Walker & Dunlop (WD) 10-K 22 Feb 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Jan. 31, 2024	Jun. 30, 2023
Document And Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
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
Entity Address, Address Line Two	Suite 1300
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	301
Local Phone Number	215-5500
Title of 12(b) Security	Common Stock, $0.01 Par Value Per Share
Trading Symbol	WD
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,521,285
Entity Public Float			$ 1.8
Entity Central Index Key	0001497770
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	McLean, Virginia

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 328,698	$ 225,949
Restricted cash	21,422	17,676
Pledged securities, at fair value	184,081	157,282
Loans held for sale, at fair value	594,998	396,344
Mortgage servicing rights	907,415	975,226
Goodwill	901,710	959,712
Other intangible assets	181,975	198,643
Receivables, net	233,563	202,251
Committed investments in tax credit equity	154,028	254,154
Other assets	544,457	658,122
Total assets	4,052,347	4,045,359
Liabilities
Warehouse notes payable	596,178	537,531
Notes payable	773,358	704,103
Allowance for risk-sharing obligations	31,601	44,057
Deferred tax liabilities, net	245,372	243,485
Commitments to fund investments in tax credit equity	140,259	239,281
Other liabilities	519,450	560,073
Total liabilities	2,306,218	2,328,530
Equity
Preferred stock (authorized 50,000 shares; none issued)
Common stock ($0.01 par value; authorized 200,000 shares; issued and outstanding 32,874 shares at December 31, 2023 and 32,396 shares at December 31, 2022)	329	323
Additional paid-in capital ("APIC")	425,488	412,636
Accumulated other comprehensive income (loss) ("AOCI")	(479)	(1,568)
Retained earnings	1,298,412	1,278,035
Total stockholders' equity	1,723,750	1,689,426
Noncontrolling interests	22,379	27,403
Total equity	1,746,129	1,716,829
Commitments and contingencies (NOTES 2 and 9)
Total liabilities and equity	$ 4,052,347	$ 4,045,359

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2023	Dec. 31, 2022
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	32,874	32,396
Common stock, outstanding	32,874	32,396

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Total revenues	$ 1,054,440	$ 1,258,753	$ 1,259,178
Expenses
Personnel	514,290	607,366	603,487
Amortization and depreciation	226,752	235,031	210,284
Provision (benefit) for credit losses	(10,452)	(11,978)	(13,287)
Interest expense on corporate debt	68,476	34,233	7,981
Goodwill impairment	62,000
Fair value adjustments to contingent consideration liabilities	(62,500)	(13,512)	6,889
Other operating expenses	117,677	142,648	91,766
Total expenses	916,243	993,788	907,120
Income from operations	138,197	264,965	352,058
Income tax expense	35,026	56,034	86,428
Net income before noncontrolling interests	103,171	208,931	265,630
Net income (loss) from noncontrolling interests	(4,186)	(4,889)	(132)
Walker & Dunlop net income	107,357	213,820	265,762
Net change in unrealized gains (losses) on pledged available-for-sale securities, net of taxes	1,089	(4,126)	590
Walker & Dunlop comprehensive income	$ 108,446	$ 209,694	$ 266,352
Basic earnings per share (NOTE 11)	$ 3.20	$ 6.43	$ 8.27
Diluted earnings per share (NOTE 11)	$ 3.18	$ 6.36	$ 8.15
Basic weighted-average shares outstanding	32,697	32,326	31,081
Diluted weighted-average shares outstanding	32,875	32,687	31,533
Loan origination and debt brokerage fees, net
Revenues
Total revenues	$ 234,409	$ 348,007	$ 446,014
Fair value of expected net cash flows from servicing, net
Revenues
Total revenues	141,917	191,760	287,145
Servicing fees
Revenues
Total revenues	311,914	300,191	278,466
Property sales broker fees
Revenues
Total revenues	53,966	120,582	119,981
Investment management fees
Revenues
Total revenues	45,381	71,931	25,637
Net warehouse interest income (expense)
Revenues
Total revenues	(5,633)	15,777	22,108
Placement fees and other interest income
Revenues
Total revenues	154,520	52,830	8,150
Other revenue
Revenues
Total revenues	$ 117,966	$ 157,675	$ 71,677

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
Net Income (Loss)				265,762		265,762
Net income (loss) from noncontrolling interests					$ (132)	(132)
Other comprehensive income (loss), net of tax			590			590
Stock-based compensation - equity classified		35,491				35,491
Issuance of common stock in connection with acquisitions	$ 9	120,562				120,571
Issuance of common stock in connection with acquisitions (in shares)	859
Issuance of common stock in connection with equity compensation plans	$ 7	14,834				14,841
Issuance of common stock in connection with equity compensation plans (in shares)	686
Repurchase and retirement of common stock (NOTE 11)	$ (3)	(18,869)				(18,872)
Repurchase and retirement of common stock (in shares) (NOTE 11)	(174)
Noncontrolling interests from acquisitions					28,187	28,187
Cash dividends paid				(64,453)		(64,453)
Balances at the end of the period at Dec. 31, 2021	$ 320	393,022	2,558	1,154,252	28,055	1,578,207
Balance at the end of the period (in shares) at Dec. 31, 2021	32,049
Change in Stockholders' Equity
Net Income (Loss)				213,820		213,820
Net income (loss) from noncontrolling interests					(4,889)	(4,889)
Other comprehensive income (loss), net of tax			(4,126)			(4,126)
Stock-based compensation - equity classified		32,555				32,555
Issuance of common stock in connection with equity compensation plans	$ 6	15,858				15,864
Issuance of common stock in connection with equity compensation plans (in shares)	695
Repurchase and retirement of common stock (NOTE 11)	$ (3)	(32,474)		(9,892)		(42,369)
Repurchase and retirement of common stock (in shares) (NOTE 11)	(348)
Distributions to noncontrolling interest holders					(2,535)	(2,535)
Cash dividends paid				(80,145)		(80,145)
Other activity (NOTE 17)		3,675			6,772	10,447
Balances at the end of the period at Dec. 31, 2022	$ 323	412,636	(1,568)	1,278,035	27,403	$ 1,716,829
Balance at the end of the period (in shares) at Dec. 31, 2022	32,396					32,396
Change in Stockholders' Equity
Net Income (Loss)				107,357		$ 107,357
Net income (loss) from noncontrolling interests					(4,186)	(4,186)
Other comprehensive income (loss), net of tax			1,089			1,089
Stock-based compensation - equity classified		27,033				27,033
Issuance of common stock in connection with equity compensation plans	$ 7	6,329				6,336
Issuance of common stock in connection with equity compensation plans (in shares)	699
Repurchase and retirement of common stock (NOTE 11)	$ (1)	(20,510)				(20,511)
Repurchase and retirement of common stock (in shares) (NOTE 11)	(221)
Distributions to noncontrolling interest holders					(3,198)	(3,198)
Cash dividends paid				(84,836)		(84,836)
Other activity (NOTE 17)				(2,144)	2,360	216
Balances at the end of the period at Dec. 31, 2023	$ 329	$ 425,488	$ (479)	$ 1,298,412	$ 22,379	$ 1,746,129
Balance at the end of the period (in shares) at Dec. 31, 2023	32,874					32,874

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
TOTAL EQUITY.
Cash dividends paid. amount per common share	$ 2.52	$ 2.40	$ 2

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income before noncontrolling interests	$ 103,171	$ 208,931	$ 265,630
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	(141,917)	(191,760)	(287,145)
Change in the fair value of premiums and origination fees (NOTE 2)	(2,460)	14,160	19,450
Amortization and depreciation	226,752	235,031	210,284
Stock compensation-equity and liability classified	27,842	33,987	36,582
Provision (benefit) for credit losses	(10,452)	(11,978)	(13,287)
Deferred tax expense	1,198	18,439	34,222
Goodwill impairment	62,000
Fair value adjustments to contingent consideration liabilities	(62,500)	(13,512)	6,889
Cash paid to settle risk-sharing obligations	(2,008)	(4,631)
Gain from revaluation of previously held equity-method investment		(39,641)
Originations of loans held for sale	(11,379,540)	(17,952,129)	(17,810,768)
Proceeds from transfers of loans held for sale	11,199,916	19,324,810	18,431,542
Other operating activities, net	776	2,080	5,522
Changes in:
Receivables, net	(35,309)	44,842	(42,873)
Other assets	(4,721)	(69,552)	(26,613)
Other liabilities	16,734	(16,373)	41,020
Net cash provided by (used in) operating activities	(518)	1,582,704	870,455
Cash flows from investing activities
Capital expenditures	(16,201)	(21,995)	(9,208)
Purchases of equity-method investments	(24,679)	(26,099)	(33,446)
Purchases of pledged available-for-sale ("AFS") securities	(12,548)	(60,802)	(31,750)
Proceeds from prepayment and sale of pledged AFS securities	10,679	14,040	45,301
Investments in joint ventures		(5,040)	(66,718)
Distributions from joint ventures	8,956	12,573	47,065
Acquisitions, net of cash received		(114,163)	(420,555)
Originations of loans held for investment		(54,402)	(557,706)
Principal collected on loans held for investment	160,662	122,111	649,466
Net cash provided by (used in) investing activities	126,869	(133,777)	(377,551)
Cash flows from financing activities
Borrowings (repayments) of warehouse notes payable, net	189,736	(1,370,705)	(635,912)
Borrowings of interim warehouse notes payable		36,459	266,575
Repayments of interim warehouse notes payable	(119,835)	(63,858)	(227,999)
Repayments of notes payable	(122,046)	(36,629)	(294,773)
Borrowings of notes payable	196,000		598,500
Repayment of secured borrowings			(73,312)
Proceeds from issuance of common stock	3,383	486	5,252
Repurchase of common stock	(20,511)	(42,369)	(18,872)
Cash dividends paid	(84,836)	(80,145)	(64,453)
Payment of contingent consideration	(26,090)	(21,191)
Distributions to noncontrolling interest holders	(3,198)	(2,535)
Debt issuance costs	(5,834)	(3,337)	(12,732)
Net cash provided by (used in) financing activities	6,769	(1,583,824)	(457,726)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents (NOTE 2)	133,120	(134,897)	35,178
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period	258,283	393,180	358,002
Total of cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	391,403	258,283	393,180
Supplemental Disclosure of Cash Flow Information:
Cash paid to third parties for interest	114,095	76,661	37,947
Cash paid for income taxes	$ 30,903	$ 58,524	$ 43,427

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Disclosure of Non-Cash Activity:
Issuance of common stock in connection with acquisitions			$ 120,571
Issuance of common stock to settle compensation liabilities	$ 2,953	$ 6,551	9,589
Issuance of common stock to settle contingent consideration liabilities (NOTE 7)		8,750
Net increase in total equity due to consolidations of tax credit entities (NOTE 17)		10,447
Net increase in total assets due to consolidations of tax credit entities (NOTE 17)		13,700
Net increase in total liabilities due to consolidations of tax credit entities (NOTE 17)		3,559
Forgiveness of receivables related to acquisitions		5,460
Allowance charge-off of loan held for investment	$ (6,033)
Additions of contingent consideration liabilities from acquisitions (NOTE 7)		$ 117,955	$ 93,304

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2023
ORGANIZATION
ORGANIZATION	NOTE 1—ORGANIZATIO N These financial statements represent the consolidated financial position and results of operations of Walker & Dunlop, Inc. and its subsidiaries. Unless the context otherwise requires, references to “we,” “us,” “our,” “Walker & Dunlop” and the “Company” mean the Walker & Dunlop consolidated companies. Walker & Dunlop, Inc. is a holding company and conducts the majority of its operations through Walker & Dunlop, LLC, the operating company. Walker & Dunlop is one of the leading commercial real estate services and finance companies in the United States. The Company originates, sells, and services a range of commercial real estate debt and equity financing products, provides multifamily property sales brokerage and valuation services, engages in commercial real estate investment management activities with a particular focus on the affordable housing sector through low-income housing tax credit (“LIHTC”) syndication, provides housing market research, and delivers real estate-related investment banking and advisory services. Through its agency 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	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation —The consolidated financial statements include the accounts of Walker & Dunlop, Inc., its wholly owned subsidiaries, and its majority owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation. The Company consolidates entities in which it has a controlling financial interest based on either the variable interest entity (“VIE”) or the voting interest model. The Company is required to first apply the VIE model to determine whether it holds a variable interest in an entity, and if so, whether the entity is a VIE. If the Company determines it holds a variable interest in a VIE and has a controlling financial interest and therefore is considered the primary beneficiary, the Company consolidates the entity. In instances where the Company holds a variable interest in a VIE but is not the primary beneficiary, the Company uses the equity-method of accounting. 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 owns a majority of the voting interests or has control over an entity, the Company accounts for the portion of equity not attributable to Walker & Dunlop, Inc. as Noncontrolling interests on the Consolidated Balance Sheets and the portion of net income not attributable to Walker & Dunlop, Inc. as Net income (loss) from noncontrolling interests in the Consolidated Statements of Income. Subsequent Events —The Company has evaluated the effects of all events that have occurred subsequent to December 31, 2023. The Company has made certain disclosures in the notes to the consolidated financial statements of events that have occurred subsequent to December 31, 2023, including the discussion below. There have been no other material subsequent events that would require recognition in the consolidated financial statements. The Company is obligated to repurchase loans that are originated for the Agencies’ programs if certain representations and warranties that we provide in connection with the sale of loans through these programs, are breached. In the first quarter of 2024, the Company expects to repurchase a Fannie Mae loan with a UPB of $13.5 million. Based on the information available at this time, the Company does not believe it will incur a material loss associated with this loan. ​ Additionally, the Company received a repurchase request from Freddie Mac related to a loan with a UPB of $11.4 million, and the Company has appealed Freddie Mac's request. In January 2024, Freddie Mac informed the Company that they were considering requesting that it repurchase a second loan with a UPB of $34.8 million, but the Company has not received a formal request to repurchase the loan. ​ The Company is currently evaluating its options to resolve both loans with Freddie Mac, and the Company believes it is likely that it will ultimately repurchase both Freddie Mac loans in 2024 or otherwise indemnify Freddie Mac for any losses it incurs on the loans. With respect to the $11.4 million loan, based on the information available at this time, the Company does not believe it will incur a material loss regardless of the resolution negotiated with Freddie Mac. With respect to the $34.8 million loan, the Company has not yet been given access to the underlying property for inspection and evaluation such that it can properly estimate the amount of any such loss. Based on the information available at this time, the Company believes that the value of the underlying property is likely less than the UPB of the loan. ​ Use of Estimates —The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses; including the allowance for risk-sharing obligations, initial fair value of capitalized mortgage servicing rights, initial and recurring fair value assessments of contingent consideration, and goodwill impairment, actual results may vary from these estimates. Mortgage Servicing Rights —When a loan is sold and the Company retains the right to service the loan, the derivative asset discussed below is reclassified and capitalized as an individual mortgage servicing right (“MSR”) at fair value. The initial capitalized amount is equal to the estimated fair value of the expected net cash flows associated with servicing the loans, net of the expected cash flows associated with any guaranty obligations. The following describes the principal assumptions used in estimating the fair value of capitalized MSRs. Discount Rate —Depending upon loan type, the discount rate used is management's best estimate of market discount rates. The rates used for loans sold were between 8% and 14% for the years ended December 31, 2023, 2022 and 2021 and varied based on loan type. Estimated Life —The estimated life of the MSRs is derived based upon the stated term of the prepayment protection provisions of the underlying loan and may be reduced by six to 12 months based upon the expiration or reduction of the prepayment provisions prior to the stated maturity date. The Company’s model for MSRs assumes full prepayment of the loan at or near the point when the prepayment provisions expire. The Company’s historical experience is that the prepayment provisions typically do not provide a significant deterrent to a borrower’s paying off the loan within six to 12 months of the expiration of the prepayment provisions. Placement Fees —The estimated earnings rate on escrow accounts associated with the servicing of the loans for the life of the MSR is added to the estimated future cash flows. The assumptions used to estimate the fair value of capitalized MSRs at loan sale are based on internal models and are compared to assumptions used by other market participants periodically. When such comparisons indicate that these assumptions have changed significantly, the Company adjusts its assumptions accordingly. For example, the Company made adjustments to the discount rates in 2021 and escrow earnings rate in 2021, 2022, and 2023 based on observations from other market participants and economic conditions. Subsequent to the initial measurement date, MSRs are amortized using the interest method over the period that servicing income is expected to be received and presented as a component of Amortization and depreciation in the Consolidated Statements of Income. The individual loan-level MSR is written off through a charge to Amortization and depreciation when a loan prepays, defaults, or is probable of default. The Company evaluates all MSRs for impairment quarterly. The predominant risk characteristic affecting the MSRs is prepayment risk, and we do not believe there is sufficient variation within the portfolio to warrant stratification. Therefore, we assess MSR impairment at the portfolio level. The Company engages a third party to assist in determining an estimated fair value of our existing and outstanding MSRs on at least a semi-annual basis. Business Combinations —The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. The Company recognizes identifiable assets acquired (including intangible assets) and liabilities (both specific and contingent) assumed at their fair values at the acquisition date. Furthermore, acquisition-related costs, such as due diligence, legal and accounting fees, are not capitalized or applied in determining the fair value of the acquired assets. The excess of the purchase price over the fair value of the assets the liabilities assumed is recognized as goodwill. During the measurement period, the Company records adjustments to the assets acquired and liabilities assumed with corresponding adjustments to goodwill in the reporting period in which the adjustment is identified. These adjustments during the measurement period are recorded to goodwill only in circumstances where the adjustment is related to additional information obtained subsequent to the acquisition about facts and circumstances that existed at the time of the acquisition. After the measurement period, which could be up to one year after the transaction date, subsequent adjustments are recorded to the Company’s Consolidated Statements of Income. Goodwill —The Company evaluates goodwill for impairment annually. In addition to the annual impairment evaluation, the Company evaluates at least quarterly whether events or circumstances have occurred in the period subsequent to the annual impairment testing which indicate that it is more likely than not an impairment loss has occurred. The Company’s goodwill is allocated to five reporting units, each of which is a component of either the Capital Markets (“CM”) segment or the Servicing & Asset Management (“SAM”) segment. The Company performs its impairment testing annually as of October 1 for each reporting unit for which goodwill has been allocated. The Company’s October 1, 2023, impairment test consisted of a qualitative assessment for three reporting units as there were no indicators of impairment. For the other two reporting units, the Company performed a quantitative analysis and recognized a total of $62.0 million of goodwill impairment, as described in NOTE 7. Allowance for Risk-Sharing Obligations— Substantially all loans sold under the Fannie Mae DUS program contain partial or full risk-sharing guaranties that are based on the performance of the loan serviced in the at-risk servicing portfolio. The Company records an estimate of the loss reserve for the current expected credit losses (“CECL”) for all loans in our Fannie Mae at-risk servicing portfolio and presents this loss reserve as Allowance for risk-sharing obligations on the Consolidated Balance Sheets. Overall Current Expected Credit Losses Approach The Company uses the weighted-average remaining maturity method (“WARM”) for calculating its allowance for risk-sharing obligations, the Company’s liability for the off-balance-sheet credit exposure associated with the Fannie Mae at-risk DUS loans. WARM uses a historical weighted average annual charge-off rate (“historical loss rate”) that contains loss content over multiple vintages and loan terms and is used as a foundation for estimating the CECL reserve. The historical loss rate is applied to the unpaid principal balance (“UPB”) over the contractual term, adjusted for estimated prepayments and amortization to arrive at the CECL reserve for the entire current portfolio as described further below. The Company maximizes the use of historical internal data because the Company has extensive historical data servicing Fannie Mae DUS loans from which to calculate historical loss rates and principal paydown by loan term type for its exposure to credit loss on its homogeneous portfolio of Fannie Mae DUS multifamily loans. Additionally, the Company believes its properties, loss history, and underwriting standards are not similar to public data such as loss histories for loans originated for collateralized mortgage-backed securities conduits. Runoff Rate One of the key inputs into a WARM calculation is the runoff rate, which is the expected rate at which loans in the current portfolio will prepay and amortize in the future. As the loans the Company originates have different original lives and run off over different periods, the Company groups loans by similar origination dates (vintage) and contractual maturity terms for purposes of calculating the runoff rate. The Company originates loans under the DUS program with various terms generally ranging from several years to 15 years ; each of these various loan terms has a different runoff rate. The Company uses its historical runoff rate for each of the different loan term pools as a proxy for the expected runoff rate. The Company believes that borrower behavior and macroeconomic conditions will not deviate significantly from historical performance over the approximately ten-year period in which the Company has compiled the actual loss data. The 10-year period is intended to capture the various cycles of industry performance and provides a period that is long enough to capture sufficient observations of runoff history. In addition, due to the prepayment protection provisions for Fannie Mae DUS loans, the Company has not seen significant volatility in historical prepayment rates due to gradual changes in interest rates and would not expect this to change materially in future periods. The historical annual runoff rate is calculated for each year of a loan’s life for each vintage in the portfolio and aggregated with the calculated runoff rate for each comparable year in every vintage. For example, the annual runoff rate for the first year of loans originated in 2010 is aggregated with the annual runoff rate for the first year of loans originated in 2011, 2012, and so on to calculate the average annual runoff rate for the first year of a loan. This average runoff calculation is performed for each year of a loan’s life for each of the various loan terms to create a matrix of historical average annual runoffs by year for the entire portfolio. The Company segments its current portfolio of at-risk DUS loans outstanding by original loan term type and years remaining and then applies the appropriate historical average runoff rates to calculate the expected remaining balance at the end of each reporting period in the future. For example, for a loan with an original ten-year term and seven years remaining, the Company applies the historical average annual runoff rate for a ten-year loan for year four to arrive at the estimated remaining UPB one year from the current period, the historical average runoff rate for year five to arrive at the estimated remaining UPB two years from the current period, and so on up to the loan’s maturity date. CECL Reserve Calculation Once the Company has calculated the estimated outstanding UPB for each future year until maturity for each loan term type, the Company then applies the historical loss rate (as further described below) to each future year’s estimated UPB. The Company then aggregates the allowance calculated for each year within each loan term type and for all different maturity years to arrive at the CECL reserve for the portfolio. The historical loss rate is calculated using a ten-year look-back period, utilizing the average portfolio balance and settled losses for each year. A ten-year period is used as the Company believes that this period of time includes sufficiently different economic conditions to generate a reasonable estimate of expected results in the future, given the relatively long-term nature of the current portfolio. This approach captures a portion of the adverse impact of the years following the great financial crisis of 2007-2010 because multifamily commercial loans have a lag period from the time of initial distress indications through the timing of loss settlement. The same loss rate is utilized across each loan term type as the Company has not observed any historical or industry-published data to indicate there is any difference in the occurrence probability or loss severity for a loan based on its loan origination term. Reasonable and Supportable Forecast Period The Company currently uses one year for its reasonable and supportable forecast period (the “forecast period”). The Company uses a forecast of unemployment rates, historically a highly correlated indicator for multifamily occupancy rates, and general economic forecasts from third parties to assess what macroeconomic and multifamily market conditions are expected to be like over the coming year. The Company then associates the forecasted conditions with a similar historical period over the past ten years, which could be one or several years, and uses the Company’s average loss rate for that historical period as a basis for the loss rate used for the forecast period. The Company reverts to the historical loss rate over a one-year period on a straight-line basis. For all remaining years until maturity, the Company uses the historical loss rate as described above to estimate losses. The average loss rate from a historical period used for the forecast period may be qualitatively adjusted as necessary if the forecasted macroeconomic and industry conditions differ materially from the historical period. Identification of Collateral-Based Reserves for Defaulted Loans The Company monitors the performance of each risk-sharing loan for events or conditions which may signal a potential default. The Company’s process for identifying which risk-sharing loans may be probable of default consists of an assessment of several qualitative and quantitative factors, including payment status, property financial performance, local real estate market conditions, loan-to-value ratio, debt-service-coverage ratio (“DSCR”), property condition, and financial strength of the borrower or key principal(s). In instances where payment under the guaranty on a specific loan is determined to be probable, the Company separately measures the expected loss through an assessment of the underlying fair value of the asset, disposition costs, and the risk-sharing percentage (the “collateral-based reserve”) through a charge to the provision for risk-sharing obligations, which is a component of Provision (benefit) for credit losses in the Consolidated Statements of Income. These loans are removed from the WARM calculation described above, and the associated loan-specific mortgage servicing right and guaranty obligation are written off. The expected loss on the risk-sharing obligation is dependent on the fair value of the underlying property as the loans are collateral dependent. Historically, initial recognition of a collateral-based reserve occurs at or before a loan becomes 60 days delinquent. The amount of the collateral-based reserve considers historical loss experience, adverse situations affecting individual loans, the estimated disposition value of the underlying collateral, and the level of risk sharing. The estimate of property fair value at initial recognition of the collateral-based reserve is based on appraisals, broker opinions of value, or net operating income and market capitalization rates, depending on the facts and circumstances associated with the loan and underlying collateral. The Company regularly monitors the collateral-based reserves on all applicable loans and updates loss estimates as current information is received. The settlement with Fannie Mae is based on the actual sales price of the property and selling and property preservation costs and considers the Fannie Mae loss-sharing requirements. The maximum amount of the loss the Company absorbs at the time of default is 20% of the origination UPB of the loan. Provision (Benefit) for Credit Losses— The Company records the income statement impact of the changes in the allowance for loan losses and the allowance for risk-sharing obligations within Provision (benefit) for credit losses in the Consolidated Statements of Income. NOTE 4 contains additional discussion related to the allowance for risk-sharing obligations. Substantially all of the Provision (benefit) for credit losses for the years ended December 31, 2023, 2022, and 2021 is related to the provision (benefit) for risk-sharing obligations, with the other portion attributable to the provision (benefit) for loan losses related to loans held for investment. Transfers of Financial Assets—Transfers of financial assets are reported as sales when (i) the transferor surrenders control over those assets, (ii) the transferred financial assets have been legally isolated from the Company’s creditors, (iii) the transferred assets can be pledged or exchanged by the transferee, and (iv) consideration other than beneficial interests in the transferred assets is received in exchange. The transferor is considered to have surrendered control over transferred assets if, and only if, certain conditions are met. The Company determined that all loans sold during the periods presented met these specific conditions and accounted for all transfers of loans held for sale as completed sales, except as otherwise noted. Derivative Assets and Liabilities —Loan commitments that meet the definition of a derivative are recorded at fair value on the Consolidated Balance Sheets upon the executions of the commitments to originate a loan with a borrower and to sell the loan to an investor, with a corresponding amount recognized as revenue on the Consolidated Statements of Income. The estimated fair value of loan commitments includes (i) the fair value of loan origination fees and premiums on the anticipated sale of the loan, net of co-broker fees (included in derivative assets, a component of Other Assets, on the Consolidated Balance Sheets and as a component of Loan origination and debt brokerage fees, net in the Consolidated Income Statements), (ii) the fair value of the expected net cash flows associated with the servicing of the loan, net of any estimated net future cash flows associated with the guarantee obligation (included in derivative assets, a component of Other Assets, on the Consolidated Balance Sheets and in Fair value of expected net cash flows from servicing, net in the Consolidated Income Statements), and (iii) the effects of interest rate movements between the trade date and balance sheet date. Loan commitments are generally derivative assets but can become derivative liabilities if the effects of the interest rate movement between the trade date and the balance sheet date are greater than the combination of (i) and (ii) above. Forward sale commitments that meet the definition of a derivative are recorded as either derivative assets or derivative liabilities depending on the effects of the interest rate movements between the trade date and the balance sheet date. Adjustments to the fair value are reflected as a component of income within Loan origination and debt brokerage fees, net in the Consolidated Statements of Income. Loans Held for Sale —Loans held for sale represent originated loans that are generally transferred or sold within 60 days from the date that a mortgage loan is funded. The Company elects to measure all originated loans at fair value, unless the Company documents at the time the loan is originated that it will measure the specific loan at the lower of cost or fair value for the life of the loan. Electing to use fair value allows a better offset of the change in fair value of the loan and the change in fair value of the derivative instruments used as economic hedges. During the period prior to its sale, interest income on a loan held for sale is calculated in accordance with the terms of the individual loan. There were no loans held for sale that were valued at the lower of cost or fair value or on a non-accrual status at December 31, 2023 and 2022. Co-broker fees, which are netted against Loan origination and debt brokerage fees, net in the Consolidated Statements of Income, were $12.0 million, $17.3 million, and $21.0 million for the years ended December 31, 2023, 2022, and 2021, respectively. Share-Based Payment —The Company recognizes compensation costs for all share-based payment awards made to employees and directors, including restricted stock and restricted stock units based on the grant date fair value. Restricted stock awards are granted without cost to the Company’s officers, employees, and non-employee directors. The fair value of the award is calculated as the fair value of the Company’s common stock on the date of grant. Stock option awards were granted to executive officers in the past. The Company has not granted any stock option awards since 2017 and does not expect to issue stock options for the foreseeable future. A small number of vested but unexercised stock options is outstanding as of December 31, 2023. Generally, the Company’s restricted stock awards for its officers and employees vest ratably over a three-year period based solely on continued employment. Restricted stock awards for non-employee directors fully vest after one year . Awards issued to the Company's production personnel sometimes vest over a period greater than three years . The Company offers a performance share plan (“PSP”) principally for the Company’s executives and certain other members of senior management. The performance period for each PSP is three full calendar years beginning on January 1 of the grant year. Participants in the PSP receive restricted stock units (“RSUs”) on the grant date for the PSP in an amount equal to achievement of all performance targets at a maximum level. If the performance targets are met at the end of the performance period and the participant remains employed by the Company, the participant fully vests in the RSUs, which immediately convert to unrestricted shares of common stock. If the performance targets are not met at the maximum level, the participant generally forfeits a portion of the RSUs. Generally, if the participant is no longer employed by the Company, the participant forfeits all of the RSUs. The performance targets for all the PSPs issued by the Company are based on meeting diluted earnings per share, return on equity, and total revenues goals. The Company records compensation expense for the PSP based on the grant-date fair value in an amount proportionate to the service time rendered by the participant and the expected achievement level of the goals. Compensation expense for restricted shares is adjusted for actual forfeitures and is recognized on a straight-line basis, for each separately vesting portion of the award as if the award were in substance multiple awards, over the requisite service period of the award. Share-based compensation is recognized within the income statement as Personnel , the same expense line as the cash compensation paid to the respective employees. Statement of Cash Flows —The Company records the fair value of premiums and origination fees as a component of the fair value of derivative assets on the loan commitment date and records the related income within Loan origination and debt brokerage fees, net within the Consolidated Statements of Income. The cash for the origination fee is received upon closing of the loan, and the cash for the premium is received upon loan sale, resulting in a timing mismatch of the recognition of income and the receipt of cash in a given period when the derivative or loan held for sale remains outstanding at period end. The Company accounts for this mismatch by recording an adjustment called Change in the fair value of premiums and origination fees within the Consolidated Statements of Cash Flows. The amount of the adjustment reflects a reduction to cash provided by or used in operations for the amount of income recognized upon rate lock (i.e., non-cash income) for derivatives and loans held for sale outstanding at period end and an increase to cash provided by or used in operations for cash received upon loan origination or sale for derivatives and loans held for sale that were outstanding at prior period end. When income recognized upon rate lock is greater than cash received upon loan origination or sale, the adjustment is a negative amount. When income recognized upon rate lock is less than cash received upon loan origination or loan sale, the adjustment is a positive amount. For presentation in the Consolidated Statements of Cash Flows, the Company considers pledged cash and cash equivalents (as detailed in NOTE 9) to be restricted cash and restricted cash equivalents. The following table presents a reconciliation of the total of cash, cash equivalents, restricted cash, and restricted cash equivalents as presented in the Consolidated Statements of Cash Flows to the related captions on the Consolidated Balance Sheets as of December 31, 2023, 2022, 2021, and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ (in thousands) 2023 2022 2021 2020 Cash and cash equivalents $ 328,698 ​ $ 225,949 ​ $ 305,635 ​ $ 321,097 ​ Restricted cash ​ 21,422 ​ ​ 17,676 ​ ​ 42,812 ​ ​ 19,432 ​ Pledged cash and cash equivalents (NOTE 9) 41,283 ​ 14,658 ​ 44,733 ​ 17,473 ​ Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 391,403 ​ $ 258,283 ​ $ 393,180 ​ $ 358,002 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Taxes —The Company files income tax returns in the applicable U.S. federal, state, and local jurisdictions and generally is subject to examination by the respective jurisdictions for three to four years from the filing of a tax return. The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realizable based on consideration of available evidence, including future reversals of existing taxable temporary differences, projected future taxable income, and tax planning strategies. The Company had an immaterial accrual for uncertain tax positions as of December 31, 2023 and 2022. Net Warehouse Interest Income (Expense)— The Company presents warehouse interest income net of warehouse interest expense. Warehouse interest income is the interest earned from loans held for sale and loans held for investment. Generally, a substantial portion of the Company’s loans is financed with matched borrowings under one of its warehouse facilities. The remaining portion of loans not funded with matched borrowings is financed with the Company’s own cash. Occasionally, the Company also fully funds a small number of loans held for sale or loans held for investment with its own cash. Warehouse interest income is earned on loans held for sale after a loan is closed and before a loan is sold. Warehouse interest income is earned on loans held for investment after a loan is closed and before a loan is repaid. Warehouse interest expense is incurred on borrowings used to fund loans solely while they are held for sale or for investment. The Company had a portfolio of participating interests in loans held for investment that was accounted for as a secured borrowing and paid off at the end of the second quarter of 2021. The Company recognized Net warehouse interest income on the unpaid principal balance of the loans and secured borrowing for the year ended December 31, 2021. The interest income and expense on the secured borrowing, which offset each other and are included in Net warehouse interest income (expenses), was $1.7 million for the year ended December 31, 2021. Included in Net warehouse interest income, (expense) for the three years ended December 31, 2023, 2022, and 2021 are the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Components of Net Warehouse Interest Income (Expense) (in thousands) 2023 2022 2021 Warehouse interest income ​ $ 44,705 ​ $ 65,065 ​ $ 54,886 Warehouse interest expense ​ (50,338) ​ (49,288) ​ (32,778) Net warehouse interest income (expense) ​ $ (5,633) ​ $ 15,777 ​ $ 22,108 ​ Pledged Securities —As collateral against its Fannie Mae risk-sharing obligations (NOTES 4 and 9), certain cash, cash equivalents, and securities have been pledged to the benefit of Fannie Mae to secure the Company's risk-sharing obligations. Substantially all of the balance of Pledged securities, at fair value within the Consolidated Balance Sheets as of December 31, 2023 and 2022 was pledged against Fanni

MORTGAGE SERVICING RIGHTS

MORTGAGE SERVICING RIGHTS	12 Months Ended
	Dec. 31, 2023
MSRs
Mortgage Servicing Rights
MORTGAGE SERVICING RIGHTS	NOTE 3—MORTGAGE SERVICING RIGHTS The fair value of MSRs was $1.4 billion as of both December 31, 2023 and 2022. The Company uses a discounted static cash flow valuation approach, and the key economic assumption is the discount rate. See the following sensitivities related to the discount rate: The impact of a 100 -basis point increase in the discount rate as of December 31, 2023 would be a decrease in the fair value of $44.0 million to the MSRs outstanding as of December 31, 2023. The impact of a 200 -basis point increase in the discount rate as of December 31, 2023 would be a decrease in the fair value of $85.0 million to the MSRs outstanding as of December 31, 2023. These sensitivities are hypothetical and should be used with caution. These estimates do not include interplay among assumptions and are estimated as a portfolio rather than individual assets. Activity related to capitalized MSRs (net of accumulated amortization) for the years ended December 31, 2023 and 2022 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Roll Forward of MSRs (in thousands) 2023 2022 Beginning balance ​ $ 975,226 ​ $ 953,845 ​ Additions, following the sale of loan ​ 142,129 ​ 244,259 ​ Amortization ​ (199,633) ​ (189,211) ​ Pre-payments and write-offs ​ (10,307) ​ (33,667) ​ Ending balance ​ $ 907,415 ​ $ 975,226 ​ ​ The following table summarizes the gross value, accumulated amortization, and net carrying value of the Company’s MSRs as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ Components of MSRs (in thousands) ​ December 31, 2023 ​ December 31, 2022 Gross value ​ $ 1,733,844 ​ $ 1,659,185 Accumulated amortization ​ (826,429) ​ (683,959) Net carrying value ​ $ 907,415 ​ $ 975,226 ​ The expected amortization of MSRs held in the Consolidated Balance Sheet as of December 31, 2023 is shown in the table below. Actual amortization may vary from these estimates. ​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Year Ending December 31, ​ ​ ​ 2024 ​ $ 191,224 2025 ​ 169,310 2026 ​ 143,500 2027 ​ 122,149 2028 ​ 98,344 Thereafter ​ ​ 182,888 Total ​ $ 907,415 ​ The Company recorded write-offs of MSRs related to loans that were repaid prior to the expected maturity and loans that defaulted. These write-offs are included as a component of the MSR roll forward shown above and as a component of Amortization and depreciation in the Consolidated Statements of Income. Prepayment fees totaling $3.5 million, $26.5 million, and $40.1 million were earned for 2023, 2022, and 2021, respectively, and are included as a component of Other revenues in the Consolidated Statements of Income. Placement fees totaling $127.4 million, $43.3 million, and $5.6 million were earned for the years ended December 31, 2023, 2022, and 2021, respectively, and are included as a component of Placement fees and other interest income in the Consolidated Statements of Income. All other ancillary servicing fees were immaterial for the periods presented. Management reviews the MSRs for temporary impairment quarterly by comparing the aggregate carrying value of the MSR portfolio to the aggregate estimated fair value of the portfolio. Additionally, MSRs related to Fannie Mae loans where the Company has risk-sharing obligations are assessed for permanent impairment on an asset-by-asset basis in conjunction with the Company’s assessment of the allowance for risk-sharing obligations. Except for defaulted or prepaid loans, no temporary or permanent impairment was recognized for the years ended December 31, 2023, 2022, and 2021. As of December 31, 2023, the weighted average remaining life of the aggregate MSR portfolio was 6.5 years.

ALLOWANCE FOR RISK-SHARING OBLI

ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION	12 Months Ended
	Dec. 31, 2023
ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION
ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION	NOTE 4—ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION When a loan is sold under the Fannie Mae Delegated Underwriting and Servicing (“DUS”) program, the Company typically agrees to guarantee a portion of the ultimate loss incurred on the loan should the borrower fail to perform. The compensation for this risk is a component of the servicing fee on the loan. The guaranty is in force while the loan is outstanding. 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 CECL for all loans in its Fannie Mae at-risk servicing portfolio and also records collateral-based reserves as necessary and presents this combined loss reserve as Allowance for risk-sharing obligations on the Consolidated Balance Sheets. Additionally, a guaranty obligation is presented as a component of Other liabilities on the Consolidated Balance Sheets. Activity related to the allowance for risk-sharing obligations for the years ended December 31, 2023 and 2022 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Roll Forward of Allowance for Risk-Sharing Obligations (in thousands) 2023 2022 Beginning balance ​ $ 44,057 ​ $ 62,636 ​ Provision (benefit) for risk-sharing obligations ​ (10,448) ​ (13,948) ​ Write-offs ​ (2,008) ​ (4,631) ​ Ending balance ​ $ 31,601 ​ $ 44,057 ​ ​ The Company assesses several qualitative and quantitative factors impacting the current and expected unemployment rate, macroeconomic conditions, and the multifamily market to calculate the Company’s CECL allowance each quarter. The key inputs for the CECL allowance are the historic loss rate, the forecast-period loss rate, the reversion-period loss rate, and the UPB of the at-risk servicing portfolio. A summary of the key inputs of the CECL allowance as of the end of each of the quarters presented and the provision impact during each quarter for the years ended December 31, 2023, 2022, and 2021 follows. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 CECL Calculation Inputs, Details, and Provision Impact Q1 ​ Q2 ​ Q3 ​ Q4 ​ Total Forecast-period loss rate in basis points ​ 2.3 ​ 2.3 ​ 2.3 ​ 2.4 ​ N/A Reversion-period loss rate in basis points ​ 1.5 ​ 1.5 ​ 1.5 ​ 1.5 ​ N/A Historical loss rate in basis points ​ 0.6 ​ 0.6 ​ 0.6 ​ 0.6 ​ N/A At-risk Fannie Mae servicing portfolio UPB in billions $ 54.5 $ 55.7 $ 57.4 $ 58.5 ​ N/A CECL allowance (in millions) $ 28.7 $ 28.9 $ 31.0 $ 31.6 ​ N/A Provision (benefit) for risk-sharing obligations in millions $ (10.9) $ (0.7) $ 0.6 $ 0.6 $ (10.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 CECL Calculation Inputs, Details, and Provision Impact Q1 ​ Q2 ​ Q3 ​ Q4 ​ Total Forecast-period loss rate in basis points ​ 3.0 ​ 2.2 ​ 2.2 ​ 2.1 ​ N/A Reversion-period loss rate in basis points ​ 2.0 ​ 1.7 ​ 1.7 ​ 1.7 ​ N/A Historical loss rate in basis points ​ 1.2 ​ 1.2 ​ 1.2 ​ 1.2 ​ N/A At-risk Fannie Mae servicing portfolio UPB in billions $ 49.7 $ 51.2 $ 52.1 $ 54.0 ​ N/A CECL allowance (in millions) $ 42.5 $ 37.7 $ 38.9 $ 39.7 ​ N/A Provision (benefit) for risk-sharing obligations in millions $ (9.4) $ (4.8) $ 1.2 $ (0.9) $ (13.9) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 CECL Calculation Inputs, Details, and Provision Impact Q1 ​ Q2 ​ Q3 ​ Q4 ​ Total Forecast-period loss rate in basis points ​ 4.0 ​ 3.0 ​ 3.0 ​ 3.0 ​ N/A Reversion-period loss rate in basis points ​ 2.0 ​ 2.0 ​ 2.0 ​ 2.0 ​ N/A Historical loss rate in basis points ​ 1.8 ​ 1.8 ​ 1.8 ​ 1.8 ​ N/A At-risk Fannie Mae servicing portfolio UPB in billions $ 45.4 $ 45.9 $ 47.0 $ 48.0 ​ N/A CECL allowance (in millions) $ 57.0 $ 52.8 $ 54.0 $ 52.3 ​ N/A Provision (benefit) for risk-sharing obligations in millions $ (10.7) $ (4.3) $ 1.3 $ 1.0 $ (12.7) ​ The weighted-average remaining life of the at-risk Fannie Mae servicing portfolio as of December 31, 2023 was 6.4 years compared to 7.2 years as of December 31, 2022. Three loans had aggregate collateral-based reserves of $2.8 million as of December 31, 2023 compared to two loans that had aggregate collateral-based reserves of $4.4 million as of December 31, 2022. Activity related to the guaranty obligation for the years ended December 31, 2023 and 2022 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Roll Forward of Guaranty Obligation (in thousands) 2023 2022 Beginning balance ​ $ 43,950 ​ $ 47,378 ​ Additions, following the sale of loan ​ 4,040 ​ 6,532 ​ Amortization and write-offs ​ (8,122) ​ (9,960) ​ Ending balance ​ $ 39,868 ​ $ 43,950 ​ ​ As of December 31, 2023 and 2022, the maximum quantifiable contingent liability associated with the Company’s guarantees for the at-risk loan serviced under the Fannie Mae DUS agreement was $11.9 billion and $11.0 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	12 Months Ended
	Dec. 31, 2023
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 $130.5 billion as of December 31, 2023 compared to $123.1 billion as of December 31, 2022 As of both December 31, 2023 and 2022, custodial deposit accounts relating to loans serviced by the Company totaled $2.7 billion. These amounts are not included in the Consolidated Balance Sheets as such amounts are not Company assets; however, the Company is entitled to placement fees on these escrow deposit, presented within Placement fees and other interest income in the Consolidated Statements of Income. Certain cash deposits exceed the FDIC insured limits; however, the Company believes it has mitigated this risk by holding uninsured deposits at large national banks. ​

DEBT

DEBT	12 Months Ended
	Dec. 31, 2023
DEBT
DEBT	NOTE 6—DEBT Warehouse Facilities As of December 31, 2023, to provide financing to borrowers under the Agencies’ programs, the Company had 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 pledged substantially all of its loans held for sale under the Company's approved programs. The Company’s ability to originate mortgage loans for sale depends upon its ability to secure and maintain these types of short-term financings on acceptable terms. Additionally, as of December 31, 2023, the Company had warehouse lines of credit with certain national banks to assist in funding loans held for investment under the Interim Loan Program (“Interim Warehouse Facilities”). The Company had pledged substantially all of its loans held for investment against these Interim Warehouse Facilities. The Company’s ability to originate and hold loans held for investment depends upon market conditions, and its ability to secure and maintain these types of short-term financings on acceptable terms. ​ The interest rate for all our warehouse facilities is based on an Adjusted Term Secured Overnight Financing Rate (“SOFR”). The maximum amount and outstanding borrowings under Warehouse notes payable as of December 31, 2023 and 2022 follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ (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 ​ $ 88,586 SOFR plus 1.30% ​ Agency Warehouse Facility #2 ​ 700,000 ​ 300,000 ​ 1,000,000 ​ 7,500 ​ SOFR plus 1.30% ​ Agency Warehouse Facility #3 ​ 600,000 ​ 265,000 ​ 865,000 ​ 177,262 SOFR plus 1.35% ​ Agency Warehouse Facility #4 ​ ​ 200,000 ​ ​ 225,000 ​ ​ 425,000 ​ ​ 53,403 ​ SOFR plus 1.30% to 1.35% ​ Agency Warehouse Facility #5 ​ ​ — ​ ​ 1,000,000 ​ ​ 1,000,000 ​ ​ 42,120 ​ SOFR plus 1.45% ​ Total National Bank Agency Warehouse Facilities ​ $ 1,825,000 ​ $ 2,040,000 ​ $ 3,865,000 ​ $ 368,871 ​ ​ ​ Fannie Mae repurchase agreement, uncommitted line and open maturity ​ — ​ 1,500,000 ​ 1,500,000 ​ 201,973 ​ ​ Total Agency Warehouse Facilities ​ $ 1,825,000 ​ $ 3,540,000 ​ $ 5,365,000 ​ $ 570,844 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 ​ $ 141,965 SOFR plus 1.30% ​ Agency Warehouse Facility #2 ​ 700,000 ​ 300,000 ​ 1,000,000 ​ 102,926 SOFR plus 1.30% ​ Agency Warehouse Facility #3 ​ 600,000 ​ 265,000 ​ 865,000 ​ 110,394 SOFR plus 1.35% ​ Agency Warehouse Facility #4 ​ ​ 200,000 ​ ​ 225,000 ​ ​ 425,000 ​ ​ 26,079 ​ SOFR plus 1.30% ​ Agency Warehouse Facility #5 ​ ​ — ​ ​ 1,000,000 ​ ​ 1,000,000 ​ ​ — SOFR plus 1.45% ​ Total National Bank Agency Warehouse Facilities ​ $ 1,825,000 ​ $ 2,040,000 ​ $ 3,865,000 ​ $ 381,364 ​ ​ ​ Fannie Mae repurchase agreement, uncommitted line and open maturity ​ — ​ 1,500,000 ​ 1,500,000 ​ 11,350 ​ ​ ​ Total Agency Warehouse Facilities ​ $ 1,825,000 ​ $ 3,540,000 ​ $ 5,365,000 ​ $ 392,714 ​ ​ ​ (1) Interest rate presented does not include the effect of any interest rate floors. Interest expense under the warehouse notes payable for the years ended December 31, 2023, 2022, and 2021 aggregated to $50.3 million, $49.3 million, and $34.5 million, respectively. Included in interest expense in 2023, 2022, and 2021 were the amortization of facility fees totaling $3.2 million, $3.6 million, and $3.8 million, respectively. The warehouse notes payable are subject to various financial covenants, and the Company was in compliance with all such covenants at December 31, 2023. Agency Warehouse Facilities The following section provides a summary of the key terms related to each of the Agency Warehouse Facilities. The Company believes that the five committed and uncommitted credit facilities from national banks and the uncommitted credit facility from Fannie Mae provide the Company with sufficient borrowing capacity to conduct its Agency lending operations. The Agency Warehouse agreements contain certain affirmative and negative covenants that are binding on the Company’s operating subsidiary, Walker & Dunlop, LLC (which are in some cases subject to exceptions), including, but not limited to, restrictions on its ability to assume, guarantee, or become contingently liable for the obligation of another person, to undertake certain fundamental changes such as reorganizations, mergers, amendments to the Company’s certificate of formation or operating agreement, liquidations, dissolutions or dispositions or acquisitions of assets or businesses, to cease to be directly or indirectly wholly owned by the Company, to pay any subordinated debt in advance of its stated maturity or to take any action that would cause Walker & Dunlop, LLC to lose all or any part of its status as an eligible lender, seller, servicer or issuer or any license or approval required for it to engage in the business of originating, acquiring, or servicing mortgage loans. Agency Warehouse Facility #1: The Company has a warehousing credit and security agreement with a national bank for a $325.0 million committed warehouse line that is scheduled to mature on August 28, 2024 . The agreement provides the Company with the ability to fund Fannie Mae, Freddie Mac, HUD, and FHA loans. Advances are made at 100% of the loan balance and borrowings under this line bear interest at SOFR plus 130 basis points. In addition to the committed borrowing capacity, the agreement provides $250.0 million of uncommitted borrowing capacity that bears interest at the same rate as the committed facility. During 2023, the Company executed an amendment to the warehouse agreement related to this facility that extended the maturity date. Agency Warehouse Facility #2 The Company has a warehousing credit and security agreement with a national bank for a $700.0 million committed warehouse line that is scheduled to mature on April 12, 2024 . The committed warehouse facility provides the Company with the ability to fund Fannie Mae, Freddie Mac, HUD, and FHA loans. Advances are made at 100% of the loan balance, and borrowings under this line bear interest at SOFR plus 130 basis points. In addition to the committed borrowing capacity, the agreement provides $300.0 million of uncommitted borrowing capacity that bears interest at the same rate as the committed facility. During 2023, the Company executed an amendment to the warehouse agreement related to this facility that extended the maturity date. Agency Warehouse Facility #3: The Company has a $600.0 million committed warehouse credit and security agreement with a national bank that is scheduled to mature on May 15, 2024 . The committed warehouse facility provides the Company with the ability to fund Fannie Mae, Freddie Mac, HUD and FHA loans. Advances are made at 100% of the loan balance, and the borrowings under the warehouse agreement bear interest at a rate of SOFR plus 135 basis points. In addition to the committed borrowing capacity, the agreement provides $265.0 million of uncommitted borrowing capacity that bears interest at the same rate as the committed facility. During 2023, the Company executed an amendment to the warehouse agreement related to this facility that extended the maturity date. Agency Warehouse Facility #4: The Company has a $200.0 million committed warehouse credit and security agreement with a national bank that is scheduled to mature on June 22, 2024 . The committed warehouse facility provides the Company with the ability to fund Fannie Mae, Freddie Mac, HUD, and FHA loans and has a sublimit of $75.0 million to fund defaulted HUD and FHA loans. Advances are made at 100% of the loan balance, and the borrowings under the warehouse agreement bear interest at a rate of SOFR plus 135 basis points. In addition to the committed borrowing capacity, the agreement provides $225.0 million of uncommitted borrowing capacity that bears interest at a rate of SOFR plus 130 basis points. During 2023, the Company Agency Warehouse Facility #5: The Company has a master repurchase agreement with a national bank for a $1.0 billion uncommitted advance credit facility that is scheduled to mature on September 12, 2024. The facility provides the Company with the ability to fund Fannie Mae, Freddie Mac, HUD, and FHA loans. Advances are made at 100% of the loan balance, and the borrowings under the repurchase agreement bear interest at a rate of SOFR plus 145 basis points. During 2023, the Company executed an amendment to the warehouse agreement related to this facility to extend the maturity date. No other material modifications were made to the Agency warehouse agreements during 2023. Uncommitted Agency Warehouse Facility: The Company has a $1.5 billion uncommitted facility with Fannie Mae under its ASAP funding program. After approval of certain loan documents, Fannie Mae will fund loans after closing, and the advances are used to repay the primary warehouse line. Fannie Mae will advance 99% of the loan balance. There is no expiration date for this facility. The uncommitted facility has no specific negative or financial covenants. The Agency Warehouse Facilities require compliance with certain financial covenants, which are measured for the Company and its subsidiaries on a consolidated basis, which include but are not limited to minimum tangible net worth requirements, minimum liquidity requirements, minimum servicing portfolio UPB requirements, debt service coverage ratios, and other customary financial covenants. The agreements contain customary events of default, which are in some cases subject to certain exceptions, thresholds, notice requirements, and grace periods. The warehouse agreements contain cross-default provisions, such that if a default occurs under any of the Company’s warehouse agreements, generally the lenders under the other warehouse agreements could also declare a default. The Company is in compliance with all of its Agency warehouse facility covenants. ​ Notes payable The following section provides a summary of the key terms related to each of the Company’s notes payable. Term Loan Notes Payable On December 16, 2021, the Company entered into a senior secured credit agreement (the “Credit Agreement”) that replaced the Company’s prior credit agreement and provided for a $600.0 million term loan (the “Term Loan”). The Term loan was issued at a 0.25% discount, has a stated maturity date of December 16, 2028 (or, if earlier, the date of acceleration in the event of a default of the Term Loan pursuant to the term of the Term Loan Agreement) , and bears interest at SOFR plus 225 basis points with a SOFR floor of 50 basis points. At any time, the Company may also elect to request one or more incremental term loan commitments not to exceed $230.0 million and 100% of trailing four-quarter Consolidated Adjusted EBITDA , provided that the total indebtedness would not cause the leverage ratio (as defined in the Credit Agreement) to exceed 3.00 to 1.00. On January 12, 2023, the Company entered into a lender joinder agreement and amendment to the Credit Agreement that provided for an increment term loan (“Incremental Term Loan”) with a principal amount of $200.0 million, modified the ratio thresholds related to mandatory prepayments, and included a provision that allows additional types of indebtedness. The Incremental Term Loan was issued at a 2.0% discount and contains similar repayment terms as the Term Loan. The Company used approximately $115.9 million of the proceeds to pay off the Alliant note payable, accrued interest, and other fees. The Alliant note payable was a note payable held at the Company’s wholly owned subsidiary, Alliant (now referred to as Walker & Dunlop Affordable Equity or “WDAE”). The Company is obligated to make principal payments on the Term Loan and Incremental Term Loan (collectively “Corporate Debt”) in consecutive quarterly installments equal to 0.25% of the aggregate original principal amount of the Corporate Debt on the last business day of each of March, June, September, and December that commenced on March 31, 2022 and June 30, 2023, respectively. The Corporate Debt also requires certain other prepayments in certain circumstances pursuant to the terms of the Term Loan Agreements. The remaining unpaid principal balance of the Corporate Debt is required to be paid in full on December 16, 2028 (or, if earlier, the date of acceleration of the term loan pursuant to the terms of the Term Loan Agreements) and will be in an amount equal to the aggregate outstanding principal of the Corporate Debt on such date (together with all accrued interest thereon). The obligations of the Company under the Credit Agreement are guaranteed by Walker & Dunlop Multifamily, Inc., Walker & Dunlop, LLC, Walker & Dunlop Capital, LLC, W&D BE, Inc., and Walker & Dunlop Investment Sales, LLC, each of which is a direct or indirect wholly owned subsidiary of the Company (together with the Company, the “Loan Parties”), pursuant to the Amended and Restated Guarantee and Collateral Agreement entered into on December 16, 2021, among the Loan Parties and JPMorgan Chase Bank, N.A., as administrative agent (the “Guarantee and Collateral Agreement”). Subject to certain exceptions and qualifications contained in the Credit Agreement, the Company is required to cause any newly created or acquired subsidiary, unless such subsidiary has been designated as an Excluded Subsidiary (as defined in the Credit Agreement) by the Company in accordance with the terms of the Credit Agreement, to guarantee the obligations of the Company under the Credit Agreement and become a party to the Guarantee and Collateral Agreement. The Company may designate a newly created or acquired subsidiary as an Excluded Subsidiary, so long as certain conditions and requirements provided for in the Credit Agreement are met. The Credit Agreement contains certain affirmative and negative covenants that are binding on the Loan Parties, including, but not limited to, restrictions (subject to specified exceptions and qualifications) on the ability of the Loan Parties to incur indebtedness, to create liens on their property, to make investments, to merge, consolidate, or enter into any similar combination, or enter into any asset disposition of all or substantially all assets, or liquidate, wind-up or dissolve, to make asset dispositions, to declare or pay dividends or make related distributions, to enter into certain transactions with affiliates, to enter into any negative pledges or other restrictive agreements, and to engage in any business other than the business of the Loan Parties as of the date of the Credit Agreement and business activities reasonably related or ancillary thereto, or to amend certain material contracts. The Credit Agreement contains only one financial covenant, which requires the Company to maintain a minimum asset coverage ratio (as defined in the Credit Agreement), tested quarterly. The Credit Agreement contains customary events of default (which are, in some cases, subject to certain exceptions, thresholds, notice requirements, and grace periods), including, but not limited to, non-payment of principal, interest, or other amounts, misrepresentations, failure to perform or observe covenants, cross-defaults with certain other indebtedness or material agreements, certain change in control events, voluntary or involuntary bankruptcy proceedings, failure of the Credit Agreements or other loan documents to be valid and binding, certain ERISA events and judgments. The Company is in compliance with all covenants related to the Credit Agreement. The following table shows the components of the notes payable as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands, unless otherwise specified) ​ December 31, ​ ​ ​ 2023 2022 Interest rate and repayments Term Loan Note Payable ​ ​ ​ ​ ​ ​ ​ ​ Unpaid principal balance ​ $ 588,000 ​ $ 594,000 ​ Quarterly principal payments of $1.5 million; Unamortized debt discount ​ ​ (1,033) ​ ​ (1,270) ​ Interest rate varies - see above for further details Unamortized debt issuance costs ​ ​ (6,177) ​ ​ (7,594) ​ ​ Carrying balance ​ $ 580,790 ​ $ 585,136 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incremental Term Loan Note Payable ​ ​ ​ ​ ​ ​ ​ ​ Unpaid principal balance ​ $ 198,500 ​ $ — ​ Quarterly principal payments of $0.5 million; Unamortized debt discount ​ ​ (3,354) ​ ​ — ​ Interest rate varies - see above for further details Unamortized debt issuance costs ​ ​ (2,578) ​ ​ — ​ ​ Carrying balance ​ $ 192,568 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate Debt ​ $ 773,358 ​ $ 585,136 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Alliant Note Payable ​ ​ ​ ​ ​ ​ ​ ​ Unpaid principal balance ​ $ — ​ $ 114,546 ​ 4.75% Fixed-rate Fair value adjustment (1) ​ ​ — ​ ​ 4,421 ​ ​ Carrying balance ​ $ — ​ $ 118,967 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Notes Payable Carrying Balance ​ $ 773,358 ​ $ 704,103 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Fair value adjustment related to the acquisition of Alliant. The scheduled maturities, as of December 31, 2023, for the aggregate of the warehouse notes payable and the notes payable are shown below. The warehouse notes payable obligations are incurred in support of the related loans held for sale and loans held for investment. Amounts advanced under the warehouse notes payable for loans held for sale are included in the subsequent year as the amounts are usually drawn and repaid within 60 days . The amounts below related to the Corporate Debt notes payable include only the quarterly and final principal payments required by the related credit agreement (i.e., the non-contingent payments) and do not include any principal payments that are contingent upon Company cash flow, as defined in the Credit Agreement (i.e., the contingent payments). The maturities below are in thousands. ​ ​ ​ ​ ​ Year Ending December 31, Maturities 2024 ​ $ 621,951 ​ 2025 ​ ​ 8,000 ​ 2026 ​ ​ 8,000 ​ 2027 ​ ​ 8,000 ​ 2028 ​ ​ 754,500 ​ Thereafter ​ ​ — ​ Total ​ $ 1,400,451 ​ ​ All of the debt instruments, including the warehouse facilities, are senior obligations of the Company. All warehouse notes payable balances associated with loans held for sale and outstanding as of December 31, 2023 were or are expected to be repaid in 2024. Interest on the Company’s warehouse notes payable and notes payable are based on SOFR. As a result of the transition from LIBOR on June 30, 2023, the Company has transitioned all of its debt agreements to SOFR effective July 1, 2023.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2023
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 by reportable segments as of and for the year ended December 31, 2023 and 2022 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ e ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, (in thousands) 2023 2022 Roll Forward of Gross Goodwill ​ CM ​ SAM ​ Consolidated (1) ​ CM ​ SAM ​ Consolidated (1) Beginning balance ​ $ 520,191 ​ $ 439,521 ​ $ 959,712 ​ $ 297,416 ​ $ 401,219 ​ $ 698,635 Additions from acquisitions ​ — ​ ​ — ​ ​ — ​ 222,670 ​ — ​ 222,670 Measurement-period and other adjustments ​ ​ 3,998 ​ ​ — ​ ​ 3,998 ​ ​ 105 ​ ​ 38,302 ​ ​ 38,407 Ending gross goodwill balance ​ $ 524,189 ​ $ 439,521 ​ $ 963,710 ​ $ 520,191 ​ $ 439,521 ​ $ 959,712 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roll Forward of Accumulated Goodwill Impairment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Impairment ​ ​ 62,000 ​ ​ — ​ ​ 62,000 ​ ​ — ​ ​ — ​ ​ — Ending accumulated goodwill impairment ​ $ 62,000 ​ $ — ​ $ 62,000 ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ $ 462,189 ​ $ 439,521 ​ $ 901,710 ​ $ 520,191 ​ $ 439,521 ​ $ 959,712 ​ (1) As of both December 31, 2023, and 2022, no goodwill was allocated to the Corporate reportable segment. ​ The additions to goodwill from acquisitions during 2022 shown in the table above during the year ended December 31, 2022 relate to two acquisitions. 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. Prior to the acquisition, the Company accounted for its 50% investment in Apprise under the equity method. The remeasurement of the Company’s existing 50% interest resulted in a $39.6 million gain (“Apprise revaluation gain”) that is included as a component of Other revenues The GeoPhy acquisition included contingent consideration that is contingent on achieving certain revenue and productivity milestones over a four-year period. The maximum earnout included as part of the GeoPhy acquisition is $205.0 million. The Company estimated the fair value of this contingent consideration upon acquisition as $115.0 million using a Monte Carlo simulation. The goodwill of $214.0 million resulting from the GeoPhy acquisition was allocated to two reporting units within the Company’s Capital Markets reportable segment. The other acquisition was immaterial. Additional details related to the GeoPhy acquisition can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The measurement-period adjustments shown above for both the years ended December 31, 2023 and 2022 related primarily to routine working capital adjustments. In connection with its annual impairment evaluation performed on October 1, 2023, the Company recognized goodwill impairment totaling $62.0 million as seen above as the estimated fair value of the reporting units declined below their carrying value. The Company estimated the fair value of the reporting units based on discounted cash flow models that utilized significant unobservable inputs and assumptions. The Company allocated this goodwill impairment to the two reporting units to which the GeoPhy operations and goodwill are assigned as discussed previously, both of which are components of the Capital Markets reportable segment. Due to sustained challenging market conditions resulting from the rapidly increasing interest rate environment that has impacted the multifamily market, management’s projected cash flows for these two reporting units declined due to lower than projected revenues and growth rates. Other Intangible Assets ​ The Company’s other intangibles assets consist primarily of acquired customer contracts and technology intellectual property intangibles. The Company had no indefinite-lived intangible assets as of December 31, 2023 and 2022, and assesses its other intangible assets for impairment periodically. Activity related to other intangible assets for the years ended December 31, 2023 and 2022 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Roll Forward of Other Intangible Assets (in thousands) 2023 2022 Beginning balance ​ $ 198,643 ​ $ 183,904 Additions from acquisitions ​ — ​ 31,000 Amortization ​ (16,668) ​ (16,261) Ending balance ​ $ 181,975 ​ $ 198,643 ​ The following table summarizes the gross value, accumulated amortization, and net carrying value of the Company’s other intangible assets as of December 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ Components of Other Intangible Assets (in thousands) ​ December 31, 2023 ​ December 31, 2022 Gross value ​ $ 220,682 ​ $ 220,682 Accumulated amortization ​ (38,707) ​ (22,039) Net carrying value ​ $ 181,975 ​ $ 198,643 ​ The expected amortization of other intangible assets shown in the Consolidated Balance Sheet as of December 31, 2023 is shown in the table below. Actual amortization may vary from these estimates. ​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Year Ending December 31, ​ ​ ​ 2024 ​ $ 16,274 2025 ​ 16,274 2026 ​ 16,274 2027 ​ 16,274 2028 ​ 16,274 Thereafter ​ ​ 100,605 Total ​ $ 181,975 ​ As of December 31, 2023, the weighted average remaining life of all the other intangible assets was 11.6 years. Contingent Consideration Liabilities A summary of the Company’s contingent consideration liabilities, which are included in Other liabilities , as of and for the years ended December 31, 2023 and 2022 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Roll Forward of Contingent Consideration Liabilities (in thousands) 2023 2022 ​ Beginning balance ​ $ 200,346 ​ $ 125,808 ​ Additions ​ ​ — ​ ​ 117,955 ​ Accretion ​ ​ 1,790 ​ ​ 4,642 ​ Fair value adjustments ​ ​ (62,500) ​ ​ (13,512) ​ Payments ​ ​ (26,090) ​ ​ (34,547) ​ Ending balance ​ $ 113,546 ​ $ 200,346 ​ ​ 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 Company’s LIHTC subsidiary, 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 earnout 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 and December 31, 2023 fair values of the contingent consideration using a Monte Carlo simulation. ​ During 2023, the Company made fair value adjustments as seen above on contingent consideration liabilities associated with the GeoPhy acquisition based primarily on updated management forecasts that resulted in a much lower probability of achievement. ​ During 2022, the Company made fair value adjustments on two of its contingent consideration liabilities using updated information, including the probability of achievement and discount rate. The Company’s estimate of the fair values resulted in a decrease in the fair value of one of the Company’s contingent consideration liabilities that was partially offset by an increase in the fair value of another of the Company’s contingent consideration liabilities. ​ The adjustments to the fair value of contingent considerations for the years ended December 31, 2023 and 2022 are included within Fair value adjustments to contingent consideration liabilities in the Consolidated Statements of Income. ​ The recognition of the contingent consideration liability for the two acquisitions in 2022 and the fair value adjustments in 2023 and 2022 are non-cash, and thus not reflected in the amount of cash consideration paid on the Consolidated Statements of Cash Flows. In addition, $8.8 million ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2023
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, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. ● Level 3 —Financial assets and liabilities whose values are based on inputs that are both unobservable and significant to the overall valuation. The Company's MSRs are measured at fair value at inception, and thereafter on a nonrecurring basis and are carried at the lower of amortized costs or fair value. That is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value measurement when there is evidence of impairment and for disclosure purposes (NOTE 3). The Company's MSRs do not trade in an active, open market with readily observable prices. While sales of multifamily MSRs do occur on occasion, precise terms and conditions vary with each transaction and are not readily available. Accordingly, the estimated fair value of the Company’s MSRs was developed using discounted cash flow models that calculate the present value of estimated future net servicing income. The model considers contractually specified servicing fees, prepayment assumptions, estimated placement fee revenue from escrow deposits, delinquency rates, late charges, 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 a market participant would consider in valuing MSR assets. 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 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 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 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 Agency MBS using third party 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 using a Monte Carlo simulation that uses updated management forecasts and current valuation assumptions and discount rates. The Company determines the fair value of each contingent consideration liability based on a probability of achievement, 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 December 31, 2023 and 2022, segregated by the level of the valuation inputs within the fair value hierarchy used to measure fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Period End December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 594,998 ​ $ — ​ $ 594,998 ​ Pledged securities ​ 41,283 ​ 142,798 ​ — ​ 184,081 ​ Derivative assets ​ — ​ — ​ 31,451 ​ 31,451 ​ Total ​ $ 41,283 ​ $ 737,796 ​ $ 31,451 ​ $ 810,530 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 28,247 ​ $ 28,247 ​ Contingent consideration liabilities ​ ​ — ​ ​ — ​ ​ 113,546 ​ ​ 113,546 ​ Total ​ $ — ​ $ — ​ $ 141,793 ​ $ 141,793 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 396,344 ​ $ — ​ $ 396,344 ​ Pledged securities ​ 14,658 ​ 142,624 ​ — ​ 157,282 ​ Derivative assets ​ — ​ — ​ 17,636 ​ 17,636 ​ Total ​ $ 14,658 ​ $ 538,968 ​ $ 17,636 ​ $ 571,262 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 2,076 ​ $ 2,076 ​ Contingent consideration liabilities ​ ​ — ​ ​ — ​ ​ 200,346 ​ ​ 200,346 ​ Total ​ $ — ​ $ — ​ $ 202,422 ​ $ 202,422 ​ ​ There were no transfers between any of the levels within the fair value hierarchy during any of the years presented in the consolidated financial statements. 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 years ended December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Derivative Assets and Liabilities, net (in thousands) 2023 2022 Beginning balance ​ $ 15,560 ​ $ 30,961 Settlements ​ (388,682) ​ (555,168) Realized gains (losses) recorded in earnings (1) ​ 373,122 ​ 524,207 Unrealized gains (losses) recorded in earnings (1) ​ 3,204 ​ 15,560 Ending balance ​ $ 3,204 ​ $ 15,560 (1) Realized and unrealized gains 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 Consolidated Statements of Income. The following table presents information about significant unobservable inputs used in the recurring measurement of the fair value of the Company’s Level 3 assets and liabilities as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quantitative Information about Level 3 Fair Value Measurements (in thousands) Fair Value Valuation Technique Unobservable Input (1) Input Range (1) Weighted Average (2) Derivative assets ​ $ 31,451 Discounted cash flow Counterparty credit risk — ​ — Derivative liabilities ​ $ 28,247 Discounted cash flow Counterparty credit risk — ​ — Contingent consideration liabilities ​ $ 113,546 ​ Monte Carlo Simulation ​ Probability of earnout achievement ​ 20% - 100% ​ 48% (1) Significant changes in this input may lead to significant changes in the fair value measurements. (2) Contingent consideration weighted based on maximum gross earnout amount. ​ The carrying amounts and the fair values of the Company's financial instruments as of December 31, 2023 and December 31, 2022 are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ Carrying Fair Carrying Fair (in thousands) ​ Amount ​ Value ​ Amount ​ Value Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 328,698 ​ $ 328,698 ​ $ 225,949 ​ $ 225,949 ​ Restricted cash ​ 21,422 ​ 21,422 ​ 17,676 ​ 17,676 ​ Pledged securities ​ 184,081 ​ 184,081 ​ 157,282 ​ 157,282 ​ Loans held for sale ​ 594,998 ​ 594,998 ​ 396,344 ​ 396,344 ​ Loans held for investment, net (1) ​ 40,056 ​ 40,139 ​ 200,247 ​ 200,900 ​ Derivative assets (1) ​ 31,451 ​ 31,451 ​ 17,636 ​ 17,636 ​ Total financial assets ​ $ 1,200,706 ​ $ 1,200,789 ​ $ 1,015,134 ​ $ 1,015,787 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities (2) ​ $ 28,247 ​ $ 28,247 ​ $ 2,076 ​ $ 2,076 ​ Contingent consideration liabilities (2) ​ ​ 113,546 ​ ​ 113,546 ​ ​ 200,346 ​ ​ 200,346 ​ Warehouse notes payable ​ 596,178 ​ 596,428 ​ 543,447 ​ 544,050 ​ Notes payable ​ 773,358 ​ 786,500 ​ 704,103 ​ 708,546 ​ Total financial liabilities ​ $ 1,511,329 ​ $ 1,524,721 ​ $ 1,449,972 ​ $ 1,455,018 ​ (1) Included as a component of Other Assets on the Consolidated Balance Sheets. (2) Included as a component of Other Liabilities on the Consolidated Balance Sheets. The following methods and assumptions were used for recurring fair value measurements as of December 31, 2023 and 2022: 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 third-party broker estimates of fair value. 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 earnout payments related to acquisitions completed primarily in 2021 and 2022. The earn-out liabilities are valued using a Monte Carlo simulation analysis. The fair value of the contingent consideration liabilities incorporates unobservable inputs, such as the probability of earnout achievement, volatility rates, and discount rate to determine the expected earn-out cash flows. The probability of the earn-out achievement is based on management’s estimate of the expected future performance and other financial metrics of each of the acquired entities, which are subject to significant uncertainty. 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 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 December 31, 2023 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 463,626 ​ $ 15,908 ​ $ 11,492 ​ $ 27,400 ​ $ 27,400 ​ $ — ​ $ — ​ Forward sale contracts ​ 1,035,964 ​ — ​ (24,196) ​ (24,196) ​ 4,051 ​ ​ (28,247) ​ — ​ Loans held for sale ​ 572,338 ​ 9,956 ​ 12,704 ​ 22,660 ​ — ​ — ​ 22,660 ​ Total ​ ​ ​ ​ $ 25,864 ​ $ — ​ $ 25,864 ​ $ 31,451 ​ $ (28,247) ​ $ 22,660 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 376,870 ​ $ 12,349 ​ $ (4,495) ​ $ 7,854 ​ $ 7,854 ​ $ — ​ $ — ​ Forward sale contracts ​ 769,585 ​ — ​ 7,706 ​ 7,706 ​ 9,782 ​ (2,076) ​ — ​ Loans held for sale ​ 392,715 ​ 6,840 ​ (3,211) ​ 3,629 ​ — ​ — ​ 3,629 ​ Total ​ ​ ​ ​ $ 19,189 ​ $ — ​ $ 19,189 ​ $ 17,636 ​ $ (2,076) ​ $ 3,629 ​ ​ ​

FANNIE MAE COMMITMENTS AND PLED

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES	12 Months Ended
	Dec. 31, 2023
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 —Commitments for the origination and subsequent sale and delivery of loans to Fannie Mae represent those mortgage loan transactions where the borrower has locked an interest rate and scheduled closing, and the Company has entered into a mandatory delivery commitment to sell the loan to Fannie Mae. As discussed in NOTE 8, the Company accounts for these commitments as derivatives recorded at fair value. The Company is generally required to share the risk of any losses associated with loans sold under the Fannie Mae DUS program. The Company is required to secure these obligations by assigning restricted cash balances and securities to Fannie Mae, which are classified as Pledged securities, at fair value on the Consolidated Balance Sheets. The amount of collateral required by Fannie Mae is a formulaic calculation at the loan level and considers the balance of the loan, the risk level of the loan, the age of the loan, and the level of risk-sharing. Fannie Mae requires restricted liquidity for Tier 2 loans of 75 basis points, which is funded over a 48-month period that begins upon delivery of the loan to Fannie Mae. Pledged securities held in the form of money market funds holding U.S. Treasuries are discounted 5% , and Agency MBS are discounted 4% for purposes of calculating compliance with the restricted liquidity requirements. As seen below, the Company held substantially all of its pledged securities in Agency MBS as of December 31, 2023. The majority of the loans for which the Company has risk sharing are Tier 2 loans. The Company is in compliance with the December 31, 2023 collateral requirements as outlined above. As of December 31, 2023, reserve requirements for the December 31, 2023 DUS loan portfolio will require the Company to fund $77.1 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 in the past reassessed the DUS Capital Standards and may make changes to these standards in the future. The Company generates sufficient cash flow from its operations to meet these capital standards and does not expect any future changes to have a material impact on its future operations; however, any future increases to collateral requirements may adversely impact the Company’s available cash. Fannie Mae has established benchmark standards for capital adequacy and reserves the right to terminate the Company's servicing authority for all or some of the portfolio if at any time it determines that the Company's financial condition is not adequate to support its obligations under the DUS agreement. The Company is required to maintain acceptable net worth as defined in the agreement, and the Company satisfied the requirements as of December 31, 2023. The net worth requirement is derived primarily from unpaid principal balances on Fannie Mae loans and the level of risk sharing. As of December 31, 2023, the net worth requirement was $304.8 million, and the Company's net worth, as defined in the requirements, was $1.0 billion, as measured at our wholly owned operating subsidiary, Walker & Dunlop, LLC. As of December 31, 2023, the Company was required to maintain at least $60.7 million of liquid assets to meet operational liquidity requirements for Fannie Mae, Freddie Mac, HUD, and Ginnie Mae. The Company had operational liquidity of $225.0 million, as defined in the requirements, as measured at our wholly owned operating subsidiary, Walker & Dunlop, LLC. Pledged Securities, at Fair Value Pledged securities, at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Pledged Securities (in thousands) 2023 2022 2021 2020 Restricted cash $ 2,727 ​ $ 5,788 ​ $ 3,779 ​ $ 4,954 ​ Money market funds ​ 38,556 ​ ​ 8,870 ​ ​ 40,954 ​ ​ 12,519 ​ Total pledged cash and cash equivalents $ 41,283 ​ $ 14,658 ​ $ 44,733 ​ $ 17,473 ​ Agency MBS 142,798 ​ 142,624 ​ 104,263 ​ 119,763 ​ Total pledged securities, at fair value $ 184,081 ​ $ 157,282 ​ $ 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 Consolidated Statements of Cash Flows as more fully discussed in NOTE 2. The following table provides additional information related to the AFS Agency MBS as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ Fair Value and Amortized Cost of Agency MBS (in thousands) December 31, 2023 December 31, 2022 Fair value $ 142,798 ​ $ 142,624 ​ Amortized cost ​ 143,862 ​ ​ 144,801 ​ Total gains for securities with net gains in AOCI ​ 1,036 ​ ​ 797 ​ Total losses for securities with net losses in AOCI (2,100) ​ (2,974) ​ Fair value of securities with unrealized losses 103,003 ​ 118,565 ​ ​ Pledged securities with a fair value of $93.2 million, an amortized cost of $95.3 million, and a net unrealized loss of $2.1 million have been in a continuous unrealized loss position for more than 12-months. All securities that have been in a continuous loss position are Agency debt securities that carry a guarantee of the contractual payments. The following table provides contractual maturity information related to Agency MBS. The money market funds invest in short-term Federal Government and Agency debt securities and have no stated maturity date. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ Detail of Agency MBS Maturities (in thousands) Fair Value Amortized Cost Within one year $ — ​ $ — ​ After one year through five years ​ 36,410 ​ ​ 36,450 ​ After five years through ten years ​ 85,553 ​ ​ 86,051 ​ After ten years 20,835 ​ ​ 21,361 ​ Total $ 142,798 ​ $ 143,862 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

SHARE-BASED PAYMENT

SHARE-BASED PAYMENT	12 Months Ended
	Dec. 31, 2023
SHARE-BASED PAYMENT
SHARE-BASED PAYMENT	NOTE 10—SHARE-BASED PAYMENT As of December 31, 2023, there were 10.5 million shares of stock authorized for issuance to directors, officers, and employees under the 2020 Equity Incentive Plan (and predecessor plans). As of December 31, 2023, 0.9 million shares remain available for grant under the 2020 Equity Incentive Plan. Under the 2020 Equity Incentive Plan (and predecessor plans), the Company granted stock options to executive officers in the past and restricted shares to executive officers, employees, and non-employee directors during the years presented in the Consolidated Statements of Income, all without cost to the grantee. For the year ended December 31, 2023, the Company granted 0.2 million RSUs to the executive officers and certain other employees in connection with PSPs (“performance awards”). For the years ended 2022 and 2021, the Company granted 0.2 million and 0.3 million RSUs, respectively to the executive officers and certain other employees in connection with PSPs. The Company granted the RSUs at the maximum performance thresholds for each metric each year. As of December 31, 2023, the RSUs issued in connection with the 2023, 2022, and 2021 PSPs are unvested and outstanding. The performance period for the 2020 PSP concluded on December 31, 2022. The three performance goals related to the 2020 PSP were met at varying levels. Accordingly, 0.2 million shares related to the 2020 PSP vested in the first quarter of 2023. As of December 31, 2023, the Company concluded that the three performance targets related to the 2021 2022 ​ The following table summarizes stock compensation expense for the years ended December 31, 2023, 2022, and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Components of stock compensation expense (in thousands) 2023 2022 2021 ​ Restricted shares ​ $ 29,452 ​ $ 29,650 ​ $ 25,520 ​ Stock options ​ ​ — ​ ​ — ​ ​ — ​ PSP "RSUs" ​ ​ (1,610) ​ ​ 4,337 ​ ​ 11,062 ​ Total stock compensation expense ​ $ 27,842 ​ $ 33,987 ​ $ 36,582 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excess tax benefit recognized ​ $ 2,972 ​ $ 6,106 ​ $ 8,620 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The amounts attributable to restricted shares in the table above include both equity-classified awards granted in restricted shares and liability-classified awards to be granted in restricted shares. The excess tax benefits recognized above reduced income tax expense. The following table summarizes restricted share activity for the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Grant-date ​ Restricted Shares Activity Shares Fair Value Nonvested at January 1, 2023 ​ 957,168 ​ $ 89.69 ​ Granted ​ 339,167 ​ ​ 84.78 ​ Vested ​ (350,858) ​ ​ 87.75 ​ Forfeited ​ (32,739) ​ ​ 98.90 ​ Nonvested at December 31, 2023 ​ 912,738 ​ $ 88.33 ​ ​ The fair value of restricted share awards granted during 2023 was estimated using the closing price on the date of grant. The weighted average grant date fair values of restricted shares granted in 2022 and 2021 were $110.98 per share and $101.48 per share, respectively. The fair values of the restricted shares that vested during the years ended December 31, 2023, 2022, and 2021 were $31.5 million, $49.8 million, and $44.6 million, respectively. As of December 31, 2023, the total unrecognized compensation cost for outstanding restricted shares was $42.9 million. As of December 31, 2023, the weighted-average period over which this unrecognized compensation cost will be recognized is 3.5 years. The following table summarizes activity related to RSU performance awards for the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Grant-date ​ Restricted Share Units Activity Share Units Fair Value Nonvested at January 1, 2023 ​ 692,781 ​ $ 89.67 ​ Granted ​ 237,820 ​ ​ 76.17 ​ Vested ​ (212,065) ​ ​ 96.89 ​ Forfeited ​ (76,748) ​ ​ 69.77 ​ Cancelled ​ — ​ ​ — ​ Nonvested at December 31, 2023 ​ 641,788 ​ $ 100.07 ​ ​ The fair value of performance awards granted during 2023 was estimated using the closing price on the date of grant. The weighted average grant date fair values of performance awards granted in 2022 and 2021 were $130.26 per share and $101.04 per share, respectively. The fair value of the performance awards that vested during the years ended December 31, 2023, 2022 and 2021 was $20.5 million, $29.4 million, and $5.6 million, respectively. As of December 31, 2023, the total unrecognized compensation cost for outstanding performance awards was de minimis. As of December 31, 2023, the weighted-average period over which this unrecognized compensation cost will be recognized is 1.5 years. The unrecognized compensation cost is based on the achievement levels that are probable as of December 31, 2023. The following table summarizes stock options activity for the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Average ​ Aggregate ​ ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ ​ ​ ​ Exercise ​ Contract Life ​ Value ​ Stock Options Activity Options Price (Years) (in thousands) Outstanding at January 1, 2023 ​ 217,825 ​ $ 22.35 ​ ​ ​ ​ ​ ​ Exercised ​ (135,445) ​ ​ 23.97 ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2023 ​ 82,380 ​ $ 19.68 ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at December 31, 2023 ​ 82,380 ​ $ 19.68 ​ 1.5 ​ $ 7,524 ​ ​ The total intrinsic value of the stock options exercised during the years ended December 31, 2023, 2022, and 2021 was $8.0 million, $1.1 million, and $17.5 million, respectively. We received no cash from the exercise of options for each of the years ended December 31, 2023, 2022, and 2021.

EARNINGS PER SHARE AND STOCKHOL

EARNINGS PER SHARE AND STOCKHOLDERS EQUITY	12 Months Ended
	Dec. 31, 2023
EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY
EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY	NOTE 11 — EARNINGS PER SHARE AND STOCKHOLDERS’ EQUITY Earnings per share (“EPS”) is calculated under the two-class method. The two-class method allocates all earnings (distributed and undistributed) to each class of common stock and participating securities based on their respective rights to receive dividends. The Company grants share-based awards to various employees and nonemployee directors 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 years ended December 31, 2023, 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 years ended December 31, EPS Calculations (in thousands, except per share amounts) ​ 2023 ​ 2022 ​ 2021 Calculation of basic EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Walker & Dunlop net income ​ $ 107,357 ​ $ 213,820 ​ $ 265,762 ​ Less: dividends and undistributed earnings allocated to participating securities ​ 2,752 ​ 6,100 ​ 8,837 ​ Net income applicable to common stockholders ​ $ 104,605 ​ $ 207,720 ​ $ 256,925 ​ Weighted-average basic shares outstanding ​ ​ 32,697 ​ ​ 32,326 ​ ​ 31,081 ​ Basic EPS ​ $ 3.20 ​ $ 6.43 ​ $ 8.27 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Calculation of diluted EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income applicable to common stockholders ​ $ 104,605 ​ $ 207,720 ​ $ 256,925 ​ Add: reallocation of dividends and undistributed earnings based on assumed conversion ​ ​ 3 ​ ​ 41 ​ ​ 93 ​ Net income allocated to common stockholders ​ $ 104,608 ​ $ 207,761 ​ $ 257,018 ​ Weighted-average basic shares outstanding ​ ​ 32,697 ​ ​ 32,326 ​ ​ 31,081 ​ Add: weighted-average diluted non-participating securities ​ ​ 178 ​ ​ 361 ​ ​ 452 ​ Weighted-average diluted shares outstanding ​ ​ 32,875 ​ ​ 32,687 ​ ​ 31,533 ​ Diluted EPS ​ $ 3.18 ​ $ 6.36 ​ $ 8.15 ​ ​ The assumed proceeds used for calculating the dilutive impact of restricted stock awards under the treasury method includes the unrecognized compensation costs associated with the awards. For the years ended December 31, 2023, and 2022, 312 thousand and 201 thousand average restricted shares, respectively were excluded from the computation of diluted EPS under the treasury-stock method. An immaterial number of average outstanding options to purchase common stock and average restricted shares were excluded from the computation of diluted EPS under the treasury method for the year ended December 31, 2021 because the effect would have been anti-dilutive (the exercise price of the options or 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). Under the 2020 Equity Incentive Plan (and predecessor plans), subject to the Company’s approval, grantees have the option of electing to satisfy tax withholding obligations at the time of vesting or exercise by allowing the Company to withhold and purchase the shares of stock otherwise issuable to the grantee. For the years ended December 31, 2023, 2022, and 2021, the Company repurchased and retired 130 thousand, 149 thousand, and 150 thousand restricted shares at a weighted average market price of $90.19 , $125.28 , and $109.57 , upon grantee vesting, respectively. For the years ended December 31, 2023 and 2022, the Company repurchased and retired 91 thousand and 90 thousand restricted share units at a weighted average market price of $96.89 and $139.75 , respectively. Stock Repurchase Programs In February 2024, the Company’s Board of Directors approved a new stock repurchase program that permits the repurchase of up to $75.0 million of the Company’s common stock over a 12-month period beginning on February 23, 2024. In February 2023, the Company’s Board of Directors authorized the Company to repurchase up to $75.0 million of its common stock over a 12-month period beginning on February 23, 2023. In 2023, the Company repurchased no shares of its common stock under the 2023 share repurchase program. The Company had $75 million of authorized share repurchase capacity remaining under the 2023 share repurchase program as of December 31, 2023. In 2022, the Company repurchased 109 thousand shares of its common stock under a 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. In 2021, the Company did not repurchase any shares of its common stock under a share repurchase program. Dividends In February 2024, our Board of Directors declared a dividend of $0.65 per share for the first quarter of 2024. The dividend will be paid on March 15, 2024 to all holders of record of our restricted and unrestricted common stock as of March 1, 2024. The 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. Other Equity-Related Transactions The following non-cash transactions did not impact the amount of cash paid on the Consolidated Statements of Cash Flows. The Company issued $120.6 million of Company stock in connection with acquisitions in 2021, a non-cash transaction. Additionally, in 2023, 2022, and 2021, $3.0 million, $6.6 million, and $9.6 million, respectively, of stock was issued to employees, for which we had an accrued liability prior to the issuance of the award. Upon issuance, the accrued liability was reclassed to APIC, a non-cash transaction.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
INCOME TAXES	NOTE 12—INCOME TAXES Income Tax Expense The Company calculates its provision for federal, state, and international income taxes based on current tax law. The Company began incurring income taxes in the Netherlands in 2022 in connection with the Company’s acquisition of GeoPhy. The reported tax provision differs from the amounts currently receivable or payable because some income and expense items are recognized in different time periods for financial reporting purposes than for income tax purposes. The following is a summary of income tax expense for the years ended December 31, 2023, 2022, and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Components of Income Tax Expense (in thousands) 2023 2022 2021 Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 25,712 ​ $ 23,014 ​ $ 40,025 ​ State ​ ​ 8,401 ​ ​ 11,065 ​ ​ 12,181 ​ International ​ ​ (285) ​ ​ 3,516 ​ ​ — ​ Total current expense ​ $ 33,828 ​ $ 37,595 ​ $ 52,206 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 1,250 ​ $ 19,114 ​ $ 26,630 ​ State ​ ​ (434) ​ ​ 3,775 ​ ​ 7,592 ​ International ​ ​ 382 ​ ​ (4,450) ​ ​ — ​ Total deferred expense ​ $ 1,198 ​ $ 18,439 ​ $ 34,222 ​ Total income tax expense ​ $ 35,026 ​ $ 56,034 ​ $ 86,428 ​ ​ Under the provisions of Section 162(m) of the Internal Revenue Code, the deductibility of executive compensation is limited to $1 million per year for each named executive officer (“NEO”). Based on the information available as of December 31, 2023, 2022, and 2021, the Company believed that it is more likely than not a significant portion of NEO stock-based compensation book expense will exceed the $1 million limitation in future years when the shares vest, resulting in no tax deductibility for the book expense associated with these compensation agreements and no deferred tax assets. Additionally, for each of the years presented above, significant portions of NEO compensation were above the $1 million limitation, resulting in no tax deductibility for amounts above the $1 million limitation. As discussed in NOTE 7, the Company recognized the Apprise revaluation gain in connection with its acquisition of GeoPhy in 2022. The gain is an unrealized, non-taxable gain, resulting in the reduction to income tax expense by the amount shown in the table below. ​ The following table presents a reconciliation of the statutory federal tax expense to the income tax expense in the accompanying Consolidated Statements of Income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ (in thousands) 2023 2022 2021 ​ Statutory federal expense ​ $ 29,021 ​ $ 56,350 ​ $ 73,932 ​ Statutory state income tax expense, net of federal tax benefit ​ ​ 7,097 ​ ​ 13,567 ​ ​ 16,409 ​ Excess tax benefits, net of federal tax impact ​ ​ (2,972) ​ ​ (6,106) ​ ​ (8,620) ​ Tax benefit of Apprise revaluation gain ​ ​ — ​ ​ (10,329) ​ ​ — ​ Other ​ ​ 1,880 ​ ​ 2,552 ​ ​ 4,707 ​ Income tax expense ​ $ 35,026 ​ $ 56,034 ​ $ 86,428 ​ ​ Deferred Tax Assets/Liabilities The tax effects of temporary differences between reported earnings and taxable earnings consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ Components of Deferred Tax Liabilities, Net (in thousands) 2023 2022 Deferred Tax Assets ​ ​ ​ ​ ​ ​ ​ Compensation related ​ $ 433 ​ $ (333) ​ Credit losses ​ 7,604 ​ 12,425 ​ Total deferred tax assets ​ $ 8,037 ​ $ 12,092 ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred Tax Liabilities ​ ​ ​ ​ ​ ​ ​ Mark-to-market of derivatives and loans held for sale ​ $ (5,254) ​ $ (3,583) ​ Mortgage servicing rights related ​ ​ (205,978) ​ ​ (218,767) ​ Acquisition related (1) ​ ​ (37,056) ​ ​ (24,673) ​ Depreciation ​ ​ (7,091) ​ ​ (6,261) ​ Other ​ ​ 1,970 ​ ​ (2,293) ​ Total deferred tax liabilities ​ $ (253,409) ​ $ (255,577) ​ Deferred tax liabilities, net ​ $ (245,372) ​ $ (243,485) ​ (1) Acquisition-related deferred tax liabilities consist of book-to-tax differences associated with basis step ups related to the amortization of goodwill recorded from acquisitions and book-to-tax differences in intangible asset amortization. The Company believes it is more likely than not that it will generate sufficient taxable income in future periods to realize the deferred tax assets. During the year ended December 31, 2023, the Company recognized an immaterial amount of deferred tax assets that are not included as a component of deferred tax expense. Tax Uncertainties The Company periodically assesses its liabilities and contingencies for all periods open to examination by tax authorities based on the latest available information. Where the Company believes it is more likely than not that a tax position will not be sustained, management records its best estimate of the resulting tax liability, including interest and penalties, in the consolidated financial statements. As of December 31, 2023, based on all known facts and circumstances and current tax law, management believes that there are no material tax positions for which it is reasonably possible that the unrecognized tax benefits will materially increase or decrease over the next 12 months, producing, individually or in the aggregate, a material effect on the Company’s results of operations, financial condition, or cash flows. Pillar Two In December 2021, a framework known as Pillar Two was established by a large number of member countries. Pillar Two is designed to ensure large multinational enterprises pay a minimum level of tax on the income arising in each jurisdiction where they operate. Pillar Two will be effective for some countries in 2024 and others in future years. The Company does not believe Pillar Two will have an impact on its tax liabilities as the Company’s corporate income tax rate in each of its jurisdictions it operates in is higher than the minimum thresholds established by Pillar Two.

SEGMENTS

SEGMENTS	12 Months Ended
	Dec. 31, 2023
SEGMENTS
SEGMENTS	NOTE 13—SEG MENTS Reportable Segments The Company’s executive leadership team, which functions as the Company’s chief operating decision making body, makes decisions and assesses performance based on the following three reportable segments. The reportable segments are determined based on the product or service provided and reflect the manner in which management is currently evaluating the Company’s financial information. (i) Capital Markets —CM 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. CM also provides real estate-related investment banking and advisory services, including housing market research. As part of Agency lending, CM temporarily funds the loans it originates (loans held for sale) before selling them to the Agencies and earns net interest income on the spread between the interest income on the loans and the warehouse interest expense. For Agency loans, CM recognizes the fair value of expected net cash flows from servicing, which represents the right to receive future servicing fees. CM also earns fees for origination of loans for both Agency lending and debt brokerage, fees for property sales, appraisals, and investment banking and advisory services, and subscription revenue for its housing market research. Direct internal, including compensation, and external costs that are specific to CM are included within the results of this reportable segment. (ii) Servicing & Asset Management —SAM’s activities include: (i) servicing and asset-managing the portfolio of loans the Company (a) originates and sells to the Agencies, (b) brokers to certain life insurance companies, and (c) originates through its principal lending and investing activities, and (ii) managing third-party capital invested in commercial real estate assets through senior secured debt or limited partnership equity instruments; e.g., preferred equity, mezzanine debt, etc. either through funds or direct investments, and (iii) managing third-party capital invested in tax credit equity funds focused on the LIHTC sector and other commercial real estate. SAM earns revenue through (i) fees for servicing and asset-managing the loans in the Company’s servicing portfolio, (ii) asset management fees for managing third-party capital, and (iii) 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 reportable segment. (iii) Corporate —The Corporate segment consists primarily of the Company’s treasury operations and other corporate-level activities. The Company’s treasury activities include monitoring and managing liquidity and funding requirements, including corporate debt. Other corporate-level activities include equity-method investments, accounting, information technology, legal, human resources, marketing, internal audit, and various other corporate groups (“support functions”). The Company does not allocate costs from these support functions to the CM or SAM segments in presenting segment operating results. The Company does allocate interest expense and income tax expense. Corporate debt and the related interest expense are allocated first based on specific acquisitions where debt was directly used to fund the acquisition, such as the acquisition of Alliant, and then based on the remaining segment assets. Income tax expense is allocated proportionally based on income 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 and balances as of and for the years ended December 31, 2023, 2022, and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment Results and Total Assets (in thousands) ​ As of and for the year ended December 31, 2023 Revenues ​ ​ CM ​ ​ SAM ​ ​ Corporate ​ ​ Consolidated Loan origination and debt brokerage fees, net ​ $ 232,625 ​ $ 1,784 ​ $ — ​ $ 234,409 Fair value of expected net cash flows from servicing, net ​ ​ 141,917 ​ ​ — ​ ​ — ​ ​ 141,917 Servicing fees ​ ​ — ​ ​ 311,914 ​ ​ — ​ ​ 311,914 Property sales broker fees ​ ​ 53,966 ​ ​ — ​ ​ — ​ ​ 53,966 Investment management fees ​ ​ — ​ ​ 45,381 ​ ​ — ​ ​ 45,381 Net warehouse interest income (expense) ​ ​ (9,497) ​ ​ 3,864 ​ ​ — ​ ​ (5,633) Placement fees and other interest income ​ ​ — ​ ​ 141,374 ​ ​ 13,146 ​ ​ 154,520 Other revenues ​ ​ 57,755 ​ ​ 59,526 ​ ​ 685 ​ ​ 117,966 Total revenues ​ $ 476,766 ​ $ 563,843 ​ $ 13,831 ​ $ 1,054,440 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 375,450 ​ $ 74,407 ​ $ 64,433 ​ $ 514,290 Amortization and depreciation ​ ​ 4,550 ​ ​ 214,978 ​ ​ 7,224 ​ ​ 226,752 Provision (benefit) for credit losses ​ — ​ ​ (10,452) ​ ​ — ​ (10,452) Interest expense on corporate debt ​ 18,779 ​ ​ 42,489 ​ ​ 7,208 ​ 68,476 Goodwill impairment ​ ​ 62,000 ​ ​ — ​ ​ — ​ ​ 62,000 Fair value adjustments to contingent consideration liabilities ​ ​ (62,500) ​ ​ — ​ ​ — ​ ​ (62,500) Other operating expenses ​ 19,994 ​ ​ 28,582 ​ ​ 69,101 ​ 117,677 Total expenses ​ $ 418,273 ​ $ 350,004 ​ $ 147,966 ​ $ 916,243 Income (loss) from operations ​ $ 58,493 ​ $ 213,839 ​ $ (134,135) ​ $ 138,197 Income tax expense (benefit) ​ 14,824 ​ ​ 54,198 ​ ​ (33,996) ​ 35,026 Net income (loss) before noncontrolling interests ​ $ 43,669 ​ $ 159,641 ​ $ (100,139) ​ $ 103,171 Less: net income (loss) from noncontrolling interests ​ 2,489 ​ ​ (6,675) ​ ​ — ​ (4,186) Walker & Dunlop net income (loss) ​ $ 41,180 ​ $ 166,316 ​ $ (100,139) ​ $ 107,357 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 1,193,137 ​ ​ 2,273,033 ​ ​ 586,177 ​ $ 4,052,347 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment Results and Total Assets (in thousands) ​ As of and for the year ended December 31, 2022 Revenues ​ ​ CM ​ ​ SAM ​ ​ Corporate ​ ​ Consolidated Loan origination and debt brokerage fees, net ​ $ 345,779 ​ $ 2,228 ​ $ — ​ $ 348,007 Fair value of expected net cash flows from servicing, net ​ ​ 191,760 ​ ​ — ​ ​ — ​ ​ 191,760 Servicing fees ​ ​ — ​ ​ 300,191 ​ ​ — ​ ​ 300,191 Property sales broker fees ​ ​ 120,582 ​ ​ — ​ ​ — ​ ​ 120,582 Investment management fees ​ ​ — ​ ​ 71,931 ​ ​ — ​ ​ 71,931 Net warehouse interest income (expense) ​ ​ 9,667 ​ ​ 6,110 ​ ​ — ​ ​ 15,777 Placement fees and other interest income ​ ​ — ​ ​ 51,010 ​ ​ 1,820 ​ ​ 52,830 Other revenues ​ ​ 41,046 ​ ​ 75,960 ​ ​ 40,669 ​ ​ 157,675 Total revenues ​ $ 708,834 ​ $ 507,430 ​ $ 42,489 ​ $ 1,258,753 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 485,958 ​ $ 69,970 ​ $ 51,438 ​ $ 607,366 Amortization and depreciation ​ ​ 3,084 ​ ​ 225,515 ​ ​ 6,432 ​ ​ 235,031 Provision (benefit) for credit losses ​ — ​ (11,978) ​ — ​ (11,978) Interest expense on corporate debt ​ 8,647 ​ 23,621 ​ 1,965 ​ 34,233 Goodwill impairment ​ ​ — ​ ​ — ​ ​ — ​ ​ — Fair value adjustments to contingent consideration liabilities ​ ​ (18,000) ​ ​ 4,488 ​ ​ — ​ ​ (13,512) Other operating expenses ​ 29,817 ​ 26,250 ​ 86,581 ​ 142,648 Total expenses ​ $ 509,506 ​ $ 337,866 ​ $ 146,416 ​ $ 993,788 Income (loss) from operations ​ $ 199,328 ​ $ 169,564 ​ $ (103,927) ​ $ 264,965 Income tax expense (benefit) ​ 42,153 ​ ​ 35,859 ​ ​ (21,978) ​ 56,034 Net income (loss) before noncontrolling interests ​ $ 157,175 ​ $ 133,705 ​ $ (81,949) ​ $ 208,931 Less: net income (loss) from noncontrolling interests ​ 1,097 ​ ​ (5,986) ​ ​ — ​ (4,889) Walker & Dunlop net income (loss) ​ $ 156,078 ​ $ 139,691 ​ $ (81,949) ​ $ 213,820 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 1,051,437 ​ $ 2,539,013 ​ $ 454,909 ​ $ 4,045,359 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the year ended December 31, 2021 Segment Results and Total Assets ​ ​ ​ ​ ​ Servicing & ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ Capital ​ ​ Asset ​ ​ ​ ​ ​ ​ ​ ​ ​ Markets ​ ​ Management ​ ​ Corporate ​ ​ Consolidated Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan origination and debt brokerage fees, net ​ $ 440,044 ​ $ 5,970 ​ $ — ​ $ 446,014 Fair value of expected net cash flows from servicing, net ​ ​ 287,145 ​ ​ — ​ ​ — ​ ​ 287,145 Servicing fees ​ ​ — ​ ​ 278,466 ​ ​ — ​ ​ 278,466 Property sales broker fees ​ ​ 119,981 ​ ​ — ​ ​ — ​ ​ 119,981 Investment management fees ​ ​ — ​ ​ 25,637 ​ ​ — ​ ​ 25,637 Net warehouse interest income ​ ​ 14,396 ​ ​ 7,712 ​ ​ — ​ ​ 22,108 Placement fees and other interest income ​ ​ — ​ ​ 7,776 ​ ​ 374 ​ ​ 8,150 Other revenues ​ ​ 20,458 ​ ​ 52,916 ​ ​ (1,697) ​ ​ 71,677 Total revenues ​ $ 882,024 ​ $ 378,477 ​ $ (1,323) ​ $ 1,259,178 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 500,052 ​ $ 36,412 ​ $ 67,023 ​ $ 603,487 Amortization and depreciation ​ ​ 2,877 ​ ​ 203,118 ​ ​ 4,289 ​ ​ 210,284 Provision (benefit) for credit losses ​ — ​ (13,287) ​ — ​ (13,287) Interest expense on corporate debt ​ 5,078 ​ ​ 1,749 ​ ​ 1,154 ​ 7,981 Goodwill impairment ​ ​ — ​ ​ — ​ ​ — ​ ​ — Fair value adjustments to contingent consideration liabilities ​ ​ 6,889 ​ ​ — ​ ​ — ​ ​ 6,889 Other operating expenses ​ 19,531 ​ ​ 11,401 ​ ​ 60,834 ​ 91,766 Total expenses ​ $ 534,427 ​ $ 239,393 ​ $ 133,300 ​ $ 907,120 Income (loss) from operations ​ $ 347,597 ​ $ 139,084 ​ $ (134,623) ​ $ 352,058 Income tax expense (benefit) ​ 85,333 ​ ​ 34,144 ​ ​ (33,049) ​ 86,428 Net income (loss) before noncontrolling interests ​ $ 262,264 ​ $ 104,940 ​ $ (101,574) ​ $ 265,630 Less: net income (loss) from noncontrolling interests ​ 70 ​ (202) ​ — ​ (132) Walker & Dunlop net income (loss) ​ $ 262,194 ​ $ 105,142 ​ $ (101,574) ​ $ 265,762 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 2,263,907 ​ $ 2,430,137 ​ $ 511,945 ​ $ 5,205,989 ​ Concentrations The Company is one of the leading commercial real estate services and finance companies in the United States, with a primary focus on multifamily lending. The Company originates a range of multifamily and other commercial real estate loans that are sold to the Agencies or placed with institutional investors. The Company also services nearly all of the loans it sells to the Agencies and some of the loans that it places with institutional investors. The majority of the Company’s operations involve the delivery and servicing of loan products for its customers through its Capital Markets and Servicing & Asset Management reportable segments, respectively. A single customer represented 34.8% , 32.9% , and 40.1% of total revenues for the years ended December 31, 2023, 2022, and 2021, respectively as reported through the CM and SAM reportable segments. As of both December 31, 2023 and 2022, no one borrower/key principal accounted for more than 3% of our total risk-sharing loan portfolio. An analysis of the product concentrations that impact the Company’s debt financing and servicing revenues is shown in the following tables. This information is based on the distribution of the loans sold or serviced for others. The principal balance of the loans serviced for others, by product, as of December 31, 2023, 2022, and 2021 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ Loan Servicing Portfolio by Product (in thousands) 2023 2022 2021 Fannie Mae ​ $ 63,699,106 ​ $ 59,226,168 ​ $ 53,401,457 ​ Freddie Mac ​ ​ 39,330,545 ​ ​ 37,819,256 ​ ​ 37,138,836 ​ Ginnie Mae-HUD ​ ​ 10,460,884 ​ ​ 9,868,453 ​ ​ 9,889,289 ​ Other ​ ​ 16,980,989 ​ ​ 16,219,978 ​ ​ 15,270,982 ​ Total ​ $ 130,471,524 ​ $ 123,133,855 ​ $ 115,700,564 ​ ​ The volume of debt financing by product for the years ended December 31, 2023, 2022, and 2021 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Debt Financing by Product (in thousands) 2023 2022 2021 Fannie Mae ​ $ 7,021,397 ​ $ 9,950,152 ​ $ 9,301,865 Freddie Mac ​ ​ 4,568,935 ​ ​ 6,320,201 ​ ​ 6,154,828 Ginnie Mae-HUD ​ ​ 678,889 ​ ​ 1,118,014 ​ ​ 2,340,699 Brokered ​ ​ 11,714,888 ​ ​ 25,878,519 ​ ​ 29,670,226 Principal Lending and Investing ​ ​ 218,750 ​ ​ 339,098 ​ ​ 1,443,502 Total ​ $ 24,202,859 ​ $ 43,605,984 ​ $ 48,911,120 ​ ​

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
LEASES
LEASES	N OTE 14—LEASES Right-of-use (“ROU”) assets and lease liabilities associated with the Company’s operating leases are recorded as Other assets and Other liabilities , respectively, in the Consolidated Balance Sheet. As of December 31, 2023, our leases have terms varying in duration, with the longest term ending in 2036. The following table presents information about the Company’s lease arrangements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For year ended December 31, Operating Lease Arrangements (dollars in thousands) ​ 2023 ​ 2022 ​ 2021 Operating Leases ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets ​ $ 76,463 ​ $ 60,830 ​ $ 24,825 Lease liabilities ​ ​ 101,358 ​ ​ 79,623 ​ ​ 29,523 Weighted-average remaining lease term ​ ​ 9.8 years ​ ​ 10.2 years ​ ​ 4.0 years Weighted-average discount rate ​ ​ 4.0% ​ ​ 2.9% ​ ​ 3.3% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Lease Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ Single lease costs ​ $ 14,150 ​ $ 16,371 ​ $ 9,435 Cash paid for amounts included in the measurement of lease liabilities ​ ​ 12,406 ​ ​ 10,093 ​ ​ 9,617 Right-of-use assets obtained in exchange for new lease obligations ​ ​ 16,798 ​ ​ 54,557 ​ ​ 13,215 ​ ​ Maturities of lease liabilities as of December 31, 2023 are presented below (in thousands): ​ ​ ​ ​ ​ Year Ending December 31, ​ ​ ​ 2024 ​ $ 14,552 2025 ​ ​ 13,295 2026 ​ ​ 13,188 2027 ​ ​ 13,243 2028 ​ ​ 12,130 Thereafter ​ ​ 56,820 Total lease payments ​ $ 123,228 Less imputed interest ​ ​ (21,870) Total ​ $ 101,358 ​ ​

OTHER ASSETS AND LIABILITIES

OTHER ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2023
OTHER ASSETS AND LIABILITIES
OTHER ASSETS AND LIABILITIES	NOTE 15 – OTHER ASSETS AND LIABILITIES ​ The following table is a summary of the major components of other assets as of December 31, 2023 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Components of Other Assets (in thousands) 2023 2022 Equity-method investments ​ $ 215,375 ​ $ 198,848 Prepaid expenses ​ ​ 89,795 ​ ​ 98,587 Right of use asset ​ ​ 76,463 ​ ​ 60,830 Property and equipment, net ​ ​ 42,725 ​ ​ 33,928 Loans held for investment, net ​ ​ 40,056 ​ ​ 200,247 Derivative assets ​ ​ 31,451 ​ ​ 17,636 All other ​ ​ 48,592 ​ ​ 48,046 Total ​ $ 544,457 ​ $ 658,122 ​ The following table is a summary of the major components of other liabilities as of December 31, 2023 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Components of Other Liabilities (in thousands) 2023 2022 Accrued expenses ​ $ 123,352 ​ $ 115,878 Contingent consideration liabilities ​ ​ 113,546 ​ ​ 200,346 Lease liability ​ ​ 101,358 ​ ​ 79,623 Guaranty obligation, net ​ ​ 39,868 ​ ​ 43,950 Derivative liabilities ​ ​ 28,247 ​ ​ 2,076 All other ​ ​ 113,079 ​ ​ 118,200 Total ​ $ 519,450 ​ $ 560,073 ​ ​

OTHER REVENUES AND OTHER OPERAT

OTHER REVENUES AND OTHER OPERATING EXPENSES	12 Months Ended
	Dec. 31, 2023
OTHER REVENUES AND OTHER OPERATING EXPENSES
OTHER REVENUES AND OTHER OPERATING EXPENSES	NOTE 16—OTHER REVENUES AND OTHER OPERATING EXPENSES ​ The following table is a summary of the major components of other operating expenses for the years ended December 31, 2023, 2022, and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Components of Other Revenues (in thousands) 2023 2022 2021 Housing market research subscription revenue (1) ​ $ 35,794 ​ $ 21,852 ​ $ 8,744 Syndication and other LIHTC revenue (2) ​ ​ 26,006 ​ ​ 36,757 ​ ​ 6,706 Assumption and application fees ​ ​ 9,629 ​ ​ 9,073 ​ ​ 10,811 Prepayment fees ​ ​ 3,547 ​ ​ 26,451 ​ ​ 40,138 Apprise revaluation gain (3) ​ ​ — ​ ​ 39,641 ​ ​ — All other ​ ​ 42,990 ​ ​ 23,901 ​ ​ 5,278 Total ​ $ 117,966 ​ $ 157,675 ​ $ 71,677 (1) (2) Syndication and other LIHTC revenue generated from Alliant, which was acquired in 2021. (3) One-time non-cash remeasurement gain of Apprise in 2022 from the GeoPhy acquisition (as discussed in NOTE 7). ​ The following table is a summary of the major components of other operating expenses for the years ended December 31, 2023, 2022, and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Components of Other Operating Expenses (in thousands) 2023 2022 2021 Professional fees ​ $ 27,213 ​ $ 35,428 ​ $ 26,920 ​ Office and software expenses ​ ​ 26,343 ​ ​ 24,145 ​ ​ 15,056 ​ Rent (1) ​ ​ 18,174 ​ ​ 18,832 ​ ​ 11,262 ​ Travel and entertainment ​ ​ 12,225 ​ ​ 15,742 ​ ​ 7,203 ​ Marketing and preferred broker ​ ​ 12,142 ​ ​ 14,840 ​ ​ 12,526 ​ All other ​ ​ 21,580 ​ ​ 33,661 ​ ​ 18,799 ​ Total ​ $ 117,677 ​ $ 142,648 ​ $ 91,766 ​ (1) ​

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2023
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES	NOTE 17—VARIABLE INTEREST ENTITIES The Company, through its subsidiary WDAE, formerly known as Alliant Capital, LTD., provides alternative investment management services through the syndication of tax credit funds and development of affordable housing projects. To facilitate the syndication and development of affordable housing projects, the Company is involved with the acquisition and/or formation of limited partnerships and joint ventures with investors, property developers, and property managers that are VIEs. The Company’s continuing involvement in the VIEs usually includes either serving as the manager of the VIE or as a majority investor in the VIE with a property developer or manager serving as the manager of the VIE. ​ When the Company determines that it is the primary beneficiary of a material VIE, the Company consolidates the VIE. The primary beneficiary of a VIE is determined as the entity that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance and (ii) exposure to losses or benefits that could potentially be significant to the VIE. When the Company determines that it is not the primary beneficiary, the Company recognizes its investment in the VIE through the equity-method of accounting. The Company regularly assesses the primary beneficiary of the VIE as its involvement and ownership may change over time. Syndication of Tax Credit Funds Walker & Dunlop Affordable Equity (formerly Alliant) forms limited partnership funds (“the funds”) that are VIEs and hold investments in affordable housing projects. The Company identifies and enters into a commitment to invest equity in the limited partnership interests in affordable housing VIEs that own and operate affordable housing properties. The limited partnership interest exposes the Company to economic losses or benefits of the VIE but does not give it the power to direct the activities that most significantly impact the VIE’s economic performance. In such cases, the Company determined it is not the primary beneficiary and recognizes the VIE as an investment and a liability for the unfunded committed capital to the VIE. The Company’s exposure is limited to its contributed capital and remaining unfunded committed capital. The investments are included as Committed investments in tax credit equity, and the unfunded committed capital are included as Commitments to fund investments in tax credit equity in the Consolidated Balance Sheets until they are transferred to the credit fund as described below. The investments and unfunded committed capital are presented in the table below. As part of the syndication of the tax credit fund, the Company capitalizes the funds by raising equity capital commitments from third-party investors. The Company transfers its limited partnership interests in affordable housing partnerships to the funds, where the Company serves as the general partner and manager and holds an insignificant ownership percentage of the funds. As the manager of the funds, the Company has the power to direct the activities that most significantly impact the economic performance of the funds; however, it normally does not have exposure to the economic losses or benefits significant to the VIEs. Accordingly, the Company is not the primary beneficiary of the funds and does not consolidate the VIEs The Company records its general partnership interests as an equity-method investment included in Other assets in the Consolidated Balance Sheets. The Company may purchase an investor’s partnership interest. In these circumstances, the Company assesses whether its new ownership percentage could potentially be significant to the VIE. When the Company determines the new ownership percentage is significant, it consolidates the fund as the Company is the primary beneficiary. As of both December 31, 2023 and 2022, the assets and liabilities of the consolidated funds were immaterial. ​ Joint Development of Affordable Housing Projects ​ The Company enters joint ventures with affordable property developers and/or investors to develop affordable housing projects. The joint ventures’ objectives are to: (1) develop the affordable housing project for syndication into a tax credit fund or (2) develop the affordable housing project for capital appreciation. When the Company develops affordable housing projects to ultimately syndicate the property into a tax credit fund, the Company invests in the joint venture but does not have management rights. The Company has significant exposure to the economic losses or benefits but does not have the power to direct the activities that most significantly impact the VIE’s economic performance; consequently, the Company determined that it is not the primary beneficiary in the VIE and recognizes an equity-method investment in the VIE included in Other assets in the Consolidated Balance Sheets. During 2022, the operating agreements of some of the Company’s joint ventures were amended, resulting in the Company’s 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 in 2022. ​ The consolidation of these entities Receivables, net Other assets Other liabilities. This non-cash activity did not impact the amount of cash paid on the Consolidated Statements of Cash Flows. ​ When the Company develops affordable housing projects for capital appreciation, the Company actively manages the joint venture and generally has an insignificant ownership percentage compared to third-party investors. The Company has the power to direct the activities that most significantly impact the VIE’s economic performance but does not have exposure to the economic losses or benefits that could be significant to the VIE; therefore, the Company determined it is not the primary beneficiary of the VIE and recognizes an equity-method investment included in Other assets in the Consolidated Balance Sheets. In certain circumstances, the Company may hold a significant ownership percentage and have exposure to significant economic losses or benefits of the VIE. When this occurs, the Company determines it has both the power to direct the activities that most significantly impact the VIE’s economic performance and the exposure to the economic losses or benefits that could be significant to the VIE. ​ The table below presents the assets and liabilities of the Company’s consolidated joint development VIEs included in the Consolidated Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ Consolidated VIEs (in thousands) ​ December 31, 2023 ​ December 31, 2022 Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 2,841 ​ $ 201 Restricted cash ​ ​ 2,811 ​ ​ 1,532 Receivables, net ​ ​ 28,256 ​ ​ 33,593 Other Assets ​ ​ 47,249 ​ ​ 49,768 Total assets of consolidated VIEs ​ $ 81,157 ​ $ 85,094 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ Other liabilities ​ $ 53,526 ​ $ 39,148 Total liabilities of consolidated VIEs ​ $ 53,526 ​ $ 39,148 ​ ​ ​ ​ ​ ​ ​ ​ ​ The table below presents the carrying value and classification of the Company’s interests in nonconsolidated VIEs included in the Consolidated Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ Nonconsolidated VIEs (in thousands) ​ ​ December 31, 2023 ​ December 31, 2022 Assets ​ ​ ​ ​ ​ ​ Committed investments in tax credit equity ​ $ 154,028 ​ $ 254,154 Other assets: Equity-method investments ​ ​ 60,195 ​ ​ 57,981 Total interests in nonconsolidated VIEs ​ $ 214,223 ​ $ 312,135 ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ Commitments to fund investments in tax credit equity ​ $ 140,259 ​ $ 239,281 Total commitments to fund nonconsolidated VIEs ​ $ 140,259 ​ $ 239,281 ​ ​ ​ ​ ​ ​ ​ Maximum exposure to losses (1)(2) ​ $ 214,223 ​ $ 312,135 ​ ​ ​ ​ ​ ​ ​ (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. ​

RELATED PARTY TRANSACTION

RELATED PARTY TRANSACTION	12 Months Ended
	Dec. 31, 2023
RELATED PARTY TRANSACTION
RELATED PARTY TRANSACTION	NOTE 18—RELATED PARTY TRANSACTION The Company, through its WDAE subsidiaries, has related party loans with its affordable housing project partners, which include property developers and managers. To facilitate the development of affordable housing projects prior to syndication into a tax credit fund, the Company extends pre-development and working capital loans to its partners in affordable housing project partnerships. The outstanding balance of these loans was $73.1 million and $69.8 million as of December 31, 2023 and 2022, respectively, and the related interest income was immaterial for both the years ended December 31, 2023 and 2022. The balance of these receivables is included as Receivables, net ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation —The consolidated financial statements include the accounts of Walker & Dunlop, Inc., its wholly owned subsidiaries, and its majority owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation. The Company consolidates entities in which it has a controlling financial interest based on either the variable interest entity (“VIE”) or the voting interest model. The Company is required to first apply the VIE model to determine whether it holds a variable interest in an entity, and if so, whether the entity is a VIE. If the Company determines it holds a variable interest in a VIE and has a controlling financial interest and therefore is considered the primary beneficiary, the Company consolidates the entity. In instances where the Company holds a variable interest in a VIE but is not the primary beneficiary, the Company uses the equity-method of accounting. 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 owns a majority of the voting interests or has control over an entity, the Company accounts for the portion of equity not attributable to Walker & Dunlop, Inc. as Noncontrolling interests on the Consolidated Balance Sheets and the portion of net income not attributable to Walker & Dunlop, Inc. as Net income (loss) from noncontrolling interests in the Consolidated Statements of Income.
Subsequent Events	Subsequent Events —The Company has evaluated the effects of all events that have occurred subsequent to December 31, 2023. The Company has made certain disclosures in the notes to the consolidated financial statements of events that have occurred subsequent to December 31, 2023, including the discussion below. There have been no other material subsequent events that would require recognition in the consolidated financial statements. The Company is obligated to repurchase loans that are originated for the Agencies’ programs if certain representations and warranties that we provide in connection with the sale of loans through these programs, are breached. In the first quarter of 2024, the Company expects to repurchase a Fannie Mae loan with a UPB of $13.5 million. Based on the information available at this time, the Company does not believe it will incur a material loss associated with this loan. ​ Additionally, the Company received a repurchase request from Freddie Mac related to a loan with a UPB of $11.4 million, and the Company has appealed Freddie Mac's request. In January 2024, Freddie Mac informed the Company that they were considering requesting that it repurchase a second loan with a UPB of $34.8 million, but the Company has not received a formal request to repurchase the loan. ​ The Company is currently evaluating its options to resolve both loans with Freddie Mac, and the Company believes it is likely that it will ultimately repurchase both Freddie Mac loans in 2024 or otherwise indemnify Freddie Mac for any losses it incurs on the loans. With respect to the $11.4 million loan, based on the information available at this time, the Company does not believe it will incur a material loss regardless of the resolution negotiated with Freddie Mac. With respect to the $34.8 million loan, the Company has not yet been given access to the underlying property for inspection and evaluation such that it can properly estimate the amount of any such loss. Based on the information available at this time, the Company believes that the value of the underlying property is likely less than the UPB of the loan.
Use of Estimates	​ Use of Estimates —The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses; including the allowance for risk-sharing obligations, initial fair value of capitalized mortgage servicing rights, initial and recurring fair value assessments of contingent consideration, and goodwill impairment, actual results may vary from these estimates.
Mortgage Servicing Rights	Mortgage Servicing Rights —When a loan is sold and the Company retains the right to service the loan, the derivative asset discussed below is reclassified and capitalized as an individual mortgage servicing right (“MSR”) at fair value. The initial capitalized amount is equal to the estimated fair value of the expected net cash flows associated with servicing the loans, net of the expected cash flows associated with any guaranty obligations. The following describes the principal assumptions used in estimating the fair value of capitalized MSRs. Discount Rate —Depending upon loan type, the discount rate used is management's best estimate of market discount rates. The rates used for loans sold were between 8% and 14% for the years ended December 31, 2023, 2022 and 2021 and varied based on loan type. Estimated Life —The estimated life of the MSRs is derived based upon the stated term of the prepayment protection provisions of the underlying loan and may be reduced by six to 12 months based upon the expiration or reduction of the prepayment provisions prior to the stated maturity date. The Company’s model for MSRs assumes full prepayment of the loan at or near the point when the prepayment provisions expire. The Company’s historical experience is that the prepayment provisions typically do not provide a significant deterrent to a borrower’s paying off the loan within six to 12 months of the expiration of the prepayment provisions. Placement Fees —The estimated earnings rate on escrow accounts associated with the servicing of the loans for the life of the MSR is added to the estimated future cash flows. The assumptions used to estimate the fair value of capitalized MSRs at loan sale are based on internal models and are compared to assumptions used by other market participants periodically. When such comparisons indicate that these assumptions have changed significantly, the Company adjusts its assumptions accordingly. For example, the Company made adjustments to the discount rates in 2021 and escrow earnings rate in 2021, 2022, and 2023 based on observations from other market participants and economic conditions. Subsequent to the initial measurement date, MSRs are amortized using the interest method over the period that servicing income is expected to be received and presented as a component of Amortization and depreciation in the Consolidated Statements of Income. The individual loan-level MSR is written off through a charge to Amortization and depreciation when a loan prepays, defaults, or is probable of default. The Company evaluates all MSRs for impairment quarterly. The predominant risk characteristic affecting the MSRs is prepayment risk, and we do not believe there is sufficient variation within the portfolio to warrant stratification. Therefore, we assess MSR impairment at the portfolio level. The Company engages a third party to assist in determining an estimated fair value of our existing and outstanding MSRs on at least a semi-annual basis.
Business Combinations	Business Combinations —The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. The Company recognizes identifiable assets acquired (including intangible assets) and liabilities (both specific and contingent) assumed at their fair values at the acquisition date. Furthermore, acquisition-related costs, such as due diligence, legal and accounting fees, are not capitalized or applied in determining the fair value of the acquired assets. The excess of the purchase price over the fair value of the assets the liabilities assumed is recognized as goodwill. During the measurement period, the Company records adjustments to the assets acquired and liabilities assumed with corresponding adjustments to goodwill in the reporting period in which the adjustment is identified. These adjustments during the measurement period are recorded to goodwill only in circumstances where the adjustment is related to additional information obtained subsequent to the acquisition about facts and circumstances that existed at the time of the acquisition. After the measurement period, which could be up to one year after the transaction date, subsequent adjustments are recorded to the Company’s Consolidated Statements of Income.
Goodwill	Goodwill —The Company evaluates goodwill for impairment annually. In addition to the annual impairment evaluation, the Company evaluates at least quarterly whether events or circumstances have occurred in the period subsequent to the annual impairment testing which indicate that it is more likely than not an impairment loss has occurred. The Company’s goodwill is allocated to five reporting units, each of which is a component of either the Capital Markets (“CM”) segment or the Servicing & Asset Management (“SAM”) segment. The Company performs its impairment testing annually as of October 1 for each reporting unit for which goodwill has been allocated. The Company’s October 1, 2023, impairment test consisted of a qualitative assessment for three reporting units as there were no indicators of impairment. For the other two reporting units, the Company performed a quantitative analysis and recognized a total of $62.0 million of goodwill impairment, as described in NOTE 7.
Allowance for Risk-Sharing Obligations	Allowance for Risk-Sharing Obligations— Substantially all loans sold under the Fannie Mae DUS program contain partial or full risk-sharing guaranties that are based on the performance of the loan serviced in the at-risk servicing portfolio. The Company records an estimate of the loss reserve for the current expected credit losses (“CECL”) for all loans in our Fannie Mae at-risk servicing portfolio and presents this loss reserve as Allowance for risk-sharing obligations on the Consolidated Balance Sheets. Overall Current Expected Credit Losses Approach The Company uses the weighted-average remaining maturity method (“WARM”) for calculating its allowance for risk-sharing obligations, the Company’s liability for the off-balance-sheet credit exposure associated with the Fannie Mae at-risk DUS loans. WARM uses a historical weighted average annual charge-off rate (“historical loss rate”) that contains loss content over multiple vintages and loan terms and is used as a foundation for estimating the CECL reserve. The historical loss rate is applied to the unpaid principal balance (“UPB”) over the contractual term, adjusted for estimated prepayments and amortization to arrive at the CECL reserve for the entire current portfolio as described further below. The Company maximizes the use of historical internal data because the Company has extensive historical data servicing Fannie Mae DUS loans from which to calculate historical loss rates and principal paydown by loan term type for its exposure to credit loss on its homogeneous portfolio of Fannie Mae DUS multifamily loans. Additionally, the Company believes its properties, loss history, and underwriting standards are not similar to public data such as loss histories for loans originated for collateralized mortgage-backed securities conduits. Runoff Rate One of the key inputs into a WARM calculation is the runoff rate, which is the expected rate at which loans in the current portfolio will prepay and amortize in the future. As the loans the Company originates have different original lives and run off over different periods, the Company groups loans by similar origination dates (vintage) and contractual maturity terms for purposes of calculating the runoff rate. The Company originates loans under the DUS program with various terms generally ranging from several years to 15 years ; each of these various loan terms has a different runoff rate. The Company uses its historical runoff rate for each of the different loan term pools as a proxy for the expected runoff rate. The Company believes that borrower behavior and macroeconomic conditions will not deviate significantly from historical performance over the approximately ten-year period in which the Company has compiled the actual loss data. The 10-year period is intended to capture the various cycles of industry performance and provides a period that is long enough to capture sufficient observations of runoff history. In addition, due to the prepayment protection provisions for Fannie Mae DUS loans, the Company has not seen significant volatility in historical prepayment rates due to gradual changes in interest rates and would not expect this to change materially in future periods. The historical annual runoff rate is calculated for each year of a loan’s life for each vintage in the portfolio and aggregated with the calculated runoff rate for each comparable year in every vintage. For example, the annual runoff rate for the first year of loans originated in 2010 is aggregated with the annual runoff rate for the first year of loans originated in 2011, 2012, and so on to calculate the average annual runoff rate for the first year of a loan. This average runoff calculation is performed for each year of a loan’s life for each of the various loan terms to create a matrix of historical average annual runoffs by year for the entire portfolio. The Company segments its current portfolio of at-risk DUS loans outstanding by original loan term type and years remaining and then applies the appropriate historical average runoff rates to calculate the expected remaining balance at the end of each reporting period in the future. For example, for a loan with an original ten-year term and seven years remaining, the Company applies the historical average annual runoff rate for a ten-year loan for year four to arrive at the estimated remaining UPB one year from the current period, the historical average runoff rate for year five to arrive at the estimated remaining UPB two years from the current period, and so on up to the loan’s maturity date. CECL Reserve Calculation Once the Company has calculated the estimated outstanding UPB for each future year until maturity for each loan term type, the Company then applies the historical loss rate (as further described below) to each future year’s estimated UPB. The Company then aggregates the allowance calculated for each year within each loan term type and for all different maturity years to arrive at the CECL reserve for the portfolio. The historical loss rate is calculated using a ten-year look-back period, utilizing the average portfolio balance and settled losses for each year. A ten-year period is used as the Company believes that this period of time includes sufficiently different economic conditions to generate a reasonable estimate of expected results in the future, given the relatively long-term nature of the current portfolio. This approach captures a portion of the adverse impact of the years following the great financial crisis of 2007-2010 because multifamily commercial loans have a lag period from the time of initial distress indications through the timing of loss settlement. The same loss rate is utilized across each loan term type as the Company has not observed any historical or industry-published data to indicate there is any difference in the occurrence probability or loss severity for a loan based on its loan origination term. Reasonable and Supportable Forecast Period The Company currently uses one year for its reasonable and supportable forecast period (the “forecast period”). The Company uses a forecast of unemployment rates, historically a highly correlated indicator for multifamily occupancy rates, and general economic forecasts from third parties to assess what macroeconomic and multifamily market conditions are expected to be like over the coming year. The Company then associates the forecasted conditions with a similar historical period over the past ten years, which could be one or several years, and uses the Company’s average loss rate for that historical period as a basis for the loss rate used for the forecast period. The Company reverts to the historical loss rate over a one-year period on a straight-line basis. For all remaining years until maturity, the Company uses the historical loss rate as described above to estimate losses. The average loss rate from a historical period used for the forecast period may be qualitatively adjusted as necessary if the forecasted macroeconomic and industry conditions differ materially from the historical period. Identification of Collateral-Based Reserves for Defaulted Loans The Company monitors the performance of each risk-sharing loan for events or conditions which may signal a potential default. The Company’s process for identifying which risk-sharing loans may be probable of default consists of an assessment of several qualitative and quantitative factors, including payment status, property financial performance, local real estate market conditions, loan-to-value ratio, debt-service-coverage ratio (“DSCR”), property condition, and financial strength of the borrower or key principal(s). In instances where payment under the guaranty on a specific loan is determined to be probable, the Company separately measures the expected loss through an assessment of the underlying fair value of the asset, disposition costs, and the risk-sharing percentage (the “collateral-based reserve”) through a charge to the provision for risk-sharing obligations, which is a component of Provision (benefit) for credit losses in the Consolidated Statements of Income. These loans are removed from the WARM calculation described above, and the associated loan-specific mortgage servicing right and guaranty obligation are written off. The expected loss on the risk-sharing obligation is dependent on the fair value of the underlying property as the loans are collateral dependent. Historically, initial recognition of a collateral-based reserve occurs at or before a loan becomes 60 days delinquent. The amount of the collateral-based reserve considers historical loss experience, adverse situations affecting individual loans, the estimated disposition value of the underlying collateral, and the level of risk sharing. The estimate of property fair value at initial recognition of the collateral-based reserve is based on appraisals, broker opinions of value, or net operating income and market capitalization rates, depending on the facts and circumstances associated with the loan and underlying collateral. The Company regularly monitors the collateral-based reserves on all applicable loans and updates loss estimates as current information is received. The settlement with Fannie Mae is based on the actual sales price of the property and selling and property preservation costs and considers the Fannie Mae loss-sharing requirements. The maximum amount of the loss the Company absorbs at the time of default is 20% of the origination UPB of the loan.
Provision (Benefit) for Credit Losses	Provision (Benefit) for Credit Losses— The Company records the income statement impact of the changes in the allowance for loan losses and the allowance for risk-sharing obligations within Provision (benefit) for credit losses in the Consolidated Statements of Income. NOTE 4 contains additional discussion related to the allowance for risk-sharing obligations. Substantially all of the Provision (benefit) for credit losses for the years ended December 31, 2023, 2022, and 2021 is related to the provision (benefit) for risk-sharing obligations, with the other portion attributable to the provision (benefit) for loan losses related to loans held for investment.
Transfers of Financial Assets	Transfers of Financial Assets—Transfers of financial assets are reported as sales when (i) the transferor surrenders control over those assets, (ii) the transferred financial assets have been legally isolated from the Company’s creditors, (iii) the transferred assets can be pledged or exchanged by the transferee, and (iv) consideration other than beneficial interests in the transferred assets is received in exchange. The transferor is considered to have surrendered control over transferred assets if, and only if, certain conditions are met. The Company determined that all loans sold during the periods presented met these specific conditions and accounted for all transfers of loans held for sale as completed sales, except as otherwise noted.
Derivative Assets and Liabilities	Derivative Assets and Liabilities —Loan commitments that meet the definition of a derivative are recorded at fair value on the Consolidated Balance Sheets upon the executions of the commitments to originate a loan with a borrower and to sell the loan to an investor, with a corresponding amount recognized as revenue on the Consolidated Statements of Income. The estimated fair value of loan commitments includes (i) the fair value of loan origination fees and premiums on the anticipated sale of the loan, net of co-broker fees (included in derivative assets, a component of Other Assets, on the Consolidated Balance Sheets and as a component of Loan origination and debt brokerage fees, net in the Consolidated Income Statements), (ii) the fair value of the expected net cash flows associated with the servicing of the loan, net of any estimated net future cash flows associated with the guarantee obligation (included in derivative assets, a component of Other Assets, on the Consolidated Balance Sheets and in Fair value of expected net cash flows from servicing, net in the Consolidated Income Statements), and (iii) the effects of interest rate movements between the trade date and balance sheet date. Loan commitments are generally derivative assets but can become derivative liabilities if the effects of the interest rate movement between the trade date and the balance sheet date are greater than the combination of (i) and (ii) above. Forward sale commitments that meet the definition of a derivative are recorded as either derivative assets or derivative liabilities depending on the effects of the interest rate movements between the trade date and the balance sheet date. Adjustments to the fair value are reflected as a component of income within Loan origination and debt brokerage fees, net in the Consolidated Statements of Income.
Loans Held for Sale	Loans Held for Sale —Loans held for sale represent originated loans that are generally transferred or sold within 60 days from the date that a mortgage loan is funded. The Company elects to measure all originated loans at fair value, unless the Company documents at the time the loan is originated that it will measure the specific loan at the lower of cost or fair value for the life of the loan. Electing to use fair value allows a better offset of the change in fair value of the loan and the change in fair value of the derivative instruments used as economic hedges. During the period prior to its sale, interest income on a loan held for sale is calculated in accordance with the terms of the individual loan. There were no loans held for sale that were valued at the lower of cost or fair value or on a non-accrual status at December 31, 2023 and 2022.
Co-broker Fees	Co-broker fees, which are netted against Loan origination and debt brokerage fees, net in the Consolidated Statements of Income, were $12.0 million, $17.3 million, and $21.0 million for the years ended December 31, 2023, 2022, and 2021, respectively.
Share-Based Payment	Share-Based Payment —The Company recognizes compensation costs for all share-based payment awards made to employees and directors, including restricted stock and restricted stock units based on the grant date fair value. Restricted stock awards are granted without cost to the Company’s officers, employees, and non-employee directors. The fair value of the award is calculated as the fair value of the Company’s common stock on the date of grant. Stock option awards were granted to executive officers in the past. The Company has not granted any stock option awards since 2017 and does not expect to issue stock options for the foreseeable future. A small number of vested but unexercised stock options is outstanding as of December 31, 2023. Generally, the Company’s restricted stock awards for its officers and employees vest ratably over a three-year period based solely on continued employment. Restricted stock awards for non-employee directors fully vest after one year . Awards issued to the Company's production personnel sometimes vest over a period greater than three years . The Company offers a performance share plan (“PSP”) principally for the Company’s executives and certain other members of senior management. The performance period for each PSP is three full calendar years beginning on January 1 of the grant year. Participants in the PSP receive restricted stock units (“RSUs”) on the grant date for the PSP in an amount equal to achievement of all performance targets at a maximum level. If the performance targets are met at the end of the performance period and the participant remains employed by the Company, the participant fully vests in the RSUs, which immediately convert to unrestricted shares of common stock. If the performance targets are not met at the maximum level, the participant generally forfeits a portion of the RSUs. Generally, if the participant is no longer employed by the Company, the participant forfeits all of the RSUs. The performance targets for all the PSPs issued by the Company are based on meeting diluted earnings per share, return on equity, and total revenues goals. The Company records compensation expense for the PSP based on the grant-date fair value in an amount proportionate to the service time rendered by the participant and the expected achievement level of the goals. Compensation expense for restricted shares is adjusted for actual forfeitures and is recognized on a straight-line basis, for each separately vesting portion of the award as if the award were in substance multiple awards, over the requisite service period of the award. Share-based compensation is recognized within the income statement as Personnel , the same expense line as the cash compensation paid to the respective employees.
Statement of Cash Flows	Statement of Cash Flows —The Company records the fair value of premiums and origination fees as a component of the fair value of derivative assets on the loan commitment date and records the related income within Loan origination and debt brokerage fees, net within the Consolidated Statements of Income. The cash for the origination fee is received upon closing of the loan, and the cash for the premium is received upon loan sale, resulting in a timing mismatch of the recognition of income and the receipt of cash in a given period when the derivative or loan held for sale remains outstanding at period end. The Company accounts for this mismatch by recording an adjustment called Change in the fair value of premiums and origination fees within the Consolidated Statements of Cash Flows. The amount of the adjustment reflects a reduction to cash provided by or used in operations for the amount of income recognized upon rate lock (i.e., non-cash income) for derivatives and loans held for sale outstanding at period end and an increase to cash provided by or used in operations for cash received upon loan origination or sale for derivatives and loans held for sale that were outstanding at prior period end. When income recognized upon rate lock is greater than cash received upon loan origination or sale, the adjustment is a negative amount. When income recognized upon rate lock is less than cash received upon loan origination or loan sale, the adjustment is a positive amount. For presentation in the Consolidated Statements of Cash Flows, the Company considers pledged cash and cash equivalents (as detailed in NOTE 9) to be restricted cash and restricted cash equivalents. The following table presents a reconciliation of the total of cash, cash equivalents, restricted cash, and restricted cash equivalents as presented in the Consolidated Statements of Cash Flows to the related captions on the Consolidated Balance Sheets as of December 31, 2023, 2022, 2021, and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ (in thousands) 2023 2022 2021 2020 Cash and cash equivalents $ 328,698 ​ $ 225,949 ​ $ 305,635 ​ $ 321,097 ​ Restricted cash ​ 21,422 ​ ​ 17,676 ​ ​ 42,812 ​ ​ 19,432 ​ Pledged cash and cash equivalents (NOTE 9) 41,283 ​ 14,658 ​ 44,733 ​ 17,473 ​ Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 391,403 ​ $ 258,283 ​ $ 393,180 ​ $ 358,002 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Income Taxes	Income Taxes —The Company files income tax returns in the applicable U.S. federal, state, and local jurisdictions and generally is subject to examination by the respective jurisdictions for three to four years from the filing of a tax return. The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realizable based on consideration of available evidence, including future reversals of existing taxable temporary differences, projected future taxable income, and tax planning strategies. The Company had an immaterial accrual for uncertain tax positions as of December 31, 2023 and 2022.
Net Warehouse Interest Income (Expense)	Net Warehouse Interest Income (Expense)— The Company presents warehouse interest income net of warehouse interest expense. Warehouse interest income is the interest earned from loans held for sale and loans held for investment. Generally, a substantial portion of the Company’s loans is financed with matched borrowings under one of its warehouse facilities. The remaining portion of loans not funded with matched borrowings is financed with the Company’s own cash. Occasionally, the Company also fully funds a small number of loans held for sale or loans held for investment with its own cash. Warehouse interest income is earned on loans held for sale after a loan is closed and before a loan is sold. Warehouse interest income is earned on loans held for investment after a loan is closed and before a loan is repaid. Warehouse interest expense is incurred on borrowings used to fund loans solely while they are held for sale or for investment. The Company had a portfolio of participating interests in loans held for investment that was accounted for as a secured borrowing and paid off at the end of the second quarter of 2021. The Company recognized Net warehouse interest income on the unpaid principal balance of the loans and secured borrowing for the year ended December 31, 2021. The interest income and expense on the secured borrowing, which offset each other and are included in Net warehouse interest income (expenses), was $1.7 million for the year ended December 31, 2021. Included in Net warehouse interest income, (expense) for the three years ended December 31, 2023, 2022, and 2021 are the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Components of Net Warehouse Interest Income (Expense) (in thousands) 2023 2022 2021 Warehouse interest income ​ $ 44,705 ​ $ 65,065 ​ $ 54,886 Warehouse interest expense ​ (50,338) ​ (49,288) ​ (32,778) Net warehouse interest income (expense) ​ $ (5,633) ​ $ 15,777 ​ $ 22,108
Pledged Securities	Pledged Securities —As collateral against its Fannie Mae risk-sharing obligations (NOTES 4 and 9), certain cash, cash equivalents, and securities have been pledged to the benefit of Fannie Mae to secure the Company's risk-sharing obligations. Substantially all of the balance of Pledged securities, at fair value within the Consolidated Balance Sheets as of December 31, 2023 and 2022 was pledged against Fannie Mae risk-sharing obligations. The Company’s investments included within Pledged securities, at fair value consist primarily of money market funds (cash equivalent) and Agency debt securities. The investments in Agency debt securities consist of multifamily Agency mortgage-backed securities (“Agency MBS”) and are all accounted for as available-for-sale (“AFS”) securities. The Company does not record an allowance for credit losses for its Agency MBS, including those whose fair value is less than amortized cost. Agency MBS carry the guarantee of payment from the Agencies, nor does the Company believe that it is more likely than not that it would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. The contractual cash flows of Agency MBS are guaranteed by the GSEs, which are government-sponsored enterprises under the conservatorship of the Federal Housing Finance Agency. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost of these securities.
Contracts with Customers	Contracts with Customers —A majority of the Company’s revenues are derived from the following sources, all of which are excluded from the accounting provisions applicable to contracts with customers: (i) financial instruments, (ii) transfers and servicing, (iii) derivative transactions, and (iv) investments in debt securities/equity-method investments. The remaining portion of revenues is derived from contracts with customers. Other than LIHTC asset management fees as described below, the Company’s contracts with customers generally do not require judgment or material estimates that affect the determination of the transaction price (including the assessment of variable consideration), the allocation of the transaction price to performance obligations, and the determination of the timing of the satisfaction of performance obligations. Additionally, the earnings process for the Company’s contracts with customers is generally not complicated and is generally completed in a short period of time. ​ The Company provides asset management services to investors in low-income housing tax credits funds and earns an asset management fee (“AMF”). The AMF is generally a specified percentage of invested assets in the LIHTC fund. The LIHTC funds invest in low-income housing projects, typically for a period of 10 - 15 years to meet the qualifications for the tax credit benefit. Cash distributions are made from the low-income housing project to the LIHTC fund. These distributions are subject to significant uncertainty as to the amount and timing as they are dependent upon the availability of cash for distribution, operating performance, and liquidity of the low-income housing project investments. Due to this significant uncertainty, the Company considers the contractual AMF to be variable consideration, substantially all of which is constrained. The Company estimates the amount of consideration not subject to the constraint at each quarterly reporting period. The amount of AMF revenue recognized each period is based on an assessment of the projected cash collections expected over the next 12 months. This projection is based on historical distributions and other considerations. The Company recognized asset management fees of $36.7 million and $61.1 million for the years ended December 31, 2023, and December 31, 2022, respectively. The asset management fees for the year ended December 31, 2021, were immaterial as the acquisition of Alliant occurred in December 2021. The AMF receivable was $40.2 million as of December 31, 2023 and $43.0 million as of December 31, 2022. The asset management fee receivable is included in Receivables, net on the Consolidated Balance Sheets, and the AMF revenue is included within Investment management fees in the Consolidated Statements of Income. The following table presents information about the Company’s contracts with customers for the years ended December 31, 2023, 2022, and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description in thousands 2023 2022 2021 Statement of income line item Certain loan origination fees ​ $ 71,445 ​ $ 157,153 ​ $ 186,986 ​ Loan origination and debt brokerage fees, net Property sales broker fees ​ ​ 53,966 ​ ​ 120,582 ​ ​ 119,981 ​ Property sales broker fees Investment management fees ​ ​ 45,381 ​ ​ 71,931 ​ ​ 25,637 ​ Investment management fees Application fees, appraisal revenues, subscription revenues, syndication fees, and other revenues ​ 87,417 ​ 80,304 ​ 30,920 ​ Other revenues Total revenues derived from contracts with customers ​ $ 258,209 ​ $ 429,970 ​ $ 363,524 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Loans Held for Investment ("LHFI"), net	​ Loans Held for Investment, net (“LHFI”) — Loans held for investment are multifamily loans originated by the Company through the Interim Loan Program for properties that currently do not qualify for permanent GSE or HUD (collectively, the “Agencies”) financing. These loans have terms of up to three years and are all interest-only, multifamily loans with similar risk characteristics and no geographic concentration. The loans are carried at their unpaid principal balances, adjusted for net unamortized loan fees and costs, and net of any allowance for loan losses. As of December 31, 2023, LHFI consisted of two loans with an aggregate $40.1 million of unpaid principal balance less an immaterial amount of net unamortized deferred fees and costs and allowance for loans losses. As of December 31, 2022, LHFI consisted of nine loans with an aggregate $206.8 million of unpaid principal balance less $0.4 million of net unamortized deferred fees and costs and $6.2 million of allowance for loan losses. LHFI are included as a component of Other assets in the Consolidated Financial Statements. The Company did no t have any LHFI that were defaulted and in non-accrual status as of December 31, 2023 compared to one loan held for investment with an unpaid principal balance of $14.7 million and an allowance for loan losses of $5.9 million as of December 31, 2022. During the second quarter of 2023, the Company sold the underlying collateral of the delinquent loan for $8.7 million and wrote off the $6.0 million of collateral-based reserves. The Company had not recorded any interest related to this loan since it went on non-accrual in 2019. The amortized cost basis of the loans as of December 31, 2023 and 2022 was $40.1 million and $191.7 million, respectively. As of December 31, 2023, $14.2 million and $25.9 million of the loans that were current were originated in 2021, and 2019, respectively.
Guaranty Obligation, net	Guaranty Obligation, net— When a loan is sold under the Fannie Mae DUS program, the Company undertakes an obligation to partially guarantee the performance of the loan. Upon loan sale, a liability for the fair value of the obligation undertaken in issuing the guaranty is recognized and presented as a component of Other liabilities on the Consolidated Balance Sheets. The recognized guaranty obligation is the fair value of the Company’s obligation to stand ready to perform and credit risk over the term of the guaranty. The estimated fair value of the guaranty obligation is based on the present value of the cash flows expected to be paid under the guaranty over the estimated life of the loan discounted using a rate consistent with what is used for the calculation of the mortgage servicing right for each loan. The life of the guaranty obligation is the estimated period over which the Company believes it will be required to stand ready under the guaranty, which is generally the term of the loan. Subsequent to the initial measurement date, the liability is amortized over the life of the guaranty period using the straight-line method as a component of and reduction to Amortization and depreciation in the Consolidated Statements of Income.
Cash and Cash Equivalents	Cash and Cash Equivalents —The term cash and cash equivalents, as used in the accompanying consolidated financial statements, includes currency on hand, demand deposits with financial institutions, and short-term, highly liquid investments purchased with an original maturity of three months or less. The Company had no cash equivalents, except as described in Pledged Securities above, as of December 31, 2023 and 2022.
Restricted Cash	Restricted Cash —Restricted cash represents primarily good faith deposits from borrowers. The Company records a corresponding liability for the good faith deposits from borrowers within Other liabilities on the Consolidated Balance Sheets. As of December 31, 2022 only, the balance included cash held in a collection account to be used to fund the payment terms of the Alliant note payable, which was paid off in 2023.
Net Receivables	Receivables, Net —Receivables, net represents amounts currently due to the Company pursuant to contractual servicing agreements, investor good faith deposits held in escrow by others, notes receivable from the developers of affordable housing projects, asset management fees receivable, and other receivables. Substantially all of these receivables are expected to be collected within a short period of time and are with counterparties with high credit quality (such as the Agencies). Additionally, the Company has not experienced any material credit losses related to these receivables. Consequently, the Company has not recorded an allowance for credit losses associated with its receivables as of December 31, 2023 and 2022.
Concentrations of Credit Risk	Concentrations of Credit Risk —Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents, loans held for sale, and derivative financial instruments. The Company places the cash and temporary investments with systematically important financial institutions, which are Federal Deposit Insurance Corporation (“FDIC”) insured banks, and certain of the Company’s cash deposits exceed FDIC insurance limits. The Company believes no significant credit risk exists with these financial institutions. The counterparties to the loans held for sale and funding commitments are owners of residential multifamily properties located throughout the United States. Mortgage loans are generally transferred or sold within 60 days from the date that a mortgage loan is funded. There is no material residual counterparty risk with respect to the Company's funding commitments as each potential borrower must make a non-refundable good faith deposit when the funding commitment is executed. The counterparty to the forward sale is Fannie Mae, Freddie Mac, or a broker-dealer that has been determined to be a credit-worthy counterparty by us and our warehouse lenders. There is a risk that the purchase price agreed to by the investor will be reduced in the event of a late delivery. The risk for non-delivery of a loan primarily results from the risk that a borrower does not close on the funding commitment in a timely manner. This risk is generally mitigated by the non-refundable good faith deposit.
Leases	Leases —In the normal course of business, the Company executes lease arrangements for all of its office space. All such lease arrangements are accounted for as operating leases. The Company initially recognizes a lease liability for the obligation to make lease payments and a right-of-use (“ROU”) asset for the right to use the underlying asset for the lease term. The lease liability is measured at the present value of the lease payments over the lease term. The ROU asset is measured at the lease liability amount, adjusted for lease prepayments, accrued rent, lease incentives received, and the lessee’s initial direct costs. These operating leases do not provide an implicit discount rate; therefore, the Company uses the incremental borrowing rate of its note payable at lease commencement to calculate lease liabilities as the terms on this debt most closely resemble the terms on the Company’s largest leases. The Company’s lease agreements often include options to extend or terminate the lease. Single lease cost related to these lease agreements is recognized on the straight-line basis over the term of the lease, which includes options to extend when it is reasonably certain that such options will be exercised and the Company knows what the lease payments will be during the optional periods.
Litigation	Litigation —In the ordinary course of business, the Company may be party to various claims and litigation, none of which the Company believes is material. The Company cannot predict the outcome of any pending litigation and may be subject to consequences that could include fines, penalties, and other costs, and the Company’s reputation and business may be impacted. The Company believes that any liability that could be imposed on the Company in connection with the disposition of any pending lawsuits would not have a material adverse effect on its business, results of operations, liquidity, or financial condition.
Recently Adopted and Recently Announced Accounting Pronouncements	Recently Adopted and Recently Announced Accounting Pronouncements —The Company is currently evaluating Accounting Standards Updates (“ASU”) 2023-07 Segment Reporting and 2023-09 Income Taxes, which have effective dates for fiscal years starting in 2024 and 2025, respectively. The Company believes these ASUs will not materially impact the Company’s consolidated financial statements or disclosures. There were no other recently announced but not yet effective accounting pronouncements issued that have the potential to impact the Company’s consolidated financial statements. The Company did not adopt any new accounting policies during 2023.
Reclassifications	Reclassifications

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ (in thousands) 2023 2022 2021 2020 Cash and cash equivalents $ 328,698 ​ $ 225,949 ​ $ 305,635 ​ $ 321,097 ​ Restricted cash ​ 21,422 ​ ​ 17,676 ​ ​ 42,812 ​ ​ 19,432 ​ Pledged cash and cash equivalents (NOTE 9) 41,283 ​ 14,658 ​ 44,733 ​ 17,473 ​ Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 391,403 ​ $ 258,283 ​ $ 393,180 ​ $ 358,002 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of Net Warehouse Interest Income (Expense)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Components of Net Warehouse Interest Income (Expense) (in thousands) 2023 2022 2021 Warehouse interest income ​ $ 44,705 ​ $ 65,065 ​ $ 54,886 Warehouse interest expense ​ (50,338) ​ (49,288) ​ (32,778) Net warehouse interest income (expense) ​ $ (5,633) ​ $ 15,777 ​ $ 22,108
Schedule of Contracts with Customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description in thousands 2023 2022 2021 Statement of income line item Certain loan origination fees ​ $ 71,445 ​ $ 157,153 ​ $ 186,986 ​ Loan origination and debt brokerage fees, net Property sales broker fees ​ ​ 53,966 ​ ​ 120,582 ​ ​ 119,981 ​ Property sales broker fees Investment management fees ​ ​ 45,381 ​ ​ 71,931 ​ ​ 25,637 ​ Investment management fees Application fees, appraisal revenues, subscription revenues, syndication fees, and other revenues ​ 87,417 ​ 80,304 ​ 30,920 ​ Other revenues Total revenues derived from contracts with customers ​ $ 258,209 ​ $ 429,970 ​ $ 363,524 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

MORTGAGE SERVICING RIGHTS (Tabl

MORTGAGE SERVICING RIGHTS (Tables)	12 Months Ended
	Dec. 31, 2023
MORTGAGE SERVICING RIGHTS
Schedule of Activity Related to MSRs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Roll Forward of MSRs (in thousands) 2023 2022 Beginning balance ​ $ 975,226 ​ $ 953,845 ​ Additions, following the sale of loan ​ 142,129 ​ 244,259 ​ Amortization ​ (199,633) ​ (189,211) ​ Pre-payments and write-offs ​ (10,307) ​ (33,667) ​ Ending balance ​ $ 907,415 ​ $ 975,226 ​ ​
Summary of Components of Net Carrying Value of MSRs	​ ​ ​ ​ ​ ​ ​ ​ Components of MSRs (in thousands) ​ December 31, 2023 ​ December 31, 2022 Gross value ​ $ 1,733,844 ​ $ 1,659,185 Accumulated amortization ​ (826,429) ​ (683,959) Net carrying value ​ $ 907,415 ​ $ 975,226
Schedule of Expected Amortization of MSRs	​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Year Ending December 31, ​ ​ ​ 2024 ​ $ 191,224 2025 ​ 169,310 2026 ​ 143,500 2027 ​ 122,149 2028 ​ 98,344 Thereafter ​ ​ 182,888 Total ​ $ 907,415

ALLOWANCE FOR RISK-SHARING OB_2

ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION (Tables)	12 Months Ended
	Dec. 31, 2023
ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION
Summary of Allowance for Risk-Sharing Obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Roll Forward of Allowance for Risk-Sharing Obligations (in thousands) 2023 2022 Beginning balance ​ $ 44,057 ​ $ 62,636 ​ Provision (benefit) for risk-sharing obligations ​ (10,448) ​ (13,948) ​ Write-offs ​ (2,008) ​ (4,631) ​ Ending balance ​ $ 31,601 ​ $ 44,057 ​
Schedule of CECL Calculation Details and Provision Impact	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 CECL Calculation Inputs, Details, and Provision Impact Q1 ​ Q2 ​ Q3 ​ Q4 ​ Total Forecast-period loss rate in basis points ​ 2.3 ​ 2.3 ​ 2.3 ​ 2.4 ​ N/A Reversion-period loss rate in basis points ​ 1.5 ​ 1.5 ​ 1.5 ​ 1.5 ​ N/A Historical loss rate in basis points ​ 0.6 ​ 0.6 ​ 0.6 ​ 0.6 ​ N/A At-risk Fannie Mae servicing portfolio UPB in billions $ 54.5 $ 55.7 $ 57.4 $ 58.5 ​ N/A CECL allowance (in millions) $ 28.7 $ 28.9 $ 31.0 $ 31.6 ​ N/A Provision (benefit) for risk-sharing obligations in millions $ (10.9) $ (0.7) $ 0.6 $ 0.6 $ (10.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 CECL Calculation Inputs, Details, and Provision Impact Q1 ​ Q2 ​ Q3 ​ Q4 ​ Total Forecast-period loss rate in basis points ​ 3.0 ​ 2.2 ​ 2.2 ​ 2.1 ​ N/A Reversion-period loss rate in basis points ​ 2.0 ​ 1.7 ​ 1.7 ​ 1.7 ​ N/A Historical loss rate in basis points ​ 1.2 ​ 1.2 ​ 1.2 ​ 1.2 ​ N/A At-risk Fannie Mae servicing portfolio UPB in billions $ 49.7 $ 51.2 $ 52.1 $ 54.0 ​ N/A CECL allowance (in millions) $ 42.5 $ 37.7 $ 38.9 $ 39.7 ​ N/A Provision (benefit) for risk-sharing obligations in millions $ (9.4) $ (4.8) $ 1.2 $ (0.9) $ (13.9) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 CECL Calculation Inputs, Details, and Provision Impact Q1 ​ Q2 ​ Q3 ​ Q4 ​ Total Forecast-period loss rate in basis points ​ 4.0 ​ 3.0 ​ 3.0 ​ 3.0 ​ N/A Reversion-period loss rate in basis points ​ 2.0 ​ 2.0 ​ 2.0 ​ 2.0 ​ N/A Historical loss rate in basis points ​ 1.8 ​ 1.8 ​ 1.8 ​ 1.8 ​ N/A At-risk Fannie Mae servicing portfolio UPB in billions $ 45.4 $ 45.9 $ 47.0 $ 48.0 ​ N/A CECL allowance (in millions) $ 57.0 $ 52.8 $ 54.0 $ 52.3 ​ N/A Provision (benefit) for risk-sharing obligations in millions $ (10.7) $ (4.3) $ 1.3 $ 1.0 $ (12.7)
Schedule of Activity Related to Guaranty Obligation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Roll Forward of Guaranty Obligation (in thousands) 2023 2022 Beginning balance ​ $ 43,950 ​ $ 47,378 ​ Additions, following the sale of loan ​ 4,040 ​ 6,532 ​ Amortization and write-offs ​ (8,122) ​ (9,960) ​ Ending balance ​ $ 39,868 ​ $ 43,950 ​

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2023
Debt
Schedule of Maturities of Warehouse Notes Payable and Note Payable	​ ​ ​ ​ ​ Year Ending December 31, Maturities 2024 ​ $ 621,951 ​ 2025 ​ ​ 8,000 ​ 2026 ​ ​ 8,000 ​ 2027 ​ ​ 8,000 ​ 2028 ​ ​ 754,500 ​ Thereafter ​ ​ — ​ Total ​ $ 1,400,451 ​ ​
Warehouse Facilities
Debt
Schedule of warehouse lines of credit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ (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 ​ $ 88,586 SOFR plus 1.30% ​ Agency Warehouse Facility #2 ​ 700,000 ​ 300,000 ​ 1,000,000 ​ 7,500 ​ SOFR plus 1.30% ​ Agency Warehouse Facility #3 ​ 600,000 ​ 265,000 ​ 865,000 ​ 177,262 SOFR plus 1.35% ​ Agency Warehouse Facility #4 ​ ​ 200,000 ​ ​ 225,000 ​ ​ 425,000 ​ ​ 53,403 ​ SOFR plus 1.30% to 1.35% ​ Agency Warehouse Facility #5 ​ ​ — ​ ​ 1,000,000 ​ ​ 1,000,000 ​ ​ 42,120 ​ SOFR plus 1.45% ​ Total National Bank Agency Warehouse Facilities ​ $ 1,825,000 ​ $ 2,040,000 ​ $ 3,865,000 ​ $ 368,871 ​ ​ ​ Fannie Mae repurchase agreement, uncommitted line and open maturity ​ — ​ 1,500,000 ​ 1,500,000 ​ 201,973 ​ ​ Total Agency Warehouse Facilities ​ $ 1,825,000 ​ $ 3,540,000 ​ $ 5,365,000 ​ $ 570,844 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 ​ $ 141,965 SOFR plus 1.30% ​ Agency Warehouse Facility #2 ​ 700,000 ​ 300,000 ​ 1,000,000 ​ 102,926 SOFR plus 1.30% ​ Agency Warehouse Facility #3 ​ 600,000 ​ 265,000 ​ 865,000 ​ 110,394 SOFR plus 1.35% ​ Agency Warehouse Facility #4 ​ ​ 200,000 ​ ​ 225,000 ​ ​ 425,000 ​ ​ 26,079 ​ SOFR plus 1.30% ​ Agency Warehouse Facility #5 ​ ​ — ​ ​ 1,000,000 ​ ​ 1,000,000 ​ ​ — SOFR plus 1.45% ​ Total National Bank Agency Warehouse Facilities ​ $ 1,825,000 ​ $ 2,040,000 ​ $ 3,865,000 ​ $ 381,364 ​ ​ ​ Fannie Mae repurchase agreement, uncommitted line and open maturity ​ — ​ 1,500,000 ​ 1,500,000 ​ 11,350 ​ ​ ​ Total Agency Warehouse Facilities ​ $ 1,825,000 ​ $ 3,540,000 ​ $ 5,365,000 ​ $ 392,714 ​ ​ ​ (1) Interest rate presented does not include the effect of any interest rate floors.
Notes Payable
Debt
Schedule of notes payable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands, unless otherwise specified) ​ December 31, ​ ​ ​ 2023 2022 Interest rate and repayments Term Loan Note Payable ​ ​ ​ ​ ​ ​ ​ ​ Unpaid principal balance ​ $ 588,000 ​ $ 594,000 ​ Quarterly principal payments of $1.5 million; Unamortized debt discount ​ ​ (1,033) ​ ​ (1,270) ​ Interest rate varies - see above for further details Unamortized debt issuance costs ​ ​ (6,177) ​ ​ (7,594) ​ ​ Carrying balance ​ $ 580,790 ​ $ 585,136 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incremental Term Loan Note Payable ​ ​ ​ ​ ​ ​ ​ ​ Unpaid principal balance ​ $ 198,500 ​ $ — ​ Quarterly principal payments of $0.5 million; Unamortized debt discount ​ ​ (3,354) ​ ​ — ​ Interest rate varies - see above for further details Unamortized debt issuance costs ​ ​ (2,578) ​ ​ — ​ ​ Carrying balance ​ $ 192,568 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate Debt ​ $ 773,358 ​ $ 585,136 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Alliant Note Payable ​ ​ ​ ​ ​ ​ ​ ​ Unpaid principal balance ​ $ — ​ $ 114,546 ​ 4.75% Fixed-rate Fair value adjustment (1) ​ ​ — ​ ​ 4,421 ​ ​ Carrying balance ​ $ — ​ $ 118,967 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Notes Payable Carrying Balance ​ $ 773,358 ​ $ 704,103 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Fair value adjustment related to the acquisition of Alliant.

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of Goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ e ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, (in thousands) 2023 2022 Roll Forward of Gross Goodwill ​ CM ​ SAM ​ Consolidated (1) ​ CM ​ SAM ​ Consolidated (1) Beginning balance ​ $ 520,191 ​ $ 439,521 ​ $ 959,712 ​ $ 297,416 ​ $ 401,219 ​ $ 698,635 Additions from acquisitions ​ — ​ ​ — ​ ​ — ​ 222,670 ​ — ​ 222,670 Measurement-period and other adjustments ​ ​ 3,998 ​ ​ — ​ ​ 3,998 ​ ​ 105 ​ ​ 38,302 ​ ​ 38,407 Ending gross goodwill balance ​ $ 524,189 ​ $ 439,521 ​ $ 963,710 ​ $ 520,191 ​ $ 439,521 ​ $ 959,712 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roll Forward of Accumulated Goodwill Impairment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Impairment ​ ​ 62,000 ​ ​ — ​ ​ 62,000 ​ ​ — ​ ​ — ​ ​ — Ending accumulated goodwill impairment ​ $ 62,000 ​ $ — ​ $ 62,000 ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ $ 462,189 ​ $ 439,521 ​ $ 901,710 ​ $ 520,191 ​ $ 439,521 ​ $ 959,712
Schedule of Other Intangible Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Roll Forward of Other Intangible Assets (in thousands) 2023 2022 Beginning balance ​ $ 198,643 ​ $ 183,904 Additions from acquisitions ​ — ​ 31,000 Amortization ​ (16,668) ​ (16,261) Ending balance ​ $ 181,975 ​ $ 198,643 ​ ​ ​ ​ ​ ​ ​ ​ Components of Other Intangible Assets (in thousands) ​ December 31, 2023 ​ December 31, 2022 Gross value ​ $ 220,682 ​ $ 220,682 Accumulated amortization ​ (38,707) ​ (22,039) Net carrying value ​ $ 181,975 ​ $ 198,643
Schedule of Expected Amortization of Other Intangible Assets	​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Year Ending December 31, ​ ​ ​ 2024 ​ $ 16,274 2025 ​ 16,274 2026 ​ 16,274 2027 ​ 16,274 2028 ​ 16,274 Thereafter ​ ​ 100,605 Total ​ $ 181,975
Schedule of Contingent Liability	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Roll Forward of Contingent Consideration Liabilities (in thousands) 2023 2022 ​ Beginning balance ​ $ 200,346 ​ $ 125,808 ​ Additions ​ ​ — ​ ​ 117,955 ​ Accretion ​ ​ 1,790 ​ ​ 4,642 ​ Fair value adjustments ​ ​ (62,500) ​ ​ (13,512) ​ Payments ​ ​ (26,090) ​ ​ (34,547) ​ Ending balance ​ $ 113,546 ​ $ 200,346 ​

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
FAIR VALUE MEASUREMENTS
Summary of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Period End December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 594,998 ​ $ — ​ $ 594,998 ​ Pledged securities ​ 41,283 ​ 142,798 ​ — ​ 184,081 ​ Derivative assets ​ — ​ — ​ 31,451 ​ 31,451 ​ Total ​ $ 41,283 ​ $ 737,796 ​ $ 31,451 ​ $ 810,530 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 28,247 ​ $ 28,247 ​ Contingent consideration liabilities ​ ​ — ​ ​ — ​ ​ 113,546 ​ ​ 113,546 ​ Total ​ $ — ​ $ — ​ $ 141,793 ​ $ 141,793 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 396,344 ​ $ — ​ $ 396,344 ​ Pledged securities ​ 14,658 ​ 142,624 ​ — ​ 157,282 ​ Derivative assets ​ — ​ — ​ 17,636 ​ 17,636 ​ Total ​ $ 14,658 ​ $ 538,968 ​ $ 17,636 ​ $ 571,262 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 2,076 ​ $ 2,076 ​ Contingent consideration liabilities ​ ​ — ​ ​ — ​ ​ 200,346 ​ ​ 200,346 ​ Total ​ $ — ​ $ — ​ $ 202,422 ​ $ 202,422 ​
Schedule of Roll Forward of Derivative Instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Derivative Assets and Liabilities, net (in thousands) 2023 2022 Beginning balance ​ $ 15,560 ​ $ 30,961 Settlements ​ (388,682) ​ (555,168) Realized gains (losses) recorded in earnings (1) ​ 373,122 ​ 524,207 Unrealized gains (losses) recorded in earnings (1) ​ 3,204 ​ 15,560 Ending balance ​ $ 3,204 ​ $ 15,560 (1) Realized and unrealized gains 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 Consolidated Statements of Income.
Schedule of Significant Unobservable Inputs Used in the Measurement of the Fair Value of Level 3 Assets and Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quantitative Information about Level 3 Fair Value Measurements (in thousands) Fair Value Valuation Technique Unobservable Input (1) Input Range (1) Weighted Average (2) Derivative assets ​ $ 31,451 Discounted cash flow Counterparty credit risk — ​ — Derivative liabilities ​ $ 28,247 Discounted cash flow Counterparty credit risk — ​ — Contingent consideration liabilities ​ $ 113,546 ​ Monte Carlo Simulation ​ Probability of earnout achievement ​ 20% - 100% ​ 48% (1) Significant changes in this input may lead to significant changes in the fair value measurements. (2) Contingent consideration weighted based on maximum gross earnout amount.
Schedule of Carrying Amounts and the Fair Values of the Company's Financial Instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ Carrying Fair Carrying Fair (in thousands) ​ Amount ​ Value ​ Amount ​ Value Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 328,698 ​ $ 328,698 ​ $ 225,949 ​ $ 225,949 ​ Restricted cash ​ 21,422 ​ 21,422 ​ 17,676 ​ 17,676 ​ Pledged securities ​ 184,081 ​ 184,081 ​ 157,282 ​ 157,282 ​ Loans held for sale ​ 594,998 ​ 594,998 ​ 396,344 ​ 396,344 ​ Loans held for investment, net (1) ​ 40,056 ​ 40,139 ​ 200,247 ​ 200,900 ​ Derivative assets (1) ​ 31,451 ​ 31,451 ​ 17,636 ​ 17,636 ​ Total financial assets ​ $ 1,200,706 ​ $ 1,200,789 ​ $ 1,015,134 ​ $ 1,015,787 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities (2) ​ $ 28,247 ​ $ 28,247 ​ $ 2,076 ​ $ 2,076 ​ Contingent consideration liabilities (2) ​ ​ 113,546 ​ ​ 113,546 ​ ​ 200,346 ​ ​ 200,346 ​ Warehouse notes payable ​ 596,178 ​ 596,428 ​ 543,447 ​ 544,050 ​ Notes payable ​ 773,358 ​ 786,500 ​ 704,103 ​ 708,546 ​ Total financial liabilities ​ $ 1,511,329 ​ $ 1,524,721 ​ $ 1,449,972 ​ $ 1,455,018 ​ (1) Included as a component of Other Assets on the Consolidated Balance Sheets. (2) Included as a component of Other Liabilities on the Consolidated Balance Sheets.
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 December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 463,626 ​ $ 15,908 ​ $ 11,492 ​ $ 27,400 ​ $ 27,400 ​ $ — ​ $ — ​ Forward sale contracts ​ 1,035,964 ​ — ​ (24,196) ​ (24,196) ​ 4,051 ​ ​ (28,247) ​ — ​ Loans held for sale ​ 572,338 ​ 9,956 ​ 12,704 ​ 22,660 ​ — ​ — ​ 22,660 ​ Total ​ ​ ​ ​ $ 25,864 ​ $ — ​ $ 25,864 ​ $ 31,451 ​ $ (28,247) ​ $ 22,660 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 376,870 ​ $ 12,349 ​ $ (4,495) ​ $ 7,854 ​ $ 7,854 ​ $ — ​ $ — ​ Forward sale contracts ​ 769,585 ​ — ​ 7,706 ​ 7,706 ​ 9,782 ​ (2,076) ​ — ​ Loans held for sale ​ 392,715 ​ 6,840 ​ (3,211) ​ 3,629 ​ — ​ — ​ 3,629 ​ Total ​ ​ ​ ​ $ 19,189 ​ $ — ​ $ 19,189 ​ $ 17,636 ​ $ (2,076) ​ $ 3,629 ​

FANNIE MAE COMMITMENTS AND PL_2

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2023
FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES
Schedule of Pledged Securities at Fair Value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Pledged Securities (in thousands) 2023 2022 2021 2020 Restricted cash $ 2,727 ​ $ 5,788 ​ $ 3,779 ​ $ 4,954 ​ Money market funds ​ 38,556 ​ ​ 8,870 ​ ​ 40,954 ​ ​ 12,519 ​ Total pledged cash and cash equivalents $ 41,283 ​ $ 14,658 ​ $ 44,733 ​ $ 17,473 ​ Agency MBS 142,798 ​ 142,624 ​ 104,263 ​ 119,763 ​ Total pledged securities, at fair value $ 184,081 ​ $ 157,282 ​ $ 148,996 ​ $ 137,236 ​
Schedule of Investment Information Related to AFS Agency MBS	​ ​ ​ ​ ​ ​ ​ ​ Fair Value and Amortized Cost of Agency MBS (in thousands) December 31, 2023 December 31, 2022 Fair value $ 142,798 ​ $ 142,624 ​ Amortized cost ​ 143,862 ​ ​ 144,801 ​ Total gains for securities with net gains in AOCI ​ 1,036 ​ ​ 797 ​ Total losses for securities with net losses in AOCI (2,100) ​ (2,974) ​ Fair value of securities with unrealized losses 103,003 ​ 118,565 ​
Schedule of Contractual Maturity Information Related to Agency MBS	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ Detail of Agency MBS Maturities (in thousands) Fair Value Amortized Cost Within one year $ — ​ $ — ​ After one year through five years ​ 36,410 ​ ​ 36,450 ​ After five years through ten years ​ 85,553 ​ ​ 86,051 ​ After ten years 20,835 ​ ​ 21,361 ​ Total $ 142,798 ​ $ 143,862 ​ ​ ​ ​ ​ ​ ​ ​

SHARE-BASED PAYMENT (Tables)

SHARE-BASED PAYMENT (Tables)	12 Months Ended
	Dec. 31, 2023
SHARE-BASED PAYMENT
Schedule of stock compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Components of stock compensation expense (in thousands) 2023 2022 2021 ​ Restricted shares ​ $ 29,452 ​ $ 29,650 ​ $ 25,520 ​ Stock options ​ ​ — ​ ​ — ​ ​ — ​ PSP "RSUs" ​ ​ (1,610) ​ ​ 4,337 ​ ​ 11,062 ​ Total stock compensation expense ​ $ 27,842 ​ $ 33,987 ​ $ 36,582 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excess tax benefit recognized ​ $ 2,972 ​ $ 6,106 ​ $ 8,620 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of restricted share activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Grant-date ​ Restricted Shares Activity Shares Fair Value Nonvested at January 1, 2023 ​ 957,168 ​ $ 89.69 ​ Granted ​ 339,167 ​ ​ 84.78 ​ Vested ​ (350,858) ​ ​ 87.75 ​ Forfeited ​ (32,739) ​ ​ 98.90 ​ Nonvested at December 31, 2023 ​ 912,738 ​ $ 88.33 ​
Schedule of restricted share units activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Grant-date ​ Restricted Share Units Activity Share Units Fair Value Nonvested at January 1, 2023 ​ 692,781 ​ $ 89.67 ​ Granted ​ 237,820 ​ ​ 76.17 ​ Vested ​ (212,065) ​ ​ 96.89 ​ Forfeited ​ (76,748) ​ ​ 69.77 ​ Cancelled ​ — ​ ​ — ​ Nonvested at December 31, 2023 ​ 641,788 ​ $ 100.07 ​
Schedule of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Average ​ Aggregate ​ ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ ​ ​ ​ Exercise ​ Contract Life ​ Value ​ Stock Options Activity Options Price (Years) (in thousands) Outstanding at January 1, 2023 ​ 217,825 ​ $ 22.35 ​ ​ ​ ​ ​ ​ Exercised ​ (135,445) ​ ​ 23.97 ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2023 ​ 82,380 ​ $ 19.68 ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at December 31, 2023 ​ 82,380 ​ $ 19.68 ​ 1.5 ​ $ 7,524 ​

EARNINGS PER SHARE AND STOCKH_2

EARNINGS PER SHARE AND STOCKHOLDERS EQUITY (Tables)	12 Months Ended
	Dec. 31, 2023
EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY
Schedule of basic and diluted EPS under two-class method	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, EPS Calculations (in thousands, except per share amounts) ​ 2023 ​ 2022 ​ 2021 Calculation of basic EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Walker & Dunlop net income ​ $ 107,357 ​ $ 213,820 ​ $ 265,762 ​ Less: dividends and undistributed earnings allocated to participating securities ​ 2,752 ​ 6,100 ​ 8,837 ​ Net income applicable to common stockholders ​ $ 104,605 ​ $ 207,720 ​ $ 256,925 ​ Weighted-average basic shares outstanding ​ ​ 32,697 ​ ​ 32,326 ​ ​ 31,081 ​ Basic EPS ​ $ 3.20 ​ $ 6.43 ​ $ 8.27 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Calculation of diluted EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income applicable to common stockholders ​ $ 104,605 ​ $ 207,720 ​ $ 256,925 ​ Add: reallocation of dividends and undistributed earnings based on assumed conversion ​ ​ 3 ​ ​ 41 ​ ​ 93 ​ Net income allocated to common stockholders ​ $ 104,608 ​ $ 207,761 ​ $ 257,018 ​ Weighted-average basic shares outstanding ​ ​ 32,697 ​ ​ 32,326 ​ ​ 31,081 ​ Add: weighted-average diluted non-participating securities ​ ​ 178 ​ ​ 361 ​ ​ 452 ​ Weighted-average diluted shares outstanding ​ ​ 32,875 ​ ​ 32,687 ​ ​ 31,533 ​ Diluted EPS ​ $ 3.18 ​ $ 6.36 ​ $ 8.15 ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
Summary of provision for income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Components of Income Tax Expense (in thousands) 2023 2022 2021 Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 25,712 ​ $ 23,014 ​ $ 40,025 ​ State ​ ​ 8,401 ​ ​ 11,065 ​ ​ 12,181 ​ International ​ ​ (285) ​ ​ 3,516 ​ ​ — ​ Total current expense ​ $ 33,828 ​ $ 37,595 ​ $ 52,206 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 1,250 ​ $ 19,114 ​ $ 26,630 ​ State ​ ​ (434) ​ ​ 3,775 ​ ​ 7,592 ​ International ​ ​ 382 ​ ​ (4,450) ​ ​ — ​ Total deferred expense ​ $ 1,198 ​ $ 18,439 ​ $ 34,222 ​ Total income tax expense ​ $ 35,026 ​ $ 56,034 ​ $ 86,428 ​
Schedule of reconciliation of the statutory federal tax provision to income tax provision	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ (in thousands) 2023 2022 2021 ​ Statutory federal expense ​ $ 29,021 ​ $ 56,350 ​ $ 73,932 ​ Statutory state income tax expense, net of federal tax benefit ​ ​ 7,097 ​ ​ 13,567 ​ ​ 16,409 ​ Excess tax benefits, net of federal tax impact ​ ​ (2,972) ​ ​ (6,106) ​ ​ (8,620) ​ Tax benefit of Apprise revaluation gain ​ ​ — ​ ​ (10,329) ​ ​ — ​ Other ​ ​ 1,880 ​ ​ 2,552 ​ ​ 4,707 ​ Income tax expense ​ $ 35,026 ​ $ 56,034 ​ $ 86,428 ​
Schedule of deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ Components of Deferred Tax Liabilities, Net (in thousands) 2023 2022 Deferred Tax Assets ​ ​ ​ ​ ​ ​ ​ Compensation related ​ $ 433 ​ $ (333) ​ Credit losses ​ 7,604 ​ 12,425 ​ Total deferred tax assets ​ $ 8,037 ​ $ 12,092 ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred Tax Liabilities ​ ​ ​ ​ ​ ​ ​ Mark-to-market of derivatives and loans held for sale ​ $ (5,254) ​ $ (3,583) ​ Mortgage servicing rights related ​ ​ (205,978) ​ ​ (218,767) ​ Acquisition related (1) ​ ​ (37,056) ​ ​ (24,673) ​ Depreciation ​ ​ (7,091) ​ ​ (6,261) ​ Other ​ ​ 1,970 ​ ​ (2,293) ​ Total deferred tax liabilities ​ $ (253,409) ​ $ (255,577) ​ Deferred tax liabilities, net ​ $ (245,372) ​ $ (243,485) ​ (1) Acquisition-related deferred tax liabilities consist of book-to-tax differences associated with basis step ups related to the amortization of goodwill recorded from acquisitions and book-to-tax differences in intangible asset amortization.

SEGMENTS (Tables)

SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
SEGMENTS
Schedule of segment results and total assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment Results and Total Assets (in thousands) ​ As of and for the year ended December 31, 2023 Revenues ​ ​ CM ​ ​ SAM ​ ​ Corporate ​ ​ Consolidated Loan origination and debt brokerage fees, net ​ $ 232,625 ​ $ 1,784 ​ $ — ​ $ 234,409 Fair value of expected net cash flows from servicing, net ​ ​ 141,917 ​ ​ — ​ ​ — ​ ​ 141,917 Servicing fees ​ ​ — ​ ​ 311,914 ​ ​ — ​ ​ 311,914 Property sales broker fees ​ ​ 53,966 ​ ​ — ​ ​ — ​ ​ 53,966 Investment management fees ​ ​ — ​ ​ 45,381 ​ ​ — ​ ​ 45,381 Net warehouse interest income (expense) ​ ​ (9,497) ​ ​ 3,864 ​ ​ — ​ ​ (5,633) Placement fees and other interest income ​ ​ — ​ ​ 141,374 ​ ​ 13,146 ​ ​ 154,520 Other revenues ​ ​ 57,755 ​ ​ 59,526 ​ ​ 685 ​ ​ 117,966 Total revenues ​ $ 476,766 ​ $ 563,843 ​ $ 13,831 ​ $ 1,054,440 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 375,450 ​ $ 74,407 ​ $ 64,433 ​ $ 514,290 Amortization and depreciation ​ ​ 4,550 ​ ​ 214,978 ​ ​ 7,224 ​ ​ 226,752 Provision (benefit) for credit losses ​ — ​ ​ (10,452) ​ ​ — ​ (10,452) Interest expense on corporate debt ​ 18,779 ​ ​ 42,489 ​ ​ 7,208 ​ 68,476 Goodwill impairment ​ ​ 62,000 ​ ​ — ​ ​ — ​ ​ 62,000 Fair value adjustments to contingent consideration liabilities ​ ​ (62,500) ​ ​ — ​ ​ — ​ ​ (62,500) Other operating expenses ​ 19,994 ​ ​ 28,582 ​ ​ 69,101 ​ 117,677 Total expenses ​ $ 418,273 ​ $ 350,004 ​ $ 147,966 ​ $ 916,243 Income (loss) from operations ​ $ 58,493 ​ $ 213,839 ​ $ (134,135) ​ $ 138,197 Income tax expense (benefit) ​ 14,824 ​ ​ 54,198 ​ ​ (33,996) ​ 35,026 Net income (loss) before noncontrolling interests ​ $ 43,669 ​ $ 159,641 ​ $ (100,139) ​ $ 103,171 Less: net income (loss) from noncontrolling interests ​ 2,489 ​ ​ (6,675) ​ ​ — ​ (4,186) Walker & Dunlop net income (loss) ​ $ 41,180 ​ $ 166,316 ​ $ (100,139) ​ $ 107,357 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 1,193,137 ​ ​ 2,273,033 ​ ​ 586,177 ​ $ 4,052,347 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment Results and Total Assets (in thousands) ​ As of and for the year ended December 31, 2022 Revenues ​ ​ CM ​ ​ SAM ​ ​ Corporate ​ ​ Consolidated Loan origination and debt brokerage fees, net ​ $ 345,779 ​ $ 2,228 ​ $ — ​ $ 348,007 Fair value of expected net cash flows from servicing, net ​ ​ 191,760 ​ ​ — ​ ​ — ​ ​ 191,760 Servicing fees ​ ​ — ​ ​ 300,191 ​ ​ — ​ ​ 300,191 Property sales broker fees ​ ​ 120,582 ​ ​ — ​ ​ — ​ ​ 120,582 Investment management fees ​ ​ — ​ ​ 71,931 ​ ​ — ​ ​ 71,931 Net warehouse interest income (expense) ​ ​ 9,667 ​ ​ 6,110 ​ ​ — ​ ​ 15,777 Placement fees and other interest income ​ ​ — ​ ​ 51,010 ​ ​ 1,820 ​ ​ 52,830 Other revenues ​ ​ 41,046 ​ ​ 75,960 ​ ​ 40,669 ​ ​ 157,675 Total revenues ​ $ 708,834 ​ $ 507,430 ​ $ 42,489 ​ $ 1,258,753 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 485,958 ​ $ 69,970 ​ $ 51,438 ​ $ 607,366 Amortization and depreciation ​ ​ 3,084 ​ ​ 225,515 ​ ​ 6,432 ​ ​ 235,031 Provision (benefit) for credit losses ​ — ​ (11,978) ​ — ​ (11,978) Interest expense on corporate debt ​ 8,647 ​ 23,621 ​ 1,965 ​ 34,233 Goodwill impairment ​ ​ — ​ ​ — ​ ​ — ​ ​ — Fair value adjustments to contingent consideration liabilities ​ ​ (18,000) ​ ​ 4,488 ​ ​ — ​ ​ (13,512) Other operating expenses ​ 29,817 ​ 26,250 ​ 86,581 ​ 142,648 Total expenses ​ $ 509,506 ​ $ 337,866 ​ $ 146,416 ​ $ 993,788 Income (loss) from operations ​ $ 199,328 ​ $ 169,564 ​ $ (103,927) ​ $ 264,965 Income tax expense (benefit) ​ 42,153 ​ ​ 35,859 ​ ​ (21,978) ​ 56,034 Net income (loss) before noncontrolling interests ​ $ 157,175 ​ $ 133,705 ​ $ (81,949) ​ $ 208,931 Less: net income (loss) from noncontrolling interests ​ 1,097 ​ ​ (5,986) ​ ​ — ​ (4,889) Walker & Dunlop net income (loss) ​ $ 156,078 ​ $ 139,691 ​ $ (81,949) ​ $ 213,820 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 1,051,437 ​ $ 2,539,013 ​ $ 454,909 ​ $ 4,045,359 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the year ended December 31, 2021 Segment Results and Total Assets ​ ​ ​ ​ ​ Servicing & ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ Capital ​ ​ Asset ​ ​ ​ ​ ​ ​ ​ ​ ​ Markets ​ ​ Management ​ ​ Corporate ​ ​ Consolidated Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan origination and debt brokerage fees, net ​ $ 440,044 ​ $ 5,970 ​ $ — ​ $ 446,014 Fair value of expected net cash flows from servicing, net ​ ​ 287,145 ​ ​ — ​ ​ — ​ ​ 287,145 Servicing fees ​ ​ — ​ ​ 278,466 ​ ​ — ​ ​ 278,466 Property sales broker fees ​ ​ 119,981 ​ ​ — ​ ​ — ​ ​ 119,981 Investment management fees ​ ​ — ​ ​ 25,637 ​ ​ — ​ ​ 25,637 Net warehouse interest income ​ ​ 14,396 ​ ​ 7,712 ​ ​ — ​ ​ 22,108 Placement fees and other interest income ​ ​ — ​ ​ 7,776 ​ ​ 374 ​ ​ 8,150 Other revenues ​ ​ 20,458 ​ ​ 52,916 ​ ​ (1,697) ​ ​ 71,677 Total revenues ​ $ 882,024 ​ $ 378,477 ​ $ (1,323) ​ $ 1,259,178 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 500,052 ​ $ 36,412 ​ $ 67,023 ​ $ 603,487 Amortization and depreciation ​ ​ 2,877 ​ ​ 203,118 ​ ​ 4,289 ​ ​ 210,284 Provision (benefit) for credit losses ​ — ​ (13,287) ​ — ​ (13,287) Interest expense on corporate debt ​ 5,078 ​ ​ 1,749 ​ ​ 1,154 ​ 7,981 Goodwill impairment ​ ​ — ​ ​ — ​ ​ — ​ ​ — Fair value adjustments to contingent consideration liabilities ​ ​ 6,889 ​ ​ — ​ ​ — ​ ​ 6,889 Other operating expenses ​ 19,531 ​ ​ 11,401 ​ ​ 60,834 ​ 91,766 Total expenses ​ $ 534,427 ​ $ 239,393 ​ $ 133,300 ​ $ 907,120 Income (loss) from operations ​ $ 347,597 ​ $ 139,084 ​ $ (134,623) ​ $ 352,058 Income tax expense (benefit) ​ 85,333 ​ ​ 34,144 ​ ​ (33,049) ​ 86,428 Net income (loss) before noncontrolling interests ​ $ 262,264 ​ $ 104,940 ​ $ (101,574) ​ $ 265,630 Less: net income (loss) from noncontrolling interests ​ 70 ​ (202) ​ — ​ (132) Walker & Dunlop net income (loss) ​ $ 262,194 ​ $ 105,142 ​ $ (101,574) ​ $ 265,762 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 2,263,907 ​ $ 2,430,137 ​ $ 511,945 ​ $ 5,205,989 ​
Schedule of loans serviced for others, by product	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ Loan Servicing Portfolio by Product (in thousands) 2023 2022 2021 Fannie Mae ​ $ 63,699,106 ​ $ 59,226,168 ​ $ 53,401,457 ​ Freddie Mac ​ ​ 39,330,545 ​ ​ 37,819,256 ​ ​ 37,138,836 ​ Ginnie Mae-HUD ​ ​ 10,460,884 ​ ​ 9,868,453 ​ ​ 9,889,289 ​ Other ​ ​ 16,980,989 ​ ​ 16,219,978 ​ ​ 15,270,982 ​ Total ​ $ 130,471,524 ​ $ 123,133,855 ​ $ 115,700,564 ​
Schedule of volume of debt financing by product	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Debt Financing by Product (in thousands) 2023 2022 2021 Fannie Mae ​ $ 7,021,397 ​ $ 9,950,152 ​ $ 9,301,865 Freddie Mac ​ ​ 4,568,935 ​ ​ 6,320,201 ​ ​ 6,154,828 Ginnie Mae-HUD ​ ​ 678,889 ​ ​ 1,118,014 ​ ​ 2,340,699 Brokered ​ ​ 11,714,888 ​ ​ 25,878,519 ​ ​ 29,670,226 Principal Lending and Investing ​ ​ 218,750 ​ ​ 339,098 ​ ​ 1,443,502 Total ​ $ 24,202,859 ​ $ 43,605,984 ​ $ 48,911,120

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
LEASES
Schedule of lease information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For year ended December 31, Operating Lease Arrangements (dollars in thousands) ​ 2023 ​ 2022 ​ 2021 Operating Leases ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets ​ $ 76,463 ​ $ 60,830 ​ $ 24,825 Lease liabilities ​ ​ 101,358 ​ ​ 79,623 ​ ​ 29,523 Weighted-average remaining lease term ​ ​ 9.8 years ​ ​ 10.2 years ​ ​ 4.0 years Weighted-average discount rate ​ ​ 4.0% ​ ​ 2.9% ​ ​ 3.3% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Lease Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ Single lease costs ​ $ 14,150 ​ $ 16,371 ​ $ 9,435 Cash paid for amounts included in the measurement of lease liabilities ​ ​ 12,406 ​ ​ 10,093 ​ ​ 9,617 Right-of-use assets obtained in exchange for new lease obligations ​ ​ 16,798 ​ ​ 54,557 ​ ​ 13,215 ​ ​
Schedule of maturities of lease liabilities	​ ​ ​ ​ ​ Year Ending December 31, ​ ​ ​ 2024 ​ $ 14,552 2025 ​ ​ 13,295 2026 ​ ​ 13,188 2027 ​ ​ 13,243 2028 ​ ​ 12,130 Thereafter ​ ​ 56,820 Total lease payments ​ $ 123,228 Less imputed interest ​ ​ (21,870) Total ​ $ 101,358

OTHER ASSETS AND LIABILITIES (T

OTHER ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
OTHER ASSETS AND LIABILITIES
Schedule of other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Components of Other Assets (in thousands) 2023 2022 Equity-method investments ​ $ 215,375 ​ $ 198,848 Prepaid expenses ​ ​ 89,795 ​ ​ 98,587 Right of use asset ​ ​ 76,463 ​ ​ 60,830 Property and equipment, net ​ ​ 42,725 ​ ​ 33,928 Loans held for investment, net ​ ​ 40,056 ​ ​ 200,247 Derivative assets ​ ​ 31,451 ​ ​ 17,636 All other ​ ​ 48,592 ​ ​ 48,046 Total ​ $ 544,457 ​ $ 658,122
Schedule of other liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Components of Other Liabilities (in thousands) 2023 2022 Accrued expenses ​ $ 123,352 ​ $ 115,878 Contingent consideration liabilities ​ ​ 113,546 ​ ​ 200,346 Lease liability ​ ​ 101,358 ​ ​ 79,623 Guaranty obligation, net ​ ​ 39,868 ​ ​ 43,950 Derivative liabilities ​ ​ 28,247 ​ ​ 2,076 All other ​ ​ 113,079 ​ ​ 118,200 Total ​ $ 519,450 ​ $ 560,073

OTHER REVENUES AND OTHER OPER_2

OTHER REVENUES AND OTHER OPERATING EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2023
OTHER REVENUES AND OTHER OPERATING EXPENSES
Summary of major components of other revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Components of Other Revenues (in thousands) 2023 2022 2021 Housing market research subscription revenue (1) ​ $ 35,794 ​ $ 21,852 ​ $ 8,744 Syndication and other LIHTC revenue (2) ​ ​ 26,006 ​ ​ 36,757 ​ ​ 6,706 Assumption and application fees ​ ​ 9,629 ​ ​ 9,073 ​ ​ 10,811 Prepayment fees ​ ​ 3,547 ​ ​ 26,451 ​ ​ 40,138 Apprise revaluation gain (3) ​ ​ — ​ ​ 39,641 ​ ​ — All other ​ ​ 42,990 ​ ​ 23,901 ​ ​ 5,278 Total ​ $ 117,966 ​ $ 157,675 ​ $ 71,677 (1) (2) Syndication and other LIHTC revenue generated from Alliant, which was acquired in 2021. (3) One-time non-cash remeasurement gain of Apprise in 2022 from the GeoPhy acquisition (as discussed in NOTE 7).
Summary of major components of other operating expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Components of Other Operating Expenses (in thousands) 2023 2022 2021 Professional fees ​ $ 27,213 ​ $ 35,428 ​ $ 26,920 ​ Office and software expenses ​ ​ 26,343 ​ ​ 24,145 ​ ​ 15,056 ​ Rent (1) ​ ​ 18,174 ​ ​ 18,832 ​ ​ 11,262 ​ Travel and entertainment ​ ​ 12,225 ​ ​ 15,742 ​ ​ 7,203 ​ Marketing and preferred broker ​ ​ 12,142 ​ ​ 14,840 ​ ​ 12,526 ​ All other ​ ​ 21,580 ​ ​ 33,661 ​ ​ 18,799 ​ Total ​ $ 117,677 ​ $ 142,648 ​ $ 91,766 ​ (1)

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2023
Consolidated VIEs
Schedule of the carrying value and classification of assets and liabilities of VIEs	​ ​ ​ ​ ​ ​ ​ ​ Consolidated VIEs (in thousands) ​ December 31, 2023 ​ December 31, 2022 Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 2,841 ​ $ 201 Restricted cash ​ ​ 2,811 ​ ​ 1,532 Receivables, net ​ ​ 28,256 ​ ​ 33,593 Other Assets ​ ​ 47,249 ​ ​ 49,768 Total assets of consolidated VIEs ​ $ 81,157 ​ $ 85,094 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ Other liabilities ​ $ 53,526 ​ $ 39,148 Total liabilities of consolidated VIEs ​ $ 53,526 ​ $ 39,148 ​ ​ ​ ​ ​ ​ ​
Nonconsolidated VIEs
Schedule of the carrying value and classification of assets and liabilities of VIEs	​ ​ ​ ​ ​ ​ ​ ​ Nonconsolidated VIEs (in thousands) ​ ​ December 31, 2023 ​ December 31, 2022 Assets ​ ​ ​ ​ ​ ​ Committed investments in tax credit equity ​ $ 154,028 ​ $ 254,154 Other assets: Equity-method investments ​ ​ 60,195 ​ ​ 57,981 Total interests in nonconsolidated VIEs ​ $ 214,223 ​ $ 312,135 ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ Commitments to fund investments in tax credit equity ​ $ 140,259 ​ $ 239,281 Total commitments to fund nonconsolidated VIEs ​ $ 140,259 ​ $ 239,281 ​ ​ ​ ​ ​ ​ ​ Maximum exposure to losses (1)(2) ​ $ 214,223 ​ $ 312,135 ​ ​ ​ ​ ​ ​ ​ (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 - Subsequent Events (Details) - Subsequent Event $ in Millions	Mar. 31, 2024 USD ($)
Fannie Mae DUS Program
Subsequent events
Unpaid principal balance of loans expected to be repurchased from agency program	$ 13.5
Freddie Mac Loan One
Subsequent events
Unpaid principal balance of loans expected to be repurchased from agency program	11.4
Freddie Mac Loan Two
Subsequent events
Unpaid principal balance of loans expected to be repurchased from agency program	$ 34.8

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Mortgage Banking Activities
Co-broker fees	$ 12	$ 17.3	$ 21
OMSRs | Minimum
Mortgage Banking Activities
Discount rate used for estimated capitalized MSRs (as a percent)	8%	8%	8%
Reduction in estimated life of originated MSRs	6 months
OMSRs | Maximum
Mortgage Banking Activities
Discount rate used for estimated capitalized MSRs (as a percent)	14%	14%	14%
Reduction in estimated life of originated MSRs	12 months

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) item
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of reporting units tested for impairment of goodwill	5
Number of reporting units which did not recognize goodwill impairment	3
Number of reporting units which recognized goodwill impairment	2
Goodwill impairment | $	$ 62,000

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance for Risk Sharing Obligations (Details)	12 Months Ended
	Dec. 31, 2023
Debt
Reasonable and supportable forecast period used for determining CECL reserves	1 year
Period of time rate reverts to historical rate	1 year
Fannie Mae DUS program | Maximum
Debt
Term of targeted debt	15 years
Maximum delinquency period of loans at which initial loss recognition occurs	60 days
Amount of loss absorbed at time of loan default as a percent of the origination unpaid principal balance	20%

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans Held-for-Sale (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loans Held-for-Sale
Period of originated loans within which they are transferred or sold	60 days
Loans, non-accrual status		$ 14,700,000
Loans Held for Sale
Loans Held-for-Sale
Period of originated loans within which they are transferred or sold	60 days
Loans held for sale carried at lower of cost or fair value	$ 0	0
Loans, non-accrual status	$ 0	$ 0
Mortgage Loans
Loans Held-for-Sale
Period of originated loans within which they are transferred or sold	60 days

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Share-Based Payment (Detail)	12 Months Ended
	Dec. 31, 2023
Restricted Stock Units (RSUs) | PSP
Fair value assumptions, Black-Scholes
Vesting period	3 years
Restricted Shares | Officers And Employees
Fair value assumptions, Black-Scholes
Vesting period	3 years
Restricted Shares | Non-Employee Directors
Fair value assumptions, Black-Scholes
Vesting period	1 year
Restricted Shares | Production Personnel | Minimum
Fair value assumptions, Black-Scholes
Vesting period	3 years

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash Flows (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents
Cash and cash equivalents	$ 328,698	$ 225,949	$ 305,635	$ 321,097
Restricted cash	21,422	17,676	42,812	19,432
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	391,403	258,283	393,180	358,002
Total pledged cash and cash equivalents
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents
Pledged cash and cash equivalents (NOTE 9)	$ 41,283	$ 14,658	$ 44,733	$ 17,473

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Net Warehouse Interest Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Warehouse Interest Income
Warehouse interest income	$ 44,705	$ 65,065	$ 54,886
Warehouse interest expense	(50,338)	(49,288)	(32,778)
Net warehouse interest income (expense)	(5,633)	15,777	22,108
Co-broker fees	$ 12,000	$ 17,300	21,000
Secured Borrowings
Net Warehouse Interest Income
Net warehouse interest income (expense)			$ 1,700

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contracts with Customers and Asset Management Fees (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Contracts with Customers
Revenue from contracts with customer	$ 258,209	$ 429,970	$ 363,524
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Revenues	Revenues	Revenues
Asset management fees
Asset management fee receivable	$ 40,200	$ 43,000
Minimum
Asset management fees
Compliance period for properties held in the LIHTC fund	10 years
Maximum
Asset management fees
Compliance period for properties held in the LIHTC fund	15 years
Loan Origination Fees | Loan Origination and Debt Brokerage Fees, Net
Contracts with Customers
Revenue from contracts with customer	$ 71,445	$ 157,153	$ 186,986
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Revenues	Revenues	Revenues
Property Sales Broker Fees
Contracts with Customers
Revenue from contracts with customer	$ 53,966	$ 120,582	$ 119,981
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Revenues	Revenues	Revenues
Investment management fees
Contracts with Customers
Revenue from contracts with customer	$ 45,381	$ 71,931	$ 25,637
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Revenues	Revenues	Revenues
Asset Management Fees
Contracts with Customers
Revenue from contracts with customer	$ 36,700	$ 61,100
Application fees, appraisal revenues, subscription revenues, syndication fees, and other revenues | Other Revenues
Contracts with Customers
Revenue from contracts with customer	$ 87,417	$ 80,304	$ 30,920
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Revenues	Revenues	Revenues

SUMMARY OF SIGNIFICANT ACCOU_13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans Held-for-Investment, Net (Detail) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
Loans Held-for-Investment, Net
Number of loans held for investment | loan		2	9
Unpaid principal balance of loans held for investment		$ 40,100	$ 206,800
Net unamortized deferred fees and costs			400
Financing receivable allowance for credit loss			$ 6,200
Reasonable and supportable forecast period used for determining CECL reserves		1 year
Number of delinquent loans | loan		0	1
Loans held for investment, delinquent			$ 14,700
Number of loans on nonaccrual status | loan		0	1
Loans, non-accrual status			$ 14,700
Sale of loan held for investment	$ 8,700
Net write-off of collateral-based reserves for loan losses	$ 6,000	$ 6,033
Specific reserve for loan			5,900
Amortized cost of loans held for investment, current		40,100	$ 191,700
Loans originated in 2021		14,200
Loan originated in 2019		$ 25,900
Maximum
Loans Held-for-Investment, Net
Loan term (in years)		3 years

MORTGAGE SERVICING RIGHTS - Fai

MORTGAGE SERVICING RIGHTS - Fair Value Disclosures (Detail) - MSRs $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Servicing
Fair value of the MSRs	$ 1,400
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	$ 44
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	$ 85

MORTGAGE SERVICING RIGHTS - Sch

MORTGAGE SERVICING RIGHTS - Schedule of Activity Related to MSRs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Mortgage Servicing Rights
Beginning balance	$ 975,226
Ending balance	907,415	$ 975,226
MSRs
Mortgage Servicing Rights
Beginning balance	975,226	953,845
Additions, following the sale of loan	142,129	244,259
Amortization	(199,633)	(189,211)
Pre-payments and write-offs	(10,307)	(33,667)
Ending balance	$ 907,415	$ 975,226

MORTGAGE SERVICING RIGHTS - Sum

MORTGAGE SERVICING RIGHTS - Summary of Components of Net Carrying Value of Acquired and Originated MSRs (Detail) - MSRs - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Mortgage Servicing Rights Acquired and Originated
Gross value	$ 1,733,844	$ 1,659,185
Accumulated amortization	(826,429)	(683,959)
Net carrying value	$ 907,415	$ 975,226

MORTGAGE SERVICING RIGHTS - S_2

MORTGAGE SERVICING RIGHTS - Schedule of Expected Amortization of MSRs (Detail) - MSRs - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Future amortization
2024	$ 191,224
2025	169,310
2026	143,500
2027	122,149
2028	98,344
Thereafter	182,888
Net carrying value	$ 907,415	$ 975,226

MORTGAGE SERVICING RIGHTS - Pre

MORTGAGE SERVICING RIGHTS - Prepayment fees and Other information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Servicing
Placement fees on escrow deposits	$ 127,400	$ 43,300	$ 5,600
Other revenue
Servicing
Prepayment fees	$ 3,547	$ 26,451	$ 40,138
Escrow earnings and other interest income
Servicing
Ancillary Fee Income, Servicing Financial Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenues	Revenues	Revenues
MSRs
Servicing
Prepayment fees	$ 3,500	$ 26,500	$ 40,100
Expected amortization period for net carrying value	6 years 6 months
MSRs | Other revenue
Servicing
Ancillary Fee Income, Servicing Financial Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenues	Revenues	Revenues

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												12 Months Ended
	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
Allowance for Risk-Sharing Contracts
Beginning balance				$ 44,057				$ 62,636					$ 44,057	$ 62,636
Provision (benefit) for risk-sharing obligations	$ 600	$ 600	$ (700)	$ (10,900)	$ (900)	$ 1,200	$ (4,800)	$ (9,400)	$ 1,000	$ 1,300	$ (4,300)	$ (10,700)	(10,448)	(13,948)	$ (12,700)
Write-offs													(2,008)	(4,631)
Ending balance	31,601				44,057				$ 62,636				$ 31,601	$ 44,057	$ 62,636
Number of defaulted loans | loan													3	2
Amount of specific reserves placed on defaulted at risk loans	2,800				4,400								$ 2,800	$ 4,400
Reversion period used for determining CECL reserves													1 year
Fannie Mae DUS program
Allowance for Risk-Sharing Contracts
Maximum quantifiable contingent liability associated with guarantees	$ 11,900,000				$ 11,000,000								$ 11,900,000	$ 11,000,000
Fannie Mae DUS Program
Allowance for Risk-Sharing Contracts
Weighted average remaining life of the at risk servicing portfolio													6 years 4 months 24 days	7 years 2 months 12 days

ALLOWANCE FOR RISK-SHARING OB_4

ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION - CECL Provision Impact (Details) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Forecast-period loss rate	0.024	0.023	0.023	0.023	0.021	0.022	0.022	0.030	0.030	0.030	0.030	0.040
Reversion-period loss rate	0.015	0.015	0.015	0.015	0.017	0.017	0.017	0.020	0.020	0.020	0.020	0.020
Historical loss rate	0.006	0.006	0.006	0.006	0.012	0.012	0.012	0.012	0.018	0.018	0.018	0.018
CECL allowance	$ 31,600	$ 31,000	$ 28,900	$ 28,700	$ 39,700	$ 38,900	$ 37,700	$ 42,500	$ 52,300	$ 54,000	$ 52,800	$ 57,000
Provision (benefit) for risk-sharing obligations	600	600	(700)	(10,900)	(900)	1,200	(4,800)	(9,400)	1,000	1,300	(4,300)	(10,700)	$ (10,448)	$ (13,948)	$ (12,700)
Fannie Mae DUS Program
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
At-risk Fannie Mae servicing portfolio UPB	$ 58,500,000	$ 57,400,000	$ 55,700,000	$ 54,500,000	$ 54,000,000	$ 52,100,000	$ 51,200,000	$ 49,700,000	$ 48,000,000	$ 47,000,000	$ 45,900,000	$ 45,400,000

ALLOWANCE FOR RISK-SHARING OB_5

ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION - Schedule of Activity Related to Guaranty Obligation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION
Guaranty obligation, net of accumulated amortization - beginning balance	$ 43,950	$ 47,378
Additions, following the sale of loan	4,040	6,532
Amortization and write-offs	(8,122)	(9,960)
Guaranty obligation, net of accumulated amortization - ending balance	$ 39,868	$ 43,950

SERVICING - (Detail)

SERVICING - (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Servicing
Servicing portfolio loans unpaid principal balance	$ 130,471,524	$ 123,133,855	$ 115,700,564
Loans serviced
Servicing
Servicing portfolio loans unpaid principal balance	130,500,000	$ 123,100,000
Custodial deposit accounts	$ 2,700,000

DEBT - Summary Information (Det

DEBT - Summary Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) item facility	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Warehouse notes payable
Outstanding Balance	$ 596,178	$ 537,531
Interest expense	50,338	49,288	$ 32,778
Warehouse Facilities
Warehouse notes payable
Interest expense	50,300	49,300	34,500
Facility fees	3,200	3,600	$ 3,800
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	$ 570,844	392,714
National Banks | Agency Warehouse Facility
Warehouse notes payable
Number of credit facilities | facility	5
National Banks | Loans Held for Sale | Agency Warehouse Facility
Warehouse notes payable
Committed Amount	$ 1,825,000	1,825,000
Uncommitted Amount	2,040,000	2,040,000
Total Facility Capacity	3,865,000	3,865,000
Outstanding Balance	368,871	381,364
National Banks | Loans Held for Sale | Agency Warehouse Facility #1 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount	325,000	325,000
Uncommitted Amount	250,000	250,000
Total Facility Capacity	575,000	575,000
Outstanding Balance	$ 88,586	$ 141,965
Maturity date	Aug. 28, 2024
Advances made as a percentage of the loan balance	100%
National Banks | Loans Held for Sale | Agency Warehouse Facility #1 | Agency Warehouse Facility | SOFR
Warehouse notes payable
Percentage added to reference rate	1.30%	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	$ 7,500	$ 102,926
Maturity date	Apr. 12, 2024
Advances made as a percentage of the loan balance	100%
National Banks | Loans Held for Sale | Agency Warehouse Facility #2 | Agency Warehouse Facility | 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	$ 177,262	$ 110,394
Maturity date	May 15, 2024
Advances made as a percentage of the loan balance	100%
National Banks | Loans Held for Sale | Agency Warehouse Facility #3 | Agency Warehouse Facility | SOFR
Warehouse notes payable
Percentage added to reference rate	1.35%	1.35%
National Banks | Loans Held for Sale | Agency Warehouse Facility #4 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount	$ 200,000	$ 200,000
Uncommitted Amount	225,000	225,000
Total Facility Capacity	425,000	425,000
Outstanding Balance	$ 53,403	$ 26,079
Maturity date	Jun. 22, 2024
Advances made as a percentage of the loan balance	100%
Number of financial covenants updated | item	1
National Banks | Loans Held for Sale | Agency Warehouse Facility #4 | Agency Warehouse Facility | SOFR
Warehouse notes payable
Percentage added to reference rate		1.30%
National Banks | Loans Held for Sale | Agency Warehouse Facility #4 | Agency Warehouse Facility | SOFR | Minimum
Warehouse notes payable
Percentage added to reference rate	1.30%
National Banks | Loans Held for Sale | Agency Warehouse Facility #4 | Agency Warehouse Facility | SOFR | Maximum
Warehouse notes payable
Percentage added to reference rate	1.35%
National Banks | Loans Held for Sale | Agency Warehouse Facility #4 | Agency Warehouse Facility | Facility Committed Amount | SOFR
Warehouse notes payable
Percentage added to reference rate	1.35%
National Banks | Loans Held for Sale | Agency Warehouse Facility #4 | Agency Warehouse Facility | Facility Uncommitted Amount | SOFR
Warehouse notes payable
Percentage added to reference rate	1.30%
National Banks | Loans Held for Sale | Agency Warehouse Facility #4, Defaulted FHA Sublimit | Agency Warehouse Facility
Warehouse notes payable
Committed Amount	$ 75,000
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	$ 42,120
Maturity date	Sep. 12, 2024
Advances made as a percentage of the loan balance	100%
National Banks | Loans Held for Sale | Agency Warehouse Facility #5 | Agency Warehouse Facility | SOFR
Warehouse notes payable
Percentage added to reference rate	1.45%	1.45%
National Banks | Loans Held for Investment | Interim Warehouse Facility
Warehouse notes payable
Total Facility Capacity	$ 454,800
Outstanding Balance	$ 25,600
National Banks | Loans Held for Investment | Interim Warehouse Facility | Minimum
Warehouse notes payable
Percentage added to reference rate	1.35%
National Banks | Loans Held for Investment | Interim Warehouse Facility | Maximum
Warehouse notes payable
Percentage added to reference rate	3.25%
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	$ 201,973	$ 11,350
Advances made as a percentage of the loan balance	99%

DEBT - Notes Payable - Term Not

DEBT - Notes Payable - Term Note Payable (Detail) $ in Thousands	Jan. 12, 2023 USD ($)	Dec. 16, 2021 USD ($) item loan	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt
Unpaid principal balance			$ 1,400,451
Alliant Note Payable
Debt
Unpaid principal balance				$ 114,546
Term Loan
Debt
Unpaid principal balance			588,000	$ 594,000
Incremental Term Loan
Debt
Unpaid principal balance			$ 198,500
Credit Agreement
Debt
Number of financial covenants | item		1
Credit Agreement | Term Loan
Debt
Amount of loan agreement		$ 600,000
Discount on issue of term loan (as a percent)		0.25%
Percentage of original principal amount required as quarterly installment		0.25%
Maturity date		Dec. 16, 2028
Credit Agreement | Term Loan | Minimum
Debt
Number of additional term loans | loan		1
Credit Agreement | Term Loan | Maximum
Debt
Maximum amount of all incremental term loans		$ 230,000
Maximum percentage of trailing four-quarter consolidated EBITDA limit for incremental term loan commitments		100%
Consolidated Corporate Leverage Ratio		3
Credit Agreement | Term Loan | SOFR
Debt
Percentage added to reference rate		2.25%
Credit Agreement | Term Loan | SOFR | Minimum
Debt
Interest rate floor		0.50%
Credit Agreement | Incremental Term Loan
Debt
Amount of loan agreement	$ 200,000
Discount on issue of term loan (as a percent)	2%
Term Loan proceeds used to repay certain existing indebtedness	$ 115,900

DEBT - Notes Payable - Summary

DEBT - Notes Payable - Summary (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt
Unpaid principal balance	$ 1,400,451
Carrying balance	773,358	$ 704,103
Corporate Debt
Debt
Carrying balance	773,358	585,136
Term Loan
Debt
Quarterly equal installments	1,500
Unpaid principal balance	588,000	594,000
Unamortized debt discount	(1,033)	(1,270)
Unamortized debt issuance costs	(6,177)	(7,594)
Carrying balance	$ 580,790	585,136
Period for amounts drawn and repaid	60 days
Incremental Term Loan
Debt
Quarterly equal installments	$ 500
Unpaid principal balance	198,500
Unamortized debt discount	(3,354)
Unamortized debt issuance costs	(2,578)
Carrying balance	$ 192,568
Alliant Note Payable
Debt
Unpaid principal balance		114,546
Fair value adjustment		4,421
Carrying balance		$ 118,967
Stated interest rate		4.75%

DEBT - Notes Payable - Maturiti

DEBT - Notes Payable - Maturities (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
DEBT
2024	$ 621,951
2025	8,000
2026	8,000
2027	8,000
2028	754,500
Total	$ 1,400,451

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Gross Goodwill
Beginning balance	$ 959,712	$ 698,635
Additions from acquisitions		222,670
Measurement-period adjustments	3,998	38,407
Ending gross goodwill balance	963,710	959,712
Accumulated Goodwill Impairment
Impairment	62,000
Ending accumulated goodwill impairment	62,000
Goodwill	901,710	959,712
Capital Markets
Gross Goodwill
Beginning balance	520,191	297,416
Additions from acquisitions		222,670
Measurement-period adjustments	3,998	105
Ending gross goodwill balance	524,189	520,191
Accumulated Goodwill Impairment
Impairment	62,000
Ending accumulated goodwill impairment	62,000
Goodwill	462,189	520,191
Servicing and Asset Management
Gross Goodwill
Beginning balance	439,521	401,219
Additions from acquisitions	0
Measurement-period adjustments	0	38,302
Ending gross goodwill balance	439,521	439,521
Accumulated Goodwill Impairment
Impairment	0
Ending accumulated goodwill impairment	0
Goodwill	439,521	439,521
Corporate
Accumulated Goodwill Impairment
Goodwill	$ 0	$ 0

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill Narrative (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Acquisitions
Contingent consideration liabilities	$ 113,546	$ 200,346	$ 125,808
Gain on remeasurement of equity investment to fair value prior to acquisition of controlling interest		39,641
Goodwill recognized	901,710	$ 959,712
Goodwill impairment	$ 62,000
Number of acquisitions during the period | item		2
Number of reporting units which recognized goodwill impairment | item	2
Maximum
Acquisitions
Contingent consideration liability earnout period	5 years
Capital Markets
Acquisitions
Goodwill recognized	$ 462,189	$ 520,191
Goodwill impairment	62,000
Apprise
Acquisitions
Total ownership interest			50%
Apprise | Other Revenues
Acquisitions
Gain on remeasurement of equity investment to fair value prior to acquisition of controlling interest		$ 39,600
GeoPhy
Acquisitions
Ownership interest acquired		100%
Contingent consideration liabilities		$ 115,000
Contingent consideration liability earnout period		4 years
Maximum earnout of contingent consideration		$ 205,000
Goodwill recognized		$ 214,000
GeoPhy | Capital Markets
Acquisitions
Goodwill impairment	$ 62,000
Number of reporting units allocated goodwill | item		2
Number of reporting units which recognized goodwill impairment | item	2
Apprise
Acquisitions
Ownership interest acquired		50%

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Indefinite-lived intangible assets
Indefinite-lived intangible assets	$ 0	$ 0
Other intangible assets
Other intangible assets
Beginning Balance	198,643	183,904
Additions from acquisitions		31,000
Amortization	(16,668)	(16,261)
Ending balance	181,975	198,643
Components of other intangible assets
Gross value	220,682	220,682
Accumulated amortization	(38,707)	(22,039)
Net carrying value	$ 181,975	$ 198,643

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Expected Amortization of Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Future amortization
weighted average remaining life	11 years 7 months 6 days
Other intangible assets
Future amortization
2024	$ 16,274
2025	16,274
2026	16,274
2027	16,274
2028	16,274
Thereafter	100,605
Net carrying value	$ 181,975	$ 198,643	$ 183,904

GOODWILL AND OTHER INTANGIBLE_7

GOODWILL AND OTHER INTANGIBLE ASSETS - Contingent Consideration Liabilities (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Contingent consideration liabilities
Beginning balance	$ 200,346	$ 125,808
Additions		117,955	$ 93,304
Accretion	1,790	4,642
Fair value adjustments	(62,500)	(13,512)
Payments	(26,090)	(34,547)
Ending balance	$ 113,546	$ 200,346	$ 125,808
Number of contingent consideration liabilities with fair value adjustments made 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

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	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Loans held for sale	$ 594,998	$ 396,344
Pledged securities	184,081	157,282
Derivative assets	31,451	17,636
Liabilities
Derivative liabilities	28,247	2,076
Contingent consideration liabilities	113,546	200,346	$ 125,808
Recurring Basis
Assets
Loans held for sale	594,998	396,344
Pledged securities	184,081	157,282
Derivative assets	31,451	17,636
Total financial assets	810,530	571,262
Liabilities
Derivative liabilities	28,247	2,076
Contingent consideration liabilities	113,546	200,346
Total financial liabilities	141,793	202,422
Level 1 | Recurring Basis
Assets
Pledged securities	41,283	14,658
Total financial assets	41,283	14,658
Level 2 | Recurring Basis
Assets
Loans held for sale	594,998	396,344
Pledged securities	142,798	142,624
Total financial assets	737,796	538,968
Level 3 | Recurring Basis
Assets
Derivative assets	31,451	17,636
Total financial assets	31,451	17,636
Liabilities
Derivative liabilities	28,247	2,076
Contingent consideration liabilities	113,546	200,346
Total financial liabilities	$ 141,793	$ 202,422

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2023 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative assets and liabilities, net
Beginning balance	$ 15,560	$ 30,961
Settlements	(388,682)	(555,168)
Realized gains (losses) recorded in earnings	373,122	524,207
Unrealized gains (losses) recorded in earnings	3,204	15,560
Ending balance	$ 3,204	$ 15,560

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)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Measurements
Derivative assets	$ 31,451,000	$ 17,636,000
Derivative liabilities	28,247,000	2,076,000
Contingent consideration liabilities	113,546,000	200,346,000	$ 125,808,000
Recurring Basis
Fair Value Measurements
Derivative assets	31,451,000	17,636,000
Derivative liabilities	28,247,000	2,076,000
Contingent consideration liabilities	113,546,000	200,346,000
Recurring Basis | Level 3
Fair Value Measurements
Derivative assets	31,451,000	17,636,000
Derivative liabilities	28,247,000	2,076,000
Contingent consideration liabilities	113,546,000	$ 200,346,000
Recurring Basis | Level 3 | Discounted Cash Flow | Counterparty credit risk
Fair Value Measurements
Derivative assets	31,451,000
Derivative liabilities	28,247,000
Recurring Basis | Level 3 | Various
Fair Value Measurements
Contingent consideration liabilities	$ 113,546,000
Recurring Basis | Level 3 | Various | Probability of earnout achievement | Minimum
Fair Value Measurements
Contingent consideration liabilities, Measurement input	0.20
Recurring Basis | Level 3 | Various | Probability of earnout achievement | Maximum
Fair Value Measurements
Contingent consideration liabilities, Measurement input	1
Recurring Basis | Level 3 | Various | Probability of earnout achievement | Weighted Average
Fair Value Measurements
Contingent consideration liabilities, Measurement input	0.48

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	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial assets:
Cash and cash equivalents	$ 328,698	$ 225,949	$ 305,635	$ 321,097
Restricted cash	21,422	17,676	42,812	$ 19,432
Pledged securities	184,081	157,282
Loans held for sale	594,998	396,344
Loans held for investment, net	40,056	200,247
Derivative assets	31,451	17,636
Financial liabilities:
Derivative liabilities	28,247	2,076
Contingent consideration liabilities	113,546	200,346	$ 125,808
Warehouse notes payable	596,178	537,531
Notes payable	773,358	704,103
Carrying Amount
Financial assets:
Cash and cash equivalents	328,698	225,949
Restricted cash	21,422	17,676
Pledged securities	184,081	157,282
Loans held for sale	594,998	396,344
Loans held for investment, net	40,056	200,247
Derivative assets	31,451	17,636
Total financial assets	1,200,706	1,015,134
Financial liabilities:
Derivative liabilities	28,247	2,076
Contingent consideration liabilities	113,546	200,346
Warehouse notes payable	596,178	543,447
Notes payable	773,358	704,103
Total financial liabilities	1,511,329	1,449,972
Fair Value
Financial assets:
Cash and cash equivalents	328,698	225,949
Restricted cash	21,422	17,676
Pledged securities	184,081	157,282
Loans held for sale	594,998	396,344
Loans held for investment, net	40,139	200,900
Derivative assets	31,451	17,636
Total financial assets	1,200,789	1,015,787
Financial liabilities:
Derivative liabilities	28,247	2,076
Contingent consideration liabilities	113,546	200,346
Warehouse notes payable	596,428	544,050
Notes payable	786,500	708,546
Total financial liabilities	$ 1,524,721	$ 1,455,018

FAIR VALUE MEASUREMENTS - Gener

FAIR VALUE MEASUREMENTS - General information (Detail)	12 Months Ended
	Dec. 31, 2023
FAIR VALUE MEASUREMENTS
Period of originated loans within which they are transferred or sold	60 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative notional amount and balance sheet location
Estimated Gain on Sale	$ 25,864	$ 19,189
Total Fair Value Adjustment	25,864	19,189
Derivative assets	31,451	17,636
Derivative Liabilities	(28,247)	(2,076)
Fair Value Adjustment to Loans Held for Sale	22,660	3,629
Forward Sale Contracts
Derivative notional amount and balance sheet location
Notional Amount	1,035,964	769,585
Interest Rate Movement	(24,196)	7,706
Total Fair Value Adjustment	(24,196)	7,706
Derivative assets	4,051	9,782
Derivative Liabilities	(28,247)	(2,076)
Rate Lock Commitments
Derivative notional amount and balance sheet location
Notional Amount	463,626	376,870
Estimated Gain on Sale	15,908	12,349
Interest Rate Movement	11,492	(4,495)
Total Fair Value Adjustment	27,400	7,854
Derivative assets	27,400	7,854
Loans Held for Sale
Derivative notional amount and balance sheet location
Notional Amount	572,338	392,715
Estimated Gain on Sale	9,956	6,840
Interest Rate Movement	12,704	(3,211)
Total Fair Value Adjustment	22,660	3,629
Fair Value Adjustment to Loans Held for Sale	$ 22,660	$ 3,629

FANNIE MAE COMMITMENTS AND PL_3

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES - Commitments (Detail) - Fannie Mae $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Period of funding for collateral requirement	48 months
DUS Risk-Sharing Obligations
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Amount of additional capital required to be funded over the next 48 months	$ 77.1
Net worth requirement	304.8
Net worth	1,000
Minimum liquid assets to be maintained to meet operational liquidity requirements	60.7
Operational liquidity	$ 225
DUS Risk-Sharing Obligations | Money Market Funds
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Restricted liquidity collateral reduction percentage	5%
DUS Risk-Sharing Obligations | New Tier 2 loans
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Collateral requirements percentage	0.75%
Period of funding for collateral requirement	48 months
DUS Risk-Sharing Obligations | 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	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pledged securities
Pledged securities	$ 184,081	$ 157,282
Pledged Securities - Fannie Mae DUS Program
Pledged securities
Fair value of pledged securities in a continuous unrealized loss position for more than 12 months	93,200
Amortized cost of pledged securities in a continuous unrealized loss position for more than 12 months	95,300
Net unrealized loss of pledged securities in a continuous unrealized loss position for more than 12 months	2,100
Total pledged cash and cash equivalents
Pledged securities
Pledged securities	41,283	14,658	$ 44,733	$ 17,473
Restricted Cash - Pledged
Pledged securities
Pledged securities	2,727	5,788	3,779	4,954
Money Market Funds
Pledged securities
Pledged securities	38,556	8,870	40,954	12,519
Agency MBS
Pledged securities
Pledged securities	142,798	142,624	104,263	119,763
Asset Pledged as Collateral with Right | Pledged Securities - Fannie Mae DUS Program
Pledged securities
Pledged securities	$ 184,081	$ 157,282	$ 148,996	$ 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	Dec. 31, 2023	Dec. 31, 2022
Investments in Agency debt securities
Fair Value	$ 142,798	$ 142,624
Amortized Cost	143,862	144,801
Total gains for securities with net gains in AOCI	1,036	797
Total losses for securities with net losses in AOCI	(2,100)	(2,974)
Fair value of securities with unrealized losses	103,003	118,565
Maturities - Fair Value
After one year through five years	36,410
After five years through ten years	85,553
After ten years	20,835
Total	142,798	142,624
Maturities - Amortized Cost
After one year through five years	36,450
After five years through ten years	86,051
After ten years	21,361
Total	$ 143,862	$ 144,801

SHARE-BASED PAYMENT - Plan Info

SHARE-BASED PAYMENT - Plan Information (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023 shares	Dec. 31, 2023 item shares	Dec. 31, 2022 item shares	Dec. 31, 2021 shares
Restricted Stock Units (RSUs)
Share-Based Payment
Granted (in shares)		237,820
Performance shares vested		212,065
2020 Equity Incentive Plan
Share-Based Payment
Stock authorized for issuance		10,500,000
Number of shares remaining available for grant		900,000
PSP | Restricted Stock Units (RSUs) | Officers And Employees
Share-Based Payment
Granted (in shares)		200,000	200,000	300,000
2020 PSP
Share-Based Payment
Number of performance targets achieved at some level | item			3
2020 PSP | Restricted Stock Units (RSUs)
Share-Based Payment
Performance shares vested	200,000
2021 PSP
Share-Based Payment
Number of performance targets deemed probable of achievement at some level | item		3
2022 PSP
Share-Based Payment
Number of performance targets deemed probable of achievement at some level | item		3
2023 PSP
Share-Based Payment
Number of performance targets deemed probable of achievement at some level | item		3

SHARE-BASED PAYMENT - Compensat

SHARE-BASED PAYMENT - Compensation Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Compensation costs
Share-based compensation	$ 27,842	$ 33,987	$ 36,582
Excess tax benefit recognized	2,972	6,106	8,620
Restricted Shares
Compensation costs
Share-based compensation	29,452	29,650	25,520
PSP | Restricted Stock Units (RSUs)
Compensation costs
Share-based compensation	$ (1,610)	$ 4,337	$ 11,062

SHARE-BASED PAYMENT - Plan Acti

SHARE-BASED PAYMENT - Plan Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Shares
Restricted Shares - Shares
Nonvested at beginning of period (in shares)	957,168
Granted (in shares)	339,167
Vested (in shares)	(350,858)
Forfeited (in shares)	(32,739)
Nonvested at end of period (in shares)	912,738	957,168
Restricted Shares - Weighted Average Grant-date Fair Value
Nonvested at beginning of period (in dollars per share)	$ 89.69
Granted (in dollars per share)	84.78	$ 110.98	$ 101.48
Vested (in dollars per share)	87.75
Forfeited (in dollars per share)	98.90
Nonvested at end of period (in dollars per share)	$ 88.33	$ 89.69
Additional disclosures
Fair value, vested shares (in dollars)	$ 31,500	$ 49,800	$ 44,600
Unrecognized compensation
Unrecognized compensation for outstanding restricted shares/units	$ 42,900
Unrecognized compensation cost, period for recognition	3 years 6 months
Employee Stock Option
Options
Outstanding at beginning of period (in shares)	217,825
Exercised (in shares)	(135,445)
Outstanding at end of period (in shares)	82,380	217,825
Exercisable at end of period (in shares)	82,380
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 22.35
Exercised (in dollars per share)	23.97
Outstanding at end of period (in dollars per share)	19.68	$ 22.35
Exercisable at end of period (in dollars per share)	$ 19.68
Weighted-Average Remaining Contract Life (Years)
Exercisable at end of period (in years)	1 year 6 months
Aggregate Intrinsic Value
Exercisable at end of period (in dollars)	$ 7,524
Intrinsic value of options exercised, (in dollars)	8,000	$ 1,100	17,500
Cash received from the exercise of options	$ 0	$ 0	$ 0
Restricted Stock Units (RSUs)
Restricted Shares - Shares
Nonvested at beginning of period (in shares)	692,781
Granted (in shares)	237,820
Vested (in shares)	(212,065)
Forfeited (in shares)	(76,748)
Nonvested at end of period (in shares)	641,788	692,781
Restricted Shares - Weighted Average Grant-date Fair Value
Nonvested at beginning of period (in dollars per share)	$ 89.67
Granted (in dollars per share)	76.17	$ 130.26	$ 101.04
Vested (in dollars per share)	96.89
Forfeited (in dollars per share)	69.77
Nonvested at end of period (in dollars per share)	$ 100.07	$ 89.67
Additional disclosures
Fair value, vested shares (in dollars)	$ 20,500	$ 29,400	$ 5,600
Unrecognized compensation
Unrecognized compensation cost, period for recognition	1 year 6 months

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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Calculation of basic EPS
Net Income (Loss)	$ 107,357	$ 213,820	$ 265,762
Less: dividends and undistributed earnings allocated to participating securities	2,752	6,100	8,837
Net income applicable to common stockholders	$ 104,605	$ 207,720	$ 256,925
Basic weighted-average shares outstanding	32,697	32,326	31,081
Basic EPS	$ 3.20	$ 6.43	$ 8.27
Calculation of diluted EPS
Add: reallocation of dividends and undistributed earnings based on assumed conversion	$ 3	$ 41	$ 93
Net income allocated to common stockholders	$ 104,608	$ 207,761	$ 257,018
Add: weighted-average diluted non-participating securities	178	361	452
Weighted average diluted shares outstanding	32,875	32,687	31,533
Diluted EPS	$ 3.18	$ 6.36	$ 8.15
Shares outstanding excluded from computation of earnings per share	312	201

EARNINGS PER SHARE AND STOCKH_4

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY - Restricted Stock Awards and Share Repurchases (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Repurchases of common stock
Reduction of equity for retirement of repurchased shares			$ 20,511	$ 42,369	$ 18,872
Dividends
Dividend declared per share	$ 0.65
Dividend payment date	Mar. 15, 2024
Restricted Shares
Repurchases of common stock
Shares repurchased and retired during the period			130,000	149,000	150,000
Weighted average market price of shares repurchased and retired (in dollars per share)			$ 90.19	$ 125.28	$ 109.57
Restricted Stock Units (RSUs)
Repurchases of common stock
Shares repurchased and retired during the period			91,000	90,000
Weighted average market price of shares repurchased and retired (in dollars per share)			$ 96.89	$ 139.75
Share Repurchase Program 2024 | Common shares
Repurchases of common stock
Share repurchase program, period for repurchases	12 months
Share Repurchase Program 2024 | Common shares | Maximum
Repurchases of common stock
Repurchase authorization	$ 75,000
Share Repurchase Program 2023
Repurchases of common stock
Shares repurchased during the period			0
Authorized share repurchase capacity remaining			$ 75,000
Share Repurchase Program 2023 | Common shares
Repurchases of common stock
Share repurchase program, period for repurchases		12 months
Share Repurchase Program 2023 | Common shares | Maximum
Repurchases of common stock
Repurchase authorization		$ 75,000
Share Repurchase Program 2022
Repurchases of common stock
Shares repurchased and retired during the period				109,000
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

EARNINGS PER SHARE AND STOCKH_5

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY - Other Equity Related Transactions (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Acquisitions
Stock issued for settlement of contingent liabilities		$ 8,750
Employees
Acquisitions
Stock issued for settlement of contingent liabilities	$ 3,000	$ 6,600	$ 9,600
2021 Acquisitions
Acquisitions
Stock consideration			$ 120,600

INCOME TAXES - Provision (Detai

INCOME TAXES - Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
Federal	$ 25,712	$ 23,014	$ 40,025
State	8,401	11,065	12,181
International	(285)	3,516
Total current expense	33,828	37,595	52,206
Deferred
Federal	1,250	19,114	26,630
State	(434)	3,775	7,592
International	382	(4,450)
Total deferred expense	1,198	18,439	34,222
Income tax expense	$ 35,026	$ 56,034	$ 86,428

INCOME TAXES - Statutory Reconc

INCOME TAXES - Statutory Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation
Statutory federal expense (35%)	$ 29,021	$ 56,350	$ 73,932
Statutory state income tax expense, net of federal tax benefit	7,097	13,567	16,409
Excess tax benefits, net of federal tax impact	(2,972)	(6,106)	(8,620)
Tax benefit of Apprise revaluation gain		(10,329)
Other	1,880	2,552	4,707
Income tax expense	$ 35,026	$ 56,034	$ 86,428

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets:
Compensation related	$ 433	$ (333)
Credit losses	7,604	12,425
Total deferred tax assets	8,037	12,092
Deferred Tax Liabilities:
Mark-to-market of derivatives and loans held for sale	(5,254)	(3,583)
Mortgage servicing rights related	(205,978)	(218,767)
Acquisition related	(37,056)	(24,673)
Depreciation	(7,091)	(6,261)
Other	1,970	(2,293)
Total deferred tax liabilities	(253,409)	(255,577)
Deferred tax liabilities, net	$ (245,372)	$ (243,485)

SEGMENTS (Details)

SEGMENTS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($) segment
Segments
Number of reportable segments | segment	3	3	3
Revenues
Total revenues	$ 1,054,440	$ 1,258,753	$ 1,259,178
Expenses
Personnel	514,290	607,366	603,487
Amortization and depreciation	226,752	235,031	210,284
Provision (benefit) for credit losses	(10,452)	(11,978)	(13,287)
Interest expense on corporate debt	68,476	34,233	7,981
Goodwill impairment	62,000
Fair value adjustments to contingent consideration liabilities	(62,500)	(13,512)	6,889
Other operating expenses	117,677	142,648	91,766
Total expenses	916,243	993,788	907,120
Income from operations	138,197	264,965	352,058
income tax expense (benefit)	35,026	56,034	86,428
Net income before noncontrolling interests	103,171	208,931	265,630
Net income (loss) from noncontrolling interests	(4,186)	(4,889)	(132)
Walker & Dunlop net income	107,357	213,820	265,762
Total assets	4,052,347	4,045,359	5,205,989
Loan origination and debt brokerage fees, net
Revenues
Total revenues	234,409	348,007	446,014
Fair value of expected net cash flows from servicing, net
Revenues
Total revenues	141,917	191,760	287,145
Servicing fees
Revenues
Total revenues	311,914	300,191	278,466
Property sales broker fees
Revenues
Total revenues	53,966	120,582	119,981
Investment management fees
Revenues
Total revenues	45,381	71,931	25,637
Net warehouse interest income (expense)
Revenues
Total revenues	(5,633)	15,777	22,108
Placement fees and other interest income
Revenues
Total revenues	154,520	52,830	8,150
Other revenue
Revenues
Total revenues	117,966	157,675	71,677
Capital Markets
Expenses
Goodwill impairment	62,000
Servicing and Asset Management
Expenses
Goodwill impairment	0
Operating Segments | Capital Markets
Revenues
Total revenues	476,766	708,834	882,024
Expenses
Personnel	375,450	485,958	500,052
Amortization and depreciation	4,550	3,084	2,877
Interest expense on corporate debt	18,779	8,647	5,078
Goodwill impairment	62,000
Fair value adjustments to contingent consideration liabilities	(62,500)	(18,000)	6,889
Other operating expenses	19,994	29,817	19,531
Total expenses	418,273	509,506	534,427
Income from operations	58,493	199,328	347,597
income tax expense (benefit)	14,824	42,153	85,333
Net income before noncontrolling interests	43,669	157,175	262,264
Net income (loss) from noncontrolling interests	2,489	1,097	70
Walker & Dunlop net income	41,180	156,078	262,194
Total assets	1,193,137	1,051,437	2,263,907
Operating Segments | Capital Markets | Loan origination and debt brokerage fees, net
Revenues
Total revenues	232,625	345,779	440,044
Operating Segments | Capital Markets | Fair value of expected net cash flows from servicing, net
Revenues
Total revenues	141,917	191,760	287,145
Operating Segments | Capital Markets | Property sales broker fees
Revenues
Total revenues	53,966	120,582	119,981
Operating Segments | Capital Markets | Net warehouse interest income (expense)
Revenues
Total revenues	(9,497)	9,667	14,396
Operating Segments | Capital Markets | Other revenue
Revenues
Total revenues	57,755	41,046	20,458
Operating Segments | Servicing and Asset Management
Revenues
Total revenues	563,843	507,430	378,477
Expenses
Personnel	74,407	69,970	36,412
Amortization and depreciation	214,978	225,515	203,118
Provision (benefit) for credit losses	(10,452)	(11,978)	(13,287)
Interest expense on corporate debt	42,489	23,621	1,749
Fair value adjustments to contingent consideration liabilities		4,488
Other operating expenses	28,582	26,250	11,401
Total expenses	350,004	337,866	239,393
Income from operations	213,839	169,564	139,084
income tax expense (benefit)	54,198	35,859	34,144
Net income before noncontrolling interests	159,641	133,705	104,940
Net income (loss) from noncontrolling interests	(6,675)	(5,986)	(202)
Walker & Dunlop net income	166,316	139,691	105,142
Total assets	2,273,033	2,539,013	2,430,137
Operating Segments | Servicing and Asset Management | Loan origination and debt brokerage fees, net
Revenues
Total revenues	1,784	2,228	5,970
Operating Segments | Servicing and Asset Management | Servicing fees
Revenues
Total revenues	311,914	300,191	278,466
Operating Segments | Servicing and Asset Management | Investment management fees
Revenues
Total revenues	45,381	71,931	25,637
Operating Segments | Servicing and Asset Management | Net warehouse interest income (expense)
Revenues
Total revenues	3,864	6,110	7,712
Operating Segments | Servicing and Asset Management | Placement fees and other interest income
Revenues
Total revenues	141,374	51,010	7,776
Operating Segments | Servicing and Asset Management | Other revenue
Revenues
Total revenues	59,526	75,960	52,916
Operating Segments | Corporate
Revenues
Total revenues	13,831	42,489	(1,323)
Expenses
Personnel	64,433	51,438	67,023
Amortization and depreciation	7,224	6,432	4,289
Interest expense on corporate debt	7,208	1,965	1,154
Other operating expenses	69,101	86,581	60,834
Total expenses	147,966	146,416	133,300
Income from operations	(134,135)	(103,927)	(134,623)
income tax expense (benefit)	(33,996)	(21,978)	(33,049)
Net income before noncontrolling interests	(100,139)	(81,949)	(101,574)
Walker & Dunlop net income	(100,139)	(81,949)	(101,574)
Total assets	586,177	454,909	511,945
Operating Segments | Corporate | Placement fees and other interest income
Revenues
Total revenues	13,146	1,820	374
Operating Segments | Corporate | Other revenue
Revenues
Total revenues	$ 685	$ 40,669	$ (1,697)

SEGMENTS - Concentrations (Deta

SEGMENTS - Concentrations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) borrower	Dec. 31, 2022 USD ($) borrower	Dec. 31, 2021 USD ($)
Product concentration
Maximum borrower/key principal exposure benchmark (as a percent)	3%	3%
Servicing portfolio loans unpaid principal balance	$ 130,471,524	$ 123,133,855	$ 115,700,564
Debt financing volume	24,202,859	43,605,984	48,911,120
Fannie Mae DUS Program
Product concentration
Servicing portfolio loans unpaid principal balance	63,699,106	59,226,168	53,401,457
Debt financing volume	7,021,397	9,950,152	9,301,865
Freddie Mac
Product concentration
Servicing portfolio loans unpaid principal balance	39,330,545	37,819,256	37,138,836
Debt financing volume	4,568,935	6,320,201	6,154,828
Ginnie Mae-HUD
Product concentration
Servicing portfolio loans unpaid principal balance	10,460,884	9,868,453	9,889,289
Debt financing volume	678,889	1,118,014	2,340,699
Brokered
Product concentration
Debt financing volume	11,714,888	25,878,519	29,670,226
Principal Lending and Investing
Product concentration
Debt financing volume	218,750	339,098	1,443,502
Other
Product concentration
Servicing portfolio loans unpaid principal balance	$ 16,980,989	$ 16,219,978	$ 15,270,982
Revenue | Customer Concentration | Customer 1
Product concentration
Percent of revenue	34.80%	32.90%	40.10%
Revenue | Risk-sharing Concentration
Product concentration
Number of borrower/key principals exceeding the risk-sharing benchmark | borrower	0	0

LEASES - Operating Leases (Deta

LEASES - Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Leases
Operating lease right-of-use assets	$ 76,463	$ 60,830	$ 24,825
Operating lease, right-of-use asset, Statement of Financial Position	Other assets	Other assets	Other assets
Operating lease liabilities	$ 101,358	$ 79,623	$ 29,523
Operating lease liability, Statement of Financial Position	Other liabilities	Other liabilities	Other liabilities
Operating leases, weighted average remaining lease term	9 years 9 months 18 days	10 years 2 months 12 days	4 years
Operating lease, weighted average discount rate (as a percent)	4%	2.90%	3.30%
Operating Lease Expense
Single lease cost	$ 14,150	$ 16,371	$ 9,435
Cash paid for amounts included in the measurement of lease liabilities	12,406	10,093	9,617
ROU assets obtained in exchange for new lease obligations	$ 16,798	$ 54,557	$ 13,215

LEASES - Future Operating Lease

LEASES - Future Operating Lease Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Maturities of lease liabilities
2024	$ 14,552
2025	13,295
2026	13,188
2027	13,243
2028	12,130
Thereafter	56,820
Total lease payments	123,228
Less imputed interest	(21,870)
Total	$ 101,358	$ 79,623	$ 29,523

OTHER ASSETS AND LIABILITIES -

OTHER ASSETS AND LIABILITIES - Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other assets
Equity method investments	$ 215,375	$ 198,848
Prepaid expenses	89,795	98,587
Right of use asset	76,463	60,830	$ 24,825
Property and equipment, net	42,725	33,928
Loans held for investment, net	40,056	200,247
Derivative assets	31,451	17,636
All other	48,592	48,046
Total	$ 544,457	$ 658,122

OTHER ASSETS AND LIABILITIES _2

OTHER ASSETS AND LIABILITIES - Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other liabilities
Accrued expenses	$ 123,352	$ 115,878
Contingent consideration liabilities	113,546	200,346	$ 125,808
Operating lease liabilities	101,358	79,623	29,523
Guaranty obligation, net	39,868	43,950	$ 47,378
Derivative liabilities	28,247	2,076
All other	113,079	118,200
Other Liabilities, Total	$ 519,450	$ 560,073

OTHER REVENUES AND OTHER OPER_3

OTHER REVENUES AND OTHER OPERATING EXPENSES - Other Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Apprise revaluation gain		$ 39,641
Total revenues	$ 1,054,440	1,258,753	$ 1,259,178
Other revenue
Housing market research subscription revenue	35,794	21,852	8,744
Syndication and other LIHTC revenue	26,006	36,757	6,706
Assumption and application fees	9,629	9,073	10,811
Prepayment fees	3,547	26,451	40,138
All other	42,990	23,901	5,278
Total revenues	$ 117,966	157,675	$ 71,677
Other revenue | Apprise
Apprise revaluation gain		$ 39,641

OTHER REVENUES AND OTHER OPER_4

OTHER REVENUES AND OTHER OPERATING EXPENSES - Other Operating Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OTHER REVENUES AND OTHER OPERATING EXPENSES
Professional fees	$ 27,213	$ 35,428	$ 26,920
Office and software expenses	26,343	24,145	15,056
Rent	18,174	18,832	11,262
Travel and entertainment	12,225	15,742	7,203
Marketing and preferred broker	12,142	14,840	12,526
All other	21,580	33,661	18,799
Total	$ 117,677	$ 142,648	$ 91,766

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 328,698	$ 225,949	$ 305,635	$ 321,097
Restricted cash	21,422	17,676	42,812	$ 19,432
Receivables, net	233,563	202,251
Committed investments in tax credit equity	154,028	254,154
Other assets	544,457	658,122
Total assets	4,052,347	4,045,359	$ 5,205,989
Liabilities
Commitments to fund investments in tax credit equity	140,259	239,281
Other Liabilities	519,450	560,073
Total liabilities	2,306,218	2,328,530
APIC
Adjustments related to the reassessment of variable interest entities for consolidation		3,700
Noncontrolling Interests
Adjustments related to the reassessment of variable interest entities for consolidation		6,800
Receivables, net
Adjustments to assets relating to the reassessment of variable interest entities for consolidation		35,000
Other Assets
Adjustments to assets relating to the reassessment of variable interest entities for consolidation		(21,300)
Other Liabilities
Adjustments related to the reassessment of variable interest entities for consolidation		3,600
Consolidated VIEs
Assets
Cash and cash equivalents	2,841	201
Restricted cash	2,811	1,532
Receivables, net	28,256	33,593
Other assets	47,249	49,768
Total assets	81,157	85,094
Liabilities
Other Liabilities	53,526	39,148
Total liabilities	53,526	39,148
Nonconsolidated VIEs
Assets
Committed investments in tax credit equity	154,028	254,154
Other assets	60,195	57,981
Total assets	214,223	312,135
Liabilities
Commitments to fund investments in tax credit equity	140,259	239,281
Total liabilities	140,259	239,281
Maximum exposure	$ 214,223	$ 312,135

RELATED PARTY TRANSACTION (Deta

RELATED PARTY TRANSACTION (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
RELATED PARTY TRANSACTION
Related party loans outstanding	$ 73.1	$ 69.8
Accounts Receivable, after Allowance for Credit Loss, Related Party, Type	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Accounts Receivable, after Allowance for Credit Loss, Related Party, Name	wd:AffordableHousingProjectPartnersMember	wd:AffordableHousingProjectPartnersMember

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 107,357	$ 213,820	$ 265,762

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false