Walker & Dunlop, Inc. reported a total revenue of $1.132 billion for the fiscal year ending December 31, 2024, marking a 7% increase from $1.054 billion in 2023. The company's net income rose slightly to $108.2 million, up from $107.4 million in the previous year. The growth in revenue was primarily driven by an 18% increase in loan origination and debt brokerage fees, which reached $276.6 million, alongside a notable rise in servicing fees, which totaled $325.6 million, reflecting a 4% increase year-over-year. However, investment management fees saw a decline of 19%, falling to $37 million, attributed to challenging market conditions affecting the affordable housing sector.
In terms of operational performance, Walker & Dunlop's servicing portfolio grew to $135.3 billion, a 4% increase from $130.5 billion in 2023. The company also reported a total managed portfolio of $153.7 billion, which includes assets under management of $18.4 billion. The firm maintained a market share of 8.5% in the multifamily financing market, with a total debt financing volume of $30.2 billion, up from $24.2 billion in 2023. The company’s employee headcount increased by 6% to 1,399, although there was a net reduction of three bankers and brokers.
Strategically, Walker & Dunlop has focused on expanding its investment management capabilities, highlighted by the launch of Debt Fund II, which raised $200 million in equity capital. The firm also completed the acquisition of the remaining 25% interest in Zelman & Associates, enhancing its housing market research and investment banking services. The company aims to achieve $2 billion in total annual revenues by 2025, although it acknowledged that macroeconomic conditions, including inflation and elevated interest rates, have disrupted transaction activity and may hinder the achievement of this goal.
The filing also noted that the company is navigating a challenging commercial real estate environment, characterized by elevated interest rates and tighter liquidity, which have impacted debt financing and property sales. Despite these challenges, Walker & Dunlop remains optimistic about the recovery of the multifamily sector, anticipating that improved market conditions will lead to increased transaction volumes in the coming years. The company plans to continue leveraging its technological resources and strategic acquisitions to enhance its service offerings and market position.
About Walker & Dunlop, Inc.
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