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

Rhea-AI Filing Summary

Walker & Dunlop, Inc. (WD) insider William M. Walker, who serves as Chairman & CEO and a director, reported acquiring 43.897 dividend equivalent rights on 09/05/2025 tied to restricted stock units. Each dividend equivalent right represents the economic equivalent of one share of the company’s common stock and vests proportionately with the underlying restricted stock units. Following the reported acquisition, the reporting person beneficially owns 400.1524 shares (direct). The transaction was reported on Form 4 and signed by an attorney-in-fact on 09/09/2025.

Positive

• Reporting person increased direct beneficial ownership by 43.897 dividend equivalent rights, aligning executive compensation with shareholder value
• Transaction was a compensatory accrual tied to existing RSUs, indicating standard executive compensation mechanics rather than an opportunistic market trade

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: CEO acquired dividend equivalent rights on existing RSUs, modestly increasing direct beneficial ownership.

This Form 4 shows a routine, compensatory acquisition rather than an open-market purchase. The 43.897 dividend equivalent rights reflect additional economic exposure tied to previously granted restricted stock units and vest with those RSUs. Because the rights accrued to existing awards, this is primarily an adjustment in how compensation is recorded and does not indicate a change in strategic ownership intent. The post-transaction direct beneficial ownership total of 400.1524 shares is disclosed, which is useful for tracking insider alignment but appears modest in isolation without total outstanding share context.

Securities Analyst

TL;DR: Transaction is compensatory and non-cash, with limited immediate market impact.

The entry shows an acquisition coded as 'A' for 43.897 dividend equivalent rights at a $0 price, consistent with dividend equivalents credited to RSUs. This type of accrual increases reported beneficial ownership but is not a cash purchase and thus unlikely to affect liquidity or share float materially. For investors, the key datapoints are the date (09/05/2025), the incremental amount (43.897), and the resulting direct ownership (400.1524), which should be evaluated relative to total insider holdings and outstanding shares for full materiality assessment.

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
Estimated average burden
hours per response:			0.5

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^*

Walker William M

(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)

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

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		43.897		(2)	(2)	Common Stock	43.897	$0	400.1524	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 William M. Walker report on the Form 4 for WD?

He reported acquiring 43.897 dividend equivalent rights on 09/05/2025 tied to restricted stock units and now beneficially owns 400.1524 shares (direct).

What are the dividend equivalent rights reported on the WD Form 4?

Each dividend equivalent right is the economic equivalent of one share of Walker & Dunlop common stock and vests proportionately with the related RSUs.

Was the Form 4 transaction a market purchase or compensatory award for WD?

The transaction is coded as an acquisition at a $0 price for dividend equivalent rights, indicating a compensatory accrual rather than an open-market purchase.

When was the WD Form 4 transaction dated and filed?

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

What is William M. Walker's relationship to Walker & Dunlop (WD)?

He is reported as both Chairman & CEO and a director of Walker & Dunlop.