Combine the dry ingredients in a bowl. Make a well in the center and add the milk, eggs, melted butter, and vanilla. Break up the egg with a fork first, then combine the wet ingredients with the dry to make the batter.
Add the grated carrots, raisins, and chopped walnuts to the batter bowl. Use a spatula to gently fold them into the batter.
Cook:
Heat a non-stick surface over medium heat, and lightly grease it with oil (for smooth tops) or butter. Immediately, pour ⅓ cup of batter per pancake. Cook the first side for 2 minutes, until bubbles form and the sides are defined, flip them over, and cook the second side for a little less time.
Cream cheese frosting:
In a large bowl, combine the cream cheese, sugar, and vanilla. Beat with a hand mixer until the cream cheese is smooth. Slowly add the half-and-half (or heavy cream), and keep beating the frosting for about 2 minutes, until it's whipped and smooth.
Serve & store:
Stack them high, top with a dollop of the frosting, and chopped walnuts.
Both the cream cheese frosting and any leftover pancakes can be kept in the fridge for up to 4 days. Reheat them in the microwave or toaster. I recommend letting the cream cheese frosting sit on the counter until it reaches room temperature.