WD · Walker & Dunlop, Inc.

Walker & Dunlop's first quarter 2026 results reflect a strong rebound in commercial real estate capital markets activity. Total transaction volume surged 94% year-over-year to $13.7 billion, driven by a 126% increase in debt financing volume and a 4% rise in property sales. The growth was broad-based across all channels: Fannie Mae volumes rose 3%, Freddie Mac surged 287% (including a $1.7 billion portfolio), HUD increased 225%, and brokered debt financing jumped 155%. This robust origination activity expanded the servicing portfolio by 8% to $146.4 billion, supporting higher recurring servicing fees. Total revenues grew 27% to $301.3 million, outpacing total expense growth of 19%, leading to a significant improvement in operating margin from 2% to 9%. Net income soared 476% to $15.9 million, and diluted EPS rose 475% to $0.46. On an adjusted basis, EBITDA increased 14% to $73.8 million and adjusted core EPS grew 20% to $1.02. The company also repurchased $13.3 million of shares at a weighted average price of $47.13. Management noted a strong pipeline entering Q2, but acknowledged macro headwinds including interest rate volatility, high oil prices, and the Iran conflict. The results demonstrate the earnings power of Walker & Dunlop's platform as market activity improves, with the company well-positioned to achieve its annual and five-year financial goals.