Walker & Dunlop (WD) COO Stephen Theobald Receives Award

What Happened
Stephen P. Theobald, Chief Operating Officer of Walker & Dunlop, was granted 151.473 derivative awards on September 3, 2026. The filing lists these as acquired dividend-equivalent rights (derivative securities) with an acquisition price of $0.00, total value $0 — i.e., an equity award rather than a cash purchase.

Key Details

• Transaction date: 2026-09-03; Filing date: 2026-09-08 (Form 4 accession 0001104659-26-105926).
• Award: 151.473 dividend-equivalent rights; Price per unit: $0.00; Reported value: $0.
• Shares/units owned after the transaction: not specified in the Form 4 (not reported).
• Footnotes: (1) Each dividend-equivalent right is the economic equivalent of one share of common stock. (2) These rights accrued on restricted stock units (RSUs) and vest proportionately with the related RSUs.
• Transaction type: Award/Grant of derivative securities (code A).

Context
Dividend-equivalent rights are derivatives that mirror the economic benefit of shares (e.g., dividends) and here are tied to the vesting schedule of existing RSUs; they are not an open-market purchase or sale. Such awards are common components of executive compensation and do not by themselves indicate buying or selling sentiment.