Company: WAL-PA
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001212545-25-000090
Chunk: 99

Company: WESTERN ALLIANCE BANCORPORATION
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 99
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,526 4.43 %Available-for-saleResidential MBS issued by GSEs and GNMA (1)$— — %$— — %$6 2.72 %$6,219 4.42 %$6,225 4.42 %U.S. Treasury securities4,385 4.21 — — — — — — 4,385 4.21 Private label residential MBS (1)— — — — 11 4.68 1,137 2.53 1,148 2.55 Tax-exempt4 9.94 12 2.78 — — 905 2.99 921 3.02 CLO— — — — 300 6.37 270 6.44 570 6.40 Commercial MBS issued by GSEs and GNMA (1)32 4.75 128 4.69 205 5.13 82 3.90 447 4.75 Corporate debt securities13 5.41 153 4.46 236 3.70 5 3.70 407 4.04 Other2 3.00 7 2.51 12 4.39 54 5.08 75 4.67 Total AFS securities$4,436 4.22 %$300 4.45 %$770 5.14 %$8,672 4.08 %$14,178 4.19 %

(1)MBS are comprised of pools of loans with varying maturities, the majority of which are due after 10 years.

The average duration, which is a measure of the interest rate sensitivity of the Company's debt securities portfolio, is 3.4 years as of December 31, 2024.

The Company does not hold any subprime MBS in its investment portfolio. Approximately 83% of its MBS are GSE or GNMA issued. The MBS that are not GSE issued consist primarily of investment grade securities, including $921 million rated AAA and $26 million rated AA.

Gross unrealized losses on the Company's AFS securities at December 31, 2024 relate primarily to changes in interest rates and other market conditions not considered to be