On February 4, 2026, SWS served as senior manager for the Equitable School Revolving Fund's ("ESRF") $275 million Senior National Charter School Revolving Loan Fund Revenue Bonds, Series 2026A (Social Bonds) transaction, representing the Firm's third consecutive senior managed transaction for ESRF.

Bond proceeds will provide cost-effective loans to high quality charter schools nationwide, supporting educational facilities that serve underserved communities. The transaction's Social Bonds designation reflects ESRF's commitment to measurable social impact through expanded access to quality education.

SWS is proud to be able to work closely with ESRF to assist it in raising low-cost capital in fulfillment of its highly meaningful mission.