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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 (NYSE: WMC) announced the appointment of Sean Johnson and Greg Handler as interim Co-Chief Investment Officers, effective January 8, 2021, following the resignation of Harris Trifon. Johnson, with over 31 years of experience, was previously Deputy CIO, while Handler has significant expertise in mortgage investments. The Company also disclosed a buyback of $10 million of its 6.75% Convertible Senior Notes at a 13% discount, totaling $25 million repurchased in Q4 2020, leaving $175 million outstanding. This move aims to strengthen the Company’s balance sheet.
Western Asset Mortgage Capital Corporation (NYSE: WMC) has declared a cash dividend of $0.06 per share for Q4 2020, payable on January 26, 2021, to shareholders of record as of December 28, 2020. The ex-dividend date is December 24, 2020. The company estimates its GAAP book value per share at approximately $4.18 as of November 30, 2020, noting that this value is subject to fluctuations and may differ materially. An updated investment portfolio presentation is available on the company’s investor relations website.
Western Asset Mortgage Capital Corporation (WMC) reported strong third-quarter 2020 results, achieving GAAP net income of $59.8 million, equating to $0.98 per share. A notable 29.2% increase in GAAP book value per share to $4.07 was highlighted. Key achievements include a reduction of recourse leverage to 2.2x from 3.0x and resuming quarterly dividends at $0.05 per share, yielding approximately 9.8%. The company has improved liquidity and strengthened its balance sheet through strategic actions, positioning for future asset value recovery.
Western Asset Mortgage Capital Corporation (WMC) announced that it will release its financial results for Q3 2020 after market close on November 5, 2020. The company will host a conference call on November 6, 2020, at 11:00 a.m. ET to discuss these results. Investors can pre-register for the call to enhance their entry process. A replay of the conference call will be available until November 20, 2020. WMC focuses on managing a diverse portfolio of real estate assets, including residential and commercial loans, under the guidance of Western Asset Management Company.
Western Asset Mortgage Capital Corporation (WMC) declared a cash dividend of $0.05 per share for Q3 2020, payable on October 26, 2020. The record date is October 2, 2020, with an ex-dividend date of October 1, 2020. CEO Jennifer Murphy highlighted this decision as a significant step in strengthening the company's balance sheet and enhancing liquidity. As of August 31, 2020, the GAAP book value per share was approximately $3.31, subject to normal reconciliation processes.
Western Asset Mortgage Capital Corporation (WMC) reported a GAAP net loss of $15.6 million or $0.29 per share for Q2 2020, with significant balance sheet improvements. Liquidity and shareholder equity increased, and debt reduced. Key measures included a $355.8 million securitization at a 2.0% interest rate, a 76.2% cut in repurchase agreement financing, and raising $22.0 million through equity sales. Economic book value per share rose to $4.04. However, the company suspended dividends to enhance liquidity amid ongoing pandemic challenges, as asset values showed uneven recovery.
Western Asset Mortgage Capital Corporation (NYSE: WMC) will release its second-quarter financial results after market close on August 5, 2020. A conference call to discuss these results will occur on August 6, 2020, at 11:00 a.m. ET. Investors can pre-register for the call to expedite entry and avoid delays. A replay of the call will be available until August 20, 2020. The company, externally managed by Western Asset Management Company, LLC, is involved in diverse asset investments including Residential and Commercial Whole Loans, and Non-Agency CMBS.
Western Asset Mortgage Capital Corporation (WMC) announced the pricing of $341.7 million in Mortgage-Backed Notes, Series 2020-1, to finance residential whole loans. This securitization offers a weighted average fixed interest rate of 1.9% and is set to close around June 29, 2020. The notes, rated AAA(sf) by S&P for certain classes, are being offered to qualified institutional investors. This marks WMC's second securitization, enabling long-term fixed-rate financing.
Western Asset Mortgage Capital Corporation (NYSE: WMC) announced the election of Lisa Quateman as an independent member of its Board of Directors, effective June 19, 2020. This brings the total number of independent directors to five and the overall board to seven. Ms. Quateman is a senior partner at Polsinelli, with extensive experience in real estate and financial services. The company anticipates her contributions will enhance board oversight and strategic decision-making, especially in financial and corporate matters.
Western Asset Mortgage Capital Corporation (NYSE: WMC) announced it will not pay a common stock dividend for the second quarter, aiming to preserve liquidity amid the COVID-19 pandemic. The decision is driven by the necessity to retain earnings, thus increasing shareholder equity. The company's estimated book value per share as of May 31, 2020, is approximately $3.26, subject to market fluctuations. The Board will reassess dividend payments based on market conditions and the company's financial health, ensuring compliance with REIT distribution requirements for the upcoming fiscal year.
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