Walker & Dunlop, Inc.

Listed Company

WDCIK 0001497770NYSELarge AcceleratedFinance ServicesMarylandFY ends Dec 31

Period

FY 2025

Revenue

$1.23B

Net Income

$56.25M

Total Assets

$5.06B

Equity

$1.74B

Shares Out

34.06M

Op. Cash Flow

$-664.31M

Business

Walker & Dunlop, Inc. is a leading U.S. commercial real estate services, finance, and technology company that originates, sells, services, and manages commercial real estate loans and related services. It offers multifamily lending through Agency and HUD programs, debt brokerage, property sales brokerage, appraisal and valuation services, housing market research, investment management, and affordable housing services including LIHTC syndication and development, supported by proprietary technology like Apprise. The company reports three segments: Capital Markets, Servicing & Asset Management, and Corporate. It serves owners, developers, institutional investors, Agencies, life insurers, banks, and correspondent originators across the United States via national brokerage, lending, servicing, investment management, and technology channels.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	1,234	1,132	1,054	1,259	1,259
Personnel	648	559	514	607	603
Amortization and depreciation	239	238	227	235	210
Provision (benefit) for credit losses	10	11	−10	−12	−13
Interest expense on corporate debt	65	70	68	34	8
Goodwill impairment	0	33	62	—	—
Fair value adjustments to contingent consideration liabilities	−8	−50	−63	−14	7
Indemnified and repurchased loan expenses (NOTE 5)	41	11	—	—	—
Asset impairments and other expenses (NOTE 17)	37	1	−607,000	—	—
Other operating expenses	125	129	118	143	92
Total expenses	1,155	1,001	916	994	907
Income before taxes	79	132	138	265	352
Income tax expense	22	31	35	56	86
Net income before noncontrolling interests and temporary equity holders	57	101	103	209	266
Less: net income (loss) from noncontrolling interests	−99,000	−7	−4	—	—
Less: net income (loss) attributable to temporary equity holders	837,000	—	—	—	—
Walker & Dunlop net income	56	108	107	214	266
Other comprehensive income (loss), net of tax	1	1	1	—	—
Walker & Dunlop comprehensive income	58	109	108	210	266
Basic earnings per share (NOTE 11)	1.65	3.19	3.2	6.43	8.27
Diluted earnings per share (NOTE 11)	1.64	3.19	3.18	6.36	8.15
Basic weighted-average shares outstanding	33	33	33	32	31
Diluted weighted-average shares outstanding	33	33	33	33	32

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	299	279	329	226	306
Restricted cash	23	25	21	18	43
Pledged securities, at fair value	225	207	184	157	149
Loans held for sale, at fair value	1,436	781	595	396	1,812
Mortgage servicing rights	808	852	907	975	954
Goodwill	869	869	902	960	699
Other intangible assets	142	157	182	199	184
Receivables, net	419	336	234	202	212
Committed investments in tax credit equity	241	313	154	254	177
Other assets	597	563	544	658	402
Total assets	5,059	4,382	4,052	4,045	5,206
Warehouse notes payable	1,420	782	—	—	—
Corporate notes payable	829	768	773	704	740
Allowance for risk-sharing obligations	38	28	32	44	63
Deferred tax liabilities, net	237	241	245	243	225
Commitments to fund investments in tax credit equity	220	275	140	239	163
Other liabilities	570	528	519	560	495
Total liabilities	3,314	2,622	2,306	2,329	3,628
Profit interests of a wholly owned subsidiary subject to possible redemption	−1	—	—	—	—
Preferred stock (authorized 50,000 shares; none issued)	—	—	—	—	—
Common stock ($0.01 par value; authorized 200,000 shares; issued and outstanding 33,389 shares as of December 31, 2025 and 33,194 shares as of December 31, 2024)	334,000	332,000	329,000	323,000	320,000
"Additional paid-in capital (""APIC"")"	450	429	425	413	393
"Accumulated other comprehensive income (loss) (""AOCI"")"	2	586,000	−479,000	−2	3
Retained earnings	1,282	1,318	1,298	1,278	1,154
Total stockholders' equity	1,735	1,748	1,724	1,689	1,550
Noncontrolling interests	12	12	22	27	28
Total permanent equity	1,747	1,760	1,746	1,717	1,578
Commitments and contingencies (NOTES 2 and 12)	—	—	—	—	—
Total liabilities, temporary equity, and permanent equity	5,059	4,382	4,052	4,045	5,206

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Gains attributable to the fair value of future servicing rights, net of guaranty obligation	−180	−154	−142	−192	−287
Change in the fair value of premiums and origination fees (NOTE 2)	2	3	−2	14	19
Stock compensation-equity and liability classified	27	27	28	34	37
Indemnified and repurchased loans expenses - loan repurchase losses (Note 5)	20	—	—	—	—
Deferred tax expense (benefit)	−6	−3	1	18	34
Cash paid to settle risk-sharing obligations	—	—	−2	−5	—
Impairment of real estate held for investment and equity method investment	19	721,000	5	—	—
Originations of loans held for sale	−17,179	−11,803	−11,380	−17,952	−17,811
Proceeds from transfers of loans held for sale	16,345	11,780	11,200	19,325	18,432
Other operating activities, net	8	5	776,000	2	6
Receivables, net	−83	−69	−35	45	−43
Other assets	29	−44	−10	−70	−27
Other liabilities	37	53	17	−16	41
Net cash provided by (used in) operating activities	−664	129	−518,000	1,583	870
Capital expenditures	−16	−13	−16	−22	−9
Capital invested in equity-method investments	−27	−19	−25	−26	−33
"Purchases of pledged available-for-sale (""AFS"") securities"	−47	−51	−13	−61	−32
Proceeds from prepayment and sale of pledged AFS securities	27	10	11	14	45
Originations and repurchase of loans held for investment	−24	−38	—	−54	−558
Principal collected on loans held for investment	—	56	161	122	649
Other investing activities, net	10	18	9	8	—
Net cash provided by (used in) investing activities	−77	−38	127	−134	−378
Borrowings (repayments) of warehouse notes payable, net	825	34	190	−1,371	−636
Repayments of interim warehouse notes payable	—	−26	−120	−64	−228
Repayments of corporate notes payable	−332	−8	−122	−37	−295
Borrowings of corporate notes payable	399	—	196	—	599
Repurchase of common stock	−10	−12	−21	−42	−19
Cash dividends paid	−92	−89	−85	−80	−64
Payment of contingent consideration	−12	−34	−26	−21	—
Purchase of noncontrolling interests	—	−18	−3	−3	—
Debt issuance costs	−16	−2	−6	−3	−13
Other financing activities, net	−3	653,000	185,000	−5	—
Net cash provided by (used in) financing activities	758	−155	7	−1,584	−458
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents (NOTE 2)	16	−64	133	−135	35
Cash paid to third parties for interest	107	105	114	77	38
Cash paid for income taxes, net of cash refunds received	23	32	31	59	43

Filings

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