Company: BANC-PF
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001628280-25-009438
Chunk: 169

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 169
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 modified Black-Scholes option pricing model to determine the fair value for our Level 3 equity warrants measured at fair value on a recurring basis as of the date indicated:December 31, 2024Equity Warrants Weighted RangeAverage Unobservable Inputsof InputsInput (1)Volatility22.7% - 169.0%25.4%Risk-free interest rate4.2% - 4.4%4.3%Remaining life assumption (in years)0.08 - 5.003.29__________________(1)    Unobservable inputs for equity warrants were weighted by the relative fair values of the instruments.The following table summarizes activity for our Level 3 corporate debt securities available-for-sale measured at fair value on a recurring basis for the years indicated: Year Ended December 31, Level 3 Corporate Debt Securities20242023(In thousands)Balance, beginning of year$40,249 $— Total included in other comprehensive income 30 (11,501)Transfer from Level 2— 51,750 Transfer to Level 2(38,149)— Balance, end of year$2,130 $40,249 Unrealized net gains (losses) for the period included in other comprehensive income for securities held at quarter-end$(870)$(11,501)The following table summarizes activity for our Level 3 equity warrants measured at fair value on a recurring basis for the years indicated: Year Ended December 31, Level 3 Equity Warrants202420232022(In thousands)Balance, beginning of year  $3,689 $4,048 $3,555 Total included in earnings408 (718)2,490 Exercises and settlements (1)(829)(218)(2,675)Issuances516 613 696 Transfers to Level 1 (equity investments with readily determinable fair values)(21)(36)(18)Balance, end of year$3,763 $3,689 $4,048 ______________________(1)    Includes the exercise of warrants that upon exercise become equity securities in public companies. These are often subject to lock-up restrictions that must be met before the equity security can be sold, during which time they are reported as equity investments with readily determinable fair values.  

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements

The following table summarizes activity for our Level