Walker & Dunlop Inc. published a transcript of its fourth quarter and full year 2025 earnings conference call held on Feb. 26, 2026. The call featured prepared remarks from Chairman and CEO Willy Walker and CFO Greg Florkowski, with Kelsey Duffey opening the webcast. Management said 2025 results reflected strengthening capital markets activity but were weighed down by loan buybacks and asset valuation marks. “Our fourth quarter and full year results demonstrate continued success in our real estate capital markets business with significant and sustained growth in transaction volumes,” Walker said, noting capital markets transaction volumes rose from $7 billion in Q1 to $18 billion in Q4. He added, “At the same time, our Q4 and annual results were impacted by loan buybacks and valuation marks on our real estate owned portfolio.” Walker detailed a Freddie Mac-requested investigation into a $100 million loan portfolio involving borrower fraud, plus an additional $34 million portfolio identified in further review, and said the firm offered to indemnify Freddie Mac for losses tied to $134 million of loans, contributing to $29 million of Q4 loan loss expenses. Florkowski said the company recognized $66 million of impairments and credit losses in the quarter and has “either indemnified or repurchased $222 million of loans from the GSEs” since 2024, while emphasizing the scale relative to its book: “We have $115 billion of loans outstanding with the GSEs… so the UPB of our repurchases represents just 19 basis points of that portfolio.” The company also said it decided to exit certain affordable assets acquired with Alliant, recording $26 million of impairment charges, and expects asset sales to return $25 million to $35 million of capital and eliminate roughly $4 million to $5 million of quarterly operating costs. Looking ahead, Florkowski issued 2026 guidance of diluted EPS of $3.50 to $4.00, adjusted EBITDA of $300 million to $325 million, and adjusted core EPS of $4.50 to $5.00, while Walker said the firm begins 2026 with a $15 billion Q1 pipeline and is launching its “Journey to ’30” strategy. “We begin 2026 with an extremely strong pipeline,” Walker said. The full transcript can be accessed through the link below. https://www.walkerdunlop.com

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