PASADENA, Calif., Sept. 22, 2020 /PRNewswire/ -- Western Asset
Mortgage Capital Corporation (the "Company") (NYSE: WMC) announced
today that its Board of Directors has declared a cash dividend of
$0.05 per share for the third quarter
of 2020. Today's dividend is payable on October 26, 2020 to common shareholders of record
as of October 2, 2020, with an
ex-dividend date of October 1,
2020.
"Resuming our quarterly dividend is an important step for our
shareholders and the Company," said Jennifer Murphy, Chief Executive Officer of the
Company. "We have made considerable progress strengthening our
balance sheet and improving the liquidity and earnings power of the
portfolio. This gives us confidence to resume paying a dividend,
and we remain committed to our overall objective of providing
shareholders with an attractive dividend that is supported by
sustainable core earnings."
In addition, the Company estimates that its GAAP book value per
share, as of August 31, 2020, was
approximately $3.31. The August 31, 2020 estimated GAAP book value is
unaudited, has not been verified or reviewed by any third party and
is subject to normal quarterly reconciliation and other procedures.
Further, the estimated book value is as of August 31, 2020 and does not include the dividend
announced today. GAAP book value will fluctuate with market
conditions, the results of the Company's operations and other
factors. The Company's current GAAP book value may be materially
different from the August 31, 2020
estimated GAAP book value.
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 Loans, Non-Agency CMBS, Non-Agency RMBS, GSE Risk
Transfer Securities and to a lesser extent Agency RMBS, Agency CMBS
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 Securities
and Exchange Commission and a wholly-owned subsidiary of Franklin
Resources, Inc. Please visit the Company's website at
www.westernassetmcc.com.
FORWARD-LOOKING STATEMENTS
This press release contains statements that may constitute
"forward-looking statements" For these statements, the Company
claims the protections of the safe harbor for forward-looking
statements contained in such sections. Forward-looking
statements are subject to substantial risks and uncertainties, many
of which are difficult to predict and are generally beyond the
Company's control. In particular, it is difficult to fully assess
the impact of COVID-19 at this time due to, among other factors,
uncertainty regarding the severity and duration of the outbreak
domestically and internationally and the effectiveness of federal,
state and local governments' efforts to contain the spread of
COVID-19 and respond to its direct and indirect impact on the U.S.
economy and economic activity. Other factors are described in Risk
Factors section of the Company's annual report on Form 10-K for the
period ended December 31, 2019 filed
with the Securities and Exchange Commission ("SEC"). The
Company undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as
required by law.
View original
content:http://www.prnewswire.com/news-releases/western-asset-mortgage-capital-corporation-declares-third-quarter-dividend-of-0-05-per-share-301136060.html
SOURCE Western Asset Mortgage Capital Corporation