BW Real Estate Inc. issued 300k shares of 9.5% Series B Preferred Stock at $1,000/share

WESTERN ALLIANCE BANCORPORATION

300,000 shares of 9.500% Fixed-Rate Reset Non-Cumulative Exchangeable Perpetual Series B Preferred Stock; liquidation preference $1,000 per share.
Offering closed March 27, 2025; sold to initial purchasers under Rule 144A and Regulation S exemption.
Joint bookrunning managers: J.P. Morgan Securities, MUFG Securities Americas, and Keefe, Bruyette & Woods.
Shares automatically exchangeable for WAB Series A Preferred upon Federal Reserve directive or regulatory capital change.
BW may redeem any dividend payment date on/after March 30, 2030, subject to regulatory approval.

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