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

Rhea-AI Filing Summary

Insider transaction reported by Paula A. Pryor, EVP and Chief HR Officer of Walker & Dunlop, Inc. (WD). On 09/05/2025 Ms. Pryor received 14.148 dividend equivalent rights tied to restricted stock units; each right is economically equivalent to one share of the company's common stock. The report shows 45.907 shares beneficially owned following the transaction and lists the price as $0 for the dividend equivalent rights. The filing was signed by an attorney-in-fact on 09/09/2025.

This Form 4 discloses the mechanics of dividend equivalent rights vesting with restricted stock units and the change in reported beneficial ownership for the reporting person.

Insights

Securities Analyst

TL;DR: Routine insider reporting of dividend equivalent rights tied to RSUs; small ownership change, no cash consideration disclosed.

The filing documents a non-cash accrual of 14.148 dividend equivalent rights on 09/05/2025 that vest with restricted stock units. The report lists the economic conversion as equivalent to common shares and records 45.907 shares beneficially owned after the transaction. There is no purchase price reported, indicating these are not open-market purchases but compensation-related equity credits. For investors, this is a standard disclosure of insider compensation vesting rather than a market-transaction signal.

Corporate Governance Expert

TL;DR: Standard governance disclosure showing vesting-related equity accruals; no governance red flags apparent from the form.

The Form 4 properly identifies the reporting person, her role as EVP and Chief HR Officer, and the nature of the instrument as dividend equivalent rights tied to RSUs. The explanation clarifies the rights vest proportionately with the underlying restricted stock units. The submission appears procedurally complete, including signature by attorney-in-fact. There is no indication of accelerated vesting, related-party transaction complexities, or other governance issues within this filing.

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

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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^*

Pryor Paula A.

(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 and Chief HR 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		14.148		(2)	(2)	Common Stock	14.148	$0	45.907	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 transaction did Paula A. Pryor report on Form 4 for Walker & Dunlop (WD)?

The report discloses receipt of 14.148 dividend equivalent rights on 09/05/2025 tied to restricted stock units; these are economic equivalents of common shares.

How many shares does Paula A. Pryor beneficially own after the reported transaction?

The Form 4 reports 45.907 shares beneficially owned following the reported transaction.

Was there a purchase price for the dividend equivalent rights?

The filing lists the price as $0, indicating these were not purchased in a market transaction.

When did the transaction occur and when was the Form 4 signed?

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

What is the nature of the dividend equivalent rights reported?

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