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Walker & Dunlop
Walker & Dunlop (WD) investor relations material
Walker & Dunlop Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Q4 2025 transaction volumes reached $18.3B, up 36% year-over-year, with full-year volume at $54.8B, up 37%, driven by a recovering commercial real estate market.
Multifamily property sales grew from $1.8B in Q1 to $4.5B in Q4, with market share in institutional multifamily sales rising to 10.2%.
Maintained top rankings as the largest Fannie Mae DUS lender, third-largest Freddie Mac Optigo lender, and #4 multifamily property sales broker in the U.S.
Q4 and annual results were impacted by $66M in impairments and credit losses related to loan buybacks, asset valuation marks, and indemnified/repurchased loans.
Excluding impairment and repurchase charges, Q4 diluted EPS was $1.04, reflecting core business strength.
Financial highlights
Q4 diluted loss per share was $0.41; adjusted EBITDA was $38.8M; adjusted core EPS was $0.28.
Excluding charges, Q4 diluted EPS was $1.04, adjusted EBITDA $84.8M, and adjusted core EPS $1.31.
Full-year 2025 adjusted EBITDA was $262.6M; excluding charges, $315.9M.
Ended 2025 with $299M in cash, supporting ongoing investments and absorbing loan repurchases.
Servicing portfolio grew to $144B, up 6% year-over-year.
Outlook and guidance
2026 guidance: diluted EPS of $3.50–$4, adjusted EBITDA of $300M–$325M, adjusted core EPS of $4.50–$5.
Entering 2026 with a Q1 pipeline of $15B, over 2x Q1 2025, and strong momentum in transaction markets.
Management expects strong growth in 2026, leveraging a $144B servicing portfolio for recurring revenue.
Guidance is subject to market and interest rate volatility, CRE asset demand, and macroeconomic/geopolitical factors.
Capital markets and SAM segments expected to drive earnings and cash flow growth.
Capital redeployment from asset sales
How to increase banker/broker productivity?
AI's specific impact on multifamily business
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Next Walker & Dunlop earnings date
Investor Day 202610 Mar, 2026
Walker & Dunlop
Next Walker & Dunlop earnings date
Investor Day 202610 Mar, 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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