Walker & Dunlop (WD) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 29, 2024
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Securities Act File Number	001-35000
Entity Registrant Name	Walker & Dunlop, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	80-0629925
Entity Address, Address Line One	7272 Wisconsin Avenue, Suite 1300
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	301
Local Phone Number	215-5500
Title of 12(b) Security	Common Stock, $0.01 Par Value Per Share
Trading Symbol	WD
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,748,696
Entity Central Index Key	0001497770
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 208,095	$ 328,698
Restricted cash	35,460	21,422
Pledged securities, at fair value	197,936	184,081
Loans held for sale, at fair value	814,883	594,998
Mortgage servicing rights	850,831	907,415
Goodwill	901,710	901,710
Other intangible assets	174,467	181,975
Receivables, net	272,827	233,563
Committed investments in tax credit equity	151,674	154,028
Other assets	567,515	544,457
Total assets	4,175,398	4,052,347
Liabilities
Warehouse notes payable	810,114	596,178
Notes payable	770,707	773,358
Allowance for risk-sharing obligations	30,477	31,601
Commitments to fund investments in tax credit equity	134,493	140,259
Other liabilities	695,813	764,822
Total liabilities	2,441,604	2,306,218
Equity
Preferred stock (authorized 50,000 shares; none issued)
Common stock ($0.01 par value; authorized 200,000 shares; issued and outstanding 33,137 shares as of June 30, 2024 and 32,874 shares as of December 31, 2023)	331	329
Additional paid-in capital ("APIC")	407,426	425,488
Accumulated other comprehensive income (loss) ("AOCI")	415	(479)
Retained earnings	1,288,728	1,298,412
Total stockholders' equity	1,696,900	1,723,750
Noncontrolling interests	36,894	22,379
Total equity	1,733,794	1,746,129
Commitments and contingencies (NOTES 2 and 9)
Total liabilities and equity	$ 4,175,398	$ 4,052,347

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2024	Dec. 31, 2023
Condensed 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	33,137	32,874
Common stock, outstanding	33,137	32,874

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Total revenues	$ 270,676	$ 272,615	$ 498,735	$ 511,361
Expenses
Personnel	133,067	133,305	244,530	251,918
Amortization and depreciation	56,043	56,292	111,934	113,258
Provision (benefit) for credit losses	2,936	(734)	3,460	(11,509)
Interest expense on corporate debt	17,874	17,010	35,533	32,284
Other operating expenses	32,559	30,730	61,402	54,793
Total expenses	242,479	236,603	456,859	440,744
Income from operations	28,197	36,012	41,876	70,617
Income tax expense	7,902	10,491	10,766	17,626
Net income before noncontrolling interests	20,295	25,521	31,110	52,991
Net income (loss) from noncontrolling interests	(2,368)	(2,114)	(3,419)	(1,309)
Walker & Dunlop net income	22,663	27,635	34,529	54,300
Net change in unrealized gains (losses) on pledged available-for-sale securities, net of taxes	907	156	894	103
Walker & Dunlop comprehensive income	$ 23,570	$ 27,791	$ 35,423	$ 54,403
Basic earnings per share (NOTE 10)	$ 0.67	$ 0.82	$ 1.02	$ 1.62
Diluted earnings per share (NOTE 10)	$ 0.67	$ 0.82	$ 1.02	$ 1.61
Basic weighted-average shares outstanding	33,121	32,695	33,050	32,612
Diluted weighted-average shares outstanding	33,154	32,851	33,101	32,834
Loan origination and debt brokerage fees, net
Revenues
Total revenues	$ 65,334	$ 64,968	$ 109,074	$ 112,052
Fair value of expected net cash flows from servicing, net
Revenues
Total revenues	33,349	42,058	54,247	72,071
Servicing fees
Revenues
Total revenues	80,418	77,061	160,461	152,827
Property sales broker fees
Revenues
Total revenues	11,265	10,345	20,086	21,969
Investment management fees
Revenues
Total revenues	14,822	16,309	28,342	31,482
Net warehouse interest income (expense)
Revenues
Total revenues	(1,584)	(1,526)	(2,700)	(1,525)
Placement fees and other interest income
Revenues
Total revenues	41,040	35,386	80,442	66,310
Other revenue
Revenues
Total revenues	$ 26,032	$ 28,014	$ 48,783	$ 56,175

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, 2022	$ 323	$ 412,636	$ (1,568)	$ 1,278,035	$ 27,403	$ 1,716,829
Balance at the beginning of the period (in shares) at Dec. 31, 2022	32,396
Change in Stockholders' Equity
Net Income (Loss)				26,665		26,665
Net income (loss) from noncontrolling interests					805	805
Other comprehensive income (loss), net of tax			(53)			(53)
Stock-based compensation - equity classified		6,664				6,664
Issuance of common stock in connection with equity compensation plans	$ 5	3,397				3,402
Issuance of common stock in connection with equity compensation plans (in shares)	468
Repurchase and retirement of common stock	$ (1)	(17,394)				(17,395)
Repurchase and retirement of common stock (in shares)	(185)
Distributions to noncontrolling interest holders					(600)	(600)
Cash dividends paid				(21,221)		(21,221)
Other activity				(2,360)	2,360
Balances at the end of the period at Mar. 31, 2023	$ 327	405,303	(1,621)	1,281,119	29,968	1,715,096
Balance at the end of the period (in shares) at Mar. 31, 2023	32,679
Balances at the beginning of the period at Dec. 31, 2022	$ 323	412,636	(1,568)	1,278,035	27,403	1,716,829
Balance at the beginning of the period (in shares) at Dec. 31, 2022	32,396
Change in Stockholders' Equity
Net Income (Loss)						54,300
Net income (loss) from noncontrolling interests						(1,309)
Balances at the end of the period at Jun. 30, 2023	$ 327	412,182	(1,465)	1,287,334	26,119	1,724,497
Balance at the end of the period (in shares) at Jun. 30, 2023	32,703
Balances at the beginning of the period at Mar. 31, 2023	$ 327	405,303	(1,621)	1,281,119	29,968	1,715,096
Balance at the beginning of the period (in shares) at Mar. 31, 2023	32,679
Change in Stockholders' Equity
Net Income (Loss)				27,635		27,635
Net income (loss) from noncontrolling interests					(2,114)	(2,114)
Other comprehensive income (loss), net of tax			156			156
Stock-based compensation - equity classified		7,541				7,541
Issuance of common stock in connection with equity compensation plans (in shares)	33
Repurchase and retirement of common stock		(662)				(662)
Repurchase and retirement of common stock (in shares)	(9)
Distributions to noncontrolling interest holders					(1,735)	(1,735)
Cash dividends paid				(21,180)		(21,180)
Other activity				(240)		(240)
Balances at the end of the period at Jun. 30, 2023	$ 327	412,182	(1,465)	1,287,334	26,119	1,724,497
Balance at the end of the period (in shares) at Jun. 30, 2023	32,703
Balances at the beginning of the period at Dec. 31, 2023	$ 329	425,488	(479)	1,298,412	22,379	$ 1,746,129
Balance at the beginning of the period (in shares) at Dec. 31, 2023	32,874					32,874
Change in Stockholders' Equity
Net Income (Loss)				11,866		$ 11,866
Net income (loss) from noncontrolling interests					(1,051)	(1,051)
Other comprehensive income (loss), net of tax			(13)			(13)
Stock-based compensation - equity classified		5,842				5,842
Issuance of common stock in connection with equity compensation plans	$ 3	5,642				5,645
Issuance of common stock in connection with equity compensation plans (in shares)	322
Repurchase and retirement of common stock	$ (1)	(9,788)				(9,789)
Repurchase and retirement of common stock (in shares)	(101)
Distributions to noncontrolling interest holders					(500)	(500)
Cash dividends paid				(21,965)		(21,965)
Other activity					(256)	(256)
Balances at the end of the period at Mar. 31, 2024	$ 331	427,184	(492)	1,288,313	20,572	1,735,908
Balance at the end of the period (in shares) at Mar. 31, 2024	33,095
Balances at the beginning of the period at Dec. 31, 2023	$ 329	425,488	(479)	1,298,412	22,379	$ 1,746,129
Balance at the beginning of the period (in shares) at Dec. 31, 2023	32,874					32,874
Change in Stockholders' Equity
Net Income (Loss)						$ 34,529
Net income (loss) from noncontrolling interests						(3,419)
Balances at the end of the period at Jun. 30, 2024	$ 331	407,426	415	1,288,728	36,894	$ 1,733,794
Balance at the end of the period (in shares) at Jun. 30, 2024	33,137					33,137
Balances at the beginning of the period at Mar. 31, 2024	$ 331	427,184	(492)	1,288,313	20,572	$ 1,735,908
Balance at the beginning of the period (in shares) at Mar. 31, 2024	33,095
Change in Stockholders' Equity
Net Income (Loss)				22,663		22,663
Net income (loss) from noncontrolling interests					(2,368)	(2,368)
Purchase of noncontrolling interests		(25,726)			18,726	(7,000)
Other comprehensive income (loss), net of tax			907			907
Stock-based compensation - equity classified		6,608				6,608
Issuance of common stock in connection with equity compensation plans		169				169
Issuance of common stock in connection with equity compensation plans (in shares)	50
Repurchase and retirement of common stock		(809)				(809)
Repurchase and retirement of common stock (in shares)	(8)
Distributions to noncontrolling interest holders					(36)	(36)
Cash dividends paid				(22,248)		(22,248)
Balances at the end of the period at Jun. 30, 2024	$ 331	$ 407,426	$ 415	$ 1,288,728	$ 36,894	$ 1,733,794
Balance at the end of the period (in shares) at Jun. 30, 2024	33,137					33,137

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
TOTAL EQUITY.
Cash dividends paid. amount per common share	$ 0.65	$ 0.65	$ 0.63	$ 0.63

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income before noncontrolling interests	$ 31,110	$ 52,991
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	(54,247)	(72,071)
Change in the fair value of premiums and origination fees	2,947	1,812
Amortization and depreciation	111,934	113,258
Provision (benefit) for credit losses	3,460	(11,509)
Originations of loans held for sale	(3,192,112)	(5,406,027)
Proceeds from transfers of loans held for sale	2,959,268	4,504,278
Other operating activities, net	(61,809)	(63,763)
Net cash provided by (used in) operating activities	(199,449)	(881,031)
Cash flows from investing activities
Capital expenditures	(7,056)	(9,501)
Purchases of equity-method investments	(11,537)	(15,231)
Purchases of pledged available-for-sale ("AFS") securities	(20,900)
Proceeds from prepayment and sale of pledged AFS securities	3,577	4,807
Repurchase of Agency loans	(13,469)
Principal collected on loans held for investment	16,580	129,260
Other investing activities, net	3,194	1,281
Net cash provided by (used in) investing activities	(29,611)	110,616
Cash flows from financing activities
Borrowings (repayments) of warehouse notes payable, net	222,197	902,144
Repayments of interim warehouse notes payable	(13,884)	(91,586)
Repayments of notes payable	(4,006)	(118,046)
Borrowings of notes payable		196,000
Repurchase of common stock	(10,598)	(18,057)
Purchase of noncontrolling interests	(4,000)
Cash dividends paid	(44,213)	(42,401)
Payment of contingent consideration	(25,873)	(25,690)
Other financing activities, net	(476)	(6,340)
Net cash provided by (used in) financing activities	119,147	796,024
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents (NOTE 2)	(109,913)	25,609
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period	391,403	258,283
Total of cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	281,490	283,892
Supplemental Disclosure of Cash Flow Information:
Cash paid to third parties for interest	43,668	52,147
Cash paid for income taxes	$ 17,105	$ 20,807

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2024
ORGANIZATION AND BASIS OF PRESENTATION
Organization and Basis of Presentation	NOTE 1—ORGANIZATION AND BASIS OF PRESENTATION These financial statements represent the condensed consolidated financial position and results of operations of Walker & Dunlop, Inc. and its subsidiaries. Unless the context otherwise requires, references to “Walker & Dunlop” and the “Company” mean the Walker & Dunlop consolidated companies. The statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they may not include certain financial statement disclosures and other information required for annual financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”). In the opinion of management, all adjustments considered necessary for a fair presentation of the results for the Company in the interim periods presented have been included. Results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or thereafter. Walker & Dunlop, Inc. is a holding company and conducts the majority of its operations through Walker & Dunlop, LLC, the operating company. Walker & Dunlop is one of the leading commercial real estate services and finance companies in the United States. The Company originates, sells, and services a range of commercial real estate debt and equity financing products, provides multifamily property sales brokerage and valuation services, engages in commercial real estate investment management activities with a particular focus on the affordable housing sector through low-income housing tax credit (“LIHTC”) syndication, provides housing market research, and delivers real estate-related investment banking and advisory services. Through its Agency lending products, the Company originates and sells loans pursuant to the programs of the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac” and, together with Fannie Mae, the “GSEs”), the Government National Mortgage Association (“Ginnie Mae”), and the Federal Housing Administration, a division of the U.S. Department of Housing and Urban Development (together with Ginnie Mae, “HUD”). Through its debt brokerage products, the Company brokers, and in some cases services, loans for various life insurance companies, commercial banks, commercial mortgage-backed securities issuers, and other institutional investors.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Subsequent Events Use of Estimates Provision (Benefit) for Credit Losses — Provision (benefit) for credit losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ ​ June 30, ​ June 30, ​ Components of Provision (Benefit) for Credit Losses (in thousands) 2024 2023 2024 2023 Provision (benefit) for loan losses ​ $ (17) ​ $ (57) ​ $ (16) ​ $ 138 ​ Provision (benefit) for risk-sharing obligations ​ 353 ​ (677) ​ (1,124) ​ (11,647) ​ Provision (benefit) for other credit losses ​ 2,600 ​ — ​ 4,600 ​ — ​ Provision (benefit) for credit losses ​ $ 2,936 ​ $ (734) ​ $ 3,460 ​ $ (11,509) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Agency Loan Repurchase s — Other Assets Provision (benefit) for credit losses Fannie Mae — Freddie Mac — six Other liabilities amount Provision (benefit) for credit losses Loans Held for Investment (“LHFI”), net Other assets As of June 30, 2024 and December 31, 2023, the balance of the Interim Loan Program portfolio consisted of a small number of loans with a balance of $25.9 million and $40.1 million, respectively, including an immaterial amount of net unamortized deferred fees and costs and allowance for loan losses. There were no ILP loans delinquent and in non-accrual status as of both June 30, 2024 and December 31, 2023. The amortized cost basis of loans that were current was $25.9 million and $40.1 million as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024, all ILP loans were originated in 2019. Statement of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ (in thousands) 2024 2023 2023 2022 Cash and cash equivalents $ 208,095 ​ $ 228,091 ​ $ 328,698 ​ $ 225,949 ​ Restricted cash ​ 35,460 ​ ​ 21,769 ​ ​ 21,422 ​ ​ 17,676 ​ Pledged cash and cash equivalents (NOTE 9) 37,935 ​ 34,032 ​ 41,283 ​ 14,658 ​ Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 281,490 ​ $ 283,892 ​ $ 391,403 ​ $ 258,283 ​ ​ Income Taxes Net Warehouse Interest Income (Expense)— Net warehouse interest income (expense) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended (in thousands) ​ June 30, ​ June 30, Components of Net Warehouse Interest Income (Expense) 2024 2023 2024 2023 Warehouse interest income ​ $ 6,643 ​ $ 11,596 ​ $ 14,136 ​ $ 22,103 Warehouse interest expense ​ (8,227) ​ (13,122) ​ (16,836) ​ (23,628) Net warehouse interest income (expense) ​ $ (1,584) ​ $ (1,526) ​ $ (2,700) ​ $ (1,525) ​ Co-broker Fees— Loan origination and debt brokerage fees, net Contracts with Customers Other than LIHTC asset management fees as described in the 2023 Form 10-K and presented as Investment management fees ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ ​ ​ June 30, ​ June 30, ​ ​ Description in thousands 2024 2023 2024 2023 Statement of income line item Certain loan origination fees ​ $ 25,621 ​ $ 20,694 ​ $ 43,408 ​ $ 34,723 ​ Loan origination and debt brokerage fees, net Property sales broker fees ​ ​ 11,265 ​ ​ 10,345 ​ ​ 20,086 ​ ​ 21,969 ​ Property sales broker fees Investment management fees ​ ​ 14,822 ​ ​ 16,309 ​ ​ 28,342 ​ ​ 31,482 ​ Investment management fees Application fees, appraisal revenues, subscription revenues, syndication fees, and other revenues ​ 16,719 ​ 18,926 ​ 28,994 ​ 41,464 ​ Other revenues Total revenues derived from contracts with customers ​ $ 68,427 ​ $ 66,274 ​ $ 120,830 ​ $ 129,638 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Litigation Recently Adopted and Recently Announced Accounting Pronouncement s Improvements to Reportable Segment Disclosures Improvements to Income Tax Disclosures annual disclosures required by ASU 2023-07 are effective for the Company’s Annual Report on Form 10-K for the year ending December 31, 2024. The interim disclosures required by ASU 2023-07 are effective in 2025. The disclosures for ASU 2023-09 are effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. 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 condensed consolidated financial statements. The Company did not adopt any new accounting policies during the second quarter of 2024. Reclassifications

MORTGAGE SERVICING RIGHTS

MORTGAGE SERVICING RIGHTS	6 Months Ended
	Jun. 30, 2024
MSRs
Mortgage Servicing Rights
MORTGAGE SERVICING RIGHTS	NOTE 3—MORTGAGE SERVICING RIGHTS The fair value of the mortgage servicing rights (“MSRs”) was $1.4 billion as of both June 30, 2024 and December 31, 2023. The Company uses a discounted static cash flow valuation approach, and the key economic assumption is the discount rate. For example, see the following sensitivities related to the discount rate: The impact of a 100 - basis point increase in the discount rate at June 30, 2024 would be a decrease in the fair value of $42.7 million to the MSRs outstanding as of June 30, 2024. The impact of a 200 - basis point increase in the discount rate at June 30, 2024 would be a decrease in the fair value of $82.5 million to the MSRs outstanding as of June 30, 2024. These sensitivities are hypothetical and should be used with caution. These estimates do not include interplay among assumptions and are estimated as a portfolio rather than individual assets. Activity related to MSRs for the three and six months ended June 30, 2024 and 2023 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, Roll Forward of MSRs (in thousands) 2024 2023 2024 2023 Beginning balance ​ $ 881,834 ​ $ 946,406 ​ $ 907,415 ​ $ 975,226 ​ Additions, following the sale of loan ​ 21,172 ​ 38,119 ​ 47,582 ​ 62,149 ​ Amortization ​ (50,495) ​ (49,467) ​ (101,026) ​ (98,909) ​ Pre-payments and write-offs ​ (1,680) ​ (2,927) ​ (3,140) ​ (6,335) ​ Ending balance ​ $ 850,831 ​ $ 932,131 ​ $ 850,831 ​ $ 932,131 ​ ​ The following table summarizes the gross value, accumulated amortization, and net carrying value of the Company’s MSRs as of June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ Components of MSRs (in thousands) ​ June 30, 2024 ​ December 31, 2023 Gross value ​ $ 1,755,179 ​ $ 1,733,844 Accumulated amortization ​ (904,348) ​ (826,429) Net carrying value ​ $ 850,831 ​ $ 907,415 ​ The expected amortization of MSRs shown in the Condensed Consolidated Balance Sheet as of June 30, 2024 is shown in the table below. Actual amortization may vary from these estimates. ​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Six Months Ending December 31, ​ ​ ​ 2024 ​ $ 98,292 Year Ending December 31, ​ ​ ​ 2025 ​ $ 178,735 2026 ​ 153,112 2027 ​ 131,461 2028 ​ 103,041 2029 ​ 78,048 Thereafter ​ ​ 108,142 Total ​ $ 850,831 ​ ​ ​

ALLOWANCE FOR RISK-SHARING OBLI

ALLOWANCE FOR RISK-SHARING OBLIGATIONS	6 Months Ended
	Jun. 30, 2024
ALLOWANCE FOR RISK-SHARING OBLIGATIONS
ALLOWANCE FOR RISK-SHARING OBLIGATIONS	NOTE 4—ALLOWANCE FOR RISK-SHARING OBLIGATIONS 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 Current Expected Credit Losses (“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 Activity related to the allowance for risk-sharing obligations for the three and six months ended June 30, 2024 and 2023 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, Roll Forward of Allowance for Risk-Sharing Obligations (in thousands) 2024 2023 2024 2023 Beginning balance ​ $ 30,124 ​ $ 33,087 ​ $ 31,601 ​ $ 44,057 ​ Provision (benefit) for risk-sharing obligations ​ 353 ​ (677) ​ (1,124) ​ (11,647) ​ Write-offs ​ — ​ — ​ — ​ — ​ Ending balance ​ $ 30,477 ​ $ 32,410 ​ $ 30,477 ​ $ 32,410 ​ ​ ​ The Company assesses several qualitative and quantitative factors to calculate the CECL allowance each quarter including the current and expected unemployment rate, macroeconomic conditions, and the multifamily market. 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 (benefit) impact during each quarter for the six months ended June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 CECL Calculation Inputs, Details, and Provision Impact Q1 ​ Q2 ​ Total Forecast-period loss rate in basis points ​ 2.3 ​ 2.3 ​ N/A Reversion-period loss rate in basis points ​ 1.3 ​ 1.3 ​ N/A Historical loss rate in basis points ​ 0.3 ​ 0.3 ​ N/A At-risk Fannie Mae servicing portfolio UPB in billions $ 59.2 $ 59.5 ​ N/A CECL allowance (in millions) $ 25.0 $ 24.9 ​ N/A Provision (benefit) for risk-sharing obligations in millions $ (1.5) $ 0.4 $ (1.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 CECL Calculation Inputs, Details, and Provision Impact Q1 ​ Q2 ​ Total Forecast-period loss rate in basis points ​ 2.3 ​ 2.3 ​ N/A Reversion-period loss rate in basis points ​ 1.5 ​ 1.5 ​ N/A Historical loss rate in basis points ​ 0.6 ​ 0.6 ​ N/A At-risk Fannie Mae servicing portfolio UPB in billions $ 54.5 $ 55.7 ​ N/A CECL allowance (in millions) $ 28.7 $ 28.9 ​ N/A Provision (benefit) for risk-sharing obligations in millions $ (10.9) $ (0.7) $ (11.6) ​ During the first quarters of both 2024 and 2023, the Company updated its 10-year look-back period, resulting in loss data from the earliest year being replaced with the loss data for the most recently completed year. The look-back period updates resulted in the historical loss rate factors decreasing and the benefit for risk-sharing obligations, as noted in the table above. The Company also slightly increased its forecast-period and reversion-period loss rates during the three months ended March 31, 2023 to incorporate uncertain macroeconomic conditions. For the three months ended March 31, 2024, the ratio of the forecast-period loss rate to the historical loss rate increased, resulting in a much lower benefit for risk-sharing obligations. During the second quarters of both 2024 and 2023, the activity in the risk-sharing obligations shown above was primarily the result of updated collateral-based reserves. The weighted average remaining life of the at-risk Fannie Mae servicing portfolio as of June 30, 2024 As of June 30, 2024, the Company had five loans with aggregate collateral-based reserves of $5.6 million compared to three loans with an aggregate collateral-based reserve of $2.8 million as of December 31, 2023. As of June 30, 2024 and 2023, the maximum quantifiable contingent liability associated with the Company’s guaranties for the at-risk loans serviced under the Fannie Mae DUS agreement was $12.2 billion and $11.3 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	6 Months Ended
	Jun. 30, 2024
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 $132.8 billion as of June 30, 2024 compared to $130.5 billion as of December 31, 2023. As of both June 30, 2024 and December 31, 2023, custodial deposit accounts (“escrow deposits”) relating to loans serviced by the Company totaled $2.7 billion. These amounts are not included in the Condensed Consolidated Balance Sheets as such amounts are not Company assets; however, the Company is entitled to placement fees on these escrow deposits, presented within Placement fees and other interest income in the Condensed Consolidated Statements of Income. Certain cash deposits exceed the Federal Deposit Insurance Corporation insurance limits; however, the Company believes it has mitigated this risk by holding uninsured deposits at large national banks.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2024
DEBT
DEBT	NOTE 6—DEBT Warehouse Facilities ​ As of June 30, 2024, to provide financing to borrowers under the Agencies’ programs, the Company had committed and uncommitted warehouse lines of credit in the amount of $3.8 billion with certain national banks and a $1.5 billion uncommitted facility with Fannie Mae (collectively, the “Agency Warehouse Facilities”). In support of these Agency Warehouse Facilities, the Company has pledged substantially all of its loans held for sale under the Company’s approved programs. The Company’s ability to originate mortgage loans for sale depends upon its ability to secure and maintain these types of short-term financings on acceptable terms. Additionally, the Company has arranged for 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 has pledged the majority 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. As of June 30, 2024, the Interim Warehouse Facilities had $119.8 million of total facility capacity with an outstanding balance of $11.7 million. The interest rate on the Interim Warehouse Facilities ranged from SOFR plus ​ The interest rate for all our warehouse facilities and debt is based on an Adjusted Term Secured Overnight Financing Rate (“SOFR”). The maximum amount and outstanding borrowings under Agency Warehouse Facilities as of June 30, 2024 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ ​ (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 ​ $ 161,970 SOFR plus 1.30% ​ Agency Warehouse Facility #2 ​ 700,000 ​ ​ 300,000 ​ ​ 1,000,000 ​ 293,032 ​ SOFR plus 1.30% ​ Agency Warehouse Facility #3 ​ 425,000 ​ ​ 425,000 ​ ​ 850,000 ​ 36,094 SOFR plus 1.30% ​ Agency Warehouse Facility #4 ​ ​ 150,000 ​ ​ 225,000 ​ ​ 375,000 ​ ​ 42,549 ​ SOFR plus 1.30% to 1.35% ​ Agency Warehouse Facility #5 ​ ​ — ​ ​ 1,000,000 ​ ​ 1,000,000 ​ ​ 139,471 ​ SOFR plus 1.45% ​ Total National Bank Agency Warehouse Facilities ​ $ 1,600,000 ​ ​ 2,200,000 ​ ​ 3,800,000 ​ $ 673,116 ​ ​ ​ Fannie Mae repurchase agreement, uncommitted line and open maturity ​ — ​ ​ 1,500,000 ​ ​ 1,500,000 ​ 125,548 ​ ​ Total Agency Warehouse Facilities ​ $ 1,600,000 ​ ​ 3,700,000 ​ ​ 5,300,000 ​ $ 798,664 ​ ​ ​ (1) Interest rate presented does not include the effect of any applicable interest rate floors. ​ During 2024, the following amendments to the Company’s Agency Warehouse Facilities were executed in the normal course of business to support the Company’s business. No other material modifications have been made to the other Agency Warehouse Facilities during the year. The maturity date of Agency Warehouse Facility #2 was extended to April 11, 2025. The committed borrowing capacity of Agency Warehouse Facility #3 was decreased from $600.0 million to $425.0 million, and the uncommitted borrowing capacity was increased from $265.0 million to $425.0 million. The maturity date was also extended to May 15, 2025, and the interest rate was decreased from SOFR SOFR The committed borrowing capacity of Agency Warehouse Facility #4 was decreased from $200.0 million to $150.0 million. The maturity date was also extended to June 22, 2025. Note Payable ​ The Company has a senior secured credit agreement (the “Credit Agreement”) that provides for a $600.0 million term loan. Additionally, in January 2023 the Company entered into a lender joinder agreement and amendment to the Credit Agreement that provided for additional borrowing 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. ​ During the second quarter of 2024, the Company entered into another amendment, that, among other things, decreased the interest rate of the additional borrowing with an outstanding balance of $198.0 million from Adjusted Term SOFR plus 3.00% to Adjusted Term SOFR plus 2.25% , made a small update to the quarterly principal payment, and made other immaterial changes. ​ As of June 30, 2024, the $600.0 million term loan and additional borrowings of $198.0 million (together known as “Term Debt”) had an outstanding principal balance of $782.5 million. The Term Debt matures on December 16, 2028 . ​ The warehouse notes payable and notes payable are subject to various financial covenants. The Company is in compliance with all of these financial covenants as of June 30, 2024. ​

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2024
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	NOTE 7—GOODWILL AND OTHER INTANGIBLE ASSETS ​ Goodwill The Company’s reportable segments are Capital Markets (“CM”), Servicing & Asset Management (“SAM”), and Corporate. A summary of the Company’s goodwill by reportable segments for the six months ended June 30, 2024 and 2023 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended ​ ​ June 30, (in thousands) 2024 2023 Roll Forward of Gross Goodwill ​ CM ​ SAM ​ Consolidated (1) ​ CM ​ SAM ​ Consolidated (1) Beginning balance ​ $ 524,189 ​ $ 439,521 ​ $ 963,710 ​ $ 520,191 ​ $ 439,521 ​ $ 959,712 Additions from acquisitions ​ — ​ ​ — ​ ​ — ​ — ​ — ​ — Measurement-period and other adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,998 ​ ​ — ​ ​ 3,998 Ending gross goodwill balance ​ $ 524,189 ​ $ 439,521 ​ $ 963,710 ​ $ 524,189 ​ $ 439,521 ​ $ 963,710 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roll Forward of Accumulated Goodwill Impairment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 62,000 ​ $ — ​ $ 62,000 ​ $ — ​ $ — ​ $ — Impairment ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Ending accumulated goodwill impairment ​ $ 62,000 ​ $ — ​ $ 62,000 ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ $ 462,189 ​ $ 439,521 ​ $ 901,710 ​ $ 524,189 ​ $ 439,521 ​ $ 963,710 (1) As of June 30, 2024 and 2023 and December 31, 2023 and 2022, no goodwill was allocated to the Corporate reportable segment. ​ Other Intangible Assets ​ Activity related to other intangible assets for the six months ended June 30, 2024 and 2023 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended ​ ​ June 30, Roll Forward of Other Intangible Assets (in thousands) 2024 2023 Beginning balance ​ $ 181,975 ​ $ 198,643 Additions from acquisitions ​ — ​ — Amortization ​ (7,508) ​ (8,724) Ending balance ​ $ 174,467 ​ $ 189,919 ​ The following table summarizes the gross value, accumulated amortization, and net carrying value of the Company’s other intangible assets as of June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ Components of Other Intangible Assets (in thousands) ​ June 30, 2024 ​ December 31, 2023 Gross value ​ $ 220,682 ​ $ 220,682 Accumulated amortization ​ (46,215) ​ (38,707) Net carrying value ​ $ 174,467 ​ $ 181,975 ​ ​ The expected amortization of other intangible assets shown in the Condensed Consolidated Balance Sheet as of June 30 , 2024 is shown in the table below. Actual amortization may vary from these estimates. ​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Six Months Ending December 31, ​ ​ ​ 2024 ​ $ 8,179 Year Ending December 31, ​ ​ ​ 2025 ​ $ 16,357 2026 ​ 16,357 2027 ​ 16,357 2028 ​ 16,357 2029 ​ 16,293 Thereafter ​ ​ 84,567 Total ​ $ 174,467 ​ Contingent Consideration Liabilities ​ A summary of the Company’s contingent consideration liabilities, which are included in Other liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended ​ (in thousands) ​ June 30, ​ Roll Forward of Contingent Consideration Liabilities 2024 2023 ​ Beginning balance ​ $ 113,546 ​ $ 200,346 ​ Additions ​ ​ — ​ ​ — ​ Accretion ​ ​ 1,334 ​ ​ 353 ​ Payments ​ ​ (25,873) ​ ​ (25,690) ​ Ending balance ​ $ 89,007 ​ $ 175,009 ​ ​ The contingent consideration liabilities presented in the table above relate to (i) acquisitions of debt brokerage and investment sales brokerage companies and (ii) other acquisitions completed over the past several years. 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 earnout periods related to the contingent consideration ends in the third quarter of 2027. In each case, t he Company estimated the initial fair value of the contingent consideration using a Monte Carlo simulation. ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2024
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 approa ch, 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 cost 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, 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 with borrowers and forward sale agreements to the Agencies. The fair value of these instruments is estimated using a discounted cash flow model developed based on changes in the applicable U.S. Treasury rate and other observable market data. The value was determined after considering the potential impact of collateralization, adjusted to reflect nonperformance risk of both the counterparty and the Company, and is classified within Level 3 of the valuation hierarchy . ● Loans Held for Sale —All loans held for sale presented in the Condensed Consolidated Balance Sheets are reported at fair value. The Company determines the fair value of the loans held for sale using discounted cash flow models that incorporate quoted observable inputs from market participants, such as changes in the U.S. Treasury rate. Therefore, the Company classifies these loans held for sale as Level 2 . ● Pledged Securities —Investments in money market funds are valued using quoted market prices from recent trades. Therefore, the Company classifies this portion of pledged securities as Level 1. The Company determines the fair value of its AFS Agency MBS using third-party broker estimates of fair value. Consequently, the Company classifies this portion of pledged securities as Level 2. Additional details on Pledged Securities are included in NOTE 9. ● 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 probability of achievement, which incorporates management estimates. As a result, the Company classifies these liabilities as Level 3. Additional details on Contingent consideration liabilities are included in NOTE 7. ​ The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, 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 June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 814,883 ​ $ — ​ $ 814,883 ​ Pledged securities ​ 37,935 ​ 160,001 ​ — ​ 197,936 ​ Derivative assets ​ — ​ — ​ 26,456 ​ 26,456 ​ Total ​ $ 37,935 ​ $ 974,884 ​ $ 26,456 ​ $ 1,039,275 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 5,184 ​ $ 5,184 ​ Contingent consideration liabilities ​ ​ — ​ ​ — ​ ​ 89,007 ​ ​ 89,007 ​ Total ​ $ — ​ $ — ​ $ 94,191 ​ $ 94,191 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ There were no transfers between any of the levels within the fair value hierarchy during the six months ended June 30, 2024 and 2023. Derivative instruments (Level 3) are outstanding for short periods of time (generally less than 60 days). A roll forward of derivative instruments is presented below for the three and six months ended June 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ (in thousands) ​ June 30, ​ June 30, ​ Derivative Assets and Liabilities, net 2024 2023 2024 2023 Beginning balance ​ $ 13,797 ​ $ (7,729) ​ $ 3,204 ​ $ 15,560 ​ Settlements ​ (91,209) ​ (79,056) ​ (145,254) ​ (179,442) ​ Realized gains (losses) recorded in earnings (1) ​ 77,412 ​ 86,785 ​ 142,049 ​ 163,882 ​ Unrealized gains (losses) recorded in earnings (1) ​ 21,272 ​ 20,241 ​ 21,272 ​ 20,241 ​ Ending balance ​ $ 21,272 ​ $ 20,241 ​ $ 21,272 ​ $ 20,241 ​ (1) Realized and unrealized gains (losses) from derivatives are recognized in Loan origination and debt brokerage fees, net and Fair value of expected net cash flows from servicing, net in the Condensed Consolidated Statements of Income. ​ ​ The following table presents information about significant unobservable inputs used in the recurring measurement of the fair value of the Company’s Level 3 assets and liabilities as of , 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ 26,456 Discounted cash flow Counterparty credit risk — ​ — Derivative liabilities ​ $ 5,184 Discounted cash flow Counterparty credit risk — ​ — Contingent consideration liabilities ​ $ 89,007 ​ 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 , 2024 and December 31, 2023 are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ December 31, 2023 ​ Carrying Fair Carrying Fair (in thousands) ​ Amount ​ Value ​ Amount ​ Value Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 208,095 ​ $ 208,095 ​ $ 328,698 ​ $ 328,698 ​ Restricted cash ​ 35,460 ​ 35,460 ​ 21,422 ​ 21,422 ​ Pledged securities ​ 197,936 ​ 197,936 ​ 184,081 ​ 184,081 ​ Loans held for sale ​ 814,883 ​ 814,883 ​ 594,998 ​ 594,998 ​ Loans held for investment, net (1) ​ 42,952 ​ 41,995 ​ 40,056 ​ 40,139 ​ Derivative assets (1) ​ 26,456 ​ 26,456 ​ 31,451 ​ 31,451 ​ Total financial assets ​ $ 1,325,782 ​ $ 1,324,825 ​ $ 1,200,706 ​ $ 1,200,789 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities (2) ​ $ 5,184 ​ $ 5,184 ​ $ 28,247 ​ $ 28,247 ​ Contingent consideration liabilities (2) ​ ​ 89,007 ​ ​ 89,007 ​ ​ 113,546 ​ ​ 113,546 ​ Warehouse notes payable ​ 810,114 ​ 810,336 ​ 596,178 ​ 596,428 ​ Notes payable ​ 770,707 ​ 782,494 ​ 773,358 ​ 786,500 ​ Total financial liabilities ​ $ 1,675,012 ​ $ 1,687,021 ​ $ 1,511,329 ​ $ 1,524,721 ​ (1) Included as a component of Other Assets on the Condensed Consolidated Balance Sheets. (2) Included as a component of Other Liabilities on the Condensed Consolidated Balance Sheets. ​ The following methods and assumptions were used for recurring fair value measurements as of June 30, 2024 and December 31, 2023. 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 Liabilities— Consists of the estimated fair values of expected future earnout payments related to acquisitions completed primarily in 2021 and 2022. The earnout 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 earnout cash flows. The probability of the earnout 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 — Consists 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 for, among other things, the closing of the loan and processing of paperwork to deliver the loan into the sale commitment . Both the rate lock commitments to borrowers and the forward sale contracts to buyers are undesignated derivatives and, accordingly, are marked to fair value through Loan origination and debt brokerage fees, net in the Condensed Consolidated Statements of Income. The fair value of the Company's rate lock commitments to borrowers and loans held for sale and the related input levels includes, as applicable : ● the estimated gain of the expected loan sale to the investor (Level 2); ● the expected net cash flows associated with servicing the loan, net of any guaranty obligations retained (Level 2); ● the effects of interest rate movements between the date of the rate lock and the balance sheet date (Level 2); and ● the nonperformance risk of both the counterparty and the Company (Level 3; derivative instruments only). The estimated gain considers the origination fees the Company expects to collect upon loan closing (derivative instruments only) and premiums the Company expects to receive upon sale of the loan (Level 2). The fair value of the expected net cash flows associated with servicing the loan is calculated pursuant to the valuation techniques applicable to the fair value of future servicing, net at loan sale (Level 2). To calculate the effects of interest rate movements, the Company uses applicable published U.S. Treasury prices, and multiplies the price movement between the rate lock date and the balance sheet date by the notional loan commitment amount (Level 2). The fair value of the Company's forward sales contracts to investors considers the 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 June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 817,285 ​ ​ 23,701 ​ ​ 37 ​ ​ 23,738 ​ ​ 23,738 ​ ​ — ​ ​ — ​ Forward sale contracts ​ 1,622,467 ​ ​ — ​ ​ (2,466) ​ ​ (2,466) ​ ​ 2,718 ​ ​ (5,184) ​ ​ — ​ Loans held for sale ​ 805,182 ​ ​ 7,272 ​ ​ 2,429 ​ ​ 9,701 ​ ​ — ​ ​ — ​ ​ 9,701 ​ Total ​ ​ ​ ​ $ 30,973 ​ $ 0 ​ $ 30,973 ​ $ 26,456 ​ $ (5,184) ​ $ 9,701 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​

FANNIE MAE COMMITMENTS AND PLED

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES	6 Months Ended
	Jun. 30, 2024
FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES
FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES	​ NOTE 9—FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES ​ Fannie Mae DUS Related Commitments ​ The Company is generally required to share the risk of any losses associated with loans sold under the Fannie Mae DUS program. The Company is required to secure these obligations by assigning restricted cash balances and securities to Fannie Mae, which are classified as Pledged securities, at fair value The Company is in compliance with the June 30, 2024 collateral requirements as outlined above. As of June 30, 2024, reserve requirements for the DUS loan portfolio will require the Company to fund $70.4 million in additional restricted liquidity over the next 48 months, assuming no further principal paydowns, prepayments, or defaults within the at-risk portfolio. Fannie Mae has reassessed the DUS Capital Standards in the past and may make changes to these standards in the future. The Company generates sufficient cash flow from its operations to meet these capital standards and does not expect any future changes to have a material impact on its future operations; however, any future increases to collateral requirements may adversely impact the Company’s available cash. Fannie Mae has established benchmark standards for capital adequacy and reserves the right to terminate the Company's servicing authority for all or some of the portfolio if, at any time, it determines that the Company's financial condition is not adequate to support its obligations under the DUS agreement. The Company is required to maintain acceptable net worth, as defined in the agreement, and the Company satisfied the requirements as of June 30, 2024. The net worth requirement is derived primarily from unpaid principal balances on Fannie Mae loans and the level of risk sharing. As of June 30, 2024, the net worth requirement was $313.5 million, and the Company's net worth, as defined in the requirements, was $980.0 million, as measured at our wholly-owned operating subsidiary, Walker & Dunlop, LLC. As of June 30, 2024, the Company was required to maintain at least $62.4 million of liquid assets to meet operational liquidity requirements for Fannie Mae, Freddie Mac, HUD, and Ginnie Mae, and the Company had operational liquidity, as defined in the requirements, of $183.1 million as of June 30, 2024, as measured at our wholly-owned operating subsidiary, Walker & Dunlop, LLC. Pledged Securities, at Fair Value Pledged securities, at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ Pledged Securities (in thousands) 2024 2023 2023 2022 Restricted cash $ 3,663 ​ $ 3,047 ​ $ 2,727 ​ $ 5,788 ​ Money market funds ​ 34,272 ​ ​ 30,985 ​ ​ 38,556 ​ ​ 8,870 ​ Total pledged cash and cash equivalents $ 37,935 ​ $ 34,032 ​ $ 41,283 ​ $ 14,658 ​ Agency MBS 160,001 ​ ​ 136,634 ​ 142,798 ​ 142,624 ​ Total pledged securities, at fair value $ 197,936 ​ $ 170,666 ​ $ 184,081 ​ $ 157,282 ​ ​ The information in the preceding table is presented to reconcile beginning and ending cash, cash equivalents, restricted cash, and restricted cash equivalents in the Condensed Consolidated Statements of Cash Flows as more fully discussed in NOTE 2. The Company’s investments included within Pledged securities, at fair value ​ ​ ​ ​ ​ ​ ​ ​ Fair Value and Amortized Cost of Agency MBS (in thousands) June 30, 2024 December 31, 2023 Fair value $ 160,001 ​ $ 142,798 ​ Amortized cost ​ 159,781 ​ ​ 143,862 ​ Total gains for securities with net gains in AOCI ​ 1,483 ​ ​ 1,036 ​ Total losses for securities with net losses in AOCI (1,263) ​ (2,100) ​ Fair value of securities with unrealized losses 101,118 ​ 103,003 ​ ​ Pledged securities with a fair value of $83.1 million, an amortized cost of $84.3 million, and a net unrealized loss of $1.2 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ Detail of Agency MBS Maturities (in thousands) Fair Value Amortized Cost Within one year $ — ​ $ — ​ After one year through five years ​ 69,000 ​ ​ 69,199 ​ After five years through ten years ​ 73,656 ​ ​ 73,128 ​ After ten years 17,345 ​ ​ 17,454 ​ Total $ 160,001 ​ $ 159,781 ​ ​ ​ ​ ​ ​ ​ ​ ​

EARNINGS PER SHARE AND STOCKHOL

EARNINGS PER SHARE AND STOCKHOLDERS EQUITY	6 Months Ended
	Jun. 30, 2024
EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY
EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY	NOTE 10—EARNINGS PER SHARE AND STOCKHOLDERS’ EQUITY Earnings per share (“EPS”) is calculated under the two-class method. The two-class method allocates all earnings (distributed and undistributed) to each class of common stock and participating securities based on their respective rights to receive dividends. The Company grants share-based awards to various employees and nonemployee directors under the Company’s 2024 Equity Incentive Plan, which was approved by stockholders on May 2, 2024 and constitutes an amendment and restatement of the Company’s 2020 Equity Incentive Plan, that entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested awards meet the definition of participating securities. The following table presents the calculation of basic and diluted EPS for the three and six months ended June 30, 2024 and 2023 under the two-class method. Participating securities were included in the calculation of diluted EPS using the two-class method, as this computation was more dilutive than the treasury-stock method. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, ​ For the six months ended June 30, EPS Calculations (in thousands, except per share amounts) 2024 ​ 2023 ​ 2024 ​ 2023 Calculation of basic EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Walker & Dunlop net income $ 22,663 ​ $ 27,635 ​ $ 34,529 ​ $ 54,300 ​ Less: dividends and undistributed earnings allocated to participating securities 514 ​ 703 ​ 810 ​ 1,410 ​ Net income applicable to common stockholders $ 22,149 ​ $ 26,932 ​ $ 33,719 ​ $ 52,890 ​ Weighted-average basic shares outstanding ​ 33,121 ​ ​ 32,695 ​ ​ 33,050 ​ ​ 32,612 ​ Basic EPS $ 0.67 ​ $ 0.82 ​ $ 1.02 ​ $ 1.62 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Calculation of diluted EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income applicable to common stockholders $ 22,149 ​ $ 26,932 ​ $ 33,719 ​ $ 52,890 ​ Add: reallocation of dividends and undistributed earnings based on assumed conversion ​ — ​ ​ 1 ​ ​ — ​ ​ 2 ​ Net income allocated to common stockholders $ 22,149 ​ $ 26,933 ​ $ 33,719 ​ $ 52,892 ​ Weighted-average basic shares outstanding ​ 33,121 ​ ​ 32,695 ​ ​ 33,050 ​ ​ 32,612 ​ Add: weighted-average diluted non-participating securities ​ 33 ​ ​ 156 ​ ​ 51 ​ ​ 222 ​ Weighted-average diluted shares outstanding ​ 33,154 ​ ​ 32,851 ​ ​ 33,101 ​ ​ 32,834 ​ Diluted EPS $ 0.67 ​ $ 0.82 ​ $ 1.02 ​ $ 1.61 ​ ​ The assumed proceeds used for calculating the dilutive impact of restricted stock awards under the treasury-stock method includes the unrecognized compensation costs associated with the awards. For the three and six months ended June 30, 2024, 127 thousand average restricted shares and 128 thousand average restricted shares, respectively, were excluded from the computation of diluted EPS under the treasury-stock method. For the three and six months ended June 30, 2023, 456 thousand average restricted shares and 442 thousand average restricted shares, respectively, were excluded from the computation. These average restricted shares were excluded from the computation of diluted EPS under the treasury method because the effect would have been anti-dilutive (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). In February 2024, the Company’s Board of Directors approved a stock repurchase program that permits the repurchase of up to $75.0 million of the Company’s common stock over a 12-month period beginning on February 23, 2024. During the first six months of 2024, the Company did no t repurchase any shares of its common stock under the share repurchase program. As of June 30 , 2024, the Company had $75.0 million of authorized share repurchase capacity remaining under the 2024 share repurchase program. During each of the first and second quarters of 2024, the Company paid a dividend of $0.65 per share. On August 7, 2024 , the Company’s Board of Directors declared a dividend of $0.65 per share for the third quarter of 2024. The dividend will be paid on September 6, 2024 to all holders of record of the Company’s restricted and unrestricted common stock as of August 22, 2024 . The Company awarded $4.4 million and $3.0 million of stock to settle compensation liabilities, a non-cash transaction, for the six months ended June 30, 2024 and 2023, respectively. The Company’s note payable contains direct restrictions on 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. During the second quarter of 2024, the Company purchased a noncontrolling interest for cash consideration of $7.0 million, of which $4.0 million was paid at the time of closing, with an additional $1.0 million to be paid in each of the next three quarters. The purchase of the noncontrolling interest resulted in a reduction to APIC of $25.7 million (a non-cash transaction) for the excess of the purchase price over the noncontrolling interest balance.

SEGMENTS

SEGMENTS	6 Months Ended
	Jun. 30, 2024
SEGMENTS
SEGMENTS	NOTE 11—SEG MENTS 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”) —CM provides a comprehensive range of commercial real estate finance products to its 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”) —SAM’s activities include: (i) servicing and asset-managing the portfolio of loans the Company (a) originates and sells to the Agencies, (b) brokers to certain life insurance companies, and (c) originates through its principal lending and investing activities, (ii) managing third-party capital invested in 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 mainly through fees for servicing and asset-managing the loans in the Company’s servicing portfolio and asset management fees for managing third-party capital. 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment Results (in thousands) ​ For the three months ended June 30, 2024 Revenues ​ ​ CM ​ ​ SAM ​ ​ Corporate ​ ​ Consolidated Loan origination and debt brokerage fees, net ​ $ 63,841 ​ ​ 1,493 ​ ​ — ​ $ 65,334 Fair value of expected net cash flows from servicing, net ​ ​ 33,349 ​ ​ — ​ ​ — ​ ​ 33,349 Servicing fees ​ ​ — ​ ​ 80,418 ​ ​ — ​ ​ 80,418 Property sales broker fees ​ ​ 11,265 ​ ​ — ​ ​ — ​ ​ 11,265 Investment management fees ​ ​ — ​ ​ 14,822 ​ ​ — ​ ​ 14,822 Net warehouse interest income (expense) ​ ​ (1,950) ​ ​ 366 ​ ​ — ​ ​ (1,584) Placement fees and other interest income ​ ​ — ​ ​ 37,170 ​ ​ 3,870 ​ ​ 41,040 Other revenues ​ ​ 11,665 ​ ​ 13,963 ​ ​ 404 ​ ​ 26,032 Total revenues ​ $ 118,170 ​ $ 148,232 ​ $ 4,274 ​ $ 270,676 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 92,480 ​ ​ 20,077 ​ ​ 20,510 ​ $ 133,067 Amortization and depreciation ​ ​ 1,138 ​ ​ 53,173 ​ ​ 1,732 ​ ​ 56,043 Provision (benefit) for credit losses ​ — ​ ​ 2,936 ​ ​ — ​ 2,936 Interest expense on corporate debt ​ 5,299 ​ ​ 10,946 ​ ​ 1,629 ​ 17,874 Other operating expenses ​ 4,642 ​ ​ 6,728 ​ ​ 21,189 ​ 32,559 Total expenses ​ $ 103,559 ​ $ 93,860 ​ $ 45,060 ​ $ 242,479 Income (loss) from operations ​ $ 14,611 ​ $ 54,372 ​ $ (40,786) ​ $ 28,197 Income tax expense (benefit) ​ 3,359 ​ ​ 16,521 ​ ​ (11,978) ​ 7,902 Net income (loss) before noncontrolling interests ​ $ 11,252 ​ $ 37,851 ​ $ (28,808) ​ $ 20,295 Less: net income (loss) from noncontrolling interests ​ 213 ​ ​ (2,581) ​ ​ — ​ (2,368) Walker & Dunlop net income (loss) ​ $ 11,039 ​ $ 40,432 ​ $ (28,808) ​ $ 22,663 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment Results (in thousands) ​ For the three months ended June 30, 2023 Revenues ​ ​ CM ​ ​ SAM ​ ​ Corporate ​ ​ Consolidated Loan origination and debt brokerage fees, net ​ $ 64,574 ​ $ 394 ​ $ — ​ $ 64,968 Fair value of expected net cash flows from servicing, net ​ ​ 42,058 ​ ​ — ​ ​ — ​ ​ 42,058 Servicing fees ​ ​ — ​ ​ 77,061 ​ ​ — ​ ​ 77,061 Property sales broker fees ​ ​ 10,345 ​ ​ — ​ ​ — ​ ​ 10,345 Investment management fees ​ ​ — ​ ​ 16,309 ​ ​ — ​ ​ 16,309 Net warehouse interest income (expense) ​ ​ (2,752) ​ ​ 1,226 ​ ​ — ​ ​ (1,526) Placement fees and other interest income ​ ​ — ​ ​ 32,337 ​ ​ 3,049 ​ ​ 35,386 Other revenues ​ ​ 11,760 ​ ​ 15,513 ​ ​ 741 ​ ​ 28,014 Total revenues ​ $ 125,985 ​ $ 142,840 ​ $ 3,790 ​ $ 272,615 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 93,067 ​ $ 21,189 ​ $ 19,049 ​ $ 133,305 Amortization and depreciation ​ ​ 1,089 ​ ​ 53,550 ​ ​ 1,653 ​ ​ 56,292 Provision (benefit) for credit losses ​ — ​ (734) ​ — ​ (734) Interest expense on corporate debt ​ 4,727 ​ 10,707 ​ 1,576 ​ 17,010 Other operating expenses ​ 5,200 ​ 9,946 ​ 15,584 ​ 30,730 Total expenses ​ $ 104,083 ​ $ 94,658 ​ $ 37,862 ​ $ 236,603 Income (loss) from operations ​ $ 21,902 ​ $ 48,182 ​ $ (34,072) ​ $ 36,012 Income tax expense (benefit) ​ 5,572 ​ ​ 14,787 ​ ​ (9,868) ​ 10,491 Net income (loss) before noncontrolling interests ​ $ 16,330 ​ $ 33,395 ​ $ (24,204) ​ $ 25,521 Less: net income (loss) from noncontrolling interests ​ 223 ​ (2,337) ​ — ​ (2,114) Walker & Dunlop net income (loss) ​ $ 16,107 ​ $ 35,732 ​ $ (24,204) ​ $ 27,635 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following tables provide a summary and reconciliation of each segment’s results for the six months ended June 30, 2024 and 2023 and total assets as of June 30, 2024 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment Results and Total Assets (in thousands) ​ As of and for the six months ended June 30, 2024 Revenues ​ ​ CM ​ ​ SAM ​ ​ Corporate ​ ​ Consolidated Loan origination and debt brokerage fees, net ​ $ 107,541 ​ $ 1,533 ​ $ — ​ $ 109,074 Fair value of expected net cash flows from servicing, net ​ ​ 54,247 ​ ​ — ​ ​ — ​ ​ 54,247 Servicing fees ​ ​ — ​ ​ 160,461 ​ ​ — ​ ​ 160,461 Property sales broker fees ​ ​ 20,086 ​ ​ — ​ ​ — ​ ​ 20,086 Investment management fees ​ ​ — ​ ​ 28,342 ​ ​ — ​ ​ 28,342 Net warehouse interest income (expense) ​ ​ (3,524) ​ ​ 824 ​ ​ — ​ ​ (2,700) Placement fees and other interest income ​ ​ — ​ ​ 72,773 ​ ​ 7,669 ​ ​ 80,442 Other revenues ​ ​ 21,717 ​ ​ 25,534 ​ ​ 1,532 ​ ​ 48,783 Total revenues ​ $ 200,067 ​ $ 289,467 ​ $ 9,201 ​ $ 498,735 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 171,667 ​ $ 38,132 ​ $ 34,731 ​ $ 244,530 Amortization and depreciation ​ ​ 2,275 ​ ​ 106,244 ​ ​ 3,415 ​ ​ 111,934 Provision (benefit) for credit losses ​ — ​ ​ 3,460 ​ ​ — ​ ​ 3,460 Interest expense on corporate debt ​ 10,150 ​ ​ 22,137 ​ ​ 3,246 ​ ​ 35,533 Other operating expenses ​ 9,694 ​ ​ 11,851 ​ ​ 39,857 ​ ​ 61,402 Total expenses ​ $ 193,786 ​ $ 181,824 ​ $ 81,249 ​ $ 456,859 Income (loss) from operations ​ $ 6,281 ​ $ 107,643 ​ $ (72,048) ​ $ 41,876 Income tax expense (benefit) ​ 1,615 ​ ​ 27,674 ​ ​ (18,523) ​ 10,766 Net income (loss) before noncontrolling interests ​ $ 4,666 ​ $ 79,969 ​ $ (53,525) ​ $ 31,110 Less: net income (loss) from noncontrolling interests ​ 327 ​ ​ (3,746) ​ ​ — ​ (3,419) Walker & Dunlop net income (loss) ​ $ 4,339 ​ $ 83,715 ​ $ (53,525) ​ $ 34,529 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 1,491,821 ​ ​ 2,283,259 ​ ​ 400,318 ​ $ 4,175,398 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment Results and Total Assets (in thousands) ​ As of and for the six months ended June 30, 2023 Revenues ​ ​ CM ​ ​ SAM ​ ​ Corporate ​ ​ Consolidated Loan origination and debt brokerage fees, net ​ $ 111,530 ​ $ 522 ​ $ — ​ $ 112,052 Fair value of expected net cash flows from servicing, net ​ ​ 72,071 ​ ​ — ​ ​ — ​ ​ 72,071 Servicing fees ​ ​ — ​ ​ 152,827 ​ ​ — ​ ​ 152,827 Property sales broker fees ​ ​ 21,969 ​ ​ — ​ ​ — ​ ​ 21,969 Investment management fees ​ ​ — ​ ​ 31,482 ​ ​ — ​ ​ 31,482 Net warehouse interest income (expense) ​ ​ (4,441) ​ ​ 2,916 ​ ​ — ​ ​ (1,525) Placement fees and other interest income ​ ​ — ​ ​ 61,161 ​ ​ 5,149 ​ ​ 66,310 Other revenues ​ ​ 28,860 ​ ​ 27,128 ​ ​ 187 ​ ​ 56,175 Total revenues ​ $ 229,989 ​ $ 276,036 ​ $ 5,336 ​ $ 511,361 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 183,529 ​ $ 36,530 ​ $ 31,859 ​ $ 251,918 Amortization and depreciation ​ ​ 2,275 ​ ​ 107,560 ​ ​ 3,423 ​ ​ 113,258 Provision (benefit) for credit losses ​ — ​ (11,509) ​ — ​ (11,509) Interest expense on corporate debt ​ 8,996 ​ 20,289 ​ 2,999 ​ 32,284 Other operating expenses ​ 10,844 ​ 11,426 ​ 32,523 ​ 54,793 Total expenses ​ $ 205,644 ​ $ 164,296 ​ $ 70,804 ​ $ 440,744 Income (loss) from operations ​ $ 24,345 ​ $ 111,740 ​ $ (65,468) ​ $ 70,617 Income tax expense (benefit) ​ 6,076 ​ ​ 27,891 ​ ​ (16,341) ​ 17,626 Net income (loss) before noncontrolling interests ​ $ 18,269 ​ $ 83,849 ​ $ (49,127) ​ $ 52,991 Less: net income (loss) from noncontrolling interests ​ 1,658 ​ (2,967) ​ — ​ (1,309) Walker & Dunlop net income (loss) ​ $ 16,611 ​ $ 86,816 ​ $ (49,127) ​ $ 54,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 1,988,392 ​ $ 2,340,147 ​ $ 478,885 ​ $ 4,807,424 ​ ​

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 2024
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES	​ ​ NOTE 12—VARIABLE INTEREST ENTITIES ​ The Company 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 variable interest entities (“VIEs”). A detailed discussion of the Company’s accounting policies regarding the consolidation of VIEs and significant transactions involving VIEs is included in NOTE 2 and NOTE 17 of the 2023 Form 10-K. As of June 30, 2024 and December 31, 2023, the assets and liabilities of the consolidated tax credit funds were immaterial. The table below presents the assets and liabilities of the Company’s consolidated joint venture development VIEs included in the Condensed Consolidated Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ Consolidated VIEs (in thousands) ​ June 30, 2024 ​ December 31, 2023 Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 299 ​ $ 2,841 Restricted cash ​ ​ 4,438 ​ ​ 2,811 Receivables, net ​ ​ 27,728 ​ ​ 28,256 Other Assets ​ ​ 47,301 ​ ​ 47,249 Total assets of consolidated VIEs ​ $ 79,766 ​ $ 81,157 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ Other liabilities ​ $ 55,901 ​ $ 53,526 Total liabilities of consolidated VIEs ​ $ 55,901 ​ $ 53,526 ​ ​ ​ ​ ​ ​ ​ ​ The table below presents the carrying value and classification of the Company’s interests in nonconsolidated VIEs included in the Condensed Consolidated Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ Nonconsolidated VIEs (in thousands) ​ ​ June 30, 2024 ​ December 31, 2023 Assets ​ ​ ​ ​ ​ ​ Committed investments in tax credit equity ​ $ 151,674 ​ $ 154,028 Other assets: Equity-method investments ​ ​ 61,299 ​ ​ 60,195 Total interests in nonconsolidated VIEs ​ $ 212,973 ​ $ 214,223 ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ Commitments to fund investments in tax credit equity ​ $ 134,493 ​ $ 140,259 Total commitments to fund nonconsolidated VIEs ​ $ 134,493 ​ $ 140,259 ​ ​ ​ ​ ​ ​ ​ Maximum exposure to losses (1)(2) ​ $ 212,973 ​ $ 214,223 ​ ​ ​ ​ ​ ​ ​ (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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 22,663	$ 11,866	$ 27,635	$ 26,665	$ 34,529	$ 54,300

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
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

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Subsequent Events	Subsequent Events
Use of Estimates	Use of Estimates
Provision (Benefit) for Credit Losses	Provision (Benefit) for Credit Losses — Provision (benefit) for credit losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ ​ June 30, ​ June 30, ​ Components of Provision (Benefit) for Credit Losses (in thousands) 2024 2023 2024 2023 Provision (benefit) for loan losses ​ $ (17) ​ $ (57) ​ $ (16) ​ $ 138 ​ Provision (benefit) for risk-sharing obligations ​ 353 ​ (677) ​ (1,124) ​ (11,647) ​ Provision (benefit) for other credit losses ​ 2,600 ​ — ​ 4,600 ​ — ​ Provision (benefit) for credit losses ​ $ 2,936 ​ $ (734) ​ $ 3,460 ​ $ (11,509) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Agency Loan Repurchases	Agency Loan Repurchase s — Other Assets Provision (benefit) for credit losses Fannie Mae — Freddie Mac — six Other liabilities amount Provision (benefit) for credit losses
Loans Held for Investment ("LHFI"), net	Loans Held for Investment (“LHFI”), net Other assets As of June 30, 2024 and December 31, 2023, the balance of the Interim Loan Program portfolio consisted of a small number of loans with a balance of $25.9 million and $40.1 million, respectively, including an immaterial amount of net unamortized deferred fees and costs and allowance for loan losses. There were no ILP loans delinquent and in non-accrual status as of both June 30, 2024 and December 31, 2023. The amortized cost basis of loans that were current was $25.9 million and $40.1 million as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024, all ILP loans were originated in 2019.
Statement of Cash Flows	Statement of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ (in thousands) 2024 2023 2023 2022 Cash and cash equivalents $ 208,095 ​ $ 228,091 ​ $ 328,698 ​ $ 225,949 ​ Restricted cash ​ 35,460 ​ ​ 21,769 ​ ​ 21,422 ​ ​ 17,676 ​ Pledged cash and cash equivalents (NOTE 9) 37,935 ​ 34,032 ​ 41,283 ​ 14,658 ​ Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 281,490 ​ $ 283,892 ​ $ 391,403 ​ $ 258,283 ​
Income Taxes	Income Taxes
Net Warehouse Interest Income (Expense)	Net Warehouse Interest Income (Expense)— Net warehouse interest income (expense) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended (in thousands) ​ June 30, ​ June 30, Components of Net Warehouse Interest Income (Expense) 2024 2023 2024 2023 Warehouse interest income ​ $ 6,643 ​ $ 11,596 ​ $ 14,136 ​ $ 22,103 Warehouse interest expense ​ (8,227) ​ (13,122) ​ (16,836) ​ (23,628) Net warehouse interest income (expense) ​ $ (1,584) ​ $ (1,526) ​ $ (2,700) ​ $ (1,525)
Co-broker Fees	Co-broker Fees— Loan origination and debt brokerage fees, net
Contracts with Customers	Contracts with Customers Other than LIHTC asset management fees as described in the 2023 Form 10-K and presented as Investment management fees ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ ​ ​ June 30, ​ June 30, ​ ​ Description in thousands 2024 2023 2024 2023 Statement of income line item Certain loan origination fees ​ $ 25,621 ​ $ 20,694 ​ $ 43,408 ​ $ 34,723 ​ Loan origination and debt brokerage fees, net Property sales broker fees ​ ​ 11,265 ​ ​ 10,345 ​ ​ 20,086 ​ ​ 21,969 ​ Property sales broker fees Investment management fees ​ ​ 14,822 ​ ​ 16,309 ​ ​ 28,342 ​ ​ 31,482 ​ Investment management fees Application fees, appraisal revenues, subscription revenues, syndication fees, and other revenues ​ 16,719 ​ 18,926 ​ 28,994 ​ 41,464 ​ Other revenues Total revenues derived from contracts with customers ​ $ 68,427 ​ $ 66,274 ​ $ 120,830 ​ $ 129,638 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Litigation	Litigation
Recently Adopted and Recently Announced Accounting Pronouncements	Recently Adopted and Recently Announced Accounting Pronouncement s Improvements to Reportable Segment Disclosures Improvements to Income Tax Disclosures annual disclosures required by ASU 2023-07 are effective for the Company’s Annual Report on Form 10-K for the year ending December 31, 2024. The interim disclosures required by ASU 2023-07 are effective in 2025. The disclosures for ASU 2023-09 are effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. 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 condensed consolidated financial statements. The Company did not adopt any new accounting policies during the second quarter of 2024.
Reclassifications	Reclassifications

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of Components of Provision (Benefit) for Credit Losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ ​ June 30, ​ June 30, ​ Components of Provision (Benefit) for Credit Losses (in thousands) 2024 2023 2024 2023 Provision (benefit) for loan losses ​ $ (17) ​ $ (57) ​ $ (16) ​ $ 138 ​ Provision (benefit) for risk-sharing obligations ​ 353 ​ (677) ​ (1,124) ​ (11,647) ​ Provision (benefit) for other credit losses ​ 2,600 ​ — ​ 4,600 ​ — ​ Provision (benefit) for credit losses ​ $ 2,936 ​ $ (734) ​ $ 3,460 ​ $ (11,509) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ (in thousands) 2024 2023 2023 2022 Cash and cash equivalents $ 208,095 ​ $ 228,091 ​ $ 328,698 ​ $ 225,949 ​ Restricted cash ​ 35,460 ​ ​ 21,769 ​ ​ 21,422 ​ ​ 17,676 ​ Pledged cash and cash equivalents (NOTE 9) 37,935 ​ 34,032 ​ 41,283 ​ 14,658 ​ Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 281,490 ​ $ 283,892 ​ $ 391,403 ​ $ 258,283 ​
Schedule of Net Warehouse Interest Income (Expense)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended (in thousands) ​ June 30, ​ June 30, Components of Net Warehouse Interest Income (Expense) 2024 2023 2024 2023 Warehouse interest income ​ $ 6,643 ​ $ 11,596 ​ $ 14,136 ​ $ 22,103 Warehouse interest expense ​ (8,227) ​ (13,122) ​ (16,836) ​ (23,628) Net warehouse interest income (expense) ​ $ (1,584) ​ $ (1,526) ​ $ (2,700) ​ $ (1,525)
Schedule of Contracts with Customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ ​ ​ June 30, ​ June 30, ​ ​ Description in thousands 2024 2023 2024 2023 Statement of income line item Certain loan origination fees ​ $ 25,621 ​ $ 20,694 ​ $ 43,408 ​ $ 34,723 ​ Loan origination and debt brokerage fees, net Property sales broker fees ​ ​ 11,265 ​ ​ 10,345 ​ ​ 20,086 ​ ​ 21,969 ​ Property sales broker fees Investment management fees ​ ​ 14,822 ​ ​ 16,309 ​ ​ 28,342 ​ ​ 31,482 ​ Investment management fees Application fees, appraisal revenues, subscription revenues, syndication fees, and other revenues ​ 16,719 ​ 18,926 ​ 28,994 ​ 41,464 ​ Other revenues Total revenues derived from contracts with customers ​ $ 68,427 ​ $ 66,274 ​ $ 120,830 ​ $ 129,638 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

MORTGAGE SERVICING RIGHTS (Tabl

MORTGAGE SERVICING RIGHTS (Tables)	6 Months Ended
	Jun. 30, 2024
MORTGAGE SERVICING RIGHTS
Schedule of Activity Related to MSRs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, Roll Forward of MSRs (in thousands) 2024 2023 2024 2023 Beginning balance ​ $ 881,834 ​ $ 946,406 ​ $ 907,415 ​ $ 975,226 ​ Additions, following the sale of loan ​ 21,172 ​ 38,119 ​ 47,582 ​ 62,149 ​ Amortization ​ (50,495) ​ (49,467) ​ (101,026) ​ (98,909) ​ Pre-payments and write-offs ​ (1,680) ​ (2,927) ​ (3,140) ​ (6,335) ​ Ending balance ​ $ 850,831 ​ $ 932,131 ​ $ 850,831 ​ $ 932,131 ​
Summary of Components of Net Carrying Value of MSRs	​ ​ ​ ​ ​ ​ ​ ​ Components of MSRs (in thousands) ​ June 30, 2024 ​ December 31, 2023 Gross value ​ $ 1,755,179 ​ $ 1,733,844 Accumulated amortization ​ (904,348) ​ (826,429) Net carrying value ​ $ 850,831 ​ $ 907,415
Schedule of Expected Amortization of MSRs	​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Six Months Ending December 31, ​ ​ ​ 2024 ​ $ 98,292 Year Ending December 31, ​ ​ ​ 2025 ​ $ 178,735 2026 ​ 153,112 2027 ​ 131,461 2028 ​ 103,041 2029 ​ 78,048 Thereafter ​ ​ 108,142 Total ​ $ 850,831

ALLOWANCE FOR RISK-SHARING OB_2

ALLOWANCE FOR RISK-SHARING OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2024
ALLOWANCE FOR RISK-SHARING OBLIGATIONS
Summary of Allowance for Risk-Sharing Obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, Roll Forward of Allowance for Risk-Sharing Obligations (in thousands) 2024 2023 2024 2023 Beginning balance ​ $ 30,124 ​ $ 33,087 ​ $ 31,601 ​ $ 44,057 ​ Provision (benefit) for risk-sharing obligations ​ 353 ​ (677) ​ (1,124) ​ (11,647) ​ Write-offs ​ — ​ — ​ — ​ — ​ Ending balance ​ $ 30,477 ​ $ 32,410 ​ $ 30,477 ​ $ 32,410 ​
Schedule of CECL Calculation Details and Provision Impact	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 CECL Calculation Inputs, Details, and Provision Impact Q1 ​ Q2 ​ Total Forecast-period loss rate in basis points ​ 2.3 ​ 2.3 ​ N/A Reversion-period loss rate in basis points ​ 1.3 ​ 1.3 ​ N/A Historical loss rate in basis points ​ 0.3 ​ 0.3 ​ N/A At-risk Fannie Mae servicing portfolio UPB in billions $ 59.2 $ 59.5 ​ N/A CECL allowance (in millions) $ 25.0 $ 24.9 ​ N/A Provision (benefit) for risk-sharing obligations in millions $ (1.5) $ 0.4 $ (1.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 CECL Calculation Inputs, Details, and Provision Impact Q1 ​ Q2 ​ Total Forecast-period loss rate in basis points ​ 2.3 ​ 2.3 ​ N/A Reversion-period loss rate in basis points ​ 1.5 ​ 1.5 ​ N/A Historical loss rate in basis points ​ 0.6 ​ 0.6 ​ N/A At-risk Fannie Mae servicing portfolio UPB in billions $ 54.5 $ 55.7 ​ N/A CECL allowance (in millions) $ 28.7 $ 28.9 ​ N/A Provision (benefit) for risk-sharing obligations in millions $ (10.9) $ (0.7) $ (11.6)

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2024
DEBT
Schedule of notes payable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ ​ (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 ​ $ 161,970 SOFR plus 1.30% ​ Agency Warehouse Facility #2 ​ 700,000 ​ ​ 300,000 ​ ​ 1,000,000 ​ 293,032 ​ SOFR plus 1.30% ​ Agency Warehouse Facility #3 ​ 425,000 ​ ​ 425,000 ​ ​ 850,000 ​ 36,094 SOFR plus 1.30% ​ Agency Warehouse Facility #4 ​ ​ 150,000 ​ ​ 225,000 ​ ​ 375,000 ​ ​ 42,549 ​ SOFR plus 1.30% to 1.35% ​ Agency Warehouse Facility #5 ​ ​ — ​ ​ 1,000,000 ​ ​ 1,000,000 ​ ​ 139,471 ​ SOFR plus 1.45% ​ Total National Bank Agency Warehouse Facilities ​ $ 1,600,000 ​ ​ 2,200,000 ​ ​ 3,800,000 ​ $ 673,116 ​ ​ ​ Fannie Mae repurchase agreement, uncommitted line and open maturity ​ — ​ ​ 1,500,000 ​ ​ 1,500,000 ​ 125,548 ​ ​ Total Agency Warehouse Facilities ​ $ 1,600,000 ​ ​ 3,700,000 ​ ​ 5,300,000 ​ $ 798,664 ​ ​ ​ (1) Interest rate presented does not include the effect of any applicable interest rate floors.

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2024
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of Goodwill by Reportable Segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended ​ ​ June 30, (in thousands) 2024 2023 Roll Forward of Gross Goodwill ​ CM ​ SAM ​ Consolidated (1) ​ CM ​ SAM ​ Consolidated (1) Beginning balance ​ $ 524,189 ​ $ 439,521 ​ $ 963,710 ​ $ 520,191 ​ $ 439,521 ​ $ 959,712 Additions from acquisitions ​ — ​ ​ — ​ ​ — ​ — ​ — ​ — Measurement-period and other adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,998 ​ ​ — ​ ​ 3,998 Ending gross goodwill balance ​ $ 524,189 ​ $ 439,521 ​ $ 963,710 ​ $ 524,189 ​ $ 439,521 ​ $ 963,710 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roll Forward of Accumulated Goodwill Impairment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 62,000 ​ $ — ​ $ 62,000 ​ $ — ​ $ — ​ $ — Impairment ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Ending accumulated goodwill impairment ​ $ 62,000 ​ $ — ​ $ 62,000 ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ $ 462,189 ​ $ 439,521 ​ $ 901,710 ​ $ 524,189 ​ $ 439,521 ​ $ 963,710 (1) As of June 30, 2024 and 2023 and December 31, 2023 and 2022, no goodwill was allocated to the Corporate reportable segment.
Schedule of Other Intangible Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended ​ ​ June 30, Roll Forward of Other Intangible Assets (in thousands) 2024 2023 Beginning balance ​ $ 181,975 ​ $ 198,643 Additions from acquisitions ​ — ​ — Amortization ​ (7,508) ​ (8,724) Ending balance ​ $ 174,467 ​ $ 189,919
Summary of Components of Net Carrying Value of Other Intangible Assets	​ ​ ​ ​ ​ ​ ​ ​ Components of Other Intangible Assets (in thousands) ​ June 30, 2024 ​ December 31, 2023 Gross value ​ $ 220,682 ​ $ 220,682 Accumulated amortization ​ (46,215) ​ (38,707) Net carrying value ​ $ 174,467 ​ $ 181,975
Schedule of Expected Amortization of Other Intangible Assets	​ ​ ​ ​ ​ ​ Expected (in thousands) ​ Amortization Six Months Ending December 31, ​ ​ ​ 2024 ​ $ 8,179 Year Ending December 31, ​ ​ ​ 2025 ​ $ 16,357 2026 ​ 16,357 2027 ​ 16,357 2028 ​ 16,357 2029 ​ 16,293 Thereafter ​ ​ 84,567 Total ​ $ 174,467
Schedule of Contingent Liability	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended ​ (in thousands) ​ June 30, ​ Roll Forward of Contingent Consideration Liabilities 2024 2023 ​ Beginning balance ​ $ 113,546 ​ $ 200,346 ​ Additions ​ ​ — ​ ​ — ​ Accretion ​ ​ 1,334 ​ ​ 353 ​ Payments ​ ​ (25,873) ​ ​ (25,690) ​ Ending balance ​ $ 89,007 ​ $ 175,009 ​

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ — ​ $ 814,883 ​ $ — ​ $ 814,883 ​ Pledged securities ​ 37,935 ​ 160,001 ​ — ​ 197,936 ​ Derivative assets ​ — ​ — ​ 26,456 ​ 26,456 ​ Total ​ $ 37,935 ​ $ 974,884 ​ $ 26,456 ​ $ 1,039,275 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ — ​ $ — ​ $ 5,184 ​ $ 5,184 ​ Contingent consideration liabilities ​ ​ — ​ ​ — ​ ​ 89,007 ​ ​ 89,007 ​ Total ​ $ — ​ $ — ​ $ 94,191 ​ $ 94,191 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​
Schedule of Roll Forward of Derivative Instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ (in thousands) ​ June 30, ​ June 30, ​ Derivative Assets and Liabilities, net 2024 2023 2024 2023 Beginning balance ​ $ 13,797 ​ $ (7,729) ​ $ 3,204 ​ $ 15,560 ​ Settlements ​ (91,209) ​ (79,056) ​ (145,254) ​ (179,442) ​ Realized gains (losses) recorded in earnings (1) ​ 77,412 ​ 86,785 ​ 142,049 ​ 163,882 ​ Unrealized gains (losses) recorded in earnings (1) ​ 21,272 ​ 20,241 ​ 21,272 ​ 20,241 ​ Ending balance ​ $ 21,272 ​ $ 20,241 ​ $ 21,272 ​ $ 20,241 ​ (1) Realized and unrealized gains (losses) from derivatives are recognized in Loan origination and debt brokerage fees, net and Fair value of expected net cash flows from servicing, net in the Condensed Consolidated Statements of Income.
Schedule of Significant Unobservable Inputs Used in the Measurement of the Fair Value of Level 3 Assets and Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quantitative Information about Level 3 Fair Value Measurements (in thousands) Fair Value Valuation Technique Unobservable Input (1) Input Range (1) Weighted Average (2) Derivative assets ​ $ 26,456 Discounted cash flow Counterparty credit risk — ​ — Derivative liabilities ​ $ 5,184 Discounted cash flow Counterparty credit risk — ​ — Contingent consideration liabilities ​ $ 89,007 ​ 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ December 31, 2023 ​ Carrying Fair Carrying Fair (in thousands) ​ Amount ​ Value ​ Amount ​ Value Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 208,095 ​ $ 208,095 ​ $ 328,698 ​ $ 328,698 ​ Restricted cash ​ 35,460 ​ 35,460 ​ 21,422 ​ 21,422 ​ Pledged securities ​ 197,936 ​ 197,936 ​ 184,081 ​ 184,081 ​ Loans held for sale ​ 814,883 ​ 814,883 ​ 594,998 ​ 594,998 ​ Loans held for investment, net (1) ​ 42,952 ​ 41,995 ​ 40,056 ​ 40,139 ​ Derivative assets (1) ​ 26,456 ​ 26,456 ​ 31,451 ​ 31,451 ​ Total financial assets ​ $ 1,325,782 ​ $ 1,324,825 ​ $ 1,200,706 ​ $ 1,200,789 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities (2) ​ $ 5,184 ​ $ 5,184 ​ $ 28,247 ​ $ 28,247 ​ Contingent consideration liabilities (2) ​ ​ 89,007 ​ ​ 89,007 ​ ​ 113,546 ​ ​ 113,546 ​ Warehouse notes payable ​ 810,114 ​ 810,336 ​ 596,178 ​ 596,428 ​ Notes payable ​ 770,707 ​ 782,494 ​ 773,358 ​ 786,500 ​ Total financial liabilities ​ $ 1,675,012 ​ $ 1,687,021 ​ $ 1,511,329 ​ $ 1,524,721 ​ (1) Included as a component of Other Assets on the Condensed Consolidated Balance Sheets. (2) Included as a component of Other Liabilities on the Condensed 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 June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ $ 817,285 ​ ​ 23,701 ​ ​ 37 ​ ​ 23,738 ​ ​ 23,738 ​ ​ — ​ ​ — ​ Forward sale contracts ​ 1,622,467 ​ ​ — ​ ​ (2,466) ​ ​ (2,466) ​ ​ 2,718 ​ ​ (5,184) ​ ​ — ​ Loans held for sale ​ 805,182 ​ ​ 7,272 ​ ​ 2,429 ​ ​ 9,701 ​ ​ — ​ ​ — ​ ​ 9,701 ​ Total ​ ​ ​ ​ $ 30,973 ​ $ 0 ​ $ 30,973 ​ $ 26,456 ​ $ (5,184) ​ $ 9,701 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​

FANNIE MAE COMMITMENTS AND PL_2

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2024
FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES
Schedule of Pledged Securities at Fair Value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ Pledged Securities (in thousands) 2024 2023 2023 2022 Restricted cash $ 3,663 ​ $ 3,047 ​ $ 2,727 ​ $ 5,788 ​ Money market funds ​ 34,272 ​ ​ 30,985 ​ ​ 38,556 ​ ​ 8,870 ​ Total pledged cash and cash equivalents $ 37,935 ​ $ 34,032 ​ $ 41,283 ​ $ 14,658 ​ Agency MBS 160,001 ​ ​ 136,634 ​ 142,798 ​ 142,624 ​ Total pledged securities, at fair value $ 197,936 ​ $ 170,666 ​ $ 184,081 ​ $ 157,282 ​
Schedule of Investment Information Related to AFS Agency MBS	​ ​ ​ ​ ​ ​ ​ ​ Fair Value and Amortized Cost of Agency MBS (in thousands) June 30, 2024 December 31, 2023 Fair value $ 160,001 ​ $ 142,798 ​ Amortized cost ​ 159,781 ​ ​ 143,862 ​ Total gains for securities with net gains in AOCI ​ 1,483 ​ ​ 1,036 ​ Total losses for securities with net losses in AOCI (1,263) ​ (2,100) ​ Fair value of securities with unrealized losses 101,118 ​ 103,003 ​
Schedule of Contractual Maturity Information Related to Agency MBS	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ Detail of Agency MBS Maturities (in thousands) Fair Value Amortized Cost Within one year $ — ​ $ — ​ After one year through five years ​ 69,000 ​ ​ 69,199 ​ After five years through ten years ​ 73,656 ​ ​ 73,128 ​ After ten years 17,345 ​ ​ 17,454 ​ Total $ 160,001 ​ $ 159,781 ​ ​ ​ ​ ​ ​ ​ ​ ​

EARNINGS PER SHARE AND STOCKH_2

EARNINGS PER SHARE AND STOCKHOLDERS EQUITY (Tables)	6 Months Ended
	Jun. 30, 2024
EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY
Schedule of basic and diluted EPS under two-class method	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, ​ For the six months ended June 30, EPS Calculations (in thousands, except per share amounts) 2024 ​ 2023 ​ 2024 ​ 2023 Calculation of basic EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Walker & Dunlop net income $ 22,663 ​ $ 27,635 ​ $ 34,529 ​ $ 54,300 ​ Less: dividends and undistributed earnings allocated to participating securities 514 ​ 703 ​ 810 ​ 1,410 ​ Net income applicable to common stockholders $ 22,149 ​ $ 26,932 ​ $ 33,719 ​ $ 52,890 ​ Weighted-average basic shares outstanding ​ 33,121 ​ ​ 32,695 ​ ​ 33,050 ​ ​ 32,612 ​ Basic EPS $ 0.67 ​ $ 0.82 ​ $ 1.02 ​ $ 1.62 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Calculation of diluted EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income applicable to common stockholders $ 22,149 ​ $ 26,932 ​ $ 33,719 ​ $ 52,890 ​ Add: reallocation of dividends and undistributed earnings based on assumed conversion ​ — ​ ​ 1 ​ ​ — ​ ​ 2 ​ Net income allocated to common stockholders $ 22,149 ​ $ 26,933 ​ $ 33,719 ​ $ 52,892 ​ Weighted-average basic shares outstanding ​ 33,121 ​ ​ 32,695 ​ ​ 33,050 ​ ​ 32,612 ​ Add: weighted-average diluted non-participating securities ​ 33 ​ ​ 156 ​ ​ 51 ​ ​ 222 ​ Weighted-average diluted shares outstanding ​ 33,154 ​ ​ 32,851 ​ ​ 33,101 ​ ​ 32,834 ​ Diluted EPS $ 0.67 ​ $ 0.82 ​ $ 1.02 ​ $ 1.61 ​

SEGMENTS (Tables)

SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
SEGMENTS
Schedule of segment results and total assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment Results (in thousands) ​ For the three months ended June 30, 2024 Revenues ​ ​ CM ​ ​ SAM ​ ​ Corporate ​ ​ Consolidated Loan origination and debt brokerage fees, net ​ $ 63,841 ​ ​ 1,493 ​ ​ — ​ $ 65,334 Fair value of expected net cash flows from servicing, net ​ ​ 33,349 ​ ​ — ​ ​ — ​ ​ 33,349 Servicing fees ​ ​ — ​ ​ 80,418 ​ ​ — ​ ​ 80,418 Property sales broker fees ​ ​ 11,265 ​ ​ — ​ ​ — ​ ​ 11,265 Investment management fees ​ ​ — ​ ​ 14,822 ​ ​ — ​ ​ 14,822 Net warehouse interest income (expense) ​ ​ (1,950) ​ ​ 366 ​ ​ — ​ ​ (1,584) Placement fees and other interest income ​ ​ — ​ ​ 37,170 ​ ​ 3,870 ​ ​ 41,040 Other revenues ​ ​ 11,665 ​ ​ 13,963 ​ ​ 404 ​ ​ 26,032 Total revenues ​ $ 118,170 ​ $ 148,232 ​ $ 4,274 ​ $ 270,676 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 92,480 ​ ​ 20,077 ​ ​ 20,510 ​ $ 133,067 Amortization and depreciation ​ ​ 1,138 ​ ​ 53,173 ​ ​ 1,732 ​ ​ 56,043 Provision (benefit) for credit losses ​ — ​ ​ 2,936 ​ ​ — ​ 2,936 Interest expense on corporate debt ​ 5,299 ​ ​ 10,946 ​ ​ 1,629 ​ 17,874 Other operating expenses ​ 4,642 ​ ​ 6,728 ​ ​ 21,189 ​ 32,559 Total expenses ​ $ 103,559 ​ $ 93,860 ​ $ 45,060 ​ $ 242,479 Income (loss) from operations ​ $ 14,611 ​ $ 54,372 ​ $ (40,786) ​ $ 28,197 Income tax expense (benefit) ​ 3,359 ​ ​ 16,521 ​ ​ (11,978) ​ 7,902 Net income (loss) before noncontrolling interests ​ $ 11,252 ​ $ 37,851 ​ $ (28,808) ​ $ 20,295 Less: net income (loss) from noncontrolling interests ​ 213 ​ ​ (2,581) ​ ​ — ​ (2,368) Walker & Dunlop net income (loss) ​ $ 11,039 ​ $ 40,432 ​ $ (28,808) ​ $ 22,663 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment Results (in thousands) ​ For the three months ended June 30, 2023 Revenues ​ ​ CM ​ ​ SAM ​ ​ Corporate ​ ​ Consolidated Loan origination and debt brokerage fees, net ​ $ 64,574 ​ $ 394 ​ $ — ​ $ 64,968 Fair value of expected net cash flows from servicing, net ​ ​ 42,058 ​ ​ — ​ ​ — ​ ​ 42,058 Servicing fees ​ ​ — ​ ​ 77,061 ​ ​ — ​ ​ 77,061 Property sales broker fees ​ ​ 10,345 ​ ​ — ​ ​ — ​ ​ 10,345 Investment management fees ​ ​ — ​ ​ 16,309 ​ ​ — ​ ​ 16,309 Net warehouse interest income (expense) ​ ​ (2,752) ​ ​ 1,226 ​ ​ — ​ ​ (1,526) Placement fees and other interest income ​ ​ — ​ ​ 32,337 ​ ​ 3,049 ​ ​ 35,386 Other revenues ​ ​ 11,760 ​ ​ 15,513 ​ ​ 741 ​ ​ 28,014 Total revenues ​ $ 125,985 ​ $ 142,840 ​ $ 3,790 ​ $ 272,615 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 93,067 ​ $ 21,189 ​ $ 19,049 ​ $ 133,305 Amortization and depreciation ​ ​ 1,089 ​ ​ 53,550 ​ ​ 1,653 ​ ​ 56,292 Provision (benefit) for credit losses ​ — ​ (734) ​ — ​ (734) Interest expense on corporate debt ​ 4,727 ​ 10,707 ​ 1,576 ​ 17,010 Other operating expenses ​ 5,200 ​ 9,946 ​ 15,584 ​ 30,730 Total expenses ​ $ 104,083 ​ $ 94,658 ​ $ 37,862 ​ $ 236,603 Income (loss) from operations ​ $ 21,902 ​ $ 48,182 ​ $ (34,072) ​ $ 36,012 Income tax expense (benefit) ​ 5,572 ​ ​ 14,787 ​ ​ (9,868) ​ 10,491 Net income (loss) before noncontrolling interests ​ $ 16,330 ​ $ 33,395 ​ $ (24,204) ​ $ 25,521 Less: net income (loss) from noncontrolling interests ​ 223 ​ (2,337) ​ — ​ (2,114) Walker & Dunlop net income (loss) ​ $ 16,107 ​ $ 35,732 ​ $ (24,204) ​ $ 27,635 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment Results and Total Assets (in thousands) ​ As of and for the six months ended June 30, 2024 Revenues ​ ​ CM ​ ​ SAM ​ ​ Corporate ​ ​ Consolidated Loan origination and debt brokerage fees, net ​ $ 107,541 ​ $ 1,533 ​ $ — ​ $ 109,074 Fair value of expected net cash flows from servicing, net ​ ​ 54,247 ​ ​ — ​ ​ — ​ ​ 54,247 Servicing fees ​ ​ — ​ ​ 160,461 ​ ​ — ​ ​ 160,461 Property sales broker fees ​ ​ 20,086 ​ ​ — ​ ​ — ​ ​ 20,086 Investment management fees ​ ​ — ​ ​ 28,342 ​ ​ — ​ ​ 28,342 Net warehouse interest income (expense) ​ ​ (3,524) ​ ​ 824 ​ ​ — ​ ​ (2,700) Placement fees and other interest income ​ ​ — ​ ​ 72,773 ​ ​ 7,669 ​ ​ 80,442 Other revenues ​ ​ 21,717 ​ ​ 25,534 ​ ​ 1,532 ​ ​ 48,783 Total revenues ​ $ 200,067 ​ $ 289,467 ​ $ 9,201 ​ $ 498,735 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 171,667 ​ $ 38,132 ​ $ 34,731 ​ $ 244,530 Amortization and depreciation ​ ​ 2,275 ​ ​ 106,244 ​ ​ 3,415 ​ ​ 111,934 Provision (benefit) for credit losses ​ — ​ ​ 3,460 ​ ​ — ​ ​ 3,460 Interest expense on corporate debt ​ 10,150 ​ ​ 22,137 ​ ​ 3,246 ​ ​ 35,533 Other operating expenses ​ 9,694 ​ ​ 11,851 ​ ​ 39,857 ​ ​ 61,402 Total expenses ​ $ 193,786 ​ $ 181,824 ​ $ 81,249 ​ $ 456,859 Income (loss) from operations ​ $ 6,281 ​ $ 107,643 ​ $ (72,048) ​ $ 41,876 Income tax expense (benefit) ​ 1,615 ​ ​ 27,674 ​ ​ (18,523) ​ 10,766 Net income (loss) before noncontrolling interests ​ $ 4,666 ​ $ 79,969 ​ $ (53,525) ​ $ 31,110 Less: net income (loss) from noncontrolling interests ​ 327 ​ ​ (3,746) ​ ​ — ​ (3,419) Walker & Dunlop net income (loss) ​ $ 4,339 ​ $ 83,715 ​ $ (53,525) ​ $ 34,529 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 1,491,821 ​ ​ 2,283,259 ​ ​ 400,318 ​ $ 4,175,398 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment Results and Total Assets (in thousands) ​ As of and for the six months ended June 30, 2023 Revenues ​ ​ CM ​ ​ SAM ​ ​ Corporate ​ ​ Consolidated Loan origination and debt brokerage fees, net ​ $ 111,530 ​ $ 522 ​ $ — ​ $ 112,052 Fair value of expected net cash flows from servicing, net ​ ​ 72,071 ​ ​ — ​ ​ — ​ ​ 72,071 Servicing fees ​ ​ — ​ ​ 152,827 ​ ​ — ​ ​ 152,827 Property sales broker fees ​ ​ 21,969 ​ ​ — ​ ​ — ​ ​ 21,969 Investment management fees ​ ​ — ​ ​ 31,482 ​ ​ — ​ ​ 31,482 Net warehouse interest income (expense) ​ ​ (4,441) ​ ​ 2,916 ​ ​ — ​ ​ (1,525) Placement fees and other interest income ​ ​ — ​ ​ 61,161 ​ ​ 5,149 ​ ​ 66,310 Other revenues ​ ​ 28,860 ​ ​ 27,128 ​ ​ 187 ​ ​ 56,175 Total revenues ​ $ 229,989 ​ $ 276,036 ​ $ 5,336 ​ $ 511,361 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 183,529 ​ $ 36,530 ​ $ 31,859 ​ $ 251,918 Amortization and depreciation ​ ​ 2,275 ​ ​ 107,560 ​ ​ 3,423 ​ ​ 113,258 Provision (benefit) for credit losses ​ — ​ (11,509) ​ — ​ (11,509) Interest expense on corporate debt ​ 8,996 ​ 20,289 ​ 2,999 ​ 32,284 Other operating expenses ​ 10,844 ​ 11,426 ​ 32,523 ​ 54,793 Total expenses ​ $ 205,644 ​ $ 164,296 ​ $ 70,804 ​ $ 440,744 Income (loss) from operations ​ $ 24,345 ​ $ 111,740 ​ $ (65,468) ​ $ 70,617 Income tax expense (benefit) ​ 6,076 ​ ​ 27,891 ​ ​ (16,341) ​ 17,626 Net income (loss) before noncontrolling interests ​ $ 18,269 ​ $ 83,849 ​ $ (49,127) ​ $ 52,991 Less: net income (loss) from noncontrolling interests ​ 1,658 ​ (2,967) ​ — ​ (1,309) Walker & Dunlop net income (loss) ​ $ 16,611 ​ $ 86,816 ​ $ (49,127) ​ $ 54,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 1,988,392 ​ $ 2,340,147 ​ $ 478,885 ​ $ 4,807,424

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2024
Consolidated VIEs
Schedule of the carrying value and classification of assets and liabilities of VIEs	​ ​ ​ ​ ​ ​ ​ ​ Consolidated VIEs (in thousands) ​ June 30, 2024 ​ December 31, 2023 Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 299 ​ $ 2,841 Restricted cash ​ ​ 4,438 ​ ​ 2,811 Receivables, net ​ ​ 27,728 ​ ​ 28,256 Other Assets ​ ​ 47,301 ​ ​ 47,249 Total assets of consolidated VIEs ​ $ 79,766 ​ $ 81,157 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ Other liabilities ​ $ 55,901 ​ $ 53,526 Total liabilities of consolidated VIEs ​ $ 55,901 ​ $ 53,526 ​ ​ ​ ​ ​ ​ ​
Nonconsolidated VIEs
Schedule of the carrying value and classification of assets and liabilities of VIEs	​ ​ ​ ​ ​ ​ ​ ​ Nonconsolidated VIEs (in thousands) ​ ​ June 30, 2024 ​ December 31, 2023 Assets ​ ​ ​ ​ ​ ​ Committed investments in tax credit equity ​ $ 151,674 ​ $ 154,028 Other assets: Equity-method investments ​ ​ 61,299 ​ ​ 60,195 Total interests in nonconsolidated VIEs ​ $ 212,973 ​ $ 214,223 ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ Commitments to fund investments in tax credit equity ​ $ 134,493 ​ $ 140,259 Total commitments to fund nonconsolidated VIEs ​ $ 134,493 ​ $ 140,259 ​ ​ ​ ​ ​ ​ ​ Maximum exposure to losses (1)(2) ​ $ 212,973 ​ $ 214,223 ​ ​ ​ ​ ​ ​ ​ (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 - Provision for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Components of Provision for Credit Losses
Provision (benefit) for loan losses	$ (17)		$ (57)		$ (16)	$ 138
Provision (benefit) for risk-sharing obligations	353	$ (1,500)	(677)	$ (10,900)	(1,124)	(11,647)
Provision (benefit) for other credit losses	2,600				4,600
Provision (benefit) for credit losses	$ 2,936		$ (734)		$ 3,460	$ (11,509)

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans Held-for-Investment, Net and Agency Loan Repurchases (Detail) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) loan	Mar. 31, 2024 USD ($) loan	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) loan	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) loan
Loans Held-for-Investment, Net
Unpaid principal balance of loans held for investment	$ 25,900			$ 25,900		$ 40,100
Number of delinquent loans | loan	0			0		0
Number of loans on nonaccrual status | loan	0			0		0
Amortized cost of loans held for investment, current	$ 25,900			$ 25,900		$ 40,100
Agency loan repurchases
Payments to repurchase agency loans				13,469
Provision for estimated indemnification loss on agency loan to be repurchased	2,936		$ (734)	$ 3,460	$ (11,509)
Maximum
Loans Held-for-Investment, Net
Loan term (in years)				3 years		3 years
Fannie Mae DUS program
Agency loan repurchases
Unpaid principal balance of loans repurchased from agency program		$ 17,900
Payments to repurchase agency loans		$ 13,500				$ 4,400
Freddie Mac
Agency loan repurchases
Number of agency loans to be repurchased | loan		2
Freddie Mac Loan One
Agency loan repurchases
Extended period of time for the repurchase of the agency loan		6 months
Unpaid principal balance of loans expected to be repurchased from agency program		$ 11,400
Freddie Mac Loan Two
Agency loan repurchases
Extended period of time for the repurchase of the agency loan		12 months
Unpaid principal balance of loans expected to be repurchased from agency program		$ 34,800
Freddie Mac Loan Two | Provision (Benefit) for Credit Losses
Agency loan repurchases
Provision for estimated indemnification loss on agency loan to be repurchased				$ 4,600
Freddie Mac Loan Two | Other Liabilities
Agency loan repurchases
Fair value of indemnification on agency loan to be repurchased	$ 4,600			$ 4,600

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash Flows (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents
Cash and cash equivalents	$ 208,095	$ 328,698	$ 228,091	$ 225,949
Restricted cash	35,460	21,422	21,769	17,676
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	281,490	391,403	283,892	258,283
Total pledged cash and cash equivalents
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents
Pledged cash and cash equivalents (NOTE 9)	$ 37,935	$ 41,283	$ 34,032	$ 14,658

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Excess tax benefits recognized	$ 0.4	$ (0.1)	$ 1	$ 1.5

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Net Warehouse Interest Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Warehouse interest income	$ 6,643	$ 11,596	$ 14,136	$ 22,103
Warehouse interest expense	(8,227)	(13,122)	(16,836)	(23,628)
Net warehouse interest income (expense)	(1,584)	(1,526)	(2,700)	(1,525)
Co-broker fees	$ 2,000	$ 3,500	$ 4,600	$ 6,800

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contracts with Customers and Asset Management Fees (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Contracts with Customers
Revenue from contracts with customer	$ 68,427	$ 66,274	$ 120,830	$ 129,638
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Revenues	Revenues	Revenues	Revenues
Loan origination and debt brokerage fees, net
Contracts with Customers
Revenue from contracts with customer	$ 25,621	$ 20,694	$ 43,408	$ 34,723
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Revenues	Revenues	Revenues	Revenues
Property sales broker fees
Contracts with Customers
Revenue from contracts with customer	$ 11,265	$ 10,345	$ 20,086	$ 21,969
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Revenues	Revenues	Revenues	Revenues
Investment management fees
Contracts with Customers
Revenue from contracts with customer	$ 14,822	$ 16,309	$ 28,342	$ 31,482
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Revenues	Revenues	Revenues	Revenues
Application fees, appraisal revenues, subscription revenues, syndication fees, and other revenues
Contracts with Customers
Revenue from contracts with customer	$ 16,719	$ 18,926	$ 28,994	$ 41,464
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Revenues	Revenues	Revenues	Revenues

MORTGAGE SERVICING RIGHTS - Fai

MORTGAGE SERVICING RIGHTS - Fair Value Disclosures (Detail) - MSRs - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Servicing
Fair value of the MSRs	$ 1,400	$ 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	$ 42.7
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	$ 82.5

MORTGAGE SERVICING RIGHTS - Sch

MORTGAGE SERVICING RIGHTS - Schedule of Activity Related to MSRs (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Mortgage Servicing Rights
Beginning balance			$ 907,415
Ending balance	$ 850,831		850,831
MSRs
Mortgage Servicing Rights
Beginning balance	881,834	$ 946,406	907,415	$ 975,226
Additions, following sale of loan	21,172	38,119	47,582	62,149
Amortization	(50,495)	(49,467)	(101,026)	(98,909)
Pre-payments and write-offs	(1,680)	(2,927)	(3,140)	(6,335)
Ending balance	$ 850,831	$ 932,131	$ 850,831	$ 932,131

MORTGAGE SERVICING RIGHTS - Sum

MORTGAGE SERVICING RIGHTS - Summary of Components of Net Carrying Value of Acquired and Originated MSRs (Detail) - MSRs - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Mortgage Servicing Rights Acquired and Originated
Gross value	$ 1,755,179	$ 1,733,844
Accumulated amortization	(904,348)	(826,429)
Net carrying value	$ 850,831	$ 907,415

MORTGAGE SERVICING RIGHTS - S_2

MORTGAGE SERVICING RIGHTS - Schedule of Expected Amortization of MSRs (Detail) - MSRs - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Future amortization
Six Months Ending December 31, 2024	$ 98,292
2025	178,735
2026	153,112
2027	131,461
2028	103,041
2029	78,048
Thereafter	108,142
Net carrying value	$ 850,831	$ 907,415

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				6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) loan	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) loan
Allowance for Risk-Sharing Contracts
Beginning balance	$ 30,124	$ 31,601	$ 33,087	$ 44,057	$ 31,601	$ 44,057	$ 44,057
Provision (benefit) for risk-sharing obligations	353	(1,500)	(677)	(10,900)	(1,124)	(11,647)
Ending balance	30,477	$ 30,124	32,410	$ 33,087	$ 30,477	32,410	$ 31,601
Number of defaulted loans | loan					5		3
Amount of specific reserves placed on defaulted at risk loans	5,600				$ 5,600		$ 2,800
Weighted average remaining life of the at risk servicing portfolio					6 years		6 years 4 months 24 days
Fannie Mae DUS program
Allowance for Risk-Sharing Contracts
Maximum quantifiable contingent liability associated with guarantees	$ 12,200,000		$ 11,300,000		$ 12,200,000	$ 11,300,000

ALLOWANCE FOR RISK-SHARING OB_4

ALLOWANCE FOR RISK-SHARING OBLIGATIONS AND GUARANTY OBLIGATION - CECL Provision Impact (Details) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
ALLOWANCE FOR RISK-SHARING OBLIGATIONS
Forecast-period loss rate	0.023	0.023	0.023	0.023
Reversion-period loss rate	0.013	0.013	0.015	0.015
Historical loss rate	0.003	0.003	0.006	0.006
At-risk Fannie Mae servicing portfolio UPB	$ 59,500,000	$ 59,200,000	$ 55,700,000	$ 54,500,000
CECL allowance	24,900	25,000	28,900	28,700
Provision (benefit) for risk-sharing obligations	$ 353	$ (1,500)	$ (677)	$ (10,900)	$ (1,124)	$ (11,647)

SERVICING - (Detail)

SERVICING - (Detail) - Loans serviced - USD ($) $ in Billions	Jun. 30, 2024	Dec. 31, 2023
Servicing
Servicing portfolio loans unpaid principal balance	$ 132.8	$ 130.5
Custodial deposit accounts	$ 2.7	$ 2.7

DEBT - Warehouse Facilities (De

DEBT - Warehouse Facilities (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Warehouse notes payable
Outstanding Balance	$ 810,114	$ 596,178
Loans Held for Sale | Agency Warehouse Facility
Warehouse notes payable
Committed Amount	1,600,000
Uncommitted Amount	3,700,000
Total Facility Capacity	5,300,000
Outstanding Balance	798,664
National Banks | Loans Held for Sale | Agency Warehouse Facility
Warehouse notes payable
Committed Amount	1,600,000
Uncommitted Amount	2,200,000
Total Facility Capacity	3,800,000
Outstanding Balance	673,116
National Banks | Loans Held for Sale | Agency Warehouse Facility #1 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount	325,000
Uncommitted Amount	250,000
Total Facility Capacity	575,000
Outstanding Balance	$ 161,970
Percentage added to reference rate	1.30%
Debt instrument, Variable interest rate, Type	us-gaap:SecuredOvernightFinancingRateSofrMember
National Banks | Loans Held for Sale | Agency Warehouse Facility #2 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount	$ 700,000
Uncommitted Amount	300,000
Total Facility Capacity	1,000,000
Outstanding Balance	$ 293,032
Percentage added to reference rate	1.30%
Debt instrument, Variable interest rate, Type	us-gaap:SecuredOvernightFinancingRateSofrMember
Maturity date	Apr. 11, 2025
National Banks | Loans Held for Sale | Agency Warehouse Facility #3 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount	$ 425,000	600,000
Uncommitted Amount	425,000	$ 265,000
Total Facility Capacity	850,000
Outstanding Balance	$ 36,094
Percentage added to reference rate	1.30%	1.35%
Debt instrument, Variable interest rate, Type	us-gaap:SecuredOvernightFinancingRateSofrMember	us-gaap:SecuredOvernightFinancingRateSofrMember
Maturity date	May 15, 2025
National Banks | Loans Held for Sale | Agency Warehouse Facility #4 | Agency Warehouse Facility
Warehouse notes payable
Committed Amount	$ 150,000	$ 200,000
Uncommitted Amount	225,000
Total Facility Capacity	375,000
Outstanding Balance	$ 42,549
Maturity date	Jun. 22, 2025
National Banks | Loans Held for Sale | Agency Warehouse Facility #4 | Agency Warehouse Facility | Minimum
Warehouse notes payable
Percentage added to reference rate	1.30%
Debt instrument, Variable interest rate, Type	us-gaap:SecuredOvernightFinancingRateSofrMember
National Banks | Loans Held for Sale | Agency Warehouse Facility #4 | Agency Warehouse Facility | Maximum
Warehouse notes payable
Percentage added to reference rate	1.35%
Debt instrument, Variable interest rate, Type	us-gaap:SecuredOvernightFinancingRateSofrMember
National Banks | Loans Held for Sale | Agency Warehouse Facility #5 | Agency Warehouse Facility
Warehouse notes payable
Uncommitted Amount	$ 1,000,000
Total Facility Capacity	1,000,000
Outstanding Balance	$ 139,471
Percentage added to reference rate	1.45%
Debt instrument, Variable interest rate, Type	us-gaap:SecuredOvernightFinancingRateSofrMember
National Banks | Loans Held for Investment | Interim Warehouse Facility
Warehouse notes payable
Total Facility Capacity	$ 119,800
Outstanding Balance	$ 11,700
National Banks | Loans Held for Investment | Interim Warehouse Facility | Minimum
Warehouse notes payable
Percentage added to reference rate	2.50%
Debt instrument, Variable interest rate, Type	us-gaap:SecuredOvernightFinancingRateSofrMember
National Banks | Loans Held for Investment | Interim Warehouse Facility | Maximum
Warehouse notes payable
Percentage added to reference rate	3.11%
Debt instrument, Variable interest rate, Type	us-gaap:SecuredOvernightFinancingRateSofrMember
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
Total Facility Capacity	1,500,000
Outstanding Balance	$ 125,548

DEBT - Notes Payable (Detail)

DEBT - Notes Payable (Detail) - Credit Agreement - USD ($) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Jan. 31, 2023	Jun. 30, 2024	Jun. 30, 2024
Term Debt
Debt
Unpaid principal balance		$ 782.5	$ 782.5
Maturity date			Dec. 16, 2028
Term Loan
Debt
Loan principal		600	$ 600
Incremental Term Loan
Debt
Unpaid principal balance		$ 198	$ 198
Loan principal	$ 200
Percentage added to reference rate	3%	2.25%
Debt instrument, Variable interest rate, Type	us-gaap:SecuredOvernightFinancingRateSofrMember	us-gaap:SecuredOvernightFinancingRateSofrMember

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Gross Goodwill
Beginning balance	$ 963,710	$ 959,712
Additions from acquisitions	0	0
Measurement-period adjustments	0	3,998
Ending gross goodwill balance	963,710	963,710
Accumulated Goodwill Impairment
Beginning balance	62,000
Impairment	0	0
Ending accumulated goodwill impairment	62,000
Goodwill	901,710	963,710	$ 901,710
Capital Markets
Gross Goodwill
Beginning balance	524,189	520,191
Additions from acquisitions	0	0
Measurement-period adjustments	0	3,998
Ending gross goodwill balance	524,189	524,189
Accumulated Goodwill Impairment
Beginning balance	62,000
Impairment	0	0
Ending accumulated goodwill impairment	62,000
Goodwill	462,189	524,189
Servicing and Asset Management
Gross Goodwill
Beginning balance	439,521	439,521
Additions from acquisitions	0	0
Measurement-period adjustments	0	0
Ending gross goodwill balance	439,521	439,521
Accumulated Goodwill Impairment
Impairment	0	0
Goodwill	439,521	439,521
Corporate
Accumulated Goodwill Impairment
Goodwill	$ 0	$ 0	$ 0	$ 0

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - Other intangible assets - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Other intangible assets
Beginning Balance	$ 181,975	$ 198,643
Amortization	(7,508)	(8,724)
Finite-Lived Intangible Assets, Net	174,467	189,919	$ 181,975
Components of other intangible assets
Gross value	220,682		220,682
Accumulated amortization	(46,215)		(38,707)
Net carrying value	$ 174,467	$ 189,919	$ 181,975

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Expected Amortization of Other Intangible Assets (Details) - Other intangible assets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Future amortization
Six Months Ending December 31, 2024	$ 8,179
2025	16,357
2026	16,357
2027	16,357
2028	16,357
2029	16,293
Thereafter	84,567
Net carrying value	$ 174,467	$ 181,975	$ 189,919	$ 198,643

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Contingent Consideration Liabilities (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Contingent consideration liabilities
Accretion	$ 1,334	$ 353
Payments	$ (25,873)	(25,690)
Maximum
Contingent consideration liabilities
Contingent consideration liability earnout period	5 years
Other Liabilities
Contingent consideration liabilities
Beginning balance	$ 113,546	200,346
Ending balance	$ 89,007	$ 175,009

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	Jun. 30, 2024	Dec. 31, 2023
Assets
Loans held for sale	$ 814,883	$ 594,998
Pledged securities	197,936	184,081
Derivative assets	26,456	31,451
Liabilities
Derivative liabilities	5,184	28,247
Recurring Basis
Assets
Loans held for sale	814,883	594,998
Pledged securities	197,936	184,081
Derivative assets	26,456	31,451
Total financial assets	1,039,275	810,530
Liabilities
Derivative liabilities	5,184	28,247
Contingent consideration liabilities	89,007	113,546
Total financial liabilities	94,191	141,793
Level 1 | Recurring Basis
Assets
Pledged securities	37,935	41,283
Total financial assets	37,935	41,283
Level 2 | Recurring Basis
Assets
Loans held for sale	814,883	594,998
Pledged securities	160,001	142,798
Total financial assets	974,884	737,796
Level 3 | Recurring Basis
Assets
Derivative assets	26,456	31,451
Total financial assets	26,456	31,451
Liabilities
Derivative liabilities	5,184	28,247
Contingent consideration liabilities	89,007	113,546
Total financial liabilities	$ 94,191	$ 141,793

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Fair Value Measurements
Amount of transfers between any of the levels within the fair value hierarchy	$ 0	$ 0
Maximum
Fair Value Measurements
Contract term	60 days

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Roll Forward of Derivative Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative assets and liabilities, net
Beginning balance	$ 13,797	$ (7,729)	$ 3,204	$ 15,560
Settlements	(91,209)	(79,056)	(145,254)	(179,442)
Realized gains (losses) recorded in earnings	77,412	86,785	142,049	163,882
Unrealized gains (losses) recorded in earnings	21,272	20,241	21,272	20,241
Ending balance	$ 21,272	$ 20,241	$ 21,272	$ 20,241

FAIR VALUE MEASUREMENTS - Sch_2

FAIR VALUE MEASUREMENTS - Schedule of Significant Unobservable Inputs Used in the Measurement of the Fair Value of Level 3 Assets and Liabilities (Detail) $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurements
Derivative assets	$ 26,456	$ 31,451
Derivative liabilities	5,184	28,247
Recurring Basis
Fair Value Measurements
Derivative assets	26,456	31,451
Derivative liabilities	5,184	28,247
Contingent consideration liabilities	89,007	113,546
Recurring Basis | Level 3
Fair Value Measurements
Derivative assets	26,456	31,451
Derivative liabilities	5,184	28,247
Contingent consideration liabilities	89,007	$ 113,546
Recurring Basis | Level 3 | Derivative Liabilities | Discounted Cash Flows
Fair Value Measurements
Derivative liabilities	5,184
Recurring Basis | Level 3 | Contingent Consideration Liabilities | Monte Carlo Simulation
Fair Value Measurements
Contingent consideration liabilities	$ 89,007
Recurring Basis | Level 3 | Contingent Consideration Liabilities | Monte Carlo Simulation | Probability of earnout achievement | Minimum
Fair Value Measurements
Contingent consideration liabilities, Measurement input	0.20
Recurring Basis | Level 3 | Contingent Consideration Liabilities | Monte Carlo Simulation | Probability of earnout achievement | Maximum
Fair Value Measurements
Contingent consideration liabilities, Measurement input	1
Recurring Basis | Level 3 | Contingent Consideration Liabilities | Monte Carlo Simulation | Probability of earnout achievement | Weighted Average
Fair Value Measurements
Contingent consideration liabilities, Measurement input	0.48
Recurring Basis | Level 3 | Derivative Assets | Discounted Cash Flows
Fair Value Measurements
Derivative assets	$ 26,456

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	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Financial assets:
Cash and cash equivalents	$ 208,095	$ 328,698	$ 228,091	$ 225,949
Restricted cash	35,460	21,422	$ 21,769	$ 17,676
Pledged securities	197,936	184,081
Loans held for sale	814,883	594,998
Derivative assets	26,456	31,451
Financial liabilities:
Derivative liabilities	5,184	28,247
Warehouse notes payable	810,114	596,178
Notes payable	770,707	773,358
Carrying Amount
Financial assets:
Cash and cash equivalents	208,095	328,698
Restricted cash	35,460	21,422
Pledged securities	197,936	184,081
Loans held for sale	814,883	594,998
Loans held for investment, net	42,952	40,056
Derivative assets	26,456	31,451
Total financial assets	1,325,782	1,200,706
Financial liabilities:
Derivative liabilities	5,184	28,247
Contingent consideration liabilities	89,007	113,546
Warehouse notes payable	810,114	596,178
Notes payable	770,707	773,358
Total financial liabilities	1,675,012	1,511,329
Fair Value
Financial assets:
Cash and cash equivalents	208,095	328,698
Restricted cash	35,460	21,422
Pledged securities	197,936	184,081
Loans held for sale	814,883	594,998
Loans held for investment, net	41,995	40,139
Derivative assets	26,456	31,451
Total financial assets	1,324,825	1,200,789
Financial liabilities:
Derivative liabilities	5,184	28,247
Contingent consideration liabilities	89,007	113,546
Warehouse notes payable	810,336	596,428
Notes payable	782,494	786,500
Total financial liabilities	$ 1,687,021	$ 1,524,721

FAIR VALUE MEASUREMENTS - Gener

FAIR VALUE MEASUREMENTS - General information (Detail)	6 Months Ended
	Jun. 30, 2024
Other information
Period of originated loans within which they are transferred or sold	60 days
Money Market Funds | Maximum
Other information
Maximum term of maturity of pledged securities	90 days

FAIR VALUE MEASUREMENTS - Sch_4

FAIR VALUE MEASUREMENTS - Schedule of Fair Value of Derivative Instruments and Loans Held for Sale (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Derivative notional amount and balance sheet location
Estimated Gain on Sale	$ 30,973	$ 25,864
Interest Rate Movement	0
Total Fair Value Adjustment	30,973	25,864
Derivative assets	26,456	31,451
Derivative Liabilities	(5,184)	(28,247)
Fair Value Adjustment to Loans Held for Sale	9,701	22,660
Rate Lock Commitments
Derivative notional amount and balance sheet location
Notional Amount	817,285	463,626
Estimated Gain on Sale	23,701	15,908
Interest Rate Movement	37	11,492
Total Fair Value Adjustment	23,738	27,400
Derivative assets	23,738	27,400
Forward Sale Contracts
Derivative notional amount and balance sheet location
Notional Amount	1,622,467	1,035,964
Interest Rate Movement	(2,466)	(24,196)
Total Fair Value Adjustment	(2,466)	(24,196)
Derivative assets	2,718	4,051
Derivative Liabilities	(5,184)	(28,247)
Loans Held for Sale
Derivative notional amount and balance sheet location
Principal Amount	805,182	572,338
Estimated Gain on Sale	7,272	9,956
Interest Rate Movement	2,429	12,704
Total Fair Value Adjustment	9,701	22,660
Fair Value Adjustment to Loans Held for Sale	$ 9,701	$ 22,660

FANNIE MAE COMMITMENTS AND PL_3

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES - Commitments (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Fannie Mae, Freddie Mac, HUD and Ginnie Mae
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Operational liquidity	$ 183.1
DUS Risk-Sharing Obligations | Fannie Mae
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Period of funding for collateral requirement	48 months
Amount of additional capital required to be funded over the next 48 months	$ 70.4
Net worth	980,000
Minimum liquid assets to be maintained to meet operational liquidity requirements	62.4
DUS Risk-Sharing Obligations | Fannie Mae | Minimum
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Net worth requirement	$ 313.5
DUS Risk-Sharing Obligations | Fannie Mae | 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 | Fannie Mae | New Tier 2 loans | Money Market Funds
LITIGATION, COMMITMENTS, AND CONTINGENCIES
Restricted liquidity collateral reduction percentage	5%
DUS Risk-Sharing Obligations | Fannie Mae | New Tier 2 loans | Agency MBS
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	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Pledged securities
Pledged securities	$ 197,936	$ 184,081
Pledged Securities - Fannie Mae DUS Program
Pledged securities
Fair value of pledged securities in a continuous unrealized loss position for more than 12 months	83,100
Amortized cost of pledged securities in a continuous unrealized loss position for more than 12 months	84,300
Net unrealized loss of pledged securities in a continuous unrealized loss position for more than 12 months	1,200
Total pledged cash and cash equivalents
Pledged securities
Pledged securities	37,935	41,283	$ 34,032	$ 14,658
Restricted Cash - Pledged
Pledged securities
Pledged securities	3,663	2,727	3,047	5,788
Money Market Funds
Pledged securities
Pledged securities	34,272	38,556	30,985	8,870
Agency MBS
Pledged securities
Pledged securities	160,001	142,798	136,634	142,624
Asset Pledged as Collateral with Right | Pledged Securities - Fannie Mae DUS Program
Pledged securities
Pledged securities	$ 197,936	$ 184,081	$ 170,666	$ 157,282

FANNIE MAE COMMITMENTS AND PL_5

FANNIE MAE COMMITMENTS AND PLEDGED SECURITIES - Agency Multifamily Mortgage Based Securities Pledged Securities (Detail) - Agency MBS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments in Agency debt securities
Fair Value	$ 160,001	$ 142,798
Amortized Cost	159,781	143,862
Total gains for securities with net gains in AOCI	1,483	1,036
Total losses for securities with net losses in AOCI	(1,263)	(2,100)
Fair value of securities with unrealized losses	101,118	103,003
Maturities - Fair Value
After one year through five years	69,000
After five years through ten years	73,656
After ten years	17,345
Total	160,001	142,798
Maturities - Amortized Cost
After one year through five years	69,199
After five years through ten years	73,128
After ten years	17,454
Total	$ 159,781	$ 143,862

EARNINGS PER SHARE AND STOCKH_3

EARNINGS PER SHARE AND STOCKHOLDERS EQUITY - Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Calculation of basic EPS
Net Income (Loss)	$ 22,663	$ 11,866	$ 27,635	$ 26,665	$ 34,529	$ 54,300
Less: dividends and undistributed earnings allocated to participating securities	514		703		810	1,410
Net income applicable to common stockholders	$ 22,149		$ 26,932		$ 33,719	$ 52,890
Basic weighted-average shares outstanding	33,121		32,695		33,050	32,612
Basic EPS	$ 0.67		$ 0.82		$ 1.02	$ 1.62
Calculation of diluted EPS
Add: reallocation of dividends and undistributed earnings based on assumed conversion			$ 1			$ 2
Net income allocated to common stockholders	$ 22,149		$ 26,933		$ 33,719	$ 52,892
Add: weighted-average diluted non-participating securities	33		156		51	222
Weighted average diluted shares outstanding	33,154		32,851		33,101	32,834
Diluted EPS	$ 0.67		$ 0.82		$ 1.02	$ 1.61
Shares outstanding excluded from computation of earnings per share	127		456		128	442

EARNINGS PER SHARE AND STOCKH_4

EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY - Restricted Stock Awards and Share Repurchases (Detail) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended				6 Months Ended
	Aug. 07, 2024 $ / shares	Feb. 29, 2024 USD ($)	Jun. 30, 2024 USD ($) payment $ / shares	Mar. 31, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($) $ / shares	Mar. 31, 2023 USD ($) $ / shares	Jun. 30, 2024 USD ($) payment shares	Jun. 30, 2023 USD ($)
Repurchases of common stock
Reduction of equity for retirement of repurchased shares			$ 809	$ 9,789	$ 662	$ 17,395
Dividends
Cash dividends paid per common share | $ / shares			$ 0.65	$ 0.65	$ 0.63	$ 0.63
Noncontrolling interest
Total cash consideration to acquire noncontrolling interest			$ 7,000
Cash paid for purchase of noncontrolling interest at closing			4,000
Quarterly cash payment due on purchase of noncontrolling interest			$ 1,000
Number of quarterly payments due on purchase of noncontrolling interest | payment			3				3
Reduction to APIC on purchase of noncontrolling interest			$ 25,700
Dividends Q3 2024
Dividends
Cash dividends declared per common share | $ / shares	$ 0.65
Dividend - Date Declared	Aug. 07, 2024
Dividend - Date to be paid	Sep. 06, 2024
Dividend - Date of record	Aug. 22, 2024
Common shares
Non-cash transactions
Issuance of common stock to settle compensation liabilities							$ 4,400	$ 3,000
Share Repurchase Program 2024
Repurchases of common stock
Shares repurchased during the period | shares							0
Share repurchase program, period for repurchases		12 months
Authorized share repurchase capacity remaining			$ 75,000				$ 75,000
Share Repurchase Program 2024 | Maximum
Repurchases of common stock
Repurchase authorization		$ 75,000

SEGMENTS (Details)

SEGMENTS (Details) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024 USD ($) segment	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($) segment	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($) segment	Dec. 31, 2023 USD ($)
Segments
Number of operating segments | segment	3		3		3	3
Revenues
Total revenues	$ 270,676		$ 272,615		$ 498,735	$ 511,361
Expenses
Personnel	133,067		133,305		244,530	251,918
Amortization and depreciation	56,043		56,292		111,934	113,258
Provision (benefit) for credit losses	2,936		(734)		3,460	(11,509)
Interest expense on corporate debt	17,874		17,010		35,533	32,284
Other operating expenses	32,559		30,730		61,402	54,793
Total expenses	242,479		236,603		456,859	440,744
Income from operations	28,197		36,012		41,876	70,617
Income tax expense (benefit)	7,902		10,491		10,766	17,626
Net income before noncontrolling interests	20,295		25,521		31,110	52,991
Net income (loss) from noncontrolling interests	(2,368)	$ (1,051)	(2,114)	$ 805	(3,419)	(1,309)
Walker & Dunlop net income	22,663	$ 11,866	27,635	$ 26,665	34,529	54,300
Total assets	4,175,398		4,807,424		4,175,398	4,807,424	$ 4,052,347
Loan origination and debt brokerage fees, net
Revenues
Total revenues	65,334		64,968		109,074	112,052
Fair value of expected net cash flows from servicing, net
Revenues
Total revenues	33,349		42,058		54,247	72,071
Servicing fees
Revenues
Total revenues	80,418		77,061		160,461	152,827
Property sales broker fees
Revenues
Total revenues	11,265		10,345		20,086	21,969
Investment management fees
Revenues
Total revenues	14,822		16,309		28,342	31,482
Net warehouse interest income (expense)
Revenues
Total revenues	(1,584)		(1,526)		(2,700)	(1,525)
Placement fees and other interest income
Revenues
Total revenues	41,040		35,386		80,442	66,310
Other revenue
Revenues
Total revenues	26,032		28,014		48,783	56,175
Operating Segments | Capital Markets
Revenues
Total revenues	118,170		125,985		200,067	229,989
Expenses
Personnel	92,480		93,067		171,667	183,529
Amortization and depreciation	1,138		1,089		2,275	2,275
Interest expense on corporate debt	5,299		4,727		10,150	8,996
Other operating expenses	4,642		5,200		9,694	10,844
Total expenses	103,559		104,083		193,786	205,644
Income from operations	14,611		21,902		6,281	24,345
Income tax expense (benefit)	3,359		5,572		1,615	6,076
Net income before noncontrolling interests	11,252		16,330		4,666	18,269
Net income (loss) from noncontrolling interests	213		223		327	1,658
Walker & Dunlop net income	11,039		16,107		4,339	16,611
Total assets	1,491,821		1,988,392		1,491,821	1,988,392
Operating Segments | Capital Markets | Loan origination and debt brokerage fees, net
Revenues
Total revenues	63,841		64,574		107,541	111,530
Operating Segments | Capital Markets | Fair value of expected net cash flows from servicing, net
Revenues
Total revenues	33,349		42,058		54,247	72,071
Operating Segments | Capital Markets | Property sales broker fees
Revenues
Total revenues	11,265		10,345		20,086	21,969
Operating Segments | Capital Markets | Net warehouse interest income (expense)
Revenues
Total revenues	(1,950)		(2,752)		(3,524)	(4,441)
Operating Segments | Capital Markets | Other revenue
Revenues
Total revenues	11,665		11,760		21,717	28,860
Operating Segments | Servicing and Asset Management
Revenues
Total revenues	148,232		142,840		289,467	276,036
Expenses
Personnel	20,077		21,189		38,132	36,530
Amortization and depreciation	53,173		53,550		106,244	107,560
Provision (benefit) for credit losses	2,936		(734)		3,460	(11,509)
Interest expense on corporate debt	10,946		10,707		22,137	20,289
Other operating expenses	6,728		9,946		11,851	11,426
Total expenses	93,860		94,658		181,824	164,296
Income from operations	54,372		48,182		107,643	111,740
Income tax expense (benefit)	16,521		14,787		27,674	27,891
Net income before noncontrolling interests	37,851		33,395		79,969	83,849
Net income (loss) from noncontrolling interests	(2,581)		(2,337)		(3,746)	(2,967)
Walker & Dunlop net income	40,432		35,732		83,715	86,816
Total assets	2,283,259		2,340,147		2,283,259	2,340,147
Operating Segments | Servicing and Asset Management | Loan origination and debt brokerage fees, net
Revenues
Total revenues	1,493		394		1,533	522
Operating Segments | Servicing and Asset Management | Servicing fees
Revenues
Total revenues	80,418		77,061		160,461	152,827
Operating Segments | Servicing and Asset Management | Investment management fees
Revenues
Total revenues	14,822		16,309		28,342	31,482
Operating Segments | Servicing and Asset Management | Net warehouse interest income (expense)
Revenues
Total revenues	366		1,226		824	2,916
Operating Segments | Servicing and Asset Management | Placement fees and other interest income
Revenues
Total revenues	37,170		32,337		72,773	61,161
Operating Segments | Servicing and Asset Management | Other revenue
Revenues
Total revenues	13,963		15,513		25,534	27,128
Operating Segments | Corporate
Revenues
Total revenues	4,274		3,790		9,201	5,336
Expenses
Personnel	20,510		19,049		34,731	31,859
Amortization and depreciation	1,732		1,653		3,415	3,423
Interest expense on corporate debt	1,629		1,576		3,246	2,999
Other operating expenses	21,189		15,584		39,857	32,523
Total expenses	45,060		37,862		81,249	70,804
Income from operations	(40,786)		(34,072)		(72,048)	(65,468)
Income tax expense (benefit)	(11,978)		(9,868)		(18,523)	(16,341)
Net income before noncontrolling interests	(28,808)		(24,204)		(53,525)	(49,127)
Walker & Dunlop net income	(28,808)		(24,204)		(53,525)	(49,127)
Total assets	400,318		478,885		400,318	478,885
Operating Segments | Corporate | Placement fees and other interest income
Revenues
Total revenues	3,870		3,049		7,669	5,149
Operating Segments | Corporate | Other revenue
Revenues
Total revenues	$ 404		$ 741		$ 1,532	$ 187

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 208,095	$ 328,698	$ 228,091	$ 225,949
Restricted cash	35,460	21,422	21,769	$ 17,676
Receivables, net	272,827	233,563
Committed investments in tax credit equity	151,674	154,028
Other assets	567,515	544,457
Total assets	4,175,398	4,052,347	$ 4,807,424
Liabilities
Commitments to fund investments in tax credit equity	134,493	140,259
Other Liabilities	695,813	764,822
Total liabilities	2,441,604	2,306,218
Consolidated VIEs
Assets
Cash and cash equivalents	299	2,841
Restricted cash	4,438	2,811
Receivables, net	27,728	28,256
Other assets	47,301	47,249
Total assets	79,766	81,157
Liabilities
Other Liabilities	55,901	53,526
Total liabilities	55,901	53,526
Nonconsolidated VIEs
Assets
Committed investments in tax credit equity	151,674	154,028
Other assets	61,299	60,195
Total assets	212,973	214,223
Liabilities
Commitments to fund investments in tax credit equity	134,493	140,259
Total liabilities	134,493	140,259
Maximum exposure	$ 212,973	$ 214,223