Western Alliance is a Phoenix-based commercial bank focused on small and middle-market businesses, real estate investors, and specialized commercial clients. Its core lending business is weighted toward C&I loans — including working capital lines, technology lending, equipment finance, mortgage warehouse lines, and loans to non-depository financial institutions — which make up nearly half the loan portfolio, alongside residential real estate, commercial real estate, and construction loans. Western Alliance also operates AmeriHome, a residential mortgage banking platform that originates, acquires, and services residential mortgages, generating revenue through gain-on-sale and mortgage servicing rights rather than holding loans long-term. The bank earns the majority of revenue through net interest income, with the remainder from AmeriHome's mortgage banking fees and commercial banking fees. A key differentiator is Western Alliance's portfolio of specialty deposit businesses — including HOA banking (where it claims the largest U.S. market position), class action settlement disbursements through Juris, CLO trustee services, business escrow, and digital asset banking — which fund the balance sheet at lower cost than traditional deposits. These specialty deposits use an earnings credit rate structure, where deposit costs are booked as non-interest expense rather than interest expense, making standard NIM comparisons with peers less meaningful. Western Alliance's growth strategy is organic, focused on expanding C&I lending, scaling specialty deposit verticals, and growing AmeriHome as mortgage rates normalize. The bank is approaching the $100B asset threshold that triggers enhanced regulatory requirements and is investing in the infrastructure needed to manage that transition.