Walker & Dunlop Inc (WD) 2024 Q2 法說會逐字稿

Good day and welcome to the Q2 2024 Walker & Dunlop, Inc., second-quarter earnings call. Today's conference is being recorded. At this time, I would like to turn the conference over to Kelsey Duffey. Please go ahead, ma'am.

美好的一天，歡迎參加 Walker & Dunlop, Inc. 2024 年第二季第二季財報電話會議。今天的會議正在錄製中。這次，我想把會議交給凱爾西·達菲。請繼續，女士。

Thank you, Lisa. Good morning, everyone. Thank you for joining Walker & Dunlop's second-quarter 2024 earnings call. I have with me this morning our Chairman and CEO, Willy Walker; and our CFO, Greg Florkowski. This call is being webcast live on our website and a recording will be available later today.

謝謝你，麗莎。大家早安。感謝您參加 Walker & Dunlop 的 2024 年第二季財報電話會議。今天早上與我在一起的還有我們的董事長兼執行長威利沃克 (Willy Walker)；以及我們的財務長 Greg Florkowski。該電話會議正在我們的網站上進行網路直播，錄音將於今天晚些時候提供。

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, www.walkerdunlop.com. These slides serve as a reference point for some of what Willy and Greg will touch on during the call.

我們的收益新聞稿和網站都提供了有關存取存檔網路廣播的詳細資訊。今天早上，我們在網站 www.walkerdunlop.com 的投資者關係部分發布了收益報告和簡報。這些幻燈片可作為威利和格雷格在通話期間討論的一些內容的參考點。

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.

另請注意，我們將在本次電話會議期間參考非 GAAP 財務指標、調整後 EBITDA 和調整後核心每股盈餘。請參閱收益報告的附錄，以了解這些非公認會計準則財務指標的調整表。

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.

敦促投資者仔細閱讀我們收益報告中的前瞻性聲明語言。本次電話會議中的陳述並非歷史事實，可能被視為 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

Forward-looking statements describe our current expectations and actual results may differ materially. Walker & Dunlop is under no obligation to update or alter our forward-looking statements, whether as a result of new information, future events, or otherwise. 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.

前瞻性陳述描述了我們目前的預期，與實際結果可能有重大差異。Walker & Dunlop 沒有義務更新或更改我們的前瞻性陳述，無論是因為新資訊、未來事件或其他原因。我們明確表示不承擔任何這樣做的義務。有關風險因素的更多詳細資訊可以在我們向 SEC 提交的年度和季度報告中找到。

I will now turn the call over to Willy.

我現在將把電話轉給威利。

Thank you, Kelsey, and good morning, everyone. We held Walker & Dunlop's Annual Summer Conference in Sun Valley, Idaho two weeks ago with some of the largest and most active investors in commercial real estate. The sentiment at the conference was that after two years of rising interest rates and limited investment activity, it is time to get active again.

謝謝你，凱爾西，大家早安。兩週前，我們在愛達荷州太陽谷舉行了 Walker & Dunlop 年度夏季會議，與會的一些是商業房地產領域最大、最活躍的投資者。會議上的觀點是，經過兩年的利率上升和有限的投資活動，現在是重新活躍的時候了。

Q2 2024 was the first quarter in almost two years with consistent rates, and the ability for commercial real estate owners to transact. And with the 10-year treasury falling below 4%, momentum is building in the market.

2024 年第二季度是近兩年來第一個利率保持穩定的季度，商業房地產業主的交易能力也保持一致。隨著 10 年期公債利率跌破 4%，市場動能正在增強。

W&D is very well positioned to benefit from the recovery of the commercial real estate transactions market and new growth cycle. As shown on slide 3, Q2 transaction volume was highlighted by debt brokerage of $3.9 billion, up 16% year over year. This growth is reflective of our talented capital markets team finding a diverse and deep market of capital for our clients borrowing needs.

W&D 非常有能力受益於商業房地產交易市場的復甦和新的成長週期。如投影片 3 所示，第二季交易量以債務經紀業務為亮點，達 39 億美元，年增 16%。這種成長反映了我們才華橫溢的資本市場團隊為客戶的借貸需求找到了多元化和深入的資本市場。

Financing volumes with the GSEs were down 23% year over year to $2.7 billion. The GSEs have been sluggish in their lending over the past 18 months, but we are seeing them lean in on deals over the past month and expect higher volumes from them in the second half of 2024.

GSE 的融資額年減 23% 至 27 億美元。在過去 18 個月中，政府支持企業的貸款一直低迷，但我們看到它們在過去一個月的交易中有所依靠，並預計 2024 年下半年的貸款量將會增加。

Investment sales volume of $1.5 billion is a good start to the market recovery, up 31% from Q1 of this year. I'd like to make sure we understand both where the market was and what the W&D team can do. We did $7.9 billion of multifamily investment sales in Q2 of 2022 versus $1.5 billion this past quarter.

15億美元的投資銷售額是市場復甦的良好開端，較今年第一季成長31%。我想確保我們了解市場狀況以及 W&D 團隊可以做些什麼。2022 年第二季度，我們的多戶住宅投資銷售額為 79 億美元，而上一季為 15 億美元。

The market has a long way to recover, and our team has tremendous capacity. Our investment sales pipeline continues to grow, and it is very evident that with lower rates and the need for CRE owners to return capital to investors and deploy new capital, transaction volumes are growing nicely.

市場的復甦還有很長的路要走，我們的團隊能力龐大。我們的投資銷售管道持續成長，很明顯，隨著利率的降低以及商業房地產所有者向投資者返還資本並部署新資本的需要，交易量正在快速增長。

Our investment sales market presence and team is extremely strong. And as property sales volumes pick up, it will benefit investment sales, debt placement, valuation services, investment banking, and our affordable housing business. Apprise, our technology-enabled evaluation business, saw volumes grow 26% year over year as property sales return to the market.

我們的投資銷售市場影響力和團隊非常強大。隨著房地產銷售的回升，這將有利於投資銷售、債務配售、估值服務、投資銀行和我們的經濟適用房業務。隨著房地產銷售重返市場，愛普瑞斯 (Apprise) 的技術支援評估業務銷量較去年同期成長 26%。

Walker & Dunlop affordable equity closed on its newest fund of $163 million at the start of Q2, and is seeing demand from both investors and developers of affordable housing. Capital raising and deployment are the day-to-day drivers of this business, as is investment realization when assets exit the rent restriction period.

Walker & Dunlop 經濟適用房股票在第二季度初完成了 1.63 億美元的最新基金募集，並看到了經濟適用房投資者和開發商的需求。資金籌集和部署是該業務的日常驅動力，資產退出租金限制期時的投資變現也是如此。

W&D affordable equity has not sold many assets over the past two years, but as the market heals we will see a pickup in sales and realized gains. Our small balance lending business has maintained market share with Fannie and Freddie, and we are focused on using our technology to enhance and market our product that will allow us to take market share from the regional banks.

W&D 負擔得起的股票在過去兩年中並未出售太多資產，但隨著市場的復甦，我們將看到銷售和已實現收益的回升。我們的小額貸款業務一直保持著房利美和房地美的市場份額，我們專注於利用我們的技術來增強和行銷我們的產品，這將使我們能夠從區域銀行手中奪取市場份額。

This business has significant opportunity to grow as transaction activity resumes. HUD financing, part of our affordable housing group, grew volumes 26% year over year, and while HUD volumes are relatively small in comparison to our other debt businesses, HUD loans are a fantastic financing option for our customers, and generate great mortgage servicing rights.

隨著交易活動的恢復，該業務有很大的成長機會。HUD 融資是我們經濟適用房屋集團的一部分，其交易量年增26%，雖然HUD 交易量與我們的其他債務業務相比相對較小，但HUD 貸款對我們的客戶來說是一個絕佳的融資選擇，並產生巨大的抵押貸款服務權。

Finally, Zelman research and investment banking revenues were down slightly on the quarter, but will grow as the market recovers and transaction volumes accelerate. Total Q2 transaction volume of $8.4 billion, coupled with the consistent and growing servicing income generated by our $133 billion loan servicing portfolio, generated Q2 diluted earnings per share of $0.67, down 18% year over year, mostly due to lower GSE volumes, and the commensurate non-cash mortgage servicing rights.

最後，澤爾曼研究和投資銀行業務收入本季略有下降，但隨著市場復甦和交易量加速而成長。第二季度總交易量為84 億美元，加上我們1,330 億美元的貸款服務組合產生的持續增長的服務收入，第二季度攤薄後每股收益為0.67 美元，同比下降18%，這主要是由於GSE 交易量下降，以及相應的非現金抵押貸款服務權。

Adjusted core EPS, however, which strips out non-cash revenue and expenses, grew 26% to $1.23, while adjusted EBITDA grew 15% to $81 million on the quarter. Having weathered the brunt of the great tightening and beginning to see transaction volumes return, these financial results are very strong and reflective of our teamwork, excellent business model, recurring revenue streams, and ability to invest in our people, brand, and technology during the past two years of market volatility.

然而，扣除非現金收入和費用後，調整後核心每股收益成長 26%，達到 1.23 美元，而調整後 EBITDA 成長 15%，達到 8,100 萬美元。在經歷了大緊縮的衝擊並開始看到交易量回升之後，這些財務業績非常強勁，反映了我們的團隊合作、卓越的商業模式、經常性收入流以及在這段時間內投資於我們的人員、品牌和技術的能力。

As we look forward to a market recovery in transaction volumes, we will continue to invest in our business, by adding bankers and brokers who focus on meeting not only the needs of the owners of traditional assets where our people live, work, shop and play, but also in new economy assets where people work where they sleep, play without moving their bodies, travel without staying in a hotel, and where the housing of data and digits is increasingly important for the future of our society and our world.

當我們期待市場交易量復甦時，我們將繼續投資我們的業務，增加銀行家和經紀人，他們不僅專注於滿足我們的人們生活、工作、購物和娛樂的傳統資產所有者的需求，而且在新在經濟資產中，人們在睡覺的地方工作，在不移動身體的情況下玩耍，在不入住酒店的情況下旅行，並且數據和數字的存儲對於我們社會和世界的未來越來越重要。

As Greg will discuss in a moment, W&D's credit portfolio remains extremely strong. Our discipline of taking credit risk only on multifamily properties continues to pay dividends as other asset classes incur losses. And while our portfolio is neither perfect nor without losses, given we were the largest lender on multifamily properties in the United States in 2020 and the seventh largest provider of capital to commercial real estate in 2023, as shown on this slide, our credit discipline and minimal losses are truly outstanding.

正如格雷格稍後將討論的那樣，W&D 的信貸投資組合仍然極其強勁。當其他資產類別遭受損失時，我們僅承擔多戶房產信用風險的紀律繼續帶來紅利。儘管我們的投資組合既不完美，也不是沒有損失，但鑑於我們是2020 年美國多戶房產最大的貸款人，以及2023 年第七大商業房地產資本提供者（如這張幻燈片所示），我們的信用紀律和最小的損失確實很出色。

While I'm focused on credit, I'd like to thank our Chief Credit Officer, David Levy, for his magnificent career and 12 years of exceptional work at Walker & Dunlop. David has earned his retirement in many, many ways and we wish him much happiness going forward.

雖然我專注於信貸，但我要感謝我們的首席信貸官 David Levy，感謝他輝煌的職業生涯以及在 Walker & Dunlop 12 年的出色工作。大衛透過很多很多方式贏得了退休，我們祝他未來幸福。

I will turn the call over to Greg to discuss our financial and credit performance in greater detail. And then return with some thoughts about what we see ahead in the back half of the year. Greg?

我將把電話轉給格雷格，更詳細地討論我們的財務和信用表現。然後再回來一些關於我們對今年下半年的展望的想法。格雷格？

Thank you, Willy, and good morning, everyone. On our last call, we spoke about interest rates stabilizing heading into this quarter as the market adjusted to higher for longer, an improvement in the supply of capital and transaction activity for non-multifamily assets, and the fact that our pipeline was building nicely.

謝謝你，威利，大家早安。在上次電話會議上，我們談到了隨著市場在較長時間內調整至較高水平，利率在本季度趨於穩定，非多戶資產的資本供應和交易活動有所改善，以及我們的管道建設良好。

Our results reflect the market we described, and we delivered $8.4 billion of transaction activity this quarter, generating 15% growth in adjusted EBITDA year over year to $81 million, and 26% growth in adjusted core EPS to $1.23 per share. Our diluted EPS decreased 18% to $0.67 per share, compared to the same quarter last year, and our operating margin and return on equity remain below historical levels at 10% and 5%, respectively.

我們的業績反映了我們所描述的市場，本季我們實現了84 億美元的交易活動，調整後的EBITDA 同比增長15%，達到8100 萬美元，調整後的核心每股收益增長26%，達到每股1.23 美元。與去年同期相比，我們的稀釋後每股收益下降了 18%，至每股 0.67 美元，我們的營業利潤率和股本回報率仍分別低於歷史水平，分別為 10% 和 5%。

The last two years of the grade tightening have been difficult, but our ability to routinely deliver strong results is reflected not only of the quality of our team, but also the durable recurring revenue streams we built leading into this cycle that will provide the foundation of our future results as transaction activity recovers from here.

過去兩年的評級緊縮一直很困難，但我們定期交付強勁成果的能力不僅反映了我們團隊的質量，還反映了我們在這個週期中建立的持久的經常性收入流，這將為我們的未來奠定基礎。

Turning to our segment results. Transaction activity for our capital markets segment rebounded from a slow first quarter, growing 32% from Q1, but coming in flat to the same quarter last year. Total revenues for the segment were $118 million, down 6% year over year.

轉向我們的部門業績。我們資本市場領域的交易活動從第一季的緩慢成長中反彈，較第一季成長 32%，但與去年同期持平。該部門的總收入為 1.18 億美元，年減 6%。

We have said repeatedly that our expectation is that GSEs will not meaningfully surpass their 2023 lending volume this year. But Fannie Mae's lending activity slowed during the second quarter, leading to the decline in revenues.

我們曾多次表示，我們的預期是 GSE 今年的貸款量不會顯著超過 2023 年的貸款量。但房利美第二季的貸款活動放緩，導致收入下降。

Yet there is still plenty of capital willing to lend on both multifamily and non-multifamily assets, and our broker transaction activity remains robust, growing 16% over the same quarter last year. Overall net income for the segment declined $5 million, or 31% due to lower non-cash MSR revenues, while adjusted EBITDA improved 17% to a loss of $8 million due to the strength of our overall transaction activity.

然而，仍有大量資本願意為多戶型和非多戶型資產提供貸款，而且我們的經紀人交易活動依然強勁，比去年同期增長了 16%。由於非現金 MSR 收入減少，該部門的整體淨利潤下降了 500 萬美元，即 31%，而由於我們整體交易活動的強勁，調整後的 EBITDA 提高了 17%，虧損 800 萬美元。

The positive signs are stable to lower interest rates. Improving supply of capital and increased activity from operators are continuing into the third quarter, and we feel very good about the opportunity ahead given the strength of our capital markets team. Our servicing and asset management segment, or SAM, continues to thrive, generating durable recurring cash revenues from our servicing portfolio, which totaled $133 billion at quarter end.

積極跡像是利率穩定下降。資本供應的改善和營運商活動的增加持續到第三季度，鑑於我們資本市場團隊的實力，我們對未來的機會非常看好。我們的服務和資產管理部門 (SAM) 繼續蓬勃發展，從我們的服務組合中產生持久的經常性現金收入，截至季度末總計達 1,330 億美元。

Our SAM segment also benefits from the strength of W&D Affordable Equity, which closed a $163 million multi-investor fund during the second quarter and now manages over $15 billion of affordable assets, and W&D investment partners which recently closed a $370 million debt fund and now manages over $3 billion of assets and equity.

我們的SAM 部門也受益於W&D Affordable Equity 的實力，該公司在第二季度關閉了1.63 億美元的多投資者基金，目前管理著超過150 億美元的可負擔資產，而W&D Investment Partners 最近關閉了3.7億美元的債務基金，現在管理超過150 億美元的可負擔資產。

Our total managed portfolio grew 5% year over year to a total of $150 billion at June 30, 2024, driving the 4% increase in SAM segment revenues to $148 million. Net income for this segment grew 13% year over year, reflecting the revenue growth and benefit of our cost management efforts over the past 12 months. Finally, adjusted EBITDA for the segment continues to grow, ending the quarter at $125 million, up 15% from Q2, 2023. The SAM segment also includes the impacts of our credit risk portfolio.

截至 2024 年 6 月 30 日，我們的託管投資組合總額年增 5%，達到 1,500 億美元，帶動 SAM 部門營收成長 4%，達到 1.48 億美元。該部門的淨利潤年增 13%，反映了過去 12 個月的收入成長和成本管理工作的效益。最後，該細分市場的調整後 EBITDA 繼續成長，本季末達到 1.25 億美元，比 2023 年第二季成長 15%。SAM 部分也包括我們信用創投組合的影響。

During the quarter, we recorded a $3 million provision for credit losses. Last quarter, I provided a detailed update on three loans totaling $62 million where we either indemnified or repurchased the loan from the GSEs.

本季度，我們記錄了 300 萬美元的信貸損失撥備。上個季度，我提供了三筆總額為 6200 萬美元的貸款的詳細更新信息，我們從 GSE 賠償或回購了這些貸款。

During the quarter, we foreclosed on two of those assets and performed thorough reviews of the property condition, and asset performance as we prepare to market them for sale. In the process of that review, we increased our loss reserve on the portfolio of loans by $3 million, representing the majority of our provision for credit losses this quarter, and bringing the total reserve for these three loans to $5 million. Importantly, we have not received any additional repurchase notifications beyond these three assets.

在本季度，我們取消了其中兩項資產的贖回權，並在準備出售它們時對財產狀況和資產績效進行了徹底審查。在審查過程中，我們將貸款組合的損失準備金增加了 300 萬美元，佔本季信貸損失撥備的大部分，並使這三筆貸款的準備金總額達到 500 萬美元。重要的是，除了這三項資產之外，我們還沒有收到任何額外的回購通知。

Turning to our at-risk portfolio. We completed our analysis of year-end financial statements during the quarter. And the weighted average debt service coverage ratio remains over 2 times at December 31, 2023, which speaks to the overall health of our portfolio and the quality of our underwriting.

轉向我們的創投組合。我們在本季完成了年終財務報表的分析。截至2023年12月31日，加權平均償債覆蓋率仍維持在2倍以上，這說明了我們投資組合的整體健康狀況和承保品質。

Further, the macro backdrop for multifamily remains favorable in the long term and we have only $1.9 billion of loans in our at-risk portfolio maturing in the next 12 months, meaning the vast majority of our customers have time for supply dynamics and interest rates to adjust before there is any maturity pressure. We have a $60 billion at-risk portfolio with over 3,000 loans and only 5 of those loans are defaulted at the end of the quarter, a decrease from six loans at the end of the first quarter.

此外，從長遠來看，多戶住宅的宏觀背景仍然有利，我們的創投組合中只有19 億美元的貸款將在未來12 個月內到期，這意味著我們的絕大多數客戶有時間了解供應動態和利率在出現任何成熟壓力之前進行調整。我們擁有 600 億美元的創投組合，其中包含 3,000 多筆貸款，其中只有 5 筆貸款在本季末出現違約，比第一季末的 6 筆貸款有所減少。

We remain focused on credit risk in our portfolio and continue to feel good about how our clients are positioned and the risks we took leading into the great tightening. Although this cycle is not over, our credit quality is strong.

我們仍然關注投資組合中的信用風險，並繼續對客戶的定位以及我們在大緊縮中所承擔的風險感到滿意。雖然這個週期還沒結束，但我們的信用品質很強。

Looking at our consolidated results for the first half of the year, total transaction volumes are down 2%. But the stability of earnings from our SAM segment helped offset the slowdown in transactions. Diluted earnings per share was $1.02, down 37% from the first half of 2023, while year-to-date adjusted EBITDA and adjusted core EPS were both up 12% to $155 million and $2.39 per share.

從我們上半年的綜合業績來看，總交易量下降了 2%。但 SAM 業務的穩定獲利有助於抵消交易放緩的影響。稀釋每股盈餘為 1.02 美元，較 2023 年上半年下降 37%，而年初至今調整後 EBITDA 和調整後核心 EPS 均成長 12%，至 1.55 億美元和每股 2.39 美元。

At the start of the year, we provided guidance that our diluted earnings per share, adjusted EBITDA, and adjusted core EPS would increase in the mid-single digits to low teens this year. two quarters in, we feel very good about our outlook for adjusted EBITDA and adjusted core EPS. To hit our diluted EPS target, we expected the GSEs to deliver $100 billion of capital to the multifamily market.

今年年初，我們給出的指引是，我們的稀釋每股盈餘、調整後的 EBITDA 和調整後的核心每股盈餘今年將在中個位數至低十幾位數的範圍內成長。兩個季度以來，我們對調整後 EBITDA 和調整後核心每股收益的前景感到非常滿意。為了實現稀釋後每股盈餘目標，我們預期政府支持企業將向多戶住宅市場提供 1,000 億美元的資本。

Activity is picking up across our business and we believe there will be sufficient demand for GSE capital in the back half of the year for them to close the gap to achieve $100 billion of volume. And that would provide a significant boost to MSR revenues and earnings during the second half of the year.

我們的業務活動正在回升，我們相信今年下半年對 GSE 資本的需求將足以彌補缺口，實現 1,000 億美元的交易量。這將顯著提升 MSR 下半年的收入和盈利。

We are also looking to our other business lines to drive the earnings we are expecting in 2024. With our second half pipelines building nicely, we are maintaining the diluted EPS guidance we gave at the beginning of the year.

我們也希望其他業務線能夠推動 2024 年的獲利成長。隨著下半年管線建設順利，我們將維持年初給予的稀釋後每股盈餘指引。

Turning to our balance sheet. There's been a strong market for high quality corporate issuers thus far in 2024. And during the second quarter, a window opened for us to reprice the $200 million tranche of our term loan B and reduce the spread over SOFR from 300 basis points to 225 basis points, lowering our cost of borrowing by $1.5 million annually.

轉向我們的資產負債表。2024 年迄今為止，高品質企業發行人的市場依然強勁。在第二季度，我們打開了一個窗口，可以對定期貸款B 的2 億美元部分進行重新定價，並將SOFR 利差從300 個基點減少到225 個基點，從而使我們每年的借貸成本降低150 萬美元。

The resiliency of our business and the strength of our adjusted EBITDA positioned us well to take advantage of that repricing window with our lender group. The continued strength of our cash generation also allowed us to end the quarter with $208 million of cash and our Board of Directors approved a quarterly dividend of $0.65 per share yesterday, payable to shareholders of record as of August 22.

我們業務的彈性和調整後 EBITDA 的實力使我們能夠很好地利用貸款集團的重新定價窗口。我們現金產生的持續強勁也使我們能夠在本季度結束時擁有 2.08 億美元的現金，並且我們的董事會昨天批准了每股 0.65 美元的季度股息，支付給截至 8 月 22 日在冊的股東。

Our results demonstrate the resiliency of our platform, and the strength of our team. The macro backdrop continues to strengthen as the path for exiting the rate tightening is coming into focus. With lower interest rates and an increasing supply of capital to the commercial real estate sector, we are optimistic about the opportunities to capture deal flow and grow as the commercial real estate market recovers from the last two years of restricted interest rate.

我們的結果證明了我們平台的彈性以及我們團隊的實力。隨著退出利率緊縮的路徑成為人們關注的焦點，宏觀背景繼續走強。隨著利率的下降和商業房地產領域資金供應的增加，隨著商業房地產市場從過去兩年的利率限制中復甦，我們對捕捉交易流量和成長的機會感到樂觀。

Thank you for your time this morning. I'll now turn the call back over to Willy.

感謝您今天早上抽出時間。我現在將把電話轉回給威利。

Thank you, Greg. As Greg just underscored of our servicing and asset management businesses, along with cash origination fees from debt financing and property sales, allowed us to generate strong year-over-year growth in adjusted EBITDA and adjusted core EPS.

謝謝你，格雷格。正如格雷格剛剛強調的那樣，我們的服務和資產管理業務，以及來自債務融資和房地產銷售的現金發放費用，使我們能夠在調整後的EBITDA 和調整後的核心每股收益方面實現強勁的同比增長。

One of the analysts who covers W&D recently did an analysis of peak earnings in 2022 to trough earnings in 2023 for W&D and several of our largest competitors. What the data shows, essentially contrary to many investors' perceptions, is that W&D's adjusted EBITDA was down dramatically less than the competition, at just 8% versus an average of 36% for CBRE, JLL, and Newmark.

一位關注 W&D 的分析師最近對 W&D 和我們幾個最大的競爭對手 2022 年收益高峰到 2023 年收益谷值進行了分析。數據顯示，與許多投資者的看法基本相反的是，W&D 的調整後 EBITDA 降幅顯著低於競爭對手，僅為 8%，而世邦魏理仕、仲量聯行和 Newmark 的平均降幅為 36%。

The conventional thinking is that those platforms, with scaled workforce solutions and asset management platforms, would endure a downturn better than W&D due to long term low margin facilities management and outsourcing contracts.

傳統的想法是，由於長期低利潤的設施管理和外包合同，這些擁有規模化勞動力解決方案和資產管理平台的平台將比 W&D 更好地抵禦經濟低迷。

Not so. And that is due to the strength of W&D servicing and asset management businesses. And what is really exciting is that as we enter this next cycle, W&D's capital markets' focus will benefit disproportionately from increased transaction volumes in financing, property sales, appraisals, research and investment banking.

並非如此。這得歸功於 W&D 服務和資產管理業務的實力。真正令人興奮的是，當我們進入下一個週期時，W&D 的資本市場重點將大大受益於融資、房地產銷售、評估、研究和投資銀行業務交易量的增加。

As W&D investors know, originating loans with mortgage servicing rights is a large and important component of W&D's revenues and GAAP EPS. Over the past two years, we have endured something of a perfect storm with regard to MSRs due to reduced GSE lending volumes, reduced servicing fees and reduced loan duration.

正如 W&D 投資者所知，擁有抵押貸款服務權的原始貸款是 W&D 收入和 GAAP 每股收益的重要組成部分。在過去的兩年裡，由於 GSE 貸款量減少、服務費減少和貸款期限縮短，我們在 MSR 方面經歷了一場完美風暴。

Going forward, we believe all three of these components should improve significantly. The GSEs only do one thing, lend on residential real estate, and they happen to have the cheapest cost of capital of any market participant. They will play their role as the market recovers, and as they grow their lending volumes, so will W&D.

展望未來，我們相信所有這三個組成部分都應該顯著改善。政府支持企業只做一件事，就是為住宅房地產提供貸款，而且它們的資本成本恰好是所有市場參與者中最低的。隨著市場復甦，他們將發揮自己的作用，隨著貸款量的增加，W&D 也將發揮作用。

Regarding servicing fees, we are seeing a recovery in pricing due to lower rates and investor spreads remaining tight. Finally, regarding term, over the past several years, many borrowers went short and put on fixed rate debt for only five years, thinking rates would come back down and they could refinance.

關於服務費，由於利率較低且投資者利差仍然緊張，我們看到定價有所回升。最後，關於期限，在過去的幾年裡，許多藉款人做空並只持有五年的固定利率債務，認為利率會回落，他們可以再融資。

To put numbers to this, in 2020, 45% of all Fannie Mae multifamily loans were 10-year loans and 0% were 5-year loans. In the first six months of 2024, the percentage of 10-year loans at Fannie Mae dropped to 26%, while the volume of five-year loans grew from 0% to 32% of total lending.

舉例來說，2020 年，房利美多戶家庭貸款中 45% 是 10 年期貸款，0% 是 5 年期貸款。2024 年前六個月，房利美 10 年期貸款的比例下降至 26%，而五年期貸款佔貸款總額的比例從 0% 增長至 32%。

As the yield curve normalizes and CRE owners can acquire assets with positive leverage once again, we will see more borrowers go long and request 7- and 10-year paper. Higher financing volumes, normalized servicing fees and longer loan terms will benefit our mortgage servicing rights substantially in the coming years. Let me give an example of a W&D client going long as it is instructive on a number of fronts.

隨著殖利率曲線正常化，商業房地產所有者可以再次以正槓桿收購資產，我們將看到更多藉款人做多並要求 7 年期和 10 年期票據。更高的融資量、標準化的服務費和更長的貸款期限將在未來幾年大大有利於我們的抵押貸款服務權。讓我舉一個 W&D 客戶的例子，因為它在許多方面都有啟發性。

The client's existing loan was $34 million and the new loan only sized to $30 million. The fundamentals of the property were sound, so the borrower put $4 million of fresh equity into the property to pay off the $34 million loan. In the process, they bought down the interest rate by 30 basis points from 5.80% to 5.50%. And at that coupon rate, they decided to go long and lock up the financing for 10 years.

該客戶現有貸款為 3,400 萬美元，而新貸款規模僅 3,000 萬美元。該房產的基本面良好，因此借款人向該房產投入了 400 萬美元的新股本，以償還 3,400 萬美元的貸款。在此過程中，他們將利率從 5.80% 下調了 30 個基點至 5.50%。按照這個票面利率，他們決定做多並鎖定融資 10 年。

There are several themes to this loan. First, there is plenty of equity capital to be invested in properties. Second, all-in borrowing costs, particularly on multifamily properties, are not that high and are getting lower fast. And with good assets and appropriate financing, many owners are starting to go long and push out long term. This example is not unique to multifamily. Some of you may have heard about the refinancing of 277 Park Avenue in Manhattan.

這筆貸款有幾個主題。首先，有大量的股本資本可投資房地產。其次，總的借貸成本，特別是多戶住宅的借貸成本並沒有那麼高，而且正在迅速下降。憑藉良好的資產和適當的融資，許多業主開始做多並推出長期投資。這個例子並非多戶住宅獨有。你們有些人可能聽說過曼哈頓公園大道 277 號的再融資。

This is not a financing Walker & Dunlop worked on but is instructive of today's market. The property had a $750 million loan at a 3.60% interest rate that matured this year. The new loan only sized to $500 million, the new interest rate being almost double the old one. So the owners wrote a $250 million check to pay-off the maturing mortgage -- building, recently signing 175,000 square feet of new leases to bring the building back to 98% occupancy.

這不是 Walker & Dunlop 從事的融資活動，但對當今的市場具有啟發意義。該房產有一筆 7.5 億美元的貸款，利率為 3.60%，已於今年到期。新貸款規模僅5億美元，新利率幾乎是舊貸款的兩倍。因此，業主們開了一張 2.5 億美元的支票來償還大樓的到期抵押貸款，最近又簽署了 175,000 平方英尺的新租約，使大樓的入住率恢復到 98%。

This is a trophy asset in America's largest office market, but a $250 million cash in refinancing is not a minor deal, reflecting that there is still plenty of debt and equity capital in the market for great assets, and that new office leases are actually being signed.

這是美國最大辦公室市場的標竿資產，但 2.5 億美元的再融資現金並不是小事，反映出市場上仍然存在大量債務和股本資本可用於優質資產，而且新的辦公室租賃實際上正在進行中。了。

Let me shift from the market to technology for a moment. We continue to invest in data analytics to find new business and better serve our clients. Our Galaxy application continues to generate new client opportunities, and in Q2, 77% of our refinancings were new loans to Walker & Dunlop.

讓我暫時從市場轉向技術。我們繼續投資數據分析，以尋找新業務並更好地為客戶服務。我們的 Galaxy 應用程式繼續創造新的客戶機會，在第二季度，我們的再融資中有 77% 是向 Walker & Dunlop 提供的新貸款。

While new lending opportunities come to us in myriad ways, client coverage, referrals, sales transactions and in some instances, just dumb luck, Galaxy has been an incredibly powerful tool that shows our team the composition of a client's entire debt portfolio. And given the very small volume of loan maturities in W&D's existing loan portfolio for 2024 and 2025, the name of the game for our team is winning new loans and new customers away from the competition, and Galaxy helps tremendously with this.

雖然新的貸款機會以多種方式出現在我們面前，包括客戶覆蓋、推薦、銷售交易，在某些情況下，只是運氣不好，但Galaxy 一直是一個非常強大的工具，它向我們的團隊展示了客戶整個債務組合的構成。鑑於 W&D 2024 年和 2025 年現有貸款組合中到期的貸款數量非常少，我們團隊的目標是從競爭中贏得新貸款和新客戶，而 Galaxy 在這方面提供了巨大幫助。

Our technology team also created a new digital experience for W&D servicing clients named Client Navigator that allows our borrowers to do analytics on their loans and interface with W&D through a dramatically enhanced user interface. We currently have over 3,000 active users on Client Navigator. And as you can see on this slide, our customer service ratings on Client Navigator is above some of the top financial services institutions in the world.

我們的技術團隊還為 W&D 服務客戶創建了一種名為 Client Navigator 的新數位體驗，使借款人能夠對其貸款進行分析，並透過顯著增強的使用者介面與 W&D 進行互動。目前，我們的 Client Navigator 擁有超過 3,000 名活躍用戶。正如您在這張投影片中所看到的，我們在 Client Navigator 上的客戶服務評級高於世界上一些頂級金融服務機構。

As the market continues to recover and then grow, extremely well positioned. We have the bankers and brokers today to achieve our drive to '25 loan origination target of $65 billion and our investment sales target of $25 billion if the market returns to normalized transaction levels.

隨著市場不斷復甦然後成長，處於極為有利的位置。如果市場恢復正常交易水平，我們今天的銀行家和經紀人將努力實現 25 年 650 億美元的貸款發放目標和 250 億美元的投資銷售目標。

W&D is known for being one of the very best at multibillion dollar multifamily financings and our team is currently being asked to pitch on large portfolio financings that have not existed in the market over the past two years. What is new and very exciting is that our multifamily investment sales team is also being asked to pitch on large portfolio transactions.

W&D 因在數十億美元多戶住宅融資方面表現最好的公司之一而聞名，我們的團隊目前被要求進行過去兩年市場上從未存在過的大型投資組合融資。令人興奮的新鮮事是，我們的多戶型投資銷售團隊也被要求參與大型投資組合交易。

Add to that our valuation services, search and investment banking capabilities, and our go-to-market presence has never been stronger. Howard Smith, our longtime President who retired at the beginning of 2024, stepped down from the W&D Board in May. Then in June, our longtime lead Independent Director, Mike Malone, died suddenly and tragically from a heart attack.

除此之外，我們的估值服務、搜尋和投資銀行能力以及我們的市場影響力也從未如此強大。長期擔任我們總裁的霍華德史密斯 (Howard Smith) 於 2024 年初退休，於 5 月辭去 W&D 董事會職務。然後在 6 月，我們長期擔任的首席獨立董事 Mike Malone 因心臟病突發而不幸去世。

Mike was an amazing Director and friend, and he will be missed by our fellow Board Members and senior executives dearly. Jeff Hayward, Executive Vice President, Fannie Mae, prior to retiring in January of 2024, joined the W&D Board in Q2 and has had an immediate impact due to having run the Fannie Mae DUS program for 12 years.

麥克是一位了不起的董事和朋友，我們的董事會成員和高階主管將深深懷念他。房利美(Fannie Mae) 執行副總裁傑夫·海沃德(Jeff Hayward) 在2024 年1 月退休之前，於第二季度加入W&D 董事會，並因運行房利美DUS 計劃12 年而產生了立竿見影的影響。

And also in Q2, McKinsey partner and Chairman of McKinsey North America, Gary Pinkus, joined our Board. And while we will miss Howard and Mike's contributions greatly, we are very excited to have Jeff and Gary's insights and wisdom going forward. As Greg said earlier, we feel very good about our current pipeline of business and our expectations for deal volumes and financial results in the back half of 2024.

同樣在第二季度，麥肯錫合夥人兼麥肯錫北美區主席加里·平庫斯 (Gary Pinkus) 加入了我們的董事會。雖然我們會非常懷念霍華德和麥克的貢獻，但我們非常高興能有傑夫和蓋瑞的見解和智慧繼續前進。正如 Greg 之前所說，我們對目前的業務管道以及對 2024 年下半年交易量和財務業績的預期感到非常滿意。

Lower interest rates and the need to recycle and invest equity capital should push property sales, financing, appraisals, research and investment banking volumes higher. What is imperative is that we remain focused on our clients and exceeding their expectations.

較低的利率以及回收和投資股權資本的需求將推動房地產銷售、融資、評估、研究和投資銀行業務量的增加。當務之急是我們繼續專注於客戶並超越他們的期望。

We need to retain and expand our team as the market recovers. We need to reinforce our credit discipline as new opportunities arise. And as I noted earlier, we need to be constantly evolving to meet the needs of the new economy, not just the established economy where we have been so successful over the past two decades.

隨著市場復甦，我們需要保留並擴大我們的團隊。隨著新機會的出現，我們需要加強信用紀律。正如我之前指出的，我們需要不斷發展以滿足新經濟的需求，而不僅僅是我們在過去二十年中取得如此成功的現有經濟的需求。

Thanks to the people of Walker & Dunlop and our business model, our financial results during the great tightening were impacted significantly less than the competition. And now that we sit at the doorsteps of a recovery and new cycle, we feel extremely well positioned to benefit from the macroeconomic shift.

感謝 Walker & Dunlop 的員工和我們的商業模式，我們的財務表現在大緊縮期間受到的影響明顯小於競爭對手。現在我們正處於復甦和新周期的門口，我們感覺自己處於非常有利的位置，可以從宏觀經濟轉變中受益。

Thank you for joining us this morning. Operator, please open the line for any questions. Thank you.

感謝您今天早上加入我們。接線員，如有任何問題請撥打電話。謝謝。

(Operator Instructions) Jade Rahmani, KBW.

（操作員說明）Jade Rahmani，KBW。

Thank you very much. Can you give some further color as to what's going on with the GSEs? It seems like there's been a regular stream of media reports about them adding more scrutiny, tightening their processes, which seems to express some caution on their part, not just about interest rates having an impact, but about the entire system that they're exposed to.

非常感謝。能否進一步說明 GSE 的情況？似乎有大量媒體報道稱他們增加了更多審查，收緊了流程，這似乎表達了他們的一些謹慎態度，不僅是利率產生影響，而且是他們所暴露的整個系統。

And most recently, JLL, in their earnings, did note about 0.5% of their agency portfolio had fraud. So just want to get some color as to your thoughts and insights into this phenomenon that's going on.

最近，仲量聯行在其收益中確實指出，其代理投資組合中約有 0.5% 存在詐欺行為。因此，我只想了解您對正在發生的這種現象的想法和見解。

Jade, thanks for joining us this morning. And I saw your note this morning as it relates to our numbers versus your projections. And I would take my hat off to you for being right on top of where we came in on the quarter.

傑德，感謝您今天早上加入我們。今天早上我看到了你的說明，因為它涉及我們的數字與你的預測。我要向你致敬，因為你在我們本季的表現中名列前茅。

As it relates to the GSEs, the article that was in the Wall Street Journal earlier this week, I would say that article probably should have been written a year ago, not today, in the sense that, as you know, the GSE's shift in a view on asset management was prompted by some of the issues that that Wall Street Journal article mentioned as it relates to one GSE lending partner being blacklisted by the GSEs, and the ensuing focus on both fraud as well as overall asset condition. And for the past year, the agencies have been very focused on that.

由於它與 GSE 相關，本週早些時候《華爾街日報》上發表的那篇文章，我想說這篇文章可能應該一年前寫，而不是今天，因為正如你所知，GSE 的轉變《華爾街日報》那篇文章提到的一些問題引發了對資產管理的看法，因為它涉及一個GSE 貸款合作夥伴被GSE 列入黑名單，以及隨之而來的對欺詐和整體資產狀況的關注。在過去的一年裡，這些機構一直非常關注這一點。

I would say that they are both now very much on the front foot as it relates to their focus, what they're looking at and how they are working with their DUS and Optigo lenders, versus a year ago it was they were moving very quickly in ways that we've never seen them move before. And so I would say this is not anything new. We've been working very closely with both Fannie and Freddie for the past year. As Greg and I both said, we feel very good as it relates to our overall portfolio.

我想說，他們現在都處於領先地位，因為這關係到他們的關注點、他們所關注的內容以及他們如何與 DUS 和 Optigo 貸方合作，而一年前他們的行動非常迅速以我們以前從未見過的方式移動。所以我想說這不是什麼新鮮事。在過去的一年裡，我們一直與房利美和房地美密切合作。正如格雷格和我所說，我們感覺非常好，因為這與我們的整體投資組合有關。

And I think the most important thing is that while they have been somewhat distracted over the past year as it relates to asset management and looking at their past book of business, we're very encouraged to see both of them, if you will, focusing to the future as it relates to new loan originations and processing business with both us as well as our competitor firms.

我認為最重要的是，雖然他們在過去的一年裡因為涉及資產管理和查看他們過去的業務而有些分心，但我們非常鼓勵看到他們倆（如果你願意的話）專注於未來，因為它涉及我們以及我們的競爭對手公司的新貸款發放和處理業務。

Thanks very much.

非常感謝。

Steven Delaney, Citizens JMP.

史蒂文·德萊尼 (Steven Delaney)，公民 JMP。

Good morning, everyone. I appreciate Jade asking the question because it's a lot of conversation out there among clients about how far this GSE thing and the Meridian thing might go. Want to talk just about the earnings statement, if I might. I think your frontline numbers are GAAP and I think most of the analysts where the numbers we put into our consensus.

大家早安。我很感謝 Jade 提出這個問題，因為客戶之間有很多關於 GSE 和 Meridian 的事情可能會發展到什麼程度的討論。如果可以的話，我只想談談收益表。我認為你們的第一線資料是公認會計原則（GAAP），我認為大多數分析師都將這些資料納入了我們的共識。

I'd like to just make the point that I think -- well, let me ask you this, Willy and Greg. Adjusted core EPS seems to take out a lot of the noise from fair value marks and servicing, et cetera. Internally, does management and the Board focus more on adjusted core or more on GAAP earnings when you're looking at your -- evaluating your profitability? Let's start there if we can. Thanks.

我只想表達我的觀點——好吧，讓我問你們這個問題，威利和格雷格。調整後的核心每股盈餘似乎消除了公允價值標記和服務等方面的大量噪音。在內部，當你評估你的獲利能力時，管理階層和董事會是更專注於調整後的核心還是更專注於 GAAP 收益？如果可以的話，讓我們從這裡開始。謝謝。

Steve, it's a heck of a good question because I will tell you that while the growth in adjusted core as well as an EBITDA show the incredible strength of the platform and the enduring cash flow that we have been able to create, we also know that the booking of mortgage servicing rights is extremely important for the next cycle.

史蒂夫，這是一個很好的問題，因為我會告訴你，雖然調整後核心業務和 EBITDA 的成長顯示了該平台令人難以置信的實力以及我們能夠創造的持久現金流，但我們也知道抵押貸款服務權的預訂對於下一個週期極為重要。

So the reason we've done so well over the last two years is because we were so successful at building up $133 billion loan servicing portfolio that would kick off cash during times when transaction volumes went down. And we have been the net beneficiary of that over the last two years. But we also realize that -- Michael will be, whether it's five years from now, seven years from now, let's hope it's 10 years from now. But in the next cycle, what will get us through that next cycle is booking lots of mortgage servicing rights over the next three, five, seven years.

因此，我們過去兩年表現如此出色的原因是我們非常成功地建立了 1,330 億美元的貸款服務投資組合，這些投資組合可以在交易量下降時釋放現金。過去兩年我們一直是這方面的淨受益者。但我們也意​​識到──無論是五年後、七年後，還是十年後，麥可都會成為這樣的人。但在下一個週期中，讓我們度過下一個週期的是在未來三年、五年、七年預訂大量抵押貸款服務權。

And so one of the things that we are very focused on is that there is no shifting of focus inside of Walker & Dunlop away from booking mortgage servicing rights because that is the business model. And so while our financial results I, as I said in the call, feel very good about, it is up to us to continue to have our loan originators going out and finding lending opportunities that generate significant mortgage servicing rights, which will benefit non-cash earnings and non-cash revenues as we book them, which will then pay huge dividends three, five, seven years from now when we hit the next downturn where transaction volumes come down. And that's the resiliency of the platform, but it's also very much our strategy and that has not changed one iota.

因此，我們非常關注的一件事是，Walker & Dunlop 內部的焦點沒有從預訂抵押貸款服務權上轉移，因為這就是商業模式。因此，正如我在電話中所說，雖然我對我們的財務表現感覺非常好，但我們有責任繼續讓我們的貸款發起人走出去，尋找產生大量抵押貸款服務權的貸款機會，這將有利於非我們登記的現金收益和非現金收入，將在三年、五年、七年後，當我們遇到下一次交易量下降的低迷時期時，這些收入將支付巨額股息。這就是平台的彈性，但這也是我們的策略，沒有絲毫改變。

Got it. So what you're saying in it, when you think about the W&D and the origination side of your business, your GSE business, obviously the MSR is the fair value -- recognition of that discounted fair value is critical, right, to your accounting and your profitability. So I guess what I'm hearing you say, Willy, in a normal origination focused environment, which we'll have here with hopefully with lower rates, that MSR recognition in the current period is an important part of your business model.

知道了。所以你在其中所說的，當你考慮 W&D 和你的業務的起源方面時，你的 GSE 業務，顯然 MSR 是公允價值——承認貼現公允價值對你的會計至關重要，對吧。的盈利能力。所以我想我聽到你說的是，威利，在一個正常的以起源為中心的環境中，我們希望以較低的利率在這裡實現，當前時期的MSR 認可是你的商業模式的重要組成部分。

So I guess I was asking for taking away noise. But what you're telling me is we can't have it both ways, right? I mean if we're going to look at the MSRs as revenue as they're booked, then we're just going to have to live with any adjustments going through, other than the normal amortization going forward.

所以我想我是在要求消除噪音。但你告訴我的是我們不能兩全其美，對吧？我的意思是，如果我們將 MSR 視為預訂時的收入，那麼除了未來的正常攤銷外，我們將不得不接受正在進行的任何調整。

Yeah. I mean, Steve, let me just -- let me put a finer point on this, if I can. I just, in the call, talked about some of our larger scale competitive platforms. And the thinking always was that because they were broad and diversified and had these lower margin services contracts, that in the downturn they would do better than Walker & Dunlop. And as Jade's analysis showed, they didn't.

是的。我的意思是，史蒂夫，讓我——如果可以的話，讓我更詳細地闡述這一點。我剛剛在電話中談到了我們一些更大規模的競爭平台。人們總是認為，由於他們的業務範圍廣泛、多元化，並且擁有利潤率較低的服務合同，因此在經濟低迷時期，他們會比 Walker & Dunlop 做得更好。正如傑德的分析所示，他們沒有。

Okay. So then go to the other extreme, which is some of our other competitor firms that are all transaction volume focused. If we were to forget about GAAP EPS, we would run after adjusted core EPS, which is the cash flow off the servicing portfolio. But it is also just cash transaction fees.

好的。那麼就走向另一個極端，即我們的其他一些競爭對手公司都專注於交易量。如果我們忘記 GAAP 每股盈餘，我們就會追求調整後的核心每股盈餘，也就是服務投資組合的現金流量。但這也只是現金交易費用。

And what happens is, if you're solely focused on cash transaction fees, you do really well on cash earnings, but you do not have that mortgage servicing right portfolio to hold onto when those transaction volumes come down.

發生的情況是，如果您只關注現金交易費用，那麼您在現金收入方面確實做得很好，但當交易量下降時，您沒有抵押貸款服務權投資組合可以保留。

And so that's the beauty of the model. And so if our compensation committee came to me and said, Willy, we think for you and the other senior managers we should start to focus on adjusted core EPS and less on GAAP EPS, I would say no way because it's the GAAP EPS and the generation of those mortgage servicing rights over time that will benefit this platform 5, 7, 10 years from now when we have another downturn in transaction volumes. That's the model and we'll stick to it.

這就是模型的美妙之處。因此，如果我們的薪酬委員會來找我說，威利，我們認為對你和其他高級管理人員來說，我們應該開始關注調整後的核心每股收益，而不是公認會計準則每股收益，我會說不可能，因為這是公認會計準則每股收益和隨著時間的推移，抵押貸款服務權的產生將使該平台在 5、7、10 年後受益，屆時我們的交易量將再次下滑。這就是模型，我們將堅持下去。

That's very helpful, Willy. Appreciate that clarity. Thanks so much.

這很有幫助，威利。欣賞這種清晰度。非常感謝。

Derek Sommers, Jefferies.

德里克·薩默斯，傑弗里斯。

Hey. Good morning, everyone. I was wondering -- I think in the prior quarter, we talked about a large property sales pipeline. I was just wondering how that compares at the end of this quarter, and what were the puts and takes that deal flow pulling through. Thank you also.

嘿。大家早安。我想知道 - 我想在上一季度，我們討論了大型房地產銷售管道。我只是想知道本季末的情況如何，以及交易流程中的看跌期權和看跌期權是什麼。也謝謝你。

Yeah, Derek. Pipeline is developing very nicely and sits. We haven't disclosed the actual number, but it's great. As I tried to give color, one of the -- our success in sales team and moving up in the lead tables is fantastic, not only from the flow business, but also being invited to pitch for some very large portfolio transactions where previously Walker & Dunlop wouldn't have been invited to those bake offs, if you will.

是的，德里克。管道發展得非常好並且坐穩。我們還沒有透露實際數字，但這個數字很棒。正如我試圖說明的那樣，其中之一是——我們在銷售團隊方面的成功以及在領先表中的上升是非常棒的，不僅來自流量業務，而且還被邀請參與一些非常大的投資組合交易，這些交易以前是沃克和如果你願意的話，鄧洛普不會被邀請參加那些烘焙比賽。

I will say that if you look at the first half of the year, a number of our competitor firms had some significant growth in their volumes year over year from 2023 to 2024, and our volumes were down slightly.

我想說的是，如果你看看今年上半年，我們的一些競爭對手公司的銷量從 2023 年到 2024 年同比都有顯著增長，而我們的銷量略有下降。

That's disappointing as it relates to our overall competitive positioning, but we're still a top five multifamily investment sales platform. Pipeline is very strong and as I said in our comments, our team is doing everything right now.

這令人失望，因為這與我們的整體競爭定位有關，但我們仍然是排名前五的多戶住宅投資銷售平台。管道非常強大，正如我在評論中所說，我們的團隊現在正在做一切。

So I feel very good about where we are positioned. And the combination of investment sales and lending has us right now, any multifamily owner, operator, investor in the US who is thinking about selling either an individual asset or a scaled portfolio, Walker & Dunlop is going to be on their list of firms to talk to.

所以我對我們的定位感覺非常好。現在，投資銷售和貸款的結合讓我們，任何在美國考慮出售個人資產或規模化投資組合的多戶家庭業主、經營者、投資者，Walker & Dunlop 都將出現在他們的公司名單上交談。

And given the strength of our financing platform, those two things during this next cycle should benefit one another tremendously.

鑑於我們融資平台的實力，下一個週期中的這兩件事應該會彼此受益匪淺。

Got it. Very helpful color. Thank you. And then just to switch to the GSEs coming to the end of the year here, have there been any conversations about the multifamily caps? And then I guess given the election cycle, any pertinent thoughts on working with different administrations?

知道了。非常有用的顏色。謝謝。然後，我們轉向今年年底即將到來的政府支持企業 (GSE)，有沒有關於多戶家庭上限的討論？然後我想考慮到選舉週期，對於與不同政府合作有什麼相關的想法嗎？

Cool. I'll skip on the second one. On the first one, FHFA is always take Q3 to see where the GSEs are as far as their volumes and coming up with what they want to do in the scorecard in the coming year. I've spoken to the regulator, various people at FHFA, over the past couple months. And I think that they're looking at a lot of different data points right now.

涼爽的。我將跳過第二個。第一個，FHFA 總是在第三季了解 GSE 的數量，並提出他們在未來一年想要在記分卡中做什麼。在過去的幾個月裡，我與監管機構、FHFA 的各個人員進行了交談。我認為他們現在正在研究很多不同的數據點。

I think they see the market recovery coming and as a result of that, I would think that they lean towards maintaining the caps where they are rather than either shrinking or expanding them. But only time will tell, and that's obviously something that the regulator has complete discretion over.

我認為他們看到市場復甦即將到來，因此，我認為他們傾向於維持上限，而不是縮小或擴大上限。但只有時間才能證明一切，這顯然是監管機構擁有完全自由裁量權的事情。

And then I will only say, as it relates to the election, that we will likely have -- regardless of whether it is a Trump administration or Harris administration, we will likely have a change in the directorship of FHFA. I don't know Director Thompson's desires personally about whether she wants to stay on or go, but I would assume that with either one of those new administrations that there would be a new director at FHFA. And so always with the new director, there is change.

然後我只會說，因為這與選舉有關，我們很可能會——無論是川普政府還是哈里斯政府，我們很可能會改變 FHFA 的董事職位。我不知道湯普森主任個人的願望是繼續留任還是離開，但我認為，無論哪一個新政府上任，FHFA 都會有一位新主任。因此，新導演的出現總是會帶來改變。

And we've been pretty good at adapting to that change from some directors of FHFA who have had a very aggressive strategy on changing what the GSEs do to others who have been more in line, if you will, with the previous director.

我們非常善於適應 FHFA 一些董事的這一變化，他們採取了非常積極的策略來改變 GSE 的做法，而其他人則更願意與前任董事保持一致。

But I would put forth that we'll see what happens in the election and we'll see what happens at FHFA in 2025. But we've been to this rodeo before, if you will, having worked with Fannie and Freddie for as long as we have, and particularly since they went into conservatorship in 2008. And so none of that is terribly concerning at this point.

但我想說的是，我們將看看選舉中會發生什麼，我們將看看 FHFA 2025 年會發生什麼。但如果你願意的話，我們以前也參加過這種牛仔競技表演，因為我們與房利美和房地美合作了很長時間，特別是自 2008 年他們進入託管以來。因此，目前這些都不是特別令人擔憂的。

Got it. Thank you. That's all from me.

知道了。謝謝。這就是我的全部。

Brian Violino, Wedbush Securities.

布萊恩‧維奧利諾，韋德布希證券公司。

Great. Thanks. Good morning. Just on the escrow income, obviously that's been a benefit over the last few years with higher short-term rates. But just curious if we do see the Fed start to cut here. Could you frame what the negative impact on escrow revenues would be for, say, each 25 basis point cut? And obviously, I know that would be offset by better transaction revenues, but just curious what the offset could be there and maybe the timing between the two?

偉大的。謝謝。早安.僅就託管收入而言，顯然這在過去幾年中是一個好處，短期利率較高。但只是好奇我們是否真的看到聯準會開始降息。您能否闡述一下，例如，每削減 25 個基點，會對託管收入產生哪些負面影響？顯然，我知道這會被更好的交易收入所抵消，但只是好奇抵消可能是什麼，也許兩者之間的時間安排？

Greg, you want to take that thing?

格雷格，你想拿走那個東西嗎？

Yeah, absolutely. So simply, we have about -- depending on the time of the year, we have between $2.2 billion and $2.5 billion of escrow reserves that we hold. So 0.25 point is going to be multiplied by that balance and then you're going to just take that. Whatever the reduction in Fed funds occurs is effectively when our rate is decreased. So expect that to just be implemented as soon as the rate change occurs.

是的，絕對是。簡而言之，我們持有約 22 億至 25 億美元的託管儲備，具體取決於一年中的不同時間。因此，0.25 點將乘以該餘額，然後您就可以採用該結果。無論聯邦資金減少多少，當我們的利率下降時，這都是有效的。因此，預計利率變動後就會立即實施。

That type of a change will occur to our revenues. Whatever you're projecting or thinking about from a forward curve perspective is what you'll see the impact be on our financials on the annualized basis from that point forward.

我們的收入將會發生這種變化。無論您從遠期曲線的角度預測或思考什麼，您都會看到從那時起對我們年化財務狀況的影響。

Okay. Thanks. And then just on the expense side, it sounds like there's plenty of capacity. But just curious how you're thinking about fixed expenses at this point. Would you see a more notable uptick in volumes, is it fair to say that you think the expenses is pretty set to where you see volumes at least going in the very near term?

好的。謝謝。然後就費用方面而言，聽起來似乎有足夠的容量。但只是好奇你現在如何考慮固定費用。您是否會看到銷售量出現更顯著的成長？

Absolutely. Yeah. We've made sure to maintain capacity. We've got, as Willy said on his remarks, plenty of capacity with respect to the team. He gave some stats on where our investment sales team was towards the peak of the market. So there's a lot of room for us to run from where we are today to there.

絕對地。是的。我們已確保維持產能。正如威利在演講中所說，我們的團隊有足夠的能力。他提供了一些統計數據，說明我們的投資銷售團隊正走向市場高峰。因此，從今天的位置到那裡，我們還有很大的空間。

There's absolutely going to need to be a little bit of incremental expense increase as we need to add just processing power, if you will, but nothing that would be outsized or too excessive. And I think as transaction volumes grow back, it'll be somewhat -- I don't think it'll be massive spike. So I think we'll be able to grow into the market pretty easily from here without a lot of -- have a lot of change there.

絕對需要增加一點額外的費用，因為我們只需要增加處理能力，如果你願意的話，但沒有什麼會太大或過多。我認為，隨著交易量的回升，交易量將會回升，我認為不會大幅成長。所以我認為我們將能夠從這裡輕鬆進入市場，而無需在那裡進行大量改變。

One other thing I'd jump in behind Greg on the escrows and origination volumes. First of all, to your specific point, that's exactly right that the growth in volumes will more than offset the stepdown in escrow income. But the other piece to it is that there's also -- the escrow income acts as a hedge to our borrowing cost as well.

另一件我會在託管和原始卷上支援格雷格的事情。首先，就您的具體觀點而言，交易量的成長將足以抵消託管收入的下降，這是完全正確的。但另一件事是，託管收入也可以對沖我們的借貸成本。

And so as escrow income comes down, so does our borrowing cost. So you know Greg talked about that as it relates to how you also have, as escrow comes down, so does our borrowing cost on our debt. So those two act as a hedge against one another. And then if you're in a lower rate environment, it's very clearly the assumption that transaction volumes step up.

隨著託管收入下降，我們的借貸成本也會下降。所以你知道格雷格談到了這一點，因為它與你的方式有關，隨著託管的減少，我們的債務借貸成本也隨之下降。因此，這兩者起到了相互對沖的作用。然後，如果您處於較低的利率環境中，那麼很明顯，交易量會增加。

And so net-net, that's all net beneficial to us in a rising rate environment. It was nice to have that hedge against the increased borrowing cost in the escrows. But as that steps down, the debt cost and the escrows work basically in tandem as the hedge, and then what you pick up is increased transaction volumes.

因此，在利率上升的環境下，這對我們來說都是淨有利的。很高興能夠對沖託管中藉貸成本增加的風險。但隨著這種情況的下降，債務成本和託管基本上作為對沖同時發揮作用，然後你得到的就是交易量的增加。

Makes sense. Thanks a lot.

有道理。多謝。

Jade Rahmani, KBW.

傑德·拉赫馬尼，KBW。

Thank you. Just wanted to ask about the affordable equity business, the business that used to be known as Alliant. Just on the LITHC outlook, now what are you seeing there? And I think you alluded to the lower rate environment outlook potentially benefiting that business.

謝謝。只是想詢問有關可負擔股票業務的信息，該業務曾經被稱為 Alliant。就 LITHC 的前景而言，您現在看到了什麼？我認為您提到了較低的利率環境前景可能有利於該業務。

A couple of things there, Jade. First of all -- just did not pass the bill that had had in it increased LIHTC for 2025, which was disappointing as it relates to specifically that issue. But the general consensus is that Congress needs to increase the amount of low income housing tax credits being issued at the federal level of both 9% as well as 4%.

有幾件事，傑德。首先，只是沒有通過增加 2025 年 LIHTC 的法案，這令人失望，因為它與問題具體相關。但普遍的共識是，國會需要將聯邦層級發放的低收入住房稅收抵免額分別增加 9% 和 4%。

And I think that we're extremely well positioned as it relates to the need for more low income housing tax credits to drive the building of affordable housing across the country. The second thing is that we bought Alliant two years ago.

我認為我們處於非常有利的位置，因為這涉及到需要更多的低收入住房稅收抵免來推動全國經濟適用住房的建設。第二件事是我們兩年前收購了Alliant。

We've been integrating Alliant into Walker & Dunlop, raised our newest fund at the beginning of Q2, and we are starting to see that integration of Alliant into Walker & Dunlop and the general branding of our affordable housing business start to have real benefits. We moved Sheri Thompson into running all of affordable housing earlier this year.

我們一直在將 Alliant 整合到 Walker & Dunlop，並在第二季度初籌集了最新的資金，我們開始看到 Alliant 整合到 Walker & Dunlop 以及我們經濟適用房業務的整體品牌開始產生真正的好處。今年早些時候，我們讓謝裡·湯普森 (Sheri Thompson) 負責管理所有經濟適用房。

And so bringing the formerly known as Alliant Business, Walker & Dunlop Affordable Equity, in with our affordable debt originations, our affordable investment sales and pulling all of that together I think is going to start to really show some benefits. And so we feel very, very good about it. We have a fantastic team that we brought across in that acquisition.

因此，將以前稱為Alliant Business、Walker & Dunlop Affordable Equity 的公司與我們負擔得起的債務發起、我們負擔得起的投資銷售結合起來，並將所有這些整合在一起，我認為將開始真正顯示出一些好處。所以我們對此感覺非常非常好。我們在這次收購中帶來了一支出色的團隊。

And clearly the assets in that portfolio have been operating extremely well. And the additional EBITDA that we generate from that business has been very beneficial over the last two years.

顯然，該投資組合中的資產一直運作得非常好。過去兩年，我們從該業務中獲得的額外 EBITDA 非常有益。

Thank you. And then on the HUD business that picked up meaningfully and I know it's a high margin business, although dollar volumes, not that big. But what are your thoughts on the outlook there?

謝謝。然後，HUD 業務顯著回升，我知道這是一項高利潤業務，儘管美元交易量並沒有那麼大。但您對那裡的前景有何看法？

I think you just said it, which is that it's extremely valuable business. HUD volumes have been down. We're very focused on increasing those volumes. Their D4 product, which is their construction loan product, is a fantastic product for people who want to build and hold rather than build and sell. And we're very, very -- and we've got a fantastic D4 team, the very best in the country.

我想你剛才已經說過了，這是一項非常有價值的事業。HUD 數量有所下降。我們非常注重增加這些數量。他們的 D4 產品，也就是他們的建築貸款產品，對於那些想要建造和持有而不是建造和出售的人來說是一個很棒的產品。我們非常非常——我們擁有一支出色的 D4 團隊，是全國最好的團隊。

And one of the big issues that was driving our higher HUD volumes pre tightening was what are called interest rate reduction loans, where you put a HUD loan on back in, whenever, 2014 and because rates came down, we could go and redo that loan. That was a big driver of volumes pre great tightening. That volume obviously fell off as we moved into this higher rate environment.

導致緊縮前 HUD 數量增加的一個大問題是所謂的降息貸款，即您可以在 2014 年的任何時候重新放回 HUD 貸款，並且由於利率下降，我們可以重新發放該貸款。這是大緊縮之前成交量的一個重要推手。當我們進入這種更高利率的環境時，這一數量明顯下降。

And there hasn't been a whole lot of new lending that would -- help to having more of those IRR loans going forward. So the name of the game right now, Jade is increased D4 as well as 223F, which is just their standard refinancing product.

而且並沒有大量的新貸款可以幫助未來獲得更多的 IRR 貸款。所以現在的遊戲名稱，Jade增加了D4以及223F，這只是他們的標準再融資產品。

And our team knows that that those are the two products that we're out selling and that we need to get ourselves -- the aggregate volume is important, but lead tables are extremely important to us. And continuing to be at the very, very top of the lead tables versus the competition is super important. And our whole team is focused on doing just that.

我們的團隊知道，這些是我們正在銷售的兩種產品，我們需要自己獲得——總銷量很重要，但潛在客戶表對我們來說極為重要。在與競爭對手的競爭中繼續保持領先地位是非常重要的。我們整個團隊都致力於做到這一點。

Thank you.

謝謝。

And ladies and gentlemen, that concludes the Q&A portion of today's call. I'd like to turn the conference back to Mr. Willy Walker for additional or closing remarks.

女士們先生們，今天電話會議的問答部分到此結束。我想請威利·沃克先生做補充演講或結束語。

Great. Thank you, everyone, for joining us today. And thank you to the W&D team for all they did to produce a very solid Q2 2024. And we look forward to talking to you all at the end of Q3 and well beginning of Q4 for Q3. Thanks, everyone. Have a nice day.

偉大的。謝謝大家今天加入我們。感謝 W&D 團隊為打造出色的 2024 年第二季業績所做的一切。我們期待在第三季末和第四季開始時與大家討論第三季。謝謝大家。祝你今天過得愉快。

Ladies and gentlemen, this concludes today's call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。