Walton U.S. Land Fund Liquidity Options

Investment Overview

Walton U.S. Land Fund
Liquidity Options

Walton Global is a real estate asset management company focused primarily on pre-development land in growth markets across North America. Founded in 1979, Walton reports approximately $4.44 billion of real estate assets under management and administration and more than $2.96 billion distributed to investors.

Walton's investment model has historically involved identifying land in the path of future development, acquiring and syndicating interests through private investment structures, managing those assets during the holding period, and ultimately seeking to monetize the land through sales, builder transactions, development-related agreements, or other disposition strategies.

Walton U.S. Land Fund investments were generally structured as private limited partnership interests rather than publicly traded securities. As a result, investors typically cannot sell their interests through a conventional brokerage account at a continuously quoted public market price.

Potential liquidity may depend on the specific fund, remaining assets, partnership restrictions, transfer requirements, buyer demand, ownership registration, documentation, and the expected timing of future asset realizations.

Investment Snapshot

Walton U.S. Land Funds
At A Glance

Walton Global

Land Investment
Platform

Walton describes its core business as acquiring, managing, and ultimately selling land. The firm focuses on parcels located in areas expected to benefit from population growth, housing demand, infrastructure expansion, and future development activity.

Walton reports more than 85,000 acres of land under ownership or management across North America, with approximately 90% located in the United States.

For investors in older Walton U.S. Land Fund programs, the most relevant considerations may differ from those associated with newer Walton investment products. Remaining fund assets, realized property sales, builder agreements, partnership expenses, and the timing of future distributions can all affect the economics of an older limited partnership interest.

Fund Family

Walton U.S. Land Funds
Reviewed By AIL

Alternative Investment Liquidity reviews certain Walton U.S. Land Fund limited partnership interests, including positions in the following programs:

Each fund is a separate legal investment vehicle. Asset ownership, remaining land holdings, distributions, transfer restrictions, valuation references, and secondary-market interest may differ significantly from one fund to another.

Investors should therefore avoid assuming that the value or liquidity characteristics of one Walton fund apply to another.

Walton U.S. Land Fund 1

Fund 1
Liquidity Considerations

Walton U.S. Land Fund 1 LP was offered as a private land investment partnership. Historical offering information indicates an offering size of approximately $50 million.

Like other Walton land partnerships, Fund 1 was designed to provide investors with exposure to land assets that could potentially appreciate as surrounding development, entitlement activity, infrastructure, or builder demand progressed.

Walton U.S. Land Fund 1 has also appeared in the private secondary market. In 2023, LODAS Markets announced that Walton U.S. Land Fund 1 interests had become available for trading on its marketplace and that trades had occurred in the fund.

Historical secondary-market trading does not mean that a continuous market, current bid, or specific transaction price is available today. Liquidity may depend on current buyer interest, position size, transferability, and the characteristics of the individual investor position.

Walton U.S. Land Fund 3

Fund 3
Investment Profile

Walton U.S. Land Fund 3 LP is a Delaware limited partnership formed in 2012. Public offering records indicate that the fund was structured as a private Regulation D offering.

Historical financial statements for Fund 3 identified investments associated with properties including River Park, Redwood Meadows, Dobson Creek, Ridgewood Lakes, Vista Ranch, and Harvest Grove North.

Historical offering materials indicate an offering size of approximately $100 million.

Walton U.S. Land Fund 3 was also among the Walton partnerships added to the LODAS Markets secondary marketplace in 2023. LODAS reported that trades had occurred in the fund.

Secondary-market availability can change over time, and past trading activity should not be interpreted as evidence of a current market price or guaranteed ability to sell.

Walton U.S. Land Fund 4

Fund 4
Investment Profile

Walton U.S. Land Fund 4 LP is a Delaware limited partnership formed in 2013. Historical offering records indicate an offering size of approximately $100 million.

In 2021, Walton announced that investors in U.S. Land Fund 4 approved residential builder option agreements involving portions of Rock Creek Ranch, Bellehaven, and West Creek.

Walton reported that approximately 1,062.46 acres associated with Fund 4 were included in approved builder option agreements. The agreements were part of a broader transaction involving U.S. Land Fund 4 and U.S. Land Fund 2 with an aggregate stated value of approximately $63.2 million.

These historical transactions illustrate how Walton land funds may seek to monetize property through staged sales, builder option agreements, or other development-related transactions rather than through a single immediate liquidation.

The existence of historical builder agreements does not establish the current value of a Fund 4 partnership interest. Investors should evaluate the latest fund reporting, remaining assets, expenses, distributions, and transfer conditions when assessing current liquidity.

Walton U.S. Land Fund 5

Fund 5
Investment Profile

Walton U.S. Land Fund 5 LP was also structured as a private land investment limited partnership. Historical offering information indicates an offering size of approximately $100 million.

Publicly available current fund-level information for Fund 5 is more limited than for certain earlier Walton programs. As a result, investors evaluating Fund 5 should rely on their latest Walton investor statements, partnership correspondence, tax documents, and other fund-specific materials.

A review of an individual Fund 5 position may focus on the investor's reported value, remaining fund assets, any recent distributions or property transactions, transfer requirements, and current secondary-market buyer demand.

Liquidity Considerations

Can Walton U.S. Land Fund
Interests Be Sold?

Potentially. Certain Walton limited partnership interests may be transferable through a private transaction, subject to the terms of the applicable partnership agreement and any issuer or general partner requirements.

Private limited partnership interests generally do not have the same liquidity as publicly traded securities. There may be no centralized exchange, continuously quoted price, or obligation for Walton or another party to repurchase an investor's interest.

Potential liquidity alternatives may include a private secondary-market transaction, a direct purchase by an interested buyer, an available third-party marketplace, or continued ownership while the fund seeks to monetize its remaining assets.

The availability and attractiveness of these alternatives may differ significantly by fund and by investor position.

Secondary Market

Walton Limited Partnership
Secondary Market

Certain Walton U.S. Land Fund interests have historically been available through private secondary-market platforms.

In August 2023, LODAS Markets announced the addition of several Walton investment programs to its marketplace, including Walton U.S. Land Fund 1 and Walton U.S. Land Fund 3. LODAS also stated that transactions had occurred in the Walton funds added to the platform.

The presence of an investment on a private marketplace does not mean there is always an active purchaser, bid, or executable transaction. Trading activity and pricing can vary substantially based on fund-specific conditions and buyer demand.

A private buyer may consider the fund's remaining asset base, expected realization timeline, historical distributions, transfer restrictions, reported investor value, partnership expenses, and anticipated return requirements.

Because a buyer may be acquiring an illiquid partnership interest with uncertain timing, private secondary-market pricing can differ materially from values shown on investor statements or other sponsor-provided references.

Valuation Considerations

What May Affect
Walton Secondary Market Value?

Reported Investor Value

A value shown on a Walton investor statement may provide a useful reference point, but it should not automatically be interpreted as the price available in a private transaction.

Remaining Land Assets

The location, acreage, development prospects, entitlement status, builder interest, and expected disposition timing of the fund's remaining properties can materially affect buyer assessments.

Fund Duration

Land investments can require lengthy holding periods. Older Walton funds may remain exposed to uncertainty regarding the timing of property sales and final capital realization.

Realization Activity

Property sales, builder option agreements, partial dispositions, development arrangements, and other monetization events may affect the amount and timing of future cash available to investors.

Partnership Expenses

Ongoing management, administrative, legal, tax, property-level, and partnership expenses may affect the amount ultimately available for distribution.

Transfer Restrictions

Partnership agreement provisions, general partner approval requirements, purchaser eligibility, assignment procedures, and other transfer conditions may affect whether and how an interest can be sold.

Buyer Demand

Secondary-market pricing may vary depending on current buyer interest, position size, expected holding period, perceived risk, and the return required by a prospective purchaser.

Transferability

Walton Limited Partnership
Transfer Requirements

A Walton partnership interest may require formal transfer documentation before ownership can be assigned to another party.

Depending on the fund and account structure, a transaction may involve assignment documents, signature requirements, general partner or administrator approval, purchaser eligibility review, tax documentation, or custodian involvement.

Positions held in an IRA, trust, estate, corporation, partnership, LLC, or other entity may require additional documentation related to the registered owner and authority to complete the transfer.

Transferability does not guarantee liquidity. Even if a partnership interest is legally transferable, a suitable purchaser must still be available and willing to complete the transaction.

Documentation

Information Commonly
Requested For Review

A recent Walton investor statement is generally the best starting point when evaluating a U.S. Land Fund position.

The statement may help identify the specific fund, number of units or partnership interests, reported value, ownership registration, and other information relevant to a potential liquidity review.

Additional documents that may be helpful include:

• Recent Walton account or investor statements
• Partnership or subscription documents
• Schedule K-1 tax statements
• Recent distribution notices
• Walton correspondence regarding property sales or fund activity
• IRA or custodian records, if applicable
• Trust, estate, LLC, or entity documentation, if applicable

Marketability Assessment

Evaluating A Walton
Position For Potential Sale

Not every Walton limited partnership interest will necessarily qualify for a private secondary-market transaction or direct purchase.

Potential marketability may depend on the specific fund, remaining assets, investor registration, transferability, documentation, position size, reported value, expected investment duration, and current buyer demand.

For older land funds, the expected timing and economics of future property realizations can be particularly important because prospective buyers may need to hold an interest for an uncertain period before receiving future distributions or liquidation proceeds.

Confidential Investment Review

Request A Confidential Review
Of Walton Interests

Alternative Investment Liquidity reviews Walton U.S. Land Fund interests for investors seeking information about potential liquidity, transferability, valuation considerations, and current secondary-market buyer interest.

AIL's review focuses on the specific investor position rather than relying solely on a reported statement value. Factors may include the fund involved, number of units, ownership registration, documentation, transfer requirements, remaining investment characteristics, and available buyer demand.

For certain eligible Walton positions, AIL may be able to evaluate a potential direct private purchase or secondary-market transaction. Any potential transaction remains subject to documentation review, transferability, buyer requirements, and current market conditions.

Shareholders and limited partners can request a Confidential Investment Review to determine whether their Walton investment may currently qualify for further evaluation.

Source References

Walton Investment
Research Sources

Information on this page was developed using publicly available Walton Global materials, Securities and Exchange Commission Form D filings, historical Walton fund financial information, Walton corporate announcements, and secondary-market disclosures.

Walton currently reports approximately $4.44 billion of real estate assets under management and administration, more than $2.96 billion distributed to investors, and more than 85,000 acres under ownership or management across North America.

Publicly available information for individual Walton U.S. Land Funds can vary significantly, particularly for older private limited partnership programs. Current asset values, remaining acreage, distributions, transfer requirements, and secondary-market activity may change over time. Investors should review their latest fund-specific statements and partnership documents when evaluating a position.