[Form 3] Walker & Dunlop, Inc. Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Ernest Michael Freedman, identified as a director of Walker & Dunlop, Inc. (WD), submitted an initial Form 3 reporting that he does not beneficially own any securities of the issuer. The filing lists a company address and notes Exhibit 24 (Power of Attorney) was furnished and the form was executed by an attorney-in-fact. This is a routine Section 16 disclosure establishing the reporting obligation and confirming no direct or indirect holdings were reported.

Positive

• Regulatory compliance: Initial Section 16 disclosure was filed, demonstrating adherence to reporting requirements
• Clear governance detail: Reporting person is identified as a director and Exhibit 24 (Power of Attorney) was provided

Negative

• No beneficial ownership disclosed: Filing states the reporting person does not own any securities, limiting investor signals about insider alignment

Insights

Financial Analyst

TL;DR: Routine Form 3 disclosing a director with no beneficial ownership; immaterial to valuation but confirms compliance with Section 16 reporting.

This filing documents initial Section 16 disclosure for a director while explicitly stating no securities are beneficially owned. From a financial standpoint this is neutral: there is no share-based exposure or commitment that would affect ownership percentages, dilution, or insider selling/buying signals. The filing instead serves governance and regulatory transparency purposes and does not provide earnings or transaction information relevant to valuation.

Corporate Governance Expert

TL;DR: Governance disclosure completed; director identified and Power of Attorney attached, but absence of holdings limits governance signal value.

The Form 3 names the reporting person as a director and attaches Exhibit 24 (Power of Attorney), indicating proper formal delegation for filing execution. The explicit statement that no securities are beneficially owned reduces the filing's informational value about insider alignment with shareholders. It is a compliance-focused filing rather than an indicator of insider commitment or potential conflicts tied to equity ownership.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

FREEDMAN ERNEST MICHAEL

(Last) (First) (Middle)

C/O WALKER & DUNLOP, INC.

7272 WISCONSIN AVENUE, SUITE 1300

(Street)

BETHESDA MD 20814

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
09/11/2025

3. Issuer Name and Ticker or Trading Symbol
Walker & Dunlop, Inc. [ WD ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

Exhibit 24 - Power of Attorney.

No securities are beneficially owned.

	/s/ Nicholas Eckstein, Attorney-in-fact	09/15/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did the Form 3 filed for Walker & Dunlop (WD) disclose?

The filing identifies Ernest Michael Freedman as a director and states that he does not beneficially own any securities of Walker & Dunlop; Exhibit 24 (Power of Attorney) was included.

Does the Form 3 show any stock purchases or options for the director?

No. The Form 3 explicitly states no securities are beneficially owned and includes no entries in the non-derivative or derivative securities tables.

Who signed the Form 3 on behalf of the reporting person?

The form was executed by an attorney-in-fact under a Power of Attorney, as indicated by the inclusion of Exhibit 24.

Is this Form 3 filing material to Walker & Dunlop's financial results?

No. The filing is a routine insider reporting disclosure and contains no financial, transaction, or ownership changes that would be material to company financial results.

Does the filing indicate any indirect ownership or trusts?

No. The filing states there is no beneficial ownership and provides no entries indicating indirect ownership or trust interests.