{"schema_version":"secwatch.filing_event.v1","accession":"0001212545-25-000113","form_type":"8-K","ticker":"WAL","cik":"0001212545","company_name":"WESTERN ALLIANCE BANCORPORATION","filed_at":"2025-03-25T23:59:59+00:00","discovered_at":"2026-05-14T18:03:03.116187+00:00","generated_at":"2026-05-24T05:31:41.361975+00:00","sec_items":["1.01","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"Western Alliance subsidiary BW to issue $300M of 9.5% preferred stock for tax efficiency","bullets":["BW Real Estate issues 300K shares of 9.500% Series B Preferred, $1,000 liquidation preference; net proceeds ~$294.75M.","Preferred automatically exchangeable for WAB Series A preferred upon Federal Reserve directive; redeemable on/after March 30, 2030.","Joint bookrunners: J.P. Morgan, MUFG, Keefe Bruyette & Woods; closing expected March 27, 2025.","Interest on Series B is deductible at REIT level, creating tax efficiencies for Western Alliance Bank and parent."],"urls":{"canonical":"https://secwatch.observer/filing/0001212545-25-000113","json":"https://secwatch.observer/filing/0001212545-25-000113.json","markdown":"https://secwatch.observer/filing/0001212545-25-000113.md","text":"https://secwatch.observer/filing/0001212545-25-000113.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1212545/000121254525000113/0001212545-25-000113-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1212545/000121254525000113/wal-20250324.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-24T05:31:41.361975+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}