SCHMALTZ DANA L 4

What Happened

• Dana L. Schmaltz, a director of Walker & Dunlop (WD), had 1,105 deferred stock units converted into and settled in 1,105 shares of the company's common stock on March 13, 2026. The reported exercise/conversion price was $0.00, meaning no cash was paid for the shares. This was a settlement of deferred compensation, not an open-market purchase or sale.

Key Details

• Transaction date: March 13, 2026
• Reported actions: Exercise/conversion of derivative (code M) — 1,105 shares acquired; corresponding derivative instrument (1,105 units) disposed/cancelled
• Price: $0.00 per share (settlement of vested deferred stock units)
• Shares owned after transaction: Not specified in the filing
• Footnotes: F1 — each deferred stock unit equals the right to one share; F2 — the units were fully vested and settled in shares under the Issuer’s Deferred Compensation Plan for Non-Employee Directors
• Filing timeliness: Form 4 filed March 17, 2026 (within the typical SEC 2-business-day window for reporting)

Context

• Deferred stock unit settlements are routine director compensation events and do not necessarily signal a change in insider sentiment. The filing reflects conversion of a derivative award into shares (the derivative was cancelled upon settlement), not a market trade. No sale or cashless exercise was reported.