Earnings call transcript: Walker & Dunlop’s Q2 2025 earnings beat forecasts

Walker & Dunlop Inc. reported a stellar performance for Q2 2025, surpassing earnings forecasts with an EPS of $1.15 compared to the expected $0.74. This earnings surprise of 55.41% reflects the company’s strong market positioning and operational efficiency. Revenue also exceeded expectations, reaching $319.2 million against a forecast of $276.28 million. Following the earnings announcement, Walker & Dunlop’s stock rose by 1.59% to $75.48, signaling investor optimism.

Key Takeaways

• Walker & Dunlop’s EPS exceeded forecasts by 55.41%.
• Revenue growth was robust at 18% year-over-year.
• The company expanded its international footprint and product offerings.
• Stock price increased by 1.59% post-earnings.
• Positive market sentiment driven by strong financial results.

Company Performance

Walker & Dunlop demonstrated strong company performance in Q2 2025, with a total transaction volume of $14 billion, marking a 65% increase year-over-year. The company’s strategic initiatives, including the launch of a data center financing business and expansion into international markets, have bolstered its competitive position. Additionally, the multifamily sector’s resilience, with 96% apartment occupancy, has contributed to the company’s success.

Financial Highlights

• Revenue: $319.2 million, up 18% year-over-year
• Earnings per share (EPS): $1.15, compared to $0.74 forecast
• Return on Equity: 4.2%
• Operating Margin: 9%

Earnings vs. Forecast

Walker & Dunlop’s actual EPS of $1.15 significantly beat the forecasted $0.74, resulting in an earnings surprise of 55.41%. Revenue also outperformed expectations, coming in at $319.2 million against a forecast of $276.28 million. This strong performance underscores the company’s ability to capitalize on market opportunities and execute its growth strategy effectively.

Market Reaction

Following the earnings announcement, Walker & Dunlop’s stock price increased by 1.59%, reaching $75.48. This movement reflects positive investor sentiment, as the company’s performance exceeded expectations. The stock remains within its 52-week range, indicating steady investor confidence.

Outlook & Guidance

Looking ahead, Walker & Dunlop anticipates continued momentum into Q3 and Q4, with plans to raise $600 million in tax credit equity and deploy over $1 billion through its investment platform. The company is targeting $200 million in transaction volume per banker/broker, emphasizing its growth potential in the coming quarters.

Executive Commentary

"As the market recovers and expands into the next cycle, it is clear that the breadth of the Walker and Dunlop platform positioned us very well to win business, gain market share, and continue growing," said Willie Walker, CEO. Greg Florkowski, CFO, added, "Throughout the last few years, we remained committed to investing in our people, brand, and technology, and we believe those investments have positioned Walker and Dunlop to outperform as the market normalizes."

Risks and Challenges

• Moderate return on equity may limit investor appeal.
• Operating margin of 9% could be seen as lower compared to competitors.
• Potential macroeconomic pressures affecting real estate investments.
• Market saturation in key sectors may slow growth.
• Regulatory changes in real estate financing could impact operations.

Q&A

During the earnings call, analysts inquired about the Q3 pipeline and growth rates. CEO Willie Walker confirmed strong market momentum and discussed the company’s European expansion strategy, emphasizing a long-term global growth perspective.

Full transcript - Walker & Dunlop Inc (WD) Q2 2025:

Conference Operator: Good day, and welcome to the Second Quarter twenty twenty five Walker and Dunlop Incorporated Earnings Call. Today’s conference is being recorded at this time. I would like to turn the conference over to Kelsey Duffy. Please go ahead.

Kelsey Duffy, Investor Relations, Walker and Dunlop: Thank you, and good morning, everyone. Thank you for joining Walker and Dunlop’s second quarter twenty twenty five earnings call. I have with me this morning our Chairman and CEO, Willie Walker and our CFO, Greg Florkowski. This call is being webcast live on our website, and a recording will be available later today. Both our earnings press release and website provide details on accessing the archived webcast.

This morning, we posted our earnings release and presentation to the Investor Relations section of our website, ww.walkerdunlop.com. These slides serve as a reference point for some of what Willie and Greg will touch on during the call. Please also note that we will reference the non GAAP financial metrics, adjusted EBITDA and adjusted core EPS during the course of this call. Please refer to the appendix of the earnings presentation for a reconciliation of these non GAAP financial metrics. Investors are urged to carefully read the forward looking statements language in our earnings release.

Statements made on this call, which are not historical facts, may be deemed forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements describe our current expectations, and actual results may differ materially. Walker and Dunlop is under no obligation to update or alter our forward looking statements, whether as a result of new information, future events or otherwise, and we expressly disclaim any obligation to do so. More detailed information about risk factors can be found in our annual and quarterly reports filed with the SEC. I will now turn the call over to Willie.

Willie Walker, Chairman and CEO, Walker and Dunlop: Thank you, Kelsey, and good morning, everyone. In our last earnings call at the May, we mentioned that our April deal volume was very strong even with the dramatic movement in rates and market volatility post Liberation Day. As our q two financial results show, transaction volumes remained strong throughout the quarter and are continuing into q three. Commercial real estate and the investing and financing activities that drive it forward is showing signs of entering its next cycle. I spoke at a conference in Chicago in May.

The CEO of one of Walker and Knopf’s competitor firms spoke before me and said that the next CRA cycle would begin on 07/08/2025 as soon as the new tariff deals were negotiated. I disagreed and said it was highly unlikely all the trade deals will be negotiated by July 8. And second, even if the Trump administration was wildly successful negotiating trade deals, that nobody should think trade is the last macroeconomic issue president Trump is gonna try to impact. And guess what? We were both right.

The volatility we have seen in the market since the advent of the second Trump administration is likely to be with us for the next three and a half years, and at the same time, the next CRE cycle appears to be underway. This cycle is underway not due to significantly lower rates, higher asset prices, nor macroeconomic tranquility. It has begun because after three years of dramatically lower sales and financing activity, it is time to recycle capital to investors, refinance assets, and deploy capital that was raised prior to the great tightening. As you can see on slide three, there is over $640,000,000,000 of equity capital in real estate funds that has been invested for over five years and needs to be returned to investors. As you can also see in this chart, capital raising for new funds has plummeted since 02/2022.

That is investors waiting for capital to be recycled prior to investing in new vehicles. And on the right side, the graph shows that there is over $400,000,000,000 of dry powder that needs to be invested or will be returned to investors. This slide represents over $1,000,000,000,000 of real estate focused equity capital that either needs to be recycled or deployed, and these equity flows are what is driving transaction activity today. Beyond this significant macro driver, the multifamily sector is extremely well positioned over the next several years. We do not have enough housing in America, and the delta between the cost of renting and homeownership continues to widen, making multifamily the only option for many Americans.

As this slide shows, if we go back to March 2020, the cost of paying principal and interest on a mortgage on the median priced home in America was 200 to $300 cheaper than renting the median priced apartment unit. Fast forward five years, and the median home price in America has gone from $285,000 to $410,000. And the monthly cost of principal and interest on a mortgage to own that home is now 500 to $600 more expensive than the cost to rent the median priced apartment per month. Single family housing is thoroughly unaffordable to someone making anything close to the median income in America today, and this reality is why the multifamily industry has seen record absorption of 227,000 units in the February 2020 ’5 and seven hundred and ninety four thousand units over the past year. Supporting that point, q two household growth was driven entirely by 2.7% growth in renter households, while owner households remained flat.

Apartment construction has collapsed, and as apartment deliveries begin to tail off in 2025 into 02/1926, owners of multifamily properties will begin to increase rents. The industry is currently at 96% occupancy. So with full properties and rising rents, values will go up, increasing investment sales and financing activity. As one of the largest providers of capital and investment sales to the multifamily industry, W and D is extremely well positioned to meet our clients’ capital markets needs as this investment cycle accelerates. W and D’s Q2 total transaction volume of $14,000,000,000 is up 65% from Q2 twenty twenty four and over twice our volume in the first quarter of this year.

This significant increase in deal flow drove 18% revenue growth and diluted earnings per share of $0.99 up 48% year over year. Two things of note with regard to volumes, revenue and earnings. First, transaction volumes do not directly correlate to revenue growth. For example, we did an almost $1,000,000,000 financing for one of our long standing clients in q two, once again showing that W and D is one of the go to lenders for large structured GSE financings. But a $1,000,000,000 financing does not carry with it the same origination fees nor mortgage banking gains as $10,100,000,000 dollar loans.

Second, while revenues were up 18%, GAAP earnings were up 48%. This is due to gaining economies of scale on our platform as well as booking significant noncash mortgage servicing rights. Those noncash servicing rights, which are the present value of future servicing income, are the lifeblood of Walker and Dunlop over the next five, seven, and ten years. We love booking significant noncash MSRs, but we will benefit from their cash flows going forward. As we transition to higher transaction volumes and GAAP earnings, we should see adjusted EBITDA and adjusted core EPS come down as they did in Q2.

Adjusted EBITDA declined 5% in the quarter, while adjusted core EPS declined 7%, largely due to the 100 basis point decrease in short term rates, which significantly pressures escrow earnings in the quarter. As the market recovers and hopefully rates continue to come down, we will gladly swap out increased origination volumes and MSR revenues in exchange for lower escrow earnings. Dollars 14,000,000,000 of total transaction volume included growth across almost all transaction channels, including $4,900,000,000 of lending volume with the GSEs, our highest GSE volume in 11 quarters. As shown on Slide six, our year to date GSE market share has increased to 11.4%, up from 10.3% at the end of last year. Both Fannie Mae and Freddie Mac are extremely active in the market today.

And with the prospect of a future privatization being considered by the Trump administration, we expect both GSEs to be focused on hitting their multifamily caps in 2025 and beyond. Property sales volume grew to $2,300,000,000 in q two, up 51% year over year. Our team awarded a higher volume of deals in the month of June than they did in all of Q1 twenty twenty five. Those transactions will be closed in the second half of the year and reflect a strong pipeline moving into the third quarter. Our broker debt volume grew to $6,300,000,000 in Q2, up 64% year over year.

This is fantastic growth and shows the increased deal volume across all commercial real estate asset classes, not just multifamily. We work with a wide range of capital providers in our debt brokerage business, and this pickup in loan originations is reflective of a huge amount of liquidity across the capital markets. We continue to focus on expanding our affordable housing platform, which includes affordable property sales, loan originations, and low income housing tax credit syndications. Our HUD lending volumes grew 55% to $288,000,000 in q two, and W and D affordable equity completed its largest effort, largest ever $240,000,000 multi investor fund syndication at the beginning of the quarter. Our technology enabled businesses of small balance lending and appraisals continue to grow nicely with appraisal revenues up 61% in the quarter and small balance lending revenue up 99%.

Galaxy, our proprietary loan database, continues to source new clients and loans with 17% of our transaction volume year to date being with new clients to Walker and and 58% of our refinancing volume being new loans to Walker and Dunlop. These numbers speak to the use of technology and expansion of our brand to win new loans and clients from the competition. And client navigator, our servicing and loan analytics platform using our data and machine learning, now has over 5,600 active users that allows our borrowers to seamlessly analyze their loans. These are very exciting data points as we enter the next market cycle with the W and D team, brand, technology and market presence. I’ll now turn the call over to Greg to talk through our second quarter and year to date results in more detail.

Greg?

Greg Florkowski, CFO, Walker and Dunlop: Thank you, Willie, and good morning, everyone. The second quarter marked a significant inflection point for commercial real estate transaction activity and our financial performance as we saw meaningful stabilization in long term interest rates and transaction volume rebounded. Our team took advantage, closing $14,000,000,000 in total transaction volume, up 65% year over year. This strong performance puts us back on track toward achieving our 2025 operational and financial goals. GAAP EPS expanded 48% this quarter to $0.99 per share, largely in line with transaction volume growth and specifically by a significant increase in originated MSR revenues.

Those newly originated MSRs represent long term contractual revenues that will boost our cash earnings over the next five to ten years. As expected, growth in our adjusted metrics continues to lag GAAP earnings growth due to lower short term interest rates year over year that is causing our placement fee earnings to decline compared to last year. Turning to our segment performance, our Capital Markets segment built significant momentum in Q2. We closed 68 more debt financing volume and 51% more property sales volume than the prior year. As a result, segment revenues grew 46% year over year, as shown on Slide eight.

Net income grew 200% to $33,000,000 while adjusted EBITDA also improved 116% to $1,300,000 As expected, under our variable compensation model, personnel expense for the segment grew 26% over the prior year on the strength of our transaction volumes this quarter. Importantly, the momentum in our GSE volumes is promising and we anticipate both Fannie Mae and Freddie Mac to remain active in the coming months and that will continue to benefit our MSR and origination fee revenues the rest of the year. During Q2, we executed several larger deals and also saw an increase in shorter duration deals to take advantage of the shape of the yield curve. Those two trends are tightening our origination fee and MSR margins, and we expect both margins to remain in line with Q2 over the next couple of quarters. Our investment banking platform, Zelman, also had another strong quarter with 9% year over year growth in revenues, driven by robust demand for its investment banking, research and advisory services.

We are very pleased to see the investments we made leading up to and during the great tightening benefit our financial results in the Capital Markets segment this quarter, and we expect this segment to perform well in a growing market over the coming quarters. Our Servicing and Asset Management, or SAM segment, continues to deliver stable and largely cash driven recurring revenues and earnings. The servicing portfolio now stands at $137,000,000,000 as shown on Slide nine, and generated servicing fees of $84,000,000 up 4% year over year. However, total SAM revenues declined 5% from Q2 twenty twenty four, primarily due to a 12% decrease in placement fees tied to the lower Fed funds rate. As a reminder, placement fees fluctuate directly with short term rates.

Depending upon future Fed action, revenues for this line item may increase or decrease in future quarters. Investment management fees were also down 49% this quarter. While most of our investment management revenues are stable and recurring, a portion of the revenue is tied to asset performance and or asset dispositions, particularly for our affordable platform. Consistent with recent years, we continue to see fewer affordable asset dispositions in response to lower asset values driven by the Great Titan. As a reminder, we estimate realization related revenues each quarter with a final true up recorded at the end of the year based on actual results.

Based on last year’s full year results, we reduced our quarterly estimates for this year, which explains the majority of the decline in investment management fees in this Q2 versus last year’s Q2. Based on the realizations to date in our second half pipeline, we continue to expect these revenues to remain in line with 2024 on a full year basis. That said, we continue to see strong investor demand for new funds in the affordable sector. And as Willie just mentioned, we closed the largest fund in that business’ history this quarter, offsetting a portion of the decline in asset management fee revenue. Turning to credit.

There were no new defaults this quarter, but we did recognize a $1,800,000 provision for loan losses related to updated valuations for previously defaulted loans and year over year growth in the at risk portfolio driven by the strength of our Fannie Mae loan origination volumes this quarter. Our key credit metrics are shown on Slide 11 and demonstrate the credit quality and strong performance of our portfolio. Out of the nearly 3,200 loans in our $65,000,000,000 at risk portfolio, only eight are in default as of the end of the quarter, totaling just 17 basis points. Based on the twenty twenty four financials that have now been collected for all loans in the at risk portfolio, the weighted average debt service coverage ratio remains over 2x, a testament to the strength of the property level cash flows. We closely monitor the credit risk in our portfolio and continue to feel good about our clients’ positioning.

We ended the quarter with $234,000,000 of cash on our balance sheet, reflecting the strength of our cash generation and the rebounding capital markets activity. Our capital deployment strategy remains focused on organic growth opportunities through recruiting and retention, reinvestment in strategic areas of the business and continued support of our quarterly dividend. Yesterday, our Board of Directors approved a quarterly dividend of $0.67 per share payable to shareholders of record as of August 21. We have grown the dividend steadily for seven years even in volatile markets, reflecting the strength and stability of our business model in up and down markets. In February, we provided annual guidance shown on Slide 12 that anticipated GAAP EPS expanding at a faster rate than adjusted EBITDA and adjusted core EPS due largely to the reduction in placement fees resulting from the decline in short term interest rates.

We expected the decline in cash revenues to be offset by an increase in transaction activity that would drive growth in non cash MSR revenues. That scenario is playing out through the first six months as 41% growth in transaction volumes so far this year has lifted our year to date diluted earnings per share to 1.07 up 5% over 2024. Placement fees have fallen 14% and year to date adjusted EBITDA totaled $142,000,000 down 9% from 2024, while adjusted core EPS declined 16% to $2 per share. Year to date return on equity improved slightly to 4.2%, while operating margin expanded to 9% compared to 8% in 2024. We remain committed to the full year guidance we laid out in February, recognizing the path to achieving our targets requires focused execution and continued strength in transaction volumes.

As we look ahead, we expect the momentum of the second quarter to carry into the back half of the year, supported by a healthy third quarter pipeline, significant liquidity across commercial real estate lending markets, strong demand for commercial real estate assets and positive underlying market fundamentals. Our second quarter performance reflects the pickup in market activity that we had been anticipating, Hence up demand, abundant liquidity and the conviction to deploy capital are now driving a steady flow of transactions across our platform. Throughout the last few years, we remained committed to investing in our people, brand and technology, and we believe those investments have positioned Walker and Dunlop to outperform as the market normalizes. Thank you for your time this morning. I’ll now turn the call back over to Willie.

Willie Walker, Chairman and CEO, Walker and Dunlop: Thank you, Greg. As the market recovers and expands into the next cycle, it is clear that the breadth of the Walker and Dunlop platform positioned us very well to win business, gain market share and continue growing. As shown on Slide 14, in our first quarter earnings call, we outlined several goals across the business that will allow us to continue meeting our clients’ needs and achieve the financial targets that Greg just ran through. One important driver of our success in 2025 will be our ability to achieve at least an average of $200,000,000 of transaction volume per banker or broker. As you can see on Slide 15, we ended 2024 with an average production per banker broker of a $172,000,000 And with two twenty two bankers and brokers on the platform today, our annualized year to date volume puts us at 189,000,000 per banker broker.

On a trailing twelve month basis, our production per banker broker is at $2.00 $6,000,000 giving us line of sight to exceed the annual target we set last year as we take advantage of a reflating market. It is important to remember that those averages are over an expanding platform with key hires over the past eight months to expand our New York Capital Markets team had a very significant affordable finance team, added a hospitality investment sales business, launched the data center financing business, and opened a new office in London, England. I visited our new London office in June and could not be more excited about the growth opportunity for us in the European and Middle Eastern markets. It is our expectation that as this next cycle gains momentum, we will look to add additional banking and brokerage talent in our existing and emerging business verticals. Over the past three years of the great tightening, our scaled servicing and asset management businesses generated strong recurring cash flows that allowed us to maintain adjusted EBITDA despite a dramatic decline in transaction activity.

We never lost money during a quarter and our peak to trough earnings were less severe than any of our major competitors. And as our origination volumes increase during this next cycle, our servicing portfolio will begin growing much faster. Remember that between 2015 and 02/2020, the last expansionary cycle before the pandemic and great tightening, we saw our servicing portfolio double in size from $50,000,000,000 to a $107,000,000,000. As we see loan origination volumes increase, we also need to continue growing our investment management business. We set a 2025 goal to raise 600,000,000 of tax credit equity, up from $400,000,000 last year.

And in the first half of the year, the team has raised $270,000,000. We are also focused on growing WDIP, our real estate investment management platform, with a goal to increase capital deployment in 2025 to over $1,000,000,000 Through the second quarter, the team has deployed $330,000,000 of capital, and we expect transaction activity to pick up throughout the remainder of the year. In 2020, we laid out an ambitious five year growth plan called the drive to ’25. We acquired Zelman to expand our research and investment banking capabilities. We acquired Geophy to bring machine learning and artificial intelligence into our business.

And we acquired Alliant to dramatically expand our affordable lending, tax credit syndication, and asset management businesses. When the great tightening began and transaction volumes and earnings fell, we hunkered down and cut costs across the business. These new businesses performed well despite minimal investment over the past three years. And now as the market recovers, we have a very clear vision for how they can continue to grow and add value across the W and D platform. We need to use Zelman’s research capabilities and insights to make our banking and investment sales businesses even better.

We need to integrate our investment banking operation, which is still primarily focused on the single family industry, into our broader commercial real estate businesses and client relationships. We need to take the technology we acquired with Geofy and have been using primarily in our small balance lending, appraisal, and servicing businesses and broaden it across our larger business verticals. And we need to take our broader client relationships across the multifamily industry and use them to scale our affordable lending, affordable investment sales, and affordable tax credit syndication businesses. It is time to continue to execute on the vision we had when we acquired each of these businesses in 2021 and 02/2022. And as we do, we will make W and D a more competitive, insightful, and powerful company.

I cannot focus on the future of W and D and the opportunities that lie ahead as we enter the next investment cycle without mentioning our team and amazing people that are the heart and soul of Walker and Dunlop. I have met with investors of all shapes and sizes over W and D’s fifteen year history as a public company, and rarely do investors ask about the team, the culture, and the relationships that make W and D so unique. But the culture and brand of W and D are what make this company so special, unique, and powerful. I spoke earlier about revenue per banker broker. The only way we achieve those numbers is if there is collaboration, teamwork to the client engagement across our enterprise.

I just spoke about the vision of integrating our 2021 and 2022 acquisitions into our broader business. That only happens with teamwork, collaboration, and an understanding of where we are all heading. I’ve been honored to lead this incredible company with its incredible people for over two decades, and I’ve never tired of saying thank you to our team for all they do every day for our customers and shareholders. When times get tough, the tough get going, and that’s exactly what W and D has done for the past three years. What is less appreciated, but equally as important, is that as times get good, the ability to scale and grow is only as big as the team’s ability to work together, trust one another, and ensure that the people, processes, and technologies we have developed scale.

The W and D team is ready, ready for the next cycle, ready to work together, and ready to benefit from the investment of time and resources that position us where we sit today. Thank you for your time this morning. I will now ask the operator to open the line for questions.

Conference Operator: And thank you. If you are dialed in via the telephone and would like to ask a question, please signal by pressing star one on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, press star one to ask a question. If you are in the event via web interface and would like to ask a question, simply type your question in the ask a question box and click send.

Okay. And our first question is going to come from Jade Rahmani from KBW. Please go ahead.

Jade Rahmani, Analyst, KBW: Thank you very much. This quarter’s growth rates were staggering in transaction volume, so great job to the team. In light of that, can you share at all how the pipeline looks so far for the third quarter and put any ranges perhaps around the kind of growth growth rates year on year that might be reasonable for the second half?

Willie Walker, Chairman and CEO, Walker and Dunlop: Good morning, Jade, and thanks for joining us. As I said at the very top, the q three pipeline, looks great. We are, seeing sustained velocity, if you will, in the market. And, as my comments, I hope, showed, we are we’re seeing if you back up a year, Jade, you recall 2024 when we had a surge in transaction volumes, and then the yield curve inverted and long term rates went up and transaction volume sort of tailed off towards the end of the year. We’re seeing nothing right now that would lead us to believe that the volumes we and our competitor firms saw in q two are gonna be a a a quarterly phenomena.

As I as I tried to underscore, it clearly appears that capital needs to both be recycled back to investors as well as deployed into the market. And with rates where they sit today, clients have gone from a wait and see attitude to let’s get it done attitude. And then as it relates to any additional guidance, I think Greg walked through clearly what we’re seeing as it relates to the guidance we gave at the beginning of the year, the fact that q two gets us back on track, to achieving that guidance. And I think that’s Greg, if you wanna jump in with anything else, feel free to, but I think that’s about all we should go into on that front.

Greg Florkowski, CFO, Walker and Dunlop: Yeah. You said it well. Yeah. And we and we’ve the we’ve also given the guidepost, Jade, for, you know, what we’re expecting in terms of banker, broker volume, and and things of that nature. So and as Willie said, we’re we’re feeling good about our path to to to not only achieving but exceeding some of those.

So that should give you some sense on a full year basis what we’re expecting.

Jade Rahmani, Analyst, KBW: Thanks. On the Europe initiative, which I think is pretty interesting, can you comment as to what the strategy is? Is it to bring that capital into US deals, or is it to build, you know, an operation to do multifamily or perhaps other asset classes there?

Willie Walker, Chairman and CEO, Walker and Dunlop: So as I mentioned, Jay, I was over in London in June and extremely pleased with both the team we’ve put together as well as what I would call the the market reception. I, back before Walker and Dunlop, opened up the European operations of a US multinational. It’s sort of similar to how WMD is going about doing this. And I recall clearly when I would show up for meetings, people would be like, who who are you and where do you come from? And we did a lot of sort of brand building as we launched those operations in Europe.

I was both extremely pleased and to be blunt, somewhat surprised at the strength of the W and B brand. Meeting after meeting of, we work with you in The United States. Can’t wait to work with you here in The UK and across Europe. And we have a team that’s very focused on the European market. Clearly, the European market has had a, if you will, a very good run, over the beginning part of 2025 as it relates to a market that people want to invest in.

So we feel good about investment flows into the European market and our transaction volumes over there beginning and then growing. At the same time, you know, The US economy continues to crank along. And although the trade war and trade policies have been confusing to investors, and we have clearly seen a slowdown in foreign direct investment, over the first two quarters of the year. We’re in this for a long, long period of time. We’re not thinking about a quarter, a year, or even five years.

We’re in Europe to continue to expand Walker and expand this brand and this company around the globe. And after my previous almost all my work experience before joining Walker and Dunlop being in Latin America and being in Europe, after twenty two years at Walker and Dunlop focusing solely on The United States. To be blunt about it, it’s pretty fun for me to go back to some of the markets that I was in prior to joining Walker and Dunlop.

Jade Rahmani, Analyst, KBW: Yeah. And then would say

Conference Operator: And I’m sorry. Once again, if you have a question, please press star one. It appears we have no further questions in the queue at this time. I’ll now turn it back over to Willie Walker. Please go for additional or closing remarks.

Willie Walker, Chairman and CEO, Walker and Dunlop: Thanks very much. I would reiterate my thanks to the team on a fantastic q two. Thanks everyone for joining us this morning, and I hope everyone has a great day.

Conference Operator: And this concludes today’s call. Thank you for your participation. You may now disconnect.

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