- Q1 core earnings plus drop income of $9.5M or $0.23 per share vs. $16.6M and $0.39 in Q4. Dividend is $0.45.
- Book value per share of $10.90 drops from $12.11 three months earlier (and $13.26 three months before that). Last night's close of $9.71 is an 11% discount to March 31 book.
- Economic return for the quarter of about negative 25% annualized.
- CEO Gavin James: "The first quarter was an extremely challenging and volatile environment." Indeed.
- Conference call at 12 ET
- Previously: Western Asset Mortgage Capital reports Q1 results (May 6)
- WMC flat premarket
Value destruction at Western Asset Mortgage
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Symbol | Last Price | % Chg |
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WMC | - | - |
Western Asset Mortgage Capital Corporation |