RELATED PARTY TRANSACTION

12 Months Ended

Dec. 31, 2025

RELATED PARTY TRANSACTION

RELATED PARTY TRANSACTION

NOTE 19—RELATED PARTY TRANSACTION

The Company, through its WDAE subsidiaries, has related party loans with its affordable housing project partners, which include property developers and managers. To facilitate the development of affordable housing projects prior to syndication into a tax credit fund, the Company extends pre-development and working capital loans to its partners in affordable housing project partnerships. The outstanding balance of these loans was $193.4 million and $137.0 million as of December 31, 2025 and 2024, respectively, and the related interest income was $12.5 million for the year ended December 31, 2025 and was insignificant for the year ended December 31, 2024. The balance of these receivables is included as Receivables, net in the Consolidated Balance Sheets.