WESTERN ALLIANCE BANCORPORATIONWAL
WESTERN ALLIANCE BANCORPORATION Debt Disclosure
11. OTHER BORROWINGS
The following table summarizes the Company’s other borrowings by type:
| December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| (in millions) | ||||||||||||||
| Short-Term: | ||||||||||||||
| FHLB advances | $ | 3,800 | $ | 3,100 | ||||||||||
| Repurchase agreements | — | 14 | ||||||||||||
| Secured borrowings | 48 | 37 | ||||||||||||
| Total short-term borrowings | $ | 3,848 | $ | 3,151 | ||||||||||
| Long-Term: | ||||||||||||||
| FHLB advances | $ | 1,000 | $ | 2,000 | ||||||||||
| Credit linked notes, net | 392 | 422 | ||||||||||||
| Total long-term borrowings | $ | 1,392 | $ | 2,422 | ||||||||||
| Total other borrowings | $ | 5,240 | $ | 5,573 | ||||||||||
Short-Term Borrowings
Federal Funds Lines of Credit
The Company maintains uncommitted overnight federal funds lines of credit, which have rates comparable to the federal funds effective rate plus 0.10% to 0.20%. There were no outstanding borrowings on federal funds lines of credit as of December 31, 2025 and 2024.
FHLB and FRB Advances
The Company also maintains secured overnight lines of credit with the FHLB and the FRB. The Company’s borrowing capacity is determined based on collateral pledged at the time of the borrowing, generally consisting of investment securities and loans. As of December 31, 2025 and 2024, the Company had additional available credit with the FHLB of approximately $8.8 billion and $8.7 billion, respectively. The weighted average rate on FHLB advances was 4.02% and 4.77% as of December 31, 2025 and 2024, respectively.
Total available credit with the FRB was $17.8 billion and $12.4 billion as of December 31, 2025 and 2024, respectively, of which no amounts were drawn.
Repurchase Agreements
Warehouse borrowing lines of credit are used to finance the acquisition of loans through the use of repurchase agreements. Repurchase agreements operate as financings under which the Company transfers loans to secure these borrowings. The borrowing amounts are based on the attributes of the collateralized loans and are defined in the repurchase agreement of each warehouse lender. The Company retains beneficial ownership of the transferred loans and will receive the loans from the lender upon full repayment of the borrowing. The repurchase agreements may require the Company to transfer additional assets to the lender in the event the estimated fair value of the existing transferred loans declines.
As of December 31, 2025 and 2024, the Company had access to approximately $2.1 billion and $2.3 billion in uncommitted warehouse funding, respectively, of which no amounts were drawn.
Other repurchase facilities included overnight customer repurchase agreements. The total carrying value of these repurchase agreements was zero and $14 million as of December 31, 2025 and 2024, respectively.
Secured Borrowings
Secured borrowings consist of transfers of loans HFS not qualifying for sales accounting treatment. The weighted average interest rate on secured borrowings was 6.14% and 6.30% as of December 31, 2025 and 2024, respectively.
Long-Term Borrowings
FHLB Advances
The Company also enters into long-term advances with the FHLB. The Company's borrowing capacity is determined based on the collateral pledged at the time of the borrowing, consisting of the same pools of investment securities and loans pledged for the short-term FHLB advances. The interest rates on these advances are based on daily SOFR plus a fixed spread. The Company may redeem the advances at par plus accrued and unpaid interest plus a make-whole provision upon termination that is based on the interest rate difference between the then current advance interest rate and the interest rate on the terminated advance. After three months from the inception date of the advances, prepayments are no longer subject to the make-whole provision. The weighted average rate on these long-term FHLB advances was 4.24% and 4.85% as of December 31, 2025 and 2024, respectively.
The Company's outstanding long-term FHLB advances are detailed in the tables below:
| December 31, 2025 | ||||||||||||||||||||||||||
| Description | Issuance Date | Maturity Date | Interest Rate | Principal | ||||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||
| FHLB advance | October 30, 2025 | February 1, 2027 | SOFR + 0.38% | $ | 500 | |||||||||||||||||||||
| FHLB advance | November 26. 2025 | February 26, 2027 | SOFR + 0.36% | 500 | ||||||||||||||||||||||
| Total | $ | 1,000 | ||||||||||||||||||||||||
| December 31, 2024 | ||||||||||||||||||||||||||
| Description | Issuance Date | Maturity Date | Interest Rate | Principal | ||||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||
| FHLB advance | November 22, 2024 | February 24, 2026 | SOFR + 0.35% | $ | 500 | |||||||||||||||||||||
| FHLB advance | December 5, 2024 | March 5, 2026 | SOFR + 0.35% | 1,000 | ||||||||||||||||||||||
| FHLB advance | December 19, 2024 | March 19, 2026 | SOFR + 0.38% | 500 | ||||||||||||||||||||||
| Total | $ | 2,000 | ||||||||||||||||||||||||
Credit Linked Notes
The Company entered into credit linked note transactions that effectively transfer the risk of first losses on reference pools of the Company's loans purchased under its residential mortgage purchase program to the purchasers of the notes. The principal and interest payable on these notes may be reduced by a portion of the Company's loss on such loans if one of the following occurs with respect to a covered loan: (i) realized losses incurred by the Company on a loan following a liquidation of the loan or certain other events, or (ii) a modification of the loan resulting in a reduction in payments. The aggregate losses, if any, for each payment date will be allocated to reduce the class principal amount and (for modifications) the current interest of the notes in reverse order of class priority. Losses on residential mortgages have not generally been significant. Monthly principal payments on the notes are based on the principal payments of the underlying mortgages.
The Company's outstanding credit linked note issuances are detailed in the tables below:
December 31, 2025 | ||||||||||||||||||||||||||||||||
| Description | Issuance Date | Maturity Date | Interest Rate | Principal | Debt Issuance Costs | |||||||||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||||||||
| Residential mortgage loans (1) | December 12, 2022 | October 25, 2052 | SOFR + 7.80% | $ | 80 | $ | 2 | |||||||||||||||||||||||||
| Residential mortgage loans (2) | June 30, 2022 | April 25, 2052 | SOFR + 6.00% | 160 | 3 | |||||||||||||||||||||||||||
| Residential mortgage loans (3) | December 29, 2021 | July 25, 2059 | SOFR + 4.67% | 167 | 2 | |||||||||||||||||||||||||||
| Total | $ | 407 | $ | 7 | ||||||||||||||||||||||||||||
December 31, 2024 | ||||||||||||||||||||||||||||||||
| Description | Issuance Date | Maturity Date | Interest Rate | Principal | Debt Issuance Costs | |||||||||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||||||||
| Residential mortgage loans (1) | December 12, 2022 | October 25, 2052 | SOFR + 7.80% | $ | 84 | $ | 2 | |||||||||||||||||||||||||
| Residential mortgage loans (2) | June 30, 2022 | April 25, 2052 | SOFR + 6.00% | 170 | 3 | |||||||||||||||||||||||||||
| Residential mortgage loans (3) | December 29, 2021 | July 25, 2059 | SOFR + 4.67% | 180 | 2 | |||||||||||||||||||||||||||
| Total | $ | 434 | $ | 7 | ||||||||||||||||||||||||||||
(1) There are multiple classes of these notes, each with an interest rate of SOFR plus a spread that ranges from 2.25% to 11.00% (or, a weighted average spread of 7.80%) on a reference pool balance of $1.6 billion and $1.7 billion as of December 31, 2025 and 2024, respectively.
(2) There are multiple classes of these notes, each with an interest rate of SOFR plus a spread that ranges from 2.25% to 15.00% (or, a weighted average spread of 6.00%) on a reference pool balance of $3.2 billion and $3.4 billion as of December 31, 2025 and 2024, respectively.
(3) There are six classes of these notes, each with an interest rate of SOFR plus a spread that ranges from 3.15% to 8.50% (or, a weighted average spread of 4.67%) on a reference pool balance of $3.3 billion and $3.5 billion as of December 31, 2025 and 2024, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 16, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.