Walker & Dunlop reported fourth quarter 2018 net income of $45.8 million, or $1.44 per diluted share, down 54% from the fourth quarter of 2017. Fourth quarter 2017 net income of $99.0 million, or $3.06 per diluted share, included a $58.3 million, or $1.80 per diluted share, one-time benefit to income tax expense from the enactment of the Tax Cuts and Jobs Act (“tax reform”).