The following is a summary of the Walker & Dunlop, Inc. (WD) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Increased third-quarter transaction volumes to $11.6 billion, up 36% year-over-year.

• Diluted earnings per share grew by 33% year-over-year to $0.85.

• Adjusted EBITDA and adjusted core EPS both increased by 7%.

• Property sales volume increased to $3.6 billion in Q3, marking a 44% year-over-year rise.

• Q3 net income for the Capital Markets segment went up 210%.

• Year-to-date, diluted earnings per share is down 17%.

• Year-to-date operating margin is at 10%, and return on equity is at 5%.

Business Progress:

• Enhanced market presence in the agency financing sector, becoming the second largest HUD multifamily lender.

• Achieved a strong pipeline with robust GSE financing, setting up for a solid fourth-quarter finish.

• Continued innovation in using AI for improving loan underwriting and processing efficiencies.

• Experiencing aggressive growth in technology-driven areas, notably Apprise and Small Balance Lending.

Opportunities:

• Capitalizing on the improving commercial real estate market conditions, fueled by healthy multifamily assets fundamentals and an influx of capital driving acquisition and financing activity.

• Expanded GSE activities noted with Fannie Mae and Freddie Mac, driven by healthy Q3 volumes and back-to-market involvement.

• HUD lending surge, particularly in affordable housing, is a significant growth area with Fannie, Freddie, and HUD focusing on affordable lending.

Risks:

• Despite overall growth, third-quarter affordable equity revenues decreased by 37% due to lowered syndication and asset disposition activity.

More details: Walker & Dunlop IR

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