WD on NYSE
Walker & Dunlop
Logo: walkerdunlop.com4
Real estate finance and advisory services in Bethesda, Maryland, US, founded in 19371
In its 2026 annual report the company says: “We are a leading commercial real estate (i) services, (ii) finance, and (iii) technology company in the United States. Through investments in people, brand, and technology, we have built a diversified suite of commercial real estate services to meet the needs of our customers.”7 Its shares trade on NYSE under the symbol WD.1
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Last updated Oct 21, 2026.
Overview
1937Founded1
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- TickerWD on NYSE1
- Industryreal estate industry1
- HeadquartersBethesda1
- Websitewww.walkerdunlop.com
- Legal formcorporation1
- Incorporated inMD5
- Business address7272 Wisconsin Avenue, Suite 1300, Bethesda, Md 208145
- Filer categoryLarge accelerated filer5
- Kind of organizationReal estate investment trust1
- LEI254900YA1AQXNM8QVZ063
- StatusActive3
- LEI statusIssued and current3
- Registered addressC/O Corporation Service Company, 19808 Wilmington, United States3
- Registered withDivision of Corporations, Department of State, 46192423
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We are a leading commercial real estate (i) services, (ii) finance, and (iii) technology company in the United States. Through investments in people, brand, and technology, we have built a diversified suite of commercial real estate services to meet the needs of our customers. Our services include (i) multifamily lending, property sales, appraisal, valuation, and research, (ii) commercial real estate debt brokerage and advisory services, (iii) investment management, and (iv) affordable housing lending, property sales, tax credit syndication, development, and investment. We leverage our technological resources and investments to (i) provide an enhanced experience for our customers, (ii) identify refinancing and other financial and investment opportunities for new and existing customers, and (iii) drive efficiencies in our internal processes. We believe our people, brand, and technology pr…7 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Loan Origination and Debt Brokerage Fees, Net brought in 34% of the revenue Walker & Dunlop broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Loan Origination and Debt Brokerage Fees, Net | $234.4M | $276.6M | $342.1M |
| Fair Value Of Expected Future Cash Flows From Servicing Rights, Net | $141.9M | $153.6M | $179.7M |
| Escrow earnings and other interest income | $154.5M | $168.0M | $152.6M |
| Loan Origination Fees | $71.4M | $99.8M | $125.9M |
| Property Sales Broker Fees | $54.0M | $60.6M | $83.5M |
| Application Fees, Subscription Revenues, Other Revenues from LIHTC Operations and Other Revenues | $87.4M | $68.0M | $75.9M |
| Investment Management Fees | $45.4M | $37.0M | $34.6M |
| Asset Management | $36.7M | $21.6M | $26.2M |
Business segments
Capital Markets brought in 52% of the revenue Walker & Dunlop broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Capital Markets | $476.8M | $524.8M | $647.0M |
| Servicing and Asset Management | $563.8M | $591.6M | $566.6M |
| Corporate | $13.8M | $16.0M | $20.8M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs76¢$241.7M
- Income tax7¢$22.0M
- Profit18¢$56.2M
Out of $320.0M in revenue.8
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total revenues | $1.2B | $1.1B | $1.1B |
| Personnel | $647.8M | $559.2M | $514.3M |
| Amortization and depreciation | $238.7M | $237.5M | $226.8M |
| Provision (benefit) for credit losses | $9.6M | $10.8M | -$10.5M |
| Interest expense on corporate debt | $64.7M | $69.7M | $68.5M |
| Goodwill impairment | $0 | $33.0M | $62.0M |
| Fair value adjustments to contingent consideration liabilities | -$8.2M | -$50.3M | -$62.5M |
| Indemnified and repurchased loan expenses (NOTE 5) | $40.9M | $10.6M | |
| Asset impairments and other expenses (NOTE 17) | $36.7M | $1.2M | -$607.0K |
| Other operating expenses | $125.2M | $129.2M | $118.3M |
| Total expenses | $1.2B | $1.0B | $916.2M |
| Income before taxes | $79.0M | $131.5M | $138.2M |
| Income tax expense | $22.0M | $30.5M | $35.0M |
| Net income before noncontrolling interests and temporary equity holders | $57.0M | $101.0M | $103.2M |
| Less: net income (loss) from noncontrolling interests | -$99.0K | -$7.2M | -$4.2M |
| Less: net income (loss) attributable to temporary equity holders | $837.0K | ||
| Walker & Dunlop net income | $56.2M | $108.2M | $107.4M |
| Other comprehensive income (loss), net of tax | $1.3M | $1.1M | $1.1M |
| Walker & Dunlop comprehensive income | $57.5M | $109.2M | $108.4M |
| Basic earnings per share (NOTE 11) | $1.65 | $3.19 | $3.20 |
| Diluted earnings per share (NOTE 11) | $1.64 | $3.19 | $3.18 |
| Basic weighted-average shares outstanding | 33.3M shares | 33.1M shares | 32.7M shares |
| Diluted weighted-average shares outstanding | 33.4M shares | 33.2M shares | 32.9M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $299.3M | $279.3M | $328.7M | $225.9M |
| Restricted cash | $22.8M | $25.2M | $21.4M | $17.7M |
| Pledged securities, at fair value | $225.0M | $206.9M | ||
| Loans held for sale, at fair value | $1.4B | $780.7M | ||
| Mortgage servicing rights | $808.1M | $852.4M | ||
| Goodwill | $868.7M | $868.7M | ||
| Other intangible assets | $141.9M | $156.9M | ||
| Receivables, net | $419.4M | $335.9M | ||
| Committed investments in tax credit equity | $241.4M | $313.2M | ||
| Other assets | $596.6M | $562.8M | ||
| Total assets | $5.1B | $4.4B | $4.1B | |
| Warehouse notes payable | $1.4B | $781.7M | ||
| Corporate notes payable | $829.2M | $768.0M | ||
| Allowance for risk-sharing obligations | $37.5M | $28.2M | $31.6M | |
| Deferred tax liabilities, net | $237.0M | $241.4M | ||
| Commitments to fund investments in tax credit equity | $219.9M | $275.0M | ||
| Other liabilities | $569.6M | $527.9M | ||
| Total liabilities | $3.3B | $2.6B | ||
| Profit interests of a wholly owned subsidiary subject to possible redemption | -$1.0M | |||
| Common stock ($0.01 par value; authorized 200,000 shares; issued and outstanding 33,389 shares as of December 31, 2025 and 33,194 shares as of December 31, 2024) | $334.0K | $332.0K | ||
| "Additional paid-in capital (""APIC"")" | $450.4M | $429.0M | ||
| "Accumulated other comprehensive income (loss) (""AOCI"")" | $1.9M | $586.0K | ||
| Retained earnings | $1.3B | $1.3B | ||
| Total stockholders' equity | $1.7B | $1.7B | ||
| Noncontrolling interests | $11.9M | $12.0M | ||
| Total permanent equity | $1.7B | $1.8B | $1.7B | $1.7B |
| Total liabilities, temporary equity, and permanent equity | $5.1B | $4.4B | ||
| Preferred shares, authorized | 50.0M shares | 50.0M shares | ||
| Preferred shares, issued | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Common stock, authorized | 200.0M shares | 200.0M shares | ||
| Common stock, issued | 33.4M shares | 33.2M shares | ||
| Common stock, outstanding | 33.4M shares | 33.2M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $299.3M | $279.3M | $328.7M | $225.9M |
| Restricted cash | $22.8M | $25.2M | $21.4M | $17.7M |
| Pledged securities, at fair value | $225.0M | $206.9M | ||
| Loans held for sale, at fair value | $1.4B | $780.7M | ||
| Mortgage servicing rights | $808.1M | $852.4M | ||
| Goodwill | $868.7M | $868.7M | ||
| Other intangible assets | $141.9M | $156.9M | ||
| Receivables, net | $419.4M | $335.9M | ||
| Committed investments in tax credit equity | $241.4M | $313.2M | ||
| Other assets | $596.6M | $562.8M | ||
| Total assets | $5.1B | $4.4B | $4.1B | |
| Warehouse notes payable | $1.4B | $781.7M | ||
| Corporate notes payable | $829.2M | $768.0M | ||
| Allowance for risk-sharing obligations | $37.5M | $28.2M | $31.6M | |
| Deferred tax liabilities, net | $237.0M | $241.4M | ||
| Commitments to fund investments in tax credit equity | $219.9M | $275.0M | ||
| Other liabilities | $569.6M | $527.9M | ||
| Total liabilities | $3.3B | $2.6B | ||
| Profit interests of a wholly owned subsidiary subject to possible redemption | -$1.0M | |||
| Common stock ($0.01 par value; authorized 200,000 shares; issued and outstanding 33,389 shares as of December 31, 2025 and 33,194 shares as of December 31, 2024) | $334.0K | $332.0K | ||
| "Additional paid-in capital (""APIC"")" | $450.4M | $429.0M | ||
| "Accumulated other comprehensive income (loss) (""AOCI"")" | $1.9M | $586.0K | ||
| Retained earnings | $1.3B | $1.3B | ||
| Total stockholders' equity | $1.7B | $1.7B | ||
| Noncontrolling interests | $11.9M | $12.0M | ||
| Total permanent equity | $1.7B | $1.8B | $1.7B | $1.7B |
| Total liabilities, temporary equity, and permanent equity | $5.1B | $4.4B | ||
| Preferred shares, authorized | 50.0M shares | 50.0M shares | ||
| Preferred shares, issued | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Common stock, authorized | 200.0M shares | 200.0M shares | ||
| Common stock, issued | 33.4M shares | 33.2M shares | ||
| Common stock, outstanding | 33.4M shares | 33.2M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income before noncontrolling interests and temporary equity holders | $57.0M | $101.0M | $103.2M |
| Gains attributable to the fair value of future servicing rights, net of guaranty obligation | -$179.7M | -$153.6M | -$141.9M |
| Change in the fair value of premiums and origination fees (NOTE 2) | $1.9M | $3.1M | -$2.5M |
| Amortization and depreciation | $238.7M | $237.5M | $226.8M |
| Stock compensation-equity and liability classified | $26.7M | $27.3M | $27.8M |
| Provision (benefit) for credit losses | $9.6M | $10.8M | -$10.5M |
| Indemnified and repurchased loans expenses - loan repurchase losses (Note 5) | $20.1M | ||
| Deferred tax expense (benefit) | -$5.8M | -$2.5M | $1.2M |
| Goodwill impairment | $0 | $33.0M | $62.0M |
| Fair value adjustments to contingent consideration liabilities | -$8.2M | -$50.3M | -$62.5M |
| Cash paid to settle risk-sharing obligations | -$2.0M | ||
| Impairment of real estate held for investment and equity method investment | $18.6M | $721.0K | $5.0M |
| Originations of loans held for sale | -$17.2B | -$11.8B | -$11.4B |
| Proceeds from transfers of loans held for sale | $16.3B | $11.8B | $11.2B |
| Other operating activities, net | $7.7M | $4.9M | $776.0K |
| Receivables, net | -$83.5M | -$68.8M | -$35.3M |
| Other assets | $29.2M | -$43.6M | -$9.7M |
| Other liabilities | $37.2M | $53.4M | $16.7M |
| Net cash provided by (used in) operating activities | -$664.3M | $129.4M | -$518.0K |
| Capital expenditures | -$15.8M | -$13.0M | -$16.2M |
| Capital invested in equity-method investments | -$26.5M | -$19.4M | -$24.7M |
| "Purchases of pledged available-for-sale (""AFS"") securities" | -$47.0M | -$51.4M | -$12.5M |
| Proceeds from prepayment and sale of pledged AFS securities | $26.6M | $9.5M | $10.7M |
| Originations and repurchase of loans held for investment | -$24.4M | -$37.9M | |
| Principal collected on loans held for investment | $55.7M | $160.7M | |
| Other investing activities, net | $9.7M | $18.3M | $9.0M |
| Net cash provided by (used in) investing activities | -$77.3M | -$38.1M | $126.9M |
| Borrowings (repayments) of warehouse notes payable, net | $824.5M | $33.7M | $189.7M |
| Repayments of interim warehouse notes payable | -$25.6M | -$119.8M | |
| Repayments of corporate notes payable | -$331.9M | -$8.0M | -$122.0M |
| Borrowings of corporate notes payable | $398.9M | $196.0M | |
| Repurchase of common stock | -$10.5M | -$12.4M | -$20.5M |
| Cash dividends paid | -$91.8M | -$88.6M | -$84.8M |
| Payment of contingent consideration | -$12.3M | -$34.3M | -$26.1M |
| Purchase of noncontrolling interests | -$17.7M | ||
| Debt issuance costs | -$16.0M | -$2.4M | -$5.8M |
| Other financing activities, net | -$2.8M | $653.0K | $185.0K |
| Net cash provided by (used in) financing activities | $758.1M | -$154.7M | $6.8M |
| Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents (NOTE 2) | $16.5M | -$63.5M | $133.1M |
| Cash paid to third parties for interest | $107.1M | $105.4M | $114.1M |
| Cash paid for income taxes, net of cash refunds received | $22.6M | $32.3M | $30.9M |
No quarter-by-quarter statement was filed.
Corporate structure
Walker & Dunlop sits at the top of its group. 53 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Walker & Dunlop
- VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on Walker & Dunlop, latest Apr 30, 2026
- VANGUARD PORTFOLIO MANAGEMENT LLC Filed SCHEDULE 13G on Walker & Dunlop, latest Apr 29, 2026
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on Walker & Dunlop, latest Mar 27, 2026 (4 filings since Feb 10, 2022)
- Janus Henderson Group Ltd. Filed SCHEDULE 13G/A on Walker & Dunlop, latest Aug 14, 2025 (7 filings since Feb 10, 2022)
- FMR LLC Filed SC 13G/A on Walker & Dunlop, latest Nov 12, 2024 (3 filings since Feb 9, 2023)
- BlackRock Filed SC 13G/A on Walker & Dunlop, latest Nov 8, 2024 (6 filings since Jan 26, 2022)
- William M. Walker Filed SC 13D/A on Walker & Dunlop, latest Sep 16, 2022
- Walker & Dunlop Bethesda, Maryland, United States
- ADC Communities II, LLC Subsidiary · California, United States
- ADC Communities, LLC Subsidiary · Florida, United States
- AFAH Finance, LLC Subsidiary · Delaware, United States
- Alliant Capital, Ltd. Subsidiary · Florida, United States
- Alliant Credit Facility IV, LLC Subsidiary · California, United States
- Alliant Fund Acquisitions, LLC Subsidiary · Florida, United States
- Alliant Fund Asset Holdings, LLC Subsidiary · Delaware, United States
- Alliant Strategic Investments II, LLC Subsidiary · Delaware, United States
- Alliant Strategic Investments, LLC Subsidiary · Florida, United States
- ASI Member, LLC Subsidiary · California, United States
- GeoPhy BV Subsidiary · Netherlands
- JCR Capital Investment Company, LLC Subsidiary · Delaware, United States
- The Alliant Company, LLC Subsidiary · Florida, United States
- W&D BE, Inc. Subsidiary · Delaware, United States
- W&D Interim Lender II LLC Subsidiary · Delaware, United States
- W&D Interim Lender III, Inc. Subsidiary · Delaware, United States
- W&D Interim Lender IV, LLC Subsidiary · Delaware, United States
- W&D Interim Lender LLC Subsidiary · Delaware, United States
- W&D Interim Lender V, Inc. Subsidiary · Delaware, United States
- W&D Interim Lender VI, LLC Subsidiary · Delaware, United States
- W&D RPS HoldCo, LLC Subsidiary · Delaware, United States
- W&D STCI, LLC Subsidiary · Delaware, United States
- W&D UK HoldCo Limited Subsidiary · United Kingdom
- W&D UK Pvt LTD Subsidiary · United Kingdom
- Walker & Dunlop Capital, LLC Subsidiary · Massachusetts, United States
- and 27 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Walker & Dunlop reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, net | $54.4M8 Dec 31, 2025 | $48.5M8 Dec 31, 2024 | +12.3% |
| Operating-lease assets (leased space) | $76.3M8 Dec 31, 2025 | $80.0M8 Dec 31, 2024 | −4.6% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $299.3M8 Dec 31, 2025 | $279.3M8 Dec 31, 2024 | +7.2% |
| Stakes in other companies (equity method) | $232.7M8 Dec 31, 2025 | $207.2M8 Dec 31, 2024 | +12.3% |
| Loans, net of allowance | $77.8M8 Dec 31, 2025 | $32.9M8 Dec 31, 2024 | +136.6% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $868.7M8 Dec 31, 2025 | $868.7M8 Dec 31, 2024 | 0% |
| Intangible assets, net (excluding goodwill) | $141.9M8 Dec 31, 2025 | $156.9M8 Dec 31, 2024 | −9.6% |
| Indefinite-lived intangibles (excluding goodwill) | $08 Dec 31, 2025 | $08 Dec 31, 2024 |
Properties, in its own words
Our principal headquarters are located in Bethesda, Maryland. We believe there is adequate alternative office space available at acceptable rental rates to meet our needs, although adverse movements in rental rates in some markets may negatively affect our results of operations and cash flows when we execute new leases.
Item 2 of the 10-K filed Feb 26, 2026.7
Leadership
Who has led Walker & Dunlop, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
197019801990200020102020
- Chief executive officerWilliam M. Walker Dec 13, 2010 to now16
- ChairWilliam M. Walker Dec 13, 2010 to now16
- PresidentHoward W. Smith Iii. May 1, 2015 to Jan 3, 202417
- PresidentWilliam M. Walker Dec 13, 2010 to Apr 2, 201516
- Chief financial officerGregory Florkowski Jun 3, 2022 to now18
- Chief financial officerStephen P. Theobald Apr 1, 2013 to Mar 14, 202219
- Chief financial officerDeborah A. Wilson Dec 13, 2010 to Mar 25, 201320
- Chief operating officerStephen P. Theobald Jun 7, 2022 to now21
- Chief operating officerHoward W. Smith Iii. Dec 13, 2010 to Apr 2, 201522
Board members and other officers (19)
- EVP & Chief HR OfficerPaula A. Pryor May 18, 2020 to now23
- EVP, Gen Counsel & SecRichard M. Lucas Mar 25, 2011 to Mar 22, 202424
- EVP & Chief Credit OfficerRichard C. Warner Dec 13, 2010 to Mar 3, 202025
- Board memberErnest Michael Freedman Sep 15, 2025 to now26
- Board memberJeffery R. Hayward May 6, 2024 to now27
- Board memberGary S. Pinkus Jun 13, 2024 to now28
- Board memberPaula A. Pryor Feb 17, 2022 to Feb 17, 202229
- Board memberDonna Wells Mar 5, 2021 to now30
- Board memberEllen Levy Mar 8, 2019 to now31
- Board memberMichael J. Warren Mar 2, 2017 to May 8, 202332
- Board memberSuisse Ag/ Credit Feb 21, 2012 to Feb 21, 201233
- Board memberAndy Florance Nov 5, 2012 to Jun 5, 201534
- Board memberEdmund Frederick Taylor Dec 13, 2010 to Jun 12, 201235
- Board memberHoward W. Smith Iii. Dec 13, 2010 to Mar 19, 202422
- Board memberMitchell M. Gaynor Dec 13, 2010 to Aug 14, 201336
- Board memberAlan J. Bowers Dec 21, 2010 to Mar 14, 202237
- Board memberCynthia A. Hallenbeck Dec 21, 2010 to May 14, 201838
- Board memberDana L. Schmaltz Dec 21, 2010 to now39
- General counselRichard M. Lucas Dec 13, 2010 to Feb 18, 201540
Named in SEC Form D filings
People the company listed in its private-offering notices.
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- ADC Communities II, LLC California6
- ADC Communities, LLC Florida6
- AFAH Finance, LLC Delaware6
- ASI Member, LLC California6
- Alliant Capital, Ltd. Florida6
- Alliant Credit Facility IV, LLC California6
- Alliant Fund Acquisitions, LLC Florida6
- Alliant Fund Asset Holdings, LLC Delaware6
- Alliant Strategic Investments II, LLC Delaware6
- Alliant Strategic Investments, LLC Florida6
- GeoPhy BV Netherlands6
- GeoPhy Inc. Delaware6
- JCR Capital Investment Company, LLC Delaware6
- The Alliant Company, LLC Florida6
- W&D BE, Inc. Delaware6
- W&D Interim Lender II LLC Delaware6
- W&D Interim Lender III, Inc. Delaware6
- W&D Interim Lender IV, LLC Delaware6
- W&D Interim Lender LLC Delaware6
- W&D Interim Lender V, Inc. Delaware6
- W&D Interim Lender VI, LLC Delaware6
- W&D RPS HoldCo, LLC Delaware6
- W&D STCI, LLC Delaware6
- W&D UK HoldCo Limited United Kingdom6
All 54 listed subsidiaries
- W&D UK Pvt LTD United Kingdom6
- WD IAP HoldCo, LLC Delaware6
- WD IAP, LLC Delaware6
- WD Impact JV Member, LLC Delaware6
- WD Investors I LLC Delaware6
- WD Preservation, LLC Delaware6
- WD-Alliant TCBI, LLC Delaware6
- WD-G JV Investor, LLC Delaware6
- WD-GTE, LLC Delaware6
- WD-GeoPhy CRE Valuation LLC d/b/a Apprise by Walker & Dunlop Delaware6
- WD-GeoPhy Holdco, LLC Delaware6
- WD-IC JV GP II, LLC Delaware6
- WD-IC JV GP, LLC Delaware6
- WD-IC JV Investor II, LLC Delaware6
- WD-IC JV Investor, LLC Delaware6
- WD-ILP JV Investor, LLC Delaware6
- WD-UK HoldCo, LLC Delaware6
- WDAAC, LLC Delaware6
- WDAGP, LLC Delaware6
- WDIB, LLC d/b/a Zelman & Associates Delaware6
- WDIB-Investor, LLC Delaware6
- WDIS WA, LLC Delaware6
- WDIS, Inc Delaware6
- Walker & Dunlop Capital, LLC Massachusetts6
- Walker & Dunlop Investment Management, LLC Delaware6
- Walker & Dunlop Investment Partners, Inc. Delaware6
- Walker & Dunlop Investment Sales, LLC Delaware6
- Walker & Dunlop Multifamily, Inc. Delaware6
- Walker & Dunlop, LLC Delaware6
- Zelman Partners, LLC Delaware6
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Oct 6, 20268-K Executive or director change42
- Sep 15, 20268-K Entered a material agreement; New debt or obligation43
- Aug 6, 20268-K Results of operations44
- May 21, 20268-K Shareholder vote45
- May 7, 20268-K Results of operations46
- Mar 10, 20268-K Entered a material agreement47
- Mar 4, 20268-K Entered a material agreement; New debt or obligation48
- Feb 26, 20268-K Results of operations49
- Feb 2, 20268-K Entered a material agreement; New debt or obligation50
- Nov 6, 20258-K Results of operations51
- Sep 17, 20258-K Entered a material agreement; New debt or obligation52
- Sep 11, 20258-K Executive or director change; Regulation FD disclosure53
- Dec 15, 2010Went public Listed on NYSE1
- Dec 13, 2010New chief executive William M. Walker becomes CEO16
- 1937Founded Founded1
Calendar
Coming up
- Nov 5, 2026 · Before the openReports results for the quarter ending Sep/202654
When it reported results
- Aug 6, 2026Reported quarterly or annual results44
- May 7, 2026Reported quarterly or annual results46
- Feb 26, 2026Reported quarterly or annual results49
- Nov 6, 2025Reported quarterly or annual results51
- Aug 7, 2025Reported quarterly or annual results55
- May 1, 2025Reported quarterly or annual results56
- Feb 13, 2025Reported quarterly or annual results57
- Nov 7, 2024Reported quarterly or annual results58
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
377 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 60 major events, 234 insider forms, 23 large holders, 2 private raises, 38 other. The latest 20:
- Oct 6, 20268-K EDGAR
- Sep 15, 20268-K EDGAR
- Sep 8, 20264 OWNERSHIP DOCUMENT EDGAR
- Sep 8, 20264 OWNERSHIP DOCUMENT EDGAR
- Sep 8, 20264 OWNERSHIP DOCUMENT EDGAR
- Sep 8, 20264 OWNERSHIP DOCUMENT EDGAR
- Sep 8, 20264 OWNERSHIP DOCUMENT EDGAR
- Aug 6, 202610-Q EDGAR
- Aug 6, 20268-K EDGAR
- Jun 8, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 8, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 8, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 8, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 8, 20264 OWNERSHIP DOCUMENT EDGAR
- May 21, 20264 OWNERSHIP DOCUMENT EDGAR
- May 21, 20264 OWNERSHIP DOCUMENT EDGAR
- May 21, 20264 OWNERSHIP DOCUMENT EDGAR
- May 21, 20264 OWNERSHIP DOCUMENT EDGAR
- May 21, 20264 OWNERSHIP DOCUMENT EDGAR
- May 21, 20264 OWNERSHIP DOCUMENT EDGAR
The 377 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
32 open-market trades by officers, directors and large owners since October 2021: 6 buys and 26 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Mar 18, 2026 | SCHMALTZ DANA LDirector | Buy | 1,000 | $45.78 | $45.8K | Form 4 |
| Mar 5, 2026 | FREEDMAN ERNEST MICHAELDirector | Buy | 5,000 | $49.21 | $246.1K | Form 4 |
| Mar 3, 2026 | Wells DonnaDirector | Buy | 500 | $46.96 | $23.5K | Form 4 |
| Mar 2, 2026 | Walker William MChairman & CEO | Buy | 10,000 | $47.46 | $474.6K | Form 4 |
| Aug 29, 2025 | Pryor Paula A.EVP and Chief HR Officer | Sale | 5,336 | $86.20 | $460.0K | Form 4 |
| Mar 6, 2025 | Walker William MChairman & CEO | Buy | 17,500 | $86.21 | $1.5M | Form 4 |
| Aug 23, 2024 | THEOBALD STEPHEN PEVP & Chief Operating Officer | Sale | 13,870 | $106.10 | $1.5M | Form 4 |
| May 6, 2024 | Pryor Paula A.EVP and Chief HR Officer | Sale | 4,533 | $97.33 | $441.2K | Form 4 |
| Mar 8, 2024 | Smith Howard W IIIDirector | Sale | 20,166 | $93.56 | $1.9M | Form 4 |
| Feb 27, 2024 | Florkowski GregoryEVP & Chief Financial Officer | Sale | 4,000 | $96.45 | $385.8K | Form 4 |
| Feb 21, 2024 | Pryor Paula A.EVP and Chief HR Officer | Sale | 1,908 | $94.09 | $179.5K | Form 4 |
| Feb 9, 2024 | Smith Howard W IIIDirector | Sale | 20,000 | $93.81 | $1.9M | Form 4 |
| Jan 9, 2024 | Smith Howard W IIIDirector | Sale | 20,000 | $97.99 | $2.0M | Form 4 |
| Dec 14, 2023 | THEOBALD STEPHEN PEVP & Chief Operating Officer | Sale | 10,000 | $105.62 | $1.1M | Form 4 |
| Dec 14, 2023 | Walker William MChairman & CEO | Sale | 50,000 | $105.63 | $5.3M | Form 4 |
| Dec 8, 2023 | Lucas Richard MEVP & Gen Counsel & Secretary | Sale | 10,000 | $91.98 | $919.8K | Form 4 |
| Dec 8, 2023 | Smith Howard W IIIDirector | Sale | 20,000 | $92.61 | $1.9M | Form 4 |
| Nov 9, 2023 | Smith Howard W IIIDirector | Sale | 20,000 | $70.41 | $1.4M | Form 4 |
| Oct 9, 2023 | Smith Howard W IIIDirector | Sale | 20,000 | $71.62 | $1.4M | Form 4 |
| Sep 8, 2023 | Smith Howard W IIIDirector | Sale | 20,000 | $81.14 | $1.6M | Form 4 |
All 32 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G, 1 filing Apr 30, 202659
- VANGUARD PORTFOLIO MANAGEMENT LLCSCHEDULE 13G, 1 filing Apr 29, 202660
- VANGUARD GROUP INCSCHEDULE 13G/A, 4 filings Feb 10, 2022 to Mar 27, 202661
- Janus Henderson Group Ltd.SCHEDULE 13G/A, 7 filings Feb 10, 2022 to Aug 14, 202562
- FMR LLCSC 13G/A, 3 filings Feb 9, 2023 to Nov 12, 202463
- BlackRockSC 13G/A, 6 filings Jan 26, 2022 to Nov 8, 202464
- William M. WalkerSC 13D/A, 1 filing Sep 16, 202265
Money raised
Private offerings the company reported to the SEC on Form D.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 5,294,589 | $289.6M | 0.0% | +161,296 |
| Vanguard Portfolio Management LLC | 2,081,971 | $113.9M | 0.0% | +42,074 |
| State Street Corp | 1,622,038 | $88.7M | 0.0% | +75,094 |
| Vanguard Capital Management LLC | 1,493,413 | $81.7M | 0.0% | +16,098 |
| Dimensional Fund Advisors LP | 1,458,560 | $79.8M | 0.0% | +89,446 |
| Jupiter Topco LLC | 1,159,668 | $63.4M | 0.0% | New |
| Alliancebernstein L.P. | 1,311,353 | $58.2M | 0.0% | −45,658 |
| Geode Capital Management, LLC | 872,309 | $47.7M | 0.0% | +47,656 |
| Deprince Race & Zollo Inc | 705,675 | $38.6M | 0.6% | −22,788 |
| Royce & Associates LP | 676,507 | $37.0M | 0.3% | +55,589 |
| Aqr Capital Management LLC | 671,312 | $36.7M | 0.0% | +431,531 |
| Jpmorgan Chase & Co | 608,086 | $32.8M | 0.0% | +480,360 |
| Alyeska Investment Group, L.P. | 555,439 | $30.4M | 0.1% | +19,988 |
| Morgan Stanley | 541,414 | $29.6M | 0.0% | +109,774 |
| Ameriprise Financial Inc | 531,654 | $29.1M | 0.0% | +102,913 |
| Charles Schwab Investment Management Inc | 481,276 | $26.3M | 0.0% | +1,865 |
| Erste Asset Management GmbH | 450,000 | $24.2M | 0.2% | +199,838 |
| Goldman Sachs Group Inc | 395,344 | $21.6M | 0.0% | +259,981 |
| Northern Trust Corp | 394,359 | $21.6M | 0.0% | +33,829 |
| Bank Of America Corp /de/ | 373,617 | $20.4M | 0.0% | −104,120 |
| MetLife Investment Management, LLC | 366,261 | $20.0M | 0.1% | +348,078 |
| Balyasny Asset Management L.P. | 329,771 | $18.0M | 0.0% | +262,706 |
| Russell Investments Group, Ltd. | 260,953 | $14.3M | 0.0% | +55,608 |
| Rockefeller Capital Management L.P. | 239,143 | $13.1M | 0.0% | −2,177 |
| Vanguard Fiduciary Trust Co | 225,710 | $12.3M | 0.0% | +7,155 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Walker & Dunlop is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARWalker & Dunlop, Inc.2
- CIK0001497770
- Employer ID (EIN)80-06299257
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company7
- Incorporated inMaryland7
- Fiscal year endsDecember 312
- Industry code (SIC)6199 Finance Services2
- SEC reviewing officeOffice of Finance, Division of Corporation Finance2
- Business address7272 Wisconsin Avenue, Suite 1300, Bethesda, MD 208142
- Phone(301) 215-55002
- Shares outstanding34,325,745 as of Jul 31, 202614
- Public float$1.7B as of Jun 30, 20257
- AuditorKPMG LLP, McLean, Virginia PCAOB ID 185; it also attests to the company’s internal control over financial reporting7
- On EDGAR sinceAug 4, 20102
- Filings1,295 in all: 4 (776), 8-K (198), 10-Q (47), SC 13G/A (39), 3 (26), SC 13D/A (23), 144 (20), DEFA14A (20)2
All 40 form types
10-K (16), DEF 14A (16), 4/A (14), SC 13G (11), ARS (9), S-8 (9), SC 13D (8), UPLOAD (8), CORRESP (6), D (6), S-1/A (6), 5 (5), 424B7 (4), SCHEDULE 13G/A (4), EFFECT (3), 424B3 (2), CT ORDER (2), S-3 (2), SCHEDULE 13G (2), 10-Q/A (1), 3/A (1), 424B4 (1), 8-A12B (1), 8-K/A (1), CERTNYS (1), D/A (1), DEFM14A (1), FWP (1), PREM14A (1), PRER14A (1), S-1 (1), S-3/A (1)
- Latest filingsAnnual report (10-K) Feb 26, 2026
Quarterly report (10-Q) Aug 6, 2026
Proxy statement (DEF 14A) Apr 1, 2026
Latest 8-K (8-K) Oct 6, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, $0.01 Par Value Per Share | WD | New York Stock Exchange |
From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).7
Risk factors and legal proceedings
The risks Walker & Dunlop names in Item 1A of its 10-K filed Feb 26, 2026: 30 risks under these headings, as written.7
- Risks Relating to Our Business
- The loss of, changes in, or disruptions to our relationships with the Agencies and institutional investors would adversely affect our ability to originate commercial real estate loans, which would materially and adversely affect us.
- A change to the conservatorship of Fannie Mae and Freddie Mac and related actions, along with any changes in laws and regulations affecting the relationship between Fannie Mae and Freddie Mac and the U.S. federal government or the existence of Fannie Mae and Freddie Mac, could materially and adversely affect our business.
- We are subject to risk of loss in connection with defaults on loans, including loans sold under the Fannie Mae DUS program, and could experience significant servicing advance obligations in connection with Fannie Mae and HUD loans we originate, which could materially and adversely affect our results of operations and liquidity.
- A reduction in the prices paid for our loans and services or an increase in loan or security interest rates required by investors could materially and adversely affect our results of operations.
- Interest rate movements, market volatility, and borrower financing preferences could reduce origination volumes, compress margins, and adversely affect our fee income and servicing assets.
- The failure of banks or other major financial institutions, or sustained financial market illiquidity, could adversely affect our and our clients’ businesses and results of operations.
- A significant portion of our revenue is derived from loan servicing fees, and declines in or terminations of servicing engagements or breaches of servicing agreements could have a material adverse effect on us.
- If a significant number of our loan warehouse facilities, on which we are highly dependent, are terminated or reduced, we may be unable to find replacement financing on favorable terms, or at all, which would have a material adverse effect on us.
- We have been, and in the future may be, required to repurchase loans or indemnify loan purchasers due to breaches of representations or warranties we have made, either as a result of our actions or based on information provided to us by borrowers or third parties in connection with the sale of loans to third parties, including through the Agencies’ programs, which could have a material adverse effect on us.
- We own and operate multifamily properties as a result of foreclosures or other acquisitions that involve risks that could adversely affect our business and financial results.
- We have made various investments that are funded with corporate capital. These investments may involve a greater risk of loss than our traditional real estate lending activities.
The other 19 risks
- (iii)Investments in LIHTC equity funds
- We have contractual obligations that will require significant uses of capital. Our ability to fund these uses of capital is dependent on both our results of operations and our ability to access capital markets. A decline in the results of our operations, an inability to access capital markets, or an increase in the cost of capital may materially affect our operations.
- We are dependent upon the success of the multifamily real estate sector, and conditions that negatively impact the multifamily sector may reduce demand for our products and services and materially and adversely affect us.
- The loss of our Chairman and Chief Executive Officer could result in a material adverse effect on our business and results of operations.
- We intend to drive a significant portion of our future growth through additional strategic acquisitions or investments in new markets, new ventures and new lines of business. If we do not successfully identify, complete and integrate such acquisitions or investments, our growth may be limited. Additionally, expansion of our business domestically or internationally may place significant demands on our administrative, operational, and financial resources, and the acquired businesses or new ventures may not perform as we expect them to or become profitable.
- There is a risk of unfavorable changes to, or elimination of governmental programs that could limit the product offerings of our affordable housing real estate services.
- Our role as a sponsor of investment funds and co-developer of affordable properties exposes us to risks of loss.
- Noncompliance with various requirements by the affordable housing partnerships could impair our investors’ right to LIHTCs and have a negative impact on our business.
- We maintain cash deposits in excess of federally insured limits. Adverse developments affecting systematically important financial institutions, including bank failures, could adversely affect our liquidity and financial performance.
- We are subject to various risks associated with climate change and other ESG matters.
- Risks Relating to Regulatory Matters
- If we fail to comply with the numerous government regulations and program requirements of the Agencies, we may lose our approved lender status with these entities and fail to gain additional approvals or licenses for our business. We are also subject to changes in laws, regulations and existing Agency program requirements, including with regard to underwriting and asset management requirements and potential increases in reserve and risk retention requirements that could increase our costs and affect the way we conduct our business, which could materially and adversely affect us.
- As a registered broker-dealer, one of our subsidiaries is subject to extensive regulation that exposes us to a variety of risks associated with the securities industry.
- If we fail to comply with laws, regulations and market standards regarding the privacy, use, and security of customer information, or if we are the target of a successful cyberattack, we may be subject to legal and regulatory actions and our reputation would be harmed.
- Risks Related to Our Organization and Structure
- Certain provisions of Maryland law could inhibit changes in control.
- Our authorized but unissued shares of common and preferred stock may prevent a change in control of the Company.
- Our rights and the rights of our stockholders to take action against our directors and officers are limited, which could limit our stockholders’ recourse in the event actions are taken that are not in our stockholders’ best interests.
- Our charter contains limitations on our stockholders’ ability to remove our directors, which could make it difficult for our stockholders to effect changes to our management.
- We are a holding company with minimal direct operations and rely largely on funds received from our subsidiaries for our cash requirements.
- Risks Related to Our Financial Statements
- Our financial statements are based in part on assumptions and estimates which, if wrong, could result in unexpected cash and non-cash losses in the future, and our financial statements depend on our internal control over financial reporting.
- Our existing goodwill could become impaired, which may require us to take significant non-cash charges.
Legal proceedings
In the ordinary course of business, we may be party to various claims and litigation, none of which we believe is material. We cannot predict the outcome of any pending litigation and may be subject to consequences that could include fines, penalties, and other costs, and our reputation and business may be impacted. Our management believes that any liability that could be imposed on us in connection with the disposition of any pending lawsuits would not have a material adverse effect on our business, results of operations, liquidity, or financial condition.
The opening of Item 3, Legal Proceedings.7
Links
- Websitewww.walkerdunlop.com1
- X (Twitter)x.com/walkerdunlop1
- Facebookwww.facebook.com/WalkerDunlop1
- Instagramwww.instagram.com/walkerdunlop1
- YouTubewww.youtube.com/channel/UC5jhzGBWOTvQku2kLbucGcw1
- LinkedInwww.linkedin.com/company/walker-dunlop1
- WikidataQ60764327
- SEC EDGARCIK 1497770
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1WikidataWalker & Dunlop on Wikidata
- 2SEC EDGARWalker & Dunlop filings on SEC EDGAR
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- 4Company websiteWalker & Dunlop logo
- 5SEC EDGARWalker & Dunlop filings on SEC EDGAR
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- 8SEC EDGARWalker & Dunlop 10-K for fiscal 2025
- 9SEC EDGARWalker & Dunlop 10-K for fiscal 2019
- 10SEC EDGARWalker & Dunlop 10-K for fiscal 2020
- 11SEC EDGARWalker & Dunlop 10-K for fiscal 2021
- 12SEC EDGARWalker & Dunlop 10-K for fiscal 2022
- 13SEC EDGARWalker & Dunlop 10-Q for fiscal 2026
- 14SEC EDGARWalker & Dunlop 10-Q for fiscal 2026
- 15SEC EDGARWalker & Dunlop 10-K for fiscal 2019
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- 17SEC EDGARHoward W. Smith Iii., President
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- 27SEC EDGARJeffery R. Hayward, Board member
- 28SEC EDGARGary S. Pinkus, Board member
- 29SEC EDGARPaula A. Pryor, Board member
- 30SEC EDGARDonna Wells, Board member
- 31SEC EDGAREllen Levy, Board member
- 32SEC EDGARMichael J. Warren, Board member
- 33SEC EDGARSuisse Ag/ Credit, Board member
- 34SEC EDGARAndy Florance, Board member
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- 36SEC EDGARMitchell M. Gaynor, Board member
- 37SEC EDGARAlan J. Bowers, Board member
- 38SEC EDGARCynthia A. Hallenbeck, Board member
- 39SEC EDGARDana L. Schmaltz, Board member
- 40SEC EDGARRichard M. Lucas, General counsel
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- 42SEC EDGARExecutive or director change
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- 44SEC EDGARResults of operations
- 45SEC EDGARShareholder vote
- 46SEC EDGARResults of operations
- 47SEC EDGAREntered a material agreement
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- 49SEC EDGARResults of operations
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- 51SEC EDGARResults of operations
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- 54NasdaqNasdaq calendar
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- 63SEC EDGARFMR LLC SC 13G/A on Walker & Dunlop
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