UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
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Item 1.01. Entry into a Material Definitive Agreement.
On September 12, 2024, Walker & Dunlop, Inc. (the “Company”) and Walker & Dunlop, LLC, the operating subsidiary of the Company (the “Seller”), entered into Amendment No. 7 to Master Repurchase Agreement (the “Amendment”) with JPMorgan Chase Bank, N.A. (the “Buyer”). The Amendment amends that certain Master Repurchase Agreement, dated as of August 26, 2019 (as amended by the First Amendment, dated as of August 24, 2020, the Second Amendment, dated as of August 23, 2021, Amendment No. 3 to Master Repurchase Agreement, dated as of September 30, 2021, Amendment No. 4 to Master Repurchase Agreement, dated as of September 15, 2022, Amendment No. 5 to Master Repurchase Agreement, dated as of December 29, 2022, and Amendment No. 6 to Master Repurchase Agreement, dated as of September 12, 2023, the “Repurchase Agreement”), by and among the Company, the Seller, and the Buyer to, among other things, extend the Termination Date (as defined in the Repurchase Agreement) to September 11, 2025. The Company continues to guarantee the Seller’s obligations under the Repurchase Agreement, as amended by the Amendment.
The Repurchase Agreement is supplemented by an Amended and Restated Letter, dated as of September 30, 2021 (as amended by that certain Amendment No. 1 to Amended and Restated Side Letter, dated as of September 15, 2022 and as further amended by that certain Amendment No. 2 to Amended and Restated Side Letter, dated as of September 12, 2023, the “Side Letter”), which sets forth certain fees, commitments and pricing information relating to the Repurchase Agreement. The Side Letter is amended by Amendment No. 3 to Amended and Restated Side Letter, dated as of September 12, 2024 (the “Side Letter Amendment”). The Side Letter Amendment revises, among other things, the definition of Facility Amount (as defined in the Side Letter Amendment) and Non-Usage Fee (as defined in the Side Letter Amendment).
The foregoing description of the Amendment and Side Letter Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment and Side Letter Amendment, which is filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K.
The Buyer and its affiliates have various relationships with the Company and its affiliates involving the provision of financial services, including another credit facility under which the Company is a borrower and investment banking.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
Item 9.01. Financial Statements and Exhibits.
| Exhibit
Number |
Description |
| 10.1 | Amendment No. 7 to Master Repurchase Agreement, dated as of September 12, 2024, by and among Walker & Dunlop, LLC, Walker & Dunlop, Inc., and JPMorgan Chase Bank, N.A. |
| 10.2 | Amendment No. 3 to Amended and Restated Letter, dated as of September 12, 2024, by and among Walker & Dunlop, LLC, Walker & Dunlop, Inc., and JPMorgan Chase Bank, N.A. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| WALKER & DUNLOP, INC. | ||
| (Registrant) | ||
| Date: September 16, 2024 | By: | /s/ Daniel J. Groman |
| Name: Daniel J. Groman | ||
| Title: Interim General Counsel & Secretary | ||