Gradually add the dry ingredients to the wet ingredients, mixing until just combined. Do not overmix.
Pour the batter into the prepared baking pan and bake for 45-50 minutes, or until a toothpick inserted into the center comes out clean.
Let the cake cool completely in the pan on a wire rack.
Make the frosting
For the frosting, beat together the softened cream cheese and butter until smooth and creamy.
8 oz cream cheese, 1/2 cup unsalted butter
Gradually add powdered sugar, beating well after each addition until fully incorporated.
2 & 2/3 cups powdered sugar
Add vanilla extract and mix until combined. If the frosting is too thick, add milk or heavy cream, one tablespoon at a time, until you reach your desired consistency.
1 tsp vanilla extract, 1-2 tbsp milk or heavy cream
Spread the cream cheese frosting evenly over the cooled cake. Decorate with chopped up walnuts, slice, serve, and enjoy!