Walker & Dunlop reported a challenging fourth quarter of 2025, characterized by a net loss of $13.9 million despite a 36% increase in total transaction volume to $18.3 billion. Financial results were heavily impacted by $66.2 million in expenses related to asset impairments and costs from indemnified and repurchased loans, primarily stemming from a borrower fraud investigation. While core capital markets activity showed strong momentum, the company's bottom line and adjusted EBITDA suffered significantly from these non-recurring charges.