Walker & Dunlop, Inc. delivered 9% revenue growth in 2025 to $1.23 billion, supported by increased lending and property sales volumes. However, net income declined by nearly half to $56.2 million, reflecting margin compression and elevated expenses. Operating cash flow swung sharply negative to -$664 million, driven by higher loan origination volumes requiring substantial working capital alongside growing collateral requirements tied to risk-sharing loans with Fannie Mae. The company continues to benefit from deep agency relationships and diversified service offerings but faces risks from regulatory shifts, affordable housing tax credit uncertainties, and a challenging funding environment. Capital allocation remains disciplined with modest buybacks and a steady dividend payout.