Western Asset Mortgage Capital Corp. (WMC)

[naturalborninvestor]

Q1 2021 out - making good progress

FIRST QUARTER 2021 FINANCIAL HIGHLIGHTS

During the first quarter we continued strengthening our balance sheet by reducing debt and leverage, while improving liquidity and shareholders' equity. First quarter financial results and highlights included the following:

GAAP book value per share was $4.27 at March 31, 2021, an increase of 1.7% from $4.20 at December 31, 2020.

Economic book value(2) per share of $4.02 at March 31, 2021.

GAAP net income of $8.0 million, or $0.13 per basic and diluted share.

Core earnings(1) of $6.1 million, or $0.10 per basic and diluted share.

Economic return on GAAP book value(3) was 3.1% for the quarter.

2.19% annualized net interest margin (1)(4)(5) on our investment portfolio.

Recourse leverage was 2.0x at March 31, 2021.

On March 23, 2021, we declared a first quarter common dividend of $0.06 per share.

Repurchased $6.7 million in aggregate principal amount of our convertible senior unsecured notes at an average discount of 6.3% to par value.