PASADENA, Calif., March 20, 2014 /PRNewswire/ -- Western Asset Mortgage Capital Corporation (NYSE: WMC) announced today that its Board of Directors has declared a cash dividend of $0.67 per share for the first quarter of 2014. The dividend takes into account the approximately 10.5% increase in shares outstanding resulting from the stock portion of the Company's 2013 fourth quarter dividend. Today's dividend is payable on April 29, 2014 to common shareholders of record as of March 31, 2014, with an ex-dividend date of March 27, 2014.
The Company also announced its estimated book value per share, as of February 28, 2014 was approximately $15.18. The February 28, 2014 book value is unaudited and is only an estimate which has not been verified or reviewed by any third party and is subject to normal quarterly reconciliation and other procedures. Further, the estimated book value is as of February 28, 2014 and does not reflect the dividend announced today. Book value will fluctuate with market conditions, the results of the Company's operations and other factors. The Company's current book value may be materially different from the February 28, 2014 estimated book value.
ABOUT WESTERN ASSET MORTGAGE CAPITAL CORPORATION
Western Asset Mortgage Capital Corporation is a REIT that invests primarily in Agency RMBS, which are residential mortgage-backed securities for which the principal and interest payments are guaranteed by a U.S. Government agency (such as GNMA) or a U.S. Government-sponsored entity (such as FNMA or FHLMC). The Company also invests in residential mortgage-backed securities that are not guaranteed by a U.S. Government agency or sponsored entity and commercial mortgage-backed securities. In the future, it may opportunistically invest in other asset-backed securities. The Company is externally managed and advised by Western Asset Management Company, an investment advisor registered with the SEC and a wholly-owned subsidiary of Legg Mason, Inc.
This press release contains statements that constitute "forward-looking statements." Operating results are subject to numerous conditions, many of which are beyond the control of the Company, including, without limitation, changes in interest rates; changes in the yield curve; changes in prepayment rates; the availability and terms of financing; general economic conditions; market conditions; conditions in the market for mortgage related investments; legislative and regulatory changes that could adversely affect the business of the Company; and other factors, including those set forth in the Risk Factors section of the Company's annual report on Form 10-K for the period ended December 31, 2013 filed with the Securities and Exchange Commission ("SEC"). The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
 For purposes of comparison, based on shares outstanding prior to the issuance stock portion of the 2013 fourth quarter dividend, today's dividend equates to $0.74 per share.
SOURCE Western Asset Mortgage Capital Corporation