Walker & Dunlop, Inc. (WD): Business Model Canvas [Dec-2025 Updated]

You're looking to crack the code on how a major real estate finance player like Walker & Dunlop, Inc. (WD) keeps growing without tying up tons of its own cash. Honestly, their model is slick: it's capital-light and runs on a flywheel spinning origination, servicing that massive $139.3 billion loan portfolio, and investment management fees from their $18.5 billion in AUM. That structure helped them rack up $894.3 million in revenue year-to-date in 2025, which is impressive. So, if you want the precise breakdown of the nine blocks that make this engine run-from their deep GSE partnerships to their tech investments-dive into the canvas below; it shows exactly where the money comes from and where it goes.

Walker & Dunlop, Inc. (WD) - Canvas Business Model: Key Partnerships

You're mapping out the core dependencies for Walker & Dunlop, Inc. (WD) in late 2025, and the strength of their Key Partnerships is central to their transaction volume and asset management scale. Their ability to originate debt relies heavily on government-sponsored enterprises (GSEs) and government agencies, so their standing with these entities is a critical resource.

The relationship with Fannie Mae and Freddie Mac (GSEs) for Agency debt financing remains paramount. For the first three quarters of 2025 year-to-date, Walker & Dunlop drove market share gains to 11.4% across GSE lending, up from 10.3% in 2024. This strength is evident in the second quarter of 2025, where GSE debt financing volume jumped 83% year over year, with Fannie Mae debt financing volume specifically increasing by 106%. To be fair, this is building on a strong foundation, as they were Fannie Mae's number one multifamily lender by volume in 2023 at $6.6 billion. Also, the servicing portfolio, which stood at $139.3 billion as of September 30, 2025, is primarily fueled by these Agency loans, with $5.3 billion of net loans added over the preceding 12 months, led by Fannie Mae.

For FHA-insured multifamily and healthcare loans, the partnership with the Department of Housing and Urban Development (HUD) is key, particularly in specialized sectors. As leaders in seniors housing financing, Walker & Dunlop noted that HUD financing, especially with the Lean Express Lane, has become an even more attractive solution due to significantly improved processing times. Through the second quarter of 2025, the firm closed $390 million in seniors housing deals involving 19 assets across 11 states, with an additional $581 million under agreement.

When it comes to brokered debt, Walker & Dunlop taps into a network of life insurance companies, banks, and private capital sources to supplement GSE and HUD offerings. This network is part of the broader Capital Markets segment that contributed to a total transaction volume of $15.5 billion in the third quarter of 2025.

The third-party capital partners for investment management funds, managed through Walker & Dunlop Investment Partners (WDIP), represent a significant asset base. As of September 30, 2025, Assets Under Management (AUM) totaled $18.5 billion. This AUM is heavily weighted toward affordable housing, with $15.8 billion in Low-Income Housing Tax Credit (LIHTC) funds.

Finally, the focus on strategic technology partners underpins the 'Drive to '25' strategy to enhance proprietary platforms and drive efficiency. While specific partnership agreements aren't detailed with dollar amounts, the importance of technology is clear in their operational focus.

Here's a quick look at the scale of these relationships as of mid-to-late 2025:

You can see the reliance on the GSEs is quantified by their market share and the growth in the servicing portfolio, which is a direct result of their originations. The investment management side, which relies on institutional partners, is holding steady near the $18.5 billion mark.

The core of their operational strength flows from these key relationships:

• Fannie Mae DUS® and Freddie Mac Program Plus® Seller/Servicer status.
• Maintaining private capital investment required to be an approved GSE lending partner.
• Leveraging the platform of one of the largest commercial real estate finance firms to capitalize on market opportunities for institutional clients.
• Deep industry expertise and proprietary insights on pricing delivered through their network of capital providers.

Finance: draft 13-week cash view by Friday.

Walker & Dunlop, Inc. (WD) - Canvas Business Model: Key Activities

You're looking at the core engine of Walker & Dunlop, Inc. (WD) right now, which is all about moving capital efficiently in the commercial real estate (CRE) space. The firm's key activities are tightly integrated, creating that flywheel effect where one service feeds the next.

Commercial real estate debt origination and placement remains central. This activity is about structuring the optimal capital stack for clients across all property types. We saw significant momentum build through 2025. For instance, the total transaction volume for the third quarter of 2025 hit $15.5 billion, which is a solid 34% increase from Q3 2024. This follows a strong Q2 2025 volume of $14.0 billion. The year-to-date volume through the second quarter was $21.0 billion, up 41% from the prior year. A big driver here is the Agency lending side; GSE debt financing volume in Q3 2025 increased by 64% year-over-year. Honestly, their year-to-date GSE market share stood strong at 10.8% as of the third quarter. The firm's stated goal for 2025, tied to its revenue target, involves doing $60 billion of debt financing.

Here's a quick look at how the transaction volume stacked up in the first three quarters of 2025:

Managing a massive loan servicing portfolio provides that stable, recurring revenue stream you want to see. As of September 30, 2025, Walker & Dunlop, Inc. was managing a servicing portfolio valued at $139.3 billion. This portfolio grew by a net of $2.0 billion in the third quarter alone. Over the preceding twelve months, the net increase to the servicing portfolio was $5.3 billion. The value of the associated mortgage servicing rights (MSRs) remained steady at $1.4 billion as of September 30, 2025. Even with portfolio growth, credit quality remains a focus; as of the third quarter end, there were ten at-risk loans in default, totaling an unpaid principal balance (UPB) of $139.0 million.

The firm actively engages in property sales and investment banking advisory services. Property sales volume showed a strong rebound in 2025, increasing 58% in Q1 and 51% in Q2 year-over-year. While the Q3 property sales volume growth was reported at 40% year-over-year, the investment banking side saw an uptick driven by M&A transactions closing during the third quarter.

A key strategic focus is expanding the Built-For-Rent (BFR) financing and sales platform. This niche within multifamily is clearly a growth area. As of the mid-year reports, Walker & Dunlop, Inc. had already facilitated over $3.4 billion in BFR financing and investment sales for 2025. This activity supports the view that BFR offers institutional-grade stability, often seeing occupancy rates around 96%.

Finally, developing and deploying proprietary CRE technology (WDSuite) is a core activity that supports the others. Walker & Dunlop, Inc. launched WDSuite in May 2025, making it available at no cost to users. This platform integrates advanced analytics, including an Automated Valuation Model (AVM) that delivers industry-leading accuracy with a median absolute percentage error rate of less than 6%. The technology is designed to support every stage of the investment lifecycle, from deal screening to loan servicing.

Finance: draft the Q4 2025 operational budget variance analysis by next Tuesday.

Walker & Dunlop, Inc. (WD) - Canvas Business Model: Key Resources

You're looking at the core assets that power Walker & Dunlop, Inc.'s entire operation as of late 2025. These aren't just line items; they are the engines driving their market position and client service.

The sheer scale of the servicing operation is a massive resource, generating steady, high-margin revenue streams. This portfolio is the backbone of their financial stability, maintaining borrower relationships that feed future transaction volume.

Walker & Dunlop, Inc. reports a substantial servicing portfolio of $139.3 billion as of September 30, 2025. This is a critical, long-term asset base.

Also crucial is the capital they manage for others. The firm's Assets Under Management (AUM) stand at $18.5 billion in funds as of September 30, 2025. This AUM is segmented, with $15.8 billion in low-income housing tax credit (LIHTC) funds, $1.8 billion in debt funds, and $1.0 billion in equity funds managed by WDIP.

The human capital and geographic reach are embodied in their sales and brokerage capabilities. Walker & Dunlop, Inc. maintains a national network of 26 investment sales and brokerage teams. This network supports their strong execution, evidenced by year-to-date GSE lending volumes driving market share gains to 11.4% over the same period in 2024.

Technology is another non-negotiable resource. Walker & Dunlop, Inc. relies on proprietary platforms to maintain an edge in speed and insight. The Apprise platform, for instance, is an independent, third-party valuation, data, risk mitigation, and advisory service. This platform integrates data feeds from public records, property sites, industry resources, and proprietary sources into a single system. Apprise has a collective track record of valuing over $350+ billion worth of commercial real estate properties to date.

The relationships with Government-Sponsored Enterprises (GSEs) are definitely a critical asset. Walker & Dunlop, Inc. is consistently ranked as a top GSE lender, with GSE debt financing volume increasing by 64% in the third quarter of 2025 compared to the third quarter of 2024. This deep partnership allows for speed and certainty in execution.

Here's a quick look at the quantitative resources:

The firm's technology focus extends to specialized offerings:

• Apprise uses over 2.5 million data points for its analysis.
• Apprise won the 2025 Proptech "Overall PropTech Company of the Year" award.
• Walker & Dunlop, Inc. was the #1 Fannie Mae DUS® Green Lender.

Finance: draft 13-week cash view by Friday.

Walker & Dunlop, Inc. (WD) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose Walker & Dunlop, Inc. (WD) over others in the commercial real estate capital markets. It boils down to scale, specialization, and speed, all backed by hard numbers from their recent performance.

Single-source provider for comprehensive CRE capital solutions

Walker & Dunlop, Inc. positions itself as the firm that can handle the full spectrum of your capital needs. This isn't just talk; their transaction volume and servicing portfolio show the breadth of their activity across the market. They offer both entity-level and property-level finance and advisory services, which is key for a single-source offering.

Here's a snapshot of their scale as of the end of the third quarter of 2025:

The servicing portfolio of $139.3 billion as of September 30, 2025, demonstrates a long-term commitment to clients beyond the initial closing.

Expertise in multifamily, BFR, and seniors housing financing

Walker & Dunlop, Inc. has deep specialization in key property types, which translates to better execution for you. While the general multifamily sector saw originations increase by 27% year-over-year in Q3 2025 (per MBA data), Walker & Dunlop, Inc.'s focus on specific niches yields concrete results.

For Seniors Housing & Healthcare, their cumulative transaction experience through June 2025 shows significant market penetration:

• Total Seniors Housing & Healthcare Financing Volume: $7 billion.
• Total Seniors Housing & Healthcare Property Sales Volume: $10.7 billion.
• Total Seniors Housing & Healthcare Transactions: $17.7 billion.

Furthermore, in the first half of 2025, they closed $390 million in seniors housing across 19 assets in 11 states, with an additional $581 million under agreement, showing active deal flow in the sector.

Access to the most competitive GSE and brokered debt capital

Access to Government Sponsored Enterprise (GSE) capital, primarily Fannie Mae and Freddie Mac, is a major value driver, often providing the most competitive terms. Walker & Dunlop, Inc.'s execution with these partners is strong.

In the third quarter of 2025, their GSE debt financing volumes increased by 64% compared to Q3 2024, led by a 137% increase in lending volumes with Freddie Mac. This execution helped drive their year-to-date GSE market share to 10.8%, an increase of 40 basis points over the same period in 2024.

The company also highlighted a 106% increase in Fannie Mae debt financing volume in Q2 2025, which is noted as one of their most-profitable products.

Personalized, boutique-style service backed by a national platform

You get the focused attention of a smaller firm, but with the reach of a national operation. Chairman and CEO Willy Walker attributes strong performance to the combination of exceptional people, technology, and data. The firm's ability to grow revenues by 16% in Q3 2025 while increasing net income by 16% suggests operational efficiency is supporting service quality.

The company's focus on winning market share and expanding its client base is a direct result of this service model.

Technology-enabled efficiency in loan origination and servicing

Walker & Dunlop, Inc. is actively deploying technology to reduce friction and speed up decision-making. They launched WDSuite in May 2025, a digital experience designed to support the entire investment lifecycle.

This platform uses a machine learning-powered Automated Valuation Model (AVM) for multifamily property value estimates, which delivers industry-leading accuracy with a median absolute percentage error rate of less than 6%. This level of precision helps speed up due diligence and underwriting, which is critical for closing deals faster in a competitive environment.

The technology consolidates key investment factors-demographics, housing, employment, amenities, and schools-into a single view, helping you make smarter decisions faster.

Walker & Dunlop, Inc. (WD) - Canvas Business Model: Customer Relationships

You're looking at how Walker & Dunlop, Inc. keeps its clients engaged across the entire commercial real estate investment lifecycle. It's a mix of high-touch personal service and modern digital tools, which is key for a firm that wants to be the premier commercial real estate finance company in the U.S..

Dedicated relationship managers for institutional clients.

Walker & Dunlop, Inc. deploys specialized teams to handle its largest investors. The Institutional Advisory group focuses on delivering customized strategic guidance to large-scale investors, including private equity firms, pension funds, and REITs. These experts conduct detailed market research, due diligence, and source off-market opportunities specifically for this segment. To drive outreach to these major clients, both foreign and domestic, Walker & Dunlop has hired dedicated Managing Directors. The Institutional Advisory group has reported specific metrics on their focused activity, showing a Volume of $18.8bn across 261 Deals.

High-touch, advisory-based service for complex transactions.

The service model emphasizes a consultative approach, going beyond just the economics of a deal to align with the client's risk-return profile and long-term strategy. This advisory focus is crucial when structuring the optimal capital stack for clients across all major property types. For instance, Walker & Dunlop Investment Partners (WDIP) acts as a trusted advisor and fiduciary, structuring debt and equity investments through innovative vehicles tailored to meet the specific financial, operational, and tax requirements of institutional partners.

Digital self-service tools through WDSuite for portfolio insights.

Walker & Dunlop, Inc. launched its digital experience, WDSuite, in May 2025, offering it at no cost to clients. This platform is designed to support clients throughout the investment lifecycle, from deal screening to loan servicing. The digital tools help asset managers track performance and identify portfolio risk in real time. A core component is the machine learning-powered Automated Valuation Model (AVM), which delivers property value estimates with industry-leading accuracy, showing a median absolute percentage error rate of less than 6%.

The capabilities of WDSuite directly support client portfolio management:

• Mitigate risk with property-level safety trends.
• Optimize performance with multifamily tenant financial health data.
• Evaluate markets using hyperlocal neighborhood ratings.
• Benchmark tenant credit scores relative to the market.

Long-term engagement via the loan servicing lifecycle.

The servicing portfolio forms a bedrock for long-term client relationships, providing stable, recurring revenue streams. As of September 30, 2025, the servicing portfolio stood at $139.3 billion, marking a 4% increase from September 30, 2024. The net increase in the servicing portfolio over the preceding 12 months was $5.3 billion, which was the main driver for the growth in servicing fees year over year. This ongoing management keeps Walker & Dunlop, Inc. engaged with the asset long after the initial transaction closes.

Here are the key metrics showing the scale of this long-term engagement as of mid-to-late 2025:

Transactional, but with a focus on repeat business and trust.

While the core business is transactional-evidenced by a Q3 2025 total transaction volume of $15.5 billion-the emphasis is on building trust for future business. The firm's GSE lending volumes, for example, drove market share gains to 11.4% year-to-date in Q2 2025, up from 10.3% in 2024. This market share gain reflects successful execution and client satisfaction, which drives repeat business. The firm's culture aims to deliver the personalized service you would only expect from a boutique firm, even while operating with the capabilities of a large company.

Walker & Dunlop, Inc. (WD) - Canvas Business Model: Channels

You're looking at how Walker & Dunlop, Inc. gets its services to clients, which is a mix of boots-on-the-ground expertise and modern digital tools. The scale of their operation is clear when you look at the transaction volumes moving through these different pipes.

Direct sales force of bankers and brokers nationwide

The core channel remains the nationwide network of bankers and brokers driving origination and sales. Productivity metrics show this channel is performing well in the current cycle. For Year-to-Date 2025, the average production per banker/broker reached $220 million, which beat the internal 2025 goal of $200 million.

Digital platforms (WDSuite, Client Navigator) for client interaction

Walker & Dunlop, Inc. uses digital tools to enhance client engagement and decision-making. The platform, WDSuite, is offered at no cost to users. This platform incorporates a proprietary automated valuation model (AVM) that delivers multifamily property value estimates with a median absolute percentage error rate of less than 6%. The platform consolidates critical investment factors for users.

• WDSuite usage supports:
  • Screening investment opportunities.
  • Analyzing market and neighborhood profiles.
  • Tracking portfolio performance.
  • Building market narratives with data.

Investment sales teams across 26 markets

The Investment Sales channel focuses on property sales and advisory. In the third quarter of 2025, investment sales volume was very strong at $4.7 billion, marking a 30% increase year-over-year. While the prompt mentioned 26 markets, recent recognition shows the platform's strength across specific regions. Walker & Dunlop, Inc. was named CoStar's Top Sales Firm in 16 markets across the country based on 2024 awards. The firm continues to expand this platform, adding specialized teams for hospitality and growing coverage in the Southeast and Mountain/Western U.S.

Direct origination through GSE and HUD programs

Direct origination via Government-Sponsored Enterprises (GSEs) and the Department of Housing and Urban Development (HUD) is a massive component of the channel strategy. Total transaction volume for the third quarter of 2025 hit $15.5 billion. The GSE channel saw significant acceleration:

The Year-to-Date 2025 GSE market share for Walker & Dunlop, Inc. stood at 10.8%, an increase of 40 basis points over the same period in 2024. The Federal Housing Finance Agency's (FHFA) 2025 cap is set at $73 billion per GSE, ensuring continued liquidity. HUD origination also showed strength, with volumes increasing 55% in the second quarter of 2025 and 20% in the third quarter of 2025. Walker & Dunlop, Inc. was ranked the #2 HUD lender for 2024 based on MAP and LEAN volume.

Investment management distribution for fund capital raising

The Servicing & Asset Management segment supports capital raising and deployment through its managed assets. Total revenues for this segment grew 4% year-over-year in the third quarter of 2025. The servicing portfolio stood at $139.3 billion as of September 30, 2025, with the total managed portfolio reported at $157.8 billion at the end of Q3 2025.

Walker & Dunlop, Inc. (WD) - Canvas Business Model: Customer Segments

You're looking at the client base Walker & Dunlop, Inc. (WD) serves as the commercial real estate market heats up in 2025. This is who is bringing the deal flow.

Owners and developers of multifamily properties represent the largest volume driver for Walker & Dunlop, Inc. (WD). The servicing portfolio, which is almost entirely multifamily assets, stood at $139.3 billion as of September 30, 2025, up 4% from the prior year. For the first nine months of 2025, total transaction volume reached $21.0 billion year-to-date. The second quarter of 2025 saw transaction volume hit $14.0 billion, a 65% increase year-over-year. The firm originated over $25 billion in debt financing volume for multifamily properties in 2024. Their year-to-date GSE lending volumes in 2025 achieved a market share of 11.4%.

Institutional investors and large private equity firms are key clients for the investment management side of the business. As of September 30, 2025, total Assets Under Management (AUM) totaled $18.5 billion.

The firm is focused on growing this fund management business by raising additional capital vehicles. In the affordable housing space in 2021, 18% of buyers were institutional or REIT buyers.

Middle market and regional commercial real estate borrowers are served across the firm's broad Capital Markets segment, which includes debt brokerage and property sales. The annualized average transaction volume per banker/broker year-to-date 2025 is $220 million. This is tracking toward the 2021 peak volume of $311 million per banker/broker. The firm is actively working to make its banking and retail/hospitality/industrial sectors as competitive as its multifamily business.

Affordable housing investors (Low-Income Housing Tax Credit funds) are a core focus, supported by Walker & Dunlop, Inc. (WD)'s position as the second largest HUD lender for the fiscal year ended September 30, 2024. HUD debt financing volumes saw a 20% increase in the third quarter of 2025 compared to the prior year. For GSE lending in 2024, 50% of the volume had to be mission-driven financing on affordable properties.

Investors in Built-For-Rent (BFR) and seniors housing represent specialized, growing segments. The seniors housing sector closed $390 million in deals through the second quarter of 2025, with an additional $581 million under agreement. National occupancy in seniors housing recovered to 88.1 percent as of the second quarter of 2025. Student housing transaction volume is expected to grow further in 2025, with most activity concentrated in the $25-$75 million range.

Here's a snapshot of the transaction activity across key client-facing areas in the first three quarters of 2025:

• Total transaction volume year-to-date 2025: $21.0 billion.
• Total transaction volume in Q3 2025: $15.5 billion.
• GSE debt financing volume increased 64% year-over-year in Q3 2025.
• Property sales volume increased 51% in Q2 2025.
• Net loans added to the servicing portfolio in the past 12 months (as of 9/30/2025): $5.3 billion.

Walker & Dunlop, Inc. (WD) - Canvas Business Model: Cost Structure

You're looking at the core costs that keep Walker & Dunlop, Inc. running, which are heavily tied to its transactional nature. Since so much of the business is commission-driven, personnel costs naturally dominate the expense structure. Here's a look at the numbers we have for 2025 so far.

High personnel expenses due to commission-based compensation.

Compensation is your biggest variable cost here. When transaction volume surges, as it did in Q3 2025 with volume hitting $\mathbf{\$15.5}$ billion, personnel costs follow right behind due to those commission structures. The increase in net income in Q3 2025 was partly offset by these rising personnel expenses, which were principally the result of higher commissions from increased loan origination and debt brokerage fees. To give you a sense of scale, personnel expenses were $\mathbf{\$116.441}$ million in Q2 2025, up $\mathbf{26\%}$ year-over-year, and $\mathbf{\$86.466}$ million in Q1 2025, up $\mathbf{9\%}$ year-over-year. This shows how quickly compensation scales with deal flow.

General operating expenses for a national office footprint.

Running offices across every major U.S. market means you have fixed overhead, even if transaction volume dips. While specific General and Administrative (G&A) figures for Q3 2025 aren't isolated here, we know that total expenses for Walker & Dunlop, Inc. grew $\mathbf{14\%}$ year-over-year in Q3 2025, even as revenues grew $\mathbf{16\%}$ to $\mathbf{\$337.7}$ million. This tight control over non-personnel costs helps drive operating margin expansion when revenue is strong. The company has over $\mathbf{1,400}$ employees across these markets, which necessitates significant spending on facilities, marketing, and administrative support.

Technology investment and development costs.

Walker & Dunlop, Inc. views technology as a key resource, not just a cost center, but it still requires capital outlay. They are actively investing in client-facing technology. For instance, Client Navigator, their digital portal, has over $\mathbf{2,700}$ active clients monitoring their assets. Furthermore, technology-enabled businesses are showing results; appraise revenues were up $\mathbf{21\%}$ in Q3 2025. This investment is designed to generate market share gains, which is a strategic cost that should translate into future revenue growth.

Capital reserves for loan repurchases and indemnification obligations.

This is a risk-management cost inherent in their agency lending business. You have to set aside capital for potential future problems on loans they originate or service. As of September 30, 2025, the collateral-based reserves set aside for defaulted loans stood at $\mathbf{\$9.4}$ million. This is up from $\mathbf{\$6.5}$ million at the end of 2024. Separately, management noted an expected use of approximately $\mathbf{\$20}$ million of capital to collateralize an indemnification agreement with Freddie Mac, with associated credit losses anticipated in the fourth quarter of 2025. Also, as of March 31, 2025, the aggregate balance of assets not yet repurchased under forbearance agreements was $\mathbf{\$46.1}$ million, which requires a future cash outlay.

Interest expense on corporate debt and warehouse lines.

The company carries corporate debt and uses warehouse lines to fund its operations, meaning interest expense is a recurring, non-personnel cost. In Q2 2025, the reported Interest expense on corporate debt was $\mathbf{\$4,468}$ thousand (or $\mathbf{\$4.47}$ million). This was an improvement, as it was lower than the $\mathbf{\$5,299}$ thousand (or $\mathbf{\$5.30}$ million) recorded in Q2 2024. This expense is allocated across segments based on their proportional use of that corporate debt.

Here is a quick look at some of the key financial metrics that frame these costs:

The reliance on a large, compensated workforce and the need to maintain capital reserves for contingent liabilities are the defining features of Walker & Dunlop, Inc.'s cost structure. You see the benefit when origination fees surge, but you also see the pressure when deal flow slows.

Finance: draft 13-week cash view by Friday.

Walker & Dunlop, Inc. (WD) - Canvas Business Model: Revenue Streams

You're looking at the core ways Walker & Dunlop, Inc. brings in money, which is heavily tied to transaction volume and the size of its managed portfolio. As of late 2025, the revenue streams are clearly segmented across execution, management, and advisory services.

Origination fees from debt financing remain a primary driver, directly linked to the total transaction volume. For the Year-to-Date (YTD) 2025 period, total revenues reached $894.3 million. Loan origination fees specifically saw strong growth, increasing 32% year-over-year in the third quarter of 2025, showing the success of their lending activity.

The servicing portfolio provides a stable, recurring stream. As of September 30, 2025, this portfolio stood at $139.3 billion. Servicing fees from this portfolio grew 4% year-over-year in the third quarter, demonstrating the value of maintaining these long-term relationships.

Property sales and brokerage commissions are another key component. Investment sales volume in the third quarter of 2025 was $4.7 billion, marking a 30% year-over-year increase. Reflecting this, property sales broker fees grew by 37% in the same quarter.

Walker & Dunlop, Inc. also generates revenue through investment management fees. The total Assets Under Management (AUM) for these activities was $18.5 billion as of the third quarter of 2025. To be fair, investment management fees decreased year-to-date, largely due to lower expected asset dispositions within the Low-Income Housing Tax Credit (LIHTC) funds.

Finally, advisory services contribute through fees for appraisal, valuation, and other advisory services. Appraise revenues specifically showed a 21% increase in the third quarter of 2025, pointing to growth in these technology-enabled businesses.

Here's a quick look at the key financial metrics underpinning these revenue streams as of Q3 2025:

The growth in transaction volume, which hit $15.5 billion in Q3 2025 alone, directly fuels the fee-based income. Also, the servicing portfolio growth added $5.3 billion of net loans over the past 12 months.

You can see the diversification in the sources of income:

• Origination fees from debt financing.
• Recurring servicing fees.
• Commissions from property sales.
• Fees from managing $18.5 billion in assets.
• Advisory fees from appraisal and valuation services.

Finance: draft the expected Q4 2025 revenue breakdown based on these trends by next Tuesday.