Introduction Cherokee & Walker is a private investment firm established in 1999 to manage the investment of its founder’s capital across various investments including business ventures, real estate acquisition and development, and debt financing. Prior to 2012, Cherokee & Walker operated on a limited basis which did not require registration as an investment advisor. Cherokee & Walker does not accept direct investments into Cherokee & Walker but has formed proprietary Pooled Investment Vehicles (“PIVs”), as Utah limited liability companies, to accept capital from its qualified clients and to deploy that capital consistent with the PIV documents. Cherokee & Walker’s management services consist of directing the investment of the funds held by the PIVs, as well as managing co-funded capital for the non-managing member of Cherokee & Walker and for the co-funded capital of substantial ($1 million or more) PIV investors. Management Services Cherokee & Walker provides management services to four proprietary PIVs: Cherokee & Walker Fund II, LLC (“CW Fund II”), Red Bridge Capital II, LLC (“RBC II”), Red Bridge Capital III, LLC (“RBC III”), and Red Bridge Capital IV, LLC (“RBC IV”). Finally, Cherokee & Walker may also provide management services for the co-funded capital of its non-managing member and for the co-funded capital of substantial PIV investors. The funds held by RBC II, RBC III, and RBC IV are invested through real estate or other lending-oriented transactions in which the PIV is generally a secured lender. Both RBC II and RBC III began liquidation during 2023 at which time those PIVs ceased originating new loans. RBC IV accepted capital commitments, began drawing capital and started originating loans during 2023. These lending transactions generally consist of the following:
• Loans for acquisition of real property for development. These loans are typically provided to finance all or a portion of the acquisition cost of real property for development.
• Loans for construction financing. These loans are provided to finance the construction of residential or commercial projects, which can include tenant improvements.
• Loans for equipment financing. These loans are typically used to purchase equipment that is then leased to a third-party lessee.
• Loans for purchasing, renovating and selling foreclosed or distressed personal residences and single-family dwellings. These loans or participation interests are typically provided to finance all or a portion of the acquisition and renovation costs for real property.
• Loans for consumer lending. These loans may be extended through an intermediary and may be in the

form of participation interests.
• Loans to provide business development financing. These loans are typically provided for specified business development activities. CW Fund II is a venture capital fund which is winding down, or managing existing assets, which were classed at time of investment as follows:
• In earlier stage companies where potential for involvement or influence existed. A flexible, opportunistic approach was employed across various industries. Form ADV Parts 2A & 2B: Firm Brochure & Supplement Page - - 5 - -
• In acquisitions and development of real property and real estate. Insight from and work provided by related real-estate development and construction companies was relied upon.
• In activities related or incidental to early-stage companies and in acquiring and developing real property and real estate. This included secured loans of the nature described above with respect to RBC II, RBC III and RBC IV. Additionally, Cherokee & Walker, as the manager of the PIVs, can make other private investments authorized by each PIV’s governing board. As of December 31, 2023, Cherokee & Walker, as the manager of the PIVs, had discretionary management responsibility for approximately $109,739,217 (based on net unreturned capital plus committed capital and outstanding debt) in the lending-oriented PIVs of RBC II, RBC III, and RBC IV and for approximately $1,884,481 (based on net unreturned capital plus outstanding debt) in CW Fund II, an equity-oriented PIV. Investments made into PIVs managed by Cherokee & Walker are and will likely be illiquid because the units in the PIVs are not publicly traded. Any offerings involving the units of the PIVs have been conducted as private offerings exempt from state and federal security registration requirements. Typically, such offerings have been conducted in compliance with Rule 506 of Regulation D. Accordingly, prior to making any investment into a Cherokee & Walker managed PIV, investors are provided extensive disclosure documents for their review and are required to acknowledge understanding of the offering documents and to confirm their status as accredited investors and qualified clients. Cherokee & Walker places the interests of the PIVs and the overall performance of each PIV as its first priority. Decisions regarding investment, management, and distributions are governed by the Managing Directors of Cherokee & Walker and are made in accordance with the PIV governing documents. In addition to the PIVs, Cherokee & Walker may provide investment advisory services for the co-funded capital of its non-managing member and for the co-funded capital of substantial PIV investors.