Dow Retirement Group Trust - Opportunistic FI

Rafael Gimarino is the authorized signatory for the trust's opportunistic fixed-income investments via Western Asset. The trust's broader governance sits with the investment committee of Dow's retirement plans. No additional named investment staff have been publicly disclosed.

The trust maintains at least two distinct sleeves: an opportunistic fixed-income portfolio and a direct real estate portfolio spanning mixed-use US properties. It also participates in real estate credit through fund commitments, including Broad Street Real Estate Credit Partners III. The relative sizing between these allocations has not been publicly disclosed.

The trust employs a hybrid model. Western Asset manages its opportunistic fixed-income mandate, while the trust itself acts as a corporate credit facility lender and holds a direct real estate portfolio. This dual approach means it is both a limited partner in externally managed funds and a direct lender.

The trust is sponsored by The Dow Chemical Company, which is a subsidiary of the publicly traded Dow Inc. It serves as the retirement plan vehicle for employees of the Dow enterprise, one of the world's largest chemical and materials science companies.

As a corporate pension trust, its investment activity is restricted to the retirement plan assets of Dow employees and retirees. It does not operate as a commercial investment manager and does not accept third-party capital.