STEPHEN P. THEOBALD - 05 Dec 2025 Form 4 Insider Report for Walker & Dunlop, Inc. (WD)

Role: EVP & Chief Operating Officer
Signature: /s/ Nicholas C. Eckstein, Attorney-in-fact
Issuer symbol: WD
Transactions as of: 05 Dec 2025
Transactions value $: $0
Form type: 4
Filing time: 09 Dec 2025, 16:30:59 UTC
Previous filing: 09 Sep 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
THEOBALD STEPHEN P	EVP & Chief Operating Officer	C/O WALKER & DUNLOP, INC., 7272 WISCONSIN AVENUE, SUITE 1300, BETHESDA	/s/ Nicholas C. Eckstein, Attorney-in-fact	09 Dec 2025	0001507723

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	WD	Dividend Equivalent Rights	Award	$0	+94.6	+7.9%	$0.00	1.29K	05 Dec 2025	Common Stock	94.6		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each dividend equivalent right is the economic equivalent of one share of common stock of the Company.
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.