David White
Long/short equity, value, REITs, macro

The June From Hell For 20% Dividend Payer Western Asset Mortgage Capital Corp.

Western Asset Mortgage Capital Corp. (NYSE:WMC) is a mortgage REIT. It IPO'd May 15, 2012, so it has very little history. Its investment strategy focuses on Agency RMBS, but it also invests in non-Agency RMBS, CMBS and other asset backed securities. WMC is externally managed by Western Asset Management Company, a global leader in diversified fixed-income management since 1971. This firm has approximately $459B in assets under management. This includes $58B in total mortgage exposure. $39B of this is in Agency RMBS. $8.8B is invested in non-Agency RMBS. $1.3B is invested in CMBS and $8.8B is invested in ABS.

WMC had an investment portfolio of $4.4B as of March 31, 2013. The table below shows a more...

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