Walker & Dunlop COO gets dividend equivalent rights

THEOBALD STEPHEN P reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

THEOBALD STEPHEN P reported acquisition or exercise transactions in this Form 4 filing.

Walker & Dunlop EVP & Chief Operating Officer Stephen P. Theobald received a grant of dividend equivalent rights tied to his existing equity awards. On June 4, 2026, he was awarded 120.612 dividend equivalent rights, each economically equivalent to one share of common stock.

These rights accrued on restricted stock units he already holds and will vest proportionately with those units over time, rather than immediately. Following this grant, he holds a total of 1,555.863 dividend equivalent rights directly, reflecting routine, compensation-related equity accrual rather than an open-market stock purchase or sale.

Insider Trade Summary

Grant/Award: 120.612 shares

Grant/Award 1 txn

Insider THEOBALD STEPHEN P

Role EVP & Chief Operating Officer

Type	Security	Shares	Price	Value
Grant/Award	Dividend Equivalent Rights	120.612	$0.00	$0.00

Holdings After Transaction: Dividend Equivalent Rights — 1,555.863 contracts (Direct)

Footnotes (2)

1. F1. Each dividend equivalent right is the economic equivalent of one share of common stock of the Company.
2. F2. 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.

Key Figures

Dividend equivalent rights granted: 120.612 rights Total dividend equivalent rights after grant: 1,555.863 rights Economic equivalence: 1 right = 1 common share +1 more

4 metrics

Dividend equivalent rights granted 120.612 rights Grant on June 4, 2026

Total dividend equivalent rights after grant 1,555.863 rights Holdings following June 4, 2026 transaction

Economic equivalence 1 right = 1 common share Each dividend equivalent right equals one common share economically

Transaction price per right $0.0000 Compensation grant, not market purchase

Key Terms

Dividend Equivalent Rights, restricted stock units, Grant, award, or other acquisition

3 terms

Dividend Equivalent Rights financial

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

Dividend equivalent rights are promises that mirror the cash payments shareholders get from a company’s profits, but they are paid to holders of certain awards (like stock options or restricted stock units) rather than to actual shares. Think of them as a paycheck top‑up that matches dividends while the award is not yet a real stock, and they matter to investors because they add to employee compensation costs and potential share dilution, affecting company profitability and per‑share value.

restricted stock units financial

"The dividend equivalent rights accrued on restricted stock units held by the reporting person and vest proportionately with the restricted stock units"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Walker & Dunlop (WD) report for Stephen P. Theobald?

Walker & Dunlop reported that EVP & COO Stephen P. Theobald received 120.612 dividend equivalent rights. These are compensation-related awards economically equivalent to common shares, increasing his total dividend equivalent rights position to 1,555.863, with vesting aligned to underlying restricted stock units.

How many dividend equivalent rights did the Walker & Dunlop COO receive in this Form 4?

The Walker & Dunlop COO received 120.612 dividend equivalent rights. Each right is economically equivalent to one share of common stock and was granted as part of his equity compensation, accruing on restricted stock units already held and vesting proportionately with those units.

What is the total number of dividend equivalent rights held after this Walker & Dunlop (WD) transaction?

After this transaction, Stephen P. Theobald holds 1,555.863 dividend equivalent rights. This total includes the newly granted 120.612 rights, all held directly and tied to his existing restricted stock units under Walker & Dunlop’s equity compensation program.

Are the Walker & Dunlop dividend equivalent rights an open-market stock purchase or sale?

No, the Walker & Dunlop dividend equivalent rights are not an open-market trade. They are compensation-related awards that accrue on restricted stock units and are economically equivalent to common shares, with vesting schedules matching the related restricted stock units.

How do dividend equivalent rights work for Walker & Dunlop (WD) executives?

For Walker & Dunlop executives, each dividend equivalent right is economically equivalent to one common share. These rights accrue on restricted stock units and vest in proportion to the underlying units, mirroring their vesting schedule rather than being immediately exercisable or tradeable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/08/2026 - 04:18 PM Learn about SEC filing dates

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^*

THEOBALD STEPHEN P

(Last) (First) (Middle)

C/O WALKER & DUNLOP, INC.

7272 WISCONSIN AVENUE, SUITE 1300

(Street)

BETHESDA MARYLAND 20814

(City) (State) (Zip)

UNITED STATES

(Country)

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 Operating Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/04/2026

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

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

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

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)	06/04/2026		A		120.612		(2)	(2)	Common Stock	120.612	$0	1,555.863	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	06/08/2026
	** 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.
* Form 4: SEC 1474 (03-26)