Walker & Dunlop (NYSE: WD) is a commercial real estate services, finance, and technology company in the United States that originates, sells, and services multifamily and other commercial real estate loans. It makes money through transaction fees on loan originations and property sales, servicing income on retained loan portfolios, investment management fees, and tax credit syndication revenues. The company describes itself as one of the largest service providers to multifamily operators in the country, with its suite of services spanning agency and non-agency multifamily lending, commercial real estate debt brokerage, appraisal and valuation, affordable housing lending and development, and investment management. As of the fiscal year ended December 31, 2025, 72% of refinancing volumes came from loans new to Walker & Dunlop, and 19% of total transaction volumes came from new customers, per the FY2025 10-K filed February 26, 2026.

Revenue model

Transaction fees on loan originations and property sales; recurring servicing income on the retained loan portfolio; investment management fees; affordable housing tax credit syndication fees; and commercial real estate debt brokerage and advisory fees.

Products and services

Multifamily lending; commercial real estate debt brokerage and advisory services; property sales; appraisal, valuation, and research; investment management; affordable housing lending, property sales, tax credit syndication, development, and investment.

Customers and end markets

Multifamily property operators; commercial real estate owners and investors; affordable housing developers; institutional investment management clients. Primary end market is U.S. multifamily real estate.

Value-chain role

Originator, seller, and servicer of commercial real estate loans; intermediary and advisor in property sales and debt brokerage; investment manager; affordable housing tax credit syndicator.

Geographic exposure

United States, per the FY2025 10-K filed February 26, 2026. No international geographic breakdown is supported by the filing excerpts provided.

Source: SEC 10-K, filed 2026-02-26

Industry: Finance Services Peers: Axos Financial Inc Radian Group Inc Columbia Financial Inc Enact Holdings Inc MGIC Investment Corp Maverick Merger Sub 2, LLC PennyMac Financial Services Inc Rocket Companies Inc TFS Financial Corp WSFS Financial Corp