[Form 4] Walker & Dunlop, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Walker & Dunlop, Inc. (WD) Form 4: Gregory Florkowski, the company's Executive Vice President and Chief Financial Officer, reported the acquisition on 09/05/2025 of 17.515 dividend equivalent rights tied to restricted stock units (RSUs). Each dividend equivalent right represents the economic equivalent of one share of common stock and vests proportionately with the underlying RSUs. The reported price is $0 and, following the transaction, the reporting person beneficially owns 75.487 shares (direct). The filing was executed by an attorney-in-fact and signed on 09/09/2025.

Positive

• Disclosure of executive compensation accrual through dividend equivalent rights provides transparency into RSU economics
• No cash purchase or disposition reported (price reported as $0), indicating this was an accrual/vesting event rather than a market trade
• Post-transaction beneficial ownership reported (75.487 shares direct), clarifying the insider's equity stake

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine compensation-related accrual; limited market impact.

The Form 4 documents a non-cash accrual of 17.515 dividend equivalent rights tied to previously granted RSUs to Gregory Florkowski, the EVP and CFO. The transaction is coded as an acquisition at $0, indicating these are dividend equivalents rather than open-market purchases. The post-transaction beneficial ownership reported is 75.487 shares (direct), which is consistent with executive equity compensation vesting mechanics. This disclosure is procedural and does not indicate a change in corporate control, cash flow, or debt profile.

Corporate Governance Expert

TL;DR: Standard insider disclosure reflecting vesting economics; governance signal is neutral.

The filing clarifies that dividend equivalent rights accrued on RSUs were recorded and will vest in line with the underlying awards. The use of an attorney-in-fact to sign the form is noted and permissible. There are no indications of expedited dispositions, hedging, or derivative sales, and no new options or dispositions are reported. From a governance standpoint, this is a routine executive compensation disclosure requiring no immediate investor action.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Florkowski Gregory

(Last) (First) (Middle)

C/O WALKER & DUNLOP, INC.

7272 WISCONSIN AVENUE, SUITE 1300

(Street)

BETHESDA MD 20814

(City) (State) (Zip)

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/05/2025

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Dividend Equivalent Rights	(1)	09/05/2025		A		17.515		(2)	(2)	Common Stock	17.515	$0	75.487	D

Explanation of Responses:

1. Each dividend equivalent right is the economic equivalent of one share of common stock of the Company.

2. The dividend equivalent rights accrued on restricted stock units held by the reporting person and vest proportionately with the restricted stock units to which they relate.

	/s/ Nicholas C. Eckstein, Attorney-in-fact	09/09/2025
	** 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 4 (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 Gregory Florkowski report on the Form 4 for Walker & Dunlop (WD)?

He reported the acquisition of 17.515 dividend equivalent rights tied to restricted stock units, with a reported price of $0 and 75.487 shares beneficially owned following the transaction.

When was the transaction dated and when was the Form 4 signed?

The transaction date is 09/05/2025 and the Form 4 was signed by an attorney-in-fact on 09/09/2025.

What are dividend equivalent rights as described in this filing?

The filing states each dividend equivalent right is the economic equivalent of one share of common stock and they accrue on RSUs and vest proportionately with those RSUs.

Did the filing report any open-market purchases or sales of WD stock?

No. The reported acquisition is coded as non-cash dividend equivalent rights with a price of $0; there are no market purchases or dispositions reported.

What is Gregory Florkowski's role at Walker & Dunlop per the filing?

He is listed as Executive Vice President & Chief Financial Officer and is an officer of the issuer.