olivLaw · US equity research
Walker & Dunlop, Inc. WD
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
Walker & Dunlop is a US commercial real estate services, finance and technology company focused on multifamily lending through federal agency programs. In the second quarter of 2026 total transaction volume reached 14.4 billion USD and the servicing portfolio reached 145.8 billion USD, giving it recurring revenue in a rate cycle that remains volatile.
At the close of 04 Nov 2026, Walker & Dunlop, Inc. (WD) stock was 38.34 USD (+9.01% on the day), with market capitalisation 1.3 bn USD, P/E 34.4 on diluted EPS of 1.11 USD over the last 12 months, dividend yield 7.04%, beta 0.99, 52-week range 31.67–79.98 USD. Latest reported quarter (Q2 2026): revenue of 306.7 m USD (−3.9% YoY), net income of 3.0 m USD (−91.1% YoY), diluted EPS 0.09 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 63.6
- strong (55–70)
- Bollinger (20, 2)
- 30.89 – 36.96
- above the upper band · %B 1.23 · band width 17.9%
- SMA 50 / 200
- 36.68 / 47.49
- mixed trend
- MACD (12, 26, 9)
- -0.06 / -0.73
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +16.0% | −2.0% | +18.0 pp | — |
| 3 months | −25.4% | −2.2% | −23.2 pp | — |
| 6 months | −27.9% | +4.3% | −32.2 pp | — |
| Year to date | −36.3% | +10.6% | −46.8 pp | — |
| 1 year | −52.2% | +10.5% | −62.7 pp | −47.5% |
| 3 years | −50.1% | +73.7% | −123.7 pp | −48.3% |
| 5 years | −73.6% | +61.7% | −135.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 292.3 m | 341.5 m | 237.4 m | 319.2 m | 337.7 m | 340.0 m | 301.3 m | 306.7 m |
| Depreciation & amortisation | 57.6 m | 68.1 m | 57.6 m | 58.9 m | 60.0 m | 62.1 m | 63.0 m | 60.7 m |
| Interest expense | 18.2 m | 15.9 m | 15.5 m | 16.8 m | 16.5 m | 16.0 m | 14.9 m | 15.3 m |
| Pre-tax income | 37.5 m | 52.1 m | 5.2 m | 46.4 m | 45.9 m | -18.6 m | 26.0 m | 2.1 m |
| Income tax | 8.8 m | 11.0 m | 2.5 m | 12.4 m | 12.5 m | -5.4 m | 8.0 m | -764.0 k |
| Net income | 28.8 m | 44.8 m | 2.8 m | 34.0 m | 33.5 m | -13.9 m | 15.9 m | 3.0 m |
| Diluted EPS | 0.85 | 1.35 ≈ | 0.08 | 0.99 | 0.98 | -0.42 ≈ | 0.46 | 0.09 |
| Operating cash flow | -202.0 m ≈ | 530.8 m | -281.1 m | -238.5 m ≈ | -948.1 m ≈ | 803.4 m | -1.1 bn | 1.2 bn ≈ |
| Capex | 2.0 m ≈ | 3.9 m | 3.6 m | 2.6 m ≈ | 2.3 m ≈ | 7.3 m | 1.9 m | 600.0 k ≈ |
| Dividends paid | 22.1 m ≈ | 22.4 m | 22.9 m | 22.9 m ≈ | 23.0 m ≈ | 23.0 m | 23.6 m | 23.6 m ≈ |
| Share repurchases | 1.4 m ≈ | 369.0 k | 8.6 m | 645.0 k ≈ | 1.0 m ≈ | 183.0 k | 19.1 m | 298.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 85 percentile of its own 39-quarter history (min 7.3, median 12.3, max 49.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 725.2 m | 817.2 m | 1.1 bn | 1.3 bn | 1.3 bn | 1.1 bn | 1.1 bn | 1.2 bn |
| Revenue YoY | +1.9% | +12.7% | +32.6% | +16.2% | −0.0% | −16.2% | +7.4% | +9.0% |
| Net income | 161.4 m | 173.4 m | 246.2 m | 265.8 m | 213.8 m | 107.4 m | 108.2 m | 56.2 m |
| Net income YoY | −23.5% | +7.4% | +42.0% | +8.0% | −19.5% | −49.8% | +0.8% | −48.0% |
| Diluted EPS | 4.96 | 5.45 | 7.69 | 8.15 | 6.36 | 3.18 | 3.19 | 1.64 |
| Diluted EPS YoY | −23.3% | +9.9% | +41.1% | +6.0% | −22.0% | −50.0% | +0.3% | −48.6% |
| net % | 22.3% | 21.2% | 22.7% | 21.1% | 17.0% | 10.2% | 9.6% | 4.6% |
| Free cash flow | 59.4 m | 422.9 m | -1.4 bn | 861.2 m | 1.6 bn | -16.7 m | 116.4 m | -680.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 299.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 1.7 bn USD
- Total assets
- 5.1 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 3.2%
- ROA
- 1.2%
- FCF margin
- -55.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.3 bn | 1.3 bn | 1.1 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 169.0 m | 210.3 m | 235.0 m | 226.8 m | 237.5 m | 238.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Interest expense | 8.6 m | 32.8 m | 49.3 m | 50.3 m | 69.7 m | 64.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 330.3 m | 352.1 m | 265.0 m | 138.2 m | 131.5 m | 79.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 84.3 m | 86.4 m | 56.0 m | 35.0 m | 30.5 m | 22.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 246.2 m | 265.8 m | 213.8 m | 107.4 m | 108.2 m | 56.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 7.69 | 8.15 | 6.36 | 3.18 | 3.19 | 1.64 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 31.1 m | 31.5 m | 32.7 m | 32.9 m | 33.2 m | 33.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 1.44 | 2.00 | 2.40 | 2.52 | 2.60 | 2.68 | SEC (XBRL)· 26 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 321.1 m | 305.6 m | 225.9 m | 328.7 m | 279.3 m | 299.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | — | 72.7 m | 33.9 m | 42.7 m | 48.5 m | 54.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 249.0 m | 698.6 m | 959.7 m | 901.7 m | 868.7 m | 868.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.9 m | 183.9 m | 198.6 m | 182.0 m | 156.9 m | 141.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 4.7 bn | 5.2 bn | 4.0 bn | 4.1 bn | 4.4 bn | 5.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 3.5 bn | 3.6 bn | 2.3 bn | 2.3 bn | 2.6 bn | 3.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 1.2 bn | 1.6 bn | 1.7 bn | 1.7 bn | 1.8 bn | 1.7 bn | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -1.4 bn | 870.5 m | 1.6 bn | -518.0 k | 129.4 m | -664.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 3.0 m | 9.2 m | 22.0 m | 16.2 m | 13.0 m | 15.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | -1.4 bn ≈ | 861.2 m ≈ | 1.6 bn ≈ | -16.7 m ≈ | 116.4 m ≈ | -680.1 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | 115.2 m | -377.6 m | -133.8 m | 126.9 m | -38.1 m | -77.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 1.5 bn | -457.7 m | -1.6 bn | 6.8 m | -154.7 m | 758.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 45.4 m | 64.5 m | 80.1 m | 84.8 m | 88.6 m | 91.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 45.8 m | 18.9 m | 42.4 m | 20.5 m | 12.4 m | 10.5 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 54.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.3 bn USD
Key indicators
Coverage and freshness
Score by group
54% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 9.04 – 47.36 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E9.04 – 31.54 (Mid 23.10)10 companies used · median multiple 20.7x · quartiles 8.1x – 28.3xATCH, AXP, JFU, NU, PGY, PURR, RHLD, SNFCA, SOFI, UPST
- Dividend discount (DDM)35.22 – 47.36 (Mid 40.40)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 54.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 3.0% | 63 (vs peers) | 12% |
| FCF conversion · Quality | -341.6% | 0 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | -0.7% | 0 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | -36.4% | 0 (on a fixed band) | 15% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 34.4x | 33 (vs peers) | 19% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -10.0% | 0 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 8.6% | 100 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality31/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation19/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Walker & Dunlop, Inc. (WD). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.2 bn USD in 2025; YoY growth 9.0%; net margin 3.0%; ROE 2.2%.
The estimated value range is 22.13–39.45 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 31.75 USD, the price of 38.34 USD leaves a potential of -17.2% (value / price − 1) and a margin of safety of -20.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 54.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 8.6%
What contradicts it
- FCF conversion: -341.6%
- Revenue CAGR 3Y: -0.7%
- EPS CAGR 3Y: -36.4%
- FCF yield: -10.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 218.3 bn | 18.3 | 35.9% | 27.9% | +6.4% | −11% / +91% |
| ARBKArgo Blockchain PLC | 45.2 bn | — | — | -117.2% | −7.0% | −97% / −99% |
| COINCoinbase Global, Inc. | 38.5 bn | — | -4.7% | -12.5% | +9.4% | −47% / +17% |
| SOFISoFi Technologies, Inc. | 21.7 bn | 35.0 | 7.1% | 104.3% | +23.1% | −44% / +130% |
| MARAMara Holdings, Inc. | 2.7 bn | — | -107.2% | -430.2% | +38.2% | −42% / −43% |
| UPSTUpstart Holdings, Inc. | 2.3 bn | 39.9 | 8.0% | 4.9% | +64.0% | −48% / −13% |
| PURRHyperliquid Strategies Inc | 1.9 bn | 3.0 | 32.6% | 3,229.8% | unavailable | unavailable / unavailable |
| CLSKCleanSpark, Inc. | 1.7 bn | — | -68.6% | -130.2% | +102.2% | −55% / +9% |
| BTDRBitdeer Technologies Group | 1.5 bn | — | -196.7% | -171.3% | −5.1% | −51% / +45% |
| WDWalker & Dunlop, Inc. | 1.3 bn | 34.4 | 2.2% | 3.0% | +9.0% | −52% / −50% |
| RHLDResolute Holdings Management, Inc. | 1.0 bn | 24.1 | — | 4.2% | +9.9% | −26% / unavailable |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| GDOTGreen Dot Corp | 727.1 m | — | -2.8% | -1.1% | +20.7% | +2% / +59% |
| TRONTron Inc. | 664.1 m | 96.8 | 3.8% | 135.6% | +10.0% | −24% / −48% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| BTBTBit Digital, Inc. | 300.9 m | — | -56.7% | -237.2% | +5.1% | −65% / −68% |
| CANGCango Inc. | 272.7 m | — | -130.8% | -90.4% | +524.3% | −92% / −76% |
| CNTNCanton Strategic Holdings, Inc. | 172.1 m | — | -43.1% | — | unavailable | −17% / −83% |
| USBCUsbc, Inc. | 166.5 m | — | -414.1% | — | −100.0% | −47% / −97% |
| SNFCASecurity National Financial Corporation | 166.1 m | 6.5 | 9.0% | 11.1% | +3.0% | +15% / +37% |
| TONXTon Strategy Company | 159.7 m | — | -75.5% | -532.8% | +1,327.8% | −15% / −93% |
| BMHLBluemount Holdings Limited | 79.0 m | 61,098.2 | 26.2% | 18.8% | unavailable | −8% / unavailable |
| UPXIUpexi, Inc. | 62.9 m | — | -1,356.3% | -984.3% | +58.1% | −73% / −95% |
| SGRXSangrix Inc. | 40.8 m | — | -300.3% | -36,190.3% | −98.6% | −99% / −100% |
| AVXAvax One Technology Ltd. | 34.9 m | — | -189.6% | -1,533.9% | +8,709.3% | −80% / −100% |
1- and 3-year price returns: for WD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 21.60 Total return -41% · Per year -41% | 38.28 Total return 3% · Per year 3% | 57.80 Total return 54% · Per year 54% |
| 3 years | 18.85 Total return -45% · Per year -18% | 37.78 Total return 7% · Per year 2% | 62.93 Total return 75% · Per year 21% |
| 5 years | 16.45 Total return -48% · Per year -12% | 37.29 Total return 12% · Per year 2% | 68.53 Total return 98% · Per year 15% |
- Exit P/E± 9.45
- Net margin± 6.61
- Annual revenue growth± 5.71
- Annual dilution± 0.56
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Walker & Dunlop is a US commercial real estate services, finance and technology company focused on multifamily lending through federal agency programs. In the second quarter of 2026 total transaction volume reached 14.4 billion USD and the servicing portfolio reached 145.8 billion USD, giving it recurring revenue in a rate cycle that remains volatile.
SWOT
Strengths
- A leading position in multifamily lending, with a large servicing portfolio that generates recurring revenue and long-standing relationships with federal agencies 12.
- An integrated platform combining financing, brokerage, appraisal and investment management within one client ecosystem 1.
- Recognition for gaining GSE market share in 2026, showing an ability to win share even in volatile periods 3.
Weaknesses
- Quarterly profitability has been pressured by costs tied to repurchased loans and indemnification obligations, which weighed on results in the second quarter of 2026 3.
- Revenues are sensitive to transaction volumes and the rate cycle, making quarterly results more volatile than the servicing component 2.
- Some newer initiatives, such as expansion into other asset classes and Europe, still operate at or near break-even 2.
Opportunities
- Higher GSE lending capacity for 2026 could bring extra volume, especially if the company keeps its market share 13.
- Loans maturing in the servicing portfolio create a pipeline of clients for refinancing and additional advisory work 3.
- Expansion into hospitality, industrial and digital infrastructure could diversify revenue sources 2.
Threats
- Changes to federal GSE policy or a broader reform of housing finance could reduce the volume of loans originated 1.
- A deterioration in the credit quality of the at-risk portfolio could generate additional losses for the company, which bears part of the loss 13.
- Competition from banks and other lenders could compress margins and servicing fees 1.
Risks
- Changes to the GSE relationshiphigh
Loss of approved lender status or changes to the structure of Fannie Mae and Freddie Mac could sharply reduce originations and servicing revenue 1.
- Repurchases and indemnified loanshigh
Repurchase and indemnification obligations to the agencies could generate additional costs if new fraud or underwriting cases arise 23.
- Loss-sharing exposuremedium
The company bears part of the losses on Fannie Mae loans, and rising defaults could weigh on results and liquidity 1.
- Interest rate sensitivity and volatilitymedium
Sudden rate moves or market volatility could reduce refinancing activity, compress margins and affect the value of servicing assets 1.
- Dependence on a small number of partnerslow
The loss of major brokerage clients or the consolidation of servicing relationships by large partners could reduce the managed portfolio 2.
Investment thesis
What would need to be true (bull case)
- The GSE market share gained in 2026 and the large servicing portfolio suggest a solid competitive position, if this trend holds 3.
- Recurring servicing and asset management revenue could stabilise results even when transaction volumes fall 2.
- Higher lending caps for 2026 could bring additional volume if multifamily activity recovers 1.
What would break the thesis
- Costs tied to repurchased loans and identified fraud could continue to weigh on quarterly results if exposure does not fall as expected 3.
- Net income in the second quarter of 2026 fell sharply, showing how sensitive results are to credit costs and transaction timing 3.
- Changes in GSE policy or a housing finance reform could reduce lending volumes with significant effects on revenue 1.
What to watch
- Trend in exposure to repurchased loans and credit reservesQ3 2026
- GSE market share and agency financing volumeQ3 2026
- Growth of the servicing portfolio and prepayment rates2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Walker & Dunlop conducts most of its operations through Walker & Dunlop, LLC and reports three segments: Capital Markets, Servicing & Asset Management and Corporate 1. The company originates, sells and services multifamily and other commercial real estate loans through the Fannie Mae, Freddie Mac, Ginnie Mae and HUD programs, and generally retains servicing rights on these loans 1. It also offers loan brokerage, property sales, appraisal through Apprise, housing market research through Zelman & Associates and investment management, including low-income housing tax credit syndication 12.
The business model combines transaction revenues, tied to origination and sale volumes, with recurring revenues from servicing and asset management fees, which are more stable and linked to portfolio size 2. The company aims to convert transaction activity into long-duration contractual revenue streams that are less exposed to market cycles 2. Its technology program, including artificial intelligence investments, is meant to support client engagement and operating efficiency 2.
Quarterly results are also affected by repurchased loans and loans subject to indemnification obligations to the agencies; in the second quarter of 2026 operating and credit-related costs tied to these loans were 23.2 million USD, and the remaining repurchased exposure fell to 153.8 million USD after quarter end 3.
Segments
Servicing & Asset Management
The Servicing & Asset Management segment administers the loan portfolio and the affordable housing tax credit funds, earning servicing and asset management fees; revenues fell 5% in the second quarter of 2026, mainly because of the timing of earnings from joint venture investments 3.
Market context
The US multifamily financing market depends on the origination caps set by the FHFA for Fannie Mae and Freddie Mac; the cap for 2026 was set at 88.0 billion USD, compared with 73.0 billion USD in 2025 1. In 2025 the company held a combined 11.2% share of loan deliveries to Fannie Mae and Freddie Mac 1, and its year-to-date GSE share in 2026 rose to 14.7% 3.
Transaction activity depends on interest rates, market volatility and borrower financing preferences, which can reduce volumes and margins if rates stay high 1. Financing conditions appear to be improving, however, and debt financing volume in the first half of 2026 rose 44% to 24.3 billion USD 3.
Trends
- Rising GSE market sharetailwind
The company has gained share with Fannie Mae and Freddie Mac, which points to a solid competitive position in multifamily lending and supports future volumes 3.
- GSE caps for 2026mixed
Higher GSE origination caps could open room for more originations, but federal rules and policies remain uncertain and could still change 1.
- Repurchased loans and credit riskheadwind
The repurchased loan portfolio and defaults in the at-risk portfolio have grown, which could require additional costs if conditions deteriorate 3.
- Yield curve normalisation and warehouse incomemixed
Net warehouse interest turned to income in the second quarter of 2026, suggesting a normalising yield curve, though this remains sensitive to rate moves 3.
Competitive position
The company competes in multifamily lending and commercial real estate finance with other institutions offering similar services, and servicing fees and pricing can be pressured by rivals willing to offer lower rates 1. Its advantage rests on long relationships with the agencies and the scale of its servicing portfolio 12.
In brokerage and investment management, competition comes from banks, life insurance companies and other investment firms that fund transactions directly; the company is expanding into other asset classes and Europe to differentiate itself 2.
- Fannie Mae and Freddie Mac (DUS and Optigo programs)
The agencies are both clients and essential partners; competition shows up in how much share other approved lenders hold.
- Banks and life insurance companies
These institutions fund brokered loans directly and can offer competing terms for servicing and origination.
- Other commercial servicing providers
Competition for servicing portfolios can compress fees, especially for loans without prepayment protection 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report30 Oct 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report06 Oct 2026Departure or appointment of officers
- Current report15 Sept 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report21 May 2026Shareholder vote
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement01 Apr 2026
- Current report10 Mar 2026Material agreement · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Walker & Dunlop, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Walker & Dunlop, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Walker & Dunlop, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.