Walker & Dunlop
Multifamily lender and commercial real estate adviser with a recurring loan-servicing platform.
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Profile
Originates and brokers commercial real estate debt, sells and appraises properties, and manages loans and investment funds, with a focus on US multifamily housing. Retained servicing rights create recurring fees, while transaction revenue depends on deal activity and agency lending carries risk-sharing obligations.
Combines commercial real estate lending and advisory work with recurring servicing and asset management. Capital Markets originates agency loans, brokers debt from banks and institutional lenders, sells properties, and provides appraisals, housing research, and investment-banking advice. Servicing & Asset Management administers loans, manages real estate debt and equity funds, and syndicates low-income housing tax-credit investments.
Focuses on multifamily properties across the United States, while a London team extends capital-markets advice into Europe and the Middle East. Retaining servicing rights on substantially all loans sold to Fannie Mae, Freddie Mac, and HUD converts originations into longer-lived fee streams and refinancing relationships.
Transaction fees rise and fall with real estate financing and property-sale activity. Agency lending depends on government-sponsored programs, warehouse funding, and lender approvals; Fannie Mae DUS loans leave the firm responsible for a share of credit losses.
Company facts
Categories
Key statistics
Year to date −29.6% · Average volume (30d) 404.4K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Target |
|---|---|---|---|---|---|
| Apr 23, 2026 | Stephens | Target | $69 | ||
| Dec 19, 2025 | Jefferies | Target | $75 | ||
| Oct 10, 2025 | JMP Securities | Upgrade | Market Perform | Market Outperform | $95 |
| Mar 6, 2025 | Keefe, Bruyette & Woods | Upgrade | Market Perform | Outperform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.90 | $0.09 | −90.0% | $337.4M | $306.7M | −9.1% | −13.87% |
| May 7, 2026Q1 FY26 | $0.06 | $1.02 | +1,600.0% | $269.1M | $301.3M | +12.0% | −0.40% |
| Feb 26, 2026Q4 FY25 | $1.23 | $0.28 | −77.2% | $343.7M | $340.0M | −1.1% | −3.06% |
| Nov 6, 2025Q3 FY25 | $1.21 | $1.22 | +0.8% | $343.7M | $337.7M | −1.7% | −2.42% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $237.4M | $319.2M | $337.7M | $340.0M | $278.9M | $306.7M | |
| Gross profit | $221.9M | $140.6M | $143.8M | $215.9M | $135.9M | $306.7M | |
| Operating income | −$10.3M | $46.4M | $45.9M | $55.4M | $50.9M | $2.1M | |
| Net income | $2.8M | $34.0M | $33.5M | −$13.2M | $17.0M | $3.2M | |
| Diluted EPS | $0.08 | $0.99 | $0.98 | −$0.41 | $0.46 | $0.09 | |
| Gross margin | 93.5% | 44.0% | 42.6% | 63.5% | 48.7% | 100.0% | |
| Operating margin | -4.3% | 14.5% | 13.6% | 16.3% | 18.3% | 0.7% |
Fiscal years (4-quarter sums)FY21 $1.26B · FY22 $1.26B · FY23 $1.05B · FY24 $1.13B · FY25 $1.23B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $160.9M · Total debt $2.21B · Total assets $4.89B · Shareholders' equity $1.71B
Dividends
Raised for 7 straight years — most recently to $0.68 from $0.67 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 20, 2026 | Aug 20 | Sep 3 | $0.68 | |
| May 21, 2026 | May 21 | Jun 4 | $0.68 | |
| Mar 13, 2026 | Mar 13 | Mar 27 | $0.68 | raised from $0.67 |
| Nov 21, 2025 | Nov 21 | Dec 5 | $0.67 | |
| Aug 21, 2025 | Aug 21 | Sep 5 | $0.67 | |
| May 15, 2025 | May 15 | May 29 | $0.67 | |
| Feb 28, 2025 | Feb 28 | Mar 14 | $0.67 | raised from $0.65 |
| Nov 22, 2024 | Nov 22 | Dec 6 | $0.65 |
Ownership
Shares outstanding 34.33M · Float 32.94M · 96.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 5.29M | 15.42% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 2.08M | 6.06% | 13F | Aug 13, 2026 |
| State Street Corp | 1.62M | 4.72% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 1.49M | 4.35% | 13F | Aug 13, 2026 |
| Dimensional Fund Advisors LP | 1.46M | 4.25% | 13F | Aug 11, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 18, 2026 | Dana L. Schmaltz | director | +1,000 | $45.78 |
| Mar 5, 2026 | Ernest Michael Freedman | director | +5,000 | $49.21 |
| Mar 3, 2026 | Donna Wells | director | +500 | $46.96 |
| Mar 2, 2026 | William M. Walker | director, officer: Chairman & CEO | +10,000 | $47.46 |
| Aug 29, 2025 | Paula A. Pryor | officer: EVP and Chief HR Officer | −5,336 | $86.20 |
Peers
- CBRE Group
World's largest CRE services firm; top-3 Fannie DUS lender and dominant servicer
- Jones Lang LaSalle
Global CRE services firm and #1 commercial/multifamily debt originator by volume
- Newmark Group
Full-service CRE firm with top-tier GSE multifamily lending, investment sales, and debt brokerage
- Arbor Realty Trust
Internally managed mortgage REIT originating multifamily agency and bridge loans
- Marcus & Millichap
Nation's largest CRE investment brokerage by transaction count, private-client focused
- Cushman & Wakefield
Global CRE services firm spanning leasing, capital markets, and facilities management
- Starwood Property Trust
Largest US commercial mortgage REIT; balance-sheet lender across CRE debt and CMBS
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Walker & Dunlop | $41.78 | +1.04% | $1.42B | 36.9 | 12.2 | 1.1 | +3.5% |
| CBRE Group | $150.82 | −0.07% | $43.69B | 34.6 | 18.8 | 1.0 | +15.1% |
| Jones Lang LaSalle | $378.01 | +0.00% | $17.39B | 18.1 | 14.5 | 0.6 | +10.8% |
| Newmark Group | $15.83 | −0.03% | $2.47B | 19.9 | 7.6 | 0.7 | +17.0% |
| Arbor Realty Trust | $5.06 | 0.00% | $973.3M | 37.4 | 12.0 | 0.8 | −11.1% |
| Marcus & Millichap | $32.50 | −0.15% | $1.23B | 88.8 | 45.5 | 1.5 | +17.8% |
| Cushman & Wakefield | $14.12 | +0.07% | $3.31B | 48.4 | 9.1 | 0.3 | +11.2% |
| Starwood Property Trust | $15.85 | +0.27% | $5.86B | 23.2 | 9.4 | 2.9 | +7.9% |
| Median | 34.6 | 12.0 | 0.8 | +11.2% |