Walker & Dunlop Inc (WD) 2026 Q2 法說會逐字稿

Good day and welcome to the second quarter 2026 Walker & Dunlop earnings call. Today's conference is being recorded.

大家好，歡迎參加 Walker & Dunlop 2026 年第二季財報電話會議。今天的會議將進行錄音。

At this time, I would like to turn the conference over to Amy Hopkins, Senior Vice President of Investor Relations. Please go ahead.

此刻，我想將會議交給投資人關係資深副總裁 Amy Hopkins。請開始。

Thank you, Taryn. Good morning, everyone. Thank you for joining Walker & Dunlop's second quarter 2026 earnings call. This call is being webcast live on our website, and a recording will be available later today. Joining me today are Willie Walker, Chairman and CEO; and Greg Florkowski, our CFO.

謝謝你，Taryn。各位早安。感謝各位參加 Walker & Dunlop 2026 年第二季財報電話會議。本次會議將在我們的網站上進行即時網路直播，錄音也將於今天稍晚提供。今天與我一同出席的有董事長兼執行長 Willie Walker，以及財務長 Greg Florkowski。

Before we begin, please note that 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. Investors are urged to read. Forward-looking statements language in our press release, which was posted this morning to the investor relations section of our website. More detailed information about risk factors can be found in our annual and quarterly reports filed with the SEC.

在開始之前，請注意，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。我們敦促投資人閱讀我們今早發布並張貼於公司網站投資人關係專區之新聞稿中的前瞻性陳述相關用語。關於風險因素的更詳細資訊，請參閱我們向美國證券交易委員會（SEC）提交的年度與季度報告。

Additionally, we'd like to remind you that during this call, we will discuss some non-GAAP financial metrics. Reconciliations of these non-GAAP financial metrics are included in our most recent earnings release and earnings call presentation, which can be found on our website.

此外，我們也提醒各位，本次電話會議將討論部分非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標的調節表已包含於我們最新的財報新聞稿與財報電話會議簡報中，皆可於我們網站查閱。

And with that, I will now turn the call over to Willie.

接下來，我將把電話會議交給 Willie。

Thank you, Amy, and good morning, everyone. This is Amy's first Walker & Dunlop earnings call since joining us to run Investor Relations, and I'd like to welcome Amy to the Walker & Dunlop team. Thank you, everyone, for joining us.

謝謝你，Amy，各位早安。這是 Amy 加入我們、負責投資人關係以來第一次參加 Walker & Dunlop 的財報電話會議，我也想在此歡迎 Amy 加入 Walker & Dunlop 團隊。也謝謝各位今天與會。

Walker & Dunlop continues to demonstrate the strength and resilience of our platform despite the uncertain macroeconomic environment in commercial real estate due to geopolitical tensions and associated interest rate volatility. W&D is gaining market share, expanding our capital relationships, generating durable recurring cash flows, and deepening the client relationships that have differentiated our company for decades. Those fundamentals remain as strong today as they ever have been.

儘管受地緣政治緊張與相關利率波動影響，商用不動產面臨不確定的總體經濟環境，Walker & Dunlop 仍持續展現我們平台的實力與韌性。W&D 正在提升市占率、擴大資本合作關係、創造穩健且可持續的經常性現金流，並深化多年來使我們公司脫穎而出的客戶關係。這些基本面如今依然一如既往地強勁。

Importantly, our clients continue to choose Walker & Dunlop because of the exceptional execution of our team, the quality of our people, and the breadth of our capital relationships around the globe. Our core operating business performed very well during the quarter, as shown on slide 3. Transaction volumes increased 3% from a year ago to $14.4 billion. Debt financing volume increased 8% to $12.5 billion, led by 43% growth in HUD originations.

重要的是，我們的客戶持續選擇 Walker & Dunlop，原因在於我們團隊卓越的執行力、人才品質，以及遍布全球的資本合作關係廣度。如投影片 3 所示，我們的核心營運業務在本季表現非常出色。交易量較去年同期成長 3%，達 144 億美元。債務融資量成長 8%，達 125 億美元，其中 HUD 承作量成長 43% 為主要帶動因素。

Brokered lending grew 17% in the second quarter and comprised a larger percentage of total transaction volume, which reflects progress on our strategic plan to expand our capital relationships in the United States and Europe. We expect brokered volumes to continue growing throughout the year due to the volume of maturing non-multifamily loans and the broad supply of capital for commercial real estate lending.

第二季經紀式放款（brokered lending）成長 17%，且占總交易量的比重提高，反映我們策略計畫在美國與歐洲擴大資本合作關係的進展。由於大量到期的非多戶住宅貸款，以及商用不動產放款資金供給充裕，我們預期經紀式放款量將在全年持續成長。

Our Fannie Mae and Freddie Mac lending volumes were down 10% on the quarter due to an extremely active Q2 last year. And yet year-to-date, our market share with the GSEs is up 350 basis points to nearly 15%. This is a tremendous accomplishment by our team and positions us extremely well to end 2026 once again at the top of the GSE's league tables.

本季我們的房利美（Fannie Mae）與房地美（Freddie Mac）放款量較去年同期下降 10%，主要因去年第二季基期極高。然而，年初至今我們在政府支持企業（GSE）業務的市占率已提升 350 個基點，接近 15%。這是我們團隊的重大成就，也讓我們在 2026 年再次於 GSE 排行榜名列前茅具備極佳的定位。

Fannie and Freddie have only deployed $62.5 billion of capital through the first half of the year, or about one-third of their combined lending capacity. So with $114 billion remaining for 2026 and our increased market share to 15%, we see a very constructive backdrop for our GSE lending over the balance of the year.

房利美與房地美在上半年僅投放 625 億美元資本，約為其合計放款額度的三分之一。因此，在 2026 年尚有 1,140 億美元可投放、且我們市占率提升至 15% 的情況下，我們認為今年剩餘期間的 GSE 放款環境相當有利。

Our property sales pipeline has strengthened meaningfully compared to last quarter, and if our clients decide to transact in 2026, we are well positioned to finish the year with property sales volume above last year, despite the slower start to 2026. Increased property sales activity would also support stronger multifamily debt financing volumes in the remainder of the year.

相較上一季，我們的物業銷售案源（pipeline）明顯增強；若客戶選擇在 2026 年進行交易，儘管 2026 年開局較慢，我們仍具備良好條件在年底使物業銷售量高於去年。物業銷售活動增加，也將支持今年剩餘期間更強勁的多戶住宅債務融資量。

Our servicing portfolio continues to grow and reached a record $146 billion at the end of Q2, up 6% year-over-year, providing durable recurring revenues and cash flows while deepening client relationships that generate future financing and advisory opportunities. 52% of the loans in our portfolio mature over the next five years and will generate refinancing and sales opportunities with our existing clients.

我們的服務管理（servicing）投資組合持續成長，並於第二季末達到創紀錄的 1,460 億美元，年增 6%；在深化可帶來未來融資與顧問機會的客戶關係之同時，也提供穩健且可持續的經常性收入與現金流。投資組合中有 52% 的貸款將在未來五年到期，將為現有客戶帶來再融資與出售機會。

To further enhance our client offering and connectivity, we launched WDSuite last year, giving clients a single-digital platform to manage their loan with Walker & Dunlop. Through WDSuite, clients can access loan documents, make loan payments, run analytics such as payoff calculations, get real-time property valuation data, research investment opportunities near their property, and connect directly with our financing, appraisal, research, and property sales teams.

為進一步提升我們對客戶的服務內容與連結性，我們於去年推出 WDSuite，讓客戶透過單一數位平台管理其在 Walker & Dunlop 的貸款。透過 WDSuite，客戶可存取貸款文件、進行貸款付款、執行如清償金額計算等分析、取得即時物業估值資料、研究其物業附近的投資機會，並可直接與我們的融資、估價、研究與物業銷售團隊聯繫。

WDSuite brings the full breadth of our commercial real estate services platform into one digital experience, reducing friction for our clients while strengthening our relationship with our borrowers. We feel very good about the underlying fundamentals of our business, yet our financial results year-to-date have been negatively impacted by loan repurchases and credit marks related to a borrower fraud investigation that began a year ago.

WDSuite 將我們商用不動產服務平台的完整廣度整合為單一數位體驗，在降低客戶摩擦的同時，也強化我們與借款人的關係。我們對業務的基本面感到非常有信心，但年初至今的財務結果受到貸款回購，以及與一年前開始的借款人詐欺調查相關之信用評價調整（credit marks）的負面影響。

We are pleased to report that Freddie Mac's loan level review related to the investigation is complete, and we are very close to being finished with Fannie Mae. Greg will discuss the loan level charges we have taken this quarter and the objected charges related to the Fannie Mae investigation in a moment. I must say it feels very good to be close to putting all of this behind us.

我們很高興報告，房地美針對該調查所進行的逐筆貸款審查已完成，而房利美方面也已接近完成。Greg 將在稍後說明我們本季認列的逐筆貸款費用，以及與房利美調查相關、目前仍有異議的費用。我必須說，能夠接近把這一切拋諸腦後，感覺非常好。

The investigations have been extremely challenging for our company, for our financial results, and for our team. I can express sufficiently my thanks to many members of our team for the countless hours of double and triple work they invested while these investigations were ongoing. Importantly, the investigations indicate that these credit issues were almost exclusively related to a small group of fraudulent sponsors that originated loans with one Walker & Dunlop banking team that is no longer at the company.

這些調查對我們公司、財務表現以及團隊而言都極具挑戰。我無法充分表達對團隊許多成員的感謝；在調查進行期間，他們投入了無數小時、加倍甚至三倍的工作量。重要的是，調查顯示，這些信用問題幾乎完全與一小群詐欺性贊助方（sponsors）有關；他們透過 Walker & Dunlop 其中一個目前已不在公司的銀行團隊承作貸款。

And while all of this has been costly and time consuming, we have learned a great deal from this process and emerged a stronger company. As Nelson Mandela once said, quote, I never lose, I either win or I learn, unquote. We have learned plenty, and our underwriting processes and partnerships with the GSEs are more robust than ever before. Together, we have strengthened our underwriting, fraud detection, and review processes while reinforcing the culture of accountability that has always been central to W&D.

儘管這一切成本高昂且耗時，我們從過程中學到很多，並以更強健的姿態走出來。正如 Nelson Mandela 曾說過的：「我從不失敗，我不是贏，就是學到。」我們確實學到了很多，而我們的承作（underwriting）流程以及與 GSE 的合作關係也比以往任何時候都更為健全。我們共同強化了承作、詐欺偵測與審查流程，同時也鞏固了問責文化，而這一直是 W&D 的核心。

Our focus going forward is to execute on the five-year strategic growth plan called the Journey To '30 that we outlined for investors earlier this year. The Journey To '30 is designed to make Walker & Dunlop the best commercial real estate capital markets company in the world. An important component of that plan is adding the very best talent across geographies and asset classes to expand our origination volumes, deepen our client relationships, and generate exceptional financial returns.

展望未來，我們的重點是執行我們今年稍早向投資人說明的五年策略成長計畫「Journey To '30」。「Journey To '30」旨在讓 Walker & Dunlop 成為全球最佳的商用不動產資本市場公司。該計畫的重要一環，是在不同地區與資產類別延攬最優秀的人才，以擴大我們的承作量、深化客戶關係，並創造卓越的財務報酬。

Our move into the hospitality investment sales in 2025, along with the opening of an office in London, England were the first two investments in this broader capital market strategy. And as we expand the scope of our services and our geographic reach, we must continue winning new client relationships.

我們於2025年進軍飯店業投資銷售業務，以及在英國倫敦設立辦公室，是這項更廣泛資本市場策略中的前兩項投資。隨著我們擴大服務範疇與地理覆蓋範圍，我們必須持續贏得新的客戶關係。

Year-to-date, 19% of our transaction volume has come from new clients to Walker & Dunlop, and three-quarters of the loans we refinanced were new loans to our portfolio. Winning new clients and new loans has been, and will continue to be, central to our growth and market share gains over the coming years. As transaction and refinancing activity accelerates over the coming years, our strategy is to continue winning new business while deepening the relationships with our existing clients.

年初至今，我們19%的交易量來自於Walker & Dunlop的新客戶，而我們再融資的貸款中有四分之三是我們投資組合中的新貸款。贏得新客戶與新貸款一直是、並將持續是我們在未來幾年成長與提升市占率的核心。隨著未來幾年交易與再融資活動加速，我們的策略是在持續贏得新業務的同時，加深與既有客戶的關係。

Our bankers and brokers need to expand those relationships with new products and services to increase Walker & Dunlop's wallet share while retaining the loans that already exist in our portfolio. As seen on slide 9, on a trailing 12-month basis, our average transaction volume per banker/broker reached $288 million, almost to our 2026 goal of $300 million of production per banker/broker.

我們的銀行家與經紀人需要透過新產品與服務擴展這些關係，以提高Walker & Dunlop在客戶端的錢包占比，同時保留我們投資組合中既有的貸款。如第9頁所示，以過去12個月計算，我們每位銀行家/經紀人的平均交易量達到2.88億美元，幾乎達到我們2026年每位銀行家/經紀人3億美元產能的目標。

Because that production flows through a cross-structure and producer base we have already built, increased transaction activity per banker/broker should drive greater economies of scale and margin expansion. And because every agency origination becomes part of a servicing portfolio that we retain for the life of the loan, each new transaction adds a recurring revenue stream that generates value well beyond its initial closing.

由於這些產出會透過我們已建立的跨部門架構與生產者基礎流轉，每位銀行家/經紀人更高的交易活動應可帶來更大的規模經濟與利潤率擴張。此外，因為每一筆機構通路的承作都會成為我們在貸款存續期間持有的服務管理投資組合的一部分，每一筆新交易都會增加一條經常性收入來源，其創造的價值遠超過初次結案。

With that, I'll turn the call over to Greg to walk through our financial results and our outlook for the balance of the year. Greg?

接下來，我把電話交給Greg，請他說明我們的財務結果以及今年剩餘期間的展望。Greg？

Thank you, Willie, and good morning. Our capital markets team navigated a challenging macroeconomic environment this quarter, reinforcing our clients' trust in our team, and enabling us to gain market share and deliver solid financial results within our core business. At the same time, our reported diluted earnings per share reflects $23 million of charges and operating costs related to previously identified problem loans.

謝謝你，Willie，大家早安。本季我們的資本市場團隊在充滿挑戰的總體經濟環境中穩健應對，進一步強化客戶對我們團隊的信任，使我們得以提升市占率，並在核心業務中交出穩健的財務表現。同時，我們公告的稀釋每股盈餘反映了2,300萬美元的費用與營運成本，與先前已識別的問題貸款相關。

These charges are meaningful, yet isolated to a small number of fraudulent borrowers and not related to new repurchase exposure or deterioration within our broader portfolio. Adjusted core EPS increased 3% this quarter to $1.19, demonstrating the strength of our core business, while diluted EPS of $0.09 reflects the cost of resolving legacy repurchase issues.

這些費用金額可觀，但僅限於少數詐欺借款人，並非與新的回購曝險或我們更廣泛投資組合的惡化有關。本季調整後核心每股盈餘（EPS）成長3%至1.19美元，展現核心業務的韌性；而稀釋EPS為0.09美元，反映解決歷史回購問題的成本。

Turning now to our Capital Markets segment. As Willie highlighted, Capital Markets generated $14.4 billion of transaction volume during the quarter. Revenue for the segment was down slightly, while net income was down 10%, primarily reflecting a greater mix of broker transactions relative to GSE lending, which reduced non-cash MSR income.

接著談我們的資本市場事業部。如Willie所強調，資本市場本季創造了144億美元的交易量。該事業部營收小幅下滑，淨利下滑10%，主要反映經紀交易占比相對於GSE放款更高，因而降低了非現金的MSR收入。

We told you in March, we expected MSR margins to be broadly consistent between 2025 and 2026, and that remains the case. Importantly, that mix shift demonstrates the availability of capital to the commercial real estate sector and the scale and quality of our debt brokerage business.

我們在3月曾表示，預期MSR利潤率在2025年與2026年之間大致一致，目前仍然如此。重要的是，這樣的組合轉移顯示商用不動產產業資金供給的可得性，以及我們債務經紀業務的規模與品質。

Turning to our Servicing and Asset Management, or SAM segment, the servicing platform continues to generate stable recurring earnings and cash flow, and the recurring revenues of the managed portfolio continue to grow steadily. The servicing portfolio increased 6% from a year ago, and while revenue for this segment was down 5% from last year, the decrease was driven by a reduction in earnings from joint venture investments in our affordable business that was driven by transaction timing and not an underlying trend.

再來看我們的服務管理與資產管理（SAM）事業部，服務平台持續帶來穩定的經常性獲利與現金流，而受管理投資組合的經常性收入也持續穩健成長。服務管理投資組合較去年同期成長6%；雖然該事業部營收較去年下降5%，但下降主要來自我們平價住宅業務中合資投資的獲利減少，原因是交易時點所致，而非基本趨勢改變。

The fundamentals of the servicing platform remain strong and continued execution from our capital markets business in the coming quarters should drive additional servicing portfolio expansion as we move through the year.

服務平台的基本面仍然強勁，而未來幾季資本市場業務的持續執行，應可在今年推進過程中帶動服務管理投資組合進一步擴張。

Turning to credit, as I referenced earlier, charges and operating losses associated with our repurchased loan portfolio impacted our financial performance this quarter. Before getting into the details of the quarter, let me briefly provide some background. As we previously disclosed, about a year ago, we began an investigation in coordination with Freddie Mac that identified a small group of fraudulent sponsors that originated loans with a specific banking team at Walker & Dunlop.

接著談信用面，如我先前提到的，與我們回購貸款投資組合相關的費用與營運損失影響了本季的財務表現。在進入本季細節之前，我先簡要提供一些背景。如我們先前揭露，約一年前我們與Freddie Mac協同展開調查，識別出一小群詐欺贊助方，這些贊助方透過Walker & Dunlop的特定銀行團隊承作並發放貸款。

Through that investigation, it was determined that banking team did not adhere to our policies and procedures, and they are no longer with the company. The investigation was then expanded to include broader loan-level reviews by both Freddie Mac and Fannie Mae. Freddie Mac's review is now complete, and we do not expect additional repurchase requests related to that process.

透過該調查，確認該銀行團隊未遵循我們的政策與程序，且他們已不再任職於公司。隨後，調查範圍擴大，納入Freddie Mac與Fannie Mae雙方更廣泛的逐筆貸款審查。Freddie Mac的審查現已完成，我們預期不會再收到與該流程相關的額外回購要求。

Fannie Mae's review is almost complete, and based on our analysis and communication with Fannie Mae, we expect to recognize credit-related charges of $12 million to $16 million in the third quarter this year related to the final resolution of their review without the need to repurchase any loans.

Fannie Mae的審查幾乎完成；根據我們的分析以及與Fannie Mae的溝通，我們預期今年第三季將認列1,200萬至1,600萬美元的信用相關費用，以完成其審查的最終解決，且無需回購任何貸款。

At this point, the investigations will be completed imminently, and the capital and financial impacts are known and sized. We can now turn our attention to getting back to business as usual with the GSEs.

截至目前，相關調查即將完成，資本與財務影響已明確且可量化。我們現在可以把重心轉回與GSEs恢復正常業務往來。

Turning specifically to the second quarter, the $23 million in charges and operating costs recognized this quarter were primarily driven by two events. First, a group of previously repurchased loans defaulted during the quarter. These loans were performing when we agreed to repurchase them at the end of last year.

就第二季而言，本季認列的2,300萬美元費用與營運成本主要由兩項事件所驅動。第一，一組先前已回購的貸款在本季發生違約。這些貸款在我們於去年底同意回購時仍為正常履約狀態。

As a result of the default, we performed property level inspections and increased our loss estimates to reflect the current condition of the assets. Second, Fannie Mae completed a portion of its loan level review during the second quarter, and we agreed to increase our loss sharing on a subset of loans rather than repurchasing them.

由於發生違約，我們進行了物件層級的查勘，並提高損失估計以反映資產目前狀況。第二，Fannie Mae在第二季完成其逐筆貸款審查的一部分，我們同意對一部分貸款提高損失分攤比例，而非回購這些貸款。

With regard to loans we previously repurchased, we are actively executing our disposition strategy. Since quarter end, we sold $40 million of properties at prices very close to our estimates and we are preparing to market another $41 million that will be sold later this year. We expect all sales and repurchased assets to be completed by early next year, with any future valuation adjustments dependent upon ultimate selling prices relative to our current estimates.

就我們先前回購的貸款而言，我們正積極執行處分策略。自季末以來，我們已出售4,000萬美元的物件，成交價格非常接近我們的估值；同時我們正準備將另外4,100萬美元推向市場，預計將於今年稍晚出售。我們預期所有出售與回購資產將於明年初前完成；任何未來估值調整將取決於最終售價相對於我們目前估值的差異。

To put this all in perspective, 95% of the losses we have recognized to date relate to a small group of fraudulent sponsors and loans originated by the banking team that is no longer with Walker & Dunlop. We are nearing the end of this process, and after reviewing broad portions of both that team's production and our broader portfolio alongside the GSEs and outside advisors, we have not identified similar issues elsewhere in our portfolio.

為了讓大家更有概念，截至目前我們已認列損失的95%與一小群詐欺贊助方以及該已離開Walker & Dunlop的銀行團隊所承作的貸款有關。我們已接近此流程尾聲；在與GSEs及外部顧問一同審視該團隊產出的大範圍內容以及我們更廣泛的投資組合後，我們未在投資組合其他部分發現類似問題。

We have significantly strengthened our ability to detect and prevent the type of coordinated fraud that led to these events and believe the control enhancements we have implemented alongside the GSEs will materially reduce the risk of this happening in the future.

我們已大幅強化偵測與防範導致這些事件之協同詐欺的能力，並相信我們與GSEs共同導入的控制強化措施，將實質降低未來再度發生的風險。

Our broader at-risk portfolio continues to demonstrate strong underlying credit performance, as shown on slide 11. At quarter end, just 28 basis points of the portfolio was in default. The operating fundamentals of our at-risk portfolio remain excellent. Operating at a weighted average debt service coverage ratio of 2 times and a weighted average underwritten loan to value of 61%. We remain confident in the underlying credit quality of the at-risk portfolio.

如第11頁所示，我們更廣泛的高風險投資組合持續展現強勁的基礎信用表現。截至季末，投資組合中僅有28個基點處於違約狀態。我們高風險投資組合的營運基本面仍然非常優異。加權平均債務償付覆蓋率為2倍，加權平均核貸貸款成數（LTV）為61%。我們對高風險投資組合的基礎信用品質仍具信心。

We continue generating consistent recurring cash flow from our servicing platform and ended the quarter with a strong balance sheet that provides the flexibility to continue investing in the growth of the business while resolving the remaining legacy repurchase issues. We have a robust recruiting pipeline, and we will continue prioritizing reinvesting in the growth of our business in pursuit of our long-term strategic objectives.

我們持續透過我們的服務平台產生一致且經常性的現金流，並在本季末以強勁的資產負債表作結，這使我們在解決剩餘的歷史回購問題之際，仍具備持續投資於業務成長的彈性。我們擁有強健的人才招募管道，並將持續優先把資金再投入於業務成長，以追求我們的長期策略目標。

Meanwhile, our dividend remains a key component of shareholder returns, and yesterday, our Board approved a quarterly dividend of $0.68 per share consistent with last quarter and payable to shareholders of record as of August 20.

同時，我們的股利仍是股東報酬的關鍵組成部分；昨天，我們的董事會核准每股0.68美元的季度股利，與上季一致，並將支付給截至8月20日登記在冊的股東。

Turning to our outlook. Our guidelines at the beginning of the year, shown on slide 12, do not predict the significant repurchase-related charges recognized during the first half, nor the potential for the additional costs I just outlined related to Fannie Mae's review. Excluding repurchase-related costs, we remain confident in our core earnings outlook. The ultimate outcome for the year will depend largely on the pace of transaction activity during the second half.

接著談談我們的展望。我們在年初提出的指引（見第12頁投影片）並未預測上半年認列的重大回購相關費用，也未預測我剛才概述、與房利美（Fannie Mae）審查相關的潛在額外成本。排除回購相關成本後，我們對核心獲利展望仍具信心。本年度的最終結果在很大程度上將取決於下半年交易活動的速度。

Capital remains broadly available and spreads remain competitive, but the absolute cost of borrowing is currently elevated and could continue to delay its financing and property sale decisions. If current market conditions persist, we believe the core business is on a path to finish toward the lower end of our original guidance.

資本整體而言仍然充裕、利差仍具競爭力，但目前絕對借款成本偏高，且可能持續延後其融資與不動產出售決策。若目前市場狀況持續，我們認為核心業務將朝向落在原先指引區間的較低端完成年度表現。

Meanwhile, an improvement in the market conditions would likely unlock additional transaction activity and position the core business to perform within the middle to upper portion of our range. Nothing we saw in the first half changes the structural case we made at Investor Day. Moderating supply, durable rent demand, a large wall of maturing commercial real estate loans, and a market-leading multifamily finance and sales business established the foundation of our Journey To '30 objectives.

同時，若市場狀況改善，可能會釋放更多交易活動，並使核心業務表現落在我們區間的中段至上段。我們在上半年所見並未改變我們在投資人日所提出的結構性論點。供給趨緩、穩健的租金需求、大量到期的商用不動產貸款，以及市場領先的多戶住宅融資與銷售業務，共同奠定了我們「Journey To '30」目標的基礎。

While work remains to resolve the legacy repurchase loan portfolio, we now have significantly greater clarity around the remaining exposure and a defined path towards resolution with the GSEs. More importantly, our capital markets platform is gaining market share and our servicing business continues generating steady recurring cash flow. We remain focused on executing our strategy, investing in the business, and creating value for our shareholders.

雖然仍需努力解決歷史回購貸款組合，但我們如今對剩餘曝險已有顯著更高的清晰度，並且與GSEs已具備明確的解決路徑。更重要的是，我們的資本市場平台正在提升市占率，而我們的服務業務持續產生穩定且經常性的現金流。我們仍專注於執行策略、投資於業務，並為股東創造價值。

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

感謝各位今早撥冗參與。接下來我把電話交回給Willie。

Thank you, Greg. As we've discussed this morning, the repurchase portfolio has impacted our earnings and has been an extraordinarily challenging situation to manage over the past several quarters. Despite the investigations and a challenging market environment, our team has continued executing for our clients and advancing our business. Looking ahead, what defines Walker & Dunlop is the exceptional execution of our team, the quality of our people, and the breadth of our capital relationships around the globe. These competitive advantages remain firmly intact today and position us well for the opportunities ahead.

謝謝你，Greg。如同我們今早所討論的，回購組合已影響我們的獲利，且在過去數個季度中一直是極其艱難、需要管理的情況。儘管面臨調查與具挑戰性的市場環境，我們的團隊仍持續為客戶執行交付並推進我們的業務。展望未來，定義Walker & Dunlop的是我們團隊卓越的執行力、我們人才的品質，以及我們在全球範圍內廣泛的資本關係。這些競爭優勢今日依然穩固，並使我們能夠把握未來的機會。

As shown on slide 13, the Mortgage Bankers Association forecasts continued growth in commercial real estate lending over the next several years, and our people brand and technology will help us capture that growth. The improving outlook for multifamily, the asset class Walker & Dunlop is known for is supported by several key fundamentals, beginning with supply.

如第13頁投影片所示，抵押貸款銀行家協會（Mortgage Bankers Association）預測未來數年商用不動產放款將持續成長，而我們的人才品牌與科技將協助我們掌握這股成長。多戶住宅（Walker & Dunlop最為人所知的資產類別）的展望改善，受到數項關鍵基本面支撐，首先是供給面。

After the largest wave of apartment deliveries in decades, new development is slowing rapidly. As you can see on this slide, annual multifamily starts have fallen to approximately 274,000 units, roughly 50% below their recent peak, while deliveries are beginning to moderate, creating a healthier supply-demand balance over the coming quarters.

在數十年來最大一波公寓交屋潮之後，新開發案正快速放緩。如各位在本頁投影片所見，多戶住宅年度開工量已降至約274,000戶，較近期高峰約低50%；同時交屋量也開始趨緩，將在未來幾個季度形成更健康的供需平衡。

With regard to demand during the first half of 2026, the market absorbed approximately 279,000 apartment units, making it the second strongest first half on record and stronger than any pre-pandemic year. A large driver of demand is that renting is still significantly cheaper than owning.

就2026年上半年的需求而言，市場吸收約279,000戶公寓單位，為史上第二強的上半年表現，且強於任何疫情前年度。需求的一大驅動因素是：租屋仍明顯比購屋便宜。

As this slide shows, the gap between the cost of paying principal and interest on a home mortgage for a medium-priced home versus renting has widened to approximately $420 per month. As home prices increase and interest rates remain high, renting remains the most economic option.

如本頁投影片所示，中位數房價住宅的房貸本息支付成本與租金之間的差距已擴大至每月約420美元。在房價上升且利率維持高檔的情況下，租屋仍是最具經濟效益的選擇。

As supply and demand get back into alignment, occupancy has now increased for four consecutive months, and as slide 17 shows, apartment vacancy continues to decline. Vacancy also declined on a year-over-year basis for the first time in more than four years, marking an important inflection point for the sector. These are exactly the type of leading indicators we would expect to see before transaction activity accelerates.

隨著供需重新對齊，入住率已連續四個月上升；且如第17頁投影片所示，公寓空置率持續下降。空置率也在超過四年後首次出現年對年下降，這標誌著該產業的重要轉折點。這些正是我們在交易活動加速之前，預期會看到的領先指標。

Taken together, moderating supply, increased demand, improving property fundamentals, and an abundant amount of lender capital suggests we are in the early stages of the next investment cycle for multifamily. Given W&D's scale multifamily lending, sales, servicing, valuation, and research businesses, as the next cycle takes hold, so will W&D's growth and financial performance.

綜合來看，供給趨緩、需求增加、不動產基本面改善，以及充裕的放款人資本，顯示我們正處於多戶住宅下一輪投資循環的早期階段。鑑於W&D在多戶住宅放款、銷售、服務、估值與研究業務的規模，隨著下一輪循環成形，W&D的成長與財務表現也將隨之展開。

And while the macro backdrop is very important to our business fundamentals and financial performance, the things we fully control are what happens inside our company each and every day. And in May, Walker & Dunlop was named one of Fortune Magazine's 100 Best Companies to Work For for the first time in our history. This recognition means so much and underscores that the people of Walker & Dunlop are our greatest asset and competitive advantage.

雖然總體環境對我們的業務基本面與財務表現非常重要，但我們能完全掌控的是公司內部每天發生的事情。而在5月，Walker & Dunlop在公司史上首次獲《財富》（Fortune）雜誌評選為「100家最佳雇主」。這項肯定意義重大，也再次強調Walker & Dunlop的員工是我們最重要的資產與競爭優勢。

As we pursue the Journey To '30, our people and culture will continue to be the foundations of our success. They attract exceptional talent, drive innovation, and enable us to consistently deliver for our clients. To every W&D who are listening, thank you for your passion, commitment, and everything you do for our clients and for one another every day. The Fortune Magazine Best Companies to Work For recognition belongs to you.

在我們推進「Journey To '30」的過程中，我們的人才與文化將持續是成功的基石。它們吸引卓越人才、驅動創新，並使我們能夠持續為客戶交付成果。對每一位正在收聽的W&D同仁，感謝你們的熱情、投入，以及每天為客戶與彼此所做的一切。《財富》雜誌「最佳雇主」的肯定屬於你們。

Walker & Dunlop's future is defined by the strength of the company we have built, the clients we have been fortunate to win and serve, and the fantastic team members who make their careers at W&D. This month, we welcome Frank Cassidy back to Walker & Dunlop following his tenure as FHA Commissioner and Assistant Secretary at the Department of Housing and Urban Development. We are thrilled to welcome Frank back to our team. As we work with Fannie Mae, Freddie Mac and HUD to increase the supply of safe, affordable housing in America.

Walker & Dunlop的未來，取決於我們所打造公司的實力、我們有幸贏得並服務的客戶，以及在W&D發展職涯的優秀團隊成員。本月，我們歡迎Frank Cassidy在擔任住房與城市發展部（HUD）FHA專員及助理部長任期後回到Walker & Dunlop。我們非常高興Frank回歸團隊。在我們與房利美（Fannie Mae）、房地美（Freddie Mac）及HUD合作、提升美國安全且可負擔住房供給之際。

We have endured some significant challenges over the past several years and believe we have emerged a better, more robust company. And as commercial real estate fundamentals improve and transaction activity accelerates, we and our shareholders will benefit.

過去幾年我們經歷了一些重大挑戰，並相信我們已蛻變為一家更好、更具韌性的公司。隨著商用不動產基本面改善、交易活動加速，我們與股東都將受益。

Thank you for joining us this morning, and I'd ask Taryn to open the line for questions.

感謝各位今早加入我們；接下來我請Taryn開放線路進行提問。

(Operator Instructions)

（接線員指示）

Kyle Joseph, Stephens.

Kyle Joseph，Stephens。

Hey, good morning, Willie and Greg. Thanks for taking my questions. Just want to go through expectations for deal flow and kind of mix shift for the remainder of the year. I know you talked about the potential GSE pipeline being really strong. What would we really need to see for that to come to fruition and remind us, I mean, just based on that, the mix shift between broker and GSE you're expecting?

嗨，早安，Willie和Greg。謝謝讓我提問。我想針對今年剩餘期間的交易流量預期，以及大致的組合轉移（mix shift）做些了解。我知道你們提到潛在的GSE案源管道非常強勁。要讓這些真正落地，我們需要看到哪些條件？也請提醒我們，基於此，你們預期經紀（broker）與GSE之間的組合轉移會是如何？

Good morning, Kyle. Thanks for joining us. So first of all, as it relates to the agencies and their 2026 caps, Freddie Mac has been very explicit that they are focused on getting to their cap and we are seeing Freddie Mac be quite aggressive in the market right now as it relates to pricing and winning deals. Fannie Mae has not been as explicit as it relates to focus on the caps and needing the caps or getting to the caps. But we would expect that both agencies are very focused on trying to deploy the amount of capital that they are allowed to under the scorecard in 2026.

早安，Kyle。感謝你加入我們。首先，就各機構及其 2026 年上限而言，Freddie Mac 已非常明確表示他們專注於達到其上限；我們也看到 Freddie Mac 目前在市場上在定價與贏得交易方面相當積極。相較之下，Fannie Mae 在是否聚焦於上限、以及是否需要達到上限或達到上限方面，並沒有那麼明確表態。但我們預期兩家機構都非常專注於在 2026 年依照評分卡所允許的範圍內，盡力部署其可用資本。

And as Greg outlined in his prepared remarks, Kyle, depending on where they get to as it relates to deployment of those caps will have a big impact on our overall production numbers as well as the economics behind the business. Getting into the specifics of how much is going to be Fannie, how much is going to be Freddy and how much is going to be brokered, as you well know, is impossible to predict.

而且如 Greg 在事先準備的發言中所概述的，Kyle，取決於他們在部署這些上限方面能做到什麼程度，將會對我們整體的生產量（production）以及業務背後的經濟性產生重大影響。至於具體會有多少是 Fannie、多少是 Freddie、以及多少會是經紀轉介（brokered），如你所知，是不可能預測的。

What you can, I think, point to is that in the first half of the year, we gained market share with both Fannie and Freddie of 350 basis points to take us to just under 15% market share with the agencies on a combined basis. So if the agencies crank up their volume in the second half of the year, that will be very beneficial to us given our positioning with both of them.

我認為你可以指出的是，在上半年，我們在 Fannie 與 Freddie 兩者的市占率合計提升了 350 個基點，使我們在兩家機構合計的市占率接近但略低於 15%。因此，如果兩家機構在下半年提高放量，鑑於我們與兩者的定位，這將對我們非常有利。

And at the same time, there is a huge amount of capital in the marketplace from debt funds, from CMBS, from banks, and our team has been extremely capable at deploying that capital into commercial real estate. And that has been both a competitive source of capital to the GSEs, but has also been very beneficial to our clients, which has been fantastic to see and fantastic to watch our team deploy that capital.

同時，市場上也有大量資本，來自債務基金、CMBS、銀行；而我們的團隊在將這些資本部署到商用不動產方面一直非常有能力。這些資本一方面是對 GSEs 具競爭性的資金來源，但另一方面也對我們的客戶非常有利；看到這一點很棒，也很高興看到我們的團隊部署這些資本。

Great. Thanks, Willie. Really helpful. And then just a quick follow-up for Greg. Just in terms of the timing on the joint venture earnings related to affordable. Should that be a tailwind into 3Q as we think about the servicing segment?

很好。謝謝你，Willie。非常有幫助。接著我想對 Greg 快速追問一下。就與平價住宅（affordable）相關的合資企業收益的時間點而言，當我們思考服務（servicing）部門時，這會在第三季（3Q）形成順風嗎？

No, I think it'll just be more consistent on a go-forward basis, Kyle. It was a unique quarter this time around relative to last year. This year, there were a little bit a few losses that we picked up from some of those joint venture investments, whereas going forward, it's going to be positive to positive earnings. So not too much of a tailwind, I would say, with that segment. That segment is driven by the size of the servicing platform, the steady cash flows that flow off of that. And we'll see a lot more benefit from that in the second quarter than pickups from the joint venture investments.

不，我認為往後會更趨於一致，Kyle。相較於去年，這一季是比較特殊的一季。今年我們從部分合資投資中承擔了一些小幅損失；但往後將會是正向、正向的收益。所以我會說，對那個部門而言不會有太大的順風。那個部門主要由服務平台的規模、以及由此帶來的穩定現金流所驅動。我們會在第二季從那方面看到更多好處，而不是來自合資投資的增益。

Got it. Really helpful. Thanks for taking my questions.

了解。非常有幫助。謝謝回答我的問題。

Yeah. Thanks for joining us.

好的。謝謝你加入我們。

Jade Rahmani, KBW.

Jade Rahmani，KBW。

Thanks very much. I wanted to ask what you're hearing from multifamily investors. Are they taking a glass half full outlook because candidly the supply absorption, I know absorption trends have been strong, but supply continues to remain elevated, and I think the rent growth recovery has been delayed. And it's probably still uncertain at this point.

非常感謝。我想問一下你們從多戶住宅（multifamily）投資人那邊聽到什麼。他們是否抱持「半杯水」的樂觀態度？因為坦白說，供給吸收（absorption）——我知道吸收趨勢一直很強——但供給仍然維持在高位，我認為租金成長的復甦也被延後了。而且在這個時間點可能仍不確定。

So expectations might be getting pushed out. At the same time, interest rates are higher than expected this year. So if you could comment on how those two factors might be impacting multifamily sentiment?

所以預期可能被往後推。同時，今年利率也比預期更高。因此，能否請你評論一下，這兩個因素可能如何影響多戶住宅的市場情緒？

Jade, good morning. What you just outlined is very much where the market sits today. As you know, there was a saying in the market which was survive to '25, and that in '25, the excess supply would have been burned off, and that owners were going to be able to start to put rent increases back into their properties. That didn't materialize in '25, and everyone entered '26 saying, how do we get through '26? And right now, you are starting to see rent growth in certain pockets across the country.

Jade，早安。你剛才描述的，正是市場目前所處的位置。如你所知，市場上曾有一句話叫「撐到 25 年」（survive to '25），意思是到 25 年多餘供給就會被消化掉，業主就能開始把租金調漲重新放回到資產裡。但這在 25 年並沒有發生，於是大家進入 26 年時都在說：我們要怎麼撐過 26 年？而現在，你開始看到全國某些區域的租金成長正在出現。

And I would say were it to just the fundamentals of the real estate supply demand, you will see the market continue to recover and the ability to start to see rent growth in the back half of '26 and into '27. I was asked at an event I was speaking at probably three weeks ago, what was more concerning, the fundamentals of multifamily or the regulatory/political backdrop as it relates to rent and rent control. And I said, without a doubt, the second. That the fundamentals appear to be improving nicely and if left alone, that will be a strong underpinning for multifamily performance going forward.

我會說，如果只看不動產供需的基本面，你會看到市場持續復甦，並且在 26 年下半年到 27 年開始看到租金成長的能力。大概三週前我在一個活動上演講時，有人問我：多戶住宅更令人擔憂的是基本面，還是與租金及租金管制相關的監管／政治環境？我說，毫無疑問是後者。基本面看起來正在良好改善；如果不被干預，這將成為未來多戶住宅表現的強力支撐。

But as you well know, our country today is faced with sort of political crosswinds, if you will. And so were you to see increased rent control measures across the country, I think that will have impact on specific markets. And if you don't and you see it, if you will, from a regulatory standpoint, business as usual, I think you have a bettering market as we move through '26 and into '27.

但如你所知，我們國家今天正面臨某種政治上的逆風。因此，如果你看到全國各地加強租金管制措施，我認為那將對特定市場造成影響。而如果沒有、從監管角度來看仍是照常運作（business as usual），我認為在 26 年一路走到 27 年時，市場會變得更好。

Thank you for that. And then, I think the unfortunate part about the repurchase loan request is that it muddies the water with respect to underlying credit performance. So let's leave that aside, and if you could comment on the underlying credit performance and if there was any credit deterioration, because I think generally real estate fundamentals do continue to improve, but we've seen somewhat of a mixed quarter. This quarter from a credit perspective across the space.

謝謝你的說明。另外，我認為回購貸款要求（repurchase loan request）不幸的一點是，它會讓人對於底層的信用表現產生混淆。所以先把那個放一邊，如果你能評論一下底層的信用表現，以及是否有任何信用惡化，因為我認為整體而言不動產基本面確實持續改善，但我們也看到本季在信用面向上有些好壞參半。就整個產業而言，這一季從信用角度看是較為混合的一季。

So I think Greg was pretty clear, Jade, in talking about the broader portfolio and has a full paragraph in our prepared remarks that says that as we look at what we have had to take losses on, that portfolio was isolated to the borrower base and the origination team at Walker & Dunlop and not broadening the portfolio and that the broader portfolio continues to operate very well.

Jade，我認為 Greg 在談到更廣泛的投資組合時講得很清楚，而且在我們事先準備的發言中有一整段提到：就我們必須認列損失的部分來看，那個投資組合的問題是侷限在 Walker & Dunlop 的特定借款人群體與承作團隊，並沒有擴散到整體投資組合；而更廣泛的投資組合仍然運作得非常好。

And so if we weren't specific or clear enough in our prepared remarks on that, we can obviously reiterate that. But I believe the stat that Greg showed was that 26 basis points of the portfolio today are in default, which on a scale portfolio of our size is a very low number and that the fundamentals of the overall portfolio, while there are clearly pockets and challenges across the country as there always are on a scale portfolio like cars, continues to operate very well.

因此，如果我們在事先準備的發言中不夠具體或不夠清楚，我們當然可以再重申一次。但我相信 Greg 提到的數據是：目前投資組合中有 26 個基點處於違約狀態；以我們這樣規模的投資組合來說，這是非常低的數字。整體投資組合的基本面——雖然很明顯全國各地仍有一些區域與挑戰，就像任何大規模投資組合一樣——仍然運作得非常好。

And so the broader portfolio looks very good, and the issues we've identified and taken financial hits on has been isolated to that borrower base and that origination team that is no longer with Walker & Dunlop.

因此，更廣泛的投資組合看起來非常好；而我們已識別並承受財務衝擊的問題，僅限於那個借款人群體以及那個已不再任職於 Walker & Dunlop 的承作團隊。

Jade, I'll just jump in with some specifics to just reinforce what Willie said there. We did have two smaller loans default during the quarter. It was about $20 million worth of loans. We recorded some specific reserves against those loans, but as Willie said, I think, our overall credit quality is excellent. We have 28 basis points of our $71 billion at-risk portfolio are defaulted, so I think that that just from a top-line perspective is excellent and then the operating fundamentals that we referred to continue to perform at a very high level with a 2 times weighted average debt service coverage ratio and an underwritten LTV of 61%.

Jade，我補充一些具體內容，以強化 Willie 剛才的說法。本季確實有兩筆較小的貸款違約。約為 2,000 萬美元的貸款金額。我們針對這些貸款提列了一些特定準備，但如 Willie 所說，我認為我們整體的信用品質非常優異。在我們 710 億美元的風險投資組合（at-risk portfolio）中，有 28 個基點處於違約狀態；我認為就整體概況而言這非常出色。此外，我們提到的營運基本面仍維持在很高水準，加權平均債務償付覆蓋率（DSCR）為 2 倍，承作時的 LTV 為 61%。

So I think given where we are through the cycle, some of the things that you mentioned with respect to multifamily writ large, I think we're pretty -- we're quite happy with where the portfolio is today and how it's performing, and we didn't see much deterioration at all with only those two new defaults during the quarter. So still feel very good about how things are performing overall.

所以我認為，考量我們目前所處的景氣循環階段，針對你提到的整體多戶住宅（multifamily）相關事項，我認為我們對目前投資組合的狀況與表現相當——我們非常滿意，而且本季僅新增那兩筆違約，我們幾乎沒有看到任何惡化。因此，我們對整體表現仍然感到非常樂觀。

Thanks so much.

非常感謝。

Yeah, thank you.

好的，謝謝。

Chris Muller, Citizens Capital Markets.

Chris Muller，Citizens Capital Markets。

Hey guys, thanks for taking my questions. So great to see the Freddy investigation has concluded. I just wanted to ask a couple clarifying things around that. Are the increases to reserves in the quarter part of the investigation conclusion, or was that driven by the specific issues at the property level that you guys talked about in your prepared remarks?

各位好，謝謝讓我提問。很高興看到 Freddy 的調查已經結束。我想就此再釐清幾點。本季準備金的增加是否屬於調查結論的一部分，還是如你們在事先準備的發言中提到的，是由你們談到的物件層級的特定問題所驅動？

So, Chris, great to hear you. Thanks for joining. There's two parts that drove the majority of those credit-related charges in the quarter. The first was just the default, as you referred to, and then the second was we did have Fannie Mae wrap up a portion of its loan level review and at the conclusion of those two loans or there were two loans that we identified that we recorded some additional reserves as we agreed to increase our loss sharing in lieu of repurchasing the loans.

Chris，很高興聽到你的聲音。謝謝加入。本季大部分與信用相關的費用主要由兩個部分驅動。第一個就是你提到的違約；第二個是，房利美（Fannie Mae）確實完成了其貸款層級審查的一部分，在那兩筆貸款的結論上——我們辨識出兩筆貸款，並記錄了額外準備金，因為我們同意提高損失分攤（loss sharing），以取代回購這些貸款。

And Fannie Mae, they've communicated to us that that would be the intent of how they wrap up and resolve their portion of the investigation, which is why we only expect an additional credit mark in the third quarter as we finalize that review. And we don't expect any further repurchases from either at this stage as a result of the investigation.

而且房利美也已向我們表示，這將是他們結束並解決其調查部分的方式，因此我們預期第三季只會再有一筆額外的信用評價調整（credit mark），因為我們正在完成該審查的收尾。就目前階段而言，我們不預期因調查而需要再從任何一方進行進一步回購。

So from a capital perspective, we'll manage the losses, but we don't have to -- at this point feel like we need to be focused on actually repurchasing the full UPB of a loan. So hopefully that came through, and that answers your question.

因此，從資本角度來看，我們會管理這些損失，但我們不必——在此時此刻不覺得需要把重點放在實際回購貸款的全部未償本金（UPB）。希望我表達清楚，也回答了你的問題。

Got it. Yes, that's very helpful. And then I guess on the Stefani investigation, is that $12 million to $16 million of expected credit losses in the third quarter? Is that related to the $15.9 increase in loss sharing reserves, or is that separate from that?

了解。是的，這非常有幫助。另外我想問，關於 Stefani 的調查，第三季預期信用損失的 1,200 萬到 1,600 萬美元，是與損失分攤準備金增加 1,590 萬美元有關，還是與那個是分開的？

That will be a new charge as we finalize that discussion and overall review with Fannie Mae. So we just have we're pretty close to being finalized there. As we said, we're hoping that wraps up imminently here and certainly by the time we get on the next quarterly earnings call, we'll be able to say both investigations are done.

那將會是一筆新的費用，因為我們正在與房利美完成最後的討論與整體審查。所以我們已經非常接近定案。如我們所說，我們希望很快就能完成，當然在下一次季度財報電話會議時，我們應該就能說兩項調查都已結束。

But as we wrap that final those final loans up in review, we'll finalize what that loss sharing will look like in lieu of repurchasing the loans, and we'll take that charge in the third quarter. So it's unrelated to anything we've recorded to date.

但當我們把最後幾筆貸款的審查收尾時，我們會敲定以不回購貸款為前提的損失分攤安排會是什麼樣子，並在第三季認列那筆費用。因此，這與我們迄今已記錄的任何項目無關。

Got it. That's helpful. And then maybe just changing gears a little bit. As you guys open an office in Europe now, can you just talk about maybe the differences in that market versus the US. And just how quickly you think that market can ramp up?

了解。這很有幫助。那我稍微換個話題。你們現在在歐洲開設辦公室，能否談談那個市場與美國市場的差異？以及你們認為那個市場能多快擴張起量（ramp up）？

Sure, Chris. Office has a tremendous -- has a fantastic team at it. We've started to see them closing loans after taking a little bit of time to get up and get going and get the W&D brand in the European market. I think the biggest differentiator between Europe and the US is that there's no agency there. So the W&D brand, if you will, that has been so strong in agency financing and therefore in multifamily, given the role that the agencies play in multifamily in the United States. You don't have that in London or in France or any of the other countries in Europe where we are focused on lending.

當然可以，Chris。那個辦公室有一支非常——非常出色的團隊。在花了一點時間完成建置、啟動並把 W&D 品牌帶入歐洲市場之後，我們已開始看到他們完成放款成交。我認為歐洲與美國最大的差異在於那邊沒有機構（agency）。因此，W&D 的品牌之所以在機構融資、進而在多戶住宅領域如此強勢，是因為在美國，多戶住宅市場中機構扮演了重要角色。但在倫敦、法國或我們聚焦放貸的歐洲其他國家，並不存在這樣的機構體系。

And so it's a very robust capital market without the presence of Fannie Mae and Freddie Mac, obviously. And the team has done a fantastic job of both establishing the brand, and it shouldn't come as any surprise, but our first three large deals have come from existing Walker & Dunlop clients in the United States who also happen to operate in Europe. And so we're leveraging the platform in the US into US commercial real estate owner operators into Europe and our European team is leveraging off of that to find deals and execute on those deals.

因此，那是一個非常成熟且強健的資本市場，但顯然沒有房利美與房地美（Freddie Mac）的存在。團隊在建立品牌方面做得非常出色；而且這不令人意外，我們前三筆大型交易都來自我們在美國既有的 Walker & Dunlop 客戶，而他們剛好也在歐洲營運。因此，我們正把美國的平台延伸到歐洲，將美國的商用不動產業主／營運商帶到歐洲，而我們的歐洲團隊也藉此尋找並執行交易。

And so it's the true brokerage operation. And one of the things that we are right now about to expand is bringing investment sales into that lending or debt brokerage team so that we're not doing just debt and equity, but then we're also getting into the asset sales business, which has been such a key component of the growth of our debt business in the United States.

因此，這是一個真正的經紀業務（brokerage）運作模式。而我們目前正準備擴展的一件事，是把投資銷售（investment sales）納入該放貸或債務經紀團隊，讓我們不只是做債務與股權，還能進入資產出售（asset sales）業務；而這一直是我們在美國債務業務成長中非常關鍵的一個組成部分。

Got it. That's all very helpful. I appreciate you guys taking the questions today.

了解。這些都非常有幫助。感謝你們今天回答我的問題。

Thank you, Chris.

謝謝你，Chris。

(Operator Instructions)

（接線員指示）

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

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

Like to reinforce my thanks to the W&D team for all you do. Congrats on the great places to work. Thank you to everyone who joined us today, and I hope everyone has a terrific day.

我想再次強調，感謝 W&D 團隊所做的一切。恭喜獲得「最佳職場」的肯定。也謝謝今天加入我們的各位，祝大家有美好的一天。

This concludes today's call. Thank you again for your participation. You may now disconnect and have a great day.

今天的電話會議到此結束。再次感謝各位的參與。您現在可以掛線，祝您有美好的一天。