Walker & Dunlop Inc

Latest Results (29.06.2026):

Walker & Dunlop Inc — First Quarter 2026: The company reported a strong Q1 2026 with total transaction volume of $13.7 billion (up 94% vs Q1 2025), total revenues of $301.3 million (up 27%), GAAP net income of $15.9 million (diluted EPS $0.46, +476% YoY) and adjusted core EPS of $1.02 (+20% YoY). Adjusted EBITDA was $73.8 million (+14% YoY). The servicing portfolio reached $146.4 billion (up 8% YoY). Results include $10.1 million of indemnified and repurchased loan expenses; the company continued share repurchases and declared a Q2 dividend.

Headline financials

Total transaction volume $13.66B (+94% YoY); total revenues $301.3M (+27%); GAAP net income $15.9M (+476%) and diluted EPS $0.46 (+475%). Adjusted EBITDA $73.8M (+14%); adjusted core EPS $1.02 (+20%).

Transaction mix & market share

GSE (Fannie/Freddie) debt financing rose ~102% YoY, led by Freddie Mac volumes (+287%) which included a $1.7B portfolio. Walker & Dunlop’s GSE market share was 12.3% in Q1 2026 vs 9.6% a year earlier. Brokered debt volume grew 155% and HUD (Ginnie Mae) volume rose 225%.

Servicing portfolio and MSR economics

Servicing portfolio totaled $146.4B (up 8% YoY) with mortgage servicing rights (MSRs) carried at $795.8M cost and estimated fair value ~$1.4B. The company added $2.4B of net loans to servicing in Q1 and expects significant recapitalization/sales opportunities as many Agency loans mature over the next five years.

Profitability drivers and segments

Capital Markets revenue was $162.4M (+58% YoY) driven by origination and MSR income; Servicing & Asset Management revenue was $138.3M (+5% YoY). Capital Markets achieved operating leverage (segment operating margin 26%), with Capital Markets adjusted EBITDA $3.9M (vs -$13.3M prior) and Servicing & AM adjusted EBITDA $111.6M.

Indemnified & repurchased loans

Q1 results include $10.1M of indemnified and repurchased loan expenses and a total net expense impact of ~$13.0M for these items. Total repurchased loans declined to $191.9M at 3/31/2026 (from $221.6M at 12/31/2025); the company executed an indemnification (not a repurchase) on a $34.3M portfolio in Q2 to reduce repurchase exposure.

Capital return and balance sheet actions

Board declared a $0.68/share dividend for Q2 2026 (payable June 4, 2026). The Board authorized up to $75M for stock repurchases; during Q1 the company repurchased 283k shares for $13.3M at a $47.13 average price and had ~$61.7M of repurchase capacity remaining.

Other notable items & outlook

Company noted $6.95M of loan repurchase losses recorded in Q1 and recorded a $4.1M provision for credit losses (mostly for loans defaulted during the quarter). Management cited improved market activity and a strong pipeline while noting macro risks (rate volatility, geopolitical and energy prices) but maintained confidence in the 2026 outlook.