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Walker & Dunlop (WD) investor relations material
Walker & Dunlop Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 total transaction volume reached $15.5 billion, up 34% year-over-year, reflecting a strong rebound in commercial real estate capital markets and broad-based growth across sales, debt financing, and property sales.
Revenues increased 16% to $338 million, with net income up 16% to $33.5 million and diluted EPS rising 15% to $0.98 year-over-year.
Adjusted EBITDA grew 4% to $82.1 million, and adjusted core EPS increased 3% to $1.22.
Growth was driven by technology-enabled services, expanded client base, and strong brand positioning.
Board declared a $0.67 per share dividend for Q4 2025.
Financial highlights
Year-to-date 2025 transaction volume totaled $36.5 billion, up 38% from 2024; revenues reached $894.3 million, up 13%.
Capital Markets segment Q3 revenues up 26% to $180.8 million, with origination fees up 32% and property sales broker fees up 37%.
Servicing & Asset Management segment Q3 revenues up 4% to $150.6 million, with a managed portfolio of $157.9 billion.
Appraisal revenues increased 21%, and small balance lending revenues jumped 69%.
Operating margin for Q3 2025 was 14%, with return on equity at 8%.
Outlook and guidance
Management anticipates continued growth opportunities, driven by market share gains, client base expansion, and technology deployment.
Accelerating maturities in GSE loans and large agency maturities from 2025-2029 are expected to drive refinancing and sales activity.
Core business is on track to achieve annual guidance for EPS, Adjusted Core EPS, and Adjusted EBITDA, excluding potential loan buyback losses.
Bullish outlook for HUD lending and investment management revenues as new capital is raised and deployed.
Placement fees from escrow deposits may remain under pressure if short-term rates stay low.
Impact of new $100M fraudulent loan repurchase requests
Strategy to reverse YTD Adjusted Core EPS decline?
Rationale for no share repurchases YTD 2025?
Scope of borrower fraud and prevention measures
5-year loan shift: MSR impact and refi outlook
Capital recycling's role in current market activity
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Next Walker & Dunlop earnings date
Q4 202512 Feb, 2026
Next Walker & Dunlop earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
Walker & Dunlop, Inc. provides commercial real estate financial services primarily to developers and owners of multifamily properties in the United States. It offers Fannie Mae DUS loans, Freddie Mac structured adjustable-rate mortgage loans, Federal Housing Administration (FHA) financing, interim loans, forward commitments, and equity financing. The company also provides construction financing products; mezzanine financing products; and bridge/interim loan products for transitional properties and sponsors. In addition, it originates and services loans for Fannie Mae under its delegated underwriting and servicing authority; sells and services loans for Freddie Mac; produces fixed rate term sheets for the U.S. Department of Housing and Urban Development's FHA insured multifamily mortgage insurance programs; and provides debt capital through its subsidiary, Greystone Servicing Corporation.
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