You might also like
Walker & Dunlop, Inc. (WD) is a leading commercial real estate services, finance, and technology company in the United States. The company provides a diversified suite of services, including multifamily lending, commercial real estate financing, property sales brokerage, appraisal services, investment management, and affordable housing development. WD sells commercial real estate finance products and engages in investment management activities, focusing on debt and equity investments in commercial real estate assets.
- Servicing & Asset Management (SAM) - Manages and services loans, primarily those originated under the Fannie Mae DUS program.
- Capital Markets (CM) - Offers commercial real estate finance products, including Agency lending, debt brokerage, property sales, appraisal and valuation services, and real estate-related investment banking and advisory services.
- Corporate - Includes corporate-level activities and other revenues not directly attributable to CM or SAM segments.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Gregory A. Florkowski ExecutiveBoard | Executive Vice President and Chief Financial Officer | Gregory A. Florkowski has been serving as the Executive Vice President and Chief Financial Officer at WD since June 2022. He is also a board member at WD and previously held roles as Senior Vice President and Controller as well as Executive Vice President, Business Development. | ||
Paula A. Pryor ExecutiveBoard | Executive Vice President and Chief Human Resources Officer | Board of Leadership Women; Trustee of The Woods Academy | Paula A. Pryor has served as the Executive Vice President and Chief Human Resources Officer at Walker & Dunlop since 2018 and has been a board member since May 2020. Previously, she held Vice President and Senior Vice President roles from 2009 to 2018. | |
Stephen P. Theobald ExecutiveBoard | Executive Vice President and Chief Operating Officer | Stephen P. Theobald is currently the Executive Vice President and Chief Operating Officer at Walker & Dunlop since June 2022. He previously served as Executive Vice President and Chief Financial Officer from April 2013 to June 2022 and has been a member of the board of managers since April 2013. | ||
William M. Walker ExecutiveBoard | Chairman of the Board of Directors and Chief Executive Officer | National Multifamily Housing Council; United States Olympic and Paralympic Committee Foundation; Real Estate Round Table | William M. Walker has served as the Chairman and Chief Executive Officer of Walker & Dunlop, Inc. since January 2007 and July 2010, respectively. Previously, he held roles as President from January 2005 to April 2015 and as Executive Vice President and Chief Operating Officer from September 2003 to January 2005. | View Report → |
Daniel J. Groman Executive | Executive Vice President, General Counsel & Secretary and Chief Compliance Officer | Daniel J. Groman has served as the Executive Vice President, General Counsel & Secretary and Chief Compliance Officer at Walker & Dunlop since November 2024, where he oversees the Legal, Compliance, and Enterprise Risk functions. Previously, he served as Interim General Counsel, Secretary, and Chief Compliance Officer beginning in May 2024 and held other senior legal roles at the company. | ||
Dana L. Schmaltz Board | Board Member | Partner at Yellow Wood Partners, LLC | Dana L. Schmaltz has served as a Board Member at Walker & Dunlop since December 2010. He brings extensive experience in private equity and executive leadership, currently active as a Partner at Yellow Wood Partners, LLC. | |
Donna C. Wells Board | Board Director at WD, Chair of the Audit and Risk Committee, and Member of the Nominating and Corporate Governance Committee | CEO of Valencia Ventures, LLC; Board of Directors at Mitek Systems, Inc.; Board of Directors at Betterment Holdings, Inc. | Donna C. Wells has served on the Board of Directors at WD since March 2021, holding roles as Chair of the Audit and Risk Committee and member of the Nominating and Corporate Governance Committee. She brings extensive leadership experience from prior executive and board roles, including as CEO of Valencia Ventures, LLC and board positions at Mitek Systems, Inc. and Betterment Holdings, Inc.. | |
Ellen D. Levy Board | Member of the Board of Directors and Chair of the Nominating & Corporate Governance Committee | Managing Director of Silicon Valley Connect, LLC | Ellen D. Levy, Ph.D., has served on Walker & Dunlop’s Board of Directors since March 2019 and currently chairs the Nominating & Corporate Governance Committee. She also holds the position of Managing Director at Silicon Valley Connect, LLC, highlighting her expertise in strategic leadership outside of WD. | |
Gary S. Pinkus Board | Member of the Board of Directors | Board Member of Bloom Energy Corporation ; Board of Trustees of Wake Forest University ; Chair of the U.S. Ski and Snowboard Finance Committee | Gary S. Pinkus has been serving as a Board member at Walker & Dunlop, Inc. since June 9, 2024 while also contributing as an audit committee financial expert. Previously, he held senior leadership roles at McKinsey & Company and serves on additional boards and committees, underscoring his extensive expertise in governance. | |
Jeffery R. Hayward Board | Member of the Board of Directors | Jeffery R. Hayward has served as a Board Member at Walker & Dunlop since May 2024. He previously held executive roles at Fannie Mae, including serving as Executive Vice President and Chief Administrative Officer from August 2020 to December 2023. | ||
John Rice Board | Board Member and Lead Director | CEO of MLT; Board Member at Opendoor Technologies Inc.; Board Member at Morgan Stanley Real Estate’s Prime Property Fund; Board Member at New Profit | John Rice has served on WD’s Board since July 2010 and resumed his role as Lead Director in June 2024, additionally chairing the Compensation Committee. |
- Despite recording a 10% increase in transaction volume and a strong pipeline, EPS remains low and operating margins are under pressure; how does management plan to ensure profitable growth in an environment of persistent market volatility ?
- With non‐interest expenses averaging around 60% of total revenue and significant spending on severance and restructuring, what specific cost-saving initiatives will be implemented to reduce these expenses as transactions scale ?
- Given that both Fannie Mae and Freddie Mac are aggressively competing in the market and might soon approach their multifamily lending caps, what strategies will be pursued to mitigate competitive pressures and protect margins if their market share expands further ?
- The recent refinancing, which bolstered liquidity despite incurring one-time charges, raises questions about future financing; how confident is management that favorable spreads will persist amid ongoing rate volatility, and what contingency measures are in place if market conditions deteriorate ?
- Considering the significant investment in personnel, including severance costs tied to underperformers, how does management intend to balance talent acquisition and cost discipline to drive improved productivity without exacerbating operational expense challenges ?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The company faces significant competition from commercial real estate services subsidiaries of large national commercial banks, which may have an advantage in originating commercial loans if borrowers already have other lending or deposit relationships with the bank. | |
The company competes with privately-held and public commercial real estate service providers that enjoy advantages such as greater name recognition and financial resources. | |
Competitors include public commercial real estate service providers that have well-established investment management platforms and access to lower-cost capital. | |
The company competes with other commercial real estate service providers that offer similar services and products. | |
Eastdil Secured | The company faces competition from commercial real estate service providers that may have advantages in terms of financial resources and name recognition. |
Competitors include subsidiaries of large national commercial banks that may have an advantage in originating commercial loans due to existing borrower relationships. | |
Northmarq Capital, LLC | The company competes with other commercial real estate service providers that offer similar services and products. |
The company faces competition from commercial real estate service providers that may have advantages in terms of financial resources and name recognition. | |
Berkadia Commercial Mortgage, LLC | Competitors include commercial real estate service providers that offer similar services and products. |
Boston Financial Investment Management, L.P. | The company is the eighth largest LIHTC syndicator in the country, competing in a fragmented but highly competitive industry. |
Competitors in the LIHTC syndication industry include various firms that offer similar services. | |
Enterprise Community Partners, Inc. | The company competes in the LIHTC syndication industry, which is fragmented but highly competitive. |
The Richman Group Affordable Housing Corporation | Competitors in the LIHTC syndication industry include various firms that offer similar services. |
National Equity Fund, Inc. | The company competes in the LIHTC syndication industry, which is fragmented but highly competitive. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Zelman Holdings, LLC | 2024 | Walker & Dunlop completed the acquisition by purchasing the remaining 25% interest for $11.9 million in cash in Q4 2024, with an increase to APIC of $9.8 million due to the noncontrolling interest balance exceeding the purchase price, a non-cash adjustment. |
GeoPhy B.V. | 2022 | Walker & Dunlop acquired GeoPhy B.V. on February 28, 2022 for a total consideration of $210.1 million (including cash, debt forgiveness, and contingent consideration tied to milestone achievements), enhancing their technology capabilities and consolidating full ownership of Apprise, with significant goodwill and technology intangibles recorded. |
Alliant Capital Ltd. | 2021 | Walker & Dunlop's acquisition of Alliant Capital Ltd. involved a total enterprise value of approximately $744 million, financed through about $384 million in cash, stock issuance valued at $115 million, and an earn-out of up to $100 million, strategically bolstering their affordable housing and low-income housing tax credit operations. |
Recent press releases and 8-K filings for WD.
- Walker & Dunlop, Inc. filed an 8-K on May 5, 2025, reporting on key matters from its 2025 Annual Meeting held on May 1, 2025.
- The filing detailed vote outcomes on director elections for a one-year term, ratification of KPMG LLP as the independent auditor for FY 2025, and an advisory resolution on executive compensation.
- Consolidated revenues reached $237.4 million (up 4% YoY) with a $7 billion transaction volume (up 10% YoY) .
- Diluted EPS declined to $0.08 (down from $0.35 in Q1 2024) amid increased expenses .
- Overall, net income dropped to $2.8 million (77% decline), while the Capital Markets segment turned positive with net income of $2,360K (recovering from a $6,700K loss) .
- The board declared a quarterly dividend of $0.67 per share, supported by a growing servicing portfolio of $135.6 billion .
- Reaffirmed full-year 2025 guidance with diluted EPS expected to grow in the high single-digits to double-digits and adjusted EBITDA projected to be flat to high single-digits, alongside strategic initiatives—including refinancing, key hires, capital markets expansion, and an extra $50 million liquidity boost .
- Effective April 11, 2025, Walker & Dunlop, Inc. entered into the Fifteenth Amendment to its Warehousing Credit and Security Agreement with PNC Bank, National Association, updating key financial terms.
- The amendment extends the Warehousing Commitment’s maturity date to April 10, 2026 and revises provisions of the Credit Facility Agreement.
- On March 14, 2025, the company completed the issuance of $400 million senior unsecured notes due 2033 at a fixed rate of 6.625% per annum, including various optional redemption features.
- The firm also executed an amended and restated credit agreement, comprising a $450 million term loan and a $50 million revolving credit facility, aimed at refinancing prior debt and supporting general corporate purposes.
- Walker & Dunlop announced the pricing of its amended and restated senior secured credit agreement on March 7, 2025 with a $450 million term loan facility at an initial rate of SOFR plus 2.00%.
- The agreement also includes a three-year $50 million revolving credit facility bearing interest at SOFR plus 1.75%, with J.P. Morgan Chase Bank, N.A. and Bank of America, N.A. providing the commitments.
- Proceeds will be used to reduce outstanding indebtedness under the senior secured term loan and for general corporate purposes, with the closing expected on March 14, 2025 subject to customary conditions.
- Walker & Dunlop priced a $400 million senior unsecured notes offering due 2033 at par with an interest rate of 6.625% per annum .
- The company will amend its senior secured term loan agreement to reduce outstanding loans to $450 million, extend the maturity to 2032, and establish a new $50 million three-year revolving credit facility.
- Proceeds will be used to lower existing senior secured debt, cover accrued interest, fees, and general corporate purposes, subject to market conditions .
- Closing is expected on March 14, 2025.