THEOBALD STEPHEN P 4

What Happened Stephen P. Theobald, Chief Operating Officer of Walker & Dunlop (WD), received a grant of 16,973 restricted shares on 2026-02-13 (reported on Form 4). Simultaneously, 3,273 shares were disposed of to satisfy the tax withholding obligation at $61.86 per share, generating about $202,468. The award shows a grant price of $0.00 (typical for restricted stock awards).

Key Details

• Transaction date: 2026-02-13; Form 4 filed: 2026-02-18 (timely filing).
• Award: 16,973 restricted shares (code A) at $0.00.
• Tax withholding/disposition: 3,273 shares (code F) at $61.86, proceeds ≈ $202,468.
• Shares owned after the transaction are not specified in the provided excerpt of the filing.
• Footnote: The restricted stock vests in three equal annual installments beginning February 15, 2027 (see F1).
• The 3,273-share disposition is a tax-withholding action (not an open-market sale).

Context This was an equity award with partial share withholding to cover taxes, not a discretionary open-market sale or purchase. Restricted shares will vest over time (three annual installments starting 2/15/2027), so the award is subject to future service-based vesting rather than immediate free trading. Tax-withholding dispositions are routine following grants and do not necessarily signal insider buying or selling sentiment.