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Value destruction at Western Asset Mortgage

  • 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

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WMC--
Western Asset Mortgage Capital Corporation