---
schema_version: "secwatch.filing_event.v1"
accession: "0001212545-25-000115"
form_type: "8-K"
ticker: "WAL"
cik: "0001212545"
company_name: "WESTERN ALLIANCE BANCORPORATION"
filed_at: "2025-03-27T23:59:59+00:00"
generated_at: "2026-05-24T03:42:18.220437+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001212545-25-000115
- form_type: 8-K
- ticker: WAL
- cik: 0001212545
- company_name: WESTERN ALLIANCE BANCORPORATION
- filed_at: 2025-03-27T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1212545/000121254525000115/0001212545-25-000115-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1212545/000121254525000115/wal-20250327.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001212545-25-000115
- JSON: https://secwatch.observer/filing/0001212545-25-000115.json
- Plain text: https://secwatch.observer/filing/0001212545-25-000115.txt

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