THEOBALD STEPHEN P 4

What Happened
Stephen P. Theobald, Chief Operating Officer of Walker & Dunlop (WD), was granted 120.612 derivative units on 2026-06-04 reported as an award/acquisition (code A) at an acquisition price of $0.00. The filing shows these are dividend equivalent rights (DERs) related to restricted stock units (RSUs) rather than an open-market purchase or sale.

Key Details

• Transaction date: 2026-06-04; Form filed: 2026-06-08 (check timeliness; Form 4s are generally due within two business days of the transaction).
• Security acquired: 120.612 derivative units (dividend equivalent rights) at $0.00 per unit.
• Transaction type: Award/Grant of derivative securities (code A).
• Shares owned after transaction: Not specified in the provided excerpt.
• Footnotes: F1 — each dividend equivalent right is the economic equivalent of one common share; F2 — these dividend equivalents accrued on RSUs held by the reporting person and vest proportionately with those RSUs.

Context
Dividend equivalent rights are a compensation derivative that mirror the economic value of dividends on underlying RSUs and typically vest with the RSUs; they are not immediate common-stock transfers. Such awards are routine executive compensation and do not by themselves indicate buying or selling sentiment.