Walker & Dunlop (WD)
Market Price (8/18/2026): $39.79 | Market Cap: $1.3 BilSector: Financials | Industry: Commercial & Residential Mortgage Finance
Walker & Dunlop (WD)
Market Price (8/18/2026): $39.79Market Cap: $1.3 BilSector: FinancialsIndustry: Commercial & Residential Mortgage Finance
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.8%, Dividend Yield is 6.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.4% Low stock price volatilityVol 12M is 43% Megatrend and thematic driversMegatrends include Sustainable Resource Management, Smart Buildings & Proptech, and E-commerce Logistics & Data Centers. Themes include Sustainable & Green Buildings, Show more. | Weak multi-year price returns2Y Excs Rtn is -101%, 3Y Excs Rtn is -121% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 151% Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 34x Weak revenue growthRev Chg QQuarterly Revenue Change % is -3.9% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -9.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -10% Key risksWD key risks include [1] a heavy reliance on government-sponsored enterprises (GSEs) like Fannie Mae and Freddie Mac for a substantial portion of its loan origination, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.8%, Dividend Yield is 6.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.4% |
| Low stock price volatilityVol 12M is 43% |
| Megatrend and thematic driversMegatrends include Sustainable Resource Management, Smart Buildings & Proptech, and E-commerce Logistics & Data Centers. Themes include Sustainable & Green Buildings, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -101%, 3Y Excs Rtn is -121% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 151% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 34x |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -3.9% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -9.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -10% |
| Key risksWD key risks include [1] a heavy reliance on government-sponsored enterprises (GSEs) like Fannie Mae and Freddie Mac for a substantial portion of its loan origination, Show more. |
Qualitative Assessment
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Updated on 8/17/2026
Walker & Dunlop (WD) stock has lost about 20% since 4/30/2026 because of the following key factors:
1. Walker & Dunlop's diluted earnings per share (EPS) plummeted by 91% to $0.09 in fiscal Q2 2026, which ended June 30, 2026, primarily due to $23.2 million in operating and credit-related expenses associated with legacy indemnified and repurchased loans. These charges, with $18.0 million being credit-related, were concentrated in loans linked to a small number of fraudulent sponsors. Management further anticipates additional credit-related charges of $12 million to $16 million in fiscal Q3 2026, suggesting ongoing financial impact from these past issues.
2. Despite beating adjusted core EPS estimates, Walker & Dunlop's total revenues for fiscal Q2 2026 declined by 4% year-over-year to $306.7 million, missing analyst expectations of $337.53 million. This revenue shortfall indicates challenges in top-line growth, which can weigh on investor confidence even with stronger-than-expected adjusted profitability metrics.
Show more
Walker & Dunlop (WD) stock has lost about 20% since 4/30/2026 because of the following key factors:
1. Walker & Dunlop's diluted earnings per share (EPS) plummeted by 91% to $0.09 in fiscal Q2 2026, which ended June 30, 2026, primarily due to $23.2 million in operating and credit-related expenses associated with legacy indemnified and repurchased loans. These charges, with $18.0 million being credit-related, were concentrated in loans linked to a small number of fraudulent sponsors. Management further anticipates additional credit-related charges of $12 million to $16 million in fiscal Q3 2026, suggesting ongoing financial impact from these past issues.
2. Despite beating adjusted core EPS estimates, Walker & Dunlop's total revenues for fiscal Q2 2026 declined by 4% year-over-year to $306.7 million, missing analyst expectations of $337.53 million. This revenue shortfall indicates challenges in top-line growth, which can weigh on investor confidence even with stronger-than-expected adjusted profitability metrics.
Show more
Updated on 8/17/2026
Walker & Dunlop (WD) stock has lost about 20% since 4/30/2026 because of the following key factors:
1. Walker & Dunlop's diluted earnings per share (EPS) plummeted by 91% to $0.09 in fiscal Q2 2026, which ended June 30, 2026, primarily due to $23.2 million in operating and credit-related expenses associated with legacy indemnified and repurchased loans. These charges, with $18.0 million being credit-related, were concentrated in loans linked to a small number of fraudulent sponsors. Management further anticipates additional credit-related charges of $12 million to $16 million in fiscal Q3 2026, suggesting ongoing financial impact from these past issues.
2. Despite beating adjusted core EPS estimates, Walker & Dunlop's total revenues for fiscal Q2 2026 declined by 4% year-over-year to $306.7 million, missing analyst expectations of $337.53 million. This revenue shortfall indicates challenges in top-line growth, which can weigh on investor confidence even with stronger-than-expected adjusted profitability metrics.
3. Citizens, an investment firm, lowered its price target on Walker & Dunlop shares to $55 from $70, citing ongoing fraud investigations and the outlook for higher interest rates as key headwinds for the stock. The firm reduced its 2027 EPS estimate, suggesting that the lingering concerns surrounding legacy fraud issues and a less favorable interest rate environment are impacting future valuation prospects.
4. The broader macroeconomic environment, characterized by elevated interest rates and uncertainty in the commercial real estate (CRE) market, continues to present challenges. Mortgage rates remain near one-year peaks, with the 30-year fixed-rate mortgage averaging 6.67% as of August 13, 2026, and experts view a return to sub-6% rates in 2026 as unlikely. While some segments of the CRE market show improving fundamentals and transaction volumes, Morgan Stanley noted modest price increases and rising distress levels, with apartment properties accounting for a significant portion of distressed transactions in fiscal Q2 2026. This challenging interest rate landscape and mixed CRE outlook create headwinds for real estate finance and advisory firms like Walker & Dunlop.
Show less
Walker & Dunlop (WD) stock has lost about 20% since 4/30/2026 because of the following key factors:
1. Walker & Dunlop's diluted earnings per share (EPS) plummeted by 91% to $0.09 in fiscal Q2 2026, which ended June 30, 2026, primarily due to $23.2 million in operating and credit-related expenses associated with legacy indemnified and repurchased loans. These charges, with $18.0 million being credit-related, were concentrated in loans linked to a small number of fraudulent sponsors. Management further anticipates additional credit-related charges of $12 million to $16 million in fiscal Q3 2026, suggesting ongoing financial impact from these past issues.
2. Despite beating adjusted core EPS estimates, Walker & Dunlop's total revenues for fiscal Q2 2026 declined by 4% year-over-year to $306.7 million, missing analyst expectations of $337.53 million. This revenue shortfall indicates challenges in top-line growth, which can weigh on investor confidence even with stronger-than-expected adjusted profitability metrics.
3. Citizens, an investment firm, lowered its price target on Walker & Dunlop shares to $55 from $70, citing ongoing fraud investigations and the outlook for higher interest rates as key headwinds for the stock. The firm reduced its 2027 EPS estimate, suggesting that the lingering concerns surrounding legacy fraud issues and a less favorable interest rate environment are impacting future valuation prospects.
4. The broader macroeconomic environment, characterized by elevated interest rates and uncertainty in the commercial real estate (CRE) market, continues to present challenges. Mortgage rates remain near one-year peaks, with the 30-year fixed-rate mortgage averaging 6.67% as of August 13, 2026, and experts view a return to sub-6% rates in 2026 as unlikely. While some segments of the CRE market show improving fundamentals and transaction volumes, Morgan Stanley noted modest price increases and rising distress levels, with apartment properties accounting for a significant portion of distressed transactions in fiscal Q2 2026. This challenging interest rate landscape and mixed CRE outlook create headwinds for real estate finance and advisory firms like Walker & Dunlop.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -18.0% change in WD stock from 4/30/2026 to 8/17/2026 was primarily driven by a -32.5% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8172026 | Change |
|---|---|---|---|
| Stock Price ($) | 49.66 | 40.70 | -18.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,234 | 1,286 | 4.2% |
| Net Income Margin (%) | 4.6% | 3.1% | -32.5% |
| P/E Multiple | 29.0 | 33.7 | 16.1% |
| Shares Outstanding (Mil) | 33 | 33 | 0.4% |
| Cumulative Contribution | -18.0% |
Market Drivers
4/30/2026 to 8/17/2026| Return | Correlation | |
|---|---|---|
| WD | -18.0% | |
| Market (SPY) | 7.5% | 22.4% |
| Sector (XLF) | 10.5% | 40.7% |
Fundamental Drivers
The -33.4% change in WD stock from 1/31/2026 to 8/17/2026 was primarily driven by a -66.4% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8172026 | Change |
|---|---|---|---|
| Stock Price ($) | 61.12 | 40.70 | -33.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,236 | 1,286 | 4.0% |
| Net Income Margin (%) | 9.3% | 3.1% | -66.4% |
| P/E Multiple | 17.7 | 33.7 | 90.0% |
| Shares Outstanding (Mil) | 33 | 33 | 0.3% |
| Cumulative Contribution | -33.4% |
Market Drivers
1/31/2026 to 8/17/2026| Return | Correlation | |
|---|---|---|
| WD | -33.4% | |
| Market (SPY) | 12.0% | 28.5% |
| Sector (XLF) | 8.3% | 27.4% |
Fundamental Drivers
The -43.1% change in WD stock from 7/31/2025 to 8/17/2026 was primarily driven by a -64.0% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8172026 | Change |
|---|---|---|---|
| Stock Price ($) | 71.53 | 40.70 | -43.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,142 | 1,286 | 12.6% |
| Net Income Margin (%) | 8.7% | 3.1% | -64.0% |
| P/E Multiple | 24.0 | 33.7 | 40.4% |
| Shares Outstanding (Mil) | 33 | 33 | 0.0% |
| Cumulative Contribution | -43.1% |
Market Drivers
7/31/2025 to 8/17/2026| Return | Correlation | |
|---|---|---|
| WD | -43.1% | |
| Market (SPY) | 23.3% | 29.6% |
| Sector (XLF) | 11.3% | 30.1% |
Fundamental Drivers
The -50.3% change in WD stock from 7/31/2023 to 8/17/2026 was primarily driven by a -78.3% change in the company's Net Income Margin (%).| (LTM values as of) | 7312023 | 8172026 | Change |
|---|---|---|---|
| Stock Price ($) | 81.88 | 40.70 | -50.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,178 | 1,286 | 9.1% |
| Net Income Margin (%) | 14.4% | 3.1% | -78.3% |
| P/E Multiple | 15.7 | 33.7 | 114.2% |
| Shares Outstanding (Mil) | 33 | 33 | -2.2% |
| Cumulative Contribution | -50.3% |
Market Drivers
7/31/2023 to 8/17/2026| Return | Correlation | |
|---|---|---|
| WD | -50.3% | |
| Market (SPY) | 74.7% | 45.1% |
| Sector (XLF) | 70.3% | 46.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WD Return | 67% | -47% | 46% | -10% | -36% | -27% | -46% |
| Peers Return | 80% | -38% | 19% | 23% | 24% | -4% | 94% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 107% |
Monthly Win Rates [3] | |||||||
| WD Win Rate | 75% | 33% | 50% | 58% | 25% | 50% | |
| Peers Win Rate | 63% | 35% | 52% | 62% | 57% | 55% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| WD Max Drawdown | -15% | -49% | -37% | -19% | -36% | -34% | |
| Peers Max Drawdown | -15% | -45% | -37% | -16% | -28% | -23% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CBRE, JLL, NMRK, STWD, CWK.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/17/2026 (YTD)
How Low Can It Go
| Event | WD | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -19.6% | -18.8% |
| % Gain to Breakeven | 24.3% | 23.1% |
| Time to Breakeven | 81 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.4% | -9.5% |
| % Gain to Breakeven | 41.7% | 10.5% |
| Time to Breakeven | 35 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.7% | -6.7% |
| % Gain to Breakeven | 50.8% | 7.1% |
| Time to Breakeven | 212 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -66.8% | -33.7% |
| % Gain to Breakeven | 201.4% | 50.9% |
| Time to Breakeven | 221 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.1% | -19.2% |
| % Gain to Breakeven | 35.2% | 23.8% |
| Time to Breakeven | 50 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.3% | -12.2% |
| % Gain to Breakeven | 27.1% | 13.9% |
| Time to Breakeven | 117 days | 62 days |
In The Past
Walker & Dunlop's stock fell -19.6% during the 2025 US Tariff Shock. Such a loss loss requires a 24.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | WD | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.4% | -9.5% |
| % Gain to Breakeven | 41.7% | 10.5% |
| Time to Breakeven | 35 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.7% | -6.7% |
| % Gain to Breakeven | 50.8% | 7.1% |
| Time to Breakeven | 212 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -66.8% | -33.7% |
| % Gain to Breakeven | 201.4% | 50.9% |
| Time to Breakeven | 221 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.1% | -19.2% |
| % Gain to Breakeven | 35.2% | 23.8% |
| Time to Breakeven | 50 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.3% | -12.2% |
| % Gain to Breakeven | 27.1% | 13.9% |
| Time to Breakeven | 117 days | 62 days |
| 2013 Taper Tantrum | ||
| % Loss | -28.2% | -0.2% |
| % Gain to Breakeven | 39.2% | 0.2% |
| Time to Breakeven | 433 days | 1 days |
In The Past
Walker & Dunlop's stock fell -19.6% during the 2025 US Tariff Shock. Such a loss loss requires a 24.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Walker & Dunlop (WD)
Walker & Dunlop (WD) is a leading financial services company primarily focused on the commercial real estate sector across the United States. The company's core business involves originating, selling, and servicing a comprehensive range of financing products for owners and developers of multifamily and various other commercial properties. Beyond direct lending, Walker & Dunlop acts as a crucial intermediary, connecting institutional capital providers—such as life insurance companies, investment banks, and pension funds—with real estate owners seeking debt financing solutions.
The company offers a diverse portfolio of financial products including first mortgages, construction loans, bridge/interim loans, mezzanine financing, and preferred equity. A significant part of its operation involves specialized financing for specific property types like manufactured housing communities, student housing, affordable housing, and senior housing, often leveraging programs such as Fannie Mae's DUS. Additionally, Walker & Dunlop provides extensive advisory services on capital structure, develops financing packages, facilitates negotiations, and offers property sales brokerage, underwriting, risk management, and asset management services, catering to a broad spectrum of commercial real estate needs.
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Here are 1-3 brief analogies to describe Walker & Dunlop (WD):
Goldman Sachs for commercial real estate finance.
A specialized J.P. Morgan for commercial real estate loans and property sales.
CBRE or JLL, but with a deeper focus on real estate financing.
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- Commercial Real Estate Loan Products: Walker & Dunlop originates and provides a wide array of loan types, including first mortgage, second trust, construction, mezzanine, and bridge loans, primarily for multifamily and various other commercial real estate properties.
- Debt Brokerage and Capital Placement: The company acts as an intermediary, connecting commercial real estate owners with institutional capital sources to secure debt financing.
- Real Estate Transaction Advisory: Walker & Dunlop offers advisory services covering capital structure, financing package development, client-lender negotiations, due diligence coordination, and assistance in closing transactions.
- Property Sales Brokerage: The company provides brokerage services to facilitate the sale of various types of commercial real estate properties.
- Loan Servicing and Asset Management: Walker & Dunlop offers comprehensive servicing and asset management services for real estate loans and properties post-origination.
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Walker & Dunlop (WD) primarily sells its services and products to other companies. The provided background information does not list specific customer company names or their public symbols. However, it describes the categories of companies that are its major customers:
- Owners and Developers of Multifamily Real Estate: These are entities that own and develop properties such as manufactured housing communities, student housing, affordable housing, and senior housing.
- Owners and Developers of Other Commercial Real Estate: This category includes entities that own and develop various types of commercial real estate, including healthcare facilities.
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William M. Walker, Chairman and Chief Executive Officer
William M. Walker is the grandson of Oliver Walker, a co-founder of Walker & Dunlop in 1937. He joined the board in 2000, became executive vice president in 2003, president in 2005, and assumed the roles of Chairman and CEO in 2007. Under his leadership, Walker & Dunlop transitioned from a family-owned business to a publicly traded company in 2010. Before joining Walker & Dunlop, he gained diverse experience, including launching an airline in Argentina, building operations for a global call center company in Latin America and Europe, working in private equity, and on Wall Street for Morgan Stanley.
Gregory A. Florkowski, Executive Vice President, Chief Financial Officer, and Principal Accounting Officer
Gregory A. Florkowski was appointed Chief Financial Officer in June 2022. He began his tenure at Walker & Dunlop in October 2010 as Senior Vice President & Controller, and later served as Executive Vice President, Business Development from February 2020 to June 2022. Prior to joining Walker & Dunlop, he was a Senior Manager at KPMG US from October 2006 to September 2010, where his work included serving public companies in the financial services industry and non-public companies in financial services, private equity, and specialty finance. He played a key role in Walker & Dunlop's initial public offering in December 2010 and numerous company acquisitions.
Stephen P. Theobald, Executive Vice President and Chief Operating Officer
Stephen P. Theobald became Executive Vice President and Chief Operating Officer in June 2022, after serving as the company's Chief Financial Officer since 2013. Before joining Walker & Dunlop in April 2013, he was the Executive Vice President and Chief Financial Officer of Hampton Roads Bankshares, Inc. From 1999 to 2010, he held various senior financial positions at Capital One Financial Corp., including Chief Financial Officer, local banking. He started his career at KPMG LLP in 1984, where he was an audit partner in Financial Services from 1996 to 1999.
Paula A. Pryor, Executive Vice President and Chief Human Resources Officer
Paula A. Pryor serves as the Executive Vice President and Chief Human Resources Officer for Walker & Dunlop.
Sheri Thompson, Executive Vice President and Head of Affordable Housing and Investment Management
Sheri Thompson joined Walker & Dunlop in 2019 and was named Executive Vice President and Head of Affordable Housing and Investment Management in January 2022. Previously, she served as Executive Vice President and Head of FHA Lending from July 2020 to January 2022. From December 2013 to December 2018, she was the Chief Operating Officer of the Agency Lending Group at PGIM Real Estate Finance. Her earlier career also includes a role as Senior Managing Director and Chief Underwriter at Red Capital Group from 1997 to 2013, and an initial period as an Underwriter at Green Park Financial (which merged with Walker & Dunlop) starting in 1995.
William M. Walker is the grandson of Oliver Walker, a co-founder of Walker & Dunlop in 1937. He joined the board in 2000, became executive vice president in 2003, president in 2005, and assumed the roles of Chairman and CEO in 2007. Under his leadership, Walker & Dunlop transitioned from a family-owned business to a publicly traded company in 2010. Before joining Walker & Dunlop, he gained diverse experience, including launching an airline in Argentina, building operations for a global call center company in Latin America and Europe, working in private equity, and on Wall Street for Morgan Stanley.
Gregory A. Florkowski, Executive Vice President, Chief Financial Officer, and Principal Accounting Officer
Gregory A. Florkowski was appointed Chief Financial Officer in June 2022. He began his tenure at Walker & Dunlop in October 2010 as Senior Vice President & Controller, and later served as Executive Vice President, Business Development from February 2020 to June 2022. Prior to joining Walker & Dunlop, he was a Senior Manager at KPMG US from October 2006 to September 2010, where his work included serving public companies in the financial services industry and non-public companies in financial services, private equity, and specialty finance. He played a key role in Walker & Dunlop's initial public offering in December 2010 and numerous company acquisitions.
Stephen P. Theobald, Executive Vice President and Chief Operating Officer
Stephen P. Theobald became Executive Vice President and Chief Operating Officer in June 2022, after serving as the company's Chief Financial Officer since 2013. Before joining Walker & Dunlop in April 2013, he was the Executive Vice President and Chief Financial Officer of Hampton Roads Bankshares, Inc. From 1999 to 2010, he held various senior financial positions at Capital One Financial Corp., including Chief Financial Officer, local banking. He started his career at KPMG LLP in 1984, where he was an audit partner in Financial Services from 1996 to 1999.
Paula A. Pryor, Executive Vice President and Chief Human Resources Officer
Paula A. Pryor serves as the Executive Vice President and Chief Human Resources Officer for Walker & Dunlop.
Sheri Thompson, Executive Vice President and Head of Affordable Housing and Investment Management
Sheri Thompson joined Walker & Dunlop in 2019 and was named Executive Vice President and Head of Affordable Housing and Investment Management in January 2022. Previously, she served as Executive Vice President and Head of FHA Lending from July 2020 to January 2022. From December 2013 to December 2018, she was the Chief Operating Officer of the Agency Lending Group at PGIM Real Estate Finance. Her earlier career also includes a role as Senior Managing Director and Chief Underwriter at Red Capital Group from 1997 to 2013, and an initial period as an Underwriter at Green Park Financial (which merged with Walker & Dunlop) starting in 1995.
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The key risks to Walker & Dunlop's business are:
- Exposure to Commercial Real Estate Market and Macroeconomic Factors: Walker & Dunlop's financial performance is highly sensitive to the health of the commercial real estate (CRE) market and broader macroeconomic conditions. Fluctuations in interest rates, inflation, and economic downturns can lead to reduced demand for real estate financing, decreased property values, and increased loan default rates, directly impacting the company's revenue and profitability. The company has an elevated exposure to commercial real estate and commercial mortgages.
- Reliance on Government-Sponsored Enterprises (GSEs) and Regulatory Changes: A significant portion of Walker & Dunlop's loan origination volume is heavily reliant on programs from Fannie Mae and Freddie Mac. Any regulatory changes to these government-sponsored enterprise programs, including potential shifts in policies or the possibility of these entities going public, could directly and substantially impact Walker & Dunlop's primary sources of revenue and overall business model.
- Market Concentration and Intense Competition: Walker & Dunlop operates in a highly competitive environment within the commercial real estate finance sector, facing competition from various financial institutions and specialized lenders. Furthermore, the company has historically derived a significant portion of its revenue from a single customer, potentially exposing it to financial instability if that relationship were to change adversely.
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The emergence of advanced financial technology (FinTech) platforms utilizing artificial intelligence (AI), machine learning, and sophisticated data analytics to automate and streamline commercial real estate loan origination, underwriting, and brokerage. These platforms could disintermediate traditional intermediaries like Walker & Dunlop by directly connecting borrowers with institutional capital sources more efficiently, quickly, and at a lower cost, thereby reducing the need for human-intensive advisory, negotiation, and placement services.
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Walker & Dunlop (symbol: WD) operates in the United States, primarily focusing on multifamily and other commercial real estate financing, and property sales brokerage.
Addressable Markets:
- U.S. Commercial Real Estate Debt Market (Outstanding): The total commercial real estate (CRE) debt outstanding in the U.S. was $5.9 trillion as of the fourth quarter of 2023.
- U.S. Commercial Real Estate Mortgage Origination/Lending Market (Annual Volume): Total commercial and multifamily mortgage borrowing and lending in the U.S. is estimated to have been $498 billion in 2024. This figure is projected to increase to $583 billion in 2025. Specifically for multifamily lending, the estimated volume was $312 billion in 2024, expected to rise to $361 billion in 2025.
- U.S. Commercial Real Estate Brokerage Market (Annual Revenue/Value): The U.S. commercial real estate brokerage industry had a combined annual revenue of approximately $112 billion. More recent data indicates the U.S. real estate brokerage market was valued at $238.5 billion in 2024 and is forecast to reach $206.45 billion in 2025, with projections to reach $252.51 billion by 2030.
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Walker & Dunlop (NYSE: WD) anticipates future revenue growth over the next 2-3 years to be driven by several strategic initiatives and market trends:
- Increased Debt Originations and Property Sales Volumes: The company's "Journey to '30" growth strategy emphasizes significant expansion in both annual debt origination and property sales volumes. Management targets over $80 billion in annual debt origination volume and more than $35 billion in property sales volume by 2030, indicating substantial growth from current levels. This growth is expected to be fueled by a recovering commercial real estate market and increased transaction activity.
- Expansion of Capital Markets Platform and Market Share: Walker & Dunlop plans to continue expanding its capital markets platform, which includes gaining market share with government-sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac. The company has demonstrated success in increasing its GSE market share and anticipates continued growth in brokered debt financing volume.
- Strategic Investments in Technology and Data: A core driver involves leveraging technology and data investments, particularly through the "WD Suite" platform. This initiative aims to enhance client engagement, improve operational efficiency, and ultimately drive revenue and margin expansion. The company also expects to see a shift towards predictive analytics and AI-driven valuations.
- Growth in Fee-Based Servicing and Asset Management: The expansion of Walker & Dunlop's fee-based servicing portfolio is a key component of its multi-year growth plan, contributing to recurring revenue streams. The servicing portfolio is expected to continue generating consistent cash flows.
- Expansion into Affordable Housing and New Markets: Walker & Dunlop has identified affordable housing as a significant area to drive scale and recurring revenue. Additionally, the company is exploring expansion into new geographic markets, with the opening of an office in London noted as an opportunity to tap into new revenue streams and diversify its footprint.
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Share Repurchases
- Walker & Dunlop's Board of Directors authorized the repurchase of up to $75.0 million of outstanding common stock over a 12-month period, starting February 21, 2025. As of June 30, 2025, no shares had been repurchased under this program.
- On February 13, 2026, the Board of Directors again authorized the repurchase of up to $75.0 million of the company's outstanding common stock.
- Fourth quarter 2025 results were impacted by loan repurchase expenses and impairment charges related to the real estate owned portfolio.
Share Issuance
- Information regarding direct share issuance by Walker & Dunlop over the last 3-5 years is not available in the provided search results.
Inbound Investments
- Institutional investors and hedge funds collectively own approximately 80.97% of Walker & Dunlop's stock.
- Royce & Associates LP increased its position in Walker & Dunlop by 12.6% during the third quarter of 2025, owning 486,093 shares.
- Norges Bank acquired a new position in Walker & Dunlop during the second quarter of 2025, valued at $30.422 million.
Outbound Investments
- Walker & Dunlop Investment Partners (WDIP), a wholly-owned subsidiary, closed five debt transactions totaling $167.7 million in March 2026, with a focus on multifamily bridge lending.
- In April 2024, WDIP closed five equity investments as part of its opportunistic strategy, including a $6.2 million infill industrial development in Philadelphia and a $12.8 million multifamily development recapitalization in Bentonville, Arkansas in September 2023.
- The company has made investments in technology, including the acquisition of GeoPhy, to enhance its capabilities.
Capital Expenditures
- While specific dollar values for traditional capital expenditures are not detailed, Walker & Dunlop has emphasized ongoing investments in technology and talent.
- The "Journey to '30" strategy, unveiled in March 2026, highlights how technology, servicing, capital markets, and affordable housing are intended to drive scale, recurring revenue, and client retention, implying strategic investments in these areas.
Peer Outperformance in Commercial & Residential Mortgage Finance
WD has trailed 67% of its 12 Commercial & Residential Mortgage Finance peers over 5Y. Among the peers that beat it is FMCC. Commercial & Residential Mortgage Finance ranks 13th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Commercial & Residential Mortgage Finance constituents that WD has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
20%
of 15 industry peers · -48.8% return
3Y
31%
of 13 industry peers · -47.3% return
5Y
33%
of 12 industry peers · -51.8% return
Commercial & Residential Mortgage Finance peers with revenue growth within 4pp of WD's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| WD | Walker & Dunlop | 5.4% | 33.7x | -48.8% | -47.3% | -51.8% | — |
| FMCC | Federal Home Loan Mortgage | 5.6% | 1.4x | -37.7% | 858.5% | 480.5% | +532pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Financials sector, ranked by 5Y. Commercial & Residential Mortgage Finance is WD's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 10.5% | 132.2% | 134.3% | IBKR 529% · SNEX 254% · GS 198% |
| Reinsurance | 6 | 22.0% | 85.3% | 117.8% | SPNT 143% · MTG 134% · RGA 133% |
| Diversified Banks | 12 | 48.9% | 135.6% | 116.1% | CM 167% · JPM 163% · RY 150% |
| Life & Health Insurance | 19 | 21.2% | 61.7% | 95.7% | UNM 308% · FG 248% · MFC 181% |
| Regional Banks | 264 | 35.7% | 85.5% | 69.1% | ESQ 398% · GCBC 388% · NBN 291% |
| Property & Casualty Insurance | 42 | 14.8% | 69.5% | 68.8% | ASIC 2408900% · HRTG 431% · UVE 274% |
| Multi-line Insurance | 9 | 18.6% | 83.9% | 62.4% | GNW 190% · L 109% · SLF 91% |
| Multi-Sector Holdings | 6 | 3.8% | -4.9% | 35.1% | JEF 90% · BRK-B 74% · VOYA 68% |
| Consumer Finance | 30 | 15.2% | 89.4% | 35.0% | ENVA 743% · EZPW 372% · AGM 178% |
| Insurance Brokers | 15 | -11.8% | 9.9% | 30.7% | LIFE 653% · ARX 86% · AJG 85% |
| Financial Exchanges & Data | 15 | -6.8% | 10.1% | 27.8% | VIRT 182% · CBOE 157% · CME 67% |
| Asset Management & Custody Banks | 83 | -7.5% | 20.5% | 22.4% | WT 313% · SII 303% · VCTR 299% |
| Commercial & Residential Mortgage Finance ← | 13 | -24.8% | 33.9% | 21.0% | FNMA 513% · FMCC 481% · IOR 67% |
| Specialized Finance | 3 | 20.7% | 54.4% | 0.0% | EFC 39% · CACC 0% · HASI -6% |
| Mortgage REITs | 34 | -5.5% | 15.1% | -9.2% | RITM 74% · NREF 56% · DX 42% |
| Diversified Capital Markets | 21 | -30.4% | -4.0% | -37.2% | BTCS 467% · OPY 196% · LPLA 166% |
| Transaction & Payment Processing Services | 15 | -2.7% | 2.8% | -43.0% | V 61% · MA 60% · CPAY 58% |
| Diversified Financial Services | 5 | -12.5% | 62.2% | -48.9% | FRHC 147% · EQH 88% · TMS -49% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 28.47 |
| Mkt Cap | 4.6 |
| Rev LTM | 7,211 |
| Op Inc LTM | 477 |
| FCF LTM | 639 |
| FCF 3Y Avg | 398 |
| CFO LTM | 968 |
| CFO 3Y Avg | 528 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.1% |
| Rev Chg 3Y Avg | 7.8% |
| Rev Chg Q | 11.0% |
| QoQ Delta Rev Chg LTM | 2.6% |
| Op Inc Chg LTM | 7.7% |
| Op Inc Chg 3Y Avg | 20.5% |
| Op Mgn LTM | 4.9% |
| Op Mgn 3Y Avg | 4.1% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 4.0% |
| CFO/Rev 3Y Avg | 6.4% |
| FCF/Rev LTM | 3.2% |
| FCF/Rev 3Y Avg | 5.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Capital Markets (CM) | 647 | 525 | 477 | 709 | 882 |
| Servicing & Asset Management (SAM) | 567 | 592 | 564 | 507 | 378 |
| Corporate | 21 | 16 | 14 | 42 | -1 |
| Total | 1,234 | 1,132 | 1,054 | 1,259 | 1,259 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Capital Markets (CM) | 126 | 87 | 58 | 199 | 348 |
| Servicing & Asset Management (SAM) | 118 | 196 | 214 | 170 | 139 |
| Corporate | -165 | -151 | -134 | -104 | -135 |
| Total | 79 | 132 | 138 | 265 | 352 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Capital Markets (CM) | 90 | 67 | 41 | 156 | 262 |
| Servicing & Asset Management (SAM) | 85 | 158 | 166 | 140 | 105 |
| Corporate | -119 | -116 | -100 | -82 | -102 |
| Total | 56 | 108 | 107 | 214 | 266 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Servicing & Asset Management (SAM) | 2,426 | 2,440 | 2,273 | 2,539 | 2,430 |
| Capital Markets (CM) | 2,032 | 1,407 | 1,193 | 1,051 | 2,264 |
| Corporate | 602 | 535 | 586 | 455 | 512 |
| Total | 5,059 | 4,382 | 4,052 | 4,045 | 5,206 |
Price Behavior
Price Behavior
| Market Price | $40.70 | |
| Market Cap ($ Bil) | 1.4 | |
| First Trading Date | 12/15/2010 | |
| Distance from 52W High | -51.7% | |
| 50 Days | 200 Days | |
| DMA Price | $49.78 | $54.27 |
| DMA Trend | down | down |
| Distance from DMA | -18.2% | -25.0% |
| 3M | 1YR | |
| Volatility | 47.8% | 43.2% |
| Downside Capture | 234.68 | 183.92 |
| Upside Capture | 100.53 | 66.49 |
| Correlation (SPY) | 19.5% | 28.6% |
WD Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.39 | 0.41 | 0.59 | 0.93 | 0.96 | 1.09 |
| Up Beta | -3.61 | -2.16 | -1.33 | -0.33 | 0.40 | 0.94 |
| Down Beta | 0.22 | 0.83 | 1.21 | 1.09 | 1.19 | 1.00 |
| Up Capture | 86% | 101% | 83% | 99% | 64% | 103% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 9 | 20 | 29 | 62 | 118 | 351 |
| Down Capture | 227% | 99% | 101% | 153% | 127% | 108% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 13 | 22 | 33 | 63 | 133 | 400 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WD | |
|---|---|---|---|---|
| WD | -49.5% | 43.1% | -1.45 | - |
| Sector ETF (XLF) | 10.0% | 14.5% | 0.43 | 30.7% |
| Equity (SPY) | 20.9% | 12.8% | 1.21 | 29.2% |
| Gold (GLD) | 32.1% | 28.5% | 0.97 | 1.7% |
| Commodities (DBC) | 40.1% | 20.2% | 1.55 | -26.0% |
| Real Estate (VNQ) | 14.2% | 13.9% | 0.72 | 37.7% |
| Bitcoin (BTCUSD) | -46.9% | 42.7% | -1.37 | 8.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WD | |
|---|---|---|---|---|
| WD | -14.0% | 37.7% | -0.31 | - |
| Sector ETF (XLF) | 10.5% | 18.4% | 0.43 | 53.3% |
| Equity (SPY) | 13.3% | 17.2% | 0.60 | 53.9% |
| Gold (GLD) | 20.2% | 18.5% | 0.89 | 6.8% |
| Commodities (DBC) | 10.3% | 19.6% | 0.41 | 4.1% |
| Real Estate (VNQ) | 2.2% | 18.9% | 0.01 | 58.5% |
| Bitcoin (BTCUSD) | 6.3% | 52.7% | 0.31 | 23.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WD | |
|---|---|---|---|---|
| WD | 6.3% | 41.3% | 0.29 | - |
| Sector ETF (XLF) | 13.5% | 22.0% | 0.56 | 57.5% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 54.0% |
| Gold (GLD) | 12.3% | 16.2% | 0.62 | 1.8% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 12.5% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 54.7% |
| Bitcoin (BTCUSD) | 60.0% | 66.1% | 1.00 | 16.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -13.9% | -17.7% | |
| 5/7/2026 | 3.1% | 1.3% | -2.3% |
| 2/26/2026 | -19.4% | -14.5% | -22.6% |
| 11/6/2025 | -11.1% | -16.5% | -20.5% |
| 8/7/2025 | 5.9% | 12.1% | 17.0% |
| 5/1/2025 | -3.3% | -6.7% | -9.7% |
| 2/13/2025 | -5.3% | -5.5% | -3.4% |
| 11/7/2024 | -1.7% | -3.5% | -3.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 11 |
| # Negative | 13 | 12 | 13 |
| Median Positive | 5.4% | 9.2% | 10.6% |
| Median Negative | -6.3% | -6.9% | -9.7% |
| Max Positive | 14.2% | 18.8% | 38.5% |
| Max Negative | -19.4% | -18.1% | -22.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -13.9% | -17.7% | |
| 5/7/2026 | 3.1% | 1.3% | -2.3% |
| 2/26/2026 | -19.4% | -14.5% | -22.6% |
| 11/6/2025 | -11.1% | -16.5% | -20.5% |
| 8/7/2025 | 5.9% | 12.1% | 17.0% |
| 5/1/2025 | -3.3% | -6.7% | -9.7% |
| 2/13/2025 | -5.3% | -5.5% | -3.4% |
| 11/7/2024 | -1.7% | -3.5% | -3.1% |
| 8/8/2024 | 2.8% | 2.8% | 5.4% |
| 5/2/2024 | 1.6% | 3.9% | 4.2% |
| 2/15/2024 | 5.0% | 3.7% | -4.2% |
| 11/9/2023 | -3.3% | 15.0% | 30.4% |
| 8/3/2023 | -2.8% | -7.1% | -4.2% |
| 5/4/2023 | 1.0% | -0.9% | 16.3% |
| 2/21/2023 | -6.3% | -4.9% | -15.2% |
| 11/9/2022 | -9.0% | 0.4% | -0.7% |
| 8/4/2022 | -3.0% | -3.0% | -13.2% |
| 5/5/2022 | -10.4% | -18.1% | -10.9% |
| 2/3/2022 | 5.7% | 9.2% | 4.1% |
| 11/4/2021 | 7.3% | 10.2% | 9.7% |
| 8/5/2021 | 0.9% | 0.1% | 10.6% |
| 5/6/2021 | -11.0% | -14.8% | -10.4% |
| 2/4/2021 | 11.7% | 16.1% | 17.3% |
| 10/29/2020 | 14.2% | 12.3% | 38.5% |
| 8/5/2020 | 8.2% | 18.8% | 9.9% |
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 11 |
| # Negative | 13 | 12 | 13 |
| Median Positive | 5.4% | 9.2% | 10.6% |
| Median Negative | -6.3% | -6.9% | -9.7% |
| Max Positive | 14.2% | 18.8% | 38.5% |
| Max Negative | -19.4% | -18.1% | -22.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/26/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
Insider Activity
Updated 6/8/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Schmaltz, Dana L | Direct | Buy | 3202026 | 45.78 | 1,000 | 45,780 | 3,860,398 | Form | |
| 2 | Freedman, Ernest Michael | Direct | Buy | 3062026 | 49.21 | 5,000 | 246,044 | 300,025 | Form | |
| 3 | Walker, William M | Chairman & CEO | Direct | Buy | 3032026 | 47.46 | 10,000 | 474,632 | 23,207,046 | Form |
| 4 | Pryor, Paula A | EVP and Chief HR Officer | Direct | Sell | 9032025 | 86.20 | 5,336 | 459,963 | 805,156 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Schmaltz, Dana L | Direct | Buy | 3202026 | 45.78 | 1,000 | 45,780 | 3,860,398 | Form | |
| 2 | Freedman, Ernest Michael | Direct | Buy | 3062026 | 49.21 | 5,000 | 246,044 | 300,025 | Form | |
| 3 | Walker, William M | Chairman & CEO | Direct | Buy | 3032026 | 47.46 | 10,000 | 474,632 | 23,207,046 | Form |
| 4 | Pryor, Paula A | EVP and Chief HR Officer | Direct | Sell | 9032025 | 86.20 | 5,336 | 459,963 | 805,156 | Form |
Investor Activity (13F)
Updated Aug 18, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
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