Good morning, everyone. I'm Kelsey Duffey, Vice President of Investor Relations at Walker & Dunlop, and I would like to welcome you to Walker & Dunlop's Virtual Investor Day. This morning, we posted our presentation to the Investor Relations section of our website, www.walkeranddunlop.com. These slides serve as a reference point for the material that will be covered this morning. Please also note that we will reference the non-GAAP financial metric, Adjusted EBITDA, during the course of this presentation. Please refer to the presentation posted on our website for a reconciliation of this non-GAAP financial metric. Investors are urged to carefully read the forward-looking statements language in our presentation. Statements made during this presentation, which are not historical facts, may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe our current expectations, and actual results may differ materially.
Walker & Dunlop is under no obligation to update or alter our forward-looking statements, whether as a result of new information, future events, or otherwise. We expressly disclaim any obligation to do so. More detailed information about risk factors can be found in our annual and quarterly reports filed with the SEC. I will now turn the floor over to Willy.
Thank you, Kelsey, and welcome everyone to our first-ever Virtual Investor Day. It's a true pleasure to have all of you with us, and we're appreciative of the time you are investing to get to know Walker & Dunlop a little bit better. I take my role as Chairman and CEO of Walker & Dunlop very personally. My name is on the door, and it's an honor and extreme pleasure to lead the company that my grandfather started 83 years ago and that my father ran throughout his career. I know that my grandfather would be truly amazed and wildly proud of the company Walker & Dunlop has become. When I joined Walker & Dunlop in 2003, I had a grand vision for the company I wanted to build, but unfortunately for me, I didn't know a lot about the commercial real estate finance business.
But as luck would have it, our current President, Howard Smith, who joined Walker & Dunlop right out of college and had turned into one of the most talented mortgage bankers and leaders in the industry, decided to be my partner and help me build the company of my dreams and build it we have. The company I wanted to build was big. It had a brand that everyone recognized. It was comprised of amazing people with impeccable professionalism and character. It would be the premier commercial real estate finance company in the United States, and it would make a difference in the lives of our customers and employees. And that's the company we had built. What I didn't expect were the challenges from competitors, markets, regulators, and customers.
They have come many times at exactly the wrong moment, but we have learned from them, and we are a better company because of them. I didn't expect the loyalty. We've built an amazing team and culture that is both infectious and sticky. And I didn't expect this kind of success. I've always had big dreams, but the success of W&D has exceeded even my lofty expectations. My father and I estimated Walker & Dunlop was worth $25 million when I joined it as a small private company in 2003. We went public seven years later at a $220 million valuation, and now, ten years later, our market capitalization is over $2.5 billion. That's 100x in 17 years. And as John Houseman used to say on the Smith Barney commercials, "We made that money the old-fashioned way, we earned it." So what's so special about W&D?
Why have we grown so much faster than the competition, and why have our investor returns been so strong? As this chart shows, over the past five years, W&D has beaten every competitor you can find, behemoths like CBRE and Wells Fargo, and specialty firms like Marcus & Millichap and Arbor Realty Trust. Yes, that red line at the top has been inside the pack from time to time, but it's generally been at the top of the heap due to the growth and consistent returns we have generated for shareholders. This next chart of revenue growth over the past 10 years puts us in some rarefied air with some of the most successful and valuable companies in the world. You may say to yourself, "Walker & Dunlop isn't Amazon," and surely we are not.
But if you could own shares in a company with the management team, culture, and market opportunity to grow as fast as Amazon, yet only pay 12 times earnings to own it, wouldn't you own it? So what makes us so special? First, we have an exceptional management team that has worked together for years and often decades. We know our business extremely well and work together in an honest and collaborative fashion. We have hired the very best in the industry and established a strong corporate culture, which puts the client first and collaboration and teamwork second. Third, we have a highly profitable, capital-light business model that has allowed us to continuously invest in growth while generating outstanding earnings and return on equity. And finally, we have used technology to be smarter, more efficient, and more insightful than the competition.
What is most exciting to me is that all the investments we have made to build a great team, maintain an exceptional corporate culture, develop a world-class brand, and create differentiating technology are coming together now to accelerate our growth. Our presentation today will start with our Chief Financial Officer, Steve Theobald, talking us through the five-year growth plan we are currently completing and the tremendous accomplishments we have achieved to scale our business. I will then discuss 2020 and why this year has been so transformative for our company, followed by outlining our next five-year bold, highly ambitious growth plan entitled The Drive to '25. Sheri Thompson, who runs our FHA financing group at W&D, will then outline how we intend to continue growing our lending and debt brokerage businesses.
Kris Mikkelsen, who runs our multifamily property sales group, will then discuss how he intends to scale his group to be the largest seller of multifamily properties in the United States by 2025. Greg Florkowski, who runs business development at Walker & Dunlop, will then outline how we plan to build the best real estate investment bank over the next five years to provide new products and services to our clients. And then T.J. Edwards will discuss how W&D's people, brand, and technology will be coordinated to bring the necessary solutions to our clients and drive the maximum amount of revenues to Walker & Dunlop. Steve will then run us through what W&D's finances will look like if we accomplish the Drive to '25, and I'll finish our prepared remarks with some perspectives on everything the team has presented.
I have asked my colleagues who are presenting today to begin their remarks by telling you why they joined Walker & Dunlop. I think their stories and reasons for joining this incredible company say a lot about the culture, success, and leadership at Walker & Dunlop. We compete in a huge market and have a demonstrated track record of winning. We work every day for clients with unrelenting standards and have a demonstrated track record of exceeding their expectations, and we provide services that are constantly changing due to market forces and technology, and we have a demonstrated track record of adapting and innovating to stay ahead of the competition. I want to thank all of you again for joining us today to learn about our company, and with that, I'll turn the call over to Steve.
Thanks, Willy, and good morning, everyone. Let me also add my thanks to all of you for being with us today. As some of you may know, I joined the company in 2013 from a private equity-owned bank where I was the CFO. I was looking to join a high-growth financial services firm where I could help build a truly great company, bringing together the experiences of my 15 years at KPMG, 11 years at Capital One, and the more recent experience I had as a CFO of a smaller public company. Most important to me was finding a firm with a high-energy, collaborative, and fun culture, led by a CEO and management team with high integrity and drive.
While I didn't know anything about Walker & Dunlop before I started the interview process, it became very clear to me after my first meeting with Willy and the management team that this was the place for me. The company had just closed the acquisition of CW, which doubled the size of Walker & Dunlop, and in my very first meeting with Willy, he asked me what I thought about immediately doing another acquisition. We talked a lot about operational excellence, how to drive growth while maintaining the culture, and the importance of taking calculated risks. Eight years later, it all seems like just yesterday. Our team has delivered the growth, all the while maintaining and enhancing the culture and the focus on the customer that has made us successful and a great place to work.
This month marks our 10th year as a public company, as we went public in December 2010, and this coming Monday, Willy will be ringing the closing bell at the New York Stock Exchange to commemorate that milestone. Investors who have owned shares in W&D since our IPO have done exceedingly well, as we have scaled the company from around 150 employees in eight offices in 2010 to nearly 1,000 employees in 41 offices today, while delivering exceptional financial performance over that time. Over the past ten years, we've grown total revenues by 23%, net income at a CAGR of 38%, and Adjusted EBITDA by 27%. That slide Willy showed earlier, comparing our 10-year revenue growth against big tech names, may be one of my favorite and most frustrating slides in the entire presentation. Make no mistake, we are a growth company.
We don't think our valuation reflects that, and you're going to hear more about that from me and Willy later in the presentation. We have delivered such strong financial performance by consistently setting ambitious, long-term growth targets and then aligning the entire organization to go after them. In 2015, we laid out Vision 2020, a set of five-year growth objectives with the underlying goal of generating a billion dollars of annual revenue in 2020. As we reach the end of that five-year period, let's take a look at how we've done. The first objective was to originate over $30 billion of debt financing volume by the end of this year. With the volume we have already rate-locked and closed through November, and with our pipeline for December, we expect to achieve this goal for the full year of 2020 with forecasted volumes of more than $31 billion.
The second goal was to grow our servicing portfolio to over $100 billion, a milestone we crossed in July, and we expect that the portfolio will be over $105 billion by the end of 2020. The third component of Vision 2020 was to grow our property sales volume to $8 billion. While we will come up short of that, this part of our business was significantly impacted by the pandemic as the acquisition market came to nearly a standstill in Q2. In spite of that, we believe when the dust settles on this year, we will end up with the highest level of annual investment sales in company history at nearly $6 billion. As you will hear later from Kris, we have the team on the field to achieve this goal today, but our aspirations are much more ambitious.
The fourth objective was to grow our assets under management to $8 billion. We knew that this would be the most challenging piece of Vision 2020, given that we started this business from zero. We knew that achieving this goal would require M&A activity, and the old adage that companies are sold, not bought, certainly still rings true. We entered the business a little later than we had expected when we acquired JCR Capital in 2018. We've been very thoughtful in our pursuit of additional acquisition opportunities, while also focusing on organic growth by raising additional funds, creating new products for our customers, and reorganizing and rebranding the business as Walker & Dunlop Investment Partners to set the stage for future growth. Our total AUM will end 2020 at roughly $2 billion.
While we did not meet our goal, we have proven out the strategic importance of expanding the capital solutions to our clients, and as you will hear later, this will continue to be an important part of our long-term plan. This brings me to the billion-dollar revenue goal target. When we established this goal, we had just posted $468 million in revenue in 2015. Five years later, we are on the cusp of achieving that lofty objective to more than double our revenue. Based on our current pipeline of business in Q4, we are projecting that we will exceed the billion-dollar mark for the full year of 2020, an amazing accomplishment and the capstone achievement of Vision 2020.
As you can see on this slide, the resulting growth in total revenues and net income over the past three and five years as we have tracked towards these ambitious goals has been fantastic and far superior to the median of the S&P 600 Financials index. But despite our strong performance, our valuation multiple continues to significantly lag that of the index. We take full responsibility for this valuation gap, as it is our job to communicate our strategy so that investors better understand our growth opportunities and how we plan to continue growing faster than the market. We believe that we can close that gap, which will give our investors the chance to not only benefit from growth in earnings, but also from an increase in our multiple. I'll be back a little later to walk through the financial performance aspects of our new five-year plan.
In the meantime, let me turn it back over to Willy.
Thank you, Steve. Our amazing success in 2020 has been driven by three core components: people, brand, and technology. As you will see from my colleagues who will present today and from the financial results we have consistently produced, we have hired the very best people in our industry. We have also made 11 strategic acquisitions since going public in 2010 that have propelled our growth and added depth to our services we provide to our customers and the quality of our management team. When I joined Walker & Dunlop in 2003, we couldn't compete against larger brands like CBRE, Wells Fargo, and Goldman Sachs. Fast forward 17 years, and we go head-to-head against these three firms every day, and we win.
As we have scaled our platform and moved up in the league tables, we have gained a reputation as one of the very best commercial real estate finance firms in the country, with all the capabilities of our large competitors, but with the touch and feel of a small, client-focused company. And while our brand has grown over time, it has exploded in 2020. Being awarded the largest multifamily financing of the year, the $2.4 billion Southern Management Deal, was a huge success as we went head-to-head against our three largest competitors and won. We were not the incumbent lender. We didn't have the biggest balance sheet, and we didn't have the biggest brand. Yet we won on the quality of our team, our execution capabilities, and our technology.
Every time we have subsequently gone up against one of those three big competitors, we have underscored how and why W&D won the Southern Management Deal. We then launched the Walker Webcast to provide our clients with insights and analysis from guests across industries, covering a wide range of topics that might help them navigate through the pandemic. The webcast has expanded Walker & Dunlop's brand in ways we could have never imagined, with total viewership at almost 250,000 unique views and client interactions increasing dramatically. This email from one of our clients summarizes the Walker Webcast impact perfectly. Willy, your webcast has been a must-see for everyone in the industry over the past two-plus months.
Extremely helpful and inspiring, goes on to say, "Without ever promoting your great company during any of the webcasts, you have endeared yourself and Walker & Dunlop to tens of thousands of owners and investors." That's John Millham of Prometheus Real Estate Group. John's email is very typical of feedback we get every single week after we put together the webcast. Then finally, as it relates to technology, our team and brand have expanded our investments in and use of technology to continue to differentiate Walker & Dunlop and allow us to grow.
We created a database of commercial real estate debt to focus on refinancing opportunities with existing and prospective clients called Galaxy that has been a huge differentiator for us in the market, as we are able to go into client meetings with a full view of our client's portfolio that, in many cases, rivals the information that the client has about their own assets. Let me just focus for two seconds on this slide for what it shows is the data that we come into meetings with. So the first thing is that we now know almost all of the debt that our clients have, whether Walker & Dunlop originated the debt or not. And then what we do is we use our technology and our data from our loan servicing portfolio, which, as Steve just said, is about $105 billion right now.
We basically create synthetic P&Ls for these assets that allow us to know what their revenues have been, what their expenses have been, and then basically compute a net operating income on the asset. By being able to synthetically or through machine learning compute an NOI, we are then able to run refinancing scenarios on the asset so that when we go in to meet with the client, we can present them with various scenarios on their asset to either do a cash-out refinancing, to do a low-leverage refi that will bring down their debt service cost.
In many instances, as we sit down and talk to clients about their assets, they will say to us, "Well, actually, thanks for the refi idea, but I plan to sell that asset next year." And as Kris Mikkelsen's going to talk about in a moment, given the scale and breadth of our investment sales team, we have a wonderful pipeline out of these meetings of potential sales of assets for our investment sales team to go meet with clients. So Galaxy has completely changed the way that we interface with clients and the type of information we have heading into meetings with clients. After building Galaxy, we then acquired Enodo, an applied machine learning company, to make our loan underwriting much more insightful and efficient. And then we built an appraisal business in partnership with GeoPhy that is dramatically faster and more transparent than today's market offering.
All of these technology solutions combined are making our bankers and brokers more insightful about their clients, making Walker & Dunlop more efficient, and allowing us to enter new business lines with differentiating technology. So how have these investments in people, brand, and technology helped us? First, our year-to-date results at the end of Q3 had revenue growth of 22% and diluted earnings per share growth of 24% off of 2019. That was not growth off of analyst projections after the pandemic hit. That is 20-plus% growth in revenues and earnings year over year in a dislocated and shrinking market. And that growth in loan volumes and revenues has continued into Q4, with our loan origination volume with Fannie Mae, Freddie Mac, and HUD exceeding $21 billion through November, up dramatically from the $15.3 billion of volume we did with these three capital sources for all of 2019.
So explosive growth in loan volumes, revenues, and earnings in a down market. How have we done that? The proof point in the power of our people, brand, and technology are the following two data points. In the third quarter, 69% of the loans refinanced were new loans to Walker & Dunlop, and 25% of the total financings we did in Q3 were with new clients to Walker & Dunlop. So unlike many of our competitors who were reliant on refinancing loans in their own portfolio when rates dropped, Walker & Dunlop was out refinancing new loans with new clients. And this trend has continued into the fourth quarter, with 68% of our refinancings being new loans to Walker & Dunlop and 31% of our total financing being done with new clients through November.
These incredible statistics on market share gains and attracting new clients to Walker & Dunlop position us exceedingly well to continue growing rapidly in 2021 and beyond. That brings me to the Drive to '25. I need to back up quickly to tell a story about why Walker & Dunlop establishes five-year business plans. I was attending a Young Presidents' Organization meeting back in 2007, and a wonderful business leadership coach, Jack Daly, was speaking. Jack was talking about this and that, and then he said, "The number one job of a CEO is to tell his team where they are going.
If you haven't laid out a well-articulated plan for where you are going, you are going nowhere." So I returned to my office and immediately began working on a five-year growth plan for W&D that had bold, highly ambitious goals, as Jim Collins describes and defines in his seminal book, Good to Great. And we established our first set of goals for W&D in 2007 to grow revenues, net income, and income from operations five times in five years. And from 2007 to 2012, which included the great financial crisis, we grew revenues, net income, and operating income almost exactly 5X. And at that point, we were hooked on five-year BHAGs. And as Steve just walked you through, we accomplished almost all of our last five-year Vision 2020 business plan, including the most ambitious and important goal, $1 billion in annual revenues.
So where are we going between now and 2025? First, we will continue on our path to become the premier commercial real estate finance company in the United States. When we first established that goal in 2010, we were a tiny firm with big ambitions. But as you have seen, we have gained the scale, the brand, the people, and the technology to achieve that goal over the coming years. The component parts of growth in the Drive to '25 are: grow debt financing volumes to over $65 billion, including $5 billion of small balance loans. Grow our servicing portfolio to over $160 billion. Grow our property sales volume to over $25 billion. Establish investment banking capabilities, including growing our assets under management to over $10 billion, and while accomplishing those highly ambitious business goals, we will be a leader with our environmental, social, and governance efforts.
We will aim to reduce our carbon emissions by 10% on a per-employee basis while continuing to offset our carbon footprint to be carbon neutral, as we have been for the last several years. We will double the percentage of women and minorities within the ranks of our top company earners and senior management, and we will tie those goals to senior executive compensation. And we will donate 1% of our annual pre-tax profits to charitable organizations. That's the roadmap to 2025. I'm going to now turn to my colleague, Sherri Thompson, who heads our FHA finance team, to give more color on how we plan to grow our debt financing business over the coming years. Sherri?
Thank you, Willy, and good morning. I'm Sherri Thompson, and as Willy said, I'm Head of FHA Finance at Walker & Dunlop. I'm also a member of the Executive and Strategy Committees, which both were involved in the development of the Drive to '25. One of my really first jobs out of college was with Walker & Dunlop, and I've spent most of my career in multifamily finance. Having recently been at a global services firm, I saw the opportunity to come back to a firm that had big company capabilities but a small company feel, which was really important to me. But I also wanted a firm that had a full suite of products and services, as I know firsthand how important that is to clients.
In addition, having seen what institutional companies have done in diversity and inclusion, I saw a smaller firm that was making great inroads into this space where my contributions could really help drive this forward. So in late 2017, when I was given the opportunity to return to the company in a leadership role, I jumped at that chance, as I believed that Walker was one of the best-positioned firms to take advantage of where the market was headed. Coming back to Walker & Dunlop felt a little like coming home. As Willy just laid out, we have set the ambitious goals of growing our debt financing to $60 billion and our small balance lending to $5 billion by 2025.
At other companies, production heads, they might feel a little overwhelmed to hear that their next five-year goal is just as ambitious as the last one, which is to double our volumes yet again, but we thrive on ambitious growth targets, and the entire firm is aligned around the Drive to '25. As you can see on this slide, the commercial real estate market has shrunk in 2020, but even as the market has taken a step back, as Willy discussed, W&D has gained market share, and the market's expected to rebound next year to about $400 billion. Multifamily should account for about 75% of that. Based on our own research and our market analysis, we're projecting that the multifamily market will grow by almost 15% by 2025. With continued growth like that, there's tremendous opportunity for us to gain market share.
Leveraging our extremely strong market position in multifamily, we'll continue to be a dominant provider of capital in this space. One of the most significant drivers of the increased market size will be an upcoming wave of multifamily maturities. As you can see from the slide, maturities triple in the next five years and will present not only huge refinancing opportunities for our debt teams, but also opportunities for our property sales teams as assets are sold rather than refinanced. We ended 2019 as the fifth largest multifamily lender in the country with $16.5 billion financed, and we're within striking distance of a set of formidable companies that hold the number one through number four rankings. So how do we get there? As you can see from this slide, JP Morgan Chase is currently number one. Their average loan size is $3.4 million, and they dominate the small loan market.
This is an area that Walker & Dunlop is just entering, and it's an important component for us to becoming number one. I interact with clients all the time, and I'm often asked if we can do their small loans. We can, and we do originate some of these now, but it doesn't make sense to scale the business using the same resources and processes that we do for bigger loans. So we'll attack the small loan space with a technology-based approach. And given the way we've deployed technology within our other core businesses, we believe that these solutions will enable us to be a leader in the space and will be able to scale our SBL growth with both the GSEs and with other capital sources. When we're out meeting with clients, we're also consistently asked for investment banking capabilities. Can we value their company?
Can we do private debt placement? Can we syndicate tax credits? At Walker & Dunlop, we currently don't have the products to meet these client needs. As you can see here, Wells Fargo is the number two lender, and they have investment banking capabilities to complement their commercial bank. At W&D, we are going to build out our investment banking services. You'll hear more about how later this morning from my colleague, Greg Florkowski. I've also worked at firms that didn't have property sales capabilities, and they consistently lost opportunities to firms that did. Being at W&D, I've seen firsthand the value and synergies between property sales and debt. CBRE is a number three lender, and it's the largest sales brokerage firm in the country.
As my colleague, Kris Mikkelsen, will outline in a few minutes, we've grown dramatically in the space and will continue to grow our property sales arm over the next five years. It's super exciting to be the platform that's building out these three capabilities. As we focus on these, we'll also continue to grow our core businesses with Fannie, Freddie, and HUD. As Willy mentioned, we've done over $21 billion this year with these three, and if competition stays where they were last year, this would put us at number two with the agencies. All of these investments will drive revenue and grow profitabilities, and at the same time, we'll be financing tens of thousands of safe, affordable homes for Americans. We've historically been known as a multifamily platform, but most of our clients also have assets in other sectors of real estate.
Over the next five years, we'll be focused on growing our debt brokerage volumes, including financing office, retail, hospitality, and industrial assets. In 2019, we only had 1.5% market share in this area. Excuse me. This is a data point that, honestly, our team gets really motivated about because, given our current size and client base, our ability to grow in these areas is almost unlimited. We're expanding this business by hiring more debt brokerage teams. This year, we hired market-leading teams in Ohio and New York who've got great reputations in their respective regions. And despite the really tough year for debt brokerage markets, these teams have helped us diversify our lending. We plan on bringing on board similar teams across the country in the next five years.
And bringing in these types of teams, it's not only value-add to the brokerage space, but it's very beneficial to the agency lending as well because it's really easy for us to sell Fannie, Freddie, and HUD on the W&D platform. Our bankers and brokers collaborate all the time. This year, when the other capital sources were disrupted by market conditions, the agencies have been still actively lending. So we've seen a lot of agency deals done by our debt brokerage teams. The ability for our debt teams to broaden their offerings makes the platform more attractive to our producers, makes the teams more valuable to us, and helps us garner more market share with the agencies. So as we expand our debt brokerage teams, we will be better positioned to serve our existing clients, bring in new clients, and grow our business.
As someone who's responsible for one of our main product lines, I'm really pleased about the collaboration that happens between our various businesses. We can quickly pull together experts from across the company and create a team that provides multiple financing and sales solutions to our clients at one time. It's really great to be in a company with big firm abilities, but that's also nimble enough to provide a tailored service to each client. I've been talking about growth, which means growing our workforce. As Willy said, we'll continue to hire the very best bankers and brokers in the country through organic hiring and acquisitions. A key piece of the strategy will be a focus on diversity. We want our team to look more like the communities we serve. In this slide, the second ring of our Venn diagram is technology.
I've seen companies that had very large technology budgets, but they're focused mainly on making their loan processing more efficient. So what's unique about W&D? We're also investing in technology that makes our sales process more insightful, efficient, and impactful. Our producers are using our Galaxy database that Willy described to give our clients deep insights into their own portfolios and providing real and measurable value to them. I've heard time and again from our bankers and our clients that this technology sets us apart from our competitors. For example, we recently were able to provide a client with an overview of an asset that had trapped value that they were unaware of. Currently, we're sizing this deal for a cash-out refinance with the GSEs. And along with utilizing our technology for sales enablement, as I discussed, we'll grow our team by deploying technology in many areas of the firm.
The third circle in the diagram is our brand, which at W&D is growing very rapidly. As you heard Willy discuss, our Walker Webcast series has been a game changer, increasing brand recognition and business opportunity. Not only are we hearing people in our industry tell us they're listening and enjoying the webcast, but personally, I've heard comments from people inside and outside our space who found value in the thought leadership that this series provided, especially during a time of uncertainty and unrest. It's been fun to hear feedback like we've made this mandatory listening for our team every week, and my personal favorite, I must start doing business with W&D. Speakers have provided real insight into management, leadership, and the road ahead, not self-serving broker talk.
I'm very proud to work at a company that values our people, recognizes the need to innovate, is leaning forward to grow rapidly, and committed to becoming the number one multifamily lender by 2025. Thanks for your time today. It's my pleasure now to turn this over to my colleague, Kris Mikkelsen, who's been instrumental in growing our investment sales platform.
Good morning, everyone. I'm Kris Mikkelsen, Executive Vice President, Head of Walker & Dunlop Investment Sales. I joined Walker & Dunlop in 2015 when my partner, Greg Engler, sold our boutique investment sales company, Engler Financial Group, to W&D, creating multifamily property sales capabilities at Walker & Dunlop. When you're part of a boutique like EFG, an entrepreneurial spirit is very much a part of your DNA. You learn the importance of people and relationships as you're competing against the largest global real estate services firms in the market. You know that every professional you add to the team has an impact on your brand, and you have to innovate to differentiate your services and find an edge. So it was critical to us in 2015 as we explored various strategic options to find a company that was equally focused on people, growth, innovation, and culture.
For me personally, the culture piece being the most important. So when we came on board at W&D, we knew very clearly that our biggest challenge would be balancing the quality of the people we put on the platform with the speed at which we do it. It has taken a massive amount of patience and persistence, but I can confidently say that we have never once sacrificed quality for the sake of speed. As a result of our efforts, our investment sales platform is building significant momentum and helping strengthen W&D's brand in the marketplace. We've grown the investment sales team from 11 people with boots on the ground in three markets in 2015 to a 90-person team in over 20 markets today.
One of the lessons we learned early in our building days was that we would have more success recruiting in markets that were adjacent to ones where we had an existing presence. So as a result, our early recruiting additions included new teams in the Mid-Atlantic and Florida, as well as organic growth in the Carolinas and Nashville. But we identified top talent in other target markets. We made contact and began building those relationships. Some of our most successful recruiting additions have come after three to four years of relationship building, establishing trust, and demonstrating to potential recruits that we're committed to building a market-leading platform, not sacrificing quality, just to put dots on the map, if you will.
So there's one thing to note as we look at the footprint today, and it's important to understand that many of these teams have been added in the last 12-18 months. When you layer in the disruption to the market related to COVID on top of the typical transition or ramp-up period of a new team coming to a new platform, it's safe to say that our historical volume statistics that we will discuss in the following slides are not a perfect representation of our true investment sales capabilities as we stand here today. We had an ambitious goal in the Vision 2020 plan, and I've got to pause here and give Willy and Howard and the board credit because they made a goal of building an $8 billion investment sales platform before they were even in the investment sales business.
So when you look at this table here as well, you can see the fruits of our patience and persistence really paying off. You see the additions in 2019 and 2020. I pause here for a moment and point out that throughout the COVID disruption, we've been on offense. We've added new teams in Southern California, South Florida, Columbus, Ohio. We've bolstered our presence in Nashville, Tennessee. And despite the markets virtually shutting down, as Steve mentioned, in late March, really through early Q3, we had visibility into nearly $6 billion of transactions for calendar year 2020. So where do we go from here? We're going to grow WDIS to a $25 billion platform in 2025. How are we going to do it? People, brand, technology.
We've spent the last five years ensuring Willy mentioned it earlier and gave a nod to Jim Collins, the big seats on the bus, getting them filled with the right people. We continue to enhance the Walker & Dunlop brand through a number of initiatives that we've covered on our time together here today, and we're utilizing proprietary technology to become more thoughtful advisors. So what does $25 billion in investment sales look like in the context of the broader market? This is a table showing volume from 2019. As I look at this table, there's a few key takeaways here. As I mentioned earlier, this is reflecting transaction volume from 2019, a year where we made a number of strategic additions, where production from those adds did not feed into our numbers. The second takeaway is positioning.
And a theme that is becoming more and more consistent, resonating not only with our client base, but also in our recruiting conversations, is the desire, really the want to do business with a firm that finds the perfect balance of big company capabilities and small company touch and feel. Walker & Dunlop is perfectly positioned in the market as just that. We will continue to use our advantage to move our way up this table. I'll give a quick anecdote. I was on the phone with a strategic recruit just last week. This is someone I've been in contact with pretty regularly over the course of the past two and a half years. They've become more engaged recently, and I asked them what had changed, and his response to me was pretty straightforward. He said, "You know, kris, we've just gotten too damn big.
We want to be on a platform that's focused on the capital markets and part of a connected multifamily investment sales team." Now, I'm not sure how the end of that recruiting story will finish, but I do know this: after five years of extraordinarily hard work, we are receiving as many, maybe even more inbound calls with producers on other platforms inquiring about joining W&D as the outbound cold calls that we were making as we were standing at the base of the mountain and beginning the journey to $25 billion in annual volume. So we'll continue to build on that momentum and look to a handful of markets for key expansions. As you know, the Denver and Phoenix markets are incredibly active. Houston, despite some near-term headwinds, will see a return to robust volume.
These are three markets where we have extraordinarily talented Walker & Dunlop agency finance and capital markets professionals on the ground. We're very focused on pairing them with top talent on the investment sales side. Markets like Chicago, Northern California, the Pacific Northwest, these are markets that have seen a little more dislocation throughout the year, but we've identified candidates in all of these markets, and as we've done in other gateway cities, we will remain persistent in our pursuit of best-in-class talent, so when you think about these six markets as kind of key expansion target markets, they combined for over $40 billion of multifamily transactions in 2019, so they'll be a big part of getting our way to $25 billion by 2025.
In addition to picking up additional volumes from each of these markets, these additions will complete the mosaic, if you will, of our national investment sales platform. While our platform today is well-equipped to execute portfolios on a regional basis, as we did with the sale of the Arium portfolio at the end of 2019, that was five assets spread across Texas, Florida, and North Carolina, where we represented an Atlanta-based operator, and AIG, and the sale to Blackstone. A fully completed platform will open up new opportunities on the national portfolio front as well. Another piece of our growth strategy is to diversify in other segments of the multifamily market. We added a national senior housing team in late 2019. We'll focus on student, affordable, and build-to-rent as three key areas for growth in the near term.
One of the most important roles at W&D that we have on the investment sales side is to drive as much transaction activity across all of our business lines as possible. Make no mistake about it. When you are the investment sales group at the nation's premier financing firm, working hand in hand with our counterparts on the agency and capital markets platforms is the way to provide the most thoughtful advisory services to your customers. Being able to approach owners with a unified team, agnostic to their ultimate portfolio management decisions, refinance, recapitalize, sell, and know that the team you have in the room offers excellence and execution on all fronts. That's a powerful thing.
When you see W&D providing acquisition financing on nearly half of all the investment sales transactions we've completed year to date, you start to get a feel for the incremental activity that additional growth in the IS platform will create in other parts of the company. If we just put some numbers to that, as we work our way through $10, $15, $20, to $25 billion in sales, we have the opportunity, with these market-leading capture rates, to drive an additional $8-$9 billion of annual acquisition financing to Walker & Dunlop. That's a quick look at where investment sales has been, where we are today, and where we're headed: people, brand, technology. We remain exceedingly disciplined in our hiring.
Focus on, as Bob Iger said in his recent book about his time at Disney, add people that are not only good at what they do, but they're also good people. Knowing that these additions will continue to enhance the Walker & Dunlop brand, we're utilizing proprietary technology with tools like Galaxy, Enodo, and Apprise to streamline processes, leveraging the collective activity of the platform, and give our production teams unparalleled insight into the market and key clients' real estate portfolios. We're excited about our pipeline and our momentum in the market, and we look forward to the Drive to $25 billion in 2025. We talk a lot about the competitive landscape and the need to offer clients ideas, capital, and opportunities to differentiate yourself from competitors. My colleague, Greg Florkowski, will now walk through our strategic plan to expand our capability across those lines.
Thank you, Chris, and good morning, everyone. I'm Greg Florkowski, Executive Vice President of Business Development. I'm also a member of the Executive Committee and head of the Strategy Committee at Walker & Dunlop. I joined the company 10 years ago after starting my career at KPMG. I spent the first eight years of my career at KPMG auditing a variety of public and private institutions in the hospitality and financial services industries. Throughout my career, I had the great fortune of being exposed to disparate cultures and management teams. Having started my career a few years prior to the great financial crisis, I saw a lot of success and some failure and was able to see how management teams handled those successes and challenges and just how important people and culture are to a firm's collective success.
I felt like KPMG provided me with a unique perspective on corporate culture through the different companies I was partnered with. During my last three years at KPMG, I served as the lead manager on the W&D account and worked closely with the company's senior leadership team and many of the employees within and throughout the company as they launched their IPO in early 2010. During that process, I spent quite a bit of time with W&D's management team talking about the long-term vision and strategy and getting to know the people, culture, and vision at a very personal level. I vividly remember coming home after a long day working on the IPO and telling my wife just how much I enjoyed spending time at W&D despite the 12-plus-hour days, and I remember sharing with her just how much I believed in the company's broader strategy.
I told her if I was ever going to leave KPMG, it would be for a company and a culture like Walker & Dunlop. It just felt like family. And in the fall of 2010, I was asked to join the W&D family as the controller and lead the firm's accounting and finance team. And after seven years of leading the finance and accounting team and wearing a number of hats supporting the company and its growth following the IPO, I was asked to take over the company's business development team and support the execution of its long-term strategy.
In my seven years as controller and to a greater extent during the last three years leading our business development efforts, I've worked closely with every member of our leadership team and understand what each of them has made each of them so successful over the last 10 years and what will enable them to continue building upon that success as we embark on the Drive to '25. I've been closely involved with our Chief Production Officers, helping them hire and scale their platforms. I assisted in or led the negotiation of many of our acquisitions and JVs. Finally, I've also been closely partnered with our technology team as we've either bought or developed point solutions to continue scaling our business and growing our reputation as one of the best lenders in the industry.
As a result, I have a deep understanding of the people and technology that has made W&D so successful, and I've been closely involved in the hiring and acquisitions that have enabled us to scale our brand and business so dramatically, all while maintaining the culture that attracted me to the company 10 years ago. As we developed the Drive to '25, we reflected upon what made us successful to this point: disciplined growth that ensured we select the right people and right platforms to build upon our great places to work culture, add complementary client relationships and services that accomplish the objectives of scaling our business while increasing the breadth of our services and extending the reach of our brand to better serve our customers, and acquiring and developing technology solutions that provide us with deeper insights into clients while enabling a best-in-class client experience.
A perfect example is our entry into and the subsequent growth of the investment sales platform that Chris just spoke about at length, or the industry-leading growth of the agency lending and debt brokerage platforms that Sheri shared with you. These are perfect examples of how we leveraged our people, technology, and brand to establish market-leading verticals at W&D over the last decade. As Sherry mentioned previously, investment banking is a logical extension of our business that presents us with another tremendous opportunity to add complementary services that will continue scaling our business by leveraging talented people, technology solutions, and a highly recognizable brand, all while meeting the diverse needs of our clients. Investment banking really represents the DNA of the commercial real estate industry and the various services and advice a client might seek to facilitate a transaction or a broader strategy.
Developing and scaling these capabilities, many of which Walker & Dunlop has today, are what will truly make W&D the premier commercial real estate finance firm in the United States, a goal we established as we went public 10 years ago. As you can see from this slide, our firm was established on the foundation of its core lending products with Fannie Mae, Freddie Mac, and HUD, and the diverse capital solutions and financing professionals of our debt brokerage vertical. Senior lending solutions are the most common requests we receive from our clients. As our reputation built, our clients began looking to W&D to provide them with higher leverage capital, and we established and scaled our structured finance and equity placement businesses. In 2014, we added the investment sales capabilities to provide our clients with direct access to product and assist our customers with sales of assets within their portfolios.
Over the last several years, we began developing proprietary technology solutions that would enable us to learn more about our clients and better understand their businesses. Perhaps more importantly, these clients and data analytics also allowed us to understand who we were not working with and, in some cases, why. With that understanding, we can consider people and services we could add that might enable us to work with those clients in the future and better serve our existing customers. For example, Sherry spoke about our proprietary Galaxy database that has enabled us to gain greater insights into our clients and their portfolios, allowing us to become a powerful ally as we meet with them to think about the services necessary to help them execute their strategies. Those data insights have allowed us to ensure we bring the right team and the right services to client meetings.
That has enabled us to grow our wallet share with existing clients and establish new relationships with numerous new clients as we have scaled the Walker & Dunlop brand. As our customer relationships have deepened and our brand has become more recognizable, existing and new customers alike have begun seeking new and complementary services from Walker & Dunlop. We are being asked by clients to help them value their platforms, raise more complex equity capital solutions, provide detailed market research, or even raise equity that can be invested in affordable housing developments. A perfect example of the M&A advisory services we are being asked to provide is the Greystar acquisition of Monogram Residential in 2017. W&D provided the $1.9 billion senior debt facility that supported that acquisition.
But our data analytics and the local market and macro environment expertise of our debt financing and investment sales professionals would have made us a powerful ally in valuing that platform and advising either side of that transaction. These are services that we are being routinely approached to provide that represent a logical extension of our existing capabilities. Establishing a broker-dealer is another example of the complementary capabilities we will add over the next five years. As Willy mentioned previously, we have originated $21 billion of Fannie Mae, Freddie Mac, and HUD agency securities this year. With a broker-dealer, we would add the ability to selectively sell our own agency deal flow directly to end accounts. To be clear, our goal is not to establish a proprietary trading desk, but when appropriate, to sell select securities to end accounts should the execution benefit our clients and our business.
Additionally, a broker-dealer will greatly expand the equity placement services we offer today. With a broker-dealer designation, we will be able to broadly market and sell equity capital on behalf of our clients or raise proprietary multi-investor equity funds for our customers. Importantly, executing on the equity raise for a client often enables us to pair that equity capital with a senior debt solution. So increasing the breadth of our capital formation business not only establishes a new complementary service, but will also expand other service lines already provided by our platform. As with the data analytics and customer segmentation I spoke about previously, research and valuation services hold together the DNA of the industry and its trillions of dollars of transaction volume.
Last year, we entered into a joint venture with GeoPhy, a technology development and data science platform based in the Netherlands, to launch a multifamily appraisal business separately branded as Apprise. Through Apprise, we are establishing a valuation advisory platform for the 21st century that pairs millions of data points obtained through public and paid data sources with a proprietary report writing tool to power our appraisal reports and our valuation insights. The integration of technology with industry-leading experts will allow us to identify deeper insights from the data we accumulate to help power our clients' transactions. And at its core, the commercial real estate industry is powered by value. Our clients and capital partners rely on value to enter into or make new loans, raise or invest equity capital, and buy or sell assets and platforms.
In addition, as we accumulate data across thousands of transactions spanning years, we can provide customers and capital providers with meaningful research into the macro and market drivers that fuel trillions of dollars of transaction volume every year. By leveraging technology, data science, and data analytics, we intend to put market research and valuation conclusions at our fingertips, driving the growth of our business in the years to come. And finally, we must continue scaling our assets under management through Walker & Dunlop Investment Partners. We have over 200 bankers and brokers on the platform today with access to a significant and diverse amount of deal flow. Whether that's senior debt or equity capital, the solutions our clients desire take many forms across the $30-plus billion of transaction volumes we execute today.
So as we continue scaling our senior lending and equity formation solutions for our clients, we believe raising proprietary funds that can meet the diverse demands of commercial real estate investors represents another logical extension of our core capabilities. A specific area of focus is raising equity capital that can be placed directly with developers of affordable assets. Walker & Dunlop has originated $17 billion of affordable senior loans over the last three years, and we have established ourselves as one of the largest affordable lenders in the industry. We need to develop additional complementary services to further meet the needs of those clients. And raising equity capital and distributing that capital through a tax credit equity syndication platform is a key area of focus for us.
The expansion of Walker & Dunlop Investment Partners to $10 billion of AUM by 2025 will provide us with access to capital that meets virtually any request that comes our way, making us a more valuable partner to our existing customer base and attracting new clients along the way. The M&A advisory, capital formation, and valuation services industries we are focused on establishing during the Drive to '25 represent $2-$3 billion of annual revenue for the commercial real estate services industry, while more than $200 billion of capital is allocated annually to investment managers with a specific mandate for investment in the United States. These represent material opportunities for us to continue growing Walker & Dunlop while expanding the service offerings that make up the DNA of our industry and its underlying transactions.
And just as we have scaled our core lending and investment sales operations by leveraging the brand, people, and technology unique to Walker & Dunlop over the last 10 years, we will similarly scale the investment banking services I've spoken about today. I'm now going to turn the discussion over to TJ to share how we have integrated our sales efforts to date and how we expect to continue improving upon that success as we execute on the Drive to '25. TJ.
Thanks, Greg.
Thanks, Greg.
Good morning. I'm T.J. Edwards, Managing Director of Proprietary Capital. I joined Walker & Dunlop in September of 2020 from Freddie Mac. My role at Walker & Dunlop is to bridge everything Sherry discussed on our debt financing offerings together with our investment sales capabilities that Chris described and creating the connection with our advisory services and the innovative capital solutions that Greg mentioned. At Freddie Mac, I had the opportunity to work with both large and small lenders as well as how each competed in the marketplace. During my tenure at Freddie, I was able to see the growth and expansion of Walker & Dunlop over the past 10 years. Freddie Mac was an amazing place to work, and I had the ability to be a leader and help the company's business volume grow extensively. Leaving, however, was a very tough decision.
But leaving to join a firm with amazing leadership that has already been a huge supporter of my career and being that Walker & Dunlop has all the capabilities of a large firm, but the touch and feel of a smaller company is what drove me to my decision. In addition to continuing to provide exceptional best-in-class services to our customers and expanding our capabilities as a firm through our people, brand, and technology, we will break down barriers for minorities in business and foster change to create equal opportunities for all. Product integration and innovation will be critical to our success in achieving our Drive to '25 goals and our mission of being the premier commercial real estate finance firm in the United States.
I am excited to be leading the team that will be spearheading our efforts to ensure that we are bringing the whole firm and its capabilities to every transaction. At Freddie, I work with a lot of firms with big brands and expansive suites of offerings, but because of their size and scale, lack the ability to create synergy across business lines and fully monetize business opportunities. Walker & Dunlop has the capabilities, brand, and structure to deliver a full suite of services to our clients and a cohesive go-to-market strategy without compromising the customer experience. Our relatively small size allows for seamless product integration and the ability to maintain the same quality of service our customers and external business partners expect from Walker & Dunlop. The yields from our integration are clear, and our client relationships are becoming deeper and stickier.
We recently worked on a transaction that benefited from our integrated platform and provided substantial results for our client and Walker & Dunlop. A few months ago, our property sales team won the listing on a multifamily property in San Antonio, Texas. In addition to the sale, we provide the services for the following. We placed the equity for the asset purchase. This created a great opportunity for our Walker & Dunlop investor partners to provide preferred equity, and our agency team came in and handled the first trust financing through Freddie Mac. This deal was a massive success in terms of building a deeper relationship with the client and eliminating the friction points that can be a result of having multiple firms involved with one transaction.
From a Walker & Dunlop financial standpoint, we were able to capture multiple fees due to three of our business lines providing services for the transaction. We earned over $800,000 in total fees on this deal, compared to the $260,000 we would have earned if we only sold the property for the client. Providing LP Capital and doing the appraisal through our Apprise business line were the only additional products we could have provided for the transaction. Our integration expands. We will continue to find new ways to service our customers and increase our revenue per transaction. My team is focused on every transaction, ensuring the value our platform delivers for all new and existing customers is part of every engagement. Becoming more innovative and investing in technology will be a key driver of our ability to service our clients more holistically over the next five years.
The proprietary database that you've heard from my colleagues provides insights into our clients' portfolio and opportunities that none of our Walker & Dunlop competitors have today. And I can say with full confidence, having recently joined Walker & Dunlop from Freddie Mac, where I had the visibility into the technologies being used by other agency lenders. Galaxy, by far, is the closest thing to a crystal ball that I have seen in the commercial real estate industry because it's a forward-looking database that allows our team to identify opportunities not just for our current customers, but also for owners and operators that we don't actually service today. For example, when the Walker & Dunlop team pitched the $2.4 billion Southern Management portfolio refinancing, we knew as much about the portfolio as the incumbent lender and the client.
As Willy previously noted, during the third quarter, 69% of our refinancing volume was with new loans, and 25% of our total debt financing volume was with new customers. The data insight from Galaxy and its integration into our business line contribute to these strong numbers. The power of Galaxy is a game changer. Our sales force utilizes the tool to ensure we're asking our customers the right questions to leverage the full bandwidth of our platform. The opportunities go beyond debt financing. We are also able to identify investment sales, preferred equity, and appraisal opportunities. When we enter a customer meeting with a view of their portfolio, we can gain a deeper understanding of the customer's needs more efficiently than our competitors. Galaxy, as a technology resource, ties directly to our platform integration model, and my role is to pull all the resources at Walker & Dunlop together.
When we're successful, the outcome is what we saw with the Southern Management portfolio and the transaction I highlighted in San Antonio, Texas. Data and insight on the debt side leads to far more robust conversations on assets, which leads to opportunities for investment sales, structured finance, capital raising, and other areas of our platform. In our pursuit of becoming the premier commercial real estate finance company in the United States, we need to have a holistic view of what our clients need and a holistic set of products and services to meet those needs. We are well on our way to achieving this, and our continued focus on and investment in driving multiple revenue streams from a single transaction over the next five years will increase our value to our clients and the profitability of our overall business model.
I've been following Walker & Dunlop my entire career, and I have always admired the quality of service and care we provide for our customers. The customer experience is a critical element to our success, and our people, brand, and technology will drive us. It is clear Walker & Dunlop is not only the leader in the commercial real estate industry, but also a leader and agent of change for multiple sectors. The results we're delivering for our customers and how we're helping to provide safe, affordable housing for millions of Americans is at our core. We're committed to finding solutions to eliminate social injustice issues and creating equal opportunities for all.
I joined Walker & Dunlop because I believe in our leaders and our people, and I'm excited to play a critical role in our Drive to '25 and being the premier commercial real estate firm in the United States. Now I'm going to turn it over to Steve to talk about how all that Sherry, Kris, Greg, and I have discussed will impact our future financial results. Thank you again, and good morning.
Thanks, TJ. It's really great having you on the WD team, and I hope all of you have enjoyed hearing from my colleagues about our ambitious plans. So I want to do a little recap on our Drive to '25. Goals are to grow our debt financing volumes to $60 billion, plus an increase in small balance lending to $5 billion, all of which should lead to a servicing portfolio that is at least $160 billion in size. We want to grow our annual property sales volumes to $25 billion, build out our valuation and investment banking capabilities, including $10 billion of assets under management, and fulfill our ESG goals to drive diversity in our leadership while strengthening our communities and reducing our carbon footprint. Achieving these growth goals should result in total annual revenues of between $1.7 billion and $2 billion by 2025.
The components of that include debt financing revenues in the range of $850-$950 million, property sales revenues between $150 and $200 million, revenues off our servicing portfolio, including our escrows of $425-$450 million, and then the new investments and initiatives of investment banking, Apprise, small balance lending should contribute between $275 and $400 million of revenue by 2025. As we grow the top line over time, we also expect to see operating margin expansion with a forecast 2025 operating margin in the range of 32%-35%. This compares to an operating margin of 29% for the first three quarters of 2020. The increase in the operating margin from historical levels is due to a number of factors.
First, we are investing in a number of growth areas where margins are below our corporate average or even negative in some cases as we are building out the platform. This includes asset management, appraisal services, and investment sales. In addition, our small balance lending platform economics will be enhanced by the technology investments that we're planning to make that will make the business more efficient than it is today, while we also seek to grow volumes to scale. We have seen the benefits of scale in our traditional lending operations, and small balance is no exception to that. And finally, boosting our revenues in 2025 will be our high-margin servicing portfolio that should grow to at least $160 billion over the next five years.
One important point to note is that our servicing portfolio revenues include escrow interest, which we are not projecting to increase significantly given the current interest rate environment. As the portfolio grows, the amount of escrow deposits will grow as well. Should short-term interest rates increase over the next five years, we will also see higher interest revenues, which drop straight to the bottom line. For example, if we see a 25 basis point increase in Fed funds and that translates to increases in our deposit rates in 2025, that would add an estimated $9 million in revenue and operating income to our results. If we achieve these goals, we believe that our 2025 diluted EPS would be somewhere in the range of $13-$15, and our Adjusted EBITDA will be in the range of $525-$575 million.
While these goals are ambitious, what excites me the most is that much of our plan is based on our past proven success. We know how to profitably grow a debt business. We have successfully recruited a fantastic investment sales team. We have the technology in place to drive more deal flow, and we have seen the power of having a recognizable brand in the market. We will leverage all of these strengths as we continue to build out the franchise. Achieving our 2025 growth targets will require us to continue to prioritize using our capital to reinvest in the business, and we will be extremely focused on investing in our people, brand, and technology over the next five years.
One of the benefits of our business model is that our focus on being the premier commercial real estate finance company in the U.S. allows us to invest in all parts of our business rather than starving certain areas to the benefit of others. This is further supported by our capital-light lending model, where we take very little credit risk, and where credit risk we do take is well underwritten, allowing us to continue reinvesting in growth. And finally, the stability of cash flows from our large and growing servicing portfolio is the underlying rocket fuel that propels our business going forward and will allow us to achieve this growth while keeping our leverage levels low. One area we will continue to invest in is our people.
At the end of November, we had 203 bankers and brokers on the platform, and we expect by the end of 2025, we will have between 300 and 330 bankers and brokers, a growth rate that's consistent with the last five years. We're focused on attracting the best people in the industry with diverse backgrounds, experiences, and perspectives, and we will continue to be disciplined and thoughtful in the way that we recruit and evaluate capital markets acquisition opportunities. By 2025, this growth in bankers and brokers would give us the expertise to service every client in every major market in the country, but our headcount would still put us well below the number of bankers and brokers on most of our large competitors' platforms. A final point here. The average age of our bankers and brokers is 42.
We expect our team to be with us for a very long time and to continue getting better and better each year. On the brand front, we reached a new level in 2020 due to the success of the Walker Webcast and the way it has enabled us to remain connected with our clients through unprecedented market conditions in a manner that our competitors were not able to replicate. Our success in expanding the brand has resulted in more transaction opportunities and inbound calls from potential hires than any other marketing tactics we have employed. We will build off the momentum we gained in 2020 to continue building and differentiating our brand over the next five years, with particular focus on our small balance lending and appraisal platforms.
Finally, we will continue to invest in technology to make us more insightful and relevant to our clients through data science and analytics, and to make us more efficient in the way we process our business. We will be most heavily investing in developing technology to power our small balance lending platform with the goal to reinvent the way that small loans are originated, underwritten, and closed. We estimate that our technology investments will be in the range of $10-$20 million on an annual basis over the next five years and expect that these investments will be a driver of not only the growth, but the strong operating margins we should generate as they begin to drive the intended efficiencies.
We have significant dry powder to make the necessary investments to deliver growth and expect that we will continue to generate sufficient capital to continue growing our dividend and repurchasing shares over time. Since we initiated a dividend in February of 2018, we have increased it by 20% in each of the subsequent years and plan to recommend another dividend increase to the board at our next meeting in February based upon our strong financial performance in 2020 and our optimism for the future. We will also continue to opportunistically repurchase shares as we have in the past. It's been extremely exciting for me to be part of Walker & Dunlop's amazing growth over the past seven years and to be the CFO of a company that is coming out of a challenging year with a stronger balance sheet and more opportunities for growth than ever before.
We have an exciting and ambitious plan for the future that we believe will drive exceptional returns for our investors, and it's been my pleasure to share that with you today. Thank you for being part of our first-ever Investor Day. I'll now turn the call back over to Willy.
Thank you, Steve, and thank you to Sherry and Kris and Greg and TJ for laying out so clearly how you and your teams will execute on our strategy over the next several years. I'm really excited that investors and analysts of Walker & Dunlop got the opportunity to hear from the four of you and to get a sense of the depth of our management team and the quality of people that Steve and I have the pleasure of working with every day. I'd also say that, as anyone can imagine, there was a lot of input into this presentation. Many investors know Kelsey Duffey, who runs IR for Walker & Dunlop, and Jenna Simmonds, who works with her, and I would just say thank you to Kelsey and to Jenna for all their work in pulling all this together.
We have an amazing company that has an enviable track record of growth, shareholder returns, and corporate citizenship. I get the great honor of heading to New York today to quarantine for four days, get another COVID test, and then ring the closing bell next Monday to celebrate 10 years as a public company and growing the market capitalization of Walker & Dunlop 10X in 10 years. What's most exciting to me is that W&D today is the perfect size to accelerate our growth over the coming decade. We have almost 1,000 people who are the very best in our industry. We have a brand that goes head-to-head with the most valuable brands in the financial services industry.
We have the technology to continue to innovate and to lead, and we have the financial scale with which, as Steve said previously, will exceed $1 billion in 2020, which is, quite honestly, just an incredible accomplishment for our team. I will tell one quick story, which is that that goal of getting to $1 billion of revenues came from a walk that my friend Andy Florance of CoStar and I took in our previously my neighborhood, now still his neighborhood in Washington, D.C.
The two of us were looking at CoStar and Walker & Dunlop, and Andy said, "You want to race to a billion?" And I said, "You're on." As many of you know, CoStar beat us to a billion, but the idea that the five-year goal that we established to get to a billion over that period of time from $463 million or $464 million to $1 billion over the last five years and to do it in the manner in which we've done it. Kris's comment previously as it relates to that tension between how fast you grow and the quality of the people that you add is something that every investor in Walker & Dunlop ought to understand. We don't cut corners to get to growth.
We have grown with the very, very best people, and we've done it in exactly the manner that we laid out to do it in, and so with that financial scale of $1 billion in annual revenues, we ended Q3 with $295 million in cash on our balance sheet, and as Steve just talked about, have a lot of resources to continue to invest in our business. We have the ability to accelerate our growth, and what it gives us is the big company capabilities to compete with all those firms I mentioned previously.
But at the same time, with only 1,000 people, we continue to differentiate as being a relatively small firm that is very client-focused and makes it so that when we go head-to-head with those big companies, people say, "I want to work with Walker & Dunlop." I want to reiterate my thanks to all of you for joining us today to learn more about Walker & Dunlop. I hope the presentations we've made, the data we've given you, both on our past success as well as our future plans, are insightful and make you as confident as ever in Walker & Dunlop as a company and Walker & Dunlop as a company to invest in.
I own a significant amount of this company as the largest individual shareholder, and to any of you who are either present shareholders or future shareholders, welcome and thank you for your trust and confidence in our team. With that, we will open the lines for any investor questions. We're going to, if you, I guess, Kelsey, you can jump in here. We're going to jump in here to Q&A. I guess I'm supposed to say the lines are open. Kelsey.
No, I've got it, Willy. I have Willy. Thanks, Willy. The floor is now open for questions. At this time, if you have a question on the phone, please press star nine, or if you are on your computer, please click the raise hand icon at the bottom of your webcast screen. Our first question is coming from Jade Rahmani at KBW. Jade.
Thank you very much. Great presentation, and I really appreciate your willingness to provide long-term goals and the way you see the company's evolution taking hold over the next few years. When you look at the multifamily outlook in particular, we have seen some surprising shifts this year. I think on the credit side, on the occupancy side and rent collections, multifamily has held up extremely strongly. At the same time, we have seen housing demand really accelerate, particularly on the new home side where homebuilders such as D.R. Horton and Toll Brothers are posting order growth of in excess of 50%. When we look at the past cycle and the GSE's market share, it's basically doubled over the past 10 years, and at the same time, multifamily share of the investment sales market has grown to about 31% from 27%.
So much of W&D's growth, as well as other multifamily-centric participants, could be attributed to the shape of the market, which may not take place over the next five years. So what is your outlook for the multifamily business in particular as a sector of commercial real estate?
So thanks, Jade, and thanks for participating today. I think it's fair to say that we're pretty bullish on multifamily, have been for quite some time. I think it's important to keep in mind, Jade, that while there's no doubt that if you own single family today, that the demand for existing inventory is almost unprecedented. And at the same time, as you also know, you can't build inventory that fast. And I think one of the things that is happening right now is that because there's limited inventory, the price of entry-level single-family housing has been driven up dramatically. And as a result of that, that inventory has gone out of the price range of many entry-level single-family homeowners, which means that those people have to continue to be renters.
I would say that the other piece to the sort of the thesis or the theory that you're kind of pushing on here is that people are permanently going to leave the city. We had Mark Parrell of EQR on the Walker Webcast last week talking about EQR and where they are as it relates to their assets in both the suburban markets, urban markets, and urban core markets. Owen Thomas of Boston Properties was also on the Webcast. Both talked, I thought, extremely insightfully about the fact that while urban core right now is, without a doubt, it's not even robust, it's basically moribund. I'm in my office in downtown Denver today, and if I walked outside and threw a stone, it wouldn't hit anybody. At the same time, we are going to have a return to the city in Q2.
We are going to have vibrant activity both in offices as well as restaurants as well as in retail, and people are going to get back to understanding that culture and creativity happen in the office. As a result of that, companies like Walker & Dunlop are going to get back to the office, and as a result of that, people that we hire are going to want to live near our offices in urban centers across the country where we have 44 offices today. So there is clearly, I mean, there's no doubt about it. The data would tell you right now single family is having a great moment.
I do not know how enduring that is, and what we do know is that a ton of the single-family inventory has been priced out of the capabilities of a huge percentage of the American populace, and I think multifamily is positioned very well over the next five to 10 years.
Great to hear. Can I ask another question or?
Yep, yep. Go right ahead.
Oh, thank you. When you look at the growth to $65 billion from $31 billion in terms of transaction volumes, how much of that as a percentage would you say comes from non-multifamily property types? You did mention the goal to become the premier commercial real estate finance company, and I think you do have a lot of capabilities growing in other sectors. You've hired a lot of teams that have experience in sectors outside of multifamily. Can you just shed some light on how much of the growth will come from those other core property types?
Sure. So if you back up to the beginning of 2020, pre-pandemic, Jade, in Q1, we did over half of our financing volume with sources of capital outside of Fannie, Freddie, and HUD. So Fannie, Freddie, and HUD, who are all multifamily, only accounted for, I think it was 46% of our total financing volume in Q1. That means that 54% of our financing volume came from brokers who are looking at taking deals on multifamily, office, retail, and hospitality to other capital sources, and they did that very effectively in Q1. So what I think has been so interesting about 2020 is we started the year doing over $11 billion of debt financing volume with Fannie, Freddie, and HUD comprising less than 50% of our volume, which showed the breadth of that broker network and the breadth of capital sources that Walker & Dunlop has access to.
Clearly, as we moved into Q2 and Q3 and into Q4, the name of the game has been multifamily, and our size and scale with Fannie, Freddie, and HUD has benefited us tremendously. But what investors need to understand is, as the market normalizes, as equity capital starts to flow to assets beyond just multifamily and industrial, that we have built out an incredible team of debt professionals across the country who focus on meeting the needs of not only multifamily borrowers, but borrowers who have office buildings, retail, hospitality, and industrial assets that they need to finance. So without giving you a specific number of what that mix is, I think investors can feel very, very confident, given our Q1 results of this year, that we have the team on the ground that, as the market normalizes, we will be able to grow very dramatically in financing non-multifamily assets.
That's great to hear. I think that at the outset of the presentation, you described the company's historical growth rate and revenues and compared Walker & Dunlop to some very high-growth companies. I was wondering if you think the company Walker & Dunlop should be valued as a commercial real estate brokerage services company similar to where perhaps CBRE, JLL, Cushman & Wakefield are trading, something more like a REIT, like Arbor Realty, where REITs trade at high multiples, equity REITs trade at high multiples based on recurring cash flows. And I think also you could approach the valuation from a sum of the parts analysis, which we've done work on. What is the value of the Walker & Dunlop brokerage network, the platform, and then maybe estimate the net present value of future service and cash flows?
How would you look at the way that we should be thinking about valuing Walker & Dunlop?
So, Jade, I'll, if you will, leave the answer to that question to people like yourself who are professionals in the valuation of companies and, if you will, putting companies into various, if you will, buckets or analyses. I will say this. The first thing is our growth track record demonstrates very clearly that we should trade at a much higher multiple than we do today. The data tells you that. I would say to you that we're in the S&P Financial 600, and as the slide that Steve showed, the average PE of the S&P 600 financials is 19 times earnings. We should, at a minimum, given that we outperform those companies, we should be trading at least at that multiple. At least. I would say we should be trading higher than that multiple because they're clearly to get to an average of 19.
There are plenty of companies that are in that index that are trading at significantly higher multiples. The final thing I'd say is that if you think about Walker & Dunlop in the framework that you just said, you're completely dismissing all of the focus that we had today on technology. You don't have the type of success we have had in Q3 and Q4 as it relates to new loans to Walker & Dunlop without using technology like nobody else is using technology. Our competitors this year, as you well know because you cover many of them, have been down on revenues, down on earnings, and the growth that they got in Q3 was off of extremely, if you will, taken-down projections for the year. As we talked about, we're up on 2019.
We have added to our market share and to our growth because we're stealing deal flow and stealing customers from our competition. And I will tell you one other thing, which is that once people work with Walker & Dunlop, they stay with Walker & Dunlop. And so I think that we are at a point right now where the use of the people we've added, the brand we've built, and the technology we've developed is truly differentiating this platform. So what's the multiple on that? I don't know. Time will tell. But as Steve said, it's up to us to continue to show investors why we're growing faster, how we're growing faster, and what the market opportunity is for Walker & Dunlop for us to be able to get there. And I have no doubt that we will.
Thanks, Willy. I'm going to get back in the queue as I think there's some other questions on the line.
Thanks, Jade.
Thanks, Jade. Our next question is coming from Steve Delaney with JMP. Steve?
Thank you. Good morning, Willie, and props to the team for a great show this morning. I wanted to ask you about the GSEs. There's been a both short-term, are you concerned about what appears to be a sense of urgency to end the conservatorship on the part of Dr. Calabria? And then longer-term, what's your outlook for the future of Fannie Mae and Freddie Mac, regardless of whether they're operating as captives or as independent public companies? Thanks.
Thank you, Steve, and nice to have you with us this morning. So for 12 years, as you well know, Steve, since the agencies went into conservatorship, everyone's tried to read the tea leaves. As many people on this call probably know, yesterday, as the Supreme Court started hearing a case on the agencies, Fannie and Freddie zoomed up by 20%, and then they were traded back to about 6%, and then I see this morning that Fannie Mae is down 5%. We're not in the business of trying to read the tea leaves on Fannie or Freddie or track it. We are a big partner of both Fannie and Freddie. They have incredible businesses in their multifamily business lines, and we are Fannie's largest partner, and we were Freddie's third-largest partner last year, and we're still right there.
So we view it as we know the agencies, we are an incredible partner of the agencies, and I'm very, very certain the agencies will continue to play a very significant role in the multifamily financing space going forward. But I think the issue with it is that if you go back 10 years to when Walker & Dunlop went public, we only were Fannie, Freddie, and HUD. Investors in Walker & Dunlop were investing in an agency platform. And as the team ran you through today, we have broadened our company so dramatically. We have added so many different types of executions. We've added so many bankers and brokers across the country. And we've also expanded the brand so much and also gained access to capital to the point where the future of the agencies is obviously important to us.
But it's no more important than all of the other growth drivers that we have inside of our company. The final thing that I would say is, as it relates to the specific question you asked, if Dr. Calabria pushes to try and get them out of conservatorship, I would point people to the Wall Street Journal op-ed piece yesterday or the editorial piece by the journal's editorial staff, where they basically said, "We think the agencies need to be recapitalized, and we think they need to be released, but if we need to get them released, let's get them released with the guarantee ahead of having enough capital that we think is sustainable for them as enterprises because it's important for them to be released and get back up on their own feet." To some degree, I think we are in somewhat of a win-win situation right now.
If they get released, I think that the enterprises will have the ability to attract human capital again. I think they will have more flexibility as it relates to how they pay human capital, and I think they will have more flexibility as it relates to how they grow as enterprises. So that's a pretty darn good scenario for us in the piece of their business that risk shares with private capital and has been an incredible success since the beginning of Fannie and Freddie getting into multifamily. If it happens to be that Dr. Calabria isn't successful on pushing them towards privatization, if the Supreme Court rules that he is at the pleasure of the president and does not have a five-year term only to be dismissed by cause, I would assume that the Biden administration replaces Dr. Calabria.
Then I think that you are probably back at Fannie and Freddie continuing along their traditional mandate, and if that is the case, we will have access to their capital, and we will be one of their largest partners going forward. So appreciate the question, Steve. We watch it, obviously. They're big, big partners of ours, but I would also say that we have scaled Walker & Dunlop to a degree where we will react to whatever happens, and I think we will do very well.
Your diversification efforts certainly play into that. Thank you for the comments, Willy.
Thank you, Steve.
Thanks. We'll now go back to Jade Rahmani with KBW.
Thank you very much, and please let me know if you want to allow other people to ask questions. I wanted to ask, since you gave some guidance or targets for 2020, just the fourth quarter 2020, backing into what these projections suggest, looks like we're in line on most items in terms of debt volumes, in terms of where the servicing portfolio is, reaching over $105 billion is a huge accomplishment. Any comment you could provide as to the non-cash MSR gain on sale margins? They were very strong in the third quarter and the second quarter of this year, over 100 basis points. And I think in the first quarter of this year and last year, they were below that. So I was just curious if there's something you can provide around that. I've been modeling a sequential decline because of an increase in Freddie Mac volumes.
If you could provide a comment on that, that might be helpful.
Sure. I'm going to turn it over to Steve in a second, Jade, but one thing I would say, just as you said, volumes are in line. I'm not sure whose lines those are in. There are two data points that we gave today that I think are very noteworthy. The first is that we have done $21 billion of financing with Fannie, Freddie, and HUD. I don't think that is in line with anyone's projections for what we would have done this year with Fannie, Freddie, and HUD. The other data point we gave was that we are projecting we will exceed $1 billion in revenues on the year. I know for a fact there is not an analyst out there who has our Q4 revenue number to get you to a billion dollars in annual revenues.
I don't think anything we've said today says that we are in line with where your numbers were or anybody else's numbers. With that said, to your specific question as it relates to Gain on Sale Margin, Steve, you want to mention anything, or do you want to just stick with what we've said previously?
Yeah, thanks, Willy, and thanks, Jade, so I'm not going to give the gain on sale margin projection for Q4, but the one thing I do want to add to what Willy said is if you're comping back to Q4 of 2019, one thing to consider is, and as you recall in our early February fourth quarter earnings call last year, we talked about the fact that fourth quarter was a relatively light quarter for agency volumes because of the slowdown that occurred in August, September timeframe because of concerns about the cap, and that bled into our Q4 volumes, so we had what would have been a relatively slow quarter for us in Q4 of last year, and obviously, that dynamic is not at play right now.
Okay. Yeah. I mean, in line, I meant relatively in line. I am projecting $31.6 billion in total debt financing volumes. And on the GSE side, inclusive of HUD, we are at $21.8 billion. So I would say that's pretty close to what you talked about, Willy, maybe not exactly, but it looks like the upside is on investment sales and also AUM growth at the asset management business. So we're somewhat close to what you were talking about. I appreciate the comments about the gain on sale margin. Just wanted to also ask about where multifamily rent collections have tracked. Gotten a ton of questions about stimulus and if the lack of an updated stimulus package suggests any diminution in rent collections. It seems like they've been pretty consistent. Anything happening in the portfolio you could comment on?
Yeah, sure. Two quick things. The first one is that the portfolio continues to perform exceptionally well, and there's no update on our Q3 commentary. It was that on our at-risk portfolio, we had at that time one Fannie Mae loan in forbearance. And so starting at one, it has been a non-issue for us as it relates to loans going into forbearance. The second thing I would say is the following. There is rent roll degradation in many markets, and as Mark Parrell at EQR said last week on the Walker Webcast, in some of their urban core assets, they've seen rent rolls collapse down by 20%-25%. The thing you're seeing right now, Jade, is the fact that the investment sales market, as Kris Mikkelsen talked about previously, is exceedingly robust.
Every owner of multifamily right now knows that multifamily is an incredible asset class and that even if their performance of the asset today isn't doing what they'd expect it to do, they're going to feed it because they know that the pandemic is going to end. They know that they're still 98% occupied because they can't evict anybody, and they know that people are going to get back to paying rent. And so as a result of that, the overall outlook from a sort of portfolio management credit standpoint is extremely positive because there is an end in sight. This is not like the great financial crisis where people didn't know when we were going to get the market back up and going, when people were going to start to pay rent again, when people were going to get jobs again.
And so I think that the overall investor attitude right now is, even if you have an asset that isn't performing at your wishes, owners will continue to feed the assets, pay their mortgages, and hold on to them. And the investment sales market is the indicator of how robust that activity is and why people think they have value in those assets.
Thank you very much for the comments, and I'll pass the questions over to another person.
Thanks, Jade.
Sure. And this is a question from our live Q&A feature. Willy and Steve, do you all perceive or predict any threats to our growth strategy of investing in our people, brand, and technology?
Yeah, there's sort of threats every single day, right? There are threats that people get pulled away from competitor firms. As I said in my opening remarks, I've been amazed and exceedingly appreciative at how the culture at Walker & Dunlop has not only brought people to the platform but kept people at the platform. Our culture is infectious and sticky. And so while we are in a very competitive market and many of our competitors put huge sums of money on the table to try and pull talent away from Walker & Dunlop, so far, we have been able to maintain people and build an incredible company from that standpoint. On the brand side of things, I mean, look, we're just getting there. We've seen our brand explode this year, absolutely explode. But as Steve mentioned, the success of the Walker Webcast is not something anybody had projected.
It's gone far and wide. It's gotten us in front of people that we never, ever had worked with previously. And for me, it's just a real, it's an incredible pleasure. I love doing it. I get the opportunity every week to dive deep on an incredibly insightful person in some part of our economy, in some part of our world, get to know him or her, and then run a webcast that we just continue to get feedback that it's as insightful and informative as anything. I could bore you for hours with all the emails I've gotten from people in strange parts of the world, little corners of the world, all around the globe who tune in to listen to it. And so we'll keep doing that. And that's something that it's a lot of work for me.
It's a lot of work for our team, but it's a real pleasure and honor to do it. And we've been able to get just fantastic guests. So I think that continues to drive the brand. And what's neat is that the brand growth is building from there. So all the other social media and interactive-type things that we're doing today are just building upon the Walker Webcast and the growth in the brand. And then the final one on technology, I think T.J. said it very well. He sat at Freddie Mac and saw what all of our competitor firms are doing from a technology standpoint. And think about the firms that we go up against. Steve said previously that we're going to spend $10-$20 million a year on technology.
I was at the J.P. Morgan CEO conference last week, and I can almost guarantee you Walker & Dunlop spends less on technology than any other CEO that was on that call. Yet the great privilege that we have is, A, we get to piggyback off of the technology investments of the banks that we work with. So because we use Bank of America, because we use J.P. Morgan to help transfer money and move our money around, we don't have to invest in the suspenders, the belt and suspenders that a J.P. Morgan or a B of A does just to protect their networks. So we get to piggyback off of those investments on them, and then we get to invest in technology that makes us better and more insightful to our clients to sell more of our services to our clients.
And so I feel very good today as it relates to where we stand. We've shown you proof points today on exactly how valuable the technology has been to us. Can J.P. Morgan spend enough in a day that swamps everything that we do? Yeah, but I don't know why they'd focus on our space. They haven't yet. Could Google do it? Yeah, Google could do it. Could Amazon do it? Yep, Amazon could do it well. So I'm not in any way saying that we are in any way bulletproof from the competitive forces. I will say we've been laser-focused on this. We've developed great technology. And as investors are seeing, it is turning into direct results that are going straight to our bottom line.
Thanks, Willy. Our next question comes from Donald Marchioni with Sabrep oint. You have a considerable amount of cash on the balance sheet and are generating a significant amount of free cash flow. Given the growth ambitions, how do you expect to balance allocating capital to growth versus returning it to shareholders via a dividend or a buyback? You've mentioned $200 million as a number you'd like to have on the balance sheet. Is that still the case?
You want this one? You want me to take it?
Sure. I'll jump in, and you can clean up after me. So I appreciate the question. I think so a couple of thoughts. One, our primary objective, number one objective of allocating capital is always to growth. When we see opportunities to invest in the business to continue that growth trajectory, that will be our first choice. It's why we carry the cash balances that we carry. In terms of how much do we need to operate the business, it's less than $200 million. I think this year has been a unique year for a lot of different reasons, and we carried a lot more liquidity, certainly in the middle part of the year, and we're a little more defensive in terms of allocating capital. I think it's fair to say we're back on the offensive at this point in time.
Given the growth goals for the next five years, you should expect that we're going to be looking to deploy as much capital into that as possible. As I mentioned in my comments, we do still think the dividend is an important aspect of our go-forward return to shareholders. We're committed to that and will be going to the board here in February to look to increase that once again. The primary objective has been, is, and will continue to be driving growth.
Yeah, I'd only add that we had Kate Moore from BlackRock on the Walker Webcast yesterday. I don't know if anybody on this call listened in. But when I was talking to Kate about us being in a yield-starved world and also having a tough time finding defensive stocks at this point, Kate's comment was, "Well, what investors need to find is high-growth companies that pay a dividend." And nobody on the Walker Webcast could see it, but as Kate said that, I started pointing towards myself as in Walker & Dunlop, and she got a big smile on it. And there's actually an internal screenshot that could see both of us smiling on that, even though the audience couldn't. I think we've struck almost the perfect balance. We've given fantastic shareholder returns as it relates to the growth in our equity.
And at the same time, we started a dividend a number of years ago. As Steve just said, we've increased it every year. We plan to continue to increase it. And I would say Steve and I talk all the time as it relates to what are we doing from a capital allocation standpoint? Are we buying back stock? Are we increasing the dividend? And then also, how much do we need to have on the balance sheet to both continue to invest in our business? And then the other piece to it that is an important one is that we do use our balance sheet from time to time to help our clients. I'll give you one quick example. Three weeks ago, we had a client who was buying an asset that Walker & Dunlop was selling.
They had planned their capital call to get the capital three weeks ago, and they'd messed up, and the capital wasn't arriving until two weeks ago. So they had a week where they needed $36 million of equity capital to take down the deal. In less than 24 hours, the CEO of that firm called me. I turned to Steve. We got the team mobilized. And in less than 24 hours, we made a bridge equity investment for our client of $36 million so that they could go and buy the asset. And a week later, when their capital call was funded, they turned around and paid us off. Those are the types of things that Walker & Dunlop can do on a dime that few of our competitors can do. Few.
Not only because we have the capital, but because we have the team that can move that quickly to meet the client's needs. And I can tell you that that CEO and the CFO of that company have gone on to tell numerous people how Walker & Dunlop stepped in in less than 24 hours and saved the day on that deal. And so we also have to keep in mind that the capital position or the cash position that we have on our balance sheet every once in a while comes in very handy and pays huge dividends as it relates to what our clients say about Walker & Dunlop and working with us.
Thanks, Willie. Our next question comes from Henry Coffey with Wedbush. Henry?
Greetings. Thank you very much for hosting this. Very insightful. Going all the way back to some of the issues Steve brought up, if we look at the prospects of Fannie and Freddie exiting conservatorship and the demands of the FHFA, I mean, they're asking for a lot of capital. And fourth-grade math being what it is, it's a pretty big bar that no one seems to be willing to talk to. So we can talk about them exiting conservatorship as a possibility, assuming someone has $100 billion to put into Fannie Mae. So if it's just business as usual, it's one way. And if they do exit conservatorship, it's another way, Willy. But it brings up the whole issue of what is out there in terms of the capital available to finance multifamily on a broad range of possibilities?
What are the real required reforms and evolutions that if Fannie and Freddie never get out of their cage, somebody else could start to develop and push for? Because there's obviously a lot of change that Fannie thinks they can bring to the marketplace once they're free. I was just wondering, from your perspective, what are the changes that you'd really like to see to help this market move forward?
So, Henry, first of all, great having you with us this morning. Second thing is that nothing in the history of Fannie and Freddie and conservatorship has moved quickly. So I highly doubt that anything's going to all of a sudden start to move very quickly here. Director Calabria may push to get an executive order done between now and January 20th. Treasury Secretary Mnuchin might, might over the next, what is it, five weeks, focus on the PSPA and try and make some change to the PSPA that would sort of set Fannie and Freddie on the path to buying out the preferred shareholders and moving forward. I think what we will get to is a number of headlines between now and Inauguration Day.
And then anything that is done will likely be looked at and potentially unwound by either Secretary Yellen or a new FHFA director if the Supreme Court rules that Dr. Calabria is not in his role until 2024. And so with that, I think it's very hard to sit there and sort of say, "There's a lot to learn right now on what's going to happen." As it relates to other capital in the market, there's tons of capital that would love to be in this space. And the issue with it is that with the government guarantee and by the way, Dr. Calabria and FHFA have made a very significant statement for 2021 that they want Fannie and Freddie focused increasingly in affordable housing.
As I believe it was Greg Florkowski mentioned in the discussion on the investment banking, he mentioned that affordable housing is something that Walker & Dunlop has not only been very focused on, but has done a ton of business in. We've lent $17 billion on affordable housing over the last three years. We took the 2021 GSE scorecard that came out by FHFA two weeks ago, and we and Fannie Mae ran our 2020 production through that scorecard. We are well above the 50% threshold, if you will, as it relates to percentage of deal flow going into affordable. We're actually at 60%.
So of all of Fannie Mae and Freddie Mac's lenders, Walker & Dunlop sits very, very well as it relates to meeting that increased mandate from the regulator to focus on affordable housing, which then opens up the opportunity for life insurance companies, banks, and CMBS to lend on market-rate multifamily. And as I said previously to Jade's comment or question, we have built out our debt brokerage team to a degree where I have zero doubt that if we can't get competitive pricing on a market-rate multifamily deal from Fannie or Freddie, that we will have plenty of capital sources that will meet that need.
And you think the market could, let's pretend that Calabria gets his way and over time he constricts the ability of the GSEs to supply capital to the multifamily market. Do you think pricing will go up, and will it go up in a manner that is still supportive of the market? And how do you sort of envision that world going forward without this sort of big wave of support?
So let me just take issue with something you just said, Henry, which is if Calabria gets his way and restricts capital to the multifamily market from Fannie and Freddie, his first scorecard as Director of FHFA was the largest amount of capital ever from Fannie and Freddie to the multifamily industry, $100 billion each over five quarters. He then followed that up with his second scorecard of $70 billion each over a 12-month period. There is nothing we have seen from Director Calabria that says that he wants to restrict the amount of capital coming from Fannie and Freddie to the multifamily industry. He has had two opportunities to make as dramatic changes as he would have liked to the GSE scorecard as it relates to multifamily.
In both instances, he has given both agencies plenty of capital to maintain their positions as the dominant providers of capital to the multifamily industry. Just on its face, nothing we have seen out of FHFA plays to Director Calabria would like to restrict the amount of capital coming from Fannie and Freddie to multifamily. If Calabria stays until 2024, nothing we've seen so far says that that's a problem. If Fannie and Freddie get privatized and they raise the capital and they change the PSPA and they get spun back out, as I said previously, I think that's probably a pretty good day.
And at the same time, if they stay, if Director Calabria is replaced and in comes a new director, and we revert back to the days of someone like Mel Watt, who believes that Fannie and Freddie ought to be wards of the state and continue to play their role of providing capital and also in affordable housing, again, we've been to that movie.
You know, it sounds like most investors are scared of what we always think of as a lose-lose proposition, and it sounds like the way you outline it, and we've certainly discussed this a lot in the past, it's really a win-win hand that, given your position in the market, is it fair to say it's a win-win hand and demand for multifamily? I mean, there's probably a lifetime shortage of single-family housing and a multi-generational shortage of multifamily housing out there, so it sounds like a win-win hand. Is that too bullish of you, or is that how you're seeing it?
No, look, first of all, for 12 years, I've faced, if you will, inquiries exactly like where you and Jade are going right now. For 12 years, we have continued to invest in this business. For 12 years, we have been right. Period. We've been right for a 12-year period. Does that mean the world can't change on us? It can change on us, just as it can change on JP Morgan, just as it can change on Amazon, just as it can change on Walmart. So we need to be ready for that. And what we have done at Walker & Dunlop is added the people, the brand, and the technology to be able to do just that. And so investors love to focus on the what-if scenario. What if this happens? What if that happens? That's their job. Great.
What you have in Walker & Dunlop is a platform that has scaled dramatically, added executions in many, many new areas to make it so that when that what-if scenario actually happens, you have an exceptional management team, you have an incredible business model, you have an exceedingly strong balance sheet, and we will adapt. And so I understand the question. I will tell you that given that I've faced it for 12 years, I've had plenty of people who haven't invested, and they've missed the opportunity as a public company to have had their shares appreciate by over 850%. I sit there and say, "Guess what? You were wrong, we were right. That's fine.
I understand it." But I would also say, "Join us for the next 10 years." Because I can guarantee you this team and this platform is going to be able to adapt to whatever is on the ground. We have the people and the capital and the technology to be able to do it. And I think back to what I said previously, Henry, as it relates to, "Are we Amazon?" No, we're not Amazon. But if you could invest in a company that's grown as fast as Amazon, as the management team and the market opportunity that we do, and you could do it at a 12-time multiple, why wouldn't you own that company?
No, I've been lucky enough or fortunate enough to be on the positive side of all of this since I took over covering the stock a couple of years ago. We'll call it it's been good luck or just investing with good people. Now, much less controversial, more down to the ground. I was intrigued with some of the comments you made about the single-family kind of built-to-rent market. Do you see that as an opportunity for your property salespeople? Do you see that as an emerging opportunity on the financing basis? Or I mean, that's a very interesting part of the market and something we see a lot of growth in. I was just wondering what your thoughts were there.
Yeah, all the above. It is a very strong market right now. What it does to the comment, to the discussion that I had with Jade previously as it relates to single-family versus multifamily, single-family rental fits right in the middle. And what it is going to do is it meets the financial needs of renters, and it meets the, if you will, space needs of potential homeowners. And so it is, I think, right now the perfect combination because lots of people who want to own a home just can't own a home, and therefore they remain renters. So SFR, the agencies can't finance SFR. We're focused on taking SFR deals to other sources of capital, and there are other sources of capital that are lending on single-family rental.
On build-for-rent, where people are building a community for rental, the agencies can finance built-for-rent, and we're very focused in that space. And we're also focused on the equity raising and capital raising side of that. We have plenty of multifamily owner-operator developers who are very focused on either building single-family rental or going out and acquiring individual assets and creating a single-family rental portfolio. And so we are very focused on it. We have a lot of efforts going into it, and it should be a good piece of our business going forward.
Finally, a much less, even less complex question. Galaxy seems like an amazing tool. It allows you to walk right in and literally turn to your client and say, "You know, you could fix this." And probably the client says, "I didn't even know that." How do you populate that database, and how hard would that database be to replicate?
So we started building Galaxy four years ago. We brought it to market two years ago. I had thought that the competition would hear about it and replicate it quickly, and they have not. And I also know that there are plenty of competitors who are listening in on this or are going to watch this on replay. And so I want to be very careful on two fronts. One, I don't want to poke them in the eye. And second of all, I also don't want to give them the special sauce of how we've built up this database. So in your question, Henry, we have, as the numbers show you on Q3 and Q4, we are on to something very significant as it relates to our ability to attract new clients to Walker & Dunlop.
We are working as hard as we can to make sure that every banker and broker at Walker & Dunlop is utilizing the database to its fullest capability, and then the final thing I'd say to you is you also can't underestimate the stickiness of the relationships that exist in our industry, so while those numbers, as far as 68% of all refinancings we did in Q3 coming from new loans to Walker & Dunlop that don't sit in our servicing portfolio ahead of time, when we pull one of those loans away from one of our big competitors, it doesn't come easily. One of the reasons why bankers and brokers in our industry are paid so much is because they have fantastic relationships with their clients, and their clients view them as the trusted advisor on financing their assets.
And so I think one of the other things to keep in mind is those numbers, if you really dive into the stickiness of relationships. We're very fortunate to have very sticky relationships with our customers. But the way that Galaxy has created new conversations with new customers that have made people want to come to Walker & Dunlop, given the capabilities of our bankers and brokers, has been a game changer. And look, we posted those numbers in Q3. We knew that people would be like, "Well, that's great for one quarter. Let's take a look at the next quarter." We gave you an up-to-date as of the numbers through the end of November, so the database continues to help us.
The other side to it is that once we have gone and done something like this to bring someone over to Walker & Dunlop, we now all of a sudden have that sticky relationship that hopefully endures for many years to come.
This has all been extremely helpful. I think from a stock point of view, the best way I look at it is that your frustration, which I understand is very high given the kind of business you've built up over the years, is really our opportunity. So thank you for all the insights, and appreciate the call, and I'll get back into the queue.
Thanks, Henry. And I would just say one thing. I hope my comments don't sound like, if you will, frustration in the sense that we've been incredibly successful and our shareholders' returns have beaten everybody's. So how can that possibly be a frustrating position to be in? I just think that as you look at the data and look at the numbers, what it does say to exactly what you just said is that we and investors have an incredible opportunity here, given our track record, to take our multiple and grow it dramatically to get us to something that is more of a market multiple. And that's a great opportunity for us as well as people who invest in us.
Couldn't agree more. Thank you.
Thanks, Henry. Our next question comes from Ryan Tomasello with KBW. Ryan?
Thanks, Gina. Can you hear me?
We can.
Thanks, Willy. I appreciate the presentation this morning. I was hoping to follow up on your comments just to this prior question and provide a finer point around how you're thinking at a high level about W&D's technology initiatives and the specific investments you're making across the platform. Specifically, how do you see technology shaping the trajectory of the business over the next few years? And are there any specific KPIs you can share around the impact on the business thus far from the investments you're making, whether that be in terms of revenue generation, expense savings, or the like?
So Ryan, we've been, I guess, first of all, you saw a lot of numbers today. As you and any either analyst or investor in Walker & Dunlop knows, we love numbers. We drive our business by numbers. I get both complimented and criticized a lot that I remember a heck of a lot of numbers and am constantly benchmarking us as it relates to growth in businesses, benchmarking us versus our competition, etc., etc. So as you can imagine, on the technology front, we have a lot of, we're using a lot of numbers to drive how technology is improving our efficiency and how technology is improving our sales.
They are not numbers that we are, if you will, sharing with investors to say, "You're going to see the technology directly correlate into that incremental piece of business," or, "We're going to use technology to take a specific amount of dollars out of underwriting loans, servicing loans, etc." I think I'll say two things that are very important. One, Steve gave projections on revenue growth, which are fantastic and are driven by that technology. And the second thing that Steve gave was an increase in operating margin, which should tell you that the technology is going to help us drive costs out of our business as we raise our operating margin.
And by the way, to be perfectly blunt about it, the idea that we're giving guidance to take our operating margin from 29%-30% to 32%-34% makes me sort of cringe only in that we already run incredible operating margins. We're already a highly profitable business, but we know that by using this technology, we're going to grow our top line and maintain our cost structure and drive costs out of our cost structure that will enhance those margins. Ryan, you're still on mute. Do you have a follow-up to that, or are we good to move on to the next?
All right, Willy. Yes, I appreciate the comments. That's all.
Great.
Thanks, Ryan. And one next question is from Scott Tracy with RS Investments. When you think about the next five years in your 2025 goals, how does M&A play into achieving these goals, and do these goals contemplate a down cycle or a recession?
Good morning, Scott. Hope all is well in San Francisco. We mentioned that we've done 11 acquisitions. Kris Mikkelsen spoke previously about Greg Engler and Chris selling their company to Walker & Dunlop, why they did it, and what it's been like to be on the Walker & Dunlop platform post-sale acquisition on our part. Greg Florkowski, who is on the call today, runs business development and is, as much as everybody at Walker & Dunlop's busy right now, I would tell you that Greg and our business development team are some of the busiest people at Walker & Dunlop. And so there are lots of opportunities right now from an M&A standpoint.
I think one of the things that we are, I would say, a little challenged with is that because we have grown so fast and we have gotten ourselves to $1 billion in revenues, acquisition size needs to continue to step up. We can't, quite honestly, afford to do smaller acquisitions anymore just because they take the same amount of time and effort as a bigger acquisition and don't move the needle as much as a bigger acquisition. And yet, at the same time, our industry, there aren't that many larger acquisition opportunities. If you turn to Kris Mikkelsen and ask him, "Find us a $200 million a year investment sales platform to go buy and bring into Walker & Dunlop," they're not out there. They don't exist. And so, as a result of it, we're sort of in a barbell approach.
There's probably a big strategic acquisition that might happen at some point, and we would not demur from doing that. And at the same time, there's both continuing to find smaller platforms, whether it's on the banking side or the investment sales side, to continue to do tuck-ins. And then there's also technology. And the technology side of things is something that Greg and his team have been very focused on. Greg, the person who used to run business development for Walker & Dunlop, Aaron Perlis, is now our CTO. And so to have Aaron as our CTO and Greg as our head of business development, the two of them are as insightful as any two people in our industry as it relates to how technology is pushing our industry and evolving our industry.
And so I feel very confident that we will be on the front foot on potential partnerships or acquisitions on the technology front. And I would only say that if we find something that is really important to us, we will buy it or try to buy it without worrying about what it does from a dilution standpoint. And that may say to some investors, "Whoa, we don't like to hear that." The bottom line is that, as we all know, given where we trade from a multiple standpoint, if we're going to be innovative, if we're going to be on the front foot, if we go and do an acquisition of a technology company, it's going to be dilutive.
But we will only do that, only do that if we really think that it is critical to our growth and to making sure that we stay as competitive as we possibly can be.
And then, Scott, on the second part of your question about the five-year forecast and any recessions or things like that considered in there, the short answer to that's no. If you go back to one of the slides in Sherry's portion of the presentation, it shows the growth that we're expecting in the multifamily market over the next five years. I would argue that growth rate is not contemplating some wildly negative economic environment. It's kind of a slow, steady march upwards, nothing dramatic in either direction. But I'd also go back and say, when we put the 2015 plan together, we didn't forecast a pandemic in 2020. Yet here we are, and the resiliency of our business has allowed us to successfully complete that five-year plan. And I think a little bit to what Willy mentioned earlier about we have a plan.
We've been good at executing on that plan. It's long-term by nature. A lot of things can happen. But we've been, I think, pretty good as a company dealing with those issues as they come up.
Yeah. Just really quickly, I just want to jump in line with what Steve just said. We closed the largest transaction we've ever done at Walker & Dunlop in the depths of the pandemic. We got warehouse lines to do it, which was the largest warehouse line PNC had ever done to help fund that transaction for us, ever. And it's because of our relationship with PNC that we were able to fund that transaction and get it done in the depths of the crisis. Many investors fled from Walker & Dunlop because they were afraid that we weren't going to be able to do pass-through payments if a huge number of loans came in for forbearance during the pandemic. Before the end of May, we had negotiated to have a new facility in place with Bank of America to be able to feed those pass-through payments.
So looping back to what Henry said previously as it relates to the what-if scenarios that investors have, in those two examples, they could not speak louder about the capabilities of the people at Walker & Dunlop to be able to deal with adversity. Closing a $2.4 billion transaction in the midst of a pandemic, and then when we weren't getting relief from the regulator as it relates to a facility at the Fed to be able to do pass-through payments, we turned quickly. We went to private capital, and we put a facility in place with Bank of America to be able to fund what we thought might end up happening, which never happened. That's what investors get when they invest in Walker & Dunlop.
Thanks, Willy. And then it looks like we have one last question from Matt Howlett with Wolfe Research. What are our prospects for spinning off the investment book to a REIT structure, i.e., separating the originations from investment operations over time, given our different core investor base?
Yeah. I mean, look, being a C Corp and paying a dividend is sort of, in my view, the best of both worlds. We're giving our investors a current return on a dividend, but we also don't have rules as it relates to how much capital we distribute, which allows us to build the balance sheet to be as strategic as I talked about previously. It allows us to sit there and continue to invest in people and technology. So while there are plenty of investors who would like to go and see Walker & Dunlop as a REIT and potentially be in the same type of structure as Arbor, for instance, Arbor's got a, if you like that business model, Arbor's a great company, people will invest there.
I think that being a C Corp, paying a dividend, as Steve said previously, with the very real intention to continue to increase the dividend, and then also having the flexibility to continue to invest in the business, that's right where we ought to be. So appreciate the question. Understand there are some investors who are looking for that REIT investment. Unlikely you're going to see that from Walker & Dunlop. So if that is the final question, I would just say we still have over 100 people on the line. I want to thank all of you for joining us today. I want to reiterate my thanks to the W&D team for all the hard work that was put in here, and then also the presentations that Sherry and Chris and Greg and TJ made.
Thank you very much, Steve, as always, for handling the finance side of things as deftly as you do. I wish everyone a great day and to anybody who is on this as an investor, next Monday when I ring the bell on the New York Stock Exchange, it's thanks to your trust and confidence in Walker & Dunlop and also to the Walker & Dunlop team that I have the honor and the ability to go do that, so thank you very much. Have a great day.
Thanks, everyone.