reportable segment. The Company expects all of the goodwill from this acquisition to be tax deductible, with the tax-deductible amount of goodwill related to the contingent consideration to be determined once the cash payments to settle the contingent consideration are made. The financial results since the acquisition and pro-forma financial information as if the acquisition occurred on January 1, 2021 were immaterial. ​ The measurement-period adjustments above primarily relate to the Company’s acquisition of Alliant Capital Ltd. (“Alliant”), an acquisition completed in December of 2021, as more fully described in the Company’s 2021 Form 10-K. The measurement-period adjustments consist of (i) $29.7 million additional purchase price consideration related to the settlement of working capital adjustments and (ii) immaterial other adjustments as a result of the Company obtaining additional information. The additional consideration was paid during the third quarter of 2022. The Company has substantially completed the purchase accounting for the Alliant acquisition as of September 30, 2022. During the third quarter of 2022, the Company settled working capital adjustments related to the GeoPhy acquisition, resulting in a $5.5 million reduction in purchase price consideration. The settlement of the cash owed to the Company from GeoPhy for working capital adjustments will be a reduction of the cash paid to settle the contingent consideration achieved in the future. The Company has not completed the purchase accounting for the GeoPhy acquisition as it is waiting for the GeoPhy tax returns to be completed. ​ As discussed in NOTE 11 below, in the first quarter of 2022, the Company began disclosing three reportable segments. The following table shows goodwill by reportable segments as of September 30, 2022. As the Company did not have segment reporting as of December 31, 2021, all of the goodwill balance was allocated to the Company’s one reportable segment as of December 31, 2021. ​ ​ ​ ​ ​ ​ ​ As of Goodwill by Reportable Segment (in thousands) ​ September 30, 2022 Capital Markets ​ $ 451,345 Servicing & Asset Management ​ ​ 496,819 Corporate ​ ​ — Ending balance ​ $ 948,164 ​ Other Intangible Assets ​ Activity related to other intangible assets for the nine months ended September 30, 2022 and 2021 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended ​ ​ September 30, Roll Forward of Other Intangible Assets (in thousands) 2022 2021 Beginning balance ​ $ 183,904 ​ $ 1,880 Additions from acquisitions ​ 31,000 ​ 8,719 Amortization ​ (12,070) ​ (2,145) Ending balance ​ $ 202,834 ​ $ 8,454 ​ The following table summarizes the gross value, accumulated amortization, and net carrying value of the Company’s other intangible assets as of September 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ Components of Other Intangible Assets (in thousands) ​ September 30, 2022 ​ December 31, 2021 Gross value ​ $ 220,682 ​ $ 189,682 Accumulated amortization ​ (17,848) ​ (5,778) Net carrying value ​ $ 202,834 ​ $ 183,904 ​ The expected amortization of other intangible assets shown in the Condensed Consolidated Balance Sheet as of September 30, 2022 is shown in the table below. Actual amortization may vary from these estimates. ​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Three Months Ending December 31, ​ ​ ​ 2022 ​ $ 4,190 Year Ending December 31, ​ ​ ​ 2023 ​ $ 17,263 2024 ​ 16,206 2025 ​ 16,206 2026 ​ 16,206 2027 ​ 16,206 Thereafter ​ ​ 116,557 Total ​ $ 202,834 ​ Contingent Consideration Liabilities ​ A summary of the Company’s contingent consideration liabilities, which are included in Other liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended ​ ​ ​ September 30, ​ Roll Forward of Contingent Consideration Liabilities (in thousands) 2022 2021 ​ Beginning balance ​ $ 125,809 ​ $ 28,829 ​ Additions ​ ​ 119,955 ​ ​ 7,504 ​ Accretion and revaluation ​ ​ 3,767 ​ ​ 1,405 ​ Payments ​ ​ (28,547) ​ ​ (6,080) ​ Ending balance ​ $ 220,984 ​ $ 31,658 ​ ​ The contingent consideration liabilities presented in the table above relate to (i) acquisitions of debt brokerage and investment sales brokerage companies completed over the past several years, (ii) the purchase of noncontrolling interests in 2020 that was fully earned as of December 31, 2021 and paid in 2022, (iii) the Alliant acquisition, and (iv) the GeoPhy acquisition. The contingent consideration for each of the acquisitions may be earned over various lengths of time after each acquisition, with a maximum earn-out period of five years , provided certain revenue targets and other metrics have been met. The last of the earn-out periods related to the contingent consideration ends in the third quarter of 2027. In each case, the Company estimated the initial fair value of the contingent consideration using a Monte Carlo simulation. The recognition of the contingent consideration liability for the two acquisitions in 2022 is non-cash, and thus not reflected in the amount of cash consideration paid on the Condensed Consolidated Statements of Cash Flows. In addition,

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2022
FAIR VALUE MEASUREMENTS
Fair Value Measurements	NOTE 8—FAIR VALUE MEASUREMENTS The Company uses valuation techniques that are consistent with the market approach, the income approach, and/or the cost approach to measure assets and liabilities that are measured at fair value. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, accounting standards establish a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: ● Level 1 —Financial assets and liabilities whose values are based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. ● Level 2 —Financial assets and liabilities whose values are based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, discount rates, volatilities, prepayment speeds, earnings rates, credit risk, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. ● Level 3 —Financial assets and liabilities whose values are based on inputs that are both unobservable and significant to the overall valuation. The Company's MSRs are measured at fair value at inception, and thereafter on a nonrecurring basis. That is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value measurement when there is evidence of impairment and for disclosure purposes (NOTE 3). The Company's MSRs do not trade in an active, open market with readily observable prices. Accordingly, the estimated fair value of the Company’s MSRs was developed using discounted cash flow models that calculate the present value of estimated future net servicing income. The model considers contractually specified servicing fees, prepayment assumptions, estimated revenue from escrow accounts, costs to service, and other economic factors. The Company periodically reassesses and adjusts, when necessary, the underlying inputs and assumptions used in the model to reflect observable market conditions and assumptions that market participants consider in valuing MSR assets. MSRs are carried at the lower of amortized cost or fair value. A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. ​ ● Derivative Instruments —The derivative positions consist of interest rate lock commitments with borrowers and forward sale agreements to the Agencies. The fair value of these instruments is estimated using a discounted cash flow model developed based on changes in the applicable U.S. Treasury rate and other observable market data. The value was determined after considering the potential impact of collateralization, adjusted to reflect nonperformance risk of both the counterparty and the Company, and are classified within Level 3 of the valuation hierarchy . ● Loans Held for Sale —All loans held for sale presented in the Condensed Consolidated Balance Sheets are reported at fair value. The Company determines the fair value of the loans held for sale using discounted cash flow models that incorporate quoted observable inputs from market participants such as changes in the U.S. Treasury rate. Therefore, the Company classifies these loans held for sale as Level 2 . ● Pledged Securities —Investments in money market funds are valued using quoted market prices from recent trades. Therefore, the Company classifies this portion of pledged securities as Level 1. The Company determines the fair value of its AFS investments in Agency debt securities using discounted cash flows that incorporate observable inputs from market participants and then compares the fair value to broker estimates of fair value . Consequently, the Company classifies this portion of pledged securities as Level 2. ● Contingent Consideration Liabilities —Contingent consideration liabilities from acquisitions are initially recognized at fair value at acquisition and subsequently remeasured based on the change in probability of achievement of the performance objectives and fair value accretion. The remeasurement and fair value accretion are recognized as Other operating expenses in the Condensed Consolidated Statements of Income. The Company determines the fair value of each contingent consideration liability based on a combination of Monte Carlo simulations and probability of achievement estimates, which incorporates management estimates. As a result, the Company classifies these liabilities as Level 3. The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021, segregated by the level of the valuation inputs within the fair value hierarchy used to measure fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Period End September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 2,180,117 ​ $ — ​ $ 2,180,117 ​ Pledged securities ​ 12,624 ​ 138,789 ​ — ​ 151,413 ​ Derivative assets ​ — ​ — ​ 255,295 ​ 255,295 ​ Total ​ $ 12,624 ​ $ 2,318,906 ​ $ 255,295 ​ $ 2,586,825 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 24,054 ​ $ 24,054 ​ Contingent consideration liabilities ​ ​ — ​ ​ — ​ ​ 220,984 ​ ​ 220,984 ​ Total ​ $ — ​ $ — ​ $ 245,038 ​ $ 245,038 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 1,811,586 ​ $ — ​ $ 1,811,586 ​ Pledged securities ​ 44,733 ​ 104,263 ​ — ​ 148,996 ​ Derivative assets ​ — ​ — ​ 37,364 ​ 37,364 ​ Total ​ $ 44,733 ​ $ 1,915,849 ​ $ 37,364 ​ $ 1,997,946 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 6,403 ​ $ 6,403 ​ Contingent consideration liabilities ​ ​ — ​ ​ — ​ ​ 125,808 ​ ​ 125,808 ​ Total ​ $ — ​ $ — ​ $ 132,211 ​ $ 132,211 ​ ​ There were no transfers between any of the levels within the fair value hierarchy during the nine months ended September 30, 2022. Derivative instruments (Level 3) are outstanding for short periods of time (generally less than 60 days). A roll forward of derivative instruments is presented below for the three and nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ ​ September 30, ​ September 30, ​ Derivative Assets and Liabilities, net (in thousands) 2022 2021 2022 2021 Beginning balance ​ $ 42,634 ​ $ 6,340 ​ $ 30,961 ​ $ 44,720 ​ Settlements ​ 42,458 ​ (146,841) ​ (235,463) ​ (488,356) ​ Realized gains recorded in earnings (1) ​ (85,092) ​ 140,501 ​ 204,502 ​ 443,636 ​ Unrealized gains (losses) recorded in earnings (1) ​ 231,241 ​ 72,223 ​ 231,241 ​ 72,223 ​ Ending balance ​ $ 231,241 ​ $ 72,223 ​ $ 231,241 ​ $ 72,223 ​ (1) Realized and unrealized gains (losses) from derivatives are recognized in Loan origination and debt brokerage fees, net and Fair value of expected net cash flows from servicing, net in the Condensed Consolidated Statements of Income. The following table presents information about significant unobservable inputs used in the recurring measurement of the fair value of the Company’s Level 3 assets and liabilities as of September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quantitative Information about Level 3 Fair Value Measurements (in thousands) Fair Value Valuation Technique Unobservable Input (1) Input Range (1) Weighted Average (3) Derivative assets ​ $ 255,295 Discounted cash flow Counterparty credit risk — ​ — Derivative liabilities ​ $ 24,054 Discounted cash flow Counterparty credit risk — ​ — Contingent consideration liabilities ​ $ 220,984 ​ Monte Carlo Simulation (2) ​ Probability of earn-out achievement ​ 65% - 100% ​ 76% (1) Significant increases in this input may lead to significantly lower fair value measurements. (2) Monte Carlo simulation analysis was supported by other valuation analyses. (3) Contingent consideration weighted based on maximum gross earn-out amount. The carrying amounts and the fair values of the Company's financial instruments as of September 30, 2022 and December 31, 2021 are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ Carrying Fair Carrying Fair (in thousands) ​ Amount ​ Value ​ Amount ​ Value Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 152,188 ​ $ 152,188 ​ $ 305,635 ​ $ 305,635 ​ Restricted cash ​ 40,246 ​ 40,246 ​ 42,812 ​ 42,812 ​ Pledged securities ​ 151,413 ​ 151,413 ​ 148,996 ​ 148,996 ​ Loans held for sale ​ 2,180,117 ​ 2,180,117 ​ 1,811,586 ​ 1,811,586 ​ Loans held for investment, net ​ 247,106 ​ 248,098 ​ 269,125 ​ 270,826 ​ Derivative assets ​ 255,295 ​ 255,295 ​ 37,364 ​ 37,364 ​ Total financial assets ​ $ 3,026,365 ​ $ 3,027,357 ​ $ 2,615,518 ​ $ 2,617,219 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 24,054 ​ $ 24,054 ​ $ 6,403 ​ $ 6,403 ​ Contingent consideration liabilities ​ ​ 220,984 ​ ​ 220,984 ​ ​ 125,808 ​ ​ 125,808 ​ Warehouse notes payable ​ 2,545,406 ​ 2,546,298 ​ 1,941,572 ​ 1,942,448 ​ Notes payable ​ 711,107 ​ 715,688 ​ 740,174 ​ 745,175 ​ Total financial liabilities ​ $ 3,501,551 ​ $ 3,507,024 ​ $ 2,813,957 ​ $ 2,819,834 ​ ​ The following methods and assumptions were used for recurring fair value measurements as of September 30, 2022 and December 31, 2021. Cash and Cash Equivalents and Restricted Cash —The carrying amounts approximate fair value because of the short maturity of these instruments (Level 1). Pledged Securities —Consist of cash, highly liquid investments in money market accounts invested in government securities, and investments in Agency debt securities. The investments of the money market funds typically have maturities of 90 days or less and are valued using quoted market prices from recent trades. The fair value of the Agency debt securities incorporates the contractual cash flows of the security discounted at market-rate, risk-adjusted yields. Loans Held for Sale —Consist of originated loans that are generally transferred or sold within 60 days from the date that a mortgage loan is funded and are valued using discounted cash flow models that incorporate observable prices from market participants. Contingent Consideration Liability —Consists of the estimated fair values of expected future earn-out payments related to acquisitions completed over th Derivative Instruments — Consist of interest rate lock commitments and forward sale agreements. These instruments are valued using discounted cash flow models developed based on changes in the U.S. Treasury rate and other observable market data. The value is determined after considering the potential impact of collateralization, adjusted to reflect nonperformance risk of both the counterparty and the Company . Fair Value of Derivative Instruments and Loans Held for Sale — In the normal course of business, the Company enters into contractual commitments to originate and sell multifamily mortgage loans at fixed prices with fixed expiration dates. The commitments become effective when the borrowers "lock-in" a specified interest rate within time frames established by the Company. All mortgagors are evaluated for creditworthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the "lock-in" of rates by the borrower and the sale date of the loan to an investor . To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, the Company enters into a sale commitment with the investor simultaneously with the rate lock commitment with the borrower. The sale contract with the investor locks in an interest rate and price for the sale of the loan. The terms of the contract with the investor and the rate lock with the borrower are matched in substantially all respects, with the objective of eliminating interest rate risk to the extent practical. Sale commitments with the investors have an expiration date that is longer than our related commitments to the borrower to allow, among other things, for the closing of the loan and processing of paperwork to deliver the loan into the sale commitment . Both the rate lock commitments to borrowers and the forward sale contracts to buyers are undesignated derivatives and, accordingly, are marked to fair value through Loan origination and debt brokerage fees, net in the Condensed Consolidated Statements of Income. The fair value of the Company's rate lock commitments to borrowers and loans held for sale and the related input levels includes, as applicable : ● the estimated gain of the expected loan sale to the investor (Level 2); ● the expected net cash flows associated with servicing the loan, net of any guaranty obligations retained (Level 2); ● the effects of interest rate movements between the date of the rate lock and the balance sheet date (Level 2); and ● the nonperformance risk of both the counterparty and the Company (Level 3; derivative instruments only). The estimated gain considers the origination fees the Company expects to collect upon loan closing (derivative instruments only) and premiums the Company expects to receive upon sale of the loan (Level 2). The fair value of the expected net cash flows associated with servicing the loan is calculated pursuant to the valuation techniques applicable to the fair value of future servicing, net at loan sale (Level 2). To calculate the effects of interest rate movements, the Company uses applicable published U.S. Treasury prices, and multiplies the price movement between the rate lock date and the balance sheet date by the notional loan commitment amount (Level 2). The fair value of the Company's forward sales contracts to investors considers effects of interest rate movements between the trade date and the balance sheet date (Level 2). The market price changes are multiplied by the notional amount of the forward sales contracts to measure the fair value. The fair value of the Company’s interest rate lock commitments and forward sales contracts is adjusted to reflect the risk that the agreement will not be fulfilled. The Company’s exposure to nonperformance in interest rate lock commitments and forward sale contracts is represented by the contractual amount of those instruments. Given the credit quality of our counterparties and the short duration of interest rate lock commitments and forward sale contracts, the risk of nonperformance by the Company’s counterparties has historically been minimal (Level 3). The following table presents the components of fair value and other relevant information associated with the Company’s derivative instruments and loans held for sale as of September 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Adjustment Components ​ Balance Sheet Location ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ Notional or ​ Estimated ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ Adjustment ​ ​ Principal ​ Gain ​ Interest Rate ​ Fair Value ​ Derivative ​ Derivative ​ to Loans (in thousands) ​ Amount ​ on Sale ​ Movement ​ Adjustment ​ Assets ​ Liabilities ​ Held for Sale September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 870,205 ​ $ 21,833 ​ $ (37,337) ​ $ (15,504) ​ $ 8,469 ​ $ (23,973) ​ $ — ​ Forward sale contracts ​ 3,230,106 ​ — ​ 246,745 ​ 246,745 ​ 246,826 ​ ​ (81) ​ — ​ Loans held for sale ​ 2,359,901 ​ 29,624 ​ (209,408) ​ (179,784) ​ — ​ — ​ (179,784) ​ Total ​ ​ ​ ​ $ 51,457 ​ $ — ​ $ 51,457 ​ $ 255,295 ​ $ (24,054) ​ $ (179,784) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 1,115,829 ​ $ 29,837 ​ $ (4,604) ​ $ 25,233 ​ $ 26,526 ​ $ (1,293) ​ $ — ​ Forward sale contracts ​ 2,881,224 ​ — ​ 5,728 ​ 5,728 ​ 10,838 ​ ​ (5,110) ​ — ​ Loans held for sale ​ 1,765,395 ​ 47,315 ​ (1,124) ​ 46,191 ​ — ​ — ​ 46,191 ​ Total ​ ​ ​ ​ $ 77,152 ​ $ — ​ $ 77,152 ​ $ 37,364 ​ $ (6,403) ​ $ 46,191 ​ ​

FANNIE MAE COMMITMENTS AND PLED

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES	9 Months Ended
	Sep. 30, 2022
FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES
Fannie Mae Commitments and Pledged Securities	NOTE 9—FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES ​ Fannie Mae DUS Related Commitments ​ The Company is generally required to share the risk of any losses associated with loans sold under the Fannie Mae DUS program. The Company is required to secure these obligations by assigning restricted cash balances and securities to Fannie Mae, which are classified as Pledged securities, at fair value The Company is in compliance with the September 30, 2022 collateral requirements as outlined above. As of September 30, 2022, reserve requirements for the DUS loan portfolio will require the Company to fund $71.8 million in additional restricted liquidity over the next 48 months, assuming no further principal paydowns, prepayments, or defaults within the at-risk portfolio. Fannie Mae has reassessed the DUS Capital Standards in the past and may make changes to these standards in the future. The Company generates sufficient cash flow from its operations to meet these capital standards and does not expect any future changes to have a material impact on its future operations; however, any future increases to collateral requirements may adversely impact the Company’s available cash. Fannie Mae has established benchmark standards for capital adequacy and reserves the right to terminate the Company's servicing authority for all or some of the portfolio if, at any time, it determines that the Company's financial condition is not adequate to support its obligations under the DUS agreement. The Company is required to maintain acceptable net worth as defined in the agreement, and the Company satisfied the requirements as of September 30, 2022. The net worth requirement is derived primarily from unpaid principal balances on Fannie Mae loans and the level of risk sharing. At September 30, 2022, the net worth requirement was $275.0 million, and the Company's net worth, as defined in the requirements, was $646.0 million, as measured at our wholly-owned operating subsidiary, Walker & Dunlop, LLC. As of September 30, 2022, the Company was required to maintain at least $54.7 million of liquid assets to meet operational liquidity requirements for Fannie Mae, Freddie Mac, HUD, and Ginnie Mae, and the Company had operational liquidity, as defined in the requirements, of $131.9 million as of September 30, 2022, as measured at our wholly-owned operating subsidiary, Walker & Dunlop, LLC. Pledged Securities, at Fair Value Pledged securities, at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ Pledged Securities (in thousands) 2022 2021 2021 2020 Restricted cash $ 8,454 ​ $ 10,596 ​ $ 3,779 ​ $ 4,954 ​ Money market funds ​ 4,170 ​ ​ 40,954 ​ ​ 40,954 ​ ​ 12,519 ​ Total pledged cash and cash equivalents $ 12,624 ​ $ 51,550 ​ $ 44,733 ​ $ 17,473 ​ Agency MBS 138,789 ​ ​ 97,224 ​ 104,263 ​ 119,763 ​ Total pledged securities, at fair value $ 151,413 ​ $ 148,774 ​ $ 148,996 ​ $ 137,236 ​ ​ The information in the preceding table is presented to reconcile beginning and ending cash, cash equivalents, restricted cash, and restricted cash equivalents in the Condensed Consolidated Statements of Cash Flows as more fully discussed in NOTE 2. The Company’s investments included within Pledged securities, at fair value ​ ​ ​ ​ ​ ​ ​ ​ Fair Value and Amortized Cost of Agency MBS (in thousands) September 30, 2022 December 31, 2021 Fair value $ 138,789 ​ $ 104,263 ​ Amortized cost ​ 140,782 ​ ​ 100,847 ​ Total gains for securities with net gains in AOCI ​ 762 ​ ​ 3,636 ​ Total losses for securities with net losses in AOCI (2,755) ​ (220) ​ Fair value of securities with unrealized losses 116,989 ​ 4,757 ​ ​ An immaterial amount of the pledged securities has been in a continuous unrealized loss position for more than 12 months. The following table provides contractual maturity information related to Agency MBS. The money market funds invest in short-term Federal Government and Agency debt securities and have no stated maturity date. ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ Detail of Agency MBS Maturities (in thousands) Fair Value Amortized Cost Within one year $ — ​ $ — ​ After one year through five years ​ 16,018 ​ ​ 16,063 ​ After five years through ten years ​ 99,612 ​ ​ 100,327 ​ After ten years 23,159 ​ ​ 24,392 ​ Total $ 138,789 ​ $ 140,782 ​ ​ ​ ​ ​ ​ ​ ​ ​

EARNINGS PER SHARE AND STOCKHOL

EARNINGS PER SHARE AND STOCKHOLDERS EQUITY	9 Months Ended
	Sep. 30, 2022
EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY
Earnings Per Share and Stockholders' Equity	NOTE 10—EARNINGS PER SHARE AND STOCKHOLDERS’ EQUITY Earnings per share (“EPS”) is calculated under the two-class method. The two-class method allocates all earnings (distributed and undistributed) to each class of common stock and participating securities based on their respective rights to receive dividends. The Company grants share-based awards to various employees and nonemployee directors under the 2020 Equity Incentive Plan that entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested awards meet the definition of participating securities. The following table presents the calculation of basic and diluted EPS for the three and nine months ended September 30, 2022 and 2021 under the two-class method. Participating securities were included in the calculation of diluted EPS using the two-class method, as this computation was more dilutive than the treasury-stock method. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended September 30, ​ For the nine months ended September 30, EPS Calculations (in thousands, except per share amounts) 2022 ​ 2021 ​ 2022 ​ 2021 Calculation of basic EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Walker & Dunlop net income $ 46,833 ​ $ 71,721 ​ $ 172,328 ​ $ 185,831 ​ Less: dividends and undistributed earnings allocated to participating securities 1,296 ​ 2,364 ​ 4,984 ​ 6,163 ​ Net income applicable to common stockholders $ 45,537 ​ $ 69,357 ​ $ 167,344 ​ $ 179,668 ​ Weighted-average basic shares outstanding ​ 32,290 ​ ​ 31,064 ​ ​ 32,300 ​ ​ 30,969 ​ Basic EPS $ 1.41 ​ $ 2.23 ​ $ 5.18 ​ $ 5.80 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Calculation of diluted EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income applicable to common stockholders $ 45,537 ​ $ 69,357 ​ $ 167,344 ​ $ 179,668 ​ Add: reallocation of dividends and undistributed earnings based on assumed conversion ​ 7 ​ ​ 23 ​ ​ 34 ​ ​ 57 ​ Net income allocated to common stockholders $ 45,544 ​ $ 69,380 ​ $ 167,378 ​ $ 179,725 ​ Weighted-average basic shares outstanding ​ 32,290 ​ ​ 31,064 ​ ​ 32,300 ​ ​ 30,969 ​ Add: weighted-average diluted non-participating securities ​ 330 ​ ​ 395 ​ ​ 345 ​ ​ 398 ​ Weighted-average diluted shares outstanding ​ 32,620 ​ ​ 31,459 ​ ​ 32,645 ​ ​ 31,367 ​ Diluted EPS $ 1.40 ​ $ 2.21 ​ $ 5.13 ​ $ 5.73 ​ ​ The assumed proceeds used for calculating the dilutive impact of restricted stock awards under the treasury-stock method includes the unrecognized compensation costs associated with the awards. For the three and nine months ended September 30, 2022, 218 thousand average restricted shares and 111 thousand average restricted shares, respectively, were excluded from the computation of diluted EPS under the treasury-stock method. For the three months and nine months ended September 30, 2021, an immaterial number of average restricted shares were excluded from the computation. These average restricted shares were excluded from the computation of diluted EPS under the treasury method because the effect would have been anti-dilutive, as the grant date market price of the restricted shares was greater than the average market price of the Company’s shares of common stock during the periods presented. The following non-cash transactions did not impact the amount of cash paid on the Condensed Consolidated Statements of Cash Flows. During 2022, the operating agreement of three of the Company’s tax-credit-related joint ventures changed. The Company reconsidered its consolidation conclusion based on these changes and concluded that the joint ventures should be consolidated, resulting in a $3.7 million increase in APIC and $6.8 million of noncontrolling interests consolidated as shown on the Consolidated Statements of Changes in Equity for the nine months ended September 30, 2022. The consolidation also resulted in a $35.0 million increase in Receivables, net Other assets Other liabilities. In February 2022, the Company’s Board of Directors approved a stock repurchase program that permits the repurchase of up to $75.0 million of the Company’s common stock over a 12-month period beginning on February 13, 2022. During the first quarter of 2022, the Company did no t repurchase any shares of its common stock under the share repurchase program. During the second quarter of 2022, the Company repurchased 109 thousand shares of its common stock under the 2022 share repurchase program at a weighted-average price of $101.77 per share and immediately retired the shares, reducing stockholders’ equity by $11.1 million. During the third quarter of 2022, the Company did no t repurchase any shares of its common stock under the share repurchase program. As of September 30, 2022, the Company had $63.9 million of authorized share repurchase capacity remaining under the 2022 share repurchase program. During each of the first three quarters of 2022, the Company paid a dividend of $0.60 per share. On November 8, 2022, the Company’s Board of Directors declared a dividend of $0.60 per share for the fourth quarter of 2022. The dividend will be paid on December 9, 2022 to all holders of record of the Company’s restricted and unrestricted common stock as of November 25, 2022. The Company’s Note Payable (“Term Loan”) contains direct restrictions to the amount of dividends the Company may pay, and the warehouse debt facilities and agreements with the Agencies contain minimum equity, liquidity, and other capital requirements that indirectly restrict the amount of dividends the Company may pay. The Company does not believe that these restrictions currently limit the amount of dividends the Company can pay for the foreseeable future.

SEGMENTS

SEGMENTS	9 Months Ended
	Sep. 30, 2022
SEGMENTS
Segments	NOTE 11—SEGMENTS In the first quarter of 2022, as a result of the Company’s growth and recent acquisitions, the Company’s executive leadership team, which functions as the Company’s chief operating decision making body, began making decisions and assessing performance based on the following three operating segments. The operating segments are determined based on the product or service provided and reflect the manner in which management is currently evaluating the Company’s financial information. (i) Capital Markets (“CM”) —CM provides a comprehensive range of commercial real estate finance products to our customers, including Agency lending, debt brokerage, property sales, and appraisal and valuation services. The Company’s long-established relationships with the Agencies and institutional investors enable CM to offer a broad range of loan products and services to the Company’s customers, including first mortgage, second trust, supplemental, construction, mezzanine, preferred equity, and small-balance loans. CM provides property sales services to owners and developers of multifamily properties and commercial real estate and multifamily property appraisals for various investors. As part of Agency lending, CM temporarily funds the loans it originates (loans held for sale) before selling them to the Agencies and earns net interest income on the spread between the interest income on the loans and the warehouse interest expense. For Agency loans, CM recognizes the fair value of expected net cash flows from servicing, which represents the right to receive future servicing fees. CM also earns fees for origination of loans for both Agency lending and debt brokerage and fees for property sales and appraisals. Direct internal, including compensation, and external costs that are specific to CM are included within the results of this operating segment. (ii) Servicing & Asset Management (“SAM”) —SAM’s activities include: (i) servicing and asset-managing the portfolio of loans the Company (a) originates and sells to the Agencies, (b) brokers to certain life insurance companies, and (c) originates through its principal lending and investing activities, (ii) managing third-party capital invested in tax credit equity funds focused on the affordable housing sector and other commercial real estate, and (iii) real estate-related investment banking and advisory services, including housing market research. SAM earns revenue through (i) fees for servicing the loans in the Company’s servicing portfolio, (ii) asset management fees for managing third-party capital invested in funds, primarily LIHTC tax credit funds, (iii) subscription revenue for its housing market research, and (iv) net interest income on the spread between the interest income on the loans and the warehouse interest expense for loans held for investment. Direct internal, including compensation, and external costs that are specific to SAM are included within the results of this operating segment. (iii) Corporate —The Corporate segment consists primarily of the Company’s treasury operations and other corporate-level activities. The Company’s treasury activities include monitoring and managing liquidity and funding requirements, including corporate debt. Other corporate-level activities include equity-method investments, accounting, information technology, legal, human resources, marketing, internal audit, and various other corporate groups (“support functions”). The Company does not allocate costs from these support functions to the CM or SAM segments in presenting segment operating results, other than income tax expense, which is allocated proportionally based on income from operations at each segment, except for significant, one-time tax activities, which are allocated entirely to the segment impacted by the tax activity. ​ The following tables provide a summary and reconciliation of each segment’s results for the three months ended September 30, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended September 30, 2022 Segment Results ​ ​ ​ ​ Servicing & ​ ​ ​ ​ ​ ​ (in thousands) ​ Capital ​ Asset ​ ​ ​ ​ ​ ​ ​ Markets Management Corporate Consolidated Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan origination and debt brokerage fees, net ​ $ 89,752 ​ $ 1,106 ​ $ — ​ $ 90,858 Fair value of expected net cash flows from servicing, net ​ ​ 55,291 ​ ​ — ​ ​ — ​ ​ 55,291 Servicing fees ​ ​ — ​ ​ 75,975 ​ ​ — ​ ​ 75,975 Property sales broker fees ​ ​ 30,308 ​ ​ — ​ ​ — ​ ​ 30,308 Investment management fees ​ ​ — ​ ​ 16,301 ​ ​ — ​ ​ 16,301 Net warehouse interest income ​ ​ 2,178 ​ ​ 1,802 ​ ​ — ​ ​ 3,980 Escrow earnings and other interest income ​ ​ — ​ ​ 17,760 ​ ​ 369 ​ ​ 18,129 Other revenues ​ ​ 5,845 ​ ​ 21,544 ​ ​ (2,620) ​ ​ 24,769 Total revenues ​ $ 183,374 ​ $ 134,488 ​ $ (2,251) ​ $ 315,611 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 125,980 ​ $ 21,676 ​ $ 9,403 ​ $ 157,059 Amortization and depreciation ​ ​ 952 ​ ​ 57,239 ​ ​ 1,655 ​ ​ 59,846 Provision (benefit) for credit losses ​ — ​ 1,218 ​ — ​ 1,218 Interest expense on corporate debt ​ — ​ — ​ 9,306 ​ 9,306 Other operating expenses ​ 6,063 ​ 6,043 ​ 21,885 ​ 33,991 Total expenses ​ $ 132,995 ​ $ 86,176 ​ $ 42,249 ​ $ 261,420 Income from operations ​ $ 50,379 ​ $ 48,312 ​ $ (44,500) ​ $ 54,191 Income tax expense (benefit) ​ 12,751 ​ ​ 12,110 ​ ​ (17,329) ​ 7,532 Net income before noncontrolling interests ​ $ 37,628 ​ $ 36,202 ​ $ (27,171) ​ $ 46,659 Less: net income (loss) from noncontrolling interests ​ — ​ (174) ​ — ​ (174) Walker & Dunlop net income ​ $ 37,628 ​ $ 36,376 ​ $ (27,171) ​ $ 46,833 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended September 30, 2021 Segment Results ​ ​ ​ ​ Servicing & ​ ​ ​ ​ ​ ​ (in thousands) ​ Capital ​ Asset ​ ​ ​ ​ ​ ​ ​ Markets Management Corporate Consolidated Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan origination and debt brokerage fees, net ​ $ 121,133 ​ $ 2,109 ​ $ — ​ $ 123,242 Fair value of expected net cash flows from servicing, net ​ ​ 89,482 ​ ​ — ​ ​ — ​ ​ 89,482 Servicing fees ​ ​ — ​ ​ 70,628 ​ ​ — ​ ​ 70,628 Property sales broker fees ​ ​ 33,677 ​ ​ — ​ ​ — ​ ​ 33,677 Investment management fees ​ ​ — ​ ​ 2,564 ​ ​ — ​ ​ 2,564 Net warehouse interest income ​ ​ 3,723 ​ ​ 1,860 ​ ​ — ​ ​ 5,583 Escrow earnings and other interest income ​ ​ — ​ ​ 1,945 ​ ​ 87 ​ ​ 2,032 Other revenues ​ ​ 3,026 ​ ​ 16,724 ​ ​ (668) ​ ​ 19,082 Total revenues ​ $ 251,041 ​ $ 95,830 ​ $ (581) ​ $ 346,290 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 139,890 ​ $ 10,446 ​ $ 19,845 ​ $ 170,181 Amortization and depreciation ​ ​ 17 ​ ​ 52,388 ​ ​ 1,093 ​ ​ 53,498 Provision (benefit) for credit losses ​ — ​ 1,266 ​ — ​ 1,266 Interest expense on corporate debt ​ — ​ — ​ 1,766 ​ 1,766 Other operating expenses ​ 4,628 ​ 3,199 ​ 17,009 ​ 24,836 Total expenses ​ $ 144,535 ​ $ 67,299 ​ $ 39,713 ​ $ 251,547 Income from operations ​ $ 106,506 ​ $ 28,531 ​ $ (40,294) ​ $ 94,743 Income tax expense (benefit) ​ 25,660 ​ ​ 7,040 ​ ​ (9,747) ​ 22,953 Net income before noncontrolling interests ​ $ 80,846 ​ $ 21,491 ​ $ (30,547) ​ $ 71,790 Less: net income (loss) from noncontrolling interests ​ — ​ 69 ​ — ​ 69 Walker & Dunlop net income ​ $ 80,846 ​ $ 21,422 ​ $ (30,547) ​ $ 71,721 ​ The following tables provide a summary and reconciliation of each segment’s results for the nine months ended September 30, 2022 and 2021 and total assets as of September 30, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the nine months ended September 30, 2022 Segment Results and Total Assets ​ ​ ​ ​ Servicing & ​ ​ ​ ​ ​ ​ (in thousands) ​ Capital ​ Asset ​ ​ ​ ​ ​ ​ ​ Markets Management Corporate Consolidated Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan origination and debt brokerage fees, net ​ $ 273,660 ​ $ 2,113 ​ $ — ​ $ 275,773 Fair value of expected net cash flows from servicing, net ​ ​ 159,970 ​ ​ — ​ ​ — ​ ​ 159,970 Servicing fees ​ ​ — ​ ​ 222,916 ​ ​ — ​ ​ 222,916 Property sales broker fees ​ ​ 100,092 ​ ​ — ​ ​ — ​ ​ 100,092 Investment management fees ​ ​ — ​ ​ 47,345 ​ ​ — ​ ​ 47,345 Net warehouse interest income ​ ​ 9,415 ​ ​ 4,606 ​ ​ — ​ ​ 14,021 Escrow earnings and other interest income ​ ​ — ​ ​ 26,166 ​ ​ 517 ​ ​ 26,683 Other revenues ​ ​ 12,503 ​ ​ 74,959 ​ ​ 41,641 ​ ​ 129,103 Total revenues ​ $ 555,640 ​ $ 378,105 ​ $ 42,158 ​ $ 975,903 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 363,619 ​ $ 62,195 ​ $ 43,794 ​ $ 469,608 Amortization and depreciation ​ ​ 1,762 ​ ​ 170,930 ​ ​ 4,409 ​ ​ 177,101 Provision (benefit) for credit losses ​ — ​ (13,120) ​ — ​ (13,120) Interest expense on corporate debt ​ — ​ — ​ 22,123 ​ 22,123 Other operating expenses ​ 16,757 ​ 18,721 ​ 66,922 ​ 102,400 Total expenses ​ $ 382,138 ​ $ 238,726 ​ $ 137,248 ​ $ 758,112 Income from operations ​ $ 173,502 ​ $ 139,379 ​ $ (95,090) ​ $ 217,791 Income tax expense (benefit) ​ 42,074 ​ ​ 33,799 ​ ​ (29,378) ​ 46,495 Net income before noncontrolling interests ​ $ 131,428 ​ $ 105,580 ​ $ (65,712) ​ $ 171,296 Less: net income (loss) from noncontrolling interests ​ — ​ ​ (1,032) ​ ​ — ​ (1,032) Walker & Dunlop net income ​ $ 131,428 ​ $ 106,612 ​ $ (65,712) ​ $ 172,328 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 3,016,153 ​ $ 2,621,380 ​ $ 365,480 ​ $ 6,003,013 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the nine months ended September 30, 2021 Segment Results and Total Assets ​ ​ ​ ​ Servicing & ​ ​ ​ ​ ​ ​ (in thousands) ​ Capital ​ Asset ​ ​ ​ ​ ​ ​ ​ Markets Management Corporate Consolidated Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan origination and debt brokerage fees, net ​ $ 302,011 ​ $ 4,582 ​ $ — ​ $ 306,593 Fair value of expected net cash flows from servicing, net ​ ​ 209,266 ​ ​ — ​ ​ — ​ ​ 209,266 Servicing fees ​ ​ — ​ ​ 205,658 ​ ​ — ​ ​ 205,658 Property sales broker fees ​ ​ 65,173 ​ ​ — ​ ​ — ​ ​ 65,173 Investment management fees ​ ​ — ​ ​ 9,115 ​ ​ — ​ ​ 9,115 Net warehouse interest income ​ ​ 9,066 ​ ​ 5,702 ​ ​ — ​ ​ 14,768 Escrow earnings and other interest income ​ ​ — ​ ​ 5,712 ​ ​ 260 ​ ​ 5,972 Other revenues ​ ​ 8,721 ​ ​ 28,381 ​ ​ (1,658) ​ ​ 35,444 Total revenues ​ $ 594,237 ​ $ 259,150 ​ $ (1,398) ​ $ 851,989 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 332,519 ​ $ 27,004 ​ $ 48,294 ​ $ 407,817 Amortization and depreciation ​ ​ 556 ​ ​ 145,161 ​ ​ 3,162 ​ ​ 148,879 Provision (benefit) for credit losses ​ — ​ (14,380) ​ — ​ (14,380) Interest expense on corporate debt ​ — ​ ​ — ​ ​ 5,291 ​ 5,291 Other operating expenses ​ 11,628 ​ ​ 8,056 ​ ​ 42,487 ​ 62,171 Total expenses ​ $ 344,703 ​ $ 165,841 ​ $ 99,234 ​ $ 609,778 Income from operations ​ $ 249,534 ​ $ 93,309 ​ $ (100,632) ​ $ 242,211 Income tax expense (benefit) ​ 58,014 ​ ​ 21,693 ​ ​ (23,396) ​ 56,311 Net income before noncontrolling interests ​ $ 191,520 ​ $ 71,616 ​ $ (77,236) ​ $ 185,900 Less: net income (loss) from noncontrolling interests ​ — ​ 69 ​ — ​ 69 Walker & Dunlop net income ​ $ 191,520 ​ $ 71,547 ​ $ (77,236) ​ $ 185,831 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 3,229,274 ​ $ 1,387,423 ​ $ 500,165 ​ $ 5,116,862 ​

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 30, 2022
Variable Interest Entities
Variable Interest Entities	NOTE 12—VARIABLE INTEREST ENTITIES The Company, through its subsidiary Alliant, provides alternative investment management services through the syndication of tax credit funds and the joint development of affordable housing projects. To facilitate the syndication and development of affordable housing projects, the Company is involved with the acquisition and/or formation of limited partnerships and joint ventures with investors, property developers, and property managers that are VIEs. A detailed discussion of the Company’s accounting policies regarding the consolidation of VIEs and significant transactions involving VIEs is included in NOTE 2 and NOTE 17 of the Company’s 2021 Form 10-K. During 2022, the operating agreements of three of the Company’s joint ventures were amended, resulting in the Company gaining the power to direct the activities that most significantly impact the economic performance of the joint ventures; previously, the Company only held rights to receive the significant economic benefits of the joint ventures. The Company reassessed its consolidation conclusions and determined that it was the primary beneficiary, and as a result, consolidated the joint ventures as of March 31, 2022. As of September 30, 2022 and December 31, 2021, the assets and liabilities of the consolidated tax credit funds were immaterial. The table below presents the assets and liabilities of the Company’s consolidated joint development VIEs included in the Condensed Consolidated Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ Consolidated VIEs (in thousands) September 30, 2022 December 31, 2021 Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 387 ​ $ — Restricted cash ​ ​ 1,817 ​ ​ — Receivables, net ​ ​ 33,235 ​ ​ — Other Assets ​ ​ 49,475 ​ ​ 54,880 Total assets of consolidated VIEs ​ $ 84,914 ​ $ 54,880 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ Other liabilities ​ $ 38,114 ​ $ 36,480 Total liabilities of consolidated VIEs ​ $ 38,114 ​ $ 36,480 ​ ​ ​ ​ ​ ​ ​ ​ The table below presents the carrying value and classification of the Company’s interests in nonconsolidated VIEs included in the Condensed Consolidated Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ Nonconsolidated VIEs (in thousands) September 30, 2022 December 31, 2021 Assets ​ ​ ​ ​ ​ ​ Committed investments in tax credit equity ​ $ 214,430 ​ $ 177,322 Other assets: ​ ​ 58,126 ​ ​ 74,997 Total interests in nonconsolidated VIEs ​ $ 272,556 ​ $ 252,319 ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ Commitments to fund investments in tax credit equity ​ $ 198,073 ​ $ 162,747 Total commitments to fund nonconsolidated VIEs ​ $ 198,073 ​ $ 162,747 ​ ​ ​ ​ ​ ​ ​ Maximum exposure to losses (1)(2) ​ $ 272,556 ​ $ 252,319 ​ ​ ​ ​ ​ ​ ​ (1) Maximum exposure determined as Total interests in nonconsolidated VIEs . The maximum exposure for the Company’s investments in tax credit equity is limited to the carrying value of its investment, as there are no funding obligations or other commitments related to the nonconsolidated VIEs other than the amounts presented in the table above. (2) Based on historical experience and the underlying expected cash flows from the underlying investment, the maximum exposure of loss is not representative of the actual loss, if any, that the Company may incur.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation If the Company determines it does not hold a variable interest in a VIE, it then applies the voting interest model. Under the voting interest model, the Company consolidates an entity when it holds a majority voting interest in an entity. If the Company does not have a majority voting interest but has significant influence, it uses the equity method of accounting. In instances where the Company owns less than 100% of the equity interests of an entity but holds a controlling financial interest and is the primary beneficiary or owns a majority of the voting interests, the Company accounts for the portion of equity not attributable to Walker & Dunlop, Inc. as Noncontrolling interests Net income (loss) from noncontrolling interests
Subsequent Events	Subsequent Events
Use of Estimates	Use of Estimates combinations, estimation of the fair value of the Apprise joint venture (as discussed in NOTE 7), and the disclosure of contingent assets and liabilities. Actual results may vary from these estimates.
Co-broker Fees	Co-broker Fees— Loan origination and debt brokerage fees, net
Loans Held for Investment, net	Loans Held for Investment, net As of September 30, 2022, Loans held for investment, net Loans held for investment, net One loan held for investment with an unpaid principal balance of $14.7 million was delinquent and on non-accrual status as of September 30, 2022 and December 31, 2021. The Company had $3.7 million in collateral-based reserves for this loan as of both September 30, 2022 and December 31, 2021 and has not recorded any interest related to this loan since it went on non-accrual status in 2019. All other loans were current as of September 30, 2022 and December 31, 2021. The amortized cost basis of loans that were current as of September 30, 2022 and December 31, 2021 was $236.1 million and $258.6 million, respectively. As of September 30, 2022, $48.6 million, $162.2 million, and $26.3 million of the loans that were current were originated in 2022, 2021, and 2019, respectively. Other than the defaulted loan noted above, the Company has never experienced any delinquencies related to loans held for investment.
Provision (Benefit) for Credit Losses	Provision (Benefit) for Credit Losses — Provision (benefit) for credit losses Provision (benefit) for credit losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ ​ September 30, ​ September 30, ​ Components of Provision (Benefit) for Credit Losses (in thousands) 2022 2021 2022 2021 Provision (benefit) for loan losses ​ $ 35 ​ $ (12) ​ $ (142) ​ $ (674) ​ Provision (benefit) for risk-sharing obligations ​ 1,183 ​ 1,278 ​ (12,978) ​ (13,706) ​ Provision (benefit) for credit losses ​ $ 1,218 ​ $ 1,266 ​ $ (13,120) ​ $ (14,380) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net Warehouse Interest Income	Net Warehouse Interest Income— Net warehouse interest income principal balance of the loans and secured borrowing for the nine months ended September 30, 2021. Included in Net warehouse interest income
Statement of Cash Flows	Statement of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ (in thousands) 2022 2021 2021 2020 Cash and cash equivalents $ 152,188 ​ $ 318,188 ​ $ 305,635 ​ $ 321,097 ​ Restricted cash ​ 40,246 ​ ​ 34,875 ​ ​ 42,812 ​ ​ 19,432 ​ Pledged cash and cash equivalents (NOTE 9) 12,624 ​ 51,550 ​ 44,733 ​ 17,473 ​ Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 205,058 ​ $ 404,613 ​ $ 393,180 ​ $ 358,002 ​
Income Taxes	Income Taxes ​
Contracts with Customers	Contracts with Customers The majority of the Company’s contracts with customers do not require significant judgment or material estimates that affect the determination of the transaction price (including the assessment of variable consideration), the allocation of the transaction price to performance obligations, and the determination of the timing of the satisfaction of performance obligations. Additionally, the earnings process for the majority all of the Company’s contracts with customers is not complicated and is generally completed in a short period of time. The following table presents information about the Company’s contracts with customers for the three and nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ ​ ​ September 30, ​ September 30, ​ ​ Description in thousands 2022 2021 2022 2021 Statement of income line item Certain loan origination fees ​ $ 40,076 ​ $ 46,527 ​ $ 130,722 ​ $ 113,650 ​ Loan origination and debt brokerage fees, net Property sales broker fees ​ ​ 30,308 ​ ​ 33,677 ​ ​ 100,092 ​ ​ 65,173 ​ Property sales broker fees Investment management fees ​ ​ 16,301 ​ ​ 2,564 ​ ​ 47,345 ​ ​ 9,115 ​ Investment management fees Application fees, subscription revenues, other revenues from LIHTC operations, and other revenues ​ 12,643 ​ 8,372 ​ 55,384 ​ 15,999 ​ Other revenues Total revenues derived from contracts with customers ​ $ 99,328 ​ $ 91,140 ​ $ 333,543 ​ $ 203,937 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Litigation	Litigation
Recently Adopted and Recently Announced Accounting Pronouncements	Recently Adopted and Recently Announced Accounting Pronouncement s
Reclassifications	Reclassifications

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of Components of Provision (Benefit) for Credit Losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ ​ September 30, ​ September 30, ​ Components of Provision (Benefit) for Credit Losses (in thousands) 2022 2021 2022 2021 Provision (benefit) for loan losses ​ $ 35 ​ $ (12) ​ $ (142) ​ $ (674) ​ Provision (benefit) for risk-sharing obligations ​ 1,183 ​ 1,278 ​ (12,978) ​ (13,706) ​ Provision (benefit) for credit losses ​ $ 1,218 ​ $ 1,266 ​ $ (13,120) ​ $ (14,380) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of Net Warehouse Interest Income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ ​ September 30, ​ September 30, ​ Components of Net Warehouse Interest Income (in thousands) 2022 2021 2022 2021 Warehouse interest income - loans held for sale ​ $ 14,517 ​ $ 11,334 ​ $ 35,555 ​ $ 28,315 ​ Warehouse interest expense - loans held for sale ​ (12,339) ​ (7,611) ​ (26,140) ​ (19,249) ​ Net warehouse interest income - loans held for sale ​ $ 2,178 ​ $ 3,723 ​ $ 9,415 ​ $ 9,066 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warehouse interest income - loans held for investment ​ $ 3,896 ​ $ 3,108 ​ $ 9,261 ​ $ 9,298 ​ Warehouse interest expense - loans held for investment ​ (2,094) ​ (1,248) ​ (4,655) ​ (3,596) ​ Net warehouse interest income - loans held for investment ​ $ 1,802 ​ $ 1,860 ​ $ 4,606 ​ $ 5,702 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net warehouse interest income ​ $ 3,980 ​ $ 5,583 ​ $ 14,021 ​ $ 14,768 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ (in thousands) 2022 2021 2021 2020 Cash and cash equivalents $ 152,188 ​ $ 318,188 ​ $ 305,635 ​ $ 321,097 ​ Restricted cash ​ 40,246 ​ ​ 34,875 ​ ​ 42,812 ​ ​ 19,432 ​ Pledged cash and cash equivalents (NOTE 9) 12,624 ​ 51,550 ​ 44,733 ​ 17,473 ​ Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 205,058 ​ $ 404,613 ​ $ 393,180 ​ $ 358,002 ​
Schedule of Contracts with Customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ ​ ​ September 30, ​ September 30, ​ ​ Description in thousands 2022 2021 2022 2021 Statement of income line item Certain loan origination fees ​ $ 40,076 ​ $ 46,527 ​ $ 130,722 ​ $ 113,650 ​ Loan origination and debt brokerage fees, net Property sales broker fees ​ ​ 30,308 ​ ​ 33,677 ​ ​ 100,092 ​ ​ 65,173 ​ Property sales broker fees Investment management fees ​ ​ 16,301 ​ ​ 2,564 ​ ​ 47,345 ​ ​ 9,115 ​ Investment management fees Application fees, subscription revenues, other revenues from LIHTC operations, and other revenues ​ 12,643 ​ 8,372 ​ 55,384 ​ 15,999 ​ Other revenues Total revenues derived from contracts with customers ​ $ 99,328 ​ $ 91,140 ​ $ 333,543 ​ $ 203,937 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

MORTGAGE SERVICING RIGHTS (Tabl

MORTGAGE SERVICING RIGHTS (Tables)	9 Months Ended
	Sep. 30, 2022
MORTGAGE SERVICING RIGHTS
Schedule of Activity Related to MSRs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ September 30, ​ September 30, Roll Forward of MSRs (in thousands) 2022 2021 2022 2021 Beginning balance ​ $ 978,745 ​ $ 915,519 ​ $ 953,845 ​ $ 862,813 ​ Additions, following the sale of loan ​ 45,454 ​ 70,095 ​ 182,753 ​ 224,035 ​ Amortization ​ (47,391) ​ (44,402) ​ (140,846) ​ (130,868) ​ Pre-payments and write-offs ​ (9,038) ​ (11,387) ​ (27,982) ​ (26,155) ​ Ending balance ​ $ 967,770 ​ $ 929,825 ​ $ 967,770 ​ $ 929,825 ​
Summary of Components of Net Carrying Value of MSRs	​ ​ ​ ​ ​ ​ ​ ​ Components of MSRs (in thousands) ​ September 30, 2022 ​ December 31, 2021 Gross value ​ $ 1,622,213 ​ $ 1,548,870 Accumulated amortization ​ (654,443) ​ (595,025) Net carrying value ​ $ 967,770 ​ $ 953,845
Schedule of Expected Amortization of MSRs	​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Three Months Ending December 31, ​ ​ ​ 2022 ​ $ 46,639 Year Ending December 31, ​ ​ ​ 2023 ​ $ 180,469 2024 ​ 163,771 2025 ​ 141,014 2026 ​ 119,503 2027 ​ 101,362 Thereafter ​ ​ 215,012 Total ​ $ 967,770

ALLOWANCE FOR RISK-SHARING OB_2

ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION (Tables)	9 Months Ended
	Sep. 30, 2022
ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION
Summary of Allowance for Risk-Sharing Obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ September 30, ​ September 30, Roll Forward of Allowance for Risk-Sharing Obligations (in thousands) 2022 2021 2022 2021 Beginning balance ​ $ 48,475 ​ $ 60,329 ​ $ 62,636 ​ $ 75,313 ​ Provision (benefit) for risk-sharing obligations ​ 1,183 ​ 1,278 ​ (12,978) ​ (13,706) ​ Write-offs ​ — ​ — ​ — ​ — ​ Ending balance ​ $ 49,658 ​ $ 61,607 ​ $ 49,658 ​ $ 61,607 ​
Schedule of Activity Related to Guaranty Obligation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ September 30, ​ September 30, Roll Forward of Guaranty Obligation (in thousands) 2022 2021 2022 2021 Beginning balance ​ $ 45,649 ​ $ 50,369 ​ $ 47,378 ​ $ 52,306 ​ Additions, following the sale of loan ​ 1,401 ​ 1,449 ​ 4,711 ​ 4,023 ​ Amortization and write-offs ​ (2,588) ​ (2,758) ​ (7,627) ​ (7,269) ​ Ending balance ​ $ 44,462 ​ $ 49,060 ​ $ 44,462 ​ $ 49,060 ​

WAREHOUSE NOTES PAYABLE (Tables

WAREHOUSE NOTES PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2022
WAREHOUSE NOTES PAYABLE
Schedule of notes payable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ ​ (dollars in thousands) Committed Uncommitted Total Facility Outstanding Facility ​ Amount ​ Amount ​ Capacity ​ Balance ​ Interest rate (1) Agency Warehouse Facility #1 ​ $ 325,000 ​ $ 250,000 ​ $ 575,000 ​ $ 147,070 Adjusted Term SOFR plus 1.30% ​ Agency Warehouse Facility #2 ​ 700,000 ​ 300,000 ​ 1,000,000 ​ 536,956 ​ Adjusted Term SOFR plus 1.30% ​ Agency Warehouse Facility #3 ​ 600,000 ​ 265,000 ​ 865,000 ​ 420,585 Adjusted Term SOFR plus 1.35% ​ Agency Warehouse Facility #4 ​ ​ 200,000 ​ ​ 225,000 ​ ​ 425,000 ​ ​ 92,924 ​ Adjusted Term SOFR plus 1.30% ​ Agency Warehouse Facility #5 ​ ​ — ​ ​ 1,000,000 ​ ​ 1,000,000 ​ ​ 652,773 ​ Adjusted Term SOFR plus 1.45% ​ Total National Bank Agency Warehouse Facilities ​ $ 1,825,000 ​ $ 2,040,000 ​ $ 3,865,000 ​ $ 1,850,308 ​ ​ ​ Fannie Mae repurchase agreement, uncommitted line and open maturity ​ — ​ 1,500,000 ​ 1,500,000 ​ 507,412 ​ ​ Total Agency Warehouse Facilities ​ $ 1,825,000 ​ $ 3,540,000 ​ $ 5,365,000 ​ $ 2,357,720 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interim Warehouse Facility #1 ​ $ 135,000 ​ $ — ​ $ 135,000 ​ $ — Adjusted Term SOFR plus 1.80% ​ Interim Warehouse Facility #2 ​ 100,000 ​ — ​ 100,000 ​ — Adjusted Term SOFR plus 1.35% to 1.85% ​ Interim Warehouse Facility #3 ​ 200,000 ​ — ​ 200,000 ​ 163,468 30-day LIBOR plus 1.75% to 3.25% ​ Interim Warehouse Facility #4 ​ ​ 19,810 ​ ​ — ​ ​ 19,810 ​ ​ 19,810 ​ 30-day LIBOR plus 3.00% ​ Total National Bank Interim Warehouse Facilities ​ $ 454,810 ​ $ — ​ $ 454,810 ​ $ 183,278 ​ ​ ​ Tax Credit Equity Warehouse Facility ​ $ 30,000 ​ $ — ​ $ 30,000 ​ $ 5,300 ​ Adjusted Daily SOFR plus 3.00% ​ Debt issuance costs ​ — ​ — ​ — ​ (892) ​ ​ ​ Total warehouse facilities ​ $ 2,309,810 ​ $ 3,540,000 ​ $ 5,849,810 ​ $ 2,545,406 ​ ​ ​ (1) Interest rate presented does not include the effect of any applicable interest rate floors.

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of Goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended ​ ​ ​ September 30, ​ Roll Forward of Goodwill (in thousands) 2022 2021 Beginning balance ​ $ 698,635 ​ $ 248,958 ​ Additions from acquisitions ​ 222,670 ​ 84,291 ​ Measurement-period adjustments ​ ​ 26,859 ​ ​ — ​ Impairment ​ — ​ — ​ Ending balance ​ $ 948,164 ​ $ 333,249 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of Goodwill by Reportable Segment (in thousands) ​ September 30, 2022 Capital Markets ​ $ 451,345 Servicing & Asset Management ​ ​ 496,819 Corporate ​ ​ — Ending balance ​ $ 948,164
Schedule of Activity Related to Other Intangible Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended ​ ​ September 30, Roll Forward of Other Intangible Assets (in thousands) 2022 2021 Beginning balance ​ $ 183,904 ​ $ 1,880 Additions from acquisitions ​ 31,000 ​ 8,719 Amortization ​ (12,070) ​ (2,145) Ending balance ​ $ 202,834 ​ $ 8,454
Summary of Components of Net Carrying Value of Other Intangible Assets	​ ​ ​ ​ ​ ​ ​ ​ Components of Other Intangible Assets (in thousands) ​ September 30, 2022 ​ December 31, 2021 Gross value ​ $ 220,682 ​ $ 189,682 Accumulated amortization ​ (17,848) ​ (5,778) Net carrying value ​ $ 202,834 ​ $ 183,904
Schedule of Expected Amortization of Other Intangible Assets	​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Three Months Ending December 31, ​ ​ ​ 2022 ​ $ 4,190 Year Ending December 31, ​ ​ ​ 2023 ​ $ 17,263 2024 ​ 16,206 2025 ​ 16,206 2026 ​ 16,206 2027 ​ 16,206 Thereafter ​ ​ 116,557 Total ​ $ 202,834
Schedule of Contingent Liability	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended ​ ​ ​ September 30, ​ Roll Forward of Contingent Consideration Liabilities (in thousands) 2022 2021 ​ Beginning balance ​ $ 125,809 ​ $ 28,829 ​ Additions ​ ​ 119,955 ​ ​ 7,504 ​ Accretion and revaluation ​ ​ 3,767 ​ ​ 1,405 ​ Payments ​ ​ (28,547) ​ ​ (6,080) ​ Ending balance ​ $ 220,984 ​ $ 31,658 ​

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
FAIR VALUE MEASUREMENTS
Summary of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Period End September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 2,180,117 ​ $ — ​ $ 2,180,117 ​ Pledged securities ​ 12,624 ​ 138,789 ​ — ​ 151,413 ​ Derivative assets ​ — ​ — ​ 255,295 ​ 255,295 ​ Total ​ $ 12,624 ​ $ 2,318,906 ​ $ 255,295 ​ $ 2,586,825 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 24,054 ​ $ 24,054 ​ Contingent consideration liabilities ​ ​ — ​ ​ — ​ ​ 220,984 ​ ​ 220,984 ​ Total ​ $ — ​ $ — ​ $ 245,038 ​ $ 245,038 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 1,811,586 ​ $ — ​ $ 1,811,586 ​ Pledged securities ​ 44,733 ​ 104,263 ​ — ​ 148,996 ​ Derivative assets ​ — ​ — ​ 37,364 ​ 37,364 ​ Total ​ $ 44,733 ​ $ 1,915,849 ​ $ 37,364 ​ $ 1,997,946 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 6,403 ​ $ 6,403 ​ Contingent consideration liabilities ​ ​ — ​ ​ — ​ ​ 125,808 ​ ​ 125,808 ​ Total ​ $ — ​ $ — ​ $ 132,211 ​ $ 132,211 ​
Schedule of Roll Forward of Derivative Instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ ​ September 30, ​ September 30, ​ Derivative Assets and Liabilities, net (in thousands) 2022 2021 2022 2021 Beginning balance ​ $ 42,634 ​ $ 6,340 ​ $ 30,961 ​ $ 44,720 ​ Settlements ​ 42,458 ​ (146,841) ​ (235,463) ​ (488,356) ​ Realized gains recorded in earnings (1) ​ (85,092) ​ 140,501 ​ 204,502 ​ 443,636 ​ Unrealized gains (losses) recorded in earnings (1) ​ 231,241 ​ 72,223 ​ 231,241 ​ 72,223 ​ Ending balance ​ $ 231,241 ​ $ 72,223 ​ $ 231,241 ​ $ 72,223 ​ (1) Realized and unrealized gains (losses) from derivatives are recognized in Loan origination and debt brokerage fees, net and Fair value of expected net cash flows from servicing, net in the Condensed Consolidated Statements of Income.
Schedule of Significant Unobservable Inputs Used in the Measurement of the Fair Value of Level 3 Assets and Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quantitative Information about Level 3 Fair Value Measurements (in thousands) Fair Value Valuation Technique Unobservable Input (1) Input Range (1) Weighted Average (3) Derivative assets ​ $ 255,295 Discounted cash flow Counterparty credit risk — ​ — Derivative liabilities ​ $ 24,054 Discounted cash flow Counterparty credit risk — ​ — Contingent consideration liabilities ​ $ 220,984 ​ Monte Carlo Simulation (2) ​ Probability of earn-out achievement ​ 65% - 100% ​ 76% (1) Significant increases in this input may lead to significantly lower fair value measurements. (2) Monte Carlo simulation analysis was supported by other valuation analyses. (3) Contingent consideration weighted based on maximum gross earn-out amount.
Schedule of Carrying Amounts and the Fair Values of the Company's Financial Instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ Carrying Fair Carrying Fair (in thousands) ​ Amount ​ Value ​ Amount ​ Value Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 152,188 ​ $ 152,188 ​ $ 305,635 ​ $ 305,635 ​ Restricted cash ​ 40,246 ​ 40,246 ​ 42,812 ​ 42,812 ​ Pledged securities ​ 151,413 ​ 151,413 ​ 148,996 ​ 148,996 ​ Loans held for sale ​ 2,180,117 ​ 2,180,117 ​ 1,811,586 ​ 1,811,586 ​ Loans held for investment, net ​ 247,106 ​ 248,098 ​ 269,125 ​ 270,826 ​ Derivative assets ​ 255,295 ​ 255,295 ​ 37,364 ​ 37,364 ​ Total financial assets ​ $ 3,026,365 ​ $ 3,027,357 ​ $ 2,615,518 ​ $ 2,617,219 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 24,054 ​ $ 24,054 ​ $ 6,403 ​ $ 6,403 ​ Contingent consideration liabilities ​ ​ 220,984 ​ ​ 220,984 ​ ​ 125,808 ​ ​ 125,808 ​ Warehouse notes payable ​ 2,545,406 ​ 2,546,298 ​ 1,941,572 ​ 1,942,448 ​ Notes payable ​ 711,107 ​ 715,688 ​ 740,174 ​ 745,175 ​ Total financial liabilities ​ $ 3,501,551 ​ $ 3,507,024 ​ $ 2,813,957 ​ $ 2,819,834 ​
Schedule of Fair Value of Derivative Instruments and Loans Held for Sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Adjustment Components ​ Balance Sheet Location ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ Notional or ​ Estimated ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ Adjustment ​ ​ Principal ​ Gain ​ Interest Rate ​ Fair Value ​ Derivative ​ Derivative ​ to Loans (in thousands) ​ Amount ​ on Sale ​ Movement ​ Adjustment ​ Assets ​ Liabilities ​ Held for Sale September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 870,205 ​ $ 21,833 ​ $ (37,337) ​ $ (15,504) ​ $ 8,469 ​ $ (23,973) ​ $ — ​ Forward sale contracts ​ 3,230,106 ​ — ​ 246,745 ​ 246,745 ​ 246,826 ​ ​ (81) ​ — ​ Loans held for sale ​ 2,359,901 ​ 29,624 ​ (209,408) ​ (179,784) ​ — ​ — ​ (179,784) ​ Total ​ ​ ​ ​ $ 51,457 ​ $ — ​ $ 51,457 ​ $ 255,295 ​ $ (24,054) ​ $ (179,784) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 1,115,829 ​ $ 29,837 ​ $ (4,604) ​ $ 25,233 ​ $ 26,526 ​ $ (1,293) ​ $ — ​ Forward sale contracts ​ 2,881,224 ​ — ​ 5,728 ​ 5,728 ​ 10,838 ​ ​ (5,110) ​ — ​ Loans held for sale ​ 1,765,395 ​ 47,315 ​ (1,124) ​ 46,191 ​ — ​ — ​ 46,191 ​ Total ​ ​ ​ ​ $ 77,152 ​ $ — ​ $ 77,152 ​ $ 37,364 ​ $ (6,403) ​ $ 46,191 ​

FANNIE MAE COMMITMENTS AND PL_2

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES (Tables)	9 Months Ended
	Sep. 30, 2022
FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES
Schedule of Pledged Securities at Fair Value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ Pledged Securities (in thousands) 2022 2021 2021 2020 Restricted cash $ 8,454 ​ $ 10,596 ​ $ 3,779 ​ $ 4,954 ​ Money market funds ​ 4,170 ​ ​ 40,954 ​ ​ 40,954 ​ ​ 12,519 ​ Total pledged cash and cash equivalents $ 12,624 ​ $ 51,550 ​ $ 44,733 ​ $ 17,473 ​ Agency MBS 138,789 ​ ​ 97,224 ​ 104,263 ​ 119,763 ​ Total pledged securities, at fair value $ 151,413 ​ $ 148,774 ​ $ 148,996 ​ $ 137,236 ​
Schedule of Investment Information Related to AFS Agency MBS	​ ​ ​ ​ ​ ​ ​ ​ Fair Value and Amortized Cost of Agency MBS (in thousands) September 30, 2022 December 31, 2021 Fair value $ 138,789 ​ $ 104,263 ​ Amortized cost ​ 140,782 ​ ​ 100,847 ​ Total gains for securities with net gains in AOCI ​ 762 ​ ​ 3,636 ​ Total losses for securities with net losses in AOCI (2,755) ​ (220) ​ Fair value of securities with unrealized losses 116,989 ​ 4,757 ​
Schedule of Contractual Maturity Information Related to Agency MBS	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ Detail of Agency MBS Maturities (in thousands) Fair Value Amortized Cost Within one year $ — ​ $ — ​ After one year through five years ​ 16,018 ​ ​ 16,063 ​ After five years through ten years ​ 99,612 ​ ​ 100,327 ​ After ten years 23,159 ​ ​ 24,392 ​ Total $ 138,789 ​ $ 140,782 ​ ​ ​ ​ ​ ​ ​ ​

EARNINGS PER SHARE AND STOCKH_2

EARNINGS PER SHARE AND STOCKHOLDERS EQUITY (Tables)	9 Months Ended
	Sep. 30, 2022
EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY
Schedule of Basic and Diluted EPS Under Two-Class Method	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended September 30, ​ For the nine months ended September 30, EPS Calculations (in thousands, except per share amounts) 2022 ​ 2021 ​ 2022 ​ 2021 Calculation of basic EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Walker & Dunlop net income $ 46,833 ​ $ 71,721 ​ $ 172,328 ​ $ 185,831 ​ Less: dividends and undistributed earnings allocated to participating securities 1,296 ​ 2,364 ​ 4,984 ​ 6,163 ​ Net income applicable to common stockholders $ 45,537 ​ $ 69,357 ​ $ 167,344 ​ $ 179,668 ​ Weighted-average basic shares outstanding ​ 32,290 ​ ​ 31,064 ​ ​ 32,300 ​ ​ 30,969 ​ Basic EPS $ 1.41 ​ $ 2.23 ​ $ 5.18 ​ $ 5.80 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Calculation of diluted EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income applicable to common stockholders $ 45,537 ​ $ 69,357 ​ $ 167,344 ​ $ 179,668 ​ Add: reallocation of dividends and undistributed earnings based on assumed conversion ​ 7 ​ ​ 23 ​ ​ 34 ​ ​ 57 ​ Net income allocated to common stockholders $ 45,544 ​ $ 69,380 ​ $ 167,378 ​ $ 179,725 ​ Weighted-average basic shares outstanding ​ 32,290 ​ ​ 31,064 ​ ​ 32,300 ​ ​ 30,969 ​ Add: weighted-average diluted non-participating securities ​ 330 ​ ​ 395 ​ ​ 345 ​ ​ 398 ​ Weighted-average diluted shares outstanding ​ 32,620 ​ ​ 31,459 ​ ​ 32,645 ​ ​ 31,367 ​ Diluted EPS $ 1.40 ​ $ 2.21 ​ $ 5.13 ​ $ 5.73 ​

SEGMENTS (Tables)

SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
SEGMENTS
Schedule of Segment Results and Total Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended September 30, 2022 Segment Results ​ ​ ​ ​ Servicing & ​ ​ ​ ​ ​ ​ (in thousands) ​ Capital ​ Asset ​ ​ ​ ​ ​ ​ ​ Markets Management Corporate Consolidated Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan origination and debt brokerage fees, net ​ $ 89,752 ​ $ 1,106 ​ $ — ​ $ 90,858 Fair value of expected net cash flows from servicing, net ​ ​ 55,291 ​ ​ — ​ ​ — ​ ​ 55,291 Servicing fees ​ ​ — ​ ​ 75,975 ​ ​ — ​ ​ 75,975 Property sales broker fees ​ ​ 30,308 ​ ​ — ​ ​ — ​ ​ 30,308 Investment management fees ​ ​ — ​ ​ 16,301 ​ ​ — ​ ​ 16,301 Net warehouse interest income ​ ​ 2,178 ​ ​ 1,802 ​ ​ — ​ ​ 3,980 Escrow earnings and other interest income ​ ​ — ​ ​ 17,760 ​ ​ 369 ​ ​ 18,129 Other revenues ​ ​ 5,845 ​ ​ 21,544 ​ ​ (2,620) ​ ​ 24,769 Total revenues ​ $ 183,374 ​ $ 134,488 ​ $ (2,251) ​ $ 315,611 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 125,980 ​ $ 21,676 ​ $ 9,403 ​ $ 157,059 Amortization and depreciation ​ ​ 952 ​ ​ 57,239 ​ ​ 1,655 ​ ​ 59,846 Provision (benefit) for credit losses ​ — ​ 1,218 ​ — ​ 1,218 Interest expense on corporate debt ​ — ​ — ​ 9,306 ​ 9,306 Other operating expenses ​ 6,063 ​ 6,043 ​ 21,885 ​ 33,991 Total expenses ​ $ 132,995 ​ $ 86,176 ​ $ 42,249 ​ $ 261,420 Income from operations ​ $ 50,379 ​ $ 48,312 ​ $ (44,500) ​ $ 54,191 Income tax expense (benefit) ​ 12,751 ​ ​ 12,110 ​ ​ (17,329) ​ 7,532 Net income before noncontrolling interests ​ $ 37,628 ​ $ 36,202 ​ $ (27,171) ​ $ 46,659 Less: net income (loss) from noncontrolling interests ​ — ​ (174) ​ — ​ (174) Walker & Dunlop net income ​ $ 37,628 ​ $ 36,376 ​ $ (27,171) ​ $ 46,833 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended September 30, 2021 Segment Results ​ ​ ​ ​ Servicing & ​ ​ ​ ​ ​ ​ (in thousands) ​ Capital ​ Asset ​ ​ ​ ​ ​ ​ ​ Markets Management Corporate Consolidated Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan origination and debt brokerage fees, net ​ $ 121,133 ​ $ 2,109 ​ $ — ​ $ 123,242 Fair value of expected net cash flows from servicing, net ​ ​ 89,482 ​ ​ — ​ ​ — ​ ​ 89,482 Servicing fees ​ ​ — ​ ​ 70,628 ​ ​ — ​ ​ 70,628 Property sales broker fees ​ ​ 33,677 ​ ​ — ​ ​ — ​ ​ 33,677 Investment management fees ​ ​ — ​ ​ 2,564 ​ ​ — ​ ​ 2,564 Net warehouse interest income ​ ​ 3,723 ​ ​ 1,860 ​ ​ — ​ ​ 5,583 Escrow earnings and other interest income ​ ​ — ​ ​ 1,945 ​ ​ 87 ​ ​ 2,032 Other revenues ​ ​ 3,026 ​ ​ 16,724 ​ ​ (668) ​ ​ 19,082 Total revenues ​ $ 251,041 ​ $ 95,830 ​ $ (581) ​ $ 346,290 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 139,890 ​ $ 10,446 ​ $ 19,845 ​ $ 170,181 Amortization and depreciation ​ ​ 17 ​ ​ 52,388 ​ ​ 1,093 ​ ​ 53,498 Provision (benefit) for credit losses ​ — ​ 1,266 ​ — ​ 1,266 Interest expense on corporate debt ​ — ​ — ​ 1,766 ​ 1,766 Other operating expenses ​ 4,628 ​ 3,199 ​ 17,009 ​ 24,836 Total expenses ​ $ 144,535 ​ $ 67,299 ​ $ 39,713 ​ $ 251,547 Income from operations ​ $ 106,506 ​ $ 28,531 ​ $ (40,294) ​ $ 94,743 Income tax expense (benefit) ​ 25,660 ​ ​ 7,040 ​ ​ (9,747) ​ 22,953 Net income before noncontrolling interests ​ $ 80,846 ​ $ 21,491 ​ $ (30,547) ​ $ 71,790 Less: net income (loss) from noncontrolling interests ​ — ​ 69 ​ — ​ 69 Walker & Dunlop net income ​ $ 80,846 ​ $ 21,422 ​ $ (30,547) ​ $ 71,721 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the nine months ended September 30, 2022 Segment Results and Total Assets ​ ​ ​ ​ Servicing & ​ ​ ​ ​ ​ ​ (in thousands) ​ Capital ​ Asset ​ ​ ​ ​ ​ ​ ​ Markets Management Corporate Consolidated Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan origination and debt brokerage fees, net ​ $ 273,660 ​ $ 2,113 ​ $ — ​ $ 275,773 Fair value of expected net cash flows from servicing, net ​ ​ 159,970 ​ ​ — ​ ​ — ​ ​ 159,970 Servicing fees ​ ​ — ​ ​ 222,916 ​ ​ — ​ ​ 222,916 Property sales broker fees ​ ​ 100,092 ​ ​ — ​ ​ — ​ ​ 100,092 Investment management fees ​ ​ — ​ ​ 47,345 ​ ​ — ​ ​ 47,345 Net warehouse interest income ​ ​ 9,415 ​ ​ 4,606 ​ ​ — ​ ​ 14,021 Escrow earnings and other interest income ​ ​ — ​ ​ 26,166 ​ ​ 517 ​ ​ 26,683 Other revenues ​ ​ 12,503 ​ ​ 74,959 ​ ​ 41,641 ​ ​ 129,103 Total revenues ​ $ 555,640 ​ $ 378,105 ​ $ 42,158 ​ $ 975,903 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 363,619 ​ $ 62,195 ​ $ 43,794 ​ $ 469,608 Amortization and depreciation ​ ​ 1,762 ​ ​ 170,930 ​ ​ 4,409 ​ ​ 177,101 Provision (benefit) for credit losses ​ — ​ (13,120) ​ — ​ (13,120) Interest expense on corporate debt ​ — ​ — ​ 22,123 ​ 22,123 Other operating expenses ​ 16,757 ​ 18,721 ​ 66,922 ​ 102,400 Total expenses ​ $ 382,138 ​ $ 238,726 ​ $ 137,248 ​ $ 758,112 Income from operations ​ $ 173,502 ​ $ 139,379 ​ $ (95,090) ​ $ 217,791 Income tax expense (benefit) ​ 42,074 ​ ​ 33,799 ​ ​ (29,378) ​ 46,495 Net income before noncontrolling interests ​ $ 131,428 ​ $ 105,580 ​ $ (65,712) ​ $ 171,296 Less: net income (loss) from noncontrolling interests ​ — ​ ​ (1,032) ​ ​ — ​ (1,032) Walker & Dunlop net income ​ $ 131,428 ​ $ 106,612 ​ $ (65,712) ​ $ 172,328 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 3,016,153 ​ $ 2,621,380 ​ $ 365,480 ​ $ 6,003,013 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the nine months ended September 30, 2021 Segment Results and Total Assets ​ ​ ​ ​ Servicing & ​ ​ ​ ​ ​ ​ (in thousands) ​ Capital ​ Asset ​ ​ ​ ​ ​ ​ ​ Markets Management Corporate Consolidated Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan origination and debt brokerage fees, net ​ $ 302,011 ​ $ 4,582 ​ $ — ​ $ 306,593 Fair value of expected net cash flows from servicing, net ​ ​ 209,266 ​ ​ — ​ ​ — ​ ​ 209,266 Servicing fees ​ ​ — ​ ​ 205,658 ​ ​ — ​ ​ 205,658 Property sales broker fees ​ ​ 65,173 ​ ​ — ​ ​ — ​ ​ 65,173 Investment management fees ​ ​ — ​ ​ 9,115 ​ ​ — ​ ​ 9,115 Net warehouse interest income ​ ​ 9,066 ​ ​ 5,702 ​ ​ — ​ ​ 14,768 Escrow earnings and other interest income ​ ​ — ​ ​ 5,712 ​ ​ 260 ​ ​ 5,972 Other revenues ​ ​ 8,721 ​ ​ 28,381 ​ ​ (1,658) ​ ​ 35,444 Total revenues ​ $ 594,237 ​ $ 259,150 ​ $ (1,398) ​ $ 851,989 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 332,519 ​ $ 27,004 ​ $ 48,294 ​ $ 407,817 Amortization and depreciation ​ ​ 556 ​ ​ 145,161 ​ ​ 3,162 ​ ​ 148,879 Provision (benefit) for credit losses ​ — ​ (14,380) ​ — ​ (14,380) Interest expense on corporate debt ​ — ​ ​ — ​ ​ 5,291 ​ 5,291 Other operating expenses ​ 11,628 ​ ​ 8,056 ​ ​ 42,487 ​ 62,171 Total expenses ​ $ 344,703 ​ $ 165,841 ​ $ 99,234 ​ $ 609,778 Income from operations ​ $ 249,534 ​ $ 93,309 ​ $ (100,632) ​ $ 242,211 Income tax expense (benefit) ​ 58,014 ​ ​ 21,693 ​ ​ (23,396) ​ 56,311 Net income before noncontrolling interests ​ $ 191,520 ​ $ 71,616 ​ $ (77,236) ​ $ 185,900 Less: net income (loss) from noncontrolling interests ​ — ​ 69 ​ — ​ 69 Walker & Dunlop net income ​ $ 191,520 ​ $ 71,547 ​ $ (77,236) ​ $ 185,831 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 3,229,274 ​ $ 1,387,423 ​ $ 500,165 ​ $ 5,116,862

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
	Sep. 30, 2022
Consolidated VIEs
Schedule of the Carrying Value and Classification of Assets and Liabilities of VIEs	​ ​ ​ ​ ​ ​ ​ ​ Consolidated VIEs (in thousands) September 30, 2022 December 31, 2021 Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 387 ​ $ — Restricted cash ​ ​ 1,817 ​ ​ — Receivables, net ​ ​ 33,235 ​ ​ — Other Assets ​ ​ 49,475 ​ ​ 54,880 Total assets of consolidated VIEs ​ $ 84,914 ​ $ 54,880 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ Other liabilities ​ $ 38,114 ​ $ 36,480 Total liabilities of consolidated VIEs ​ $ 38,114 ​ $ 36,480 ​ ​ ​ ​ ​ ​ ​
Nonconsolidated VIEs
Schedule of the Carrying Value and Classification of Assets and Liabilities of VIEs	​ ​ ​ ​ ​ ​ ​ ​ Nonconsolidated VIEs (in thousands) September 30, 2022 December 31, 2021 Assets ​ ​ ​ ​ ​ ​ Committed investments in tax credit equity ​ $ 214,430 ​ $ 177,322 Other assets: ​ ​ 58,126 ​ ​ 74,997 Total interests in nonconsolidated VIEs ​ $ 272,556 ​ $ 252,319 ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ Commitments to fund investments in tax credit equity ​ $ 198,073 ​ $ 162,747 Total commitments to fund nonconsolidated VIEs ​ $ 198,073 ​ $ 162,747 ​ ​ ​ ​ ​ ​ ​ Maximum exposure to losses (1)(2) ​ $ 272,556 ​ $ 252,319 ​ ​ ​ ​ ​ ​ ​ (1) Maximum exposure determined as Total interests in nonconsolidated VIEs . The maximum exposure for the Company’s investments in tax credit equity is limited to the carrying value of its investment, as there are no funding obligations or other commitments related to the nonconsolidated VIEs other than the amounts presented in the table above. (2) Based on historical experience and the underlying expected cash flows from the underlying investment, the maximum exposure of loss is not representative of the actual loss, if any, that the Company may incur.

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Mortgage Banking Activities
Co-broker fees	$ 3.1	$ 6.3	$ 13.4	$ 15.2

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans Held-for-Investment, Net (Detail)	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan
Financial Asset, Not Past Due
Loans Held-for-Investment, Net
Amortized cost of loans held for investment, current	$ 236,100,000	$ 258,600,000
Loans originated in 2022	48,600,000
Loans originated in 2021	162,200,000
Loan originated in 2019	$ 26,300,000
Loans Held for Investment
Loans Held-for-Investment, Net
Number of loans held for investment | loan	9	12
Unpaid principal balance of loans held for investment	$ 251,800,000	$ 274,500,000
Net unamortized deferred fees and costs	700,000	1,200,000
Allowance for loan losses	$ 4,000,000	$ 4,200,000
Number of delinquent loans	1	1
Loans held for investment, delinquent	$ 14,700,000	$ 14,700,000
Number of loans on nonaccrual status | loan	1	1
Loans, non-accrual status	$ 14,700,000	$ 14,700,000
Specific reserve for loan	$ 3,700,000	$ 3,700,000
Loans Held for Investment | Maximum
Loans Held-for-Investment, Net
Loan term (in years)	3 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Provision for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Components of Provision for Credit Losses
Provision (benefit) for loan losses	$ 35	$ (12)	$ (142)	$ (674)
Provision (benefit) for risk-sharing obligations	1,183	1,278	(12,978)	(13,706)
Provision (benefit) for credit losses	$ 1,218	$ 1,266	$ (13,120)	$ (14,380)

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Net Warehouse Interest Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net Warehouse Interest Income
Net warehouse interest income	$ 3,980	$ 5,583	$ 14,021	$ 14,768
Loans Held for Sale
Net Warehouse Interest Income
Warehouse interest income	14,517	11,334	35,555	28,315
Warehouse interest expense	(12,339)	(7,611)	(26,140)	(19,249)
Net warehouse interest income	2,178	3,723	9,415	9,066
Loans Held for Investment
Net Warehouse Interest Income
Warehouse interest income	3,896	3,108	9,261	9,298
Warehouse interest expense	(2,094)	(1,248)	(4,655)	(3,596)
Net warehouse interest income	$ 1,802	$ 1,860	$ 4,606	$ 5,702

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash Flows (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents
Cash and cash equivalents	$ 152,188	$ 305,635	$ 318,188	$ 321,097
Restricted cash	40,246	42,812	34,875	19,432
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	205,058	393,180	404,613	358,002
Total pledged cash and cash equivalents
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents
Pledged cash and cash equivalents (NOTE 9)	$ 12,624	$ 44,733	$ 51,550	$ 17,473

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Excess tax benefits recognized	$ 0.3	$ 2.1	$ 5.5	$ 7.3

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contracts with Customers (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Contracts with Customers
Revenue from contracts with customer	$ 99,328	$ 91,140	$ 333,543	$ 203,937
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Revenues	Revenues	Revenues	Revenues
Loan Origination Fees
Contracts with Customers
Revenue from contracts with customer	$ 40,076	$ 46,527	$ 130,722	$ 113,650
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Revenues	Revenues	Revenues	Revenues
Property Sales Broker Fees
Contracts with Customers
Revenue from contracts with customer	$ 30,308	$ 33,677	$ 100,092	$ 65,173
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Revenues	Revenues	Revenues	Revenues
Investment management fees
Contracts with Customers
Revenue from contracts with customer	$ 16,301	$ 2,564	$ 47,345	$ 9,115
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Revenues	Revenues	Revenues	Revenues
Application fees, subscription revenues, other revenues from LIHTC operations, and other revenues
Contracts with Customers
Revenue from contracts with customer	$ 12,643	$ 8,372	$ 55,384	$ 15,999
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Revenues	Revenues	Revenues	Revenues

MORTGAGE SERVICING RIGHTS - Fai

MORTGAGE SERVICING RIGHTS - Fair Value Disclosures (Detail) - MSRs $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Servicing
Fair value of the MSRs	$ 1,300
Sensitivity Analysis of Fair Value, example 1, impact of percent adverse change in discount rate, percent	1%
Decrease in fair value as a result of 100 basis point increase in discount rate	$ 40.6
Sensitivity Analysis of Fair Value, example 2, impact of percent adverse change in discount rate, percent	2%
Decrease in fair value as a result of 200 basis point increase in discount rate	$ 78.6

MORTGAGE SERVICING RIGHTS - Sch

MORTGAGE SERVICING RIGHTS - Schedule of Activity Related to MSRs (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Mortgage Servicing Rights
Beginning balance			$ 953,845
Ending balance	$ 967,770		967,770
MSRs
Mortgage Servicing Rights
Beginning balance	978,745	$ 915,519	953,845	$ 862,813
Additions, following sale of loan	45,454	70,095	182,753	224,035
Amortization	(47,391)	(44,402)	(140,846)	(130,868)
Pre-payments and write-offs	(9,038)	(11,387)	(27,982)	(26,155)
Ending balance	$ 967,770	$ 929,825	$ 967,770	$ 929,825

MORTGAGE SERVICING RIGHTS - Sum

MORTGAGE SERVICING RIGHTS - Summary of Components of Net Carrying Value of Acquired and Originated MSRs (Detail) - MSRs - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Mortgage Servicing Rights Acquired and Originated
Gross value	$ 1,622,213	$ 1,548,870
Accumulated amortization	(654,443)	(595,025)
Net carrying value	$ 967,770	$ 953,845

MORTGAGE SERVICING RIGHTS - S_2

MORTGAGE SERVICING RIGHTS - Schedule of Expected Amortization of MSRs (Detail) - MSRs - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Future amortization
Three Months Ending December 31, 2022	$ 46,639
2023	180,469
2024	163,771
2025	141,014
2026	119,503
2027	101,362
Thereafter	215,012
Net carrying value	$ 967,770	$ 953,845

ALLOWANCE FOR RISK-SHARING OB_3

ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION - Summary of Allowance for Risk-Sharing Obligations (Detail) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) loan	Sep. 30, 2021 USD ($)	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Allowance for Risk-Sharing Contracts
Beginning balance	$ 48,475	$ 62,636	$ 61,607	$ 60,329	$ 62,636	$ 75,313
Provision (benefit) for risk-sharing obligations	1,183			1,278	(12,978)	(13,706)
Ending balance	49,658		62,636	61,607	$ 49,658	61,607
Number of defaulted loans | loan					3
Amount of specific reserves placed on defaulted at risk loans	10,800		$ 10,300		$ 10,800
Fannie Mae DUS program
Allowance for Risk-Sharing Contracts
Maximum quantifiable contingent liability associated with guarantees	$ 10,800,000			$ 9,800,000	$ 10,800,000	$ 9,800,000
Fannie Mae DUS Program
Allowance for Risk-Sharing Contracts
Period of time used to determine the historical loss rate		10 years
Charge off rate for forecasted period		0.03%					0.022%	0.03%	0.04%	0.06%
Charge off rate for the remaining period	0.012%		0.018%		0.012%
At risk servicing portfolio	$ 52,100,000				$ 52,100,000
CECL reserve for at risk servicing portfolio	$ 38,900		$ 52,300		$ 38,900
Weighted average remaining life of the at risk servicing portfolio			7 years 6 months		7 years 3 months 18 days

ALLOWANCE FOR RISK-SHARING OB_4

ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION - Schedule of Activity Related to Guaranty Obligation (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION
Guaranty obligation, net of accumulated amortization - beginning balance	$ 45,649	$ 50,369	$ 47,378	$ 52,306
Additions, following the sale of loan	1,401	1,449	4,711	4,023
Amortization	(2,588)	(2,758)	(7,627)	(7,269)
Guaranty obligation, net of accumulated amortization - ending balance	$ 44,462	$ 49,060	$ 44,462	$ 49,060

SERVICING - (Detail)

SERVICING - (Detail) - Loans serviced - USD ($) $ in Billions	Sep. 30, 2022	Dec. 31, 2021
Servicing
Servicing portfolio loans unpaid principal balance	$ 120.8	$ 115.7
Custodial escrow accounts	$ 3.1	$ 3.7

WAREHOUSE NOTES PAYABLE - Summa

WAREHOUSE NOTES PAYABLE - Summary Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended				9 Months Ended
	Oct. 31, 2022	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Warehouse notes payable
Committed Amount			$ 2,309,810			$ 2,309,810
Uncommitted Amount			3,540,000			3,540,000
Total Facility Capacity			5,849,810			5,849,810
Outstanding Balance			2,545,406			2,545,406	$ 1,941,572
Debt issuance costs			(892)			(892)
Loans Held for Sale | Agency Warehouse Facility
Warehouse notes payable
Committed Amount			1,825,000			1,825,000
Uncommitted Amount			3,540,000			3,540,000
Total Facility Capacity			5,365,000			5,365,000
Outstanding Balance			2,357,720			2,357,720
National Banks | Agency Warehouse Facility
Warehouse notes payable
Total Facility Capacity			3,900,000			3,900,000
National Banks | Interim Warehouse Facility
Warehouse notes payable
Total Facility Capacity			500,000			500,000
National Banks | Tax Credit Equity Warehouse Facility
Warehouse notes payable
Committed Amount			30,000			30,000
Total Facility Capacity			30,000			30,000
Outstanding Balance			$ 5,300			$ 5,300
Maturity date			Oct. 14, 2022
National Banks | Tax Credit Equity Warehouse Facility | Adjusted Term SOFR
Warehouse notes payable
Percentage added to reference rate			3%			3%
National Banks | Tax Credit Equity Warehouse Facility | Adjusted Term SOFR | Minimum
Warehouse notes payable
Interest rate floor			1.50%
National Banks | Tax Credit Equity Warehouse Facility | Daily LIBOR
Warehouse notes payable
Percentage added to reference rate				3%
National Banks | New Warehouse Facility
Warehouse notes payable
Maturity date	Oct. 05, 2025
National Banks | New Warehouse Facility | Maximum
Warehouse notes payable
Committed Amount	$ 20,000
National Banks | New Warehouse Facility | Adjusted Term SOFR
Warehouse notes payable
Percentage added to reference rate	2.80%
National Banks | New Warehouse Facility | Adjusted Term SOFR | Minimum
Warehouse notes payable
Interest rate floor	0%
National Banks | Loans Held for Sale | Agency Warehouse Facility
Warehouse notes payable
Committed Amount			$ 1,825,000			$ 1,825,000
Uncommitted Amount			2,040,000			2,040,000
Total Facility Capacity			3,865,000			3,865,000
Outstanding Balance			1,850,308			1,850,308
National Banks | Loans Held for Sale | Agency Warehouse Facility #1 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount			325,000	$ 425,000		325,000
Uncommitted Amount			250,000			250,000
Total Facility Capacity			575,000			575,000
Outstanding Balance			$ 147,070			$ 147,070
Maturity date			Aug. 30, 2023
National Banks | Loans Held for Sale | Agency Warehouse Facility #1 | Agency Warehouse Facility | Adjusted Term SOFR
Warehouse notes payable
Percentage added to reference rate						1.30%
National Banks | Loans Held for Sale | Agency Warehouse Facility #2 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount			$ 700,000			$ 700,000
Uncommitted Amount			300,000			300,000
Total Facility Capacity			1,000,000			1,000,000
Outstanding Balance			536,956			$ 536,956
Maturity date				Apr. 13, 2023
National Banks | Loans Held for Sale | Agency Warehouse Facility #2 | Agency Warehouse Facility | Adjusted Term SOFR
Warehouse notes payable
Percentage added to reference rate				1.30%		1.30%
National Banks | Loans Held for Sale | Agency Warehouse Facility #3 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount			600,000			$ 600,000
Uncommitted Amount			265,000			265,000
Total Facility Capacity			865,000			865,000
Outstanding Balance			420,585			$ 420,585
Maturity date				May 15, 2023
National Banks | Loans Held for Sale | Agency Warehouse Facility #3 | Agency Warehouse Facility | Adjusted Term SOFR
Warehouse notes payable
Percentage added to reference rate				1.35%		1.35%
National Banks | Loans Held for Sale | Agency Warehouse Facility #3 | Agency Warehouse Facility | Adjusted Term SOFR | Minimum
Warehouse notes payable
Interest rate floor				0.15%
National Banks | Loans Held for Sale | Agency Warehouse Facility #4 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount			200,000			$ 200,000
Uncommitted Amount			225,000			225,000
Total Facility Capacity			425,000	$ 425,000	$ 350,000	425,000
Outstanding Balance			92,924			$ 92,924
Maturity date				Jun. 22, 2023
National Banks | Loans Held for Sale | Agency Warehouse Facility #4 | Agency Warehouse Facility | Adjusted Term SOFR
Warehouse notes payable
Percentage added to reference rate				1.30%		1.30%
National Banks | Loans Held for Sale | Agency Warehouse Facility #5 | Agency Warehouse Facility
Warehouse notes payable
Uncommitted Amount			1,000,000			$ 1,000,000
Total Facility Capacity			1,000,000			1,000,000
Outstanding Balance			$ 652,773			$ 652,773
Maturity date			Sep. 14, 2023
National Banks | Loans Held for Sale | Agency Warehouse Facility #5 | Agency Warehouse Facility | Adjusted Term SOFR
Warehouse notes payable
Percentage added to reference rate						1.45%
National Banks | Loans Held for Investment | Interim Warehouse Facility
Warehouse notes payable
Committed Amount			$ 454,810			$ 454,810
Total Facility Capacity			454,810			454,810
Outstanding Balance			183,278			183,278
National Banks | Loans Held for Investment | Interim Warehouse Facility #1 | Interim Warehouse Facility
Warehouse notes payable
Committed Amount			135,000			135,000
Total Facility Capacity			135,000			$ 135,000
Maturity date				May 15, 2023
National Banks | Loans Held for Investment | Interim Warehouse Facility #1 | Interim Warehouse Facility | Adjusted Term SOFR
Warehouse notes payable
Percentage added to reference rate				1.80%		1.80%
National Banks | Loans Held for Investment | Interim Warehouse Facility #2 | Adjusted Term SOFR | Minimum
Warehouse notes payable
Percentage added to reference rate					1.35%
National Banks | Loans Held for Investment | Interim Warehouse Facility #2 | Adjusted Term SOFR | Maximum
Warehouse notes payable
Percentage added to reference rate					1.85%
National Banks | Loans Held for Investment | Interim Warehouse Facility #2 | Interim Warehouse Facility
Warehouse notes payable
Committed Amount			100,000			$ 100,000
Total Facility Capacity			100,000			$ 100,000
Maturity date					Dec. 13, 2023
National Banks | Loans Held for Investment | Interim Warehouse Facility #2 | Interim Warehouse Facility | Adjusted Term SOFR | Minimum
Warehouse notes payable
Percentage added to reference rate						1.35%
National Banks | Loans Held for Investment | Interim Warehouse Facility #2 | Interim Warehouse Facility | Adjusted Term SOFR | Maximum
Warehouse notes payable
Percentage added to reference rate						1.85%
National Banks | Loans Held for Investment | Interim Warehouse Facility #3 | Interim Warehouse Facility
Warehouse notes payable
Committed Amount			200,000			$ 200,000
Total Facility Capacity			200,000			200,000
Outstanding Balance			$ 163,468			$ 163,468
Maturity date			Sep. 29, 2023
National Banks | Loans Held for Investment | Interim Warehouse Facility #3 | Interim Warehouse Facility | 30-day LIBOR | Minimum
Warehouse notes payable
Percentage added to reference rate						1.75%
National Banks | Loans Held for Investment | Interim Warehouse Facility #3 | Interim Warehouse Facility | 30-day LIBOR | Maximum
Warehouse notes payable
Percentage added to reference rate						3.25%
National Banks | Loans Held for Investment | Interim Warehouse Facility #4 | Interim Warehouse Facility
Warehouse notes payable
Committed Amount			$ 19,810			$ 19,810
Total Facility Capacity			19,810			19,810
Outstanding Balance			19,810			$ 19,810
Maturity date		Oct. 01, 2024
National Banks | Loans Held for Investment | Interim Warehouse Facility #4 | Interim Warehouse Facility | 30-day LIBOR
Warehouse notes payable
Percentage added to reference rate						3%
National Banks | Loans Held for Investment | Interim Warehouse Facility #4 | Interim Warehouse Facility | Adjusted Term SOFR
Warehouse notes payable
Percentage added to reference rate		3.11%
National Banks | Loans Held for Investment | Interim Warehouse Facility #4 | Interim Warehouse Facility | Adjusted Term SOFR | Minimum
Warehouse notes payable
Interest rate floor		0.15%
Fannie Mae | Loans Held for Sale | Fannie Mae Repurchase Agreement, Uncommitted Line and Open Maturity | Agency Warehouse Facility
Warehouse notes payable
Uncommitted Amount			1,500,000			$ 1,500,000
Total Facility Capacity			1,500,000			1,500,000
Outstanding Balance			$ 507,412			$ 507,412

WAREHOUSE NOTES PAYABLE - Coven

WAREHOUSE NOTES PAYABLE - Covenants and Terms (Detail) - New Warehouse Facility $ in Millions	Oct. 31, 2022 USD ($)
Warehouse notes payable
Minimum tangible net worth under covenant requirement	$ 30
Minimum liquid asset to be maintained under financial covenants	$ 15

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Goodwill [Roll Forward]
Beginning balance	$ 698,635	$ 248,958
Additions from acquisitions	222,670	84,291
Measurement-period adjustments	26,859
Ending balance	$ 948,164	$ 333,249

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Acquisitions (Detail) $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
	Feb. 28, 2022 USD ($)	Sep. 30, 2022 USD ($) item	Sep. 30, 2022 USD ($) item segment	Dec. 31, 2021 USD ($) segment	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Acquisitions
Number of acquisitions during the period | item		2	2
Receivable forgiven		$ 5,460	$ 5,460
Gain on remeasurement of equity investment to fair value prior to acquisition of controlling interest			39,641
Goodwill recognized		948,164	$ 948,164	$ 698,635	$ 333,249	$ 248,958
Number of reportable segments | segment			3	1
Measurement-period adjustments			$ 26,859
Annual small balance lending volume goal by 2025			5,000,000
Annual appraisal revenue goal by 2025			$ 75,000
Expected period of significant appraisal revenue growth			5 years
Maximum
Acquisitions
Contingent consideration liability earnout period			5 years
Discounted Cash Flows | Measurement Input, Discount Rate
Fair value valuation
Investment, Measurement Input	0.170
Capital Markets
Acquisitions
Goodwill recognized		451,345	$ 451,345
Apprise
Acquisitions
Book value of equity method investment prior to transaction	$ 18,900
Fair value of equity method investment prior to transaction	58,500
Apprise | Other Revenues
Acquisitions
Gain on remeasurement of equity investment to fair value prior to acquisition of controlling interest	$ 39,600
Apprise
Acquisitions
Total ownership interest	100%
GeoPhy
Acquisitions
Ownership interest acquired	100%
Cash consideration	$ 82,100
Receivable forgiven	5,500
Contingent consideration liabilities	117,000
Total consideration	204,600
Deferred tax assets	$ 9,400
Contingent consideration liability earnout period	4 years
Maximum earnout of contingent consideration	$ 205,000
Estimated undiscounted maximum earnout of contingent consideration	$ 132,700
Estimated maximum percentage earnout of contingent consideration	65%
Liability recognized as a percentage of the maximum consideration which may be paid	57%
Measurement-period adjustments		5,500
GeoPhy | Contingent Consideration Liability, Apprise Portion | Probability-weighted Expected Return | Probability of earnout achievement
Fair value valuation
Contingent consideration liabilities, Measurement input	0.170
GeoPhy | Contingent Consideration Liability, Small Balance Portion | Probability-weighted Expected Return | Probability of earnout achievement
Fair value valuation
Contingent consideration liabilities, Measurement input	0.145
GeoPhy | Technology intangible assets
Acquisitions
Intangible assets acquired	$ 31,000
Amortization period of intangible assets	10 years
GeoPhy | Capital Markets
Acquisitions
Goodwill recognized	$ 206,400
Apprise
Acquisitions
Ownership interest acquired	50%
Investment Sales Brokerage Company
Acquisitions
Cash consideration		6,000
Contingent consideration liabilities		3,000	3,000
Goodwill recognized		$ 8,800	8,800
Alliant Capital, LTD
Acquisitions
Measurement-period adjustments			$ 29,700

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill.	$ 948,164	$ 698,635	$ 333,249	$ 248,958
Capital Markets
Goodwill [Line Items]
Goodwill.	451,345
Servicing and Asset Management
Goodwill [Line Items]
Goodwill.	$ 496,819

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - Other intangible assets - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Other intangible assets
Beginning Balance	$ 183,904	$ 1,880
Additions from acquisitions	31,000	8,719
Amortization	(12,070)	(2,145)
Ending balance	202,834	8,454	$ 183,904
Components of other intangible assets
Gross value	220,682		189,682
Accumulated amortization	(17,848)		(5,778)
Net carrying value	$ 202,834	$ 8,454	$ 183,904

GOODWILL AND OTHER INTANGIBLE_7

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Expected Amortization of Other Intangible Assets (Details) - Other intangible assets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Future amortization
Three Months Ending December 31, 2022	$ 4,190
2023	17,263
2024	16,206
2025	16,206
2026	16,206
2027	16,206
Thereafter	116,557
Net carrying value	$ 202,834	$ 183,904	$ 8,454	$ 1,880

GOODWILL AND OTHER INTANGIBLE_8

GOODWILL AND OTHER INTANGIBLE ASSETS - Contingent Consideration Liabilities (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) item	Sep. 30, 2021 USD ($)
Contingent consideration liabilities
Additions	$ 119,955	$ 7,504
Number of acquisitions during the period | item	2
Stock issued for settlement of contingent liabilities	$ 8,750
Maximum
Contingent consideration liabilities
Contingent consideration liability earnout period	5 years
Other Liabilities
Contingent consideration liabilities
Beginning balance	$ 125,809	28,829
Additions	119,955	7,504
Accretion and revaluation	3,767	1,405
Payments	(28,547)	(6,080)
Ending balance	$ 220,984	$ 31,658

FAIR VALUE MEASUREMENTS - Summa

FAIR VALUE MEASUREMENTS - Summary of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Loans held for sale	$ 2,180,117	$ 1,811,586
Pledged securities, at fair value	151,413	148,996
Derivative assets	255,295	37,364
Liabilities
Derivative liabilities	24,054	6,403
Recurring Basis
Assets
Loans held for sale	2,180,117	1,811,586
Pledged securities, at fair value	151,413	148,996
Derivative assets	255,295	37,364
Total financial assets	2,586,825	1,997,946
Liabilities
Derivative liabilities	24,054	6,403
Contingent consideration liabilities	220,984	125,808
Total financial liabilities	245,038	132,211
Level 1 | Recurring Basis
Assets
Pledged securities, at fair value	12,624	44,733
Total financial assets	12,624	44,733
Level 2 | Recurring Basis
Assets
Loans held for sale	2,180,117	1,811,586
Pledged securities, at fair value	138,789	104,263
Total financial assets	2,318,906	1,915,849
Level 3 | Recurring Basis
Assets
Derivative assets	255,295	37,364
Total financial assets	255,295	37,364
Liabilities
Derivative liabilities	24,054	6,403
Contingent consideration liabilities	220,984	125,808
Total financial liabilities	$ 245,038	$ 132,211

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Fair Value Measurements
Amount of transfers between any of the levels within the fair value hierarchy	$ 0
Maximum
Fair Value Measurements
Contract term	60 days

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Roll Forward of Derivative Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative assets and liabilities, net
Beginning balance	$ 42,634	$ 6,340	$ 30,961	$ 44,720
Settlements	42,458	(146,841)	(235,463)	(488,356)
Realized gains recorded in earnings	(85,092)	140,501	204,502	443,636
Unrealized gains recorded in earnings	231,241	72,223	231,241	72,223
Ending balance	$ 231,241	$ 72,223	$ 231,241	$ 72,223

FAIR VALUE MEASUREMENTS - Sch_2

FAIR VALUE MEASUREMENTS - Schedule of Significant Unobservable Inputs Used in the Measurement of the Fair Value of Level 3 Assets and Liabilities (Detail) $ in Thousands	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Measurements
Derivative assets	$ 255,295	$ 37,364
Derivative liabilities	24,054	6,403
Recurring Basis
Fair Value Measurements
Derivative assets	255,295	37,364
Derivative liabilities	24,054	6,403
Contingent consideration liabilities	220,984	125,808
Recurring Basis | Level 3
Fair Value Measurements
Derivative assets	255,295	37,364
Derivative liabilities	24,054	6,403
Contingent consideration liabilities	220,984	$ 125,808
Recurring Basis | Level 3 | Derivative Liabilities | Discounted Cash Flows
Fair Value Measurements
Derivative liabilities	24,054
Recurring Basis | Level 3 | Contingent Consideration Liabilities | Monte Carlo Simulation
Fair Value Measurements
Contingent consideration liabilities	$ 220,984
Recurring Basis | Level 3 | Contingent Consideration Liabilities | Monte Carlo Simulation | Probability of earnout achievement | Minimum
Fair Value Measurements
Contingent consideration liabilities, Measurement input	0.65
Recurring Basis | Level 3 | Contingent Consideration Liabilities | Monte Carlo Simulation | Probability of earnout achievement | Maximum
Fair Value Measurements
Contingent consideration liabilities, Measurement input	1
Recurring Basis | Level 3 | Contingent Consideration Liabilities | Monte Carlo Simulation | Probability of earnout achievement | Weighted Average
Fair Value Measurements
Contingent consideration liabilities, Measurement input	0.76
Recurring Basis | Level 3 | Derivative Assets | Discounted Cash Flows
Fair Value Measurements
Derivative assets	$ 255,295

FAIR VALUE MEASUREMENTS - Sch_3

FAIR VALUE MEASUREMENTS - Schedule of Carrying Amounts and the Fair Values of the Company's Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Financial assets:
Cash and cash equivalents	$ 152,188	$ 305,635	$ 318,188	$ 321,097
Restricted cash	40,246	42,812	$ 34,875	$ 19,432
Pledged securities, at fair value	151,413	148,996
Loans held for sale	2,180,117	1,811,586
Loans held for investment, net	247,106	269,125
Derivative assets	255,295	37,364
Financial liabilities:
Derivative liabilities	24,054	6,403
Warehouse notes payable	2,545,406	1,941,572
Note payable	711,107	740,174
Carrying Amount
Financial assets:
Cash and cash equivalents	152,188	305,635
Restricted cash	40,246	42,812
Pledged securities, at fair value	151,413	148,996
Loans held for sale	2,180,117	1,811,586
Loans held for investment, net	247,106	269,125
Derivative assets	255,295	37,364
Total financial assets	3,026,365	2,615,518
Financial liabilities:
Derivative liabilities	24,054	6,403
Contingent consideration liabilities	220,984	125,808
Warehouse notes payable	2,545,406	1,941,572
Note payable	711,107	740,174
Total financial liabilities	3,501,551	2,813,957
Fair Value
Financial assets:
Cash and cash equivalents	152,188	305,635
Restricted cash	40,246	42,812
Pledged securities, at fair value	151,413	148,996
Loans held for sale	2,180,117	1,811,586
Loans held for investment, net	248,098	270,826
Derivative assets	255,295	37,364
Total financial assets	3,027,357	2,617,219
Financial liabilities:
Derivative liabilities	24,054	6,403
Contingent consideration liabilities	220,984	125,808
Warehouse notes payable	2,546,298	1,942,448
Note payable	715,688	745,175
Total financial liabilities	$ 3,507,024	$ 2,819,834

FAIR VALUE MEASUREMENTS - Gener

FAIR VALUE MEASUREMENTS - General information (Detail)	9 Months Ended
	Sep. 30, 2022
Loans Held for Sale
Other information
Period of originated loans within which they are transferred or sold	60 days
Money Market Funds | Maximum
Other information
Maximum term of maturity of pledged securities	90 days

FAIR VALUE MEASUREMENTS - Sch_4

FAIR VALUE MEASUREMENTS - Schedule of Fair Value of Derivative Instruments and Loans Held for Sale (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Derivative notional amount and balance sheet location
Estimated Gain on Sale	$ 51,457	$ 77,152
Total Fair Value Adjustment	51,457	77,152
Derivative assets	255,295	37,364
Derivative Liabilities	(24,054)	(6,403)
Fair Value Adjustment to Loans Held for Sale	(179,784)	46,191
Loans Held for Sale
Derivative notional amount and balance sheet location
Notional or Principal Amount	2,359,901	1,765,395
Estimated Gain on Sale	29,624	47,315
Interest Rate Movement	(209,408)	(1,124)
Total Fair Value Adjustment	(179,784)	46,191
Fair Value Adjustment to Loans Held for Sale	(179,784)	46,191
Forward Sale Contracts
Derivative notional amount and balance sheet location
Notional or Principal Amount	3,230,106	2,881,224
Interest Rate Movement	246,745	5,728
Total Fair Value Adjustment	246,745	5,728
Derivative assets	246,826	10,838
Derivative Liabilities	(81)	(5,110)
Rate Lock Commitments
Derivative notional amount and balance sheet location
Notional or Principal Amount	870,205	1,115,829
Estimated Gain on Sale	21,833	29,837
Interest Rate Movement	(37,337)	(4,604)
Total Fair Value Adjustment	(15,504)	25,233
Derivative assets	8,469	26,526
Derivative Liabilities	$ (23,973)	$ (1,293)

FANNIE MAE COMMITMENTS AND PL_3

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES - Commitments (Detail) - DUS Risk-Sharing Obligations - Fannie Mae $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Period of funding for collateral requirement	48 months
Amount of additional capital required to be funded over the next 48 months	$ 71.8
Net worth	646,000
Minimum liquid assets to be maintained to meet operational liquidity requirements	54.7
Operational liquidity	131.9
Minimum
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Net worth requirement	$ 275
New Tier 2 loans
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Collateral requirements percentage	0.75%
Period of funding for collateral requirement	48 months
New Tier 2 loans | Money Market Funds
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Restricted liquidity collateral reduction percentage	5%
New Tier 2 loans | Agency Mortgage Backed Securities
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Restricted liquidity collateral reduction percentage	4%

FANNIE MAE COMMITMENTS AND PL_4

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES - Pledged Securities at Fair Value (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Pledged securities
Pledged securities, at fair value	$ 151,413	$ 148,996
Total pledged cash and cash equivalents
Pledged securities
Pledged securities, at fair value	12,624	44,733	$ 51,550	$ 17,473
Restricted Cash - Pledged
Pledged securities
Pledged securities, at fair value	8,454	3,779	10,596	4,954
Money Market Funds
Pledged securities
Pledged securities, at fair value	4,170	40,954	40,954	12,519
Agency MBS
Pledged securities
Pledged securities, at fair value	138,789	104,263	97,224	119,763
Asset Pledged as Collateral with Right | Pledged Securities - Fannie Mae DUS Program
Pledged securities
Pledged securities, at fair value	$ 151,413	$ 148,996	$ 148,774	$ 137,236

FANNIE MAE COMMITMENTS AND PL_5

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES - Agency Multifamily Mortgage Based Securities Pledged Securities (Detail) - Agency Mortgage Backed Securities - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Investments in Agency debt securities
Fair Value	$ 138,789	$ 104,263
Amortized Cost	140,782	100,847
Total gains for securities with net gains in AOCI	762	3,636
Total losses for securities with net losses in AOCI	(2,755)	(220)
Fair value of securities with unrealized losses	116,989	4,757
Maturities - Fair Value
After one year through five years	16,018
After five years through ten years	99,612
After ten years	23,159
Total	138,789	104,263
Maturities - Amortized Cost
After one year through five years	16,063
After five years through ten years	100,327
After ten years	24,392
Total	$ 140,782	$ 100,847

EARNINGS PER SHARE AND STOCKH_3

EARNINGS PER SHARE AND STOCKHOLDERS EQUITY - Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Calculation of basic EPS
Walker and Dunlop net income	$ 46,833	$ 54,286	$ 71,209	$ 71,721	$ 56,058	$ 58,052	$ 172,328	$ 185,831
Less: dividends and undistributed earnings allocated to participating securities	1,296			2,364			4,984	6,163
Net income applicable to common stockholders	$ 45,537			$ 69,357			$ 167,344	$ 179,668
Basic weighted average shares outstanding	32,290			31,064			32,300	30,969
Basic EPS	$ 1.41			$ 2.23			$ 5.18	$ 5.80
Calculation of diluted EPS
Add: reallocation of dividends and undistributed earnings based on assumed conversion	$ 7			$ 23			$ 34	$ 57
Net income allocated to common stockholders	$ 45,544			$ 69,380			$ 167,378	$ 179,725
Add: weighted-average diluted non-participating securities	330			395			345	398
Weighted average diluted shares outstanding	32,620			31,459			32,645	31,367
Diluted EPS	$ 1.40			$ 2.21			$ 5.13	$ 5.73
Shares outstanding excluded from computation of earnings per share	218						111

EARNINGS PER SHARE AND STOCKH_4

EARNINGS PER SHARE AND STOCKHOLDERS EQUITY - Noncash Transactions (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Noncash transactions not impacting cash paid on Statements of Cash Flows
Stock issued for settlement of contingent liabilities	$ 8,750
Number of joint ventures with operating agreement changes causing reconsideration of consolidation conclusion | item	3
Additional paid-in capital ("APIC")	$ 407,417	$ 393,022
Noncontrolling interests	31,760	28,055
Receivables, net	216,963	212,019
Other assets	426,487	364,746
Other liabilities	$ 780,012	$ 714,250
Consolidation of joint venture
Noncash transactions not impacting cash paid on Statements of Cash Flows
Number of joint ventures with operating agreement changes causing reconsideration of consolidation conclusion | item	3
Additional paid-in capital ("APIC")	$ 3,700
Noncontrolling interests	6,800
Receivables, net	35,000
Other assets	(21,300)
Other liabilities	$ 3,600

EARNINGS PER SHARE AND STOCKH_5

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY - Restricted Stock Awards and Share Repurchases (Detail) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended
	Nov. 08, 2022	Feb. 28, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Repurchases of common stock
Reduction of equity for retirement of repurchased shares			$ 1,436	$ 12,302	$ 27,049	$ 1,496	$ 816	$ 13,374
Dividends
Cash dividends paid per common share			$ 0.60	$ 0.60	$ 0.60	$ 0.50	$ 0.50	$ 0.50
Cash dividends declared per common share	$ 0.60
Share Repurchase Program 2022
Repurchases of common stock
Shares repurchased during the period			0	109,000	0
Weighted average market price of shares repurchased and retired (in dollars per share)				$ 101.77
Reduction of equity for retirement of repurchased shares				$ 11,100
Share repurchase program, period for repurchases		12 months
Authorized share repurchase capacity remaining			$ 63,900
Share Repurchase Program 2022 | Maximum
Repurchases of common stock
Repurchase authorization		$ 75,000

SEGMENTS (Detail)

SEGMENTS (Detail) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Segments
Number of operating segments | segment							3
Revenues
Total revenues	$ 315,611			$ 346,290			$ 975,903	$ 851,989
Expenses
Personnel	157,059			170,181			469,608	407,817
Amortization and depreciation	59,846			53,498			177,101	148,879
Provision (benefit) for credit losses	1,218			1,266			(13,120)	(14,380)
Interest expense on corporate debt	9,306			1,766			22,123	5,291
Other operating expenses	33,991			24,836			102,400	62,171
Total expenses	261,420			251,547			758,112	609,778
Income from operations	54,191			94,743			217,791	242,211
Income tax expense	7,532			22,953			46,495	56,311
Net income before noncontrolling interests	46,659			71,790			171,296	185,900
Less: net income (loss) from noncontrolling interests	(174)	$ (179)	$ (679)	69			(1,032)	69
Walker and Dunlop net income	46,833	$ 54,286	$ 71,209	71,721	$ 56,058	$ 58,052	172,328	185,831
Net change in unrealized gains (losses) on pledged available-for-sale securities, net of taxes	(1,238)			159			(4,018)	769
Walker and Dunlop comprehensive income	45,595			71,880			168,310	186,600
Total assets	6,003,013			5,116,862			6,003,013	5,116,862	$ 5,205,989
Loan origination and debt brokerage fees, Net
Revenues
Total revenues	90,858			123,242			275,773	306,593
Fair value of expected net cash flows from servicing, net
Revenues
Total revenues	55,291			89,482			159,970	209,266
Servicing fees
Revenues
Total revenues	75,975			70,628			222,916	205,658
Property sales broker fees
Revenues
Total revenues	30,308			33,677			100,092	65,173
Investment management fees
Revenues
Total revenues	16,301			2,564			47,345	9,115
Net warehouse interest income
Revenues
Total revenues	3,980			5,583			14,021	14,768
Escrow earnings and other interest income
Revenues
Total revenues	18,129			2,032			26,683	5,972
Other revenue
Revenues
Total revenues	24,769			19,082			129,103	35,444
Operating Segments | Capital Markets
Revenues
Total revenues	183,374			251,041			555,640	594,237
Expenses
Personnel	125,980			139,890			363,619	332,519
Amortization and depreciation	952			17			1,762	556
Other operating expenses	6,063			4,628			16,757	11,628
Total expenses	132,995			144,535			382,138	344,703
Income from operations	50,379			106,506			173,502	249,534
Income tax expense	12,751			25,660			42,074	58,014
Net income before noncontrolling interests	37,628			80,846			131,428	191,520
Walker and Dunlop net income	37,628			80,846			131,428	191,520
Total assets	3,016,153			3,229,274			3,016,153	3,229,274
Operating Segments | Capital Markets | Loan origination and debt brokerage fees, Net
Revenues
Total revenues	89,752			121,133			273,660	302,011
Operating Segments | Capital Markets | Fair value of expected net cash flows from servicing, net
Revenues
Total revenues	55,291			89,482			159,970	209,266
Operating Segments | Capital Markets | Property sales broker fees
Revenues
Total revenues	30,308			33,677			100,092	65,173
Operating Segments | Capital Markets | Net warehouse interest income
Revenues
Total revenues	2,178			3,723			9,415	9,066
Operating Segments | Capital Markets | Other revenue
Revenues
Total revenues	5,845			3,026			12,503	8,721
Operating Segments | Servicing and Asset Management
Revenues
Total revenues	134,488			95,830			378,105	259,150
Expenses
Personnel	21,676			10,446			62,195	27,004
Amortization and depreciation	57,239			52,388			170,930	145,161
Provision (benefit) for credit losses	1,218			1,266			(13,120)	(14,380)
Other operating expenses	6,043			3,199			18,721	8,056
Total expenses	86,176			67,299			238,726	165,841
Income from operations	48,312			28,531			139,379	93,309
Income tax expense	12,110			7,040			33,799	21,693
Net income before noncontrolling interests	36,202			21,491			105,580	71,616
Less: net income (loss) from noncontrolling interests	(174)			69			(1,032)	69
Walker and Dunlop net income	36,376			21,422			106,612	71,547
Total assets	2,621,380			1,387,423			2,621,380	1,387,423
Operating Segments | Servicing and Asset Management | Loan origination and debt brokerage fees, Net
Revenues
Total revenues	1,106			2,109			2,113	4,582
Operating Segments | Servicing and Asset Management | Servicing fees
Revenues
Total revenues	75,975			70,628			222,916	205,658
Operating Segments | Servicing and Asset Management | Investment management fees
Revenues
Total revenues	16,301			2,564			47,345	9,115
Operating Segments | Servicing and Asset Management | Net warehouse interest income
Revenues
Total revenues	1,802			1,860			4,606	5,702
Operating Segments | Servicing and Asset Management | Escrow earnings and other interest income
Revenues
Total revenues	17,760			1,945			26,166	5,712
Operating Segments | Servicing and Asset Management | Other revenue
Revenues
Total revenues	21,544			16,724			74,959	28,381
Operating Segments | Corporate
Revenues
Total revenues	(2,251)			(581)			42,158	(1,398)
Expenses
Personnel	9,403			19,845			43,794	48,294
Amortization and depreciation	1,655			1,093			4,409	3,162
Interest expense on corporate debt	9,306			1,766			22,123	5,291
Other operating expenses	21,885			17,009			66,922	42,487
Total expenses	42,249			39,713			137,248	99,234
Income from operations	(44,500)			(40,294)			(95,090)	(100,632)
Income tax expense	(17,329)			(9,747)			(29,378)	(23,396)
Net income before noncontrolling interests	(27,171)			(30,547)			(65,712)	(77,236)
Walker and Dunlop net income	(27,171)			(30,547)			(65,712)	(77,236)
Total assets	365,480			500,165			365,480	500,165
Operating Segments | Corporate | Escrow earnings and other interest income
Revenues
Total revenues	369			87			517	260
Operating Segments | Corporate | Other revenue
Revenues
Total revenues	$ (2,620)			$ (668)			$ 41,641	$ (1,658)

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Number of joint ventures with operating agreement changes causing reconsideration of consolidation conclusion | item	3
Assets
Cash and cash equivalents	$ 152,188	$ 305,635	$ 318,188	$ 321,097
Restricted cash	40,246	42,812	34,875	$ 19,432
Receivables, net	216,963	212,019
Committed investments in tax credit equity	214,430	177,322
Other assets	426,487	364,746
Total assets	6,003,013	5,205,989	$ 5,116,862
Liabilities
Commitments to fund investments in tax credit equity	198,073	162,747
Other Liabilities	780,012	714,250
Total liabilities	4,308,310	3,627,782
Consolidated VIEs
Assets
Cash and cash equivalents	387
Restricted cash	1,817
Receivables, net	33,235
Other assets	49,475	54,880
Total assets	84,914	54,880
Liabilities
Other Liabilities	38,114	36,480
Total liabilities	38,114	36,480
Nonconsolidated VIEs
Assets
Committed investments in tax credit equity	214,430	177,322
Other assets	58,126	74,997
Total assets	272,556	252,319
Liabilities
Commitments to fund investments in tax credit equity	198,073	162,747
Total liabilities	198,073	162,747
Maximum exposure	$ 272,556	$ 252,319