Company: WAL-PA
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001628280-25-047883
Chunk: 98

Company: WESTERN ALLIANCE BANCORPORATION
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 98
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2024, respectively.(3)    There are six classes of these notes, each with an interest rate of one-month SOFR plus a spread that ranges from 3.15% to 8.50% (or, a weighted average spread of 4.67%) on a reference pool balance of $3.3 billion and $3.5 billion as of September 30, 2025 and December 31, 2024, respectively.

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9. QUALIFYING DEBT Subordinated DebtThe Company's subordinated debt issuances are detailed in the tables below:September 30, 2025DescriptionIssuance DateMaturity DateInterest RatePrincipalUnamortized Debt Issuance Costs(in millions)WAL fixed-to-variable-rate (1)June 2021June 15, 20313.00 %$600 $5 Total$600 $5 December 31, 2024DescriptionIssuance DateMaturity DateInterest RatePrincipalUnamortized Debt Issuance Costs(in millions)WAL fixed-to-variable-rate (1)June 2021June 15, 20313.00 %$600 $5 WAB fixed-to-variable-rate (2)May 2020June 1, 20305.25 %225 — Total$825 $5 (1)    Notes are redeemable, in whole or in part, beginning on June 15, 2026 at their principal amount plus accrued and unpaid interest and has a fixed interest rate of 3.00%. The notes also convert to a variable rate of three-month SOFR plus 225 basis points on this date. (2)    Debt is redeemable, in whole or in part, on or after June 1, 2025 at its principal amount plus accrued and unpaid interest and has a fixed interest rate of 5.25% through June 1, 2025 and then converts to a variable rate per annum equal to three-month SOFR plus 512 basis points.During the nine months ended September 30, 2025, the Company fully redeemed its WAB fixed-to-variable-rate subordinated debt at its $225 million principal amount plus accrued and unpaid interest. The carrying value of all subordinated debt issuances totaled $595 million and $820 million at September 30, 2025 and December 31, 2024, respectively. Junior Subordinated DebtThe