Walker & Dunlop, Inc.

Walker & Dunlop, Inc. is a leading commercial real estate services, finance, and technology company in the United States. The company offers a diversified suite of commercial real estate services. These services include multifamily lending, property sales, appraisal, valuation, and research. It also provides commercial real estate debt brokerage and advisory services, investment management, and affordable housing lending, property sales, tax credit syndication, development, and investment. Walker & Dunlop uses technology to enhance customer experience, identify refinancing and other financial and investment opportunities for new and existing customers, and improve internal process efficiencies. The company is one of the largest service providers to multifamily operators in the country. It originates, sells, and services various multifamily and other commercial real estate financing products. This includes loans through programs of the Government-Sponsored Enterprises (GSEs) and the Federal Housing Administration (HUD), collectively referred to as the Agencies. Walker & Dunlop retains servicing rights and asset management responsibilities for substantially all loans originated for the Agencies' programs. The company also brokers, and occasionally services, loans for commercial real estate operators on behalf of life insurance companies, commercial banks, and other institutional investors, acting as a loan broker without funding the loans itself. Additionally, Walker & Dunlop provides multifamily property sales brokerage and appraisal and valuation services. Its commercial real estate investment management activities include a focus on the affordable housing sector through low-income housing tax credit (LIHTC) syndication. For the years ended December 31, 2025, 2024, and 2023, 72%, 72%, and 69% of refinancing volumes came from new loans to the company, respectively. Furthermore, 19%, 20%, and 22% of total transaction volumes came from new customers for the years ended December 31, 2025, 2024, and 2023, respectively.