On this page of StockholderLetter.com we present the latest annual shareholder letter from Walker & Dunlop, Inc. — ticker symbol WD. Reading current and past WD letters to shareholders can bring important insights into the investment thesis.
2025 ANNUAL REPORT
Dear Fellow Shareholders, We closed 2025 with strong transaction volumes of $18 billion in Q4, up from only $7 billion in Q1. The commercial real estate transaction market improved throughout the year, and Walker & Dunlop's people and brand won across the marketplace -- expanding market share and moving up in the league table rankings. For the full year, we closed $55 billion in total transaction volume, up 37% year-over-year. We finished the year as the number one Fannie Mae DUS lender for the seventh consecutive year, and the number three Freddie Mac Optigo lender, making us the second-largest combined GSE loan originator in the country. Our multifamily investment sales business grew property sales volumes 146% from the first quarter to the fourth quarter and ended the year as the fourth largest multifamily property sales broker in the United States -- a wonderful achievement. The Walker & Dunlop team and services are well positioned for continued growth as the commercial real estate industry enters its next growth cycle. We grew total revenues 9% in 2025 but did not deliver commensurate adjusted EBITDA and EPS primarily due to loan repurchases and impairment charges related to our real estate owned portfolio. We have built a scaled loan origination and underwriting business over decades and have prided ourselves on our pristine credit track record. The losses we incurred in 2025 were unexpected and painful. Yet we accounted for the losses, improved our processes, and enter 2026 ready for growth and continued success. The Mortgage Bankers Association projects $805 billion in commercial real estate financing in 2026, up 27% from 20251. With this strong macro backdrop, we expect to deliver strong diluted earnings per share of $3.50 to $4.00, adjusted EBITDA2 of $300 million to $325 million, and adjusted core earnings per share3 of $4.50 to $5.00. A key component to this financial performance is our $144 billion servicing portfolio that continues to generate strong recurring revenue. This valuable asset combined with expanding Capital Markets activity should generate strong top and bottom-line growth. Throughout my tenure as Chairman and Chief Executive Officer of this great company we have established bold, highly ambitious five-year growth plans that have guided our growth and success. Our new fiveyear strategic plan, the Journey to 30, has the mission to become the very best commercial real estate capital markets company in the world. We will do this by expanding our lending operations, growing investment sales across asset classes and geographies, increasing banker and broker productivity, leveraging data and technology to increase efficiencies and deepen client relationships, and continuing to grow the durable revenues from our servicing and asset management segment. As we execute on the component parts of the strategy, we have a clear roadmap to achieve the following financial goals for 2030: - Total transaction volume of $115 billion - Total revenues of $2+ billion - Diluted earnings per share of $8.00 to $10.00 - Adjusted EBITDA2 of $400 million to $500 million Walker & Dunlop has the durable business model and team in place to continue scaling our existing platform and adding new, innovative technology-focused businesses to complement our growth and meet our clients needs.
On behalf of our entire team, thank you for your continued trust and investment in Walker & Dunlop. We have an incredible company that is poised for growth and success over the next five years as we embark on the Journey to 30. Sincerely, Willy Walker Chairman & Chief Executive Officer FOOTNOTES: 1) 2) 3) Mortgage Banker s Association Commercial and Multifamily Real Estate Forecast (January 2026). This is a non-GAAP financial measure the company presents to help investors better understand our financial performance. For a reconciliation of targeted adjusted EBITDA to GAAP net income, refer to the section at the back of this Annual Report titled Targeted Adjusted Financial Measure Reconciliation to GAAP. This is a non-GAAP financial measure the company presents to help investors better understand our financial performance. The Company is unable to provide a reconciliation of its forward-looking non-GAAP financial measure, Adjusted Core EPS, to the most directly comparable GAAP financial measure, EPS, without unreasonable effort. This is due to the inherent difficulty of forecasting certain items that are excluded from Adjusted Core EPS, including, but not limited to, the impact of non-cash share-based compensation expense, acquisition-related costs, restructuring charges, gains or losses on asset sales, and other non-recurring or unusual items. The timing, magnitude, and impact of these items are uncertain and could be material to the Company's results computed in accordance with GAAP. Accordingly, a reconciliation of this forward-looking non-GAAP financial measure to the most directly comparable GAAP financial measure is not available without unreasonable effort. This Annual Report includes forward-looking statements within the meaning of federal securities law. Please see page 3 of our 2025 Form 10-K filed with the Securities and Exchange Commission for additional information regarding forward-looking statements.
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 • Benford's Law Stocks icon WD Benford's Law Stock Score = 68


WD Shareholder/Stockholder Letter Transcript:

2025 ANNUAL REPORT

Dear Fellow Shareholders,
We closed 2025 with strong transaction volumes of $18 billion in Q4, up from only $7 billion in Q1. The
commercial real estate transaction market improved throughout the year, and Walker & Dunlop's people
and brand won across the marketplace -- expanding market share and moving up in the league table
rankings. For the full year, we closed $55 billion in total transaction volume, up 37% year-over-year. We
finished the year as the number one Fannie Mae DUS   lender for the seventh consecutive year, and the
number three Freddie Mac Optigo   lender, making us the second-largest combined GSE loan originator in
the country. Our multifamily investment sales business grew property sales volumes 146% from the first
quarter to the fourth quarter and ended the year as the fourth largest multifamily property sales broker in
the United States -- a wonderful achievement. The Walker & Dunlop team and services are well positioned
for continued growth as the commercial real estate industry enters its next growth cycle.
We grew total revenues 9% in 2025 but did not deliver commensurate adjusted EBITDA and EPS primarily
due to loan repurchases and impairment charges related to our real estate owned portfolio. We have built a
scaled loan origination and underwriting business over decades and have prided ourselves on our pristine
credit track record. The losses we incurred in 2025 were unexpected and painful. Yet we accounted for the
losses, improved our processes, and enter 2026 ready for growth and continued success.
The Mortgage Bankers Association projects $805 billion in commercial real estate financing in 2026, up
27% from 20251. With this strong macro backdrop, we expect to deliver strong diluted earnings per share
of $3.50 to $4.00, adjusted EBITDA2 of $300 million to $325 million, and adjusted core earnings per share3
of $4.50 to $5.00. A key component to this financial performance is our $144 billion servicing portfolio
that continues to generate strong recurring revenue. This valuable asset combined with expanding Capital
Markets activity should generate strong top and bottom-line growth.
Throughout my tenure as Chairman and Chief Executive Officer of this great company we have established
bold, highly ambitious five-year growth plans that have guided our growth and success. Our new fiveyear strategic plan, the Journey to    30, has the mission to become the very best commercial real estate
capital markets company in the world. We will do this by expanding our lending operations, growing
investment sales across asset classes and geographies, increasing banker and broker productivity,
leveraging data and technology to increase efficiencies and deepen client relationships, and continuing to
grow the durable revenues from our servicing and asset management segment. As we execute on the
component parts of the strategy, we have a clear roadmap to achieve the following financial goals for 2030:
- Total transaction volume of $115 billion
- Total revenues of $2+ billion
- Diluted earnings per share of $8.00 to $10.00
- Adjusted EBITDA2 of $400 million to $500 million
Walker & Dunlop has the durable business model and team in place to continue scaling our existing platform
and adding new, innovative technology-focused businesses to complement our growth and meet our clients   
needs.

On behalf of our entire team, thank you for your continued trust and investment in Walker & Dunlop. We
have an incredible company that is poised for growth and success over the next five years as we embark on
the Journey to    30.
Sincerely,
Willy Walker
Chairman & Chief Executive Officer
FOOTNOTES:
1)
2)
3)
Mortgage Banker   s Association Commercial and Multifamily Real Estate Forecast (January 2026).
This is a non-GAAP financial measure the company presents to help investors better understand our financial performance. For a
reconciliation of targeted adjusted EBITDA to GAAP net income, refer to the section at the back of this Annual Report titled    Targeted
Adjusted Financial Measure Reconciliation to GAAP.   
This is a non-GAAP financial measure the company presents to help investors better understand our financial performance.
The Company is unable to provide a reconciliation of its forward-looking non-GAAP financial measure, Adjusted Core EPS, to the most directly
comparable GAAP financial measure, EPS, without unreasonable effort. This is due to the inherent difficulty of forecasting certain items that are
excluded from Adjusted Core EPS, including, but not limited to, the impact of non-cash share-based compensation expense, acquisition-related
costs, restructuring charges, gains or losses on asset sales, and other non-recurring or unusual items. The timing, magnitude, and impact of
these items are uncertain and could be material to the Company's results computed in accordance with GAAP. Accordingly, a reconciliation of this
forward-looking non-GAAP financial measure to the most directly comparable GAAP financial measure is not available without unreasonable effort.
This Annual Report includes forward-looking statements within the meaning of federal securities law. Please see page 3 of our 2025 Form 10-K
filed with the Securities and Exchange Commission for additional information regarding forward-looking statements.


shareholder letter icon 4/1/2026 Letter Continued (Full PDF)
 

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