Walker & Dunlop Inc (WD) 2026 Q1 法說會逐字稿

Good day, and welcome to the first-quarter 2026 Walker & Dunlop 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 Walker & Dunlop 2026 年第一季財報電話會議。今天的會議將進行錄音。此刻，我想將會議交給 Kelsey Duffey。請開始。

Thank you, Lisa. Good morning, everyone. Thank you for joining Walker & Dunlop's first quarter 2026 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. 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.

謝謝你，Lisa。各位早安。感謝各位參加 Walker & Dunlop 2026 年第一季財報電話會議。今天早上與我一同出席的有我們的董事長兼執行長 Willy Walker，以及財務長 Greg Florkowski。本次電話會議將在我們的網站上進行即時網路直播，並將於今日稍晚提供錄影回放。我們的財報新聞稿與網站皆提供存檔網路直播的存取方式細節。今天早上，我們已將財報新聞稿與簡報上傳至我們網站 www.walkerdunlop.com 的投資人關係專區。這些投影片可作為參考，對應 Willy 與 Greg 在會議中將提及的部分內容。

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.

也請注意，我們在本次電話會議過程中將引用非 GAAP 財務衡量指標，包括調整後 EBITDA 與調整後核心每股盈餘（adjusted core EPS）。關於這些非 GAAP 財務衡量指標的調節表，請參閱財報簡報的附錄。

Investors are urged to carefully read the forward-looking statements language in our earnings release. Statements made on this call, which are not historical facts, may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe our current expectations, and actual results may differ materially. Walker & 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.

我們敦促投資人仔細閱讀財報新聞稿中的前瞻性陳述相關措辭。本次電話會議中所作之非歷史事實陳述，可能構成 1995 年《私人證券訴訟改革法》所定義的前瞻性陳述。前瞻性陳述描述我們目前的預期，而實際結果可能出現重大差異。Walker & Dunlop 無義務因新資訊、未來事件或其他原因更新或修改任何前瞻性陳述，且我們明確聲明不承擔任何此類義務。有關風險因素的更詳細資訊，請參閱我們向 SEC 提交的年度與季度報告。

I'll now turn the call over to Willy.

接下來我把電話會議交給 Willy。

Thank you, Kelsey. Good morning, everyone. I want to start the call by thanking Kelsey for her incredible 12 years at Walker & Dunlop. She is going to take early retirement to spend more time with her family, and everyone at Walker & Dunlop, Greg and I, particularly, are extremely appreciative of all you have done for Walker & Dunlop over the last 12 years. Thank you, Kelsey.

謝謝你，Kelsey。各位早安。我想先在電話會議一開始，感謝 Kelsey 在 Walker & Dunlop 令人讚嘆的 12 年貢獻。她將提早退休，以便有更多時間陪伴家人；Walker & Dunlop 的每一位同仁，尤其是 Greg 和我，都非常感謝你在過去 12 年為 Walker & Dunlop 所做的一切。謝謝你，Kelsey。

We started 2026 with active commercial real estate capital markets across the industry, Walker & Dunlop closed $13.7 billion of total transaction volume, up 94% from Q1 2025, as shown on slide 3. That strong transaction activity, coupled with continued growth in our servicing portfolio, drove total revenues of $301 million, up 27% year-over-year, and diluted earnings per share of $0.46, up 475% over Q1 2025. Adjusted EBITDA grew to $74 million, up 14% year-over-year.

我們在 2026 年開局時，整個產業的商用不動產資本市場都相當活躍；如投影片 3 所示，Walker & Dunlop 完成的總交易量達 137 億美元，較 2025 年第一季成長 94%。強勁的交易活動，加上我們服務管理（servicing）投資組合持續成長，帶動總營收達 3.01 億美元，年增 27%；稀釋後每股盈餘為 0.46 美元，較 2025 年第一季成長 475%。調整後 EBITDA 成長至 7,400 萬美元，年增 14%。

Our Q1 2026 financial performance reflects Walker & Dunlop's teamwork, brand, and continued standing as one of the best commercial real estate capital markets firms in the industry. Debt originations totaled $11.8 billion, more than doubling year-over-year as activity accelerated across nearly every part of our financing business. Agency lending volume was up 109% to $5.2 billion, led by $3.1 billion with Freddie Mac.

我們 2026 年第一季的財務表現，反映了 Walker & Dunlop 的團隊合作、品牌實力，以及持續作為業界最佳商用不動產資本市場公司之一的地位。債務承作（debt originations）總額達 118 億美元，隨著我們融資業務幾乎各個領域的活動加速，年增逾一倍。機構（Agency）放款量年增 109% 至 52 億美元，其中以 Freddie Mac 的 31 億美元為主要帶動。

Our strong quarter with Freddie included a $1.7 billion refinancing of workforce housing assets for Starwood Capital Group, a deal that demonstrates our team's ability to execute on scaled, complex transactions. $4.7 billion of originations for the GSEs increased our market share from 11.2% at the end of 2025 to 12.3% at the end of Q1. A nice step up.

我們與 Freddie 的強勁季度表現包括：為 Starwood Capital Group 的勞動力住宅（workforce housing）資產完成 17 億美元再融資；此交易展現我們團隊執行大規模、複雜交易的能力。針對 GSE 的承作金額 47 億美元，使我們的市占率由 2025 年底的 11.2% 提升至第一季底的 12.3%。這是相當不錯的提升。

Brokered debt volumes totaled $6.5 billion, up 155% year-over-year, reflecting our fantastic team and ability to place capital across commercial real estate asset classes with a multitude of capital providers. The debt capital markets are flush with capital, and allowing owners who don't like pricing in the sales market to refinance.

債務仲介（brokered debt）量達 65 億美元，年增 155%，反映我們優秀的團隊，以及透過多元資金提供者，為各類商用不動產資產類別配置資金的能力。債務資本市場資金充沛，使得不滿意銷售市場定價的業主得以選擇再融資。

As slide 5 shows, on Zelman's quarterly research Buy, Sell, Build Sentiment Index, only 6% of multifamily owners are currently sellers, with 64% buyers and 30% builders. This phenomenon is tempering investment sales volume, which was solid but only up 4% on the quarter to $1.9 billion. We expect investment sales volumes to increase over the course of the year due to increased capital flows as well as values. One important indicator of our growth and productivity is transaction volume per banker-broker. As you can see on slide 6, on a trailing 12-month basis through Q1 2026, our average production per banker broker was $282 million, up from $248 million at the end of 2025.

如投影片 5 所示，在 Zelman 的季度研究「買、賣、建」情緒指數中，目前僅有 6% 的多戶住宅（multifamily）業主是賣方，64% 為買方，30% 為建方。此現象抑制了投資型銷售量；該項業務表現穩健，但本季僅成長 4% 至 19 億美元。我們預期，隨著資金流入增加以及估值回升，投資型銷售量將在今年逐步提升。衡量我們成長與生產力的一項重要指標，是每位銀行家／經紀人（banker-broker）的交易量。如投影片 6 所示，以截至 2026 年第一季的過去 12 個月計算，我們每位銀行家／經紀人的平均產出為 2.82 億美元，高於 2025 年底的 2.48 億美元。

This increase reflects the pickup in industry activity as well as the large portfolio transaction I mentioned previously. As we continue to use technology and focus on increasing our team's productivity, we expect that this metric will continue to improve to hit our goal of $300 million of transaction volume per banker broker by the end of 2026. Loan repurchases and indemnification agreements with the GSEs have required a tremendous amount of time and effort from our Servicing & Asset Management teams over the past two quarters. During the first quarter, our total GSE loan repurchase exposure was lowered from $222 million to $192 million, which is welcome progress.

此一增加反映了產業活動回溫，以及我先前提到的大型投資組合交易。隨著我們持續運用科技並聚焦提升團隊生產力，我們預期該指標將持續改善，並在 2026 年底達成每位銀行家／經紀人 3 億美元交易量的目標。過去兩個季度，與 GSE 的貸款回購與賠償（indemnification）協議，已要求我們的服務管理與資產管理團隊投入大量時間與心力。第一季期間，我們的 GSE 貸款回購曝險總額由 2.22 億美元降至 1.92 億美元，這是令人樂見的進展。

Both Fannie Mae and Freddie Mac will be performing their annual reviews of Walker & Dunlop. We are hopeful that those reviews, in conjunction with the conclusion of any loan-specific investigations, will be resolved later this year and allow us to move past these repurchase issues. We have strengthened our underwriting processes, enhanced our teamwork and protocols, and reinforced our culture of accountability to make us an even better lender going forward. I will now turn the call over to Greg to talk through our financial performance and financial outlook in more details. Greg?

Fannie Mae 與 Freddie Mac 都將對 Walker & Dunlop 進行年度審查。我們希望這些審查能與任何特定貸款的調查結案相互配合，並在今年稍晚獲得解決，讓我們得以走出這些回購議題。我們已強化承作審核（underwriting）流程、提升團隊合作與作業規範，並加強問責文化，使我們未來成為更出色的放款機構。接下來我把電話會議交給 Greg，請他更詳細說明我們的財務表現與財務展望。Greg？

Thank you, Willy, and good morning. We delivered a strong start to 2026 with a meaningful year-over-year improvement across all key financial metrics, driven by a significant rebound in transaction activity. Total transaction volume grew 94% to $13.7 billion, reflecting improving market conditions and continued strength across our platform. This translated into diluted earnings per share of $0.46, up 475% from the prior year period, alongside a 14% increase in adjusted EBITDA and a 20% increase in adjusted core EPS.

謝謝你，Willy，各位早安。在交易活動顯著回升的帶動下，我們在 2026 年取得強勁開局，所有關鍵財務指標皆較去年同期有明顯改善。總交易量成長 94% 至 137 億美元，反映市場環境改善以及我們平台的持續強勁表現。這也帶動稀釋後每股盈餘達 0.46 美元，較去年同期成長 475%；同時，調整後 EBITDA 成長 14%，調整後核心每股盈餘成長 20%。

Our capital markets business is benefiting from improving market-wide activity that is fueling the expansion of our Servicing & Asset Management business, which continues to generate consistent and durable cash flows. Before I discuss our segment results, I'll briefly update you on our loan repurchase exposure.

我們的資本市場業務正受惠於整體市場活動改善，進而推動我們的服務管理與資產管理業務擴張；該業務持續產生穩定且具韌性的現金流。在我討論各事業部門的業績之前，我先簡要更新我們的貸款回購曝險。

During the quarter, we repurchased one additional loan for approximately $5 million and also negotiated an indemnification agreement for a $34 million portfolio of loans without the requirement to repurchase the portfolio. As a result, our total repurchase exposure declined to $92 million at quarter end. We recorded approximately $10 million in expenses related to these assets in the quarter, split almost equally between credit reserves and operating costs.

本季期間，我們額外回購了一筆貸款，金額約 500 萬美元；同時也就一組 3,400 萬美元的貸款投資組合協商達成賠償協議，且無須回購該投資組合。因此，截至季末，我們的回購曝險總額降至 9,200 萬美元。本季我們就這些資產認列約 1,000 萬美元費用，幾乎平均分攤於信用準備金與營運成本之間。

We have begun executing on our disposition plan and expect to have two assets under contract in the second quarter with a goal of reducing our repurchase exposure to between $100 million and $125 million by the end of the year. Overall, we are making steady progress reducing this exposure and expect the portfolio to become less of a factor in our results in the coming quarters.

我們已開始執行資產處置計畫，並預期在第二季將有兩項資產進入簽約階段，目標是在年底前將我們的回購曝險降至1億至1.25億美元之間。整體而言，我們在降低此曝險方面持續穩健推進，並預期在未來幾季該投資組合對我們業績的影響將降低。

Turning to our segments on slide 7. Our capital markets segment delivered a strong start to the year and was the primary driver of our financial performance this quarter. Transaction volumes increased 94% and were led by growth in Freddie Mac, HUD, and broker transactions, driving segment revenues up 58% to $162 million.

接著看第7頁投影片的各業務分部。我們的資本市場分部在年初表現強勁，並成為本季財務表現的主要驅動因素。交易量成長94%，主要由Freddie Mac、HUD以及經紀交易的成長帶動，使分部營收成長58%至1.62億美元。

Earnings growth for the segment was also strong, with net income of $28 million, up $26 million from the prior year, and adjusted EBITDA of $3.9 million, up from a loss of $13.3 million last year. As expected, personnel expense increased with transaction activity. However, the majority of that increase was driven by variable compensation and directly tied to production growth.

該分部的獲利成長同樣強勁，淨利為2,800萬美元，較去年同期增加2,600萬美元；調整後EBITDA為390萬美元，較去年1,330萬美元的虧損轉為正數。如預期，隨著交易活動增加，人員費用也上升。然而，增加的主要部分來自變動薪酬，且與產出成長直接相關。

Importantly, personnel expense declined to 68% of segment revenue from 84% of revenue last year, demonstrating the operating leverage and economies of scale of the platform as volumes recover. As financing and acquisition activity continue to improve, we expect the capital markets segment to be a key driver of growth in 2026.

重要的是，人員費用占分部營收比重由去年的84%降至68%，顯示在交易量回升之際，平台具備營運槓桿與規模經濟。隨著融資與收購活動持續改善，我們預期資本市場分部將成為2026年成長的關鍵驅動力。

As shown on slide 8, our Servicing & Asset Management, or SAM segment, continues to generate stable earnings and cash flow. The servicing portfolio grew to $146 billion and generated $85 million of servicing fees, up 4% year-over-year, contributing to total segment revenues of $138 million, up 5%.

如第8頁投影片所示，我們的服務與資產管理（Servicing & Asset Management，簡稱SAM）分部持續帶來穩定的獲利與現金流。服務組合規模成長至1,460億美元，產生8,500萬美元的服務費，年增4%，帶動分部總營收達1.38億美元，年增5%。

Despite the $10 million of incremental provision and repurchase-related expenses this quarter, net income for the segment increased 12%, and adjusted EBITDA rose 3% to $112 million. The performance of this segment will be driven by two primary factors. First, as we execute our plan to sell repurchase loans, we expect to reduce the operating drag caused by this portfolio and further improve earnings and cash flow.

儘管本季增加了1,000萬美元的額外提列與回購相關費用，該分部淨利仍成長12%，調整後EBITDA亦上升3%至1.12億美元。此分部的表現將由兩項主要因素驅動。第一，隨著我們執行出售回購貸款的計畫，我們預期可降低該投資組合造成的營運拖累，並進一步改善獲利與現金流。

Second, continued growth in our capital markets business will drive expansion of the servicing portfolio, increasing the long-term profitability of the segment. Taken together, this positions SAM to deliver consistent performance today with a clear path to incremental earnings growth over time.

第二，我們資本市場業務的持續成長將帶動服務組合擴張，提升該分部的長期獲利能力。綜合而言，這使SAM在當前可提供一致的表現，並具備隨時間推進而帶來增量獲利成長的清晰路徑。

Turning to credit on slide 9, which highlights key metrics for our Fannie Mae at-risk portfolio. There are over 3,200 loans in the $69 billion at-risk portfolio, just 14 are in default at the end of the first quarter, unchanged from the end of 2025, and representing only 24 basis points of the portfolio. We will be collecting and analyzing full-year 2025 results for every property in the portfolio through the end of this month.

接著看第9頁投影片的信用面，該頁重點呈現我們Fannie Mae承擔風險（at-risk）投資組合的關鍵指標。在690億美元的承擔風險投資組合中共有超過3,200筆貸款；截至第一季末僅14筆違約，與2025年底持平，僅占投資組合的24個基點。我們將在本月底前，蒐集並分析投資組合中每一項物業的2025全年結果。

Based on the financial data collected to date, which is nearly 80% of the portfolio, the weighted average debt service coverage ratio remains strong at over 2x, only 1% of loans collected to date are below one time. Credit fundamentals also remain sound, with an average underwritten LTV of 61% for the entire portfolio and just 4% of loans above 75% LTV.

根據目前已蒐集的財務資料（約涵蓋投資組合近80%），加權平均債務償付覆蓋率（DSCR）仍維持在2倍以上的強勁水準；截至目前蒐集到的貸款中，僅1%低於1倍。信用基本面亦維持穩健，整體投資組合的平均核貸LTV為61%，且僅4%的貸款LTV高於75%。

We continue to actively monitor the portfolio and remain confident in the strength and stability of the underlying credit performance at this point in the cycle. Our business continues to generate strong, steady cash flow, and we ended the quarter with $193 million of cash on the balance sheet. During the quarter, we deployed $13 million of capital to repurchase 283,000 shares of stock at a weighted average price of $47.13, leaving us with $62 million of remaining capacity under our 2026 authorization.

我們持續積極監控該投資組合，並在本景氣循環階段對其底層信用表現的強度與穩定性仍具信心。我們的業務持續產生強勁且穩定的現金流，季末資產負債表現金為1.93億美元。本季我們投入1,300萬美元資本，以加權平均價格47.13美元回購283,000股股票，使我們在2026年授權下仍有6,200萬美元的剩餘額度。

We see a healthy pipeline of strategic opportunities and will balance investing in the growth of the business with returning capital through opportunistic repurchases. Our dividend remains a key component of our shareholder returns. Yesterday, our board approved a quarterly dividend of $0.68 per share, consistent with last quarter, and payable to shareholders of record as of May 21.

我們看到一條健康的策略性機會管線，並將在投資業務成長與透過機會性回購返還資本之間取得平衡。我們的股利仍是股東報酬的重要組成。昨日，董事會核准每股0.68美元的季度股利，與上季一致，並將支付給截至5月21日登記在冊的股東。

Turning to our annual guidance on slide 10. We established our outlook assuming a gradual stabilization in interest rates and a corresponding increase in capital markets activity over the course of the year. While geopolitical dynamics have introduced some uncertainty around inflation and the near-term path of interest rates, we have seen limited disruption to transaction activity, and the broader environment for commercial real estate remains constructive. We are entering the second quarter with a healthy pipeline consistent with this time last year. Given our strong start to the year and visibility into our near-term pipeline, we remain confident in our ability to achieve our guidance and deliver on our expectations.

接著看第10頁投影片的全年指引。我們在制定展望時，假設利率將逐步趨於穩定，並在全年期間帶動資本市場活動相應增加。儘管地緣政治動態為通膨與短期利率走勢帶來一些不確定性，我們觀察到交易活動受到的干擾有限，且商用不動產的整體環境仍具建設性。我們以與去年同期一致的健康管線進入第二季。鑑於年初的強勁開局以及對短期管線的可視性，我們仍有信心達成指引並實現我們的預期。

We're encouraged by the strong start to the year and the momentum we're seeing across both sides of the business. Capital markets activity continues to improve, and our servicing portfolio remains a strong source of stable, growing cash flow. We're entering the second quarter with a healthy pipeline and good visibility into an active transactions market, and we remain confident in our ability to deliver on our full-year 2026 guidance. Thank you for your time this morning.

我們對年初的強勁開局以及在業務兩端所見的動能感到鼓舞。資本市場活動持續改善，而我們的服務組合仍是穩定且成長中的現金流的重要來源。我們以健康的管線與對活躍交易市場的良好可視性進入第二季，並仍有信心達成2026全年指引。感謝各位今天上午撥冗參與。

I'll now turn the call back over to Willy.

我現在把電話會議交回給Willy。

Thank you, Greg. As Greg just outlined, our business is delivering solid financial results as Walker & Dunlop's people, brand, and technology continue to differentiate us across the industry. I want to discuss today's market through the lens of signal versus noise, and importantly, what that means for Walker & Dunlop as we look ahead.

謝謝你，Greg。正如Greg剛才所概述，隨著Walker & Dunlop的人才、品牌與科技持續在產業中形成差異化，我們的業務正交出穩健的財務成果。我想以「訊號」與「雜訊」的角度來談談今日的市場，更重要的是，這對我們展望未來的Walker & Dunlop意味著什麼。

If you start on slide 11, the market came into the year with a very constructive set of expectations. Lower energy prices, deregulation, tax reform, and a pickup in M&A activity. That backdrop, if realized, would have supported a strong commercial real estate transaction market.

從第11頁投影片開始，市場在年初帶著一套相當正面的預期進入新年度。包括能源價格下降、放寬監管、稅制改革，以及併購（M&A）活動回升。若上述背景得以實現，將有助於支撐強勁的商用不動產交易市場。

As slide 12 depicts, the markets have been volatile due to policy shifts, tariffs, and the Iran conflict. Unlike during many past conflicts, investors did not seek safety in treasury bonds, and as a result, equity markets fell as bond yields increased.

如第12頁投影片所示，市場因政策轉向、關稅以及伊朗衝突而出現波動。不同於過去許多衝突期間，投資人並未轉向美國公債尋求避險，因此在債券殖利率上升的同時，股市下跌。

Yet even with this volatility in the equity and debt markets, overall transaction volume in commercial real estate is normalizing. Multifamily sales volume today is only modestly below pre-COVID levels, as you can see on slide 13.

然而，即便股權與債務市場出現這些波動，商用不動產的整體交易量仍在正常化。如第13頁投影片所示，目前多戶住宅（multifamily）銷售量僅略低於COVID前水準。

As you can see on slide 14, due to more capital being called and returned over the past decade, the black line on this chart shows the five-year rolling average at negative $240 billion. Investors are seeking capital return, which is forcing owners to sell. We expect this phenomena will push transaction volume up, which drives both sales and financing activity at Walker & Dunlop.

如第14頁投影片所示，由於過去十年被召回與返還的資本增加，圖表中的黑線顯示五年滾動平均為負2,400億美元。投資人正在尋求資本回收，這迫使資產持有人出售。我們預期此現象將推升交易量，進而帶動Walker & Dunlop的銷售與融資活動。

As shown on slide 15, commercial real estate lending volumes are projected to increase meaningfully over the next several years as the next investment cycle begins to take hold. We have confidence in this forward look for two primary reasons.

如第15頁投影片所示，隨著下一個投資循環開始成形，未來幾年商用不動產放款量預計將顯著增加。我們對此一前瞻展望有信心，主要基於兩個原因。

First, industry volumes over the past three years have been significantly under trend, meaning there's a lot of pent-up financing and sales demand. Second, look at the 2019 and 2020 financing volumes on this chart, $602 billion and $614 billion, respectively. That volume of lending was predominantly 10-year loans set to mature in 2029 and 2030. If you then look at 2024 and 2025, a ton of that lending was done with five-year terms.

第一，過去三年的產業交易量明顯低於趨勢水準，意味著累積了大量被壓抑的融資與銷售需求。第二，看看圖表中2019與2020年的融資量，分別為6,020億美元與6,140億美元。該等放款多為10年期貸款，預計將於2029與2030年到期。若再看2024與2025年，其中大量放款則是以5年期條件承作。

For Walker & Dunlop, 54% of our 2025 GSE lending was five-year term. As a result, 2029 and 2030 are setting up to be enormous financing years. At the same time, the near-term opportunity for Walker & Dunlop's remains very attractive as our clients are choosing shorter-term loans to buy optionality to sell or refinance assets more quickly. This will likely accelerate the financing and sales cycle and increase transaction volumes over the next one to three years. Multifamily fundamentals are very strong as you look at affordability versus single-family and the forward supply curve.

對於 Walker & Dunlop 而言，我們 2025 年的 GSE 放款中有 54% 為五年期。因此，2029 年與 2030 年正蓄勢成為非常龐大的融資年份。同時，Walker & Dunlop 在短期內的機會仍然非常具吸引力，因為我們的客戶正選擇較短期的貸款，以取得更快出售或再融資資產的選擇權。這很可能會加速融資與銷售週期，並在未來一到三年提高交易量。從可負擔性相對於獨棟住宅以及前瞻供給曲線來看，多戶住宅的基本面非常強勁。

As slide 16 shows, if you purchased a single-family home in 2019 when the median home in America cost $275,000, you paid $1,400, shown by the black line, in principal and interest versus $1,600 to rent the average apartment in America. If you could afford the down payment, owning was cheaper than renting.

如第 16 頁投影片所示，若你在 2019 年購買一棟獨棟住宅，當時美國房屋中位數價格為 275,000 美元，你每月支付的本息為 1,400 美元（黑線所示），相較之下，租住美國平均公寓的租金為 1,600 美元。如果你負擔得起頭期款，買房比租房更便宜。

As you can see from the bar chart, the average home price skyrocketed, driving the black line through the blue line, representing homeownership becoming wildly more expensive than renting. That is a structural advantage to multifamily over single-family today, and it will remain so until either home prices fall, interest rates fall, or multifamily rents rise significantly.

如長條圖所示，平均房價飆升，使黑線穿越藍線，代表自有住宅的成本變得遠高於租屋。這是當前多戶住宅相對於獨棟住宅的結構性優勢，且在房價下跌、利率下跌，或多戶住宅租金大幅上升之前，這種優勢都將持續存在。

Many Americans are also opting for single-family rental as an attractive alternative to owning. From a monthly payment perspective, it is currently 20% more expensive to live in an owned single-family home than a single-family rental, making SFR an extremely important piece of the solution to the affordable housing crisis in the United States. Our team is very focused on growing SFR financing volumes.

許多美國人也選擇獨棟出租住宅，作為擁有住宅的具吸引力替代方案。以每月支出角度來看，目前居住在自有獨棟住宅的成本比租住獨棟出租住宅高出 20%，使 SFR 成為解決美國可負擔住宅危機中極其重要的一環。我們團隊非常專注於提升 SFR 融資量。

While we are in support of the ROAD to Housing Act, we have been working with other industry leaders to remove the seven-year provision sale that would severely diminish institutional investment in BFR and SFR assets. On the forward supply curve, as you can see, multifamily starts peaked in 2023, deliveries peaked in 2025, and we're headed towards significantly less supply over the coming years.

雖然我們支持《ROAD to Housing Act》，但我們一直與其他產業領導者合作，致力於移除「七年條款」的出售規定，該規定將嚴重削弱機構對 BFR 與 SFR 資產的投資。從前瞻供給曲線來看，如你所見，多戶住宅開工在 2023 年達到高峰，交付量在 2025 年達到高峰，而未來幾年供給將顯著減少。

This dynamic will drive improved fundamentals, increased transaction volumes, and deal flow for Walker & Dunlop. We have a deep foundation and brand recognition in the multifamily market, a sector with significant tailwinds that I just described. We've also diversified our capabilities to meet the expanding needs of our client base. The 155% increase in debt brokerage volume in Q1 is due to these investments and the strength of our team.

這種態勢將推動基本面改善、交易量增加，並為 Walker & Dunlop 帶來更多案源。我們在多戶住宅市場擁有深厚基礎與品牌辨識度，而該領域正受益於我剛才描述的顯著順風。我們也已多元化我們的能力，以滿足客戶群不斷擴大的需求。第一季債務經紀量成長 155%，正是源於這些投資以及我們團隊的實力。

While W&D is known for multifamily, nearly 45% of our Q1 debt brokerage volume was on non-multifamily assets. Similarly, while we have tremendous partnerships and scale with the GSEs, in 2025, we worked with over 250 capital providers, $22 billion of non-agency debt financing.

雖然 W&D 以多戶住宅聞名，但我們第一季近 45% 的債務經紀量來自非多戶住宅資產。同樣地，雖然我們與 GSE 建立了極為強大的合作關係與規模，但在 2025 年，我們與超過 250 家資金提供者合作，完成 220 億美元的非機構（non-agency）債務融資。

We will continue to invest in capital markets bankers, brokers, appraisers, researchers, and technology in both the US and Europe over the coming months and years to become the very best real estate capital markets firm in the world. This is the mission of our newly announced five-year strategic growth plan, The Journey to 2030.

未來數月與數年，我們將持續在美國與歐洲投資資本市場銀行家、經紀人、估價師、研究人員與科技，目標是成為全球最頂尖的不動產資本市場公司。這正是我們新公布的五年策略成長計畫《The Journey to 2030》的使命。

From a financial perspective, the plan involves significantly growing total transaction volumes to generate $2 billion of revenues by 2030. As we embark on this journey, we will continue to add the very best talent across geographies and across asset classes, expand our client base, invest in technology, and meet our clients' needs every day while growing our top and bottom line for our shareholders.

從財務角度來看，該計畫包含大幅提升總交易量，以在 2030 年創造 20 億美元營收。在我們啟程之際，我們將持續在不同地區與不同資產類別延攬最優秀的人才、擴大客戶基礎、投資科技，並每日滿足客戶需求，同時為股東提升營收與獲利。

We have a strong Q2 pipeline of deal flow and confidence in achieving our 2026 guidance. We are focused on delivering growth in 2026 and making progress towards our ambitious The Journey to 2030 goals, knowing that we have made the investments in people, brand, and technology to do so. Thank you for your time this morning.

我們第二季的案源管線強勁，並有信心達成我們對 2026 年的指引。我們專注於在 2026 年交付成長，並朝《The Journey to 2030》的宏大目標持續推進，因為我們已在人員、品牌與科技方面完成必要投資以實現這些目標。感謝各位今天早上的時間。

I will now ask the operator to open the line for any questions.

我現在請接線員開放電話線供大家提問。

(Operator Instructions)

（接線員指示）

Jade Rahmani, KBW.

Jade Rahmani，KBW。

Thank you very much. Looks like a very strong quarter. I was wondering if you could give some color on the mix shift between 10-year and five-year deals, if you're seeing continued mix toward the five-year, and when you expect that potentially to inflect the other way, or maybe it already has begun to do so.

非常感謝。看起來是一個非常強勁的季度。我想請你們補充說明一下 10 年期與 5 年期交易之間的組合變化：你們是否仍看到組合持續往 5 年期傾斜？以及你們預期何時可能會往另一個方向轉折，或是否已經開始出現這樣的轉變。

Jade, good morning, and thanks for joining us. We and I personally watch that number quite closely. I will say this. We were actually, I think, seeing kind of a trend back towards more 10-year money. Then we had the rates go up by about 50 basis points and the steepening of the yield curve. I will say, since that movement, while as Greg and I both said, aggregate volumes have actually held in nicely, many borrowers have moved from longer term to shorter term just because of the pricing differential between five-year paper and 10-year paper.

Jade，早安，謝謝你加入我們。我們——我個人也——非常密切地關注這個數字。我這麼說。我們其實——我認為——看到某種回到更多 10 年期資金的趨勢。但之後利率上升了大約 50 個基點，且殖利率曲線變得更陡。我會說，自從那次變動以來，雖然如 Greg 和我都提到的，整體量其實維持得不錯，但許多借款人已從較長期轉向較短期，主要是因為 5 年期與 10 年期票據之間的定價差異。

It's my hope that when and if rates settle down, we get the reversion back to longer-term duration. For right now, given that 50 basis point increase in the long bond, many people, just from an overall proceeds and rate standpoint, have opted for shorter maturity.

我希望當利率在某個時點趨於穩定時，我們會回歸到較長天期。就目前而言，鑑於長天期公債殖利率上升 50 個基點，許多人從整體可取得資金（proceeds）與利率的角度，選擇了較短到期。

Thank you for that. Secondly, can you just talk about the drivers of the strength in transaction volumes that you're seeing right now? How much of it is refinancing volume versus new acquisitions? What would you say is driving the strength as W&D posted leading industry growth?

謝謝你的說明。第二個問題，你能否談談你們目前看到交易量強勁的驅動因素？其中有多少是再融資量、多少是新收購？你會說是什麼在驅動這股強勁，使 W&D 繳出領先同業的成長？

As we mentioned, Jade, investment sales activity Q1 to Q1 was pretty much flat, only up about 4%, whereas you saw debt volumes go up by over 100% in both GSE as well as non-GSE volumes. It's very heavily on refinancing right now versus acquisitions. I will say that at the same time, the investment sales pipeline is very strong. We have a very significant pipeline there as it relates to properties that we've done broker opinions of value on and have a lot of sellers waiting to go to market.

如我們提到的，Jade，投資銷售活動從第一季對第一季基本持平，僅成長約 4%；但你看到債務量在 GSE 與非 GSE 兩者都成長超過 100%。目前主要是再融資，而非收購。不過同時，投資銷售的案源管線非常強勁。就我們已出具經紀估值意見（broker opinions of value）的物件而言，我們有非常可觀的管線，且有許多賣方正在等待進入市場。

I think that what we have seen, particularly in the last sort of six to eight weeks since the Iran conflict began, is that the sales market has somewhat gone sideways, whereas people still need to transact because they've got a debt maturity coming up. As you can imagine, we're giving them pricing on a sale versus a refinancing. What we have seen is many people sit there and say, I don't like what the price is I'm seeing in the market today. I'm going to go a short-term refinancing to sort of bridge through to a future sale. They're going and putting the financing on.

我認為我們看到的情況是，特別是在伊朗衝突開始後的最近六到八週，銷售市場有些停滯；但人們仍需要交易，因為他們有即將到期的債務。如你所想像，我們會提供他們出售與再融資兩種方案的定價。我們看到的是，許多人坐下來說：我不喜歡我今天在市場上看到的價格。我會做一筆短期再融資，先橋接到未來再出售。他們就去把融資做上去。

As I said in my prepared remarks, what that is going to do is give us an increased volume in the shorter term. People aren't taking the asset, putting 10-year financing on it, and we won't see that for another nine years. It's going shorter term, which would say that they're trying to buy optionality to either put it back in the market to sell it, or they're going to be required to refinance it sometime in the next four to five years if they've gone with a five-year instrument. We view that as a huge opportunity for us as well as our competitor firms, as it relates to sort of increased cycle time in the industry.

如我在事先準備的發言中所說，這將在短期內帶給我們更高的量。人們不會把資產拿來做 10 年期融資，然後我們九年後才再看到它。而是走較短期，這表示他們試圖取得選擇權：要嘛把它重新放回市場出售，要嘛如果他們使用五年期工具，就會在未來四到五年內某個時間點需要再融資。就產業週期時間縮短、交易頻率提高而言，我們認為這對我們以及同業公司都是巨大的機會。

(Operator Instructions)

(接線員指示)

Chris Muller, Citizens Capital Markets.

Chris Muller，Citizens Capital Markets。

Hey, guys. Thanks for taking the questions. Congrats to Kelsey. She's been great to work with over the years. Nice to see the repurchase loan exposure going down a little bit in the quarter. If I'm reading correctly, it looks like you guys have reached indemnification agreements on all three portfolios now. Yes. First off, is that correct? Am I reading that correctly? I guess on the broader situation, should we assume that no news is good news in regards to Freddie doing their own investigation? I think you guys said on your Q4 call that you expected them to be wrapped up with that in 90 days. Just any updates there would be very helpful.

嗨，各位。謝謝讓我提問。恭喜 Kelsey。這些年來和她合作一直很愉快。很高興看到本季回購貸款曝險略有下降。如果我理解無誤，看起來你們現在已經在三個投資組合上都達成了賠償（indemnification）協議。是的。首先，這樣說正確嗎？我這樣解讀對嗎？另外就更廣泛的情況而言，關於 Freddie 自行進行調查這件事，我們是否可以假設「沒有消息就是好消息」？我記得你們在第四季電話會議上說，預期他們會在 90 天內完成。若能提供任何最新進展都會非常有幫助。

Chris, great to hear your voice on the call. Good to have you. Yes, you're all reading that correctly. The $134 million of loans that we were working through on our last call, we've now reached either a repurchase and indemnification or just an indemnification agreement on. That's behind us. With respect to the review with Freddie, as Willy said in his remarks, we're working with them closely on that. We're sending them what they need from us in order to complete that review. And as much as we hope, it'll be done in the near term, maybe in the next couple of quarters, we don't control that timing, but we certainly think it'll be wrapped up here in the near future.

Chris，很高興在電話會議上聽到你的聲音。很高興你加入。是的，你的解讀完全正確。我們在上次電話會議中正在處理的 1.34 億美元貸款，目前已經全部達成「回購與賠償」或僅「賠償」的協議。這件事已經告一段落。至於 Freddie 的審查，如 Willy 在致詞中提到的，我們正與他們密切合作。我們也在提供他們完成審查所需的資料。我們當然希望能在近期完成，可能在接下來幾個季度內，但時程不由我們掌控；不過我們確實認為在不久的將來就會結束。

Got it. Very helpful. I guess it's nice to see the pickup in HUD originations in the quarter, and it looks like that was the highest origination volume since 4Q 2021 for that business. Is there anything driving that strength from a government policy standpoint? Should we expect that business to continue above 2025 levels?

了解。非常有幫助。我想本季 HUD 承作量的回升也很令人欣慰，而且看起來那是該業務自 2021 年第四季以來最高的承作量。從政府政策角度來看，有什麼因素在推動這股強勁表現嗎？我們是否應該預期該業務會持續高於 2025 年的水準？

Chris, first of all, good catch because we didn't mention that, and you just went and did your own homework on that. The HUD pipeline is strong. I think it is reflective of Secretary Turner and the team at HUD and what they've done to increase processing times and streamline that business, and making that business more competitive. I think you're spot on it, that that's a very attractive sort of financing option today for many of our customers.

Chris，首先你觀察得很到位，因為我們沒有特別提到這點，而你自己做了功課。HUD 的案源（pipeline）很強。我認為這反映了 Turner 部長以及 HUD 團隊所做的努力：提升處理速度並簡化流程，讓這項業務更具競爭力。你說得很準，對我們許多客戶而言，這在當下是一個非常有吸引力的融資選項。

We have a very solid HUD pipeline for 2026, feeling quite good about that. As you well know, those loans carry with them very long maturities and very healthy mortgage servicing rights. As we see an uptick in volumes there on HUD, while not a large part of our business from a volume standpoint, those MSRs are long-term and therefore quite significant from a financial standpoint.

我們 2026 年的 HUD 案源非常扎實，對此感到相當有信心。如你所知，這些貸款通常具有非常長的到期年限，以及非常可觀的抵押貸款服務權（MSR）。因此，當 HUD 的量能上升時，雖然就承作量而言不是我們業務中很大的一部分，但這些 MSR 具有長期性，從財務角度來看因此相當重要。

Got it. It is great to hear. Thanks again for taking the questions.

了解。很高興聽到這些。再次感謝讓我提問。

Thank you. Thank you for your comment about Kelsey.

謝謝。也謝謝你對 Kelsey 的稱讚。

Kyle Joseph, Stephens.

Kyle Joseph，Stephens。

Hey. Good morning, guys. Congrats on a strong start to the year. Thanks for taking my questions. Yeah, Kelsey, we'll miss you. Just wanted to touch base first on, Greg, you kind of overlaid your plan for improving the profitability of the SAM segment. Can you kind of walk us through a few more details there, and more specifically, kind of how you're envisioning that and the timeline for that?

嗨。各位早安。恭喜今年有個強勁的開局。謝謝讓我提問。是的，Kelsey，我們會想念你。我想先請教一下，Greg，你概述了提升 SAM 部門獲利能力的計畫。你能否再多說一些細節，尤其是你對此的構想以及時間表？

Sure. Great to have you back, Kyle. It's an early morning for you. Appreciate you tuning in. Look, I think first, what we've talked about now for the last couple of quarters is just our focus on reducing the portfolio of repurchase loans. That has been a $3 million to $5 million quarterly operating drag for us. We have a couple of deals in the market right now, hoping to get those either sold or right around the end of Q2 or shortly thereafter.

當然。很高興你回來，Kyle。你那邊很早。感謝你收聽。你看，我想首先，我們在過去幾個季度一直在談的，就是專注於縮減回購貸款投資組合。這一直是我們每季約 300 萬到 500 萬美元的營運拖累。我們目前有幾筆交易正在市場上，希望能在第二季末或稍後不久把它們賣出或處理完成。

We're still evaluating the remaining part of the portfolio and think that by the end of the year, we should get the overall portfolio reduced by about half to $100 million to $125 million, which would be really nice progress. Look, most importantly, we've got a capital markets business that is delivering top-end market share right now, and that just feeds the servicing portfolio.

我們仍在評估投資組合的剩餘部分，並認為到年底，整體投資組合應可縮減約一半，降至 1 億到 1.25 億美元，這將是非常好的進展。你看，最重要的是，我們的資本市場業務目前正交出領先同業的市占表現，而這會持續為服務（servicing）投資組合導入資產。

The portfolio is going to continue to grow. We don't have a lot of near-term maturity risk or maturity pressure over the next two years. As long as our team is delivering on the capital markets side, that's going to feed that portfolio and feed the growth of our servicing revenues and related fees. I think that has a real clear near-term growth path. And that segment overall is just going to continue to generate the cash we need to grow this business.

這個投資組合將會持續成長。未來兩年我們沒有太多短期到期風險或到期壓力。只要我們的團隊在資本市場端持續交出成果，就會持續挹注該投資組合，並帶動我們服務收入與相關費用的成長。我認為這有非常清晰的短期成長路徑。而整個部門也將持續產生我們擴張業務所需的現金。

It appears there are no further questions at this time. I'd like to turn the conference back to Willy Walker for any additional or closing remarks.

目前看來沒有其他問題。我想把電話會議交回給 Willy Walker，請他做任何補充或結語。

I want to thank everyone for joining us today. One final thanks to Kelsey for all she's done at W&D. Enjoy the time with the kids. Thanks, everyone, for joining us. I hope you have a great day.

感謝各位今天加入我們。最後再次感謝 Kelsey 在 W&D 所做的一切。好好享受和孩子們相處的時光。謝謝大家參與。祝各位有美好的一天。

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。感謝各位的參與。您現在可以掛線。