WD on NYSE

Walker & Dunlop

Logo: walkerdunlop.com4

Real estate finance and advisory services in Bethesda, Maryland, US.1

Price unavailable

Last updated Oct 19, 2026.

Overview

1937Founded1

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  • TickerWD on NYSE1
  • Industryreal estate industry1
  • HeadquartersBethesda1
  • Websitewww.walkerdunlop.com
  • Legal formcorporation1
  • Incorporated inMD5
  • Business address7272 Wisconsin Avenue, Suite 1300, Bethesda, Md 208145
  • Filer categoryLarge accelerated filer5
  • Kind of organizationReal estate investment trust1
  • LEI254900YA1AQXNM8QVZ063
  • StatusActive3
  • LEI statusIssued and current3
  • Registered addressC/O Corporation Service Company, 19808 Wilmington, United States3
  • Registered withDivision of Corporations, Department of State, 46192423

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Walker & Dunlop image from its website
Image: walkerdunlop.com4

We are a leading commercial real estate (i) services, (ii) finance, and (iii) technology company in the United States. Through investments in people, brand, and technology, we have built a diversified suite of commercial real estate services to meet the needs of our customers. Our services include (i) multifamily lending, property sales, appraisal, valuation, and research, (ii) commercial real estate debt brokerage and advisory services, (iii) investment management, and (iv) affordable housing lending, property sales, tax credit syndication, development, and investment. We leverage our technological resources and investments to (i) provide an enhanced experience for our customers, (ii) identify refinancing and other financial and investment opportunities for new and existing customers, and (iii) drive efficiencies in our internal processes. We believe our people, brand, and technology pr…6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

17.6%Net margin7
20.6%Revenue growth, 20257
3.2%Return on equity7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Loan Origination and Debt Brokerage Fees, Net brought in 34% of the revenue Walker & Dunlop broke down this way in fiscal 2025.

  1. Loan Origination and Debt Brokerage Fees, Net$342.1M734%up 24% from 2024
  2. Fair Value Of Expected Future Cash Flows From Servicing Rights, Net$179.7M718%up 17% from 2024
  3. Escrow earnings and other interest income$152.6M715%down 9% from 2024
  4. Loan Origination Fees$125.9M712%up 26% from 2024
  5. Property Sales Broker Fees$83.5M78%up 38% from 2024
  6. Application Fees, Subscription Revenues, Other Revenues from LIHTC Operations and Other Revenues$75.9M77%up 12% from 2024
  7. Investment Management Fees$34.6M73%down 6% from 2024
  8. Asset Management$26.2M73%up 21% from 2024
Products and services by year
Products and services202320242025
Loan Origination and Debt Brokerage Fees, Net$234.4M$276.6M$342.1M
Fair Value Of Expected Future Cash Flows From Servicing Rights, Net$141.9M$153.6M$179.7M
Escrow earnings and other interest income$154.5M$168.0M$152.6M
Loan Origination Fees$71.4M$99.8M$125.9M
Property Sales Broker Fees$54.0M$60.6M$83.5M
Application Fees, Subscription Revenues, Other Revenues from LIHTC Operations and Other Revenues$87.4M$68.0M$75.9M
Investment Management Fees$45.4M$37.0M$34.6M
Asset Management$36.7M$21.6M$26.2M

Business segments

Capital Markets brought in 52% of the revenue Walker & Dunlop broke down this way in fiscal 2025.

  1. Capital Markets$647.0M752%up 23% from 2024
  2. Servicing and Asset Management$566.6M746%down 4% from 2024
  3. Corporate$20.8M72%up 30% from 2024
Business segments by year
Business segments202320242025
Capital Markets$476.8M$524.8M$647.0M
Servicing and Asset Management$563.8M$591.6M$566.6M
Corporate$13.8M$16.0M$20.8M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs76¢$241.7M
  • Income tax7¢$22.0M
  • Profit18¢$56.2M

Out of $320.0M in revenue.7

Financial statements

Revenue8910117$320.0M in 2025+151% since 2019
0$200.0M$400.0M$600.0M2019: $127.5M$127.5M20192020: $125.6M$125.6M2020−1%2021: $363.5M$363.5M2021+189%2022: $430.0M$430.0M2022+18%2023: $258.2M$258.2M2023−40%2024: $265.4M$265.4M2024+3%2025: $320.0M$320.0M2025+21%
Net income8910117$56.2M in 2025−68% since 2019
0$100.0M$200.0M$300.0M2019: $173.4M$173.4M20192020: $246.2M$246.2M2020+42%2021: $265.8M$265.8M2021+8%2022: $213.8M$213.8M2022−20%2023: $107.4M$107.4M2023−50%2024: $108.2M$108.2M2024+1%2025: $56.2M$56.2M2025−48%

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Total revenues$1.2B$1.1B$1.1B
Personnel$647.8M$559.2M$514.3M
Amortization and depreciation$238.7M$237.5M$226.8M
Provision (benefit) for credit losses$9.6M$10.8M-$10.5M
Interest expense on corporate debt$64.7M$69.7M$68.5M
Goodwill impairment$0$33.0M$62.0M
Fair value adjustments to contingent consideration liabilities-$8.2M-$50.3M-$62.5M
Indemnified and repurchased loan expenses (NOTE 5)$40.9M$10.6M
Asset impairments and other expenses (NOTE 17)$36.7M$1.2M-$607.0K
Other operating expenses$125.2M$129.2M$118.3M
Total expenses$1.2B$1.0B$916.2M
Income before taxes$79.0M$131.5M$138.2M
Income tax expense$22.0M$30.5M$35.0M
Net income before noncontrolling interests and temporary equity holders$57.0M$101.0M$103.2M
Less: net income (loss) from noncontrolling interests-$99.0K-$7.2M-$4.2M
Less: net income (loss) attributable to temporary equity holders$837.0K
Walker & Dunlop net income$56.2M$108.2M$107.4M
Other comprehensive income (loss), net of tax$1.3M$1.1M$1.1M
Walker & Dunlop comprehensive income$57.5M$109.2M$108.4M
Basic earnings per share (NOTE 11)$1.65$3.19$3.20
Diluted earnings per share (NOTE 11)$1.64$3.19$3.18
Basic weighted-average shares outstanding33.3M shares33.1M shares32.7M shares
Diluted weighted-average shares outstanding33.4M shares33.2M shares32.9M shares

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Leadership

Who has led Walker & Dunlop, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. William M. Walker2010–now

Chair

  1. William M. Walker2010–now

President

  1. William M. Walker2010–2015
  2. Howard W. Smith Iii.2015–2024

Chief financial officer

  1. Deborah A. Wilson2010–2013
  2. Stephen P. Theobald2013–2022
  3. Gregory Florkowski2022–now

Chief operating officer

  1. Howard W. Smith Iii.2010–2015
  2. Stephen P. Theobald2022–now
197019801990200020102020
Board members and other officers (19)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorJohn Rice named Dec 21, 2021 to Feb 9, 202240
  • DirectorMichael Malone named Dec 21, 2021 to Feb 9, 202240

Timeline

  1. Dec 15, 2010Went public Listed on NYSE1
  2. Dec 13, 2010New chief executive William M. Walker becomes CEO15
  3. 1937Founded Founded1

Filings

377 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 60 major events, 234 insider forms, 23 large holders, 2 private raises, 38 other. The latest 20:

  1. Oct 6, 20268-K EDGAR
  2. Sep 15, 20268-K EDGAR
  3. Sep 8, 20264 OWNERSHIP DOCUMENT EDGAR
  4. Sep 8, 20264 OWNERSHIP DOCUMENT EDGAR
  5. Sep 8, 20264 OWNERSHIP DOCUMENT EDGAR
  6. Sep 8, 20264 OWNERSHIP DOCUMENT EDGAR
  7. Sep 8, 20264 OWNERSHIP DOCUMENT EDGAR
  8. Aug 6, 202610-Q EDGAR
  9. Aug 6, 20268-K EDGAR
  10. Jun 8, 20264 OWNERSHIP DOCUMENT EDGAR
  11. Jun 8, 20264 OWNERSHIP DOCUMENT EDGAR
  12. Jun 8, 20264 OWNERSHIP DOCUMENT EDGAR
  13. Jun 8, 20264 OWNERSHIP DOCUMENT EDGAR
  14. Jun 8, 20264 OWNERSHIP DOCUMENT EDGAR
  15. May 21, 20264 OWNERSHIP DOCUMENT EDGAR
  16. May 21, 20264 OWNERSHIP DOCUMENT EDGAR
  17. May 21, 20264 OWNERSHIP DOCUMENT EDGAR
  18. May 21, 20264 OWNERSHIP DOCUMENT EDGAR
  19. May 21, 20264 OWNERSHIP DOCUMENT EDGAR
  20. May 21, 20264 OWNERSHIP DOCUMENT EDGAR

The 377 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

32 open-market trades by officers, directors and large owners since October 2021: 6 buys and 26 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 18, 2026SCHMALTZ DANA LDirectorBuy1,000$45.78$45.8KForm 4
Mar 5, 2026FREEDMAN ERNEST MICHAELDirectorBuy5,000$49.21$246.1KForm 4
Mar 3, 2026Wells DonnaDirectorBuy500$46.96$23.5KForm 4
Mar 2, 2026Walker William MChairman & CEOBuy10,000$47.46$474.6KForm 4
Aug 29, 2025Pryor Paula A.EVP and Chief HR OfficerSale5,336$86.20$460.0KForm 4
Mar 6, 2025Walker William MChairman & CEOBuy17,500$86.21$1.5MForm 4
Aug 23, 2024THEOBALD STEPHEN PEVP & Chief Operating OfficerSale13,870$106.10$1.5MForm 4
May 6, 2024Pryor Paula A.EVP and Chief HR OfficerSale4,533$97.33$441.2KForm 4
Mar 8, 2024Smith Howard W IIIDirectorSale20,166$93.56$1.9MForm 4
Feb 27, 2024Florkowski GregoryEVP & Chief Financial OfficerSale4,000$96.45$385.8KForm 4
Feb 21, 2024Pryor Paula A.EVP and Chief HR OfficerSale1,908$94.09$179.5KForm 4
Feb 9, 2024Smith Howard W IIIDirectorSale20,000$93.81$1.9MForm 4
Jan 9, 2024Smith Howard W IIIDirectorSale20,000$97.99$2.0MForm 4
Dec 14, 2023THEOBALD STEPHEN PEVP & Chief Operating OfficerSale10,000$105.62$1.1MForm 4
Dec 14, 2023Walker William MChairman & CEOSale50,000$105.63$5.3MForm 4
Dec 8, 2023Lucas Richard MEVP & Gen Counsel & SecretarySale10,000$91.98$919.8KForm 4
Dec 8, 2023Smith Howard W IIIDirectorSale20,000$92.61$1.9MForm 4
Nov 9, 2023Smith Howard W IIIDirectorSale20,000$70.41$1.4MForm 4
Oct 9, 2023Smith Howard W IIIDirectorSale20,000$71.62$1.4MForm 4
Sep 8, 2023Smith Howard W IIIDirectorSale20,000$81.14$1.6MForm 4

All 32 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Dec 16, 2021Raised $115.3 million in a private offering of equity Form D: 1 investor so far Form D
  2. Aug 12, 2020Raised $15.7 million in a private offering of equity Form D: 1 investor so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.5,294,589$289.6M0.0%+161,296
Vanguard Portfolio Management LLC2,081,971$113.9M0.0%+42,074
State Street Corp1,622,038$88.7M0.0%+75,094
Vanguard Capital Management LLC1,493,413$81.7M0.0%+16,098
Dimensional Fund Advisors LP1,458,560$79.8M0.0%+89,446
Jupiter Topco LLC1,159,668$63.4M0.0%New
Alliancebernstein L.P.1,311,353$58.2M0.0%−45,658
Geode Capital Management, LLC872,309$47.7M0.0%+47,656
Deprince Race & Zollo Inc705,675$38.6M0.6%−22,788
Royce & Associates LP676,507$37.0M0.3%+55,589
Aqr Capital Management LLC671,312$36.7M0.0%+431,531
Jpmorgan Chase & Co608,086$32.8M0.0%+480,360
Alyeska Investment Group, L.P.555,439$30.4M0.1%+19,988
Morgan Stanley541,414$29.6M0.0%+109,774
Ameriprise Financial Inc531,654$29.1M0.0%+102,913
Charles Schwab Investment Management Inc481,276$26.3M0.0%+1,865
Erste Asset Management GmbH450,000$24.2M0.2%+199,838
Goldman Sachs Group Inc395,344$21.6M0.0%+259,981
Northern Trust Corp394,359$21.6M0.0%+33,829
Bank Of America Corp /de/373,617$20.4M0.0%−104,120
MetLife Investment Management, LLC366,261$20.0M0.1%+348,078
Balyasny Asset Management L.P.329,771$18.0M0.0%+262,706
Russell Investments Group, Ltd.260,953$14.3M0.0%+55,608
Rockefeller Capital Management L.P.239,143$13.1M0.0%−2,177
Vanguard Fiduciary Trust Co225,710$12.3M0.0%+7,155

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

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    Company websiteWalker & Dunlop logo
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