X0306 4 2019-02-15 0 0001497770 Walker & Dunlop, Inc. WD 0001503844 Smith Howard W III C/O WALKER & DUNLOP, INC. 7501 WISCONSIN AVENUE, SUITE 1200E BETHESDA MD 20814 1 1 0 0 President Common Stock 2019-02-15 4 A 0 68720 0 A 161629 D Common Stock 2019-02-15 4 A 0 11469 0 A 173098 D Common Stock 2019-02-15 4 F 0 35004 54.49 D 138094 D Common Stock 388497 I The HIII 2011 Trust Common Stock 4764 I As Custodian for Daughter 1 Common Stock 4764 I By ADS 2015 Trust Common Stock 4560 I By HWS IV 2012 Trust Common Stock 4764 I By MHS 2010 Trust Common Stock 4422 I By MMAS 2008 Trust Deferred Stock Units 2019-02-15 4 A 0 4301 0 A Common Stock 4301 4301 D Restricted Stock Units 2019-02-15 4 A 0 2150 0 A Common Stock 2150 2150 D On March 21, 2016, the reporting person was granted an award of performance share units, which vest in the form of common stock if certain pre-established performance goals underlying the award are met over the course of a three-year period. On February 15, 2019, the Compensation Committee of the Issuer's Board of Directors determined that the performance goals had been met, resulting in the vesting of these shares. The restricted stock vests in three equal annual installments beginning on February 15, 2020. Each deferred stock unit represents the right to receive one share of common stock of the Issuer. The deferred stock units are fully vested and will be settled in shares of the Issuer's common stock either (i) on a date selected by the reporting person pursuant to the Issuer's Management Deferred Stock Unit Purchase Plan, as amended (the "Plan"), or (ii) as otherwise provided by the Plan. Each restricted stock unit represents the right to receive one share of common stock of the Issuer. The restricted stock units will be settled in shares of the Issuer's common stock on March 15 in the third calendar year following the grant date, subject to vesting acceleration pursuant to the Plan. /s/ Daniel J. Groman, Attorney-in-fact 2019-02-20