Walker & Dunlop transaction volume surges 94% as commercial real estate activity rebounds

Walker & Dunlop (NYSE:WD) reported an explosive start to 2026, characterized by a dramatic recovery in deal flow and a significant expansion of its servicing portfolio.

The Bethesda-based commercial real estate finance leader announced that total transaction volume reached $13.7 billion for the first quarter ended March 31, 2026, representing a 94% increase compared to the $7.1 billion recorded in the first quarter of 2025.

The surge in transaction activity flowed directly to the company's top and bottom lines.

Total revenues grew 27% to $301.3 million, supporting a 476% increase in net income, which climbed to $15.9 million.

Diluted earnings per share (EPS) followed suit, rising 475% year-over-year to $0.46.

On an adjusted basis, core EPS stood at $1.02, a 20% increase that reflects the underlying strength of the company’s mortgage banking and servicing operations.

The company’s recurring revenue stream continued to expand as its servicing portfolio grew to $146.4 billion at quarter-end, an 8% increase over the prior year.

This growth provides a stable foundation for the firm as it navigates fluctuations in the capital markets.

Adjusted EBITDA for the quarter was $73.8 million, up 14%, demonstrating consistent operational leverage even as the firm scales its headcount and platform to handle the increased volume.

Meanwhile, Walker & Dunlop remained active in its capital return program during the quarter, signaling management's confidence in the company’s valuation.

The firm repurchased $13.3 million of its common stock at a weighted average price of $47.13.