Walker & Dunlop Inc (WD) 2025 Q2 法說會逐字稿

Good day and welcome to the Second Quarter 2025 Walker & Dunlop Incorporated 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.

大家好，歡迎參加 2025 年第二季 Walker & Dunlop Incorporated 收益電話會議。今天的會議正在錄製中。我想將會議交給凱爾西·達菲 (Kelsey Duffey)。請繼續。

Thank you and good morning, everyone. Thank you for joining Walker & Dunlop Second Quarter 2025 Earnings Call. I have with me this morning our Chairman and CEO, Willy Walker; and our CFO, Greg Florkowski.

謝謝大家，早安。感謝您參加 Walker & Dunlop 2025 年第二季財報電話會議。今天上午，與我一起的有我們的董事長兼首席執行官威利·沃克 (Willy Walker) 和首席財務官格雷格·弗洛科夫斯基 (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 archive 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.

本次電話會議將在我們的網站上進行網路直播，錄音將於今天稍後提供。我們的收益新聞稿和網站都提供了有關存取檔案網路廣播的詳細資訊。今天上午，我們將收益報告和簡報發佈到了我們網站 www.walkerdunlop.com 的投資者關係板塊。這些投影片可以作為 Willy 和 Greg 在電話會議上討論內容的參考。

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 metric. 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.

另請注意，我們將在本次電話會議中參考非 GAAP 財務指標、調整後的 EBITDA 和調整後的核心 EPS。請參閱收益報告附錄，以了解這些非 GAAP 財務指標的對帳。我們敦促投資者仔細閱讀我們的收益報告中的前瞻性陳述語言。本次電話會議所作的陳述並非歷史事實，但可能被視為《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。

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, 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.

前瞻性陳述描述了我們目前的預期，實際結果可能存在重大差異。Walker & Dunlop 沒有義務更新或修改我們的前瞻性陳述，無論其是否由於新資訊、未來事件或其他原因，且我們明確否認有此義務。有關風險因素的更多詳細信息，請參閱我們向美國證券交易委員會提交的年度和季度報告。

I will now turn the call over to Willy.

現在我將把電話轉給威利。

Thank you, Kelsey, and good morning, everyone.

謝謝你，凱爾西，大家早安。

In our last earnings call at the beginning of 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 Q2 financial results show, transaction volumes remain strong throughout the quarter and are continuing into Q3. Commercial real estate and the investing and financing activities that drive it forward is showing signs of entering its next cycle.

在五月初的上一次收益電話會議上，我們提到，儘管解放日後利率和市場波動劇烈，但我們四月份的交易量仍然非常強勁。正如我們的第二季財務結果顯示，交易量在整個季度保持強勁，並持續到第三季。商業房地產以及推動其發展的投資和融資活動正顯示出進入下一個週期的跡象。

I spoke at a conference in Chicago in May. The CEO of one of Walker Knob's competitor firms spoke before me and said that the next CRA cycle would begin on July 8, 2025, as soon as the new tariff deals were negotiated. I disagreed and said it was highly unlikely all the trade deals would be negotiated by July 8. And second, even if the Trump administration was wildly successful in negotiating trade deals, that nobody should think trade is the last macroeconomic issue President Trump is going to try to impact.

我五月在芝加哥的一次會議上發表了講話。Walker Knob 競爭對手公司之一的執行長在我之前發言，表示下一個 CRA 週期將於 2025 年 7 月 8 日開始，即新關稅協議談判完成後。我不同意，並表示所有貿易協定在 7 月 8 日之前談判完成的可能性極小。其次，即使川普政府在貿易協議談判中取得巨大成功，也沒有人應該認為貿易是川普總統試圖影響的最後一個宏觀經濟問題。

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 3.5 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.

你猜怎麼著？我們都是對的。自從川普第二屆政府上任以來，我們看到的市場波動很可能在未來 3.5 年內持續下去，與此同時，下一個 CRE 週期似乎正在進行中。這一週期的出現並不是因為利率大幅下降、資產價格上漲或宏觀經濟平靜。之所以開始這樣做，是因為在經歷了三年的銷售和融資活動大幅下降之後，現在是時候將資本回流給投資者、對資產進行再融資，並部署在緊縮政策之前籌集的資本了。

As you can see on slide 3, there is over $640 billion 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 2022. That is investors waiting for capital to be recycled prior to investing in new vehicles.

正如您在投影片 3 中看到的，房地產基金中有超過 6,400 億美元的股本已經投資了五年多，需要返還給投資者。從該圖表中您還可以看到，自 2022 年以來，新基金的融資額大幅下降。也就是說，投資者在投資新車之前會等待資本回收。

And on the right side, the graph shows that there is over $400 billion of dry powder that needs to be invested or will be returned to investors. This slide represents over $1 trillion of real estate focused equity capital. It either needs to be recycled or deployed, and these equity flows are what is driving transaction activity today.

右側的圖表顯示，有超過 4,000 億美元的資金需要投資或將返還給投資者。這張投影片代表了超過 1 兆美元的房地產股權資本。它要麼需要回收，要麼需要部署，而這些股權流動正是當今推動交易活動的動力。

Beyond this significant macro driver, the multi-family 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 multi-family the only option for many Americans.

除了這個重要的宏觀驅動因素之外，多戶型住宅領域在未來幾年內也將處於非常有利的地位。美國的住房不足，租屋成本和購屋成本之間的差距持續擴大，使得多戶住宅成為許多美國人的唯一選擇。

As this slide shows, if we go back to March of 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.

正如這張投影片所示，如果我們回到 2020 年 3 月，支付美國中等價位房屋抵押貸款的本金和利息的成本比租用中等價位的公寓單位便宜 200 至 300 美元。五年過去了，美國的房價中位數已經從 285,000 美元漲到了 410,000 美元，而現在，擁有一套住房的每月抵押貸款本金和利息成本比每月租用中等價位公寓的成本高出 500 至 600 美元。

Single-family housing is thoroughly unaffordable to someone making anything close to the median income in America today, and this reality is why the multi-family industry has seen record absorption of 227,000 units in the second quarter of 2025 and 794,000 units over the past year. Supporting that point, Q2 household growth was driven entirely by 2.7% growth in renter households, while owner households remained flat.

對於當今美國收入接近中位數的人來說，單戶住宅是完全無法負擔的，而這一現實就是為什麼多戶住宅行業在 2025 年第二季度吸收了 227,000 套住房，在過去一年吸收了 794,000 套住房。支持這一觀點的是，第二季家庭成長完全由租屋家庭成長 2.7% 推動，而自有房屋家庭成長則保持穩定。

Apartment construction has collapsed, and as apartment deliveries begin to tail off in 2025 into 2026, owners of multi-family 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 multi-family industry, W&D is extremely well positioned to meet our clients' capital market needs as this investment cycle accelerates.

公寓建設已經崩潰，隨著 2025 年至 2026 年公寓交付量開始減少，多戶住宅業主將開始提高租金。該行業目前的入住率為 96%，因此隨著物業滿員和租金上漲，價值將會上升，從而增加投資銷售和融資活動。作為多戶型住宅產業最大的資本和投資銷售提供者之一，隨著投資週期的加速，W&D 完全有能力滿足客戶的資本市場需求。

W&D's Q2 total transaction volume of $14 billion is up 65% from Q2 2024, 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.

W&D 第二季的總交易量為 140 億美元，比 2024 年第二季成長 65%，是今年第一季交易量的兩倍多。交易量的大幅增加推動營收成長 18%，每股攤薄收益達到 0.99 美元，較去年同期成長 48%。關於銷售、收入和收益，有兩點值得注意。

First, transaction volumes do not directly correlate to revenue growth. For example, we did an almost $1 billion financing for one of our long-standing clients in Q2, once again showing that W&D is one of the go to lenders for large structured GSE financing. But a $1 billion financing does not carry with it the same origination fees, nor mortgage banking gains as 10 $100 million loans.

首先，交易量與營收成長並不直接相關。例如，我們在第二季度為一位長期客戶提供了近 10 億美元的融資，這再次表明 W&D 是大型結構化 GSE 融資的首選貸款機構之一。但 10 億美元的融資並不會產生與 10 筆 1 億美元貸款相同的發起費，也不會產生抵押銀行收益。

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 non-cash mortgage servicing rights. Those non-cash servicing rights, which are the present value of future servicing income, are the lifeblood of Walker & Dunlop over the next 5, 7, and 10 years. We love booking significant non-cash MSRs, but we will benefit from their cash flows going forward.

其次，雖然營收成長了 18%，但 GAAP 收益卻成長了 48%。這是因為我們的平台獲得了規模經濟，並且預訂了大量非現金抵押貸款服務權。這些非現金服務權是未來服務收入的現值，是 Walker & Dunlop 未來 5 年、7 年和 10 年的命脈。我們喜歡預訂大量的非現金 MSR，但我們將受益於它們未來的現金流。

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.

隨著我們轉向更高的交易量和 GAAP 收益，我們應該會看到調整後的 EBITDA 和調整後的核心 EPS 像第二季度一樣下降。本季調整後 EBITDA 下降 5%，調整後核心 EPS 下降 7%，這主要是由於短期利率下降 100 個基點，這給本季的託管收益帶來了巨大壓力。隨著市場復甦，利率有望繼續下降，我們將很樂意用增加的啟動量和 MSR 收入來換取較低的託管收益。

$14 billion of total transaction volume included growth across almost all transaction channels, including $4.9 billion of lending volume with the GSEs, our highest GSE volume in 11 quarters. As shown on slide 6, 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 multi-family caps in 2025 and beyond.

140 億美元的總交易量涵蓋了幾乎所有交易管道的成長，其中包括 49 億美元的政府支持企業貸款量，這是我們 11 個季度以來政府支持企業貸款量的最高值。如投影片 6 所示，我們今年迄今的 GSE 市佔率已從去年年底的 10.3% 增加到 11.4%。目前，房利美和房地美在市場上都非常活躍，由於川普政府正在考慮未來私有化的前景，我們預計這兩家政府支持企業都將專注於在 2025 年及以後達到其多戶型住房上限。

Property sales volume grew to $2.3 billion in Q2, 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 2025. Those transactions will be closed in the second half of the year and reflect a strong pipeline moving into the third quarter.

第二季房地產銷售額成長至 23 億美元，年增 51%。我們的團隊在 6 月達成的交易量比整個 2025 年第一季的交易量還要多。這些交易將於今年下半年完成，並反映出進入第三季的強勁勢頭。

Our broker debt volume grew to $6.3 billion 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 multi-family. We work with a wide range of capital providers in our debt brokerage business, and this pickup and loan originations is reflective of a huge amount of liquidity across the capital markets.

我們的經紀債務金額在第二季成長至 63 億美元，年增 64%。這是驚人的成長，顯示所有商業房地產資產類別的交易量都在增加，而不僅僅是多戶型住宅。我們在債務經紀業務中與眾多資本提供者合作，這種提款和貸款發放反映了整個資本市場的大量流動性。

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 million in Q2, and W&D Affordable Equity completed its largest effort, largest ever $240 million multi-investor fund syndication at the beginning of the quarter.

我們繼續致力於擴大我們的經濟適用房平台，其中包括經濟適用房銷售、貸款發放和低收入住房稅收抵免聯合組織。我們的 HUD 貸款額在第二季度增長了 55%，達到 2.88 億美元，而 W&D Affordable Equity 在本季度初完成了其規模最大的一次募集，即有史以來規模最大的 2.4 億美元多投資者基金聯合融資。

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 & Dunlop, and 58% of our refinancing volume being new loans to Walker & Dunlop. These numbers speak to the use of technology and expansion of our brand to win new loans and clients from the competition.

我們的技術支援的小額貸款和評估業務繼續保持良好成長，本季評估收入成長 61%，小額貸款收入成長 99%。Galaxy 是我們的專有貸款資料庫，它繼續吸引新客戶和貸款，今年迄今為止，我們交易量的 17% 來自 Walker & Dunlop 的新客戶，而我們再融資量的 58% 是 Walker & Dunlop 的新貸款。這些數字表明我們利用技術和擴大品牌來從競爭對手中贏得新的貸款和客戶。

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&D team, brand, technology, and market presence.

我們使用數據和機器學習的服務和貸款分析平台 Client Navigator 目前擁有超過 5,600 名活躍用戶，可讓我們的借款人無縫分析他們的貸款。當我們憑藉 W&D 團隊、品牌、技術和市場影響力進入下一個市場週期時，這些都是非常令人興奮的數據點。

I'll now turn the call over to Greg to talk through our second quarter and year-to-date results in more detail.

現在我將把電話轉給格雷格，讓他更詳細地討論我們第二季和年初至今的業績。

Thank you, Willy, 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 and long-term interest rates and transaction volume rebounded. Our team took advantage, closing $14 billion in total transaction volume up 65% year-over-year. This strong performance puts us back on track to achieving our 2025 operational and financial goals.

謝謝你，威利，大家早安。第二季是商業房地產交易活動和財務表現的重要轉折點，我們看到了顯著的穩定性以及長期利率和交易量的反彈。我們的團隊充分利用了這一優勢，總交易額達到 140 億美元，年增 65%。這一強勁表現使我們重回實現 2025 年營運和財務目標的軌道。

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 5 to 10 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.

本季 GAAP EPS 成長 48% 至每股 0.99 美元，基本上與交易量的成長一致，特別是由於 MSR 收入的大幅增加。這些新產生的 MSR 代表長期合約收入，將在未來 5 到 10 年內增加我們的現金收入。正如預期的那樣，由於短期利率同比下降，我們調整後指標的成長繼續落後於 GAAP 收益成長，這導致我們的安置費收益與去年相比有所下降。談談我們的分部表現。

Our capital market 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 8.

我們的資本市場部門在第二季取得了顯著的發展動能。與前一年相比，我們的債務融資額增加了 68%，房地產銷售額增加了 51%。因此，該部門營收年增 46%，如幻燈片 8 所示。

Net income grew 200% to $33 million while adjusted EBITDA also improved 116% to $1.3 million. 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 GST 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 for the rest of the year.

淨收入成長 200% 至 3,300 萬美元，調整後的 EBITDA 也成長 116% 至 130 萬美元。正如我們的浮動薪酬模型所預期的那樣，由於本季度交易量的強勁增長，該部門的人事費用比上年增長了 26%。重要的是，我們的商品及服務稅 (GST) 交易量勢頭良好，我們預計房利美和房地美在未來幾個月內都將保持活躍，這將繼續有利於我們在今年剩餘時間內的 MSR 和發起費收入。

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.

在第二季度，我們執行了幾筆較大的交易，同時也看到短期交易的增加，以利用殖利率曲線的形狀。這兩個趨勢正在收緊我們的發起費和 MSR 利潤率，我們預計這兩個利潤率在未來幾季內將與第二季保持一致。

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 market segment this quarter, and we expect the segment to perform well in a growing market over the coming quarters.

我們的投資銀行平台 Zelman 也迎來了另一個強勁的季度，其營收年增 9%，這得益於其投資銀行、研究和諮詢服務的強勁需求。我們非常高興地看到，我們在緊縮政策之前和緊縮政策期間所做的投資有利於我們本季在資本市場部門的財務業績，我們預計該部門在未來幾個季度將在不斷增長的市場中表現良好。

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 billion as shown on slide 9, and generated servicing fees of $84 million, up 4% year-over-year. However, total SAM revenues declined 5% in Q2 '24, 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.

我們的服務和資產管理或 SAM 部門繼續提供穩定且主要由現金驅動的經常性收入和收益。如第 9 張投影片所示，服務組合目前已達到 1,370 億美元，產生的服務費為 8,400 萬美元，較去年同期成長 4%。然而，2024 年第二季 SAM 總收入下降了 5%，主要原因是與聯邦基金利率降低相關的安置費下降了 12%。提醒一下，安置費與短期利率直接波動。根據聯準會未來的行動，未來幾季該項目的收入可能會增加或減少。

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 tightening. As a reminder, we estimate realization-related revenues each quarter with a final trip recorded at the end of the year based on actual results.

本季投資管理費也下降了 49%。雖然我們的大部分投資管理收入都是穩定且經常性的，但部分收入與資產表現和/或資產處置掛鉤，特別是對於我們經濟實惠的平台。與近年來的情況一致，由於緊縮政策導致資產價值下降，我們繼續看到可負擔資產處置的減少。提醒一下，我們根據實際結果估算每季的實現相關收入，並在年底記錄最後一次旅行。

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 Willy just mentioned, we closed the largest fund in that business's history this quarter, offsetting a portion of the decline in asset management fee revenue. Turning to credit.

根據去年全年業績，我們下調了今年的季度預期，這解釋了今年第二季與去年第二季相比投資管理費下降的大部分原因。根據我們下半年迄今的實現情況，我們仍然預計這些收入將與 2024 年全年保持一致。話雖如此，我們仍然看到投資者對可負擔領域新基金的強勁需求，正如威利剛才提到的，我們本季度關閉了該業務歷史上最大的基金，抵消了資產管理費收入的部分下降。轉向信用。

There were no new defaults this quarter, but we did recognize a $1.8 million 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.

本季度沒有出現新的違約情況，但我們提列了 180 萬美元的貸款損失準備金，這筆準備金與先前違約貸款的最新估值有關，並且由於本季度房利美貸款發放量強勁，風險投資組合同比增長。我們的關鍵信用指標顯示在第 11 張投影片上，證明了我們投資組合的信用品質和強勁表現。

Out of the nearly 3,200 loans in our $65 billion at-risk portfolio, only 8 are in default as of the end of the quarter, totaling just 17 basis points. Based on the 2024 financials that have now been collected for all loans in the at-risk portfolio, the weighted average debt service coverage ratio remains over 2 times, 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 client's positioning.

在我們 650 億美元創投組合中的近 3,200 筆貸款中，截至本季末只有 8 筆貸款違約，總額僅為 17 個基點。根據目前收集的創投組合中所有貸款的 2024 年財務數據，加權平均債務償還率仍保持在 2 倍以上，證明了房地產層面現金流的強勁。我們密切監控我們投資組合中的信用風險，並繼續對我們客戶的定位感到滿意。

We ended the quarter with $234 million 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.

本季末，我們的資產負債表上有 2.34 億美元現金，反映了我們現金創造能力的強勁以及資本市場活動的反彈。我們的資本配置策略仍專注於透過招募和留任、對業務策略領域的再投資以及對季度股息的持續支持來實現有機成長機會。

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 dividends steadily for seven years, even in volatile markets, reflecting the strength and stability of our business model in up and down markets.

昨天，我們的董事會批准向 8 月 21 日登記在冊的股東派發每股 0.67 美元的季度股息。即使在動盪的市場中，我們的股息也連續七年穩定成長，這反映了我們的商業模式在市場波動時的優勢和穩定性。

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 is 41% growth in transaction volume so far this year has lifted our year-to-date diluted earnings per share to $1.07, up 5% over 2024.

2 月份，我們提供了第 12 張幻燈片所示的年度指導，預計 GAAP EPS 的成長速度將快於調整後的 EBITDA 和調整後的核心 EPS，這主要是由於短期利率下降導致安置費減少。我們預計現金收入的下降將被交易活動的增加所抵消，這將推動非現金 MSR 收入的成長。這一情況在前六個月得到了體現，今年迄今交易量增長了 41%，使我們年初至今的每股攤薄收益達到 1.07 美元，比 2024 年增長了 5%。

Placement fees have fallen 14% and year-to-date adjusted EBITDA totaled $142 million, 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.

安置費用下降了 14%，年初至今調整後的 EBITDA 總計 1.42 億美元，較 2024 年下降 9%，而調整後核心每股收益下降 16% 至每股 2 美元。年初至今的股本回報率略有改善，達到 4.2%，而營業利潤率則從 2024 年的 8% 擴大至 9%。

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.

我們仍然致力於二月制定的全年指導方針，認識到實現目標的道路需要專注的執行和持續強勁的交易量。展望未來，我們預計第二季的動能將延續到下半年，這得益於第三季健康的銷售管道、商業房地產貸款市場的大量流動性、對商業房地產資產的強勁需求以及積極的潛在市場基本面。

Our second quarter performance reflects the pick-up in market activity that we have been anticipating. Pent 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 remain committed to investing in our people, brand, and technology, and we believe those investments have positioned Walker & Dunlop to outperform as the market normalizes.

我們第二季的業績反映了我們一直預期的市場活動回升。被壓抑的需求、充足的流動性以及部署資本的信心正在推動我們平台上穩定的交易流。在過去的幾年裡，我們始終致力於投資於我們的人才、品牌和技術，我們相信這些投資將使 Walker & Dunlop 在市場正常化時表現出色。

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

感謝您今天上午抽出時間。我現在將電話轉回給威利。

Thank you, Greg. As the market recovers and expands into the next cycle, it is clear that the breadth of the Walker & 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.

謝謝你，格雷格。隨著市場復甦並進入下一個週期，很明顯，Walker & Dunlop 平台的廣度使我們能夠贏得業務、獲得市場份額並繼續成長。正如我們第一季財報電話會議第 14 張投影片所示，我們概述了整個業務的幾個目標，這些目標將使我們能夠繼續滿足客戶的需求並實現 Greg 剛剛提出的財務目標。

One important driver of our success in 2025 will be our ability to achieve at least an average of $200 million of transaction volume per banker or broker. As you can see on slide 15, we ended 2024 with an average production for a banker/broker of $172 million and with 222 bankers and brokers on the platform today, our annualized year-to-date volume puts us at $189 million per banker/broker. On a trailing 12-month basis, our production for banker/broker is at $206 million giving us line of sight to exceed the annual target we set last year as we take advantage of a reflating market.

我們在 2025 年成功的一個重要驅動力是我們能夠實現每位銀行家或經紀人平均至少 2 億美元的交易量。正如您在幻燈片 15 上看到的，到 2024 年底，我們每位銀行家/經紀人的平均產值為 1.72 億美元，而目前平台上有 222 位銀行家和經紀人，我們年初至今的年化交易量為每位銀行家/經紀人 1.89 億美元。在過去 12 個月中，我們為銀行家/經紀人創造的收益為 2.06 億美元，這讓我們有機會利用通貨再膨脹的市場，超越去年設定的年度目標。

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 at a very significant affordable finance team, and of the hospitality investment sales business, launched the data center financing business, and open 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. There is an 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.

重要的是要記住，這些平均值是在一個不斷擴大的平台上實現的，過去八個月我們進行了關鍵性的招聘，以擴大我們紐約資本市場團隊，組建一個非常重要的、負擔得起的財務團隊，並開展酒店投資銷售業務，推出數據中心融資業務，並在英國倫敦開設新辦事處。我於六月參觀了我們位於倫敦的新辦公室，對我們在歐洲和中東市場的成長機會感到無比興奮。我們預計，隨著下一輪週期的勢頭增強，我們將在現有和新興業務垂直領域尋找更多銀行和經紀人才。

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.

在過去三年的緊縮政策中，我們規模化的服務和資產管理業務產生了強勁的經常性現金流，這使得我們在交易活動急劇下降的情況下仍能保持調整後的 EBITDA。我們從未在一個季度內虧損，而且我們的獲利高峰到低谷的波動比任何主要競爭對手都要小。隨著下一週期內我們的發起量增加，我們的服務組合將開始更快成長。

Remember that between 2015 and 2020, the last expansionary cycle before the pandemic and great tightening, we saw our servicing portfolio double in size from $50 billion to $107 billion. 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 million of tax credit equity, up from $400 million last year. And in the first half of the year, the team has raised $270 million.

請記住，2015 年至 2020 年期間，即疫情和大規模緊縮之前的最後一個擴張週期，我們的服務組合規模翻了一番，從 500 億美元增加到 1070 億美元。隨著貸款發放量的增加，我們也需要繼續發展我們的投資管理業務。我們設定了 2025 年籌集 6 億美元稅收抵免權益的目標，高於去年的 4 億美元。今年上半年，該團隊已籌集了 2.7 億美元。

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 billion. Through the second quarter, the team has deployed $330 million of capital, and we expect transaction activity to pick up throughout the remainder of the year.

我們也專注於發展我們的房地產投資管理平台 WDIP，目標是到 2025 年將資本部署增加到 10 億美元以上。截至第二季度，該團隊已部署了 3.3 億美元的資金，我們預計今年剩餘時間內交易活動將會回升。

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 Reliant to dramatically expand our affordable lending, tax credit syndication, and asset management businesses.

2020 年，我們制定了雄心勃勃的五年成長計劃，名為「邁向 25 年」。我們收購了 Zelman 來擴大我們的研究和投資銀行能力。我們收購了 GeoPhy，將機器學習和人工智慧引入我們的業務。我們收購了 Reliant，以大幅擴展我們的經濟適用貸款、稅收抵免銀團和資產管理業務。

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&D platform.

當大規模緊縮政策開始實施，交易量和收益下降時，我們採取了謹慎的態度，削減了整個業務的成本。儘管過去三年的投資很少，但這些新業務表現良好。現在，隨著市場的復甦，我們對他們如何在 W&D 平台上繼續發展和增加價值有了非常清晰的願景。

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 GeoPhy 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 multi-family industry and use them to scale our affordable lending, affordable investment sales, and affordable tax credit syndication businesses.

我們需要利用澤爾曼的研究能力和洞察力，使我們的銀行和投資銷售業務變得更好。我們需要將我們的投資銀行業務（仍然主要專注於單戶住宅產業）整合到我們更廣泛的商業房地產業務和客戶關係中。我們需要利用從 GeoPhy 獲得的技術，該技術主要用於我們的小額貸款、評估和服務業務，並將其擴展到更大的垂直業務領域。我們需要在多戶型產業中建立更廣泛的客戶關係，並利用它們來擴大我們的可負擔貸款、可負擔投資銷售和可負擔稅收抵免聯合業務。

It is time to continue to execute on the vision we had when we acquired each of these businesses in 2021 and 2022. And as we do, we will make W&D a more competitive, insightful and powerful company.

現在是時候繼續執行我們在 2021 年和 2022 年收購這些企業時的願景了。透過這樣做，我們將使 W&D 成為一家更具競爭力、洞察力和實力的公司。

I cannot focus on the future of W&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 & Dunlop. I have met with investors of all shapes and sizes over W&D's 15-year history as a public company, and rarely do investors ask about the team, the culture, and the relationships that make WND so unique.

在我關注 W&D 的未來以及我們進入下一個投資週期時所面臨的機會時，我不能不提到我們的團隊和出色的員工，他們是 Walker & Dunlop 的核心和靈魂。在 W&D 作為上市公司的 15 年歷史中，我曾與各種規模的投資者會面，但很少有投資者詢問使 WND 如此獨特的團隊、文化和關係。

But the culture and brand of W&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 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're all heading.

但 W&D 的文化和品牌才是讓這家公司如此特別、獨特和強大的原因。我之前談到了每位銀行家/經紀人的收入。我們實現這些數字的唯一方法是整個企業範圍內的協作、團隊合作以及客戶參與。我剛剛談到了將我們 2021 年和 2022 年的收購整合到我們更廣泛的業務中的願景。這只有透過團隊合作、協作以及對我們共同目標的理解才能實現。

I've been honored to lead this incredible company with its incredible people for over 2 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&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&D team is 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.

二十多年來，我很榮幸能夠領導這家擁有眾多優秀員工的優秀公司，我從未厭倦向我們的團隊表示感謝，感謝他們每天為我們的客戶和股東所做的一切。當遇到困難時，堅強的人會繼續前進，而這正是 W&D 在過去三年中所做的。人們不太重視但同樣重要的是，隨著時間的推移，擴展和成長的能力取決於團隊合作、相互信任以及確保我們開發的人員、流程和技術能夠擴展的能力。W&D 團隊已為下一個週期做好了準備，準備好共同努力，並準備好從我們今天所處的時間和資源的投入中獲益。

Thank you for your time this morning. I will now ask the operator to open the line for questions.

感謝您今天上午抽出時間。我現在請接線員開通熱線來回答問題。

(Operator Instructions)

（操作員指示）

Jade Rahmani, KBW.

傑德·拉赫馬尼（Jade Rahmani），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 rates year-on-year that might be reasonable for the second half.

非常感謝。本季交易量的成長率令人震驚，團隊表現出色。有鑑於此，您能否分享一下第三季迄今的銷售情況，並給出下半年合理的年成長率範圍？

Good morning, Jade, and thanks for joining us. As I said at the very top, the Q3 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 Q3 of 2024 when we had a surge in transaction volumes and then the yield curve inverted and long-term rates went up and transaction volumes sort of tailed off towards the end of the year.

早安，Jade，感謝您加入我們。正如我在最開始所說的那樣，第三季的管道看起來很棒。如果你願意的話，我們看到了市場持續的成長速度。正如我的評論所示，我希望這表明我們正在看到——如果你回顧一年，Jade，你會記得 2024 年第三季度，當時我們的交易量激增，然後收益率曲線倒掛，長期利率上升，交易量在年底有所下降。

We're seeing nothing right now that would lead us to believe that the volumes we and our competitor firm saw in Q2 are going to be a quarterly phenomena. 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.

目前，我們還沒有看到任何跡象讓我們相信，我們和我們的競爭對手公司在第二季度看到的交易量將成為季度現象。正如我試圖強調的那樣，顯然，資本既需要回流給投資者，也需要部署到市場中；而考慮到目前的利率水平，客戶已經從觀望態度轉變為讓我們完成它的態度。

And then as it relates to any additional guidance, I think Greg walked through, clearly what we're seeing is it relates to the guidance we gave at the beginning of the year, the fact that Q2 gets us back on track, to achieving that guidance, and I think that's -- Greg, if you want to jump in with anything else, feel free to, but I think that's about all we should.

然後，至於任何額外的指導，我想格雷格已經講過了，很明顯我們看到的是，它與我們在年初給出的指導有關，事實上，第二季度讓我們回到正軌，實現了這一指導，我認為這是 - 格雷格，如果你想加入任何其他內容，請隨意，但我認為這就是我們應該做的。

Yes. You said it well. And we've given the -- we've also given the guidepost, Jade, for what we're expecting in terms of banker/broker volume and things of that nature. So -- and as Willy said we're feeling good about our path to not only achieving but exceeding some of those so that that should give you some sense on a full year basis, what we're expecting.

是的。你說得很好。並且，我們還給出了——我們還給出了路標，Jade，關於我們對銀行家/經紀人數量和諸如此類的事情的預期。所以 — — 正如威利所說，我們對自己不僅實現目標而且超越其中的一些目標的道路感到滿意，這樣一來，您就能從全年的角度了解我們的期望。

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 an operation to do multi-family or perhaps other asset classes there?

謝謝。關於歐洲倡議，我認為這非常有趣，您能否評論一下其策略是什麼？是將資本引入美國交易，還是在美國開展多戶住宅或其他資產類別的業務？

So as I mentioned, 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 market reception. I -- back before Walker & Dunlop opened up the European operations of a US multinational, it's sort of similar to how W&D is going about doing this, and I recall clearly when I would show up for meetings, people would be like, 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.

正如我所提到的，我六月去了倫敦，對我們組建的團隊以及我所說的市場反應都非常滿意。在 Walker & Dunlop 開設美國跨國公司的歐洲業務之前，這與 W&D 的做法有點類似，我清楚地記得，當我參加會議時，人們會問，你是誰，你來自哪裡？當我們在歐洲開展這些業務時，我們做了很多品牌建立工作。

I was both extremely pleased, and to be blunt, somewhat surprised at the strength of the W&D 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, but clearly, the European market has had a, if you will, a very good run over the beginning part of 2025 as it relates to 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.

我既感到非常高興，但坦白說，也對 W&D 品牌的實力感到有些驚訝。我們在美國與您進行了一次又一次的會面，迫不及待地想在英國和整個歐洲與您合作。我們有一個非常專注於歐洲市場的團隊，但顯然，歐洲市場在 2025 年初表現得非常好，因為它與人們想要投資的市場有關，所以我們對流入歐洲市場的投資以及我們在那裡的交易量開始成長感到滿意。

At the same time, 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.

同時，美國經濟持續快速發展。儘管貿易戰和貿易政策令投資者感到困惑，我們已經明顯看到今年前兩季外國直接投資放緩。

We're in this for a 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 & Dunlop, expand this brand and this company around the globe. And after my previous -- almost all my work experience before joining Walker & Dunlop, being in Latin America and being in Europe, after 22 years at Walker & 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 & Dunlop.

我們已經在這個領域工作了很長一段時間。我們考慮的不是一個季度、一年甚至五年。我們在歐洲持續擴大 Walker & Dunlop 的規模，擴大這個品牌和這家公司的全球影響力。在加入 Walker & Dunlop 之前，我幾乎所有的工作經驗都在拉丁美洲和歐洲，而在 Walker & Dunlop 工作了 22 年後，我專注於美國市場，坦白說，對我來說，回到加入 Walker & Dunlop 之前的一些市場是件很有趣的事情。

(Operator Instructions)

（操作員指示）

It appears we have no further questions in the queue at this time. I'll now turn it back over to Willy Walker. Please go for additional or closing remarks.

看來我們此時沒有其他問題了。現在我將把發言權交還給威利·沃克。請發表補充或結束語。

Thanks very much. I would reiterate my thanks to the team on a fantastic Q2. Thanks, everyone, for joining us this morning, and I hope everyone has a great day.

非常感謝。我要再次向團隊表達我的感謝，感謝他們在第二季的出色表現。感謝大家今天早上加入我們，祝大家有個愉快的一天。

And this concludes today's call. Thank you for your participation. You may now disconnect.

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。