Walker & Dunlop (WD)
Multifamily lender and commercial real estate adviser with a recurring loan-servicing platform.
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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
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Apr 23, 2026 | Stephens | Target | Target: — | Target: $69 |
| Dec 19, 2025 | Jefferies | Target | Target: — | Target: $75 |
| Oct 10, 2025 | JMP Securities | Upgrade | Target: — | Target: $95 |
| Mar 6, 2025 | Keefe, Bruyette & Woods | Upgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $160.9M · Total debt $2.21B · Total assets $4.89B · Shareholders' equity $1.71B
- Revenue
- $306.7M
- Operating income
- $2.1M
- Net income
- $3.2M
HistoryDividendAnnual yield
| Institutions | 87.98% | 30.20M shares | |
|---|---|---|---|
| 275 holders · as of Jun 30, 2026 | |||
| Insiders | 2.31% | 792.3K shares | |
| 10 holders · as of May 21, 2026 | |||
| Strategic holders | 5.58% | 1.91M shares | |
| 1 holder · as of Feb 10, 2022 | |||
| Other | 4.13% | 1.42M shares | |
| remainder | |||
34.33M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 15.42% | 5.29M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 6.07% | 2.08M | as of Jun 30, 2026 |
Janus Henderson Group PLCStrategic | 5.58% | 1.91M | filed Feb 10, 2022 |
State Street CorpInstitution | 4.73% | 1.62M | as of Jun 30, 2026 |
Boston PartnersInstitution | 4.45% | 1.53M | filed Feb 12, 2018 |
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 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Walker & Dunlop | $38.57 | +0.50% | $1.32B | 34.3 | 6.9 | 1.0 | +3.5% |
| CBRE Group | $140.04 | −2.21% | $41.47B | 32.8 | 17.4 | 1.0 | +15.1% |
| Jones Lang LaSalle | $333.57 | −1.91% | $15.65B | 16.3 | 12.8 | 0.6 | +10.8% |
| Newmark Group | $13.90 | −0.50% | $2.18B | 17.5 | 6.7 | 0.6 | +17.0% |
| Arbor Realty Trust | $4.38 | +0.81% | $834.8M | 32.1 | 10.3 | 0.7 | −11.1% |
| Marcus & Millichap | $30.61 | −0.83% | $1.17B | 84.3 | 42.8 | 1.4 | +17.8% |
| Cushman & Wakefield | $12.77 | −1.05% | $3.02B | 44.2 | 8.2 | 0.3 | +11.2% |
| Starwood Property Trust | $15.13 | +0.83% | $5.56B | 22.0 | 9.0 | 2.7 | +7.9% |
| Median | 32.1 | 10.3 | 0.7 | +11.2% |