Market Signal Briefing

On-chain analytics firm Santiment has pointed out how XRP and Ethereum are among coins sitting in the MVRV Ratio’s “undervalued” zone.

30-Day MVRV Is Negative For XRP & Ethereum In a new post on X, on-chain analytics firm Santiment has talked about where some notable cryptocurrencies like XRP and Bitcoin currently sit from the perspective of the 30-day Market Value to Realized Value (MVRV) Ratio.

The MVRV Ratio is a popular indicator that tells us how the market cap of a given digital asset compares against its Realized Cap. The latter is an on-chain capitalization model that calculates the asset’s total value by assuming that the value of each individual token is equal to the spot price at which it was last transacted on the network.

In short, what the Realized Cap represents is the total amount of capital that the cryptocurrency’s investors have put into it. In contrast, the usual market cap is just the value that holders are carrying in the present. Since the MVRV Ratio takes the ratio of the two, it essentially provides a look into profitability among investors as a whole. In the context of the current topic, the MVRV Ratio of only a particular segment of traders is of interest: those who purchased within the past month.

Below is the chart for this version of the MVRV Ratio shared by Santiment that shows its trend across five top coins: Bitcoin, Ethereum, XRP, Cardano, and Chainlink.

The value of the metric appears to be negative for all of these coins | Source: Santiment on X As is visible in the graph, the 30-day MVRV Ratio has dropped into the negative region for all five of these cryptocurrencies recently, indicating that returns of the monthly buyers have gone into the red.

The analytics firm considers assets to be “undervalued” when this condition forms. “A coin having a negative percentage means average traders you’re competing with are down money, and there is an opportunity to enter while profits are below the normal ‘zero-sum game’ level,” explained Santiment.

Not all tokens with a negative value on the indicator provide an equal opportunity, however. “The lower a coin’s 30-day MVRV is, the less risk there is in opening or adding on to your position,” noted the analytics firm.

Down to a value of -5%, Santiment defines cryptocurrencies to be in a “mildly undervalued” zone. Bitcoin has a 30-day MVRV value of 3.7%, so it falls inside this territory. Meanwhile, XRP and Ethereum have the metric sitting at -5.7% and -7.6%, putting them inside a stronger undervalued region. Out of the tokens in the chart, Chainlink’s 30-day buyers are currently in the most amount of pain with losses of 9.5%.

XRP Price XRP dropped to a low of $1.8 on Sunday, but the asset has since bounced back above $1.9.

The trend in the price of XRP over the last five days | Source: XRPUSDT on TradingView Featured image from Dall-E, chart from TradingView.com

Avalanche price is hovering near the $12 mark just as its first U.S.-listed exchange-traded fund goes live, setting up a tense moment where price compression meets a major institutional catalyst.

Summary

AVAX trades near $12 as spot volume fades, while rising open interest suggests traders are positioning for a larger move. VanEck’s newly launched AVAX ETF introduces regulated exposure and potential supply tightening through staking. Price is pinned between support near $11.50 and resistance around $13.00, leaving direction dependent on the next breakout. Avalanche was trading at $11.76 at press time, up 1.5% over the past 24 hours. The token has moved within a $11.30–$12.73 range over the last seven days, though it is still down about 8% over the past month and nearly 66% on a year-over-year basis.

Despite the modest daily bounce, activity has cooled. Avalanche’s (AVAX) 24-hour trading volume fell 16% to roughly $272 million, pointing to lighter spot participation as price compresses near support.

Derivatives paint a mixed picture. CoinGlass data shows futures volume down nearly 20% to $539 million, while open interest climbed 11% to $495 million. This pattern shows traders opening new positions even as turnover slows, which could drive a sharper move once the price breaks its range.

AVAX ETF goes live The first Avalanche ETF to be listed in the U.S. was launched by VanEck on Jan. 26, trading on Nasdaq under the ticker VAVX. To draw early inflows, VanEck waived fees on the first $500 million in assets until late February. The product offers direct exposure to the price of AVAX and includes staking rewards.

For AVAX, the ETF changes the access equation. Exposure through traditional brokerage accounts removes the need for wallets or crypto exchanges, opening the door to institutions and conservative retail capital.

In addition, the fund may stake up to 70% of its AVAX holdings, which could lock a meaningful portion of supply and reduce tokens available on the open market if demand holds up.

Network usage has been improving according to on-chain metrics. While integrations like PayPal USD via LayerZero (ZRO) continue to increase practical utility, Avalanche has surpassed 1.38 million active addresses.

These developments, when combined with the ETF, provide a stronger fundamental backdrop than price alone might imply.

Avalanche price technical analysis From a technical perspective, AVAX is tightening around the $11.50–$12.00 support zone, an area that has repeatedly drawn buyers. The narrowing of daily ranges indicates compression of volatility.

The price is still below declining moving averages that are clustered between $13.00 and $13.20, and the overall trend is still sloping downward with lower highs and lows.

Avalanche daily chart. Credit: crypto.news Following the recent sell-off, Bollinger Bands are narrowing, which often precedes a stronger directional move. Momentum indicators lean weak but steadier than before, with the relative strength index holding in the mid-40s and no fresh acceleration to the downside.

If $11.50 gives way on a daily close, downside risk extends toward the $10.00 psychological level. On the flip side, a clean push above $13.00 could force short covering and allow the price to stretch toward the $14.80–$15.00 area, where the next resistance zone sits.

One stock looks like a far better investment than the other.

While electric carmaker Tesla (TSLA 3.09%) and social media specialist Meta Platforms (META +2.10%) are two very different companies that generate revenue from very different sources, both of their futures seem closely tied to AI (artificial intelligence).

Interestingly, just a few years ago, the bull case for either stock didn't depend as much on AI as it does today. But both companies are transforming their businesses, with AI at the center. Tesla is expanding its Robotaxi ride-hailing service that depends on advances in AI computing, and Meta Platforms is making a huge bet on AI infrastructure to support both its core business and a more aspirational goal: building a personal superintelligence.

But which growth stock is a better bet for investors looking to take advantage of the opportunities in AI? Here is a look at each company and how each one is positioned to benefit from the rise of this powerful computing power.

Image source: Getty Images.

Tesla: Robotaxi could scale quickly Today, Tesla primarily makes money from selling electric vehicles. But over time, management believes the company can increasingly generate revenue from services -- namely, Robotaxi and the self-driving software that powers it.

"[W]e expect our hardware-related profits to be accompanied by an acceleration of AI, software and fleet-based profits [over time]," Tesla explained in its most recent quarterly earnings release.

Today's Change

(

-3.09

%) $

-13.86

Current Price

$

435.20

More specifically, every vehicle Tesla sells today is equipped with the hardware Tesla believes will eventually enable full self-driving. Of course, Tesla will need to make software advancements first, as well as further progress in AI. But when the underlying technology is ready, Tesla plans to send an over-the-air software update that will enable its vehicles to drive themselves. And to accelerate time-to-market for its scaled Robotaxi service, Tesla plans to let owners put their vehicles into its autonomous ride-sharing fleet.

The issue for Tesla is that its business is extremely dependent on the success of Robotaxi, as its financials are struggling in the meantime. Net income in its most recent quarter fell 37% year over year. And while we don't have the financial results for Q4 yet, Tesla reported a sharp year-over-year decline in deliveries for the period.

Meta Platforms: AI is already paying off For Meta, the bull case is more straightforward -- and, more importantly, I believe there's lower risk to it. Unlike Tesla, Meta's business is growing very fast. Revenue in its third quarter rose 26% year over year. While net income did fall during the period, this is because of a one-time non-cash charge in the period related to your provision for income taxes. Absent this charge, Meta's net income increased about 19% year over year.

Also worth noting is that Meta cited AI as one of the key drivers of the quarter's growth, noting that improvements in its AI ranking systems are serving as a key catalyst for its ads business. This means that Meta doesn't have to wait for its investments in AI to start paying off. They already are.

One challenge for Meta, however, will be the company's soaring capital expenditures. Following huge growth in capital expenditures in Q3, the company raised its full-year outlook for capital expenditures to a range of $70 billion to $72 billion. In addition, management said that its growth in capital expenditures in 2026, measured in dollars, will be significantly larger than it was in 2025. This means that Meta expects its 2026 capital expenditures to comfortably exceed $100 billion, with the bulk of this growth slated for AI-capable computing power.

But one point worth noting is that Meta has a backup plan for its AI compute if the opportunities it expects from AI do not materialize. In the "worst case" scenario, Meta CEO Mark Zuckerberg explained in the tech company's third-quarter earnings call, it can just build new infrastructure slowly for a period while it grows into what it already built.

The best-case scenario?

If "superintelligence arrives sooner, we will be ideally positioned for a generational paradigm shift in many large opportunities," Zuckerberg said.

Today's Change

(

2.10

%) $

13.86

Current Price

$

672.62

Which AI stock is a better buy? Even without considering valuation, Meta Platforms already looks like a better bet in the era of AI. Not only is its business already benefiting from AI, with accelerating revenue growth, but the company has contingency plans for what it can do with its AI compute power if a generational paradigm shift doesn't occur as Zuckerberg hopes it will.

Of course, investors should look at valuation, too. And when you do, it seals the deal: Meta looks like the better stock. The stock currently has a price-to-earnings ratio of about 30, while Tesla's ratio sits at over 300. Tesla's valuation requires near-perfect execution on its ambitious Robotaxi plans, and Meta's valuation prices in nothing extraordinary -- just more of the same: strong, profitable growth.

With all this said, we can't know for sure that Meta will, without a doubt, outperform Tesla over the long haul. Tesla's robotaxi opportunity is significant. But its valuation doesn't leave much room for error. In other words, Tesla stock is much risker than Meta.

NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP continues its investigation on behalf of Wealthfront Corporation (“Wealthfront” or the “Company”) (NASDAQ:WLTH) investors concerning the Company’s and/or members of its senior management’s possible violation of the federal securities laws and other unlawful business practices.

[LEARN MORE ABOUT THE INVESTIGATION]

What Happened?

On December 12, 2025, Wealthfront completed its Initial Public Offering (“IPO”) of 34,615,384 shares of common stock at a price of $14.00 per share.

On January 12, 2026, Wealthfront published its first quarterly results as a publicly traded company. The results included net deposit outflows of $208 million, a stark reversal from the $874 million in inflows the Company experienced during the same period a year earlier. During the Company’s earnings conference call held the same day, CEO David Fortunato attributed the decline to falling interest rates and emphasized the strategic importance of Wealthfront’s new home-lending business which he asserted would protect the Company from downside risk should interest rates continue to fall. Also on the call, Fortunato revealed that he personally owns a 95.1% stake in Wealthfront’s home-lending business and that the Company may “revisit or revise the ownership structure.” On this news, the price of Wealthfront shares declined by $2.12, or approximately 16.8%, from $12.59 on January 12, 2026 to close at $10.47 on January 13, 2026.

Since the Company’s IPO, the price of Wealthfront shares have declined by $5.20 per share, or approximately 37.1%, from $14.00 per share on December 12, 2025 to close at $8.80 on January 20, 2025.

What Should I Do?

At this stage, no lawsuit has been filed. The investigation is ongoing to determine whether claims may be brought under federal securities laws.

If you purchased or otherwise acquired Wealthfront securities, have information, or would like to learn more about this investigation, please contact Lauren Molinaro of Kirby McInerney LLP by email at [email protected], or fill out the contact form below, to discuss your rights or interests with respect to these matters at no cost.

[LEARN MORE ABOUT SECURITIES CLASS ACTIONS]

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Past performance is not an indicator of future performance. This post is illustrative and educational and is not a specific offer of products or services or financial advice. Information in this article is not an offer to buy or sell, or a solicitation of any offer to buy or sell the securities mentioned herein. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Indian Oil Corp , the country's largest refiner, has committed to buying more Brazilian crude in the fiscal year starting April, after reducing Russian oil imports, a company executive said on Tuesday.

Image: Bigstock

Read MoreHide Full Article

Key Takeaways FCEL signed a non-binding LOI with SDCL to explore 450MW of global fuel cell deployments.FCEL tech offers on-site baseload power using natural gas, biogas, or hydrogen blends.The partnership targets financing and operational hurdles in capital-heavy data center projects. FuelCell Energy’s (FCEL - Free Report) latest data center move shows how artificial intelligence (AI) and high-performance computing are changing power needs. The fast growth of compute-heavy workloads is pushing electricity demand higher and reshaping how power is delivered. Data center operators are placing more value on reliability, resilience, and being close to the load, as grid limits and long connection timelines make traditional expansion harder. In this setting, on-site and behind-the-meter power solutions are becoming a core part of new data center designs.

FCEL has partnered with Sustainable Development Capital under a non-binding letter of intent to explore up to 450 megawatts of fuel cell deployments worldwide. The arrangement combines FuelCell Energy’s distributed baseload generation with SDCL’s expertise in financing, owning and operating energy assets. This model aims to enable large-scale execution by tackling not just technology rollout, but also long-term financing and operations — key hurdles for capital-intensive data center power projects.

FuelCell Energy’s technology fits shifting data center needs by providing steady, on-site baseload power that can run independently of the grid, depending on fuel supply. Its systems can use natural gas, biogas, or hydrogen blends, and can reuse waste heat for heating, steam, or cooling to boost efficiency. Overall, the collaboration points to rising data center demand and closer alignment with next-generation power setups.

Onsite Power Solutions Gain Traction in Data CentersBloom Energy (BE - Free Report) is strongly focused on data centers, which it highlights as its largest and fastest-growing market segment. The company addresses rising AI-driven power demand by providing reliable, onsite fuel cell power that does not rely on strained grids. Bloom Energy’s solutions offer high reliability, fast deployment, and scalability, making it well-suited for hyperscale and colocation data centers worldwide.

Meanwhile, Enphase Energy (ENPH - Free Report) is gradually positioning itself to benefit from data center power needs by expanding into commercial and three-phase energy solutions. ENPH’s IQ9 microinverters support 480V three-phase systems, which are commonly used in data-intensive facilities. At the same time, Enphase Energy’s planned small commercial batteries enable load shifting and backup power for high-uptime users. Together, these offerings allow Enphase Energy to support reliable, efficient and scalable clean energy use in data-center-like environments.

Published in alt-energy artificial-intelligence energy oil-energy

AUSTIN, Texas--(BUSINESS WIRE)--MindWalk Holdings Corp. (NASDAQ:HYFT) (“MindWalk” or the “Company”), a Bio-Native AI therapeutic research and technology company, today announced an application of its proprietary HYFT® technology designed to identify functional adjacency - meaning different molecules can produce the same therapeutic effect even when sequence comparisons suggest they are unrelated - an emerging source of competitive, legal, and valuation risk in modern drug discovery that sequenc.

, /PRNewswire/ -- Robbins LLP reminds stockholders that a class action was filed on behalf of all investors who purchased or otherwise acquired BellRing Brands, Inc. (NYSE: BRBR) securities between November 19, 2024 and August 4, 2025. BellRing develops, markets, and sells "convenient nutrition" products such as ready-to-drink ("RTD") protein shakes, powders, bars, and other protein enriched food products, primarily under the brand name Premier Protein.

For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.

The Allegations: Robbins LLP is Investigating Allegations that BellRing Brands, Inc. (BRBR) Misled Investors Regarding its Sales During the Class Period   

According to the complaint, defendants failed to disclose to investors that its strong sales results did not reflect increased end-consumer demands or brand momentum. Rather, customers accumulated excess inventory as a safeguard against product shortages that had previously constrained BellRing's supply. Once customers gained confidence that product shortages were a thing of the past, they promptly reduced their inventory by selling through existing products and cutting back on new orders. Following the destocking, the Company admitted that competitive pressures were materially weakening demand.

On August 4, 2025, BellRing reported its fiscal Q3 25 financial results, revealing a disappointing 2025 sales outlook, stating "BellRing management has narrowed its fiscal year 2025 outlook for net sales to [a] range between $2.28-$2.32 billion[.]"  On this news, he price of BellRing stock declined $17.46 per share, or nearly 33%, from $53.64 per share on August 4, 2025, to $36.18 per share on August 5, 2025.

What Now: You may be eligible to participate in the class action against BellRing Brands, Inc. Shareholders who wish to serve as lead plaintiff for the class must submit their papers with the court by March 23, 2026. The lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation.  You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses. 

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. 

To be notified if a class action against BellRings Brands, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Attorney Advertising.  Past results do not guarantee a similar outcome.  

SOURCE Robbins LLP

January 26, 2026 21:30 ET  | Source: Runway Growth Finance Corp.

MENLO PARK, Calif., Jan. 26, 2026 (GLOBE NEWSWIRE) -- Runway Growth Finance Corp. (“Runway Growth” or the “Company”) (Nasdaq: RWAY), a leading provider of flexible capital solutions to late and growth-stage companies seeking an alternative to raising equity, today announced that it has commenced an underwritten offering of unsecured notes (the “Notes”), subject to market and other conditions. The Company has applied for the Notes to be listed and trade on the Nasdaq Global Select Market. If approved for listing, the Company expects the Notes to begin trading within 30 days from the original issue date. The interest rate and other terms of the Notes will be determined at the time of pricing of the offering.

The Company intends to use the net proceeds from this offering to repay outstanding indebtedness, including to redeem all or a portion of the Company’s outstanding 8.00% Notes due 2027 (the “December 2027 Notes”), to finance the Company’s previously announced acquisition of SWK Holdings Corporation, and for general corporate purposes. As of January 23, 2026, the Company had $51.75 million of indebtedness outstanding under the December 2027 Notes, which bore interest at a rate of 8.00% as of such date. The December 2027 Notes mature on December 28, 2027.

Oppenheimer & Co. Inc., B. Riley Securities, Inc., Lucid Capital Markets, LLC, and BC Partners Securities, LLC are acting as joint book-running managers of this offering. InspereX LLC and William Blair & Company L.L.C. are acting as co-managers of this offering.

Investors are advised to carefully consider the investment objective, risks and charges and expenses of the Company before investing. The preliminary prospectus supplement, dated January 26, 2026, and accompanying prospectus, dated March 19, 2025, each of which has been filed with the Securities and Exchange Commission (the “SEC”), contain a description of these matters and other important information about the Company and should be read carefully before investing.

The information in the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities in this offering or any other securities nor will there be any sale of these securities or any other securities referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.

A shelf registration statement relating to these securities is on file with and has been declared effective by the SEC. The offering may be made only by means of a preliminary prospectus supplement and an accompanying prospectus, copies of which may be obtained from Oppenheimer & Co. Inc., 85 Broad Street, 23rd Floor, New York, NY 10004 or by calling (800) 966 1559; copies may also be obtained by visiting EDGAR on the SEC’s website at http://www.sec.gov.

About Runway Growth Finance Corp.

Runway Growth is a specialty finance company focused on providing flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity. Runway Growth is a closed-end investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. Runway Growth is externally managed by Runway Growth Capital LLC, an affiliate of BC Partners Advisors L.P., and led by industry veteran David Spreng. For more information, please visit www.runwaygrowth.com.

Forward-Looking Statements

Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Statements other than statements of historical facts included in this press release may constitute forward-looking statements, including statements regarding our intentions related to the offering discussed in this press release and the use of proceeds from the offering, and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in forward-looking statements as a result of a number of factors, including those described from time to time in Runway Growth’s filings with the SEC. Runway Growth undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

Important Disclosures

Strategies described involve special risks that should be evaluated carefully before a decision is made to invest. Not all of the risks and other significant aspects of these strategies are discussed herein. Please see a more detailed discussion of these risk factors and other related risks in the Company’s most recent annual report on Form 10-K in the section entitled “Risk Factors,” and in the Company's quarterly report on Form 10-Q for the quarter ended September 30, 2025, which may be obtained on the Company’s website, www.runwaygrowth.com, or the SEC’s website, www.sec.gov.

IR Contacts:

Taylor Donahue, Prosek Partners, [email protected]

Thomas B. Raterman, Chief Financial Officer and Chief Operating Officer, [email protected]

Meta Platforms is set to test new subscription models across its apps, including Instagram, Facebook and WhatsApp in the coming months, according to a report from TechCrunch on Tuesday. 

The report, confirmed by a Meta spokesperson, said the subscriptions are expected to "unlock more productivity and creativity" by giving paid users access to more features and expanded AI capabilities. 

Meta's recently acquired suite of general AI agents under Manus will also be scaled as part of the subscription plans. Meta Platforms bought Manus — a Singapore-based developer of AI agents founded in China — in December for a reported $2 billion.

With its new subscription plans, Meta could be seeking a return on investment from its massive spending on AI talent and acquisitions last year, even before the Manus purchase. 

While Meta has been developing large language models under the Llama umbrella, those have been open-sourced. That means general access to Llama has remained free, unlike with paid plans from AI leaders like OpenAI, Google, and Anthropic.

Other features offered as part of Meta's paid plans could include full access to its AI-powered short-form video experience Vibes, which allows users to create and remix AI-generated videos. 

While Vibes has been free since its launch in 2025, the new subscription model would grant free access to its basic version, with the option to pay for additional features. 

The subscriptions will be separate from Meta Verified, a paid product rolled out by the company in 2023 that gave content creators and businesses a verified badge, 24/7 direct support, protection against impersonation, search optimization, and more.

Meta told TechCrunch that it plans to listen to its user community and gather feedback as it rolls out subscriptions in the coming months.

Stanmore Resources Limited (STMRF) Q4 2025 Earnings Call Transcript

LOS ANGELES, Jan. 26, 2026 (GLOBE NEWSWIRE) -- FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (the “Company”), today announced it has commenced voluntary chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas. FAT Brands plans to use the filings to deleverage the balance sheet, maximize value for its stakeholders, and support continued growth of its brands.

FAT Brands’ portfolio of 18 restaurant concepts encompasses more than 2,200 locations worldwide. Iconic brands such as Fatburger, Johnny Rockets, Round Table Pizza, among others, are expected to remain operating as usual during the chapter 11 process, and will continue to provide their signature dining experiences. Trading of FAT Brands’ securities on NASDAQ is expected to continue with a “Q” suffix during this period.

"Our dynamic portfolio of brands has demonstrated tremendous resilience in a challenging restaurant operating environment over the last few years. We are well positioned for long-term profitability and growth. The chapter 11 process will provide us with the opportunity to strengthen our capital structure to support our concepts and ensure they remain at the forefront of their sectors,” said Andy Wiederhorn, CEO of FAT Brands. “We plan to use this process to connect with key stakeholders around a value-maximizing plan and will act prudently to remain steadfast in upholding and protecting stakeholder interests. Our focus in this process remains providing quality service to our customers and supporting our franchise partners and the over 45,000 corporate and franchise employees.”

Bankruptcy Court filings and other information about the claims process and proceedings can be found at a separate website maintained by the Company’s proposed claims and noticing agent, Omni Agent Solutions, Inc., at https://omniagentsolutions.com/FatBrands-TwinHospitality.

Latham & Watkins LLP is serving as legal counsel to the Company. GLC Advisors & Co., LLC is serving as investment banker, Huron Consulting Services LLC is serving as financial advisor, and Omni Agent Solutions, Inc. is serving as claims, noticing and solicitation agent.

About FAT (Fresh. Authentic. Tasty.) Brands
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,200 units worldwide. For more information on FAT Brands, please visit fatbrands.com.

Forward Looking Statements
This Current Report on Form 8-K contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based upon our present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by our forward-looking statements as a result of various factors These forward-looking statements include, among others, statements about: the Company’s ability to obtain Bankruptcy Court approval with respect to motions in the Chapter 11 proceedings, including the “first day” relief being requested; the Company’s ability to successfully consummate a restructuring; the expected effects of the Chapter 11 proceedings, on the Company’s business and the interests of various stakeholders; the Company’s ability to continue operating in the ordinary course; the terms, effectiveness, and consummation of a chapter 11 plan; the anticipated capital structure upon emergence from bankruptcy; the expected treatment of claims; the potential cancellation of the Company’s equity; the registration status of any new securities to be issued pursuant to a chapter 11 plan, and the timing of any of the foregoing. Forward-looking statements are based on the Company’s current expectations, assumptions and estimates and are subject to risk, uncertainties, and other important factors that are difficult to predict and that could cause actual results to differ materially and adversely from those expressed or implied. These risks include, among others, those related to: the Company’s ability to confirm and consummate a chapter 11 plan of reorganization; the duration and outcome of the Chapter 11 proceedings; the risk of the Company suffering from a long and protracted restructuring; the impact of the Chapter 11 proceedings on the Company’s operations, reputation and relationships with tenants, lenders, and vendors; the Company having insufficient liquidity; the availability of financing during the pendency of, or after completion of, the Chapter 11 proceedings; the effectiveness of overall restructuring activities pursuant to the Chapter 11 proceedings and any additional strategies that the Company may employ to address its liquidity and capital resources and achieve its stated goals; the potential cancellation of the Company’s equity; and the Company’s historical financial information not being indicative of its future performance as a result of the Chapter 11 proceedings.

The information contained in the Company’s filings with the Securities and Exchange Commission (“SEC”), including under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 29, 2024 and subsequent filings with the SEC, or incorporated herein or therein, identifies other important factors that could cause differences from our forward-looking statements. The Company’s filings with the SEC are available on the SEC’s website at www.sec.gov. 

You should not place undue reliance upon the Company’s forward-looking statements.

Except as required by law, we do not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.

MEDIA CONTACT:
Erin Mandzik, FAT Brands
[email protected]

INVESTOR RELATIONS:
ICR
Michelle Michalski
[email protected]

The blue Ford oval logo is displayed on the new Ford World Headquarters in Dearborn, Michigan, U.S. November 16, 2025. REUTERS/Rebecca Cook/File Photo Purchase Licensing Rights, opens new tab

Jan 26 (Reuters) - Ford (F.N), opens new tab and General Motors (GM.N), opens new tab are in negotiations with bankrupt ​car parts supplier First Brands Group ‌over a potential financing package to keep the company operating during its Chapter 11 proceedings, the Financial Times reported on Monday, citing ‌several people familiar with the matter.

Reuters ​could not immediately verify the report. Ford, GM and First Brands did not immediately ‍respond to requests for comment outside regular business hours.

Sign up here.

Talks have intensified in recent days as the Ohio-based ⁠supplier races to raise funds and ‍buy time to pursue a sale, FT reported, adding ‌that ‌discussions were nearing the "finish line," though a deal could still fall apart.

While multiple manufacturers are involved in the talks, Ford is "probably ⁠the most ⁠exposed and ​the one that’s got the most at risk here," the report said.

First Brands on Monday said it has ‍begun winding down parts of its North American operations, including its Brake Parts, Cardone and Autolite units, ​while keeping other businesses ‍running as it seeks buyers for the assets.

Reporting by ​Bipasha Dey in Bengaluru; Editing by Sonia Cheema

Our Standards: The Thomson Reuters Trust Principles., opens new tab

TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO: 6503) announced today that it has confirmed the world's first self-recovery property of highly oriented pyrolytic graphite (HOPG), a van der Waals (vdW)-layered material, in joint research with the Solid Mechanics Laboratory (Hirakata Laboratory) of Kyoto University's Graduate School of Engineering. This achievement is expected to extend the operational lifetime of micro electro mechanical systems (MEMS) by utilizing vdW-layered ma.

PHOENIX--(BUSINESS WIRE)--Western Alliance Bancorporation (NYSE:WAL):

Quarter Highlights: Net income

Earnings per share

PPNR1

Net interest margin

Efficiency ratio1

Book value per

common share

$293.2 million

$2.59

$428.7 million

3.51%

55.7%

$67.20

46.5%1, adjusted for deposit costs

$61.291, excluding

goodwill and intangibles

LINKED-QUARTER BASIS

FULL YEAR

FINANCIAL HIGHLIGHTS:

Net income of $293.2 million and earnings per share of $2.59, up 12.6% and 13.6%, from $260.5 million and $2.28, respectively Net income of $990.6 million and earnings per share of $8.73, up 25.8% and 23.1%, from $787.7 million and $7.09, respectively Net revenue of $980.9 million, an increase of 4.6%, or $42.7 million, compared to an increase in non-interest expenses of 1.4%, or $7.8 million Net revenue of $3.5 billion, an increase of 12.0%, or $380.9 million, compared to an increase in non-interest expenses of 4.3%, or $86.7 million Pre-provision net revenue1 of $428.7 million, up $34.9 million from $393.8 million Pre-provision net revenue1 of $1.4 billion, up $294.2 million from $1.1 billion Effective tax rate of 17.6%, compared to 17.0% Effective tax rate of 17.9%, compared to 20.5% FINANCIAL POSITION RESULTS:

HFI loans of $58.7 billion, up $2.0 billion, or 3.6% Increase in HFI loans of $5.0 billion, or 9.3% Total deposits of $77.2 billion, down $88 million due to seasonality Increase in total deposits of $10.8 billion, or 16.3% HFI loan-to-deposit ratio of 76.0%, up from 73.3% HFI loan-to-deposit ratio of 76.0%, down from 80.9% Total equity of $7.9 billion, up $256 million, or 3.3% HFI loan-to-deposit ratio of 76.0%, down from 80.9% LOANS AND ASSET QUALITY:

Nonperforming (nonaccrual) loans to funded HFI loans of 0.85%, decreased from 0.92% Nonperforming (nonaccrual) loans to funded HFI loans of 0.85% decreased from 0.89% Criticized loans of $1.3 billion, down $15 million Criticized loans of $1.3 billion, down $73 million Repossessed assets of $137 million, up $7 million from $130 million Repossessed assets of $137 million, up $85 million from $52 million Annualized net loan charge-offs to average loans outstanding of 0.31%, compared to 0.22% Net loan charge-offs to average loans outstanding of 0.24%, compared to 0.18% KEY PERFORMANCE METRICS:

Net interest margin of 3.51%, decreased from 3.53% Net interest margin of 3.51%, decreased from 3.58% Return on average assets and on tangible common equity1 of 1.23% and 16.9%, compared to 1.13% and 15.6%, respectively Return on average assets and on tangible common equity1 of 1.12% and 15.3%, compared to 0.99% and 14.0%, respectively Tangible common equity ratio1 of 7.3%, increased from 7.1% Tangible common equity ratio1 of 7.3%, increased from 7.2% CET 1 ratio of 11.0%, compared to 11.3% CET 1 ratio of 11.0%, compared to 11.3% Tangible book value per share1, net of tax, of $61.29, an increase of 4.7% from $58.56 Tangible book value per share1, net of tax, of $61.29, an increase of 17.3% from $52.27

Efficiency ratio1 of 55.7% and adjusted efficiency ratio1 of 46.5%, compared to 57.4% and 47.8%, respectively Efficiency ratio1 of 58.9% and adjusted efficiency ratio1 of 50.2%, compared to 63.2% and 53.1%, respectively Share repurchases of $57.5 million, or 0.7 million shares at $79.55 per share Share repurchases of $68.1 million, or 0.8 million shares at $80.82 per share 1See Reconciliation of Non-GAAP Financial Measures.

Income Statement

Net interest income totaled $766.2 million in the fourth quarter 2025, an increase of $15.8 million, or 2.1%, from $750.4 million in the third quarter 2025, and an increase of $99.7 million, or 15.0%, compared to the fourth quarter 2024. The increase in net interest income from the third quarter 2025 was largely due to higher average interest earning asset balances. The increase in net interest income from the fourth quarter 2024 was driven by an increase in average interest earning asset balances and lower rates on interest bearing liabilities, partially offset by decreased yields on interest earning assets.

The Company recorded a provision for credit losses of $73.0 million in the fourth quarter 2025, a decrease of $7.0 million from $80.0 million in the third quarter 2025, and an increase of $13.0 million from $60.0 million in the fourth quarter 2024. The provision for credit losses during the fourth quarter 2025 was primarily driven by higher net charge-offs of $44.6 million and loan growth.

The Company’s net interest margin was 3.51% in the fourth quarter 2025, a decrease from 3.53% in the third quarter 2025, and an increase from 3.48% in the fourth quarter 2024. Net interest margin decreased from the third quarter 2025 due to lower yields on interest earning assets, partially offset by lower rates on deposits and short-term borrowings. The decrease in net interest margin from the fourth quarter 2024 was primarily driven by the impact of a lower rate environment on interest earning asset yields, partially offset by lower rates on interest bearing liabilities.

Non-interest income was $214.7 million for the fourth quarter 2025, compared to $187.8 million for the third quarter 2025, and $171.9 million for the fourth quarter 2024. The increase in non-interest income of $26.9 million from the third quarter 2025 was primarily due to increases in service charges and fees of $33.1 million and net gain on mortgage loan origination and sale activities of $15.6 million. These increases were partially offset by a decrease in net loan servicing (loss) revenue of $20.5 million. The increase in non-interest income of $42.8 million from the fourth quarter 2024 was primarily driven by increases in service charges and fees, net gain on mortgage loan origination and sale activities, and other non-interest income, primarily due to an increase in rental income from OREO properties. These increases were partially offset by a decrease in net loan servicing (loss) revenue.

Net revenue totaled $980.9 million for the fourth quarter 2025, an increase of $42.7 million, or 4.6%, compared to $938.2 million for the third quarter 2025, and an increase of $142.5 million, or 17.0%, compared to $838.4 million for the fourth quarter 2024.

Non-interest expense was $552.2 million for the fourth quarter 2025, compared to $544.4 million for the third quarter 2025, and $519.0 million for the fourth quarter 2024. The increase in non-interest expense of $7.8 million from the third quarter 2025 was primarily due to increases of $8.2 million in salaries and employee benefits and $5.5 million in both legal, professional, and directors' fees and business development and marketing expenses, partially offset by decreases of $7.7 million in other non-interest expense, primarily related to OREO properties, and $6.8 million in insurance costs. The increase in non-interest expense of $33.2 million from the fourth quarter 2024 was primarily attributable to increased salaries and employee benefits of $36.3 million and data processing costs of $9.6 million, partially offset by decreased insurance costs of $19.0 million. The Company’s efficiency ratio, adjusted for deposit costs1, was 46.5% for the fourth quarter 2025, compared to 47.8% in the third quarter 2025, and 51.1% for the fourth quarter 2024.

Income tax expense was $62.5 million for the fourth quarter 2025, compared to $53.3 million for the third quarter 2025, and $42.5 million for the fourth quarter 2024. The increase in income tax expense from the third quarter 2025 and the fourth quarter 2024 was primarily driven by increased pre-tax income.

Net income was $293.2 million for the fourth quarter 2025, an increase of $32.7 million from $260.5 million for the third quarter 2025, and an increase of $76.3 million from $216.9 million for the fourth quarter 2024. Earnings per share totaled $2.59 for the fourth quarter 2025, compared to $2.28 for the third quarter 2025, and $1.95 for the fourth quarter 2024.

The Company believes its pre-provision net revenue1 ("PPNR") is a key metric for assessing the Company’s earnings power, which it defines as net revenue less non-interest expense. For the fourth quarter 2025, the Company’s PPNR1 was $428.7 million, up $34.9 million from $393.8 million in the third quarter 2025, and up $109.3 million from $319.4 million in the fourth quarter 2024.

The Company had 3,769 full-time equivalent employees and 57 offices at December 31, 2025, compared to 3,701 full-time equivalent employees and 57 offices at September 30, 2025, and 3,524 full-time equivalent employees and 56 offices at December 31, 2024.

1 See Reconciliation of Non-GAAP Financial Measures.

Balance Sheet

HFI loans, net of deferred fees, totaled $58.7 billion at December 31, 2025, compared to $56.6 billion at September 30, 2025, and $53.7 billion at December 31, 2024. The increase in HFI loans of $2.0 billion from the prior quarter was primarily driven by an increase of $2.2 billion in commercial and industrial loans, partially offset by a decrease in commercial real estate non-owner occupied loans of $147 million. The increase in HFI loans of $5.0 billion from December 31, 2024 was primarily driven by increases of $4.8 billion, $472 million, and $326 million in commercial and industrial, commercial real estate non-owner occupied, and residential real estate loans, respectively, partially offset by decreases of $424 million and $142 million in construction and land development and commercial real estate owner occupied loans, respectively. HFS loans totaled $3.5 billion at December 31, 2025 and September 30, 2025, and $2.3 billion at December 31, 2024. The increase in HFS loans of $1.2 billion from December 31, 2024 was primarily driven by increases of $793 million, $204 million, and $132 million in government-insured or guaranteed, agency-conforming, and non-agency mortgage loans, respectively.

The Company's allowance for credit losses on HFI loans consists of an allowance for funded HFI loans and an allowance for unfunded loan commitments. The allowance for loan losses to funded HFI loans ratio was 0.78%, 0.78%, and 0.70% at December 31, 2025, September 30, 2025, and December 31, 2024, respectively. The allowance for credit losses, which includes the allowance for unfunded loan commitments, to funded HFI loans ratio was 0.87% at December 31, 2025, 0.85% at September 30, 2025, and 0.77% at December 31, 2024. The Company is a party to credit linked note transactions which effectively transfer a portion of the risk of losses on reference pools of loans to the purchasers of the notes. The Company is protected from first credit losses on reference pools of loans totaling $8.1 billion, $8.2 billion, and $8.6 billion as of December 31, 2025, September 30, 2025, and December 31, 2024, respectively, under these transactions. However, as these note transactions are considered to be free standing credit enhancements, the allowance for credit losses cannot be reduced by the expected credit losses that may be mitigated by these notes. Accordingly, the allowance for loan and credit losses ratios include an allowance related to these pools of loans of $11.8 million as of December 31, 2025 and September 30, 2025, and $11.4 million as of December 31, 2024. The allowance for credit losses to funded HFI loans ratio, adjusted to reduce the HFI loan balance by the amount of loans in covered reference pools, was 1.01% at December 31, 2025, 1.00% at September 30, 2025, and 0.92% at December 31, 2024.

Deposits totaled $77.2 billion at December 31, 2025, a decrease of $88 million from September 30, 2025, and an increase of $10.8 billion from $66.3 billion at December 31, 2024. By deposit type, the decrease from the prior quarter is primarily attributable to a decrease of $2.3 billion from non-interest bearing deposits, partially offset by increases of $2.0 billion and $234 million in interest-bearing demand deposits and certificates of deposit, respectively. The modest $88 million decrease reflects not only changes in customer deposit mix, but also the fourth-quarter seasonal runoff in mortgage related balances, which accounted for a $3.1 billion decrease. From December 31, 2024, non-interest bearing, savings and money market, and interest-bearing demand deposits increased $5.5 billion, $3.4 billion, and $2.5 billion, respectively, partially offset by a decrease in certificates of deposit of $605 million. Non-interest bearing deposits totaled $24.4 billion at December 31, 2025, compared to $26.6 billion at September 30, 2025, and $18.8 billion at December 31, 2024.

The table below shows the Company's deposit types as a percentage of total deposits:

Dec 31, 2025

Sep 30, 2025

Dec 31, 2024

Non-interest bearing

31.5 %

34.5 %

28.4 %

Interest-bearing demand

23.9

21.3

23.9

Savings and money market

31.9

31.9

32.0

Certificates of deposit

12.7

12.4

15.7

The Company’s ratio of HFI loans to deposits was 76.0% at December 31, 2025, compared to 73.3% at September 30, 2025, and 80.9% at December 31, 2024.

Borrowings totaled $5.2 billion at December 31, 2025, $3.9 billion at September 30, 2025, and $5.6 billion at December 31, 2024. Borrowings increased $1.4 billion from September 30, 2025 driven by a $2.9 billion increase in short-term borrowings, partially offset by a $1.5 billion decrease in long-term borrowings. Borrowings decreased $333 million from December 31, 2024, reflecting a $1.0 billion decrease in long-term borrowings, partially offset by an increase in short-term borrowings of $696 million.

Qualifying debt totaled $1.1 billion at December 31, 2025, compared to $681 million and $899 million at September 30, 2025 and December 31, 2024, respectively. The increase in qualifying debt from September 30, 2025 was primarily due to the issuance of $400 million of subordinated debt during the quarter ended December 31, 2025. The increase in qualifying debt from December 31, 2024 was primarily due to the issuance of $400 million of subordinated debt, partially offset by the repayment of $225 million of subordinated debt during the quarter ended June 30, 2025.

Total equity was $7.9 billion at December 31, 2025, compared to $7.7 billion at September 30, 2025, and $6.7 billion at December 31, 2024. The increase in total equity from the prior quarter was primarily due to net income of $293.2 million and net AOCI gains of $65 million, partially offset by cash dividends paid during the fourth quarter, comprised of $46.1 million or $0.42 per common share, $3.2 million or $0.27 per depositary share, and $7.1 million on preferred stock of the Company's REIT subsidiary. In addition, the Company repurchased 0.7 million shares for $57.5 million during the fourth quarter of 2025 under the Company's $300 million share repurchase program. The increase in equity from December 31, 2024 was primarily driven by net income and the issuance of preferred stock from the Company's REIT subsidiary, partially offset by dividends to stockholders and share repurchases.

The Company's common equity tier 1 capital ratio was 11.0% at December 31, 2025, compared to 11.3% at September 30, 2025 and December 31, 2024. At December 31, 2025, tangible common equity, net of tax1, was 7.3% of tangible assets1 and total capital was 14.5% of risk-weighted assets. The Company’s tangible book value per share1 was $61.29 at December 31, 2025, an increase of 4.7% from $58.56 at September 30, 2025, and an increase of 17.3% from $52.27 at December 31, 2024. The increase in tangible book value per share from September 30, 2025 and December 31, 2024 was primarily attributable to net income.

Total assets increased $1.8 billion, or 2.0%, to $92.8 billion at December 31, 2025 from $91.0 billion at September 30, 2025, and increased 14.6% from $80.9 billion at December 31, 2024. The increase in total assets from September 30, 2025 was primarily driven by increased HFI loans and investment securities, partially offset by a decrease in cash. The increase in total assets from December 31, 2024 was primarily driven by increases in HFI and HFS loans and investment securities.

Asset Quality

Provision for credit losses totaled $73.0 million for the fourth quarter 2025, compared to $80.0 million for the third quarter 2025, and $60.0 million for the fourth quarter 2024. Net loan charge-offs in the fourth quarter 2025 totaled $44.6 million, or 0.31% of average loans (annualized), compared to $31.1 million, or 0.22%, in the third quarter 2025, and $34.1 million, or 0.25%, in the fourth quarter 2024.

Nonaccrual loans decreased $22 million to $500 million during the quarter and increased $24 million from December 31, 2024. Loans past due 90 days and still accruing interest totaled $66 million at December 31, 2025, $49 million at September 30, 2025, and zero at December 31, 2024 (excluding government guaranteed loans of $290 million, $282 million, and $326 million, respectively). Loans past due 30-89 days and still accruing interest totaled $108 million at December 31, 2025, a decrease from $196 million at September 30, 2025, and an increase from $92 million at December 31, 2024 (excluding government guaranteed loans of $145 million, $149 million, and $183 million, respectively). Criticized loans of $1.3 billion decreased $15 million during the quarter and decreased $73 million from December 31, 2024.

Repossessed assets totaled $137 million at December 31, 2025, compared to $130 million at September 30, 2025, and $52 million at December 31, 2024. Classified assets of $1.1 billion at December 31, 2025 decreased $41 million from September 30, 2025, and increased $79 million from December 31, 2024.

The ratio of classified assets to Tier 1 capital plus the allowance for credit losses2, a common regulatory measure of asset quality, was 13.3% at December 31, 2025, compared to 14.3% at September 30, 2025, and 14.2% at December 31, 2024.

1 See Reconciliation of Non-GAAP Financial Measures.

2 The allowance for credit losses used in this ratio is calculated in accordance with regulatory capital rules.

Conference Call and Webcast

Western Alliance Bancorporation will host a conference call and live webcast to discuss its fourth quarter and full year 2025 financial results at 12:00 p.m. ET on Tuesday, January 27, 2026. Participants may access the call by dialing 1-833-470-1428 and using access code 336835 or via live audio webcast using the website link https://events.q4inc.com/attendee/372994694. The webcast is also available via the Company’s website at www.westernalliancebancorporation.com. Participants should log in at least 15 minutes early to receive instructions. The call will be recorded and made available for replay after 3:00 p.m. ET January 27th through 1:00 p.m. ET February 3rd by dialing 1-866-813-9403, using access code 931710.

Reclassifications

Certain amounts in the Consolidated Income Statements for the prior periods have been reclassified to conform to the current presentation. The reclassifications have no effect on net income or stockholders’ equity as previously reported.

Use of Non-GAAP Financial Information

This press release contains both financial measures based on GAAP and non-GAAP based financial measures, which are used where management believes them to be helpful in understanding the Company’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Examples of forward-looking statements include, among others, statements we make regarding our expectations with regard to our business, financial and operating results, including our deposits, liquidity and funding, changes in economic conditions and related impacts on the Company's business, future economic performance and dividends. The forward-looking statements contained herein reflect our current views about future events and financial performance and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from historical results and those expressed in any forward-looking statement. Some factors that could cause actual results to differ materially from historical or expected results include, among others: the risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and the Company's subsequent Quarterly Reports on Form 10-Q, each as filed with the Securities and Exchange Commission; adverse developments in the financial services industry generally and any related impact on depositor behavior; risks related to the sufficiency of liquidity; changes in international trade policies, tariffs and treaties affecting imports and exports, trade disputes, barriers to trade or the emergence of other trade restrictions, and their related impacts on macroeconomic conditions and customer behavior; the potential adverse effects of unusual and infrequently occurring events and any governmental or societal responses thereto; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; the impact on financial markets from geopolitical conflicts such as the wars in Ukraine and the Middle East; inflation, interest rate, market and monetary fluctuations; increases in competitive pressures among financial institutions and businesses offering similar products and services; higher defaults on our loan portfolio than we expect; increased foreclosures and ownership of real property; changes in management’s estimate of the adequacy of the allowance for credit losses; legislative or regulatory changes or changes in accounting principles, policies or guidelines; supervisory actions by regulatory agencies which may limit our ability to pursue certain growth opportunities, including expansion through acquisitions; additional regulatory requirements resulting from our continued growth; management’s estimates and projections of interest rates and interest rate policy; the execution of our business plan; any adverse determination by a court regarding the Cantor Group V loan and any adverse economic or other events impacting the collateral, borrower or guarantors with respect to such loan; and other factors affecting the financial services industry generally or the banking industry in particular.

Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements, whether written or oral, that may be made from time to time, set forth in this press release to reflect new information, future events or otherwise, except to the extent required by applicable law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and you should not put undue reliance on any forward-looking statements.

About Western Alliance Bancorporation

Western Alliance Bancorporation (NYSE:WAL) is one of the country’s top-performing banking companies. Its primary subsidiary, Western Alliance Bank, Member FDIC, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With $90 billion in assets and offices nationwide, Western Alliance has ranked as a top U.S. bank by American Banker and Bank Director since 2016. In 2025, Western Alliance Bancorporation was #2 for Best CEO, Best CFO and Best Company Board of Directors on Extel’s All-America Executive Team Midcap Banks list. For more information on offerings, subsidiaries and affiliates, visit www.westernalliancebank.com or follow Western Alliance Bank on LinkedIn

Western Alliance Bancorporation and Subsidiaries

Summary Consolidated Financial Data

Unaudited

Selected Balance Sheet Data:

As of December 31,

2025

2024

Change %

(in millions)

Total assets

$

92,774

$

80,934

14.6

%

Loans held for sale

3,498

2,286

53.0

HFI loans, net of deferred fees

58,677

53,676

9.3

Investment securities

20,438

15,095

35.4

Total deposits

77,159

66,341

16.3

Borrowings

5,240

5,573

(6.0

)

Qualifying debt

1,076

899

19.7

Total equity

7,946

6,707

18.5

Tangible common equity, net of tax (1)

6,711

5,755

16.6

Common equity Tier 1 capital

7,002

6,311

10.9

Selected Income Statement Data:

For the Three Months Ended December 31,

For the Year Ended December 31,

2025

2024

Change %

2025

2024

Change %

(in millions, except per share data)

(in millions, except per share data)

Interest income

$

1,217.4

$

1,138.6

6.9

%

$

4,692.9

$

4,541.1

3.3

%

Interest expense

451.2

472.1

(4.4

)

1,828.1

1,922.2

(4.9

)

Net interest income

766.2

666.5

15.0

2,864.8

2,618.9

9.4

Provision for credit losses

73.0

60.0

21.7

224.1

145.9

53.6

Net interest income after provision for credit losses

693.2

606.5

14.3

2,640.7

2,473.0

6.8

Non-interest income

214.7

171.9

24.9

678.2

543.2

24.9

Non-interest expense

552.2

519.0

6.4

2,111.7

2,025.0

4.3

Income before income taxes

355.7

259.4

37.1

1,207.2

991.2

21.8

Income tax expense

62.5

42.5

47.1

216.6

203.5

6.4

Net income

293.2

216.9

35.2

990.6

787.7

25.8

Net income attributable to noncontrolling interest

7.1

—

NM

21.6

—

NM

Net income attributable to Western Alliance

286.1

216.9

31.9

969.0

787.7

23.0

Dividends on preferred stock

3.2

3.2

—

12.8

12.8

—

Net income available to common stockholders

$

282.9

$

213.7

32.4

$

956.2

$

774.9

23.4

Diluted earnings per common share

$

2.59

$

1.95

32.8

$

8.73

$

7.09

23.1

Western Alliance Bancorporation and Subsidiaries

Summary Consolidated Financial Data

Unaudited

Common Share Data:

At or For the Three Months Ended December 31,

For the Year Ended December 31,

2025

2024

Change %

2025

2024

Change %

Diluted earnings per common share

$

2.59

$

1.95

32.8

%

$

8.73

$

7.09

23.1

%

Book value per common share

67.20

58.24

15.4

Tangible book value per common share, net of tax (1)

61.29

52.27

17.3

Average common shares outstanding

(in millions):

Basic

108.4

108.7

(0.3

)

108.8

108.6

0.2

Diluted

109.3

109.6

(0.3

)

109.5

109.3

0.2

Common shares outstanding

109.5

110.1

(0.5

)

Selected Performance Ratios:

Return on average assets (2)

1.23

%

1.04

%

18.3

%

1.12

%

0.99

%

13.1

%

Return on average tangible common equity (1, 2)

16.9

14.6

15.8

15.3

14.0

9.3

Net interest margin (2)

3.51

3.48

0.9

3.51

3.58

(2.0

)

Efficiency ratio (1)

55.7

61.2

(9.0

)

58.9

63.2

(6.8

)

Efficiency ratio, adjusted for deposit costs (1)

46.5

51.1

(9.0

)

50.2

53.1

(5.5

)

HFI loan to deposit ratio

76.0

80.9

(6.1

)

Asset Quality Ratios:

Net charge-offs to average loans outstanding (2)

0.31

%

0.25

%

24.0

%

0.24

%

0.18

%

33.3

%

Nonaccrual loans to funded HFI loans

0.85

0.89

(4.5

)

Nonaccrual loans and repossessed assets to total assets

0.69

0.65

6.2

Allowance for loan losses to funded HFI loans

0.78

0.70

11.4

Allowance for loan losses to nonaccrual HFI loans

92

79

16.5

Allowance for credit losses to nonaccrual HFI loans

102

87

17.2

Capital Ratios:

Dec 31, 2025

Sep 30, 2025

Dec 31, 2024

Tangible common equity (1)

7.3 %

7.1 %

7.2 %

Common Equity Tier 1 (3)

11.0

11.3

11.3

Tier 1 Leverage ratio (3)

8.2

8.1

8.1

Tier 1 Capital (3)

12.1

12.4

11.9

Total Capital (3)

14.5

14.2

14.1

(1)

See Reconciliation of Non-GAAP Financial Measures.

(2)

Annualized on an actual/actual basis for periods less than 12 months.

(3)

Capital ratios for December 31, 2025 are preliminary.

NM

Changes +/- 100% are not meaningful.

Western Alliance Bancorporation and Subsidiaries

Condensed Consolidated Income Statements

Unaudited

Three Months Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

(in millions, except per share data)

Interest income:

Loans

$

936.2

$

915.2

$

3,679.8

$

3,629.1

Investment securities

221.6

179.4

822.8

711.0

Other

59.6

44.0

190.3

201.0

Total interest income

1,217.4

1,138.6

4,692.9

4,541.1

Interest expense:

Deposits

383.5

387.2

1,537.8

1,600.2

Qualifying debt

9.0

9.4

32.8

38.0

Borrowings

58.7

75.5

257.5

284.0

Total interest expense

451.2

472.1

1,828.1

1,922.2

Net interest income

766.2

666.5

2,864.8

2,618.9

Provision for credit losses

73.0

60.0

224.1

145.9

Net interest income after provision for credit losses

693.2

606.5

2,640.7

2,473.0

Non-interest income:

Service charges and fees

73.6

39.7

194.3

109.6

Net gain on mortgage loan origination and sale activities

91.1

67.9

255.5

206.3

Net loan servicing (loss) revenue

(1.4

)

24.7

77.8

121.5

Income from bank owned life insurance

11.8

12.1

46.0

27.8

Gain on sales of investment securities

7.4

7.2

29.4

17.4

Fair value gain adjustments, net

3.5

2.4

12.9

7.5

Income (loss) from equity investments

12.2

11.1

18.1

38.2

Other

16.5

6.8

44.2

14.9

Total non-interest income

214.7

171.9

678.2

543.2

Non-interest expenses:

Salaries and employee benefits

201.7

165.4

757.5

631.1

Deposit costs

171.2

174.5

630.5

693.2

Data processing

48.9

39.3

187.2

149.7

Legal, professional, and directors' fees

33.6

28.7

115.9

109.4

Insurance

17.7

36.7

117.5

164.8

Occupancy

19.7

19.6

70.6

73.1

Loan servicing expenses

17.7

17.8

69.2

68.1

Loan acquisition and origination expenses

7.9

5.7

26.2

21.5

Business development and marketing

11.1

11.1

28.7

32.7

Other

22.7

20.2

108.4

81.4

Total non-interest expense

552.2

519.0

2,111.7

2,025.0

Income before income taxes

355.7

259.4

1,207.2

991.2

Income tax expense

62.5

42.5

216.6

203.5

Net income

293.2

216.9

990.6

787.7

Net income attributable to noncontrolling interest

7.1

—

21.6

—

Net income attributable to Western Alliance

286.1

216.9

969.0

787.7

Dividends on preferred stock

3.2

3.2

12.8

12.8

Net income available to common stockholders

$

282.9

$

213.7

$

956.2

$

774.9

Earnings per common share:

Diluted shares

109.3

109.6

109.5

109.3

Diluted earnings per share

$

2.59

$

1.95

$

8.73

$

7.09

Western Alliance Bancorporation and Subsidiaries

Five Quarter Condensed Consolidated Income Statements

Unaudited

Three Months Ended

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Dec 31, 2024

(in millions, except per share data)

Interest income:

Loans

$

936.2

$

948.3

$

914.3

$

881.0

$

915.2

Investment securities

221.6

231.7

201.5

168.0

179.4

Other

59.6

45.5

38.6

46.6

44.0

Total interest income

1,217.4

1,225.5

1,154.4

1,095.6

1,138.6

Interest expense:

Deposits

383.5

398.2

377.8

378.3

387.2

Qualifying debt

9.0

6.3

8.2

9.3

9.4

Borrowings

58.7

70.6

70.8

57.4

75.5

Total interest expense

451.2

475.1

456.8

445.0

472.1

Net interest income

766.2

750.4

697.6

650.6

666.5

Provision for credit losses

73.0

80.0

39.9

31.2

60.0

Net interest income after provision for credit losses

693.2

670.4

657.7

619.4

606.5

Non-interest income:

Service charges and fees

73.6

40.5

39.7

40.5

39.7

Net gain on mortgage loan origination and sale activities

91.1

75.5

39.4

49.5

67.9

Net loan servicing (loss) revenue

(1.4

)

19.1

38.3

21.8

24.7

Income from bank owned life insurance

11.8

11.8

11.0

11.4

12.1

Gain on sales of investment securities

7.4

8.5

11.4

2.1

7.2

Fair value gain adjustments, net

3.5

8.3

0.1

1.0

2.4

Income (loss) from equity investments

12.2

7.8

2.9

(4.8

)

11.1

Other

16.5

16.3

5.5

5.9

6.8

Total non-interest income

214.7

187.8

148.3

127.4

171.9

Non-interest expenses:

Salaries and employee benefits

201.7

193.5

179.9

182.4

165.4

Deposit costs

171.2

175.1

147.4

136.8

174.5

Data processing

48.9

48.1

45.0

45.2

39.3

Legal, professional, and directors' fees

33.6

28.1

25.3

28.9

28.7

Insurance

17.7

24.5

37.4

37.9

36.7

Occupancy

19.7

16.8

16.9

17.2

19.6

Loan servicing expenses

17.7

15.0

20.1

16.4

17.8

Loan acquisition and origination expenses

7.9

7.3

5.8

5.2

5.7

Business development and marketing

11.1

5.6

6.1

5.9

11.1

Other

22.7

30.4

30.8

24.5

20.2

Total non-interest expense

552.2

544.4

514.7

500.4

519.0

Income before income taxes

355.7

313.8

291.3

246.4

259.4

Income tax expense

62.5

53.3

53.5

47.3

42.5

Net income

293.2

260.5

237.8

199.1

216.9

Net income attributable to noncontrolling interest

7.1

7.1

7.4

—

—

Net income attributable to Western Alliance

286.1

253.4

230.4

199.1

216.9

Dividends on preferred stock

3.2

3.2

3.2

3.2

3.2

Net income available to common stockholders

$

282.9

$

250.2

$

227.2

$

195.9

$

213.7

Earnings per common share:

Diluted shares

109.3

109.8

109.6

109.6

109.6

Diluted earnings per share

$

2.59

$

2.28

$

2.07

$

1.79

$

1.95

Western Alliance Bancorporation and Subsidiaries

Five Quarter Condensed Consolidated Balance Sheets

Unaudited

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Dec 31, 2024

(in millions)

Assets:

Cash and due from banks

$

3,596

$

5,756

$

2,767

$

3,279

$

4,096

Investment securities

20,438

18,841

18,601

15,868

15,095

Loans held for sale

3,498

3,502

3,022

3,238

2,286

Loans held for investment:

Commercial and industrial

27,928

25,734

24,920

24,117

23,128

Commercial real estate - non-owner occupied

10,340

10,487

10,255

10,040

9,868

Commercial real estate - owner occupied

1,683

1,682

1,749

1,787

1,825

Construction and land development

4,055

4,065

4,526

4,504

4,479

Residential real estate

14,652

14,651

14,465

14,275

14,326

Consumer

19

27

24

38

50

Loans HFI, net of deferred fees

58,677

56,646

55,939

54,761

53,676

Allowance for loan losses

(461

)

(440

)

(395

)

(389

)

(374

)

Loans HFI, net of deferred fees and allowance

58,216

56,206

55,544

54,372

53,302

Mortgage servicing rights

1,494

1,213

1,044

1,241

1,127

Premises and equipment, net

442

416

365

361

361

Operating lease right-of-use asset

131

134

130

125

128

Other assets acquired through foreclosure, net

137

130

218

51

52

Bank owned life insurance

1,057

1,045

1,033

1,022

1,011

Goodwill and other intangibles, net

649

651

653

656

659

Other assets

3,116

3,076

3,348

2,830

2,817

Total assets

$

92,774

$

90,970

$

86,725

$

83,043

$

80,934

Liabilities and stockholders' equity:

Liabilities:

Deposits

Non-interest bearing deposits

$

24,353

$

26,628

$

22,997

$

22,009

$

18,846

Interest bearing:

Demand

18,416

16,422

15,674

15,507

15,878

Savings and money market

24,586

24,627

22,231

21,728

21,208

Certificates of deposit

9,804

9,570

10,205

10,078

10,409

Total deposits

77,159

77,247

71,107

69,322

66,341

Borrowings

5,240

3,862

6,052

4,151

5,573

Qualifying debt

1,076

681

678

898

899

Operating lease liability

160

164

160

154

159

Accrued interest payable and other liabilities

1,193

1,326

1,321

1,303

1,255

Total liabilities

84,828

83,280

79,318

75,828

74,227

Equity:

Preferred stock

295

295

295

295

295

Common stock and additional paid-in capital

2,095

2,140

2,136

2,125

2,120

Retained earnings

5,607

5,371

5,165

4,980

4,826

Accumulated other comprehensive loss

(344

)

(409

)

(482

)

(478

)

(534

)

Total Western Alliance stockholders' equity

7,653

7,397

7,114

6,922

6,707

Noncontrolling interest in subsidiary

293

293

293

293

—

Total equity

7,946

7,690

7,407

7,215

6,707

Total liabilities and equity

$

92,774

$

90,970

$

86,725

$

83,043

$

80,934

Western Alliance Bancorporation and Subsidiaries

Changes in the Allowance For Credit Losses on Loans

Unaudited

Three Months Ended

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Dec 31, 2024

(dollars in millions)

Allowance for loan losses

Balance, beginning of period

$

440.4

$

394.7

$

388.6

$

373.8

$

356.6

Provision for credit losses (1)

64.8

76.8

35.7

40.6

51.3

Recoveries of loans previously charged-off:

Commercial and industrial

1.7

0.7

0.6

1.0

0.1

Commercial real estate - non-owner occupied

—

—

5.1

0.6

—

Commercial real estate - owner occupied

0.4

—

—

0.1

0.2

Construction and land development

1.5

—

—

—

—

Residential real estate

—

—

—

—

—

Consumer

0.1

—

—

—

—

Total recoveries

3.7

0.7

5.7

1.7

0.3

Loans charged-off:

Commercial and industrial

28.9

12.4

17.0

13.0

24.8

Commercial real estate - non-owner occupied

10.7

12.9

17.4

14.5

9.6

Commercial real estate - owner occupied

—

—

0.2

—

—

Construction and land development

8.6

6.3

0.6

—

—

Residential real estate

—

—

0.1

—

—

Consumer

0.1

0.2

—

—

—

Total loans charged-off

48.3

31.8

35.3

27.5

34.4

Net loan charge-offs

44.6

31.1

29.6

25.8

34.1

Balance, end of period

$

460.6

$

440.4

$

394.7

$

388.6

$

373.8

Allowance for unfunded loan commitments

Balance, beginning of period

$

42.3

$

39.2

$

35.1

$

39.5

$

37.6

Provision for (recovery of) credit losses (1)

7.3

3.1

4.1

(4.4

)

1.9

Balance, end of period (2)

$

49.6

$

42.3

$

39.2

$

35.1

$

39.5

Components of the allowance for credit losses on loans

Allowance for loan losses

$

460.6

$

440.4

$

394.7

$

388.6

$

373.8

Allowance for unfunded loan commitments

49.6

42.3

39.2

35.1

39.5

Total allowance for credit losses on loans

$

510.2

$

482.7

$

433.9

$

423.7

$

413.3

Net charge-offs to average loans - annualized

0.31

%

0.22

%

0.22

%

0.20

%

0.25

%

Allowance ratios

Allowance for loan losses to funded HFI loans (3)

0.78

%

0.78

%

0.71

%

0.71

%

0.70

%

Allowance for credit losses to funded HFI loans (3)

0.87

0.85

0.78

0.77

0.77

Allowance for loan losses to nonaccrual HFI loans

92

84

92

86

79

Allowance for credit losses to nonaccrual HFI loans

102

92

102

94

87

Western Alliance Bancorporation and Subsidiaries

Asset Quality Metrics

Unaudited

Three Months Ended

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Dec 31, 2024

(dollars in millions)

Nonaccrual loans and repossessed assets

Nonaccrual loans

$

500

$

522

$

427

$

451

$

476

Nonaccrual loans to funded HFI loans

0.85

%

0.92

%

0.76

%

0.82

%

0.89

%

Repossessed assets

$

137

$

130

$

218

$

51

$

52

Nonaccrual loans and repossessed assets to total assets

0.69

%

0.72

%

0.74

%

0.60

%

0.65

%

Loans Past Due

Loans past due 90 days, still accruing (1)

$

66

$

49

$

51

$

44

$

—

Loans past due 90 days, still accruing to funded HFI loans

0.11

%

0.09

%

0.09

%

0.08

%

—

%

Loans past due 30 to 89 days, still accruing (2)

$

108

$

196

$

175

$

182

$

92

Loans past due 30 to 89 days, still accruing to funded HFI loans

0.18

%

0.35

%

0.31

%

0.33

%

0.17

%

Other credit quality metrics

Special mention loans

$

325

$

292

$

444

$

460

$

392

Special mention loans to funded HFI loans

0.55

%

0.52

%

0.79

%

0.84

%

0.73

%

Classified loans on accrual

$

450

$

476

$

615

$

693

$

480

Classified loans on accrual to funded HFI loans

0.77

%

0.84

%

1.10

%

1.27

%

0.89

%

Classified assets

$

1,088

$

1,129

$

1,261

$

1,195

$

1,009

Classified assets to total assets

1.17

%

1.24

%

1.45

%

1.44

%

1.25

%

Western Alliance Bancorporation and Subsidiaries

Analysis of Average Balances, Yields and Rates

Unaudited

Three Months Ended

December 31, 2025

September 30, 2025

Average

Balance

Interest

Average Yield /

Cost

Average

Balance

Interest

Average Yield /

Cost

(dollars in millions)

Interest earning assets

Loans HFS

$

5,195

$

75.2

5.74

%

$

5,009

$

77.1

6.11

%

Loans HFI:

Commercial and industrial

26,246

415.1

6.32

25,216

410.9

6.51

CRE - non-owner occupied

10,454

182.5

6.93

10,473

190.8

7.23

CRE - owner occupied

1,695

24.0

5.74

1,688

25.2

6.05

Construction and land development

4,003

82.5

8.17

4,233

88.8

8.32

Residential real estate

14,690

156.6

4.23

14,557

155.1

4.23

Consumer

21

0.3

5.34

24

0.4

7.43

Total HFI loans (1), (2), (3), (4)

57,109

861.0

6.01

56,191

871.2

6.18

Investment securities:

Taxable

17,690

197.8

4.44

17,794

208.2

4.64

Tax-exempt

2,212

23.8

5.39

2,193

23.5

5.32

Total investment securities (1)

19,902

221.6

4.54

19,987

231.7

4.72

Cash and other

5,633

59.6

4.20

4,147

45.5

4.35

Total interest earning assets

87,839

1,217.4

5.54

85,334

1,225.5

5.74

Non-interest earning assets

Cash and due from banks

462

397

Allowance for credit losses

(459

)

(414

)

Bank owned life insurance

1,049

1,038

Other assets

5,310

4,957

Total assets

$

94,201

$

91,312

Interest-bearing liabilities

Interest-bearing deposits:

Interest-bearing demand accounts

$

17,374

$

102.2

2.33

%

$

16,071

$

101.4

2.50

%

Savings and money market

24,113

180.9

2.98

23,373

189.4

3.21

Certificates of deposit

9,834

100.4

4.05

10,124

107.4

4.21

Total interest-bearing deposits

51,321

383.5

2.96

49,568

398.2

3.19

Short-term borrowings

3,243

33.7

4.13

2,577

30.2

4.66

Long-term debt

1,723

25.0

5.75

2,905

40.4

5.52

Qualifying debt

845

9.0

4.27

678

6.3

3.63

Total interest-bearing liabilities

57,132

451.2

3.13

55,728

475.1

3.38

Interest cost of funding earning assets

2.04

2.21

Non-interest-bearing liabilities

Non-interest-bearing deposits

27,524

26,438

Other liabilities

1,681

1,539

Equity

7,864

7,607

Total liabilities and equity

$

94,201

$

91,312

Net interest income and margin (5)

$

766.2

3.51

%

$

750.4

3.53

%

(1)

Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $9.9 million and $9.7 million for the three months ended December 31, 2025 and September 30, 2025, respectively.

(2)

Included in the yield computation are net loan fees of $25.0 million and $28.1 million for the three months ended December 31, 2025 and September 30, 2025, respectively.

(3)

Interest income includes a reduction for earnings credits totaling $56.6 million and $64.9 million for the three months ended December 31, 2025 and September 30, 2025, respectively.

(4)

Includes non-accrual loans.

(5)

Net interest margin is computed by dividing net interest income by total average earning assets, annualized on an actual/actual basis.

Western Alliance Bancorporation and Subsidiaries

Analysis of Average Balances, Yields and Rates

Unaudited

Three Months Ended

December 31, 2025

December 31, 2024

Average

Balance

Interest

Average Yield /

Cost

Average

Balance

Interest

Average Yield /

Cost

(dollars in millions)

Interest earning assets

Loans HFS

$

5,195

$

75.2

5.74

%

$

4,542

$

67.3

5.90

%

Loans HFI:

Commercial and industrial

26,246

415.1

6.32

22,708

382.8

6.76

CRE - non-owner occupied

10,454

182.5

6.93

9,883

184.1

7.42

CRE - owner occupied

1,695

24.0

5.74

1,826

27.7

6.14

Construction and land development

4,003

82.5

8.17

4,571

100.1

8.72

Residential real estate

14,690

156.6

4.23

14,424

152.3

4.20

Consumer

21

0.3

5.34

52

0.9

6.57

Total loans HFI (1), (2), (3), (4)

57,109

861.0

6.01

53,464

847.9

6.34

Investment securities:

Taxable

17,690

197.8

4.44

13,550

155.0

4.55

Tax-exempt

2,212

23.8

5.39

2,269

24.4

5.36

Total investment securities (1)

19,902

221.6

4.54

15,819

179.4

4.67

Cash and other

5,633

59.6

4.20

3,481

44.0

5.03

Total interest earning assets

87,839

1,217.4

5.54

77,306

1,138.6

5.91

Non-interest earning assets

Cash and due from banks

462

316

Allowance for credit losses

(459

)

(364

)

Bank owned life insurance

1,049

1,003

Other assets

5,310

4,427

Total assets

$

94,201

$

82,688

Interest bearing liabilities

Interest bearing deposits:

Interest bearing demand accounts

$

17,374

$

102.2

2.33

%

$

14,555

$

101.3

2.77

%

Savings and money market accounts

24,113

180.9

2.98

19,895

167.8

3.36

Certificates of deposit

9,834

100.4

4.05

9,654

118.1

4.87

Total interest bearing deposits

51,321

383.5

2.96

44,104

387.2

3.49

Short-term borrowings

3,243

33.7

4.13

3,480

45.8

5.24

Long-term debt

1,723

25.0

5.75

1,861

29.7

6.34

Qualifying debt

845

9.0

4.27

898

9.4

4.19

Total interest bearing liabilities

57,132

451.2

3.13

50,343

472.1

3.73

Interest cost of funding earning assets

2.04

2.43

Non-interest bearing liabilities

Non-interest bearing deposits

27,524

24,200

Other liabilities

1,681

1,380

Equity

7,864

6,765

Total liabilities and equity

$

94,201

$

82,688

Net interest income and margin (5)

$

766.2

3.51

%

$

666.5

3.48

%

(1)

Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $9.9 million and $10.0 million for the three months ended December 31, 2025 and 2024, respectively.

(2)

Included in the yield computation are net loan fees of $25.0 million and $22.1 million for the three months ended December 31, 2025 and 2024, respectively.

(3)

Interest income includes a reduction for earnings credits totaling of $56.6 million and $61.4 million for the three months ended December 31, 2025 and 2024, respectively.

(4)

Includes non-accrual loans.

(5)

Net interest margin is computed by dividing net interest income by total average earning assets, annualized on an actual/actual basis.

Western Alliance Bancorporation and Subsidiaries

Analysis of Average Balances, Yields and Rates

Unaudited

Year Ended

December 31, 2025

December 31, 2024

Average

Balance

Interest

Average Yield /

Cost

Average

Balance

Interest

Average Yield /

Cost

(dollars in millions)

Interest earning assets

Loans HFS

$

4,844

$

292.9

6.05

%

$

3,531

$

216.4

6.13

%

Loans HFI:

Commercial and industrial

24,608

1,583.9

6.49

20,845

1,490.6

7.21

CRE - non-owner occupied

10,299

730.3

7.10

9,681

744.7

7.70

CRE - owner occupied

1,762

104.7

6.05

1,833

111.2

6.17

Construction and land development

4,232

351.7

8.31

4,747

440.1

9.28

Residential real estate

14,499

614.2

4.24

14,529

622.3

4.28

Consumer

31

2.1

6.70

54

3.8

7.00

Total loans HFI (1), (2), (3), (4)

55,431

3,386.9

6.14

51,689

3,412.7

6.63

Investment securities:

Taxable

15,919

726.9

4.57

13,159

616.0

4.68

Tax-exempt

2,218

95.9

5.42

2,230

95.0

5.34

Total investment securities (1)

18,137

822.8

4.67

15,389

711.0

4.78

Cash and other

4,344

190.3

4.38

3,656

201.0

5.50

Total interest earning assets

82,756

4,692.9

5.72

74,265

4,541.1

6.17

Non-interest earning assets

Cash and due from banks

384

293

Allowance for credit losses

(418

)

(357

)

Bank owned life insurance

1,032

589

Other assets

4,974

4,483

Total assets

$

88,728

$

79,273

Interest bearing liabilities

Interest bearing deposits:

Interest bearing demand accounts

$

16,259

$

400.7

2.46

%

$

16,155

$

480.7

2.98

%

Savings and money market accounts

22,617

705.6

3.12

17,462

610.2

3.49

Certificates of deposit

10,015

431.5

4.31

10,085

509.3

5.05

Total interest bearing deposits

48,891

1,537.8

3.15

43,702

1,600.2

3.66

Short-term borrowings

2,651

120.4

4.54

3,893

216.3

5.56

Long-term debt

2,444

137.1

5.61

830

67.7

8.16

Qualifying debt

811

32.8

4.05

896

38.0

4.25

Total interest bearing liabilities

54,797

1,828.1

3.34

49,321

1,922.2

3.90

Interest cost of funding earning assets

2.21

2.59

Non-interest bearing liabilities

Non-interest bearing deposits

24,926

22,017

Other liabilities

1,571

1,455

Equity

7,434

6,480

Total liabilities and equity

$

88,728

$

79,273

Net interest income and margin (5)

$

2,864.8

3.51

%

$

2,618.9

3.58

%

(1)

Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $40.0 million and $39.5 million for the years ended December 31, 2025 and 2024, respectively.

(2)

Included in the yield computation are net loan fees of $102.4 million and $109.0 million for the years ended December 31, 2025 and 2024, respectively.

(3)

Interest income includes a reduction for earnings credits totaling $240.9 million and $239.8 million for the years ended December 31, 2025 and 2024, respectively.

(4)

Includes non-accrual loans.

(5)

Net interest margin is computed by dividing net interest income by total average earning assets, annualized on an actual/actual basis.

Western Alliance Bancorporation and Subsidiaries Income Statement Classification of Earnings Credits Unaudited   The tables below show the income statement classification for earnings credit amounts earned on non-interest bearing DDA:

  Three Months Ended

12/31/2025

9/30/2025

6/30/2025

3/31/2025

12/31/2024

Income statement line item

(in millions)

Interest income

$

56.6

$

64.9

$

61.3

$

58.1

$

61.4

Service charges and fees

7.2

5.4

4.4

4.2

6.3

Deposit costs (1)

123.6

126.3

101.7

90.9

133.3

Total ECR costs

$

187.4

$

196.6

$

167.4

$

153.2

$

201.0

Year Ended December 31,

2025

  2024

Income statement line item

(in millions)

Interest income

$

240.9

  $

239.8

Service charges and fees

21.2

  26.1

Deposit costs (1)

442.5

  489.2

Total ECR costs

$

704.6

  $

755.1

Pre-Provision Net Revenue by Quarter:

Three Months Ended

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Dec 31, 2024

(in millions)

Net interest income

$

766.2

$

750.4

$

697.6

$

650.6

$

666.5

Total non-interest income

214.7

187.8

148.3

127.4

171.9

Net revenue

$

980.9

$

938.2

$

845.9

$

778.0

$

838.4

Total non-interest expense

552.2

544.4

514.7

500.4

519.0

Pre-provision net revenue (1)

$

428.7

$

393.8

$

331.2

$

277.6

$

319.4

Adjusted for:

Provision for credit losses

73.0

80.0

39.9

31.2

60.0

Income tax expense

62.5

53.3

53.5

47.3

42.5

Net income

$

293.2

$

260.5

$

237.8

$

199.1

$

216.9

Western Alliance Bancorporation and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

Unaudited

  Efficiency Ratio (Tax Equivalent Basis) by Quarter:

Three Months Ended

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Dec 31, 2024

(dollars in millions)

Total non-interest expense

$

552.2

$

544.4

$

514.7

$

500.4

$

519.0

Less: Deposit costs

171.2

175.1

147.4

136.8

174.5

Total non-interest expense, excluding deposit costs

381.0

369.3

367.3

363.6

344.5

Divided by:

Total net interest income

766.2

750.4

697.6

650.6

666.5

Plus:

Tax equivalent interest adjustment

9.9

9.7

10.2

10.2

10.0

Total non-interest income

214.7

187.8

148.3

127.4

171.9

Less: Deposit costs

171.2

175.1

147.4

136.8

174.5

$

819.6

$

772.8

$

708.7

$

651.4

$

673.9

Efficiency ratio (2)

55.7

%

57.4

%

60.1

%

63.5

%

61.2

%

Efficiency ratio, adjusted for deposit costs (2)

46.5

%

47.8

%

51.8

%

55.8

%

51.1

%

Tangible Common Equity:

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Dec 31, 2024

(dollars and shares in millions, except per share data)

Total equity

$ 7,946

$ 7,690

$ 7,407

$ 7,215

$ 6,707

Less:

Goodwill and intangible assets, net

649

651

653

656

659

Preferred stock

295

295

295

295

295

Noncontrolling interest in subsidiary

293

293

293

293

—

Total tangible common equity

6,709

6,451

6,166

5,971

5,753

Plus: deferred tax - attributed to intangible assets

2

2

2

2

2

Total tangible common equity, net of tax

$ 6,711

$ 6,453

$ 6,168

$ 5,973

$ 5,755

Total assets

$ 92,774

$ 90,970

$ 86,725

$ 83,043

$ 80,934

Less: goodwill and intangible assets, net

649

651

653

656

659

Tangible assets

92,125

90,319

86,072

82,387

80,275

Plus: deferred tax - attributed to intangible assets

2

2

2

2

2

Total tangible assets, net of tax

$ 92,127

$ 90,321

$ 86,074

$ 82,389

$ 80,277

Tangible common equity ratio (3)

7.3 %

7.1 %

7.2 %

7.2 %

7.2 %

Common shares outstanding

109.5

110.2

110.4

110.4

110.1

Tangible book value per share, net of tax (3)

$ 61.29

$ 58.56

$ 55.87

$ 54.10

$ 52.27

Non-GAAP Financial Measures Footnotes

(1)

We believe this non-GAAP measurement is a key indicator of the earnings power of the Company.

(2)

We believe this non-GAAP ratio provides a useful metric to measure the efficiency of the Company.

(3)

We believe this non-GAAP metric provides an important metric with which to analyze and evaluate the financial condition and capital strength of the Company.

Image: Shutterstock

Read MoreHide Full Article

Key Takeaways Increased engineering work often precedes larger and higher-margin fiber deployment contracts.BEAD funding and rural broadband demand strengthen Dycom's chances of converting design into builds.Execution risks remain, but improved productivity and controls support pipeline conversion potential for DY. Dycom Industries, Inc. (DY - Free Report) has ramped up its engineering engagements tied to fiber-to-the-home design, network optimization and pre-construction planning. This matters because engineering work typically precedes larger, higher-margin deployment contracts. Customers outsource design and system planning when they are ready to roll out capital-intensive build phases. An elevated level of such activity suggests telecom and broadband providers could be gearing up for broader network expansions.

With federal broadband stimulus programs fueling rural and underserved buildouts, service providers are under pressure to deploy fiber at scale. Dycom’s engineering teams are well-positioned to win design work that later converts into build, install and project management services, the revenue streams that drive long-term utilization and profitability. Management has also highlighted increased cross-sell traction, with engineering leads turning into multi-phase contracts. This would improve revenue visibility further down the P&L and enhance Dycom’s lifetime customer value.

With the Broadband Equity, Access and Deployment (BEAD) program representing a large multi-year catalyst, it aims to accelerate broadband expansion into underserved rural America. The program currently highlights $29.5 billion in expected state and territory spending.

However, growing engineering work does not guarantee build awards, with macroeconomic constraints, like labor tightness and material cost volatility, still posing execution risks. Nonetheless, DY’s tighter project controls, better crew productivity and optimized subcontractor usage are boding well to reduce execution risks.

Overall, the surge in engineering work could be more than a statistical blip. It may be the first clear indication that Dycom’s pipeline is thickening and that much bigger builds are on the horizon.

Dycom’s Competition in the Telecommunications MarketDycom specializes in telecommunications infrastructure, especially fiber-to-the-home and network design/build services. But operating in this market is highly competitive, when names like MasTec, Inc. (MTZ - Free Report) and EMCOR Group, Inc. (EME - Free Report) are pictured simultaneously.

MasTec is a broad infrastructure builder spanning communications, energy transmission, pipeline, renewable projects and power delivery. MasTec’s size and diversification give it scale advantages and revenue stability across multiple megatrends, but also dilute its pure telecom focus relative to Dycom. Its massive backlog and multi-segment exposure potentially cushion downturns outside telecom.

EMCOR sits somewhat differently as a mechanical/electrical contractor and facilities services provider with deep capabilities in electrical construction, industrial projects and facility maintenance. While it benefits from infrastructure demand and data-center work, EMCOR’s core is not telecom build-outs but diversified electrical/mechanical work and steady earnings execution.

Dycom’s telecom specialization offers pure exposure to the rural fiber wave. On the other hand, MasTec brings a broad infrastructure scale while EMCOR delivers diversified electrical/mechanical services with less direct telecom concentration.

Published in construction

W. R. Berkley Corporation (WRB) Q4 2025 Earnings Call January 26, 2026 5:00 PM EST

Company Participants

W. Robert Berkley, Jr.
Richard Baio - Executive VP & CFO

Conference Call Participants

Elyse Greenspan - Wells Fargo Securities, LLC, Research Division
Tracy Benguigui - Wolfe Research, LLC
David Motemaden - Evercore ISI Institutional Equities, Research Division
Jian Huang - Morgan Stanley, Research Division
Brian Meredith - UBS Investment Bank, Research Division
Taylor Scott - Barclays Bank PLC, Research Division
Robert Cox - Goldman Sachs Group, Inc., Research Division
Yaron Kinar - Mizuho Securities USA LLC, Research Division
Andrew Kligerman - TD Cowen, Research Division
Joshua Shanker - BofA Securities, Research Division
Meyer Shields - Keefe, Bruyette, & Woods, Inc., Research Division
Katie Sakys
Ryan Tunis - Cantor Fitzgerald & Co., Research Division
Michael Zaremski - BMO Capital Markets Equity Research
Maxwell Fritscher - Truist Securities, Inc., Research Division

Presentation

Operator

Ladies and gentlemen, thank you for joining us, and welcome to the W. R. Berkley Corporation Fourth Quarter and Full Year 2025 Earnings Call. This conference call is being recorded. [Operator Instructions]

The speaker's remarks may contain forward-looking statements. Some of the forward-looking statements can be identified by the use of forward-looking words, including, without limitation, believes, expects or estimates. We caution you that such forward-looking statements should not be regarded as a representation by us that the future plans, estimates or expectations contemplated by us will, in fact, be achieved. Please refer to our annual report on Form 10-K for the year ended December 31, 2024, and our other filings made with the SEC for a description of the business environment in which we operate and the important factors that may materially affect our results.

W. R. Berkley Corporation is not under any obligation and expressly disclaims any such obligation to update or alter its forward-looking statements, whether as a result of new information, future events or

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

NEW YORK, Jan. 26, 2026 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP continues its investigation on behalf of Navan, Inc. (“Navan” or the “Company”) (NASDAQ:NAVN) investors concerning the Company’s and/or members of its senior management’s possible violation of the federal securities laws and other unlawful business practices.

[LEARN MORE ABOUT THE INVESTIGATION]

What Happened?

On October 30, 2025, Navan conducted its initial public offering, selling approximately 36.9 million shares at $25.00 per share. On December 15, 2025, Navan released its third quarter fiscal 2026 financial results, revealing “GAAP loss from operations was ($79 million), compared to a loss from operations of ($19 million)” in the same period last year. The Company further revealed “GAAP operating margin was (41%), compared to (13%)” for the same period last year. The Company also announced that its CFO was stepping down, effective immediately, just six weeks after the IPO. The Company revealed, in exchange, that it would provide the CFO with, among other benefits, “accelerated vesting of 100% of the unvested portion of outstanding restricted stock units and stock options” and a $3.7 million cash payment. On this news, the price of Navan shares declined by $1.74 per share, or approximately 11.9%, from $14.64 per share on December 15, 2025 to close at $12.90 on December 16, 2025.

What Should I Do?

At this stage, no lawsuit has been filed. The investigation is ongoing to determine whether claims may be brought under federal securities laws.

If you purchased or otherwise acquired Navan securities, have information, or would like to learn more about this investigation, please contact Lauren Molinaro of Kirby McInerney LLP by email at [email protected], or fill out the contact form below, to discuss your rights or interests with respect to these matters at no cost.

[LEARN MORE ABOUT SECURITIES CLASS ACTIONS]

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Kirby McInerney LLP        
Lauren Molinaro, Esq.
212-699-1171
https://www.kmllp.com
https://securitiesleadplaintiff.com/
[email protected]

-

Integrated solutions maximize power, reliability, and power efficiency for hyperscale AI infrastructure

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Lightmatter, the leader in photonic (super) computing, today announced a strategic collaboration with Synopsys, the leader in engineering solutions from silicon to systems, to integrate Synopsys 224G SerDes and UCIe IP for 3nm process into the Lightmatter’s Passage™ 3D Co-Packaged Optics (CPO) platform. Through this collaboration, Lightmatter is developing a robust, low-latency CPO platform designed to scale to next-generation AI infrastructure, optimizing the electrical-to-optical interface and ensuring seamless, high-bandwidth connectivity between advanced AI accelerators and Lightmatter’s 3D photonic engine.

“As AI models grow in size and complexity, the efficiency of the electrical interface to the optical engine becomes a critical design factor,” said Ritesh Jain, SVP of Engineering & Operations at Lightmatter. “Integrating Synopsys’ advanced and silicon-proven 224G SerDes and UCIe IP into our Passage platform allows us to provide a comprehensive, high-performance, high-volume manufacturing (HVM)-ready solution. This collaboration will help facilitate Passage CPO integration into our customers’ XPU and switch designs to achieve maximum performance, reliability, and power efficiency.”

Key benefits of the collaboration include:

Enhanced Bandwidth and Energy Efficiency: Optimized 224G SerDes and UCIe IP maximize bandwidth and minimize latency while complementing the inherent energy-saving benefits of Lightmatter’s 3D architecture. Reduced Design Risk: Pre-verified IP and proven design flows minimize complexity and uncertainty, helping customers confidently deliver high-performance AI silicon on schedule. Accelerated Time-to-Market: By leveraging Synopsys’ AI-powered electronic design automation (EDA) and systems design tools – including 3DIC Compiler, the Lumerical product suite, and OptoCompiler – Lightmatter can speed the co-design of electrical and photonic components. “As AI and high-performance computing systems scale in complexity and performance, electrical interfaces to advanced photonic and accelerator engines become a critical design enabler,” said Neeraj Paliwal, senior vice president of IP product management at Synopsys. “By integrating our silicon-proven 224G SerDes and UCIe IP into Lightmatter’s Passage 3D Co-Packaged Optics platform, we’re delivering a high-bandwidth, low-latency, and energy-efficient solution ready for scale up and out connectivity. This collaboration bridges silicon-centric systems and emerging 3D photonic architectures, while reinforcing Synopsys’ commitment to advancing the photonic IC design ecosystem with industry-leading tools and flows.”

Analyst Perspective on Market Impact

“The integration of industry-leading high-speed SerDes IP optimized for advanced 3D photonic interconnects is a vital step in the maturation of the CPO ecosystem,” said Alan Weckel, Founder and Technology Analyst at 650 Group. “This collaboration between Synopsys and Lightmatter addresses the critical path to market for CPO-enabled next-generation AI silicon, providing hyperscalers with a validated, high-performance roadmap to scale AI clusters beyond the limits of shoreline-bound interconnect alternatives.”

About Lightmatter

Lightmatter is leading the revolution in AI data center infrastructure, enabling the next giant leaps in human progress. The company’s groundbreaking Passage™ platform—the world’s first 3D-stacked silicon photonics engine—and Guide®—the industry's first VLSP light engine—connect thousands to millions of XPUs. Designed to eliminate critical data bottlenecks, Lightmatter’s technology delivers unprecedented bandwidth density and energy efficiency for the most advanced AI and high-performance computing workloads, fundamentally redefining the architecture of next-generation AI infrastructure.

Lightmatter, Passage and Guide are trademarks of Lightmatter, Inc.

Any other trademarks or registered trademarks mentioned in this release are the property of their respective owners.

More News From Lightmatter

Back to Newsroom

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The crypto market is facing a critical stress test as Bitcoin and Ethereum lose ground, signaling a broader shift in global risk appetite. After weeks of choppy consolidation, downside pressure is intensifying, and traders are watching closely to see whether this move develops into a deeper correction or stabilizes into a new base. At the same time, capital flows are becoming more selective, with crypto struggling to attract conviction while money rotates toward assets perceived as more stable in the current macro environment.

The global risk map is being redrawn. What feels like an earthquake in financial markets is revealing a historic capital migration—one that is actively reshaping what investors define as safety versus danger. While the traditional pillars of the US economy show visible strain and the dollar’s dominance as an unquestioned refuge begins to weaken, the market’s response has not been a rush into digital alternatives. Instead, the immediate bid has been distinctly traditional.

Gold and silver are now commanding attention as the primary destinations for defensive capital. Their record-breaking rallies reflect more than speculation—they represent a renewed demand for tangible, scarce assets in an environment where confidence is being tested. Meanwhile, US equities continue absorbing liquidity on the strength of structural demand and benchmark allocation, leaving crypto caught in the middle.

As metals surge and crypto cools, the message is clear: in today’s market, the safe-haven trade is wearing a metallic face.

Capital Rotates To Metals As Crypto Turns Into The Risk Asset Again A CryptoQuant report argues that current market flows reflect a desperate search for solid ground, and the numbers highlight how sharply investor behavior is shifting. Silver has broken its historical barrier, surging to $100 per troy ounce, while gold continues its vertical climb toward the $5,000 milestone, trading near $4.9K after posting a weekly gain of almost 8%. This type of synchronized breakout across precious metals signals a powerful flight-to-safety impulse, especially at a time when investors are questioning the stability of traditional macro anchors.

Gold Silver Bitcoin Price Series (GSBPS) | Source: CryptoQuant CryptoQuant notes that the US dollar is also under pressure, experiencing its steepest weekly devaluation since May of last year, when markets were still adjusting to the shock from Donald Trump’s extreme tariff hike in April. The timing is not random. When confidence in the dollar weakens, part of that capital often rotates into gold first, reinforcing metals as the default refuge.

The crypto side of the equation tells a different story. The flight is selective: US Bitcoin ETFs recorded $1.33 billion in weekly outflows, the largest since February 2025. Yet Bitcoin has not collapsed, supported by miner resilience as they remain in a zone of operational neutrality. The conclusion is clear: in the short term, capital is prioritizing the classic refuge over innovative risk.

CryptoQuant frames this as a paradigm inversion—money is no longer defaulting to Treasuries, but to metals, even as volatility risk in gold and silver rises.

Bitcoin Weekly Structure Tests Key Support Bitcoin is trading around $87,900 on the weekly chart, attempting to stabilize after a sharp corrective leg that followed the late-2025 peak. The market has shifted from expansion to consolidation, with BTC struggling to regain momentum after breaking down from the $100K region. While price has not collapsed into a full capitulation phase, the weekly structure shows that sellers remain active on rallies and buyers are increasingly forced to defend key levels.

BTC testing critical demand level | Source: BTCUSDT chart on TradingView From a trend standpoint, BTC is now compressed between major moving averages. The 50-period moving average (blue) is still above price near $101,000, acting as strong overhead resistance and marking the level the market must reclaim to restore bullish momentum. Meanwhile, the 100-period moving average (green) is rising toward price near $87,500, becoming a critical dynamic support zone. As long as BTC holds above this rising trend reference, the pullback can still be interpreted as a corrective phase within a broader uptrend rather than a full structural breakdown.

The 200-period moving average (red) continues to slope upward far below price near $58,000, highlighting that long-term trend conditions remain positive despite the current volatility. Volume has been elevated during the recent selloff compared to prior weeks, reflecting forced deleveraging and defensive positioning.

For bulls, the key objective is reclaiming $90K and building acceptance above that level. If support fails near the green average, downside risk opens toward the low-$80K range before the market finds stronger demand.

Featured image from ChatGPT, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Sign Up for Our Newsletter! For updates and exclusive offers enter your email.

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

Stagnant crypto prices are increasingly being explained by a deeper structural shift rather than short-term sentiment. Market observers note that long-time “OG” crypto whales are gradually exiting large positions in bitcoin and ether, contributing to suppressed price action across digital assets. One key driver behind this behavior is rising concern over future quantum computing threats, which could eventually undermine existing cryptographic security models. As a result, early holders who accumulated assets at much lower valuations are choosing to reduce exposure while liquidity is still favorable.

At the same time, speculative capital has aggressively rotated out of cryptocurrencies and into commodities. Silver, in particular, has seen an explosion in volatility, with price swings rivaling those typically associated with memecoins. This unusual behavior highlights how risk-on traders are seeking alternative assets while crypto markets undergo a leverage reset. Historical market cycles suggest that deleveraging periods often take three to four months to fully resolve, and this current cycle, which began in October, may still be working through excess speculation.

Despite near-term price stagnation, long-term innovation within the Ethereum ecosystem continues to accelerate. Artificial intelligence and task-specific agents are increasingly viewed as the next major evolution for blockchain utility. Ethereum is positioning itself as the foundation of a fully autonomous machine economy, where AI-driven agents can execute financial decisions independently. The emergence of the ERC-8004 protocol is a major step in this direction, enabling trustless agentic activity such as automated wallet rebalancing, staking, and yield optimization without human intervention.

The Ethereum Foundation has reinforced this vision by formalizing a dedicated team focused on quantum-resistant infrastructure, aiming to future-proof the network against emerging computational threats. In parallel, crypto wallets are evolving into “digital twins” capable of managing risk tolerance, yield strategies, and asset allocation autonomously.

Institutional adoption is also advancing. SharpLink recently deployed $170 million of treasury assets into a restaking strategy using ConsenSys, Linea, EtherFi, and EigenLayer. By securing these DeFi investments through Anchorage, a qualified custodian, SharpLink has pioneered a new model for public companies seeking productive Ethereum yield. This shift underscores how, even amid market stagnation, the foundations for the next crypto growth cycle are being built.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

Recent market chatter has been dominated by claims that XRP has printed a so-called “death cross,” sparking renewed fear among traders. However, a closer look at the technical details shows that this signal is far less dramatic than the headline suggests and does not automatically indicate a long-term bearish collapse for XRP.

The crossover in question is not the classic and widely followed death cross, where the 50-day moving average falls below the 200-day moving average. That traditional pattern is considered a higher-impact signal because it reflects a shift in medium- to long-term market structure. Instead, XRP has experienced a short-term crossover, specifically the 26-period exponential moving average slipping below the 50-period EMA. This type of crossover is generally viewed as a low-impact, short-term event that carries limited predictive power for long-term price direction.

Importantly, this micro death cross appeared only after XRP had already been under sustained selling pressure for weeks. Rather than acting as a leading indicator, the signal merely confirmed what the price had already done. After losing support in the $2.30 to $2.40 range, XRP entered a clear downtrend, and the short-term moving averages simply followed the price lower, as they typically do in declining markets.

From a broader technical perspective, XRP remains below all major trend-defining averages. Both the 100-day and 200-day EMAs are still sloping downward and remain well above the current price, reinforcing the existing bearish structure without adding any new bearish catalyst.

Volume data further weakens the bearish narrative surrounding this crossover. There was no notable spike in sell-side volume at the time of the EMA cross. Meaningful trend changes, whether bullish or bearish, require strong participation, and current trading volume remains relatively subdued. Without confirmation from volume, labeling this move as a decisive breakdown is misleading.

In short, while XRP continues to face technical headwinds, this particular “death cross” is a minor, lagging signal that offers little insight into XRP’s long-term outlook.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

Fear returned to the crypto market late Sunday as Bitcoin prices slipped amid growing macroeconomic and political risks, amplified by thin weekend liquidity. The decline reflects rising uncertainty among traders as global policy concerns, trade tensions, and currency stress tighten financial conditions and pressure risk assets, including cryptocurrencies.

Bitcoin fell below key short-term support levels during weekend trading, triggering increased selling activity. At the time of writing, BTC was trading around $87,039, down 2.58% over the past 24 hours and nearly 9% on the week, according to market data. Analysts broadly describe the move as a correction rather than a full-scale crash, noting that similar pullbacks are common during periods of heightened macro risk. As Bitcoin weakened, major altcoins followed suit, with Ethereum, XRP, and Solana posting losses of approximately 3%, 2%, and 4%, respectively.

The crypto market enters the new week under pressure as U.S. political uncertainty dominates headlines. A budget standoff in Congress has raised fears of a potential government shutdown before the end of the month. Prediction markets show shutdown probabilities surging sharply, and such an outcome could suspend key economic data releases, including jobs and inflation reports. This data blackout would complicate decision-making for the Federal Reserve, historically leading to higher market volatility.

Trade tensions have also resurfaced after former U.S. President Donald Trump floated the idea of imposing 100% tariffs on Canadian goods, citing Canada’s expanding trade ties with China. Historically, aggressive tariffs act as a consumer tax, dampen equity markets, and raise inflation expectations, all of which weigh on broader risk sentiment.

Adding to global uncertainty, the Japanese yen weakened significantly, trading between 155 and 160 per dollar, levels not seen in decades. Currency instability has further tightened global liquidity conditions, contributing to fragile market positioning and rapid repricing across asset classes.

Analysts note that current risks are driven more by positioning and liquidity concerns than by structural weaknesses in the crypto market. Some point to a CME gap near $89,400 that could allow for a short-term Bitcoin bounce. However, with GDP data, Federal Reserve decisions, balance sheet updates, and policy remarks ahead, the crypto market is bracing for a volatile and uncertain week.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>