Other Assets and Receivables	3 Months Ended
Mar. 31, 2026
Other Assets and Receivables
Other Assets and Receivables	Note 7: Other Assets and Receivables The following items are included in other assets and receivables on the unaudited condensed consolidated balance sheets. Qualified Affordable Housing Information regarding qualified affordable housing investments is disclosed elsewhere in Note 5: Qualified Affordable Housing and Other Tax Credits. Income Tax Receivable The Company had federal and state income tax receivables of $204.5 million and $181.5 million as of March 31, 2026 and December 31, 2025, respectively. These receivables were primarily related to the acquisition of $19.7 million and $151.3 million of transferable tax credits by the Company in 2026 and 2025, respectively, and the amounts due from the Internal Revenue Service claimed on federal income tax returns for which refunds had not been received as of the respective balance sheet dates. The Company evaluates the collectability of the federal income tax receivable at each reporting date. Based on management’s assessment, including consideration of amounts, and applicable statutory refund provisions, the Company believes the receivable is collectible. The balance will be reduced upon receipt of the related cash refunds Joint Ventures The Company has investments in various joint ventures totaling $48.7 million and $47.0 million at March 31, 2026 and December 31, 2025, respectively. These investments are primarily made up of investments in debt funds totaling $32.9 million and $32.0 million at March 31, 2026 and December 31, 2025, respectively. The Company was not a primary beneficiary in any of these joint venture investments. Results from the entities are not required to be consolidated and are accounted for under the equity method of accounting. The Company is obligated to make additional investments over the next several years. There was an obligation of $8.4 million and $8.4 million as of March 31, 2026 and December 31, 2025, respectively. See Note 8: Variable Interest Entities (VIEs) for additional information about VIE’s. Freestanding Credit Enhancements In December 2024, the Company executed a CDS on a reference pool of warehouse loans with an initial principal balance of $1.2 billion. The initial pool consists of warehouse participation certificates, classified as loans held for sale, but could in the future also include warehouse repurchase agreements, classified as loans receivable. The CDS covers a protected tranche of the first 12.5% of losses on the notional amount. Annual CDS premium payments equal 0.8% of the portfolio notional amount and be recorded as noninterest expense. Merchants will continually replenish maturing or non-renewing loans with substantially similar loans subject to mutual agreement of buyer and seller during a replenishment period, subject to a minimum balance of $1.2 billion and a maximum balance of $2.0 billion. The risk transfer agreement has a replenishment period of 36 months but can be extended to a maximum of 48 months. The CDS is not accounted for as a derivative. The derivative scope exception for certain financial guarantees is utilized, as recovery payments are contingent on the failure of the debtor to pay their past due obligations, which are preconditions to the guarantee. Accordingly, the CDS has been accounted for as a freestanding credit enhancement and does not offset the Company’s estimate of expected credit losses. Therefore, the ACL-loans will continue to be recorded without considering potential recoveries from freestanding credit enhancement contracts. Upon initial execution, there was no CDS recovery asset established because the loans in the pool were participation certificates that were classified as loans held for sale and carry no ACL-loans. When repurchase agreements are in the pool, they are classified as loans receivable, and a CDS recovery asset would be established in other assets, with an equal benefit to CDS recovery income in other noninterest income. As of March 31, 2026 and December 31, 2025, there was no CDS recovery assets established. The total loan pool balance was $1.6 billion and $2.0 billion as of March 31, 2026 and December 31, 2025, respectively. Leases and Other Items Other items included in other assets and receivables on the unaudited condensed consolidated balance sheets are disclosed elsewhere or are not individually significant. See Note 11: Derivative Financial Instruments and Note 6: Leases for further information.

Other Assets and Receivables

3 Months Ended

Mar. 31, 2026

Note 7: Other Assets and Receivables

The following items are included in other assets and receivables on the unaudited condensed consolidated balance sheets.

Qualified Affordable Housing

Information regarding qualified affordable housing investments is disclosed elsewhere in Note 5: Qualified Affordable Housing and Other Tax Credits.

Income Tax Receivable

The Company had federal and state income tax receivables of $204.5 million and $181.5 million as of March 31, 2026 and December 31, 2025, respectively. These receivables were primarily related to the acquisition of $19.7 million and $151.3 million of transferable tax credits by the Company in 2026 and 2025, respectively, and the amounts due from the Internal Revenue Service claimed on federal income tax returns for which refunds had not been received as of the respective balance sheet dates. The Company evaluates the collectability of the federal income tax receivable at each reporting date. Based on management’s assessment, including consideration of amounts, and applicable statutory refund provisions, the Company believes the receivable is collectible. The balance will be reduced upon receipt of the related cash refunds

Joint Ventures

The Company has investments in various joint ventures totaling $48.7 million and $47.0 million at March 31, 2026 and December 31, 2025, respectively. These investments are primarily made up of investments in debt funds totaling $32.9 million and $32.0 million at March 31, 2026 and December 31, 2025, respectively. The Company was not a primary beneficiary in any of these joint venture investments. Results from the entities are not required to be consolidated and are accounted for under the equity method of accounting. The Company is obligated to make additional investments over the next several years. There was an obligation of $8.4 million and $8.4 million as of March 31, 2026 and December 31, 2025, respectively. See Note 8: Variable Interest Entities (VIEs) for additional information about VIE’s.

Freestanding Credit Enhancements

In December 2024, the Company executed a CDS on a reference pool of warehouse loans with an initial principal balance of $1.2 billion. The initial pool consists of warehouse participation certificates, classified as loans held for sale, but could in the future also include warehouse repurchase agreements, classified as loans receivable. The CDS covers a protected tranche of the first 12.5% of losses on the notional amount. Annual CDS premium payments equal 0.8% of the portfolio notional amount and be recorded as noninterest expense. Merchants will continually replenish maturing or non-renewing loans with substantially similar loans subject to mutual agreement of buyer and seller during a replenishment period, subject to a minimum balance of $1.2 billion and a maximum balance of $2.0 billion. The risk transfer agreement has a replenishment period of 36 months but can be extended to a maximum of 48 months.

The CDS is not accounted for as a derivative. The derivative scope exception for certain financial guarantees is utilized, as recovery payments are contingent on the failure of the debtor to pay their past due obligations, which are preconditions to the guarantee. Accordingly, the CDS has been accounted for as a freestanding credit enhancement and does not offset the Company’s estimate of expected credit losses. Therefore, the ACL-loans will continue to be recorded without considering potential recoveries from freestanding credit enhancement contracts. Upon initial execution, there was no CDS recovery asset established because the loans in the pool were participation certificates that were classified as loans held for sale and carry no ACL-loans. When repurchase agreements are in the pool, they are classified as loans

receivable, and a CDS recovery asset would be established in other assets, with an equal benefit to CDS recovery income in other noninterest income.

As of March 31, 2026 and December 31, 2025, there was no CDS recovery assets established. The total loan pool balance was $1.6 billion and $2.0 billion as of March 31, 2026 and December 31, 2025, respectively.

Leases and Other Items

Other items included in other assets and receivables on the unaudited condensed consolidated balance sheets are disclosed elsewhere or are not individually significant. See Note 11: Derivative Financial Instruments and Note 6: Leases for further information.