Walker & Dunlop Reports Fourth Quarter 2025 Financial Results

About this update from Walker & Dunlop, Inc

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(NYSE: WD) (the "Company", "Walker & Dunlop" or "W&D") reported fourth quarter results that reflect significant improvement in its core Capital Markets business, which delivered a 36% increase in total transaction volume to $18.3 billion year over year, and generated fourth quarter revenues of $340 million. The Company reported a diluted loss per share of $0.41 in the fourth quarter of 2025. Adjusted EBITDA decreased to $38.8 million, and adjusted core EPS also declined to $0.28. Included in the Company’s reported results this quarter are $66.2 million of expenses associated primarily with (i) impairment charges and other losses related to underperforming assets the Company plans to sell in 2026, and (ii) operating costs and losses resulting from indemnified and repurchased loans. The Company ended the year with $299 million of cash and cash equivalents, as the majority of the impairment charges and other losses taken in the fourth quarter were non-cash. The recurring cash revenues driven by the Company’s $144 billion loan servicing portfolio and strength of the balance sheet led the Company’s Board of Directors to declare a dividend of $0.68 per share for the first quarter of 2026, a 1.5% increase over the 2025 quarterly dividend and a 172% increase since the dividend was initiated in 2018.","length":1427,"tagName":"p"},{"type":"text","content":""We closed 2025 with strong momentum across our business after growing total transaction volume each quarter throughout the year from $7 billion in Q1’25 to $18 billion in Q4’25, up 161%" commented Walker & Dunlop Chairman and CEO Willy Walker. "As the commercial real estate transaction market continues to improve, our people and our brand are winning, reflected in our growing market share, and strong league table rankings. We finished the year as the #1 Fannie Mae DUS lender, #3 Freddie Mac Optigo lender, the second-largest combined GSE loan originator, and the fourth-largest multifamily property sales broker in the United States."","length":664,"tagName":"p"},{"type":"readMore"},{"type":"text","content":"Mr. Walker continued, "Our fourth quarter results were impacted by loan repurchase expenses and impairment charges related to our real estate owned portfolio. As we move forward from these issues, we feel very well positioned for growth in 2026 and beyond. With a $144 billion servicing portfolio generating durable recurring revenue, a robust Capital Markets pipeline building early in the year, and an improving macroeconomic backdrop for commercial real estate, we are focused on generating top and bottom-line growth in 2026 and beyond. Our mission is to become the very best commercial real estate capital markets company in the world, and that journey begins now."","length":680,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"2","rowspan":"1","style":"padding-left:0.0px;","val":[{"type":"text","content":"____________________","length":20,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;padding-right:0.0px;vertical-align:top;","val":[{"type":"text","content":"(1)","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:5.0px;","val":[{"type":"text","content":"Adjusted EBITDA is a non-GAAP financial measure the Company presents to help investors better understand our operating performance. For a reconciliation of adjusted EBITDA to net income, refer to the sections of this press release below titled "Non-GAAP Financial Measures," "Adjusted Financial Measure Reconciliation to GAAP" and "Adjusted Financial Measure Reconciliation to GAAP by Segment."","length":424,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;padding-right:0.0px;vertical-align:top;","val":[{"type":"text","content":"(2)","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:5.0px;","val":[{"type":"text","content":"Adjusted core EPS is a non-GAAP financial measure the Company presents to help investors better understand our operating performance. 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