WDNYSEFinance ServicesUS GAAP · USD

Walker & Dunlop, Inc.

Walker & Dunlop is a U.S.-based commercial real estate finance, services, and technology holding company operating primarily through Walker & Dunlop, LLC. Its business centers on multifamily and related commercial real estate lending, brokerage, appraisal, investment management, and affordable housing services across the United States.

Kysy yhtiöstä
Liikevaihto1 234milj. USD
+9,0 %v/v
Nettotulos56,2milj. USD
−48,0 %v/v
Vapaa kassavirta−664milj. USD
−613,5 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

05001 0001 500milj. USD2020: 1 084 milj. USD20202021: 1 259 milj. USD20212022: 1 259 milj. USD20222023: 1 054 milj. USD20232024: 1 132 milj. USD20242025: 1 234 milj. USD20251 234
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Agency Lending40 %

Origination and sale of multifamily and related housing loans through agency channels.

Capital Markets Advisory20 %

Debt brokerage, investment banking, research, and related advisory services for real estate clients.

Property Sales and Valuation15 %

Brokerage, appraisal, and valuation services for multifamily, hospitality, and other CRE assets.

Servicing & Asset Management15 %

Loan servicing, asset management, and management fees tied to transitional and securitized loans.

Affordable Housing / LIHTC10 %

Tax credit syndication, affordable housing development, and related investment management activities.

Tuotteet

Raportoitu · osuus liikevaihdosta
27,6%27,2%14,5%10,2%8,9%11,6%FY2025100 %
  • Loan Origination and Debt Brokerage Fees Net27,6 %
  • Servicing Fees27,2 %
  • Fair Value of Expected Future Cash Flows From Servicing Rights Net14,5 %
  • Loan Origination Fees10,2 %
  • Other8,9 %
  • Muut11,6 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Walker & Dunlop serves owners, developers, investors, and operators of multifamily and other commercial real estate assets. Its core customer base includes private small-balance multifamily owners, institutional real estate borrowers, and clients seeking financing, sales execution, valuation, or affordable housing capital solutions.

Private client multifamily owners

Small-balance multifamily operators, generally with fewer than 2,000 units, who use the platform for financing and related services.

Institutional multifamily borrowers

Large owners and developers that seek agency lending, debt brokerage, and advisory execution for portfolio financing.

Property sellers and buyers

Owners and developers of multifamily and hospitality assets using brokerage to sell properties and maximize proceeds.

Affordable housing participants

Developers and investors in LIHTC and affordable housing projects who need syndication, development, and capital solutions.

Lenders and investors

Counterparties that buy appraisal, valuation, research, servicing, and advisory outputs to support underwriting and portfolio decisions.

Strategia

The company focuses on deepening its agency lending franchise, expanding small-balance multifamily lending, and growing its investment management and affordable housing platforms. It also uses technology, research, and data capabilities to improve customer experience, increase transaction efficiency, and support cross-selling across lending, sales, appraisal, and advisory services.

Scale private client and small-balance lendingLyhyt aikaväli

This segment is high-volume and supports repeat financing relationships with smaller multifamily owners.

Grow investment management and LIHTC platformsKeskipitkä aikaväli

These businesses broaden fee generation and deepen exposure to affordable housing capital markets.

Leverage technology and data across businessesKeskipitkä aikaväli

Technology improves execution, supports underwriting, and can be reused across lending and appraisal workflows.

Maintain agency and institutional relationshipsPitkä aikaväli

Access to agency channels and institutional investors is central to loan origination and distribution.

Maantiede

Walker & Dunlop primarily operates in the United States, where it originates loans, brokers property sales, and provides valuation and advisory services nationwide. Its customer base spans the country rather than a single metro area, and its affordable housing and multifamily platforms are built around U.S. housing finance markets and agency relationships.

Riskit

The business depends on continued access to agency channels, institutional investors, and real estate capital markets, so disruptions in those relationships or market conditions can reduce origination and fee activity. It also faces holding-company structural risk, valuation uncertainty in MSRs and other estimates, and credit-related exposure in servicing, transitional lending, and affordable housing investments.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Dependence on agency and institutional investor relationships1Commercial real estate market cyclicality2Valuation and reserve estimation uncertainty3Holding company cash flow dependence4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Dependence on agency and institutional investor relationshipsVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The company originates and distributes loans through agency channels and investor funding relationships.

    Kohdistuu: Loan origination and distribution volumes

  2. Commercial real estate market cyclicalityVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Demand for financing, property sales, and advisory services moves with transaction volumes and property values.

    Kohdistuu: Multifamily and hospitality markets

  3. Valuation and reserve estimation uncertaintyVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    MSRs, credit loss reserves, indemnification reserves, and fair values rely on management assumptions.

    Kohdistuu: Servicing assets and credit reserves

  4. Holding company cash flow dependenceVaikutus: KeskitasoTodennäköisyys: Matala

    The parent relies on distributions from operating subsidiaries to meet obligations and pay dividends.

    Kohdistuu: Liquidity and capital allocation

  5. Credit exposure in transitional lending and servicingVaikutus: Keskitaso

    Shorter-term loans and servicing portfolios can create loss exposure if borrowers underperform.

    Kohdistuu: Transitional CRE loans and servicing portfolios

Kirjanpito

Harkinnanvaraiset erät
Mortgage Servicing Rights fair value

MSR valuation uses internal models and assumptions, which can materially change reported earnings.

Vaikutus: Fair value changes and impairment risk

Credit loss and indemnification reserves

Reserve levels depend on borrower performance and expected loss assumptions.

Vaikutus: Provision expense and balance sheet liabilities

Goodwill impairment

Acquisitions and reporting units must be tested for impairment if conditions weaken.

Vaikutus: Potential non-cash charge to earnings

Investment management carry recognition

Unrealized and realized carry depend on fund performance and valuation of underlying investments.

Vaikutus: Fee income volatility

Loan sale and servicing revenue timing

Origination, sale, and servicing economics are recognized across different periods.

Vaikutus: Quarter-to-quarter revenue comparability

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Päivitetty: 24.9.2026