More on Western Asset Q4 results

|About: Western Asset Mortgage C... (WMC)|By:, SA News Editor

Core earnings of $0.70 per share fell from $0.83 in Q3.

Book value per share of $15.27 fell from $16.81, but the decline includes the payout of $2.35 (cash and stock) in dividends. The stock portion of the dividend boosted the share count to 26.85M shares from 24.3M.

Net interest spread of 2.15% falls 13 basis points from Q3. CPR of 5% dips from 5.3%. Leverage drops to 6.4x (6.9x when adjusted for TBA position) from 8.1x (9x when adjusted for TBA position).

Company continues to move portfolio more into non-agency holdings which account for 15% of exposure at year's end vs. 8% at the end of Q3.

WMC -0.9% premarket to $16.19.

CC at 11 ET