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Walker & Dunlop, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total transaction volume to $11.6 billion from $8.6 billion in the same quarter the previous year. This increase is attributed to a rise in property sales and debt financing volumes.
Debt financing volume increased by 30% to $7.8 billion, with notable contributions from Fannie Mae (FNMA-4.99%), Freddie Mac (FMCC-4.80%), and brokered transactions. Property sales volume also rose by 44% to $3.6 billion.
Total revenues for the quarter were $292.3 million, up from $268.7 million in the previous year, driven by higher loan origination fees, servicing fees, and property sales broker fees.
Personnel expenses increased by 7% to $145.5 million, primarily due to higher commission costs associated with increased transaction volumes.
Net income for the quarter was $28.8 million, up from $21.5 million in the previous year, reflecting improved operating performance.
Walker & Dunlop's servicing portfolio grew to $134.1 billion, with a weighted-average servicing fee rate of 24.1 basis points.
The company reported adjusted EBITDA of $78.9 million for the quarter, a 7% increase from $74.1 million in the previous year.
Walker & Dunlop's capital markets segment saw a significant increase in origination fees due to higher debt financing volumes, while the servicing and asset management segment experienced growth in servicing fees and placement fees.
The company maintains compliance with all financial covenants related to its warehouse facilities and notes payable, ensuring adequate liquidity to support operations.
Walker & Dunlop continues to focus on expanding its multifamily lending and property sales platforms, leveraging its relationships with the Agencies and institutional investors.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Walker & Dunlop Inc quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.