Western Asset Mortgage Capital Corporation Welcomes Lisa Quateman To Board Of Directors

Rhea-AI Summary

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.

Positive

• Appointment of Lisa Quateman adds expertise in real estate and financial services to the board.
• Increased independent director count may strengthen governance and oversight.

Negative

• None.

PASADENA, Calif., June 23, 2020 /PRNewswire/ -- Western Asset Mortgage Capital Corporation (the "Company") (NYSE: WMC) today announced that Lisa Quateman had been elected as an independent member of its Board of Directors on June 19, 2020, increasing the total number of independent directors to five and the total number of directors to seven.

Ms. Quateman is a senior partner of the national law firm Polsinelli with extensive experience working on real estate matters, advising issuers and financial institutions in complex financing transactions. She joined Polsinelli in July 2011 as the founding Office Managing Partner for the firm's Los Angeles office and served in that role for nearly five years. Previously, she was the managing partner of the firm of Quateman LLP, which she founded in 1989. Ms. Quateman serves on the boards of directors of ITR Concession Company and affiliates (public-private partnership operator of the Indiana Toll Road), Scherzer International Corporation, National Association of Corporate Directors (NACD) Pacific Southwest Chapter and Heidi Duckler Dance. She is a member of the Advisory Board of the UCLA Ziman Center for Real Estate and the City of Hope Board of Governors. Her prior board experience includes serving as Vice Chair and General Counsel for the UCLA Alumni Association and as a Mayoral appointee to the City of Los Angeles Industrial Development Authority. Ms. Quateman is an NACD Board Leadership Fellow, and earned her bachelor of arts and juris doctor degrees from the University of California at Los Angeles. 

"We are delighted to welcome Lisa Quateman to our Board of Directors. Lisa brings significant knowledge and expertise in the areas of financial services, real estate, regulatory matters and corporate transactions and we look forward to her contribution to our Board and the Company," said James Hirschmann, Chairman of Western Asset Mortgage Capital Corporation.

ABOUT WESTERN ASSET MORTGAGE CAPITAL CORPORATION

Western Asset Mortgage Capital Corporation is a real estate investment trust that invests in, acquires and manages a diverse portfolio of assets consisting of Residential Whole Loans, Commercial Whole Loans, Non-Agency CMBS, GSE Risk Transfer Securities and to a lesser extent Agency CMBS, Agency RMBS, Non-Agency RMBS and ABS. The Company's investment strategy may change, subject to the Company's stated investment guidelines, and is based on its manager Western Asset Management Company, LLC's perspective of which mix of portfolio assets it believes provide the Company with the best risk-reward opportunities at any given time. The Company is externally managed and advised by Western Asset Management Company, LLC, an investment advisor registered with the SEC and a wholly-owned subsidiary of Legg Mason, Inc. ("Legg Mason")

On February 18, 2020, Franklin Resources, Inc. ("Franklin") and Legg Mason announced that they had entered into an agreement under which Franklin would acquire Legg Mason and its affiliates, including Western Asset Management Company, LLC.   The transaction is expected to close in the third quarter of 2020 and is subject to customary closing conditions.  Upon completion of the transaction Western Asset Management Company, LLC would become a wholly owned subsidiary of Franklin.

Please visit the Company's website at www.westernassetmcc.com.

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SOURCE Western Asset Mortgage Capital Corporation

FAQ

What is the significance of Lisa Quateman's election to Western Asset Mortgage Capital's Board?

Lisa Quateman's election introduces extensive knowledge in real estate and complex financing, enhancing governance and strategic insight for the company.

When was Lisa Quateman elected to the Board of Directors of WMC?

Lisa Quateman was elected on June 19, 2020.

How many independent directors are on the board of Western Asset Mortgage Capital after the election?

After Lisa Quateman's election, there are five independent directors on the board.

What is the professional background of Lisa Quateman?

Lisa Quateman is a senior partner at Polsinelli with extensive experience in real estate, having previously founded and managed Quateman LLP.