---
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"
generated_at: "2026-05-24T05:31:41.361975+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Western Alliance subsidiary BW to issue $300M of 9.5% preferred stock for tax efficiency

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001212545-25-000113
- JSON: https://secwatch.observer/filing/0001212545-25-000113.json
- Plain text: https://secwatch.observer/filing/0001212545-25-000113.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.