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Western Asset Mortgage Capital Corporation (WMC) is a leading investment management company specializing in mortgage-related assets. Headquartered in Englewood, Colorado, WMC operates from its office at 8400 E Prentice Ave #1401. The company focuses on acquiring, financing, and managing a diverse portfolio of residential and commercial mortgage loans, as well as mortgage-backed securities.
WMC leverages its relationship with Western Asset Management Company, a globally recognized asset manager, to optimize its investment strategies. This partnership allows WMC to benefit from extensive market insights, robust risk management frameworks, and an experienced team of professionals dedicated to delivering value to shareholders.
Core Business
Western Asset Mortgage Capital Corporation primarily invests in a wide range of mortgage-backed assets. Their portfolio includes agency and non-agency residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), and other related investments. By diversifying their holdings, WMC aims to achieve attractive risk-adjusted returns for their investors.
Recent Achievements
WMC has made significant strides in optimizing its portfolio and enhancing shareholder value. Recent initiatives include strategic acquisitions and dispositions that align with prevailing market conditions, effectively managing interest rate risks, and maintaining a strong balance sheet.
Current Projects
The company continues to explore new investment opportunities in the mortgage-backed securities market. These projects are designed to capitalize on favorable market trends and regulatory environments, ensuring sustainable growth and profitability.
Financial Condition
WMC maintains a strong financial position, with a focus on prudent risk management and capital preservation. The company's robust financial health is complemented by its commitment to transparency and regular communication with stakeholders.
Partnerships
Western Asset Mortgage Capital Corporation's strategic partnership with Western Asset Management Company plays a crucial role in its success. This collaboration provides WMC with access to cutting-edge research, seasoned investment professionals, and a comprehensive risk management framework.
Products
WMC offers a range of investment products tailored to meet the needs of institutional and individual investors. These products are designed to provide exposure to high-quality mortgage-backed securities, offering attractive yields and stable returns.
For the latest updates and detailed information on Western Asset Mortgage Capital Corporation's performance, events, and developments, stay tuned to our news section.
Western Asset Mortgage Capital Corporation (WMC) reported its Q2 2022 results, showing a GAAP net loss of $22.4 million, or $3.71 per share. The company acquired $292.8 million in Residential Whole Loans and completed a $402.2 million securitization. A 1-for-10 reverse stock split occurred in July 2022, and recourse leverage improved from 4.7x to 2.4x post-securitization. The Board approved a review of strategic alternatives, possibly leading to a sale or merger. The Q2 dividend was set at $0.40 per share, yielding approximately 13.2% based on a closing price of $12.10.
Western Asset Mortgage Capital Corporation (NYSE: WMC) will release its second-quarter financial results on August 4, 2022, after market close. A conference call is scheduled for August 5, 2022, at 12:00 p.m. ET to discuss the results. Investors can pre-register for the call to simplify access. A replay will be available until August 12, 2022. The company specializes in a diverse portfolio focused on residential real estate investments, supported by Western Asset Management Company, LLC. Details regarding the company's performance will be provided during the call.
Western Asset Mortgage Capital Corporation (NYSE: WMC) has priced $351.9 million in Mortgage-Backed Notes, Series 2022-2. The Notes, being issued by Arroyo Mortgage Trust, feature a fixed interest rate of approximately 5.9% and will mature in July 2057. These are intended for qualified institutional investors under Regulation S. Anticipated ratings for the Class A-1 Notes are AAA from both S&P and DBRS. This marks the company's fourth securitization of residential whole loans, targeting attractive long-term financing. The offering is expected to close around July 13, 2022.
Western Asset Mortgage Capital Corporation (NYSE: WMC) announced a 1-for-10 reverse stock split approved by shareholders on June 24, 2022. The split reduces the number of common shares from approximately 60.6 million to around 6.06 million, effective July 11, 2022. The aim is to increase the market price and improve liquidity. No fractional shares will be issued; instead, affected shareholders will receive cash payments. The trading symbol remains 'WMC', and the new CUSIP number is 95790D204.
Western Asset Mortgage Capital Corporation (NYSE: WMC) has declared a cash dividend of $0.04 per share for Q2 2022, payable on July 25, 2022 to shareholders of record as of July 1, 2022. The ex-dividend date is June 30, 2022. As of May 31, 2022, the estimated GAAP book value per share was approximately $2.58, subject to fluctuation based on market conditions and operational results. This estimate is unaudited and may change significantly.
Western Asset Mortgage Capital Corporation (NYSE: WMC) announced the appointment of Robert W. Lehman as Chief Financial Officer, effective June 15th. With over 35 years of experience in real estate and REITs, Lehman previously served as a senior partner at EY, where he managed significant real estate accounts and expanded the firm's market share. CEO Bonnie Wongtrakool stated that Lehman's expertise and relationships will add substantial value to the company and its shareholders as they focus on improving financial performance in residential real estate investments.
Western Asset Mortgage Capital Corporation (NYSE: WMC) announced that Lisa Meyer, its President and CFO, is leaving the company to pursue another opportunity, effective June 10, 2022. The company is currently seeking her successor and will provide updates accordingly. CEO Bonnie Wongtrakool acknowledged Meyer’s significant contributions over six years, stating her departure will not affect the company’s focus on residential real estate investments. WMC specializes in managing assets related to residential real estate, including non-qualified mortgage loans and non-agency RMBS.
Western Asset Mortgage Capital Corporation (WMC) reported a GAAP net loss of $25.9 million for Q1 2022, translating to a loss of $0.43 per share. The company acquired $119.1 million in Residential Whole Loans and $40 million in Non-Agency RMBS during the quarter. A gain of $8.7 million was recorded from the sale of a foreclosed hotel property. Rising interest rates negatively impacted financial results, with a decline of 14.7% in GAAP book value per share. The quarterly common dividend declared was $0.04 per share, yielding approximately 9.4%. A conference call to discuss results is scheduled for May 6, 2022.
Western Asset Mortgage Capital Corporation (NYSE: WMC) will announce its financial results for Q1 2022 on May 5, 2022, after market close. A conference call will follow on May 6, 2022, at 11:00 a.m. ET. Investors can pre-register to streamline their entry into the call. The Company also announced its 2022 Annual Meeting for June 24, 2022, for stockholders of record as of April 26, 2022. The meeting details will be shared later through proxy materials.
Western Asset Mortgage Capital Corporation (NYSE: WMC) has declared a cash dividend of $0.04 per share for Q1 2022, payable on April 26, 2022, to shareholders of record as of April 4, 2022. The dividend reflects the company's shift in investment focus towards residential real estate, away from commercial properties. The estimated GAAP book value per share as of February 28, 2022, is approximately $3.22, but this figure is subject to normal reconciliation processes.
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