PASADENA, Calif., Sept. 22, 2020 /PRNewswire/ -- Western Asset Mortgage Capital Corporation (the "Company") (NYSE: WMC) announced today that its Board of Directors has declared a cash dividend of $0.05 per share for the third quarter of 2020. Today's dividend is payable on October 26, 2020 to common shareholders of record as of October 2, 2020, with an ex-dividend date of October 1, 2020.
"Resuming our quarterly dividend is an important step for our shareholders and the Company," said Jennifer Murphy, Chief Executive Officer of the Company. "We have made considerable progress strengthening our balance sheet and improving the liquidity and earnings power of the portfolio. This gives us confidence to resume paying a dividend, and we remain committed to our overall objective of providing shareholders with an attractive dividend that is supported by sustainable core earnings."
In addition, the Company estimates that its GAAP book value per share, as of August 31, 2020, was approximately $3.31. The August 31, 2020 estimated GAAP book value is unaudited, 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 August 31, 2020 and does not include the dividend announced today. GAAP book value will fluctuate with market conditions, the results of the Company's operations and other factors. The Company's current GAAP book value may be materially different from the August 31, 2020 estimated GAAP book value.
ABOUT WESTERN ASSET MORTGAGE CAPITAL CORPORATION
Western Asset Mortgage Capital Corporation is a real estate investment trust that invests in, acquires and manages a diverse portfolio of assets consisting of Residential Whole Loans, Commercial Loans, Non-Agency CMBS, Non-Agency RMBS, GSE Risk Transfer Securities and to a lesser extent Agency RMBS, Agency CMBS and ABS. The Company's investment strategy may change, subject to the Company's stated investment guidelines, and is based on its manager Western Asset Management Company, LLC's perspective of which mix of portfolio assets it believes provide the Company with the best risk-reward opportunities at any given time. The Company is externally managed and advised by Western Asset Management Company, LLC, an investment advisor registered with the Securities and Exchange Commission and a wholly-owned subsidiary of Franklin Resources, Inc. Please visit the Company's website at www.westernassetmcc.com.
This press release contains statements that may constitute "forward-looking statements" For these statements, the Company claims the protections of the safe harbor for forward-looking statements contained in such sections. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. In particular, it is difficult to fully assess the impact of COVID-19 at this time due to, among other factors, uncertainty regarding the severity and duration of the outbreak domestically and internationally and the effectiveness of federal, state and local governments' efforts to contain the spread of COVID-19 and respond to its direct and indirect impact on the U.S. economy and economic activity. Other factors are described in Risk Factors section of the Company's annual report on Form 10-K for the period ended December 31, 2019 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.
SOURCE Western Asset Mortgage Capital Corporation