Western Alliance sets $300 million preferred stock offering via subsidiary REIT
Western Alliance Bancorporation's real estate investment trust subsidiary, BW Real Estate, agreed on March 24, 2025 to sell 300,000 shares of 9.500% Series B preferred stock at $1,000 per share liquidation preference. The offering is expected to bring net proceeds before expenses of $294,750,000 and is expected to close on March 27, 2025. The company says the structure is expected to create tax efficiencies for the bank and the parent company.
Key points
- Offering: 300,000 shares of 9.500% Fixed-Rate Reset Non-Cumulative Exchangeable Perpetual Series B Preferred Stock, $1,000 liquidation preference per share
- Expected net proceeds before expenses: $294,750,000
- BW may redeem the shares on or after March 30, 2030, subject to regulatory approval; shares are automatically exchangeable into Western Alliance Bank preferred stock upon a specified regulatory directive
- Expected closing: March 27, 2025, subject to customary conditions; offering made under Rule 144A and Regulation S
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:17 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on March 24, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.