Firm Description Walker & Dunlop Investment Partners, Inc. (referred to herein as the “Advisor”, “WDIP” or the “Firm”) formerly as JCR Capital Investment Corporation (“JCR Capital”), was founded in 2008. WDIP is a wholly owned subsidiary of an affiliate of Walker & Dunlop, Inc. (“W&D”), a publicly held corporation. When we use the term “we”, “us” and “our” in this Brochure, we are referring to WDIP as the investment advisor (“Advisor”), as well as any entities that are directly or indirectly under our control (collectively, “Affiliates”), some of which serve as the general partner or managing member (“General Partner”) of a Client (defined below). We provide equity and debt capital solutions across property sectors and the risk spectrum. Our equity real estate platform focuses investments ranging from light value-add and stabilized investments to opportunistic investments in periods of market dislocation deploying strategies that focus on value creation and income generation through the acquisition development, improvement, strategic oversight, ownership, management, and timely exit from commercial real estate investments. Our commercial real estate debt platform provides customized capital solutions for real estate owners and developers. Our focus targets commercial real estate sectors, including, but not limited to, industrial/logistics, multi-family and other housing, and select retail properties. We also arrange, originate, manage, fund, and invest and co-invest in commercial mortgage loans. See Item 8 below for a description of our investment strategies and methodology. Our investment vehicles are typically structured as closed-end or open-end private funds and separate joint venture accounts that hold real estate and related assets and commercial senior bridge, permanent and mezzanine loans (each an “Investment” and collectively, “Investments”) directly and through holding vehicles or other tax efficient structures such as limited partnerships, limited liability companies, private real estate investment trusts (“REITs”) and joint venture companies. We also advise certain Clients on Investments in investment vehicles owned directly and indirectly by entities owned by WDIP’s parent company, Walker & Dunlop, Inc. (“W&D”) (such entities, along with W&D, its subsidiaries and their employees, are referred to as “Related Entities”). Firm Ownership and Management WDIP is a wholly owned subsidiary of Walker & Dunlop Investment Management, LLC, a wholly owned affiliate of Walker & Dunlop, Inc. (“W&D”). Mitchell Resnick serves as WDIP’s President and is a member of the WDIP Management Committee; Marcus Duley serves as Chief Investment Officer of WDIP and is a member of the WDIP Management Committee; Geoff Smith serves and Head of Debt for the Firm; Ryan Castle serves as Divisional Chief Operating Officer of WDIP and is a member of the WDIP Management Committee; Arielle Dahlgren serves as Divisional Chief Financial Officer and Treasurer of WDIP; and Stephen Erwin serves as Chief Compliance Officer and corporate Secretary. As part of the Firm’s executive succession plan, the founders of JCR Capital will transition to a sub- advisory role and will continue to lead and manage the legacy JCR Capital branded funds (“JCR Capital Funds”) and continue as members of the JCR Capital Funds investment committee. The JCR Capital Funds are all in the harvesting phase. Assets Under Management As of 12/31/2023, WDIP had approximately $6.3 billion in assets under management (“AUM”) on a gross basis and $1.57 billion in AUM on a net basis (also referred to as regulatory assets under management or “RAUM”). Approximately $966 million of RAUM is managed on a discretionary basis, and $603 million is managed on a non-discretionary basis. We define and represent “Gross AUM” in marketing materials as the outstanding total capitalization of all equity investments made and managed through WDIP funds, co-investments and joint ventures, plus senior debt originated and managed/serviced (both on an advisory and non-advisory basis) through WDIP joint ventures and separately managed accounts. Advisory Services WDIP serves as the investment manager of:
• Real estate-related investment funds exempt from registration under the Investment Company Act, including pooled investment funds and REITs, together with any related feeder funds and parallel funds (each a “Fund” and collectively, the “Funds”);
• Separately managed account mandates, including joint venture companies (collectively, “Separate Accounts”, and individually, a “Separate Account”);
• Co-invest vehicles for facilitating co-investment with a Fund or Separate Account in an Investment (“Co-Invest Entities”); and
• Special purpose entities for making Investments, including limited partnerships or similar vehicles that are comprised of one of more investors, but which are not organized as Funds (“SPV Entities”). Funds, Co-Invest Entities, Separate Accounts and SPV entities are collectively the “Clients” and each individually a “Client” of the Firm. Interests in Clients are offered to limited partners, joint venture partners or other investors (“Investors”) who must meet certain eligibility requirements. Individual Investors are not considered Clients of the Firm. In addition, WDIP has and may, in its sole discretion, formed or form one or more parallel vehicles for investors having any particular set of legal, tax, regulatory or other considerations including modification of the parallel vehicle’s investment period with respect to the main fund vehicle, and, if any such additional parallel vehicle is formed, WDIP may or may not retain sole discretion to cause any such additional parallel vehicle to invest directly or indirectly through REITs. Such parallel vehicles may also begin investing prior to the related Funds in which case such investments will be owned solely by such parallel vehicles. WDIP may earn all, or a share fees, such as origination fees, in lieu of or in addition to Management Fees charged to a parallel fund. WDIP directs and manages each Client’s Investments by providing the following types of services: Identifying

and analyzing equity and debt sponsors and Investment opportunities;
• Making commercial real estate equity and debt Investment recommendations and decisions;
• Negotiating the terms of Investments;
• Providing asset management services and monitoring Investments, including monitoring loan servicing and sub-servicing services provided through Affiliates;
• Achieving dispositions of Investments;
• Providing private commercial finance services including originating real estate loans; and
• Providing other related services in connection with the implementation of the Investment program of each Client. Our equity platform Clients typically target “middle market opportunities” generally defined as properties valued less than $100 million, while our debt platform Clients provide senior bridge, permanent and mezzanine loans for middle market and higher valued properties. Our advice includes various facets of investing in the equity or debt of an Investment and recommendations as to the structure of the real estate and related asset holdings. Investment advice is provided directly to each Client and not individually to its Investors unless otherwise required in the Governing Documents. Client Investment objectives are described in the applicable private placement memoranda, limited partnership agreements, investment advisory agreements, subscription agreements, joint venture operating agreements, shared services agreements and other governing documents of the relevant Client (collectively, along with Side Letters as defined below (the “Governing Documents”). While some Investors in a Fund seek side letters or similar agreements that confer additional benefits (“Side Letters”), Fund Investors cannot impose restrictions on a Fund investing in certain Investments unless such restrictions are set forth in the Governing Documents. Some Separate Account Clients are managed on a non-discretionary or joint discretionary basis where the Investor(s) determines whether to execute on our Investment recommendation. WDIP has entered into Side Letters with certain Investors, including those who make substantial commitments of capital or are early-stage Investors in a Client, or for other reasons in the Firm’s sole discretion. Side Letters have the effect of establishing rights under, or altering or supplementing, a Client’s other Governing Documents. Side Letter rights typically include special economic rights such as reduced management, performance and other fees, Management fee deferrals, modified waterfall mechanics, notification provisions, priority co-investment rights or targeted co-investment amounts, regulatory considerations of specific Investors, opt out rights, supplemental reporting and information, rights to serve on a Fund’s advisory committee, liquidity or transfer rights, confidentiality protections and disclosure rights, modifications of default remedies, investment pacing restrictions and “most favored nations” provisions. These Side Letter rights, benefits or privileges are not typically made available to all Investors in the same Client, nor are they, consistent with general market practice, always required to be disclosed to all Investors in such Client. Side letters are typically negotiated prior to the relevant Investor’s commitment to a Client. There can be no assurance that the Side Letter rights granted to one or more Investors will not in certain cases disadvantage other Investors. WDIP is likely to have its own economic and/or other business incentives to provide certain terms to select Investors, e.g., based on commitment amounts to a Fund or the timing of such commitments; the ability of an Investor to provide sourcing or other services to the Firm; or the potential to establish, recognize, strengthen or cultivate relationships that have the potential to provide longer-term benefits to WDIP, its Affiliates and personnel, or other Clients. Further, Side Letters may also relate to strategic relationships under which an Investor agrees to make commitments to multiple Clients or Funds. Except where required by Governing Documents, other Investors will not receive copies of Side Letters or related provisions, and as a general matter, the other Investors have no recourse against a Fund, WDIP, the relevant General Partner or any of their Affiliates in the event that certain Investors have received additional and/or different rights and/or terms as a result of such Side Letters. Side Letters subject WDIP to potential conflicts of interest, including in circumstances where an Investor’s right to serve on the relevant Fund’s advisory committee results in the Investor receiving additional information relative to other Investors. To the extent an Investor is subject to statutory or other limitations on indemnification, or otherwise negotiates rights relating thereto, other investors may be subject to increased losses, or be required to bear an increased portion of indemnification amounts. Other Side Letter rights are likely to confer benefits on the relevant Investor at the expense of the relevant Fund or of Investors as a whole, including in the event that a Side Letter confers additional reporting, information rights and/or transfer rights, the costs and expenses of which are expected to be borne by the relevant Fund. In addition to side-by-side investment programs defined below, WDIP may offer opportunities to invest in Investments alongside its Clients (the “Co-investment Opportunities”) to certain investors or other persons on such terms and conditions at the discretion of WDIP and form a separate investment vehicle for the purpose of investing in one or more Co-investment Opportunities (the “Co- investment Vehicle”). WDIP may also from time-to-time form single-investor or pooled investment vehicles to invest alongside a Fund or Separate Account (“Co-Investment Entities”). WDIP also offers co-investment opportunities to unaffiliated third parties to close on investments requiring additional capital. WDIP typically earns management fees and/or carried interest for managing unaffiliated Co-Investment Entities and such are treated as a Client account.