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Western Alliance Bancorporation WAL MSR UPB of underlying loans

MSR UPB of underlying loans at other companies

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Other financials

Income statement

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Revenue$995.7M+17.7%
Net income$261.7M+13.6%
EPS (diluted)$2.36+14.0%

Balance sheet

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Cash & equivalents$8.6B+161%
Total debt$148.0M-95.5%
Total equity$7.8B+10.2%
Total assets$98.7B+13.8%

Cash flow

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Operating cash flow-$507.2M+69.3%
CapEx$24.2M+45.8%
Free cash flow-$531.4M+68.2%

Valuation

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Market cap$8.87B+2.7%
P/E-1.2×
P/S2.3×-0.4×

Profitability

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Net margin25%-0.8pp
FCF margin-43.7%-17.4pp

Returns & leverage

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Return on equity13.1%+0.6pp
Debt / equity-0.4×

Where this comes from

Reported directly by Western Alliance Bancorporation in its filing.

Tagged under the XBRL concept wal:MSRSalesUPBOfUnderlyingLoans.

The source filing: Western Alliance Bancorporation’s 10-Q, filed May 11, 2026.

Filed
May 10, 2026, 8:00 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001628280-26-033054

Changes in the fair value of MSRs are recorded as Net loan servicing revenue in the Consolidated Income Statement. Due to the regulatory capital impact of MSRs on capital ratios, the Company sells certain MSRs and related servicing advances in the normal course of business. The Company may also sell excess servicing spread related to certain mortgage loans serviced by the Company. During the three months ended March 31, 2026 and 2025, the Company recognized a net gain of $12.0 million and net loss of $0.3 million on MSR sales, respectively, which are reflected in Net loan servicing revenue in the Consolidated Income Statement. The UPB of loans underlying these sales totaled $11.7 billion and $8.7 billion for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026 and December 31, 2025, the Company had a remaining receivable balance of $21 million and $22 million, respectively, related to holdbacks on MSR sales for servicing transfers, which are recorded in Other assets on the Consolidated Balance Sheet.

Item 1. Financial Statements (Unaudited)

FAQ

What is Western Alliance Bancorporation's MSR UPB of underlying loans?
Western Alliance Bancorporation (WAL) reported MSR UPB of underlying loans of $11.7B in Q1 2026.
How has Western Alliance Bancorporation's MSR UPB of underlying loans changed year-over-year?
Western Alliance Bancorporation's MSR UPB of underlying loans increased by 34.5% year-over-year, from $8.7B to $11.7B.
What is the long-term trend for Western Alliance Bancorporation's MSR UPB of underlying loans?
Over 3 years (2022 to 2025), Western Alliance Bancorporation's MSR UPB of underlying loans has grown at a 15.6% compound annual growth rate (CAGR), from $24.1B to $37.2B.
What does MSR UPB of underlying loans mean?
The total unpaid principal balance (UPB) of the underlying mortgage loans associated with mortgage servicing rights (MSRs) sold by the institution during the period. This metric provides a measure of the scale of the bank's servicing portfolio divestiture activity. It is a key indicator of the bank's strategy regarding the retention versus sale of mortgage servicing rights.

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