Walker & Dunlop Inc

walkerdunlop.com

What Do They Do?

Originates commercial real estate loans, brokers property sales, and services loans for property owners, developers, and institutional lenders.

How Do They Make Money?

Borrowers pay origination fees for arranged loans, and the company earns fees when it commits to originate and sell Agency loans. It also earns ongoing fees for servicing loans and commissions for brokering property sales.

FY2025 revenue by product or service revenue

Segment	Share	How money arrives
Loan origination and debt brokerage fees, net Sold outright	28% FY2022: 28%	Sold outright
Fair Value Of Expected Future Cash Flows From Servicing Rights, Net Sold outright	15% FY2022: 15%	Sold outright
Servicing fees Recurring	27% FY2022: 24%	Recurring
Property sales broker fees Sold outright	6.8% FY2022: 9.6%	Sold outright
Investment management fees Recurring	2.8% FY2022: 5.7%	Recurring
Net warehouse interest income (expense) Recurring	−0.4% FY2022: 1.3%	Recurring
Placement fees and other interest income	12% FY2022: 4.2%
Other revenues	8.9% FY2022: 13%

Who Are Their Customers?

Property owners and developers engage the company for financing and property sales; borrowers use its brokers to find institutional lenders, which fund brokered loans. Banks and other financial institutions buy its housing research, while lenders and investors use its appraisal and valuation services.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 35% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 5 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$680.1M.

Net income, FY2025

5% of revenue

▼ −48% vs FY2024 ($108.2M, 10%)

Free cash flow, FY2025

−55% of revenue

▼ Now a loss vs FY2024 ($116.4M, 10%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −4%; vs $319.2M in Q2 FY2025
Net income: ▼ −91%; vs $34M in Q2 FY2025

Loan origination and debt brokerage fees, net share of revenue vs 29.5% in Q2 FY2025

Flat. Revenue was $1.2B in FY2025, about the same as the $1.3B of FY2021.

Revenue over time

Loan origination and debt brokerage fees, net Fair Value Of Expected Future Cash Flows From Servicing Rights, Net Servicing fees Property sales broker fees Investment management fees Net warehouse interest income (expense) Placement fees and other interest income Other revenues

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Wells Fargo, CBRE Group, Jones Lang LaSalle, Marcus & Millichap, Eastdil Secured, PNC Real Estate, Northmarq Capital, Newmark Realty Capital, Berkadia Commercial Mortgage, Boston Financial Investment Management, Raymond James & Associates, Enterprise Community Partners, The Richman Group Affordable Housing, and National Equity Fund

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