Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of the WTC Captive under a program of the federal government for the year ended December 31, 2025 . The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the WTC Captive, it is not intended to and does not present the financial position, changes in net position, or cash flows of the WTC Captive. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles in OMB Circular A-87, Cost Principles for State and Local Governments wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Company has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The following is a detailed listing of the components of the total expenditures of federal awards. (In thousands) Professional and management fees $ 736 Personnel expenses 717 General and administrative expenses 520 LAE - adjusting payments 8 0 LAE - all other payments 181 Total expenditures of Federal Award $ 2,234