QCR Holdings is a multi-bank holding company headquartered in Moline, Illinois, operating four community banks across the Midwest: Quad City Bank & Trust, Cedar Rapids Bank & Trust, Community State Bank, and Guaranty Bank. These banks serve markets in the Quad Cities, Cedar Rapids, Waterloo/Cedar Falls, Des Moines, and Springfield/Joplin through a "multi-charter" model where each bank operates autonomously with local leadership. QCR Holdings' loan book is heavily weighted toward commercial real estate and C&I lending, with total loans of approximately $7.2B. The most differentiated part of the business is its low-income housing tax credit (LIHTC) lending platform, which finances the construction and permanent financing of affordable housing developments. LIHTC loans represent roughly 46% of the total CRE portfolio. When QCR Holdings originates long-term fixed-rate LIHTC permanent loans, it enters back-to-back interest rate swaps with borrowers, earning large upfront swap fees — a revenue stream the company calls "capital markets revenue," which reached $65M in FY2025. To manage balance sheet capacity, QCR Holdings sells LIHTC loans via Freddie Mac securitizations and sells construction loans to third parties, allowing more originations without proportional balance sheet growth. QCR Holdings also offers wealth management services — trust, investment advisory, and asset management — which generated over $20M in revenue in FY2025 and has grown AUM at a 10% CAGR over the past five years. QCR Holdings earns revenue through net interest income, capital markets fees, and wealth management fees.