Walker & Dunlop Business Summary

Walker & Dunlop, Inc. (WD) is a premier commercial real estate finance and advisory firm that generates revenue through a mix of transaction-based fees and recurring service income. Its primary business segments are Capital Markets, which earns fees from debt brokerage and property sales; Servicing & Asset Management, which provides stable revenue from its $135 billion+ mortgage servicing portfolio and investment management fees; and Corporate, which manages treasury and strategic initiatives. As of February 2026, the company remains the top-ranked Fannie Mae DUS lender and a leading provider of capital for the multifamily, affordable housing, and healthcare sectors. WD competes directly with diversified global firms like CBRE Group, JLL, and Newmark, as well as specialized lenders like Berkadia, positioning itself as a high-touch, tech-enabled alternative that leverages its "Journey to '30" strategic plan to capture market share in the middle-market and institutional segments. Founded in 1937 by Oliver Walker and Laird Dunlop, the firm has evolved into a dominant public entity under Chairman and CEO William M. (Willy) Walker, the grandson of the co-founder. The current leadership team includes President Howard W. Smith III, who manages the firm's origination and sales operations, and Chief Financial Officer Greg Florkowski, who oversees financial strategy and investor relations. Digital and technological advancements are led by Chief Technology Officer Aaron Perlis, who focuses on integrating AI and proprietary data into the underwriting process. Walker & Dunlop is a publicly traded company (NYSE: WD) with major institutional investors such as The Vanguard Group, BlackRock, and State Street Corporation. The Board of Directors features prominent figures including Gary S. Pinkus and Ellen Levy, alongside recent appointee Ernest M. Freedman, providing a depth of expertise in global consulting, technology, and real estate finance.