Company: WAL-PA
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001628280-25-047883
Chunk: 240

Company: WESTERN ALLIANCE BANCORPORATION
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 240
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2026SOFR + 0.35%$500 FHLB advanceDecember 5, 2024March 5, 2026SOFR + 0.35%1,000 FHLB advanceDecember 19, 2024March 19, 2026SOFR + 0.38%500 Total$2,000 

35

Credit Linked NotesThe Company entered into credit linked note transactions that effectively transfer the risk of first losses on reference pools of the Company's loans purchased under its residential mortgage purchase program to the purchasers of the notes. The principal and interest payable on these notes may be reduced by a portion of the Company's loss on such loans if one of the following occurs with respect to a covered loan: (i) realized losses incurred by the Company on a loan following a liquidation of the loan or certain other events, or (ii) a modification of the loan resulting in a reduction in payments. The aggregate losses, if any, for each payment date will be allocated to reduce the class principal amount and (for modifications) the current interest of the notes in reverse order of class priority. Losses on residential mortgages have not generally been significant. Monthly principal payments on the notes are based on the principal payments of the underlying mortgages.The Company's outstanding credit linked note issuances are detailed in the tables below:September 30, 2025DescriptionIssuance DateMaturity DateInterest RatePrincipalUnamortized Debt Issuance Costs(in millions)Residential mortgage loans (1)December 12, 2022October 25, 2052SOFR + 7.80%$82 $2 Residential mortgage loans (2)June 30, 2022April 25, 2052SOFR + 6.00%163 3 Residential mortgage loans (3)December 29, 2021July 25, 2059SOFR + 4.67%170 2 Total$415 $7 December 31, 2024DescriptionIssuance DateMaturity DateInterest RatePrincipalUnamortized Debt Issuance Costs(in millions)Residential mortgage loans (1)December 12, 2022October 25, 2052SOFR + 7.80%$84 $2 Residential mortgage loans (2)June 30, 2022April 25, 2052SOFR + 6.00%170 3