"waldo" is never reported, instead "wilma" is shown in the crash log, even though "waldo" is raised first.

ExceptionInDependencyTest.java

public class ExceptionInDependencyTest {
    @Mod(modid = "dependency", name = "Dependency", version = "1.0.0")
    public static class Dependency {
        @Mod.EventHandler
        public void init(FMLPreInitializationEvent event) {
            throw new RuntimeException("waldo");
        }
    }

    @Mod(modid = "dependent", name = "Dependent", version = "1.0.0", dependencies = "required-after:dependency")
    @Mod.EventBusSubscriber
    public static class Dependent {
        @SubscribeEvent
        public static void register(RegistryEvent.Register<Block> event) {
            throw new RuntimeException("wilma");
        }
    }
}