# Larry Walther Chair of the Arkansas Public Employees Retirement System (APERS) Investment Finance Subcommittee (IFSC). Email: [email protected] (the Gmail address, not a state-domain email, on the IFSC distribution). Former Arkansas State Treasurer, August 2023 until January 2025 — the immediate predecessor to John Thurston. The 5/15/2025 IFSC meeting was Walther's first as Chair. Agenda item 1: "Call to order and recognition of new subcommittee chair – Larry Walther." Walther therefore presided over the meeting that authorized $25 to $50 million in Israel Bonds (Resolution-equivalent IFSC action) and the meeting that authorized up to $100 million each in three infrastructure secondaries funds (Partners Group, Ares, Pantheon). Per Mike Wickline's 5/15/2025 Arkansas Democrat-Gazette article documenting the meeting, Brady disclosed during the IFSC discussion that Walther "purchased Israel bonds as state treasurer." Walther's tenure as Treasurer (Aug 2023 – Jan 2025) coincided with active DCI institutional sales correspondence to Arkansas state officials documented across the wiki; the Treasurer's-office Israel Bonds holdings rose during this period. The State Treasurer's portfolio held approximately $55 million in Israel Bonds as of mid-May 2025 — $35M from prior to Thurston (including Milligan's Treasurer-era purchases and Walther's purchases) plus Thurston's $20M post-4/15/2025 purchase per Brady's IFSC statement. Walther's chair role at the APERS IFSC therefore creates a documented connection between Treasurer's-office Israel Bonds purchasing (Milligan 2017-2023, Walther 2023-Jan 2025, Thurston 2025-) and APERS Israel Bonds purchasing (5/15/2025 authorization). Walther is the Treasurer-then-APERS-Trustee pathway by which the Treasurer's-office Israel Bonds posture transferred into the APERS authorization environment. Brady's IFSC statement that "the state treasurer's office has held Israel bonds in its portfolio since that time, eight years now" placed the Treasurer's-office track record as evidentiary support for the APERS authorization Walther presided over. ## Evidence > "1. Call to order and recognition of new subcommittee chair – Larry Walther" > APERS IFSC Agenda, IB_FOIA_MAY_25_Reviewed.pdf p.36, 5/15/2025 > "An Arkansas Public Employees Retirement System investment panel of trustees on Thursday authorized the investment of a minimum of $25 million and up to a maximum of $50 million of system funds in Israel bonds. In other action, the system's Investments and Finance Subcommittee, chaired by trustee Larry Walther, also authorized the investment of up to $100 million apiece in three infrastructure secondary funds..." > Mike Wickline, Arkansas Democrat-Gazette, IB_FOIA_MAY_25_Reviewed.pdf p.20, published 5/15/2025 > "He noted that Walther, who served as state treasurer from August 2023 until January of this year, purchased Israel bonds as state treasurer, and state Treasurer John Thurston told the state board of Finance on Monday that the state treasurer's office recently purchased of $20 million in Israel bonds, so the office now holds about $55 million in Israel bonds." > Mike Wickline reporting Brady's IFSC statement, IB_FOIA_MAY_25_Reviewed.pdf p.21, published 5/15/2025 ## Cross-References [[amy-fecher]] APERS Executive Director who distributed the IFSC packet to Walther [[jason-brady]] [[jim-hudson]] [[daryl-bassett]] [[carlos-borromeo]] other 5/15/2025 IFSC participants [[john-thurston]] [[dennis-milligan]] Walther's Treasurer predecessor (Milligan) and successor (Thurston) [[apers-israel-bonds-authorization]] the 5/15/2025 IFSC action Walther presided over [[apers-foia-r1-7-7-25]] source page ## Treasury R1 7-7-25 production: Walther-era operational record The Treasury R1 batch documents two significant aspects of Walther's tenure as Treasurer (August 2023 to January 2025). **The November 2023 $10M wire troubleshooting.** Walther's first Treasurer-era Israel Bonds purchase (the $10M position purchased 11/1/2023 documented at [[state-treasurer-israel-bonds-holdings]]) experienced operational difficulty: Bank of America placed a domestic wire hold on the $10M transfer; the wire did not clear at Computershare on the contracted deadline; Berman pressured the Treasury investment team with "If not received today, have to cancel the transaction." The wire ultimately cleared at 3:04 AM on 11/2/2023 after Computershare extended its acceptance window. The Walther-era Israel Bonds purchase was therefore not a routine institutional transaction but required active cross-team troubleshooting. Steve Pulley (Senior Investment Officer) and Celeste Gladden (wire operations) handled the Treasury-side troubleshooting; Berman, Mulvey, Mark Ng, and Stuart Garawitz worked the DCI/Computershare side. ## Treasury R2 9-23-25 production: the Walther-era single $10M purchase in chronological context The Treasury R2 production confirms Walther's tenure (August 2023 - January 2025) covered only one Israel Bonds purchase: the $10M 11/1/2023 settle (11TH INSTITUTIONAL JUBILEE FIX 3Y 5.40%, matures 11/1/2026). No additional Walther-era purchases occurred in the 14 months between November 2023 and Walther's departure in January 2025. The 10/28/2023 Arkansas Democrat-Gazette article reporting the Walther $10M purchase quoted Walther: "Our strategic partnership with them has only strengthened more with each passing year. We have built many business partnerships over the years, and our friendship and support of Israel keeps America safe." The article also documented Sanders's framing ("Arkansas stands with Israel") and Walther's biblical framing ("Those who bless Israel will be blessed, and those who curse Israel will be cursed"). **The Walther $10M purchase 5.40% coupon is significantly higher than the Milligan-era purchases.** Milligan-era coupons ranged 0.73% to 3.11%, averaging 2.04% across 11 positions; Walther's single $10M position at 5.40% reflects the post-2022 high-rate environment and is the highest-yielding documented Treasury Israel Bonds position prior to the Thurston May 2025 purchases (4.66% and 5.17%). **The Walther purchase came immediately after a Treasurer's-office October 2023 Israel solidarity event.** Pulley's 10/7/2024 review note ("this is a press release from 10/27/23. I think you sent me last year's release") establishes the existence of a 10/27/2023 Treasurer's-office press release approximately 5 days before the Walther $10M wire executed on 11/1/2023. The 10/27/2023 antecedent press release is documented at [[october-2024-treasurer-israel-prayer-ceremony]]. The Walther purchase therefore took place in the immediate aftermath of a Treasurer's-office Israel solidarity event that publicly committed Arkansas to "supporting Israel during challenging times." **Walther's appearance at the 10/27/2023 SBOF meeting per the Democrat-Gazette article.** Per the 10/28/2023 article reproduced in the R2 "Israel comments 11-16-24.pdf" document: "Walther told the state Board of Finance on Wednesday that 'we currently have $47 million in Israel bond holdings in our portfolio and we are considering some additional purchase of bonds.'" The Wednesday before 10/28/2023 was 10/25/2023; Walther's SBOF appearance is therefore dated 10/25/2023. The 10/25/2023 SBOF meeting is referenced in the Olan Reeves transmission to Jennifer Lenow (per R1) as the SBOF meeting Lenow's 12/12/2024 FOIA asked about; the SBOF video link Reeves provided was for the YouTube recording of that meeting. [[treasury-foia-r2-9-23-25]] source page [[october-2024-treasurer-israel-prayer-ceremony]] the Treasurer's-office Israel solidarity event template Walther's purchase context aligns with **The October 2024 Israel Prayer Ceremony.** Walther was Treasurer at the time of the October 2024 Treasurer's-office Israel Prayer Ceremony, an annual Christian-Zionist Israel solidarity event with speaking notes drafted by Heather McKim. The 10/4/2024 draft "COMMENTS: Celebrating Arkansas' Support for Israel" framed the Israel Bonds position as "exemplifying" Arkansas's "commitment to supporting Israel" with the rationale: "This decision was influenced by the ongoing turmoil in the Middle East, highlighting our unwavering support for Israel during challenging times." Walther therefore presided over a Treasurer's-office political-religious framing of the Israel Bonds position parallel to the Auditor's-office October 2024 Israel Solidarity Operation. See [[october-2024-treasurer-israel-prayer-ceremony]]. **The 10/7/2024 Israel Bonds future-purchase briefing request.** Eric Munson's 10/7/2024 4:18 PM email to Pulley and Romanik: "The Treasurer requested a briefing or summary on Israel bonds sometime this week. He wanted to hear from you on your opinion about purchasing more Israel bonds in the future. Give me a call or I can come down and meet with you tomorrow - on Tuesday." The Treasurer at the time was Walther. The briefing occurred 10/8/2024. The "purchasing more Israel bonds in the future" framing indicates Walther was actively considering additional purchases beyond the November 2023 $10M, two months before his term ended in January 2025. The substantive content of Pulley's October 8 briefing to Walther is not documented in this batch. **The 12/31/2024 transition.** Pulley emailed Berman 12/31/2024 12:14 PM: "Thanks Larry, give us a little time because we are swearing in a new Treasurer tomorrow and it will take a bit to get everyone up to speed on where we are with the various sub-assets." Walther's last day as Treasurer was 12/31/2024; Thurston was sworn in 1/1/2025. The wiki's transitions from Walther-era Treasury correspondence to Thurston-era Treasury correspondence on this date. [[treasury-foia-r1-7-7-25]] source page [[steve-pulley]] Senior Investment Officer who served as Walther's Israel Bonds account lead [[celeste-gladden]] Walther-era wire operations principal [[heather-mckim]] Treasury staff who drafted the Walther October 2024 Israel Prayer Ceremony speaking notes [[october-2024-treasurer-israel-prayer-ceremony]] Walther-era event concept page ## Treasury R2 Sub-batch 3 (Communications binders): standing engagement and personal-Gmail use The Sub-batch 3 alphabetized Communications binders document Walther's role substantively. Full Sub-batch 3 documentation is at [[treasury-foia-r2-9-23-25]]. Walther-specific findings: (1) **The Hol-Is binder is essentially Walther's DCI marketing inbox during his Treasurer tenure (August 2023 - January 2025)** — approximately 70 distinct DCI promotional emails to "Larry W. Walther" Treasury inbox covering rate sheets, holiday greetings, security-event responses (Iran attacks, Yahya Sinwar elimination, Hezbollah strikes), 10/7 anniversary commemorations, exclusive event invitations, and product pitches. Documents the standing DCI promotional engagement with Walther beyond the discrete transactional pitches. (2) **Walther personally reviewed and authorized the 10/27/2023 press release** on the November 2023 $10M purchase. McKim's 10/27/2023 4:02 PM final email: "Spoke with the Treasurer, changed the one sentence." Walther's authorization is the documented final approval before the release went out. (3) **Berman's documented Lowery engagement at SFOF** (5/31/2023 Berman email: "I did have a conversation with Treasurer Lowery at the SFOF conference before he became ill, and he indicated verbally to me that he liked the paper, and intended to reinvest our bonds as they matured") established the program continuity into the Walther era. Walther took office August 2023; the November 2023 $10M purchase under Walther was the first post-Lowery-era purchase, prompted by the post-October 7 multi-state Israel Bonds purchase wave (per Munson's 10/23/2023 forward of the Texas Comptroller release). (4) **Walther personal-Gmail ([email protected]) appears in post-transition SBOF distribution lists.** Walther transitioned from Treasurer to APERS IFSC Chair effective May 15, 2025; the personal-Gmail appears in 6/6/2025 and 9/5/2025 Amy Fecher APERS Board distribution lists alongside other state-government members including Jim Hudson (DFA), Dennis Milligan (Auditor), John Thurston (Treasurer), Leslie Fisken (TSS), Susannah Marshall (Banking), and others. The wiki notes the personal-Gmail use as documented but does not characterize it as a procedural violation pending further evidence on whether the inclusion is active routing decision or distribution-list maintenance lag. (5) **Walther was the documented attendee of the December 2023 Naveh-Walther Zoom thank-you call** facilitated by DCI Project Administrator Ana Torres. Munson and David Scott attended on Walther's side. (6) **Walther attended the January 30, 2024 SBF meeting** (per Autumn Sanson's distribution list) at which Investment Policy and Quarterly Motions were reviewed. (7) **Walther's pre-Treasurer DFA Secretary role** is cross-confirmed in the November 2021 SBOF distribution list (`[email protected]`). Walther was DFA Secretary in November 2021, transitioned to Treasurer August 2023 after Lowery's death, served as Treasurer until January 2025, then to APERS IFSC Chair May 2025. ## Auditor R3 3-3-26 production: personal Gmail cross-confirmation on APERS Q3 distribution The Auditor R3 production at [[auditor-foia-r3-3-3-26]] captures the 9/5/2025 12:51 PM Amy Fecher APERS Q3 Board packet distribution (via Spadoni's 9/9/2025 forward to Brady). The full APERS Trustee TO line includes Walther at his personal Gmail address `[email protected]` alongside his APERS IFSC Chair role. This cross-confirms the Treasury R2 Sub-batch 3 finding documented in [[treasury-foia-r2-9-23-25]] that Walther uses personal Gmail for post-Treasurer-tenure APERS Board business. The Auditor R3 capture confirms the personal-Gmail usage extends to September 2025 (four months after Walther's transition to APERS IFSC Chair on 5/15/2025) and is the standard APERS Trustee channel for him on the TO line (not CC). The Lenow Arkansas Times article (captured in the R3 production) quotes Walther's October 2023 SBOF statement on Israel Bonds: > *"At an October 2023 State Board of Finance meeting, then-Treasurer Larry Walther explained the state's intent to purchase more Israeli bonds: 'Investing in Israel Bonds is a testament to our longstanding belief in Israel's resiliency and the value it brings to the global economy.'"* > Lenow, Arkansas Times, July 11, 2025 This is the first wiki documentation of Walther's October 2023 SBOF Israel Bonds rationale, preceding the Walther-era $10 million November 2023 purchase by approximately one month. The "longstanding belief in Israel's resiliency" framing is consistent with the Treasury October 2023 Israel Prayer Ceremony press release at [[october-2024-treasurer-israel-prayer-ceremony]].