Company: WAL-PA
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001212545-25-000214
Chunk: 233

Company: WESTERN ALLIANCE BANCORPORATION
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 233
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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:June 30, 2025DescriptionIssuance DateMaturity DateInterest RatePrincipalDebt Issuance Costs(in millions)Residential mortgage loans (1)December 12, 2022October 25, 2052SOFR + 7.80%$83 $2 Residential mortgage loans (2)June 30, 2022April 25, 2052SOFR + 6.00%165 3 Residential mortgage loans (3)December 29, 2021July 25, 2059SOFR + 4.67%174 2 Total$422 $7 December 31, 2024DescriptionIssuance DateMaturity DateInterest RatePrincipalDebt 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 Residential mortgage loans (3)December 29, 2021July 25, 2059SOFR + 4.67%180 2 Total$434 $7 (1)    There are multiple classes of these notes, each with an interest rate of one-month SOFR plus a spread that ranges from 2.25% to 11.00% (or, a weighted average spread of 7.80%) on a reference pool balance of $1.6 billion and $1.7 billion as of June 30, 2025 and December 31, 2024, respectively.(2)    There are multiple classes of these notes, each with an interest rate of one-month SOFR plus a spread that ranges from 2.25