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8-K ·Filed Nov 5, 2026

WD

Walker & Dunlop, Inc.
BEARISH
Impact 6/10
Horizonmonths Processed5d 13h ago SEC0001104659-26-122928
8-K Item 2.02: Earnings release
Actionable Insight ▼ Bearish

The $63M in repurchase-related charges and the decision to accelerate asset sales dominate this quarter's results. Monitor the pace of repurchased loan disposals and any further fair value adjustments in Q4 2026 and Q1 2027. The completion of GSE investigations removes a key overhang, but the near-term earnings trajectory remains pressured by lower transaction volumes and the cost of resolving legacy credit issues.

DirectionBearish
Confidencehigh
Horizonmonths

How the stock moved after the report

BEARISH VIEWSTOCK BELOW ENTRY AT T+1
Entry
$39.83
T+0 close · Nov 5, 2026 · via day close
Latest settled
−1.96%
T+1 · $39.05
vs SPY
−2.27%
α at T+1
Next horizon
T+5
tomorrow
  1. T+0 · Nov 5 $39.83entry
  2. T+1 · 5d ago −1.96%α −2.27% · $39.05
  3. T+3 · todayOpen
  4. T+5 · tomorrow Pending
  5. T+20 · in 23d Pending
  6. T+60 · in 3mo Pending

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Executive Summary

Walker & Dunlop reported a Q3 2026 GAAP net loss of $37.3M ($1.15 per share) driven by $63M in charges to accelerate the resolution of legacy loan repurchases and indemnifications related to GSE investigations. Adjusted core EPS of $0.92 missed the $0.93 consensus, and total revenues of $298.4M declined 12% YoY, also below the $310.9M estimate. The company is taking deliberate action to dispose of repurchased assets by early 2027, which it expects will eliminate ongoing costs and reduce balance sheet risk.

Key Financial Metrics

EPS (Adj.)
$0.92
est $0.93 · -1.1% · GAAP: $-1.15
Revenue
$298.4M
est $310.9M · -4.0% · -11.6% YoY
Rating
in line

Key Facts

  • GAAP net loss of $37.3M and diluted loss per share of $1.15 in Q3 2026
  • Adjusted core EPS of $0.92, down 25% from $1.22 in Q3 2025
  • Total revenues of $298.4M, down 12% from $337.7M in Q3 2025
  • Total transaction volume of $13.8B, down 11% from $15.5B in Q3 2025
  • Indemnified and repurchased loan expenses, net of $63.1M in Q3 2026, including $56M in fair value adjustments
  • Servicing portfolio grew 5% YoY to $146.6B as of September 30, 2026
  • Company expects to fully exit repurchased loan portfolio by early 2027
  • Fannie Mae completed its fraud review; no further buybacks or indemnifications expected from GSE investigations

Financial Impact

Q3 2026 GAAP net loss of $37.3M vs net income of $33.5M in Q3 2025; adjusted core EPS of $0.92 vs $1.22 in Q3 2025; total revenues of $298.4M vs $337.7M in Q3 2025

revenueepsnet incomeadjusted core EPStransaction volume

Segment Breakdown

SegmentRevenueGrowth
Capital Markets$147.8M-18.3%
Servicing & Asset Management$148.3M-1.5%
Corporate$2.4M-62.1%

Risk Factors

  • Further fair value adjustments on the remaining $76.9M repurchased loan portfolio if selling prices are below current estimates
  • Continued decline in transaction volumes due to interest rate volatility and slower capital markets activity
  • Potential for additional credit losses on the at-risk servicing portfolio, where defaulted loans rose to 0.36% of the at-risk portfolio from 0.21% a year ago
  • Execution risk in disposing of the remaining repurchased assets by early 2027

Market Snapshot

Exchange
NYSE
Sector
Finance Services
Analyst Consensus
83% bullish (12 analysts)

Investment Themes

Traditional Finance

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

DocumentAccession Number
8-K Filing (Primary)0001104659-26-122928
Document: wd-20261105x8k.htm0001104659-26-122928
Document: 0001104659-26-122928-index-headers.html0001104659-26-122928
Document: 0001104659-26-122928-index.html0001104659-26-122928
Document: 0001104659-26-122928.txt0001104659-26-122928
8-K Data (Synthetic)0001104659-26-122928

Track record

11 reports on WD

Performance horizon

3 of 4 bullish or bearish reports moved the stock their way by T+1. Best: +6.69% at T+60 after the Mar 2, 2026 report. 3 of 4 went positive at some point.

Filters
  1. Nov 10, 2026today Insider Buy Neutral 3/10 Entry $40.75 Now $39.97 −1.91% settles Nov 12
  2. Nov 9, 20261d ago 8-K Neutral 2/10 Entry $41.49 to $39.97 Now $39.97 −3.66% ▼ −3.66% −3.30% vs SPY
  3. Nov 5, 20265d ago 8-K Bearish 6/10 Viewing Entry $39.83 to $39.05 Now $39.97 −0.35% ▲ +1.96% +2.27% vs SPY
  4. Oct 30, 202611d ago 8-K Neutral 3/10 Entry $35.76 to $35.17 Now $39.97 +11.77% ▼ −1.65% −1.95% vs SPY
  5. Oct 6, 20265w ago 8-K Neutral 2/10 Entry $33.96 to $34.39 Now $39.97 +17.70% ▲ +1.27% +1.69% vs SPY
  6. May 7, 202626w ago 8-K Bullish 7/10 Entry $54.83 to $54.61 Now $39.97 −27.10% ▼ −0.40% −1.23% vs SPY
  7. Apr 1, 202631w ago DEFA14A Neutral 3/10 Entry $44.44 to $45.12 Now $39.97 −10.06% ▲ +1.53% +1.05% vs SPY
  8. Mar 4, 202635w ago 8-K Neutral 4/10 Entry $49.77 to $47.48 Now $39.97 −19.69% ▼ −4.59% −3.28% vs SPY
  9. Mar 2, 202636w ago Insider Cluster Bullish 6/10 Entry $46.94 to $47.98 Now $39.97 −14.85% ▲ +2.23% +3.14% vs SPY
  10. Mar 2, 202636w ago Insider Cluster Bullish 6/10 Entry $46.94 to $47.98 Now $39.97 −14.85% ▲ +2.23% +3.14% vs SPY
Showing 10 of 11

US Market Status

Market Closed · Opens Thu (14h 4m)

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Report published Nov 5, 2026