Walker & Dunlop Inc., the largest provider of capital to the multifamily industry in the United States, reported record total revenues of $407.2 million in the fourth quarter of 2021, increasing 16% year-over-year. Net income for the fourth quarter was $79.9 million or $2.42 per diluted share, down 4% and 7% from the fourth quarter of 2020.
“Our continued investments in people, brand, and technology produced exceptional fourth quarter and full year financial performance for Walker & Dunlop,” said Willy Walker, chairman and CEO. “Record quarterly financial results, including total transaction volume of $27 billion, up 91% year over year, and total revenues of $407 million, up 16%, were driven by the continued strength of our debt brokerage and property sales operations, reflecting the transformation of Walker & Dunlop from a mortgage-centric finance company into a technology-enabled financial services firm. This resulted in dramatic adjusted EBITDA growth of 89% to $110 million, a record by a wide margin.”
Total transaction volume in the fourth quarter of 2021 hit a record $27.1 billion, up 91% from the fourth quarter of 2020. The Company's Board of Directors authorized a 20% increase in the quarterly dividend to $0.60 per share.
Mr. Walker continued, "On top of generating incredible financial results, we made three highly strategic investments during 2021 in TapCap, Zelman & Associates, and Alliant Capital, further expanding the breadth of our platform to make significant progress towards our Drive to '25 objectives. We are carrying strong momentum into 2022 with our expectation that the talented professionals we have recruited to W&D, the brand we have built, and the implementation of valuable technology solutions will allow us to continue to grow even faster in the future."
Analysts discussed operating results from the fourth quarter of 2021 showing significant growth in the company’s team of bankers and continued market demand for all commercial real estate property types.
Record property sales volume increased 226% in the fourth quarter of 2021 due to the significant growth in our property sales team over the past year in key markets and strong investor appetite for multifamily assets.
Meanwhile, GSE debt financing volumes decreased by 37% in the fourth quarter of 2021 compared to the fourth quarter of 2020, driven by an overall decrease in GSE lending activity in the market. Despite the overall lower GSE lending volumes during the quarter, our GSE market share has remained consistent with historical levels at 11.6%.
