Walker & Dunlop Investment Partners Inc

Item 5 Fees and Compensation

Management Fees

WDIP receives management fees from Client vehicles (“Management Fees”). Management Fees are
negotiated on a Client-by-Client or Investor-by-Investor basis and set forth in each Client’s respective
Governing Documents or Side Letters. Certain Clients will pay a Management Fee based on
committed capital during a certain time period, which is expected to align with the investment period
of the Client, and then after the designated time period, will pay Management Fees based on invested
capital or aggregate unreturned capital contributions. We typically waive management fees for the
General Partners and WDIP employees.

Depending on the Client, Management Fees are typically paid in advance on the first day of each
successive quarter. Installments of the Management Fee payable for any period other than a full
quarterly period generally are adjusted on a pro rata basis according to the actual number of days in
such period. However, it is our current practice to defer and accrue Management Fees for all Investors
early in each Client’s investment period. Each Client may have a different investment period and
different time periods for triggering step-down in Management Fees, so we encourage Investors to
read the Governing Documents carefully. Management Fees are deducted from the Investor’s capital
distributions.

WDIP generally accrues management fees as earned but may defer collection of those fees from
limited partners and instead collect accrued fees only when the applicable fund generates sufficient
cash available for distribution, typically in connection with quarterly cash profit distributions. Where
cash available for distribution is insufficient, WDIP may collect accrued management fees over
multiple subsequent quarters.

As a result, performance metrics presented net of management fees (including any full-fee IRR,
meaning the highest fee paid by any one investor, used for marketing or reporting) may be affected
by the timing of fee collection. Specifically, when the collection of accrued management fees is
deferred or spread across multiple periods, the full-fee IRR (and other net performance measures) may
differ from the net performance that would be shown if management fees were collected in the period
in which they were accrued. WDIP can provide additional information regarding fee accrual and
collection timing upon request.

Some of our Clients utilize a private REIT structure for tax efficiency purposes. Private REITs
typically charge a REIT administration fee, which will be included in WDIP’s Management Fee as
disclosed in relevant Client Governing Documents.

For one or more Investors, WDIP has and accepts a pro rata portion of investment origination fees,
otherwise earned by the respective Client as fund income, in lieu of fund-level Management Fees or
Carried Interest. To the extent such origination fees are earned by WDIP or the General Partner, the
pro rata portion of fees earned by WDIP will have no impact on any Management Fees charged to or
Carried Interest applicable to other Investors of the respective Client or such Investor’s investment
return. For Separate Account Clients, WDIP typically earns a combination of origination,
underwriting, asset management and administration fees. WDIP is also entitled to a profit-sharing
interest of the Client as a promote or performance fee.

Item 7 Types of Clients

We provide investment advice to our Clients, which are the Funds, Separate Accounts, Co-Invest
Entities, and Client SPV Entities described in Item 4 above. Client Investors can be expected to
consist of one or more of the following:

    •   Public and private retirement and pension plans

    •   Insurance companies

    •   State and municipal government agencies

    •   Sovereign wealth funds

    •   Private investment funds and pooled investment vehicles

    •   Public and private profit-sharing plans

    •   Banks and other financial institutions

    •   Charitable organizations and foundations, including endowment funds

    •   Investment companies

    •   Corporations, trusts and estates and other business entities

    •   Family offices and other certain high net worth individuals; and

    •   Related Parties, Related Entities and knowledgeable or qualified employees

The Clients are not registered or required to be registered under the Investment Company Act in the
case of Clients that are pooled funds and interests in the Clients are privately placed to the following
types of qualified Investors:

    •   U.S. investors who are accredited investors within the meaning of Regulation D of the
        Securities Act of 1933, as amended and qualified purchasers within the meaning of Section
        2(a)(51) of the Investment Company Act; and

    •   Non-U.S. investors that meet comparable qualifications

Each Client requires minimum capital commitments from an Investor, which are detailed in the
relevant Client’s Governing Documents. We have accepted and may continue to accept minimum
subscriptions and commitment amounts of less than the stated minimum amount in its discretion.

Our investment advisory Clients include preferred and joint venture real estate equity pooled
investment vehicles for which we provide advisory and non-advisory services to affiliated and non-
affiliated institutional investors and asset managers. For example, WDIP’s affiliate W&D has entered
into a joint venture agreement (“WD-JV”) with a Canadian pension consultant to originate,
underwrite and manage preferred equity investments on 7-10 year duration substantially stabilized
multi-family assets for which the Sponsors (as defined below) require gap equity/financing. W&D
originates and underwrites the first trust agency debt for such investments. WDIP is appointed as the
non-discretionary investment adviser with respect to the pension consultant partner and discretionary
investment adviser with respect to the W&D partner of the WD-JV and provides underwriting,
portfolio and asset management services. A conflict of interest exists in this relationship because the
WD-JV has certain take-over rights to take management control of investments from the Sponsor,
and W&D typically arranges the senior debt for the Sponsor borrower and provides loan servicing
services on the senior debt. In the rare case the WD-JV is required to exercise its take-over rights on
any property on which W&D services the first-trust loan, to mitigate the above conflict of interest,
W&D is required to relinquish or sell its servicing rights to an unaffiliated third party.

In addition, WDIP has several joint venture real estate equity pooled investment vehicle programs
with insurance companies or institutional co-investors to originate, underwrite and advise on value-
add multifamily and industrial real estate assets on a non-discretionary/joint discretionary basis. We
have investment allocation policies and procedures to manage conflicts related to allocating similar
investments across our Fund and Separate Account programs.