THEOBALD STEPHEN P 4

What Happened
Stephen P. Theobald, Chief Operating Officer of Walker & Dunlop (WD), was granted 142.566 dividend-equivalent rights on 2026-03-27. The award is reported as a derivative acquisition at $0.00 (no cash changed hands); the dividend-equivalent rights represent the economic equivalent of common shares tied to restricted stock units.

Key Details

• Transaction date: 2026-03-27; Form 4 filed 2026-03-31.
• Transaction type/code: A — Award/other acquisition (derivative dividend-equivalent rights).
• Amount: 142.566 dividend-equivalent rights; price per unit reported $0.00.
• Reported value: $0 (derivative award, not a purchase).
• Shares owned after transaction: not specified in the provided filing.
• Footnotes: (F1) each dividend-equivalent right equals the economic equivalent of one common share; (F2) these rights accrued on RSUs and vest proportionately with those RSUs.
• Timeliness: the Form 4 was filed four days after the transaction date; Form 4s are typically due within two business days, so this filing may be delayed.

Context
Dividend-equivalent rights are a compensation mechanism tied to restricted stock units (RSUs). They do not represent an open-market purchase or sale and generally reflect executive compensation rather than a direct market sentiment signal. These rights typically convert to cash or shares as the underlying RSUs vest.