Walker & Dunlop COO granted 151.473 stock rights

Walker & Dunlop’s COO received additional dividend equivalent rights tied to his existing restricted stock units, modestly increasing his equity-linked compensation.

Rhea-AI Filing Summary

Walker & Dunlop, Inc. (symbol: WD) is the issuer of record for a Form 4 filing submitted to the SEC. THEOBALD STEPHEN P reported acquisition or exercise transactions in this Form 4 filing.

Walker & Dunlop, Inc. executive Stephen P. Theobald, EVP & Chief Operating Officer, received an award of 151.473 Dividend Equivalent Rights on September 3, 2026. Each right is economically equivalent to one share of common stock and relates to restricted stock units, bringing his directly held dividend equivalent rights to 1,707.336.

Insider Trade Summary

Grant/Award: 151.473 shares

Grant/Award 1 txn

Insider THEOBALD STEPHEN P

Role EVP & Chief Operating Officer

Type	Security	Shares	Price	Value
Grant/Award	Dividend Equivalent Rights F1, F2	151.473	$0.00	$0.00

Holdings After Transaction: Dividend Equivalent Rights — 1,707.336 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: 151.473 rights Dividend Equivalent Rights after transaction: 1,707.336 rights Underlying common stock equivalence: 151.473 shares +1 more

4 metrics

Dividend Equivalent Rights granted 151.473 rights Grant to EVP & Chief Operating Officer on September 3, 2026

Dividend Equivalent Rights after transaction 1,707.336 rights Total directly held by the executive following the award

Underlying common stock equivalence 151.473 shares Each Dividend Equivalent Right is the economic equivalent of one share of common stock

Reported grant price per right $0.00 per right Dividend Equivalent Rights award on September 3, 2026

Key Terms

Dividend Equivalent Rights, restricted stock units, economic equivalent

3 terms

Dividend Equivalent Rights financial

"Each dividend equivalent right is the economic equivalent of one share"

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"

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.

economic equivalent financial

"Each dividend equivalent right is the economic equivalent of one share"

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 & Chief Operating Officer Stephen P. Theobald received a grant of 151.473 Dividend Equivalent Rights on September 3, 2026, as a derivative equity-based award tied to his restricted stock units.

How many Dividend Equivalent Rights does the Walker & Dunlop (WD) executive hold after this Form 4?

After the September 3, 2026 award, EVP & COO Stephen P. Theobald holds a total of 1,707.336 Dividend Equivalent Rights directly. These are derivative interests that track the value of Walker & Dunlop common stock.

What are the terms of the Dividend Equivalent Rights reported by Walker & Dunlop (WD)?

Each Dividend Equivalent Right is the economic equivalent of one share of Walker & Dunlop common stock. The rights accrued on restricted stock units held by the executive and vest proportionately with those restricted stock units.

Was the Walker & Dunlop (WD) insider transaction under a Rule 10b5-1 plan?

No. The filing’s Rule 10b5-1 checkbox is not affirmed, and there is no footnote stating the award was made under a Rule 10b5-1 trading plan. It is reported simply as a grant or award acquisition.

Did Stephen P. Theobald buy or sell Walker & Dunlop (WD) common stock in this Form 4?

No common stock purchases or sales are reported. The Form 4 shows an acquisition of 151.473 Dividend Equivalent Rights, a derivative award economically equivalent to common stock, with no cash per-share price reported for the grant.

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

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Available on EDGAR 09/08/2026 - 04:36 PM Accepted by SEC EDGAR 09/08/2026 - 04:36 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)
09/03/2026

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)	09/03/2026		A		151.473		(2)	(2)	Common Stock	151.473	$0	1,707.336	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	09/08/2026
	** 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)