Hello,
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What is WMC?
Western Asset Mortgage Capital Corporation is a real estate investment trust. The Company is focused on investing in, financing and managing a diversified portfolio of real estate-related securities, whole-loans, and other financial assets.
MANAGEMENT COMMENTARY
"The first quarter was an extremely challenging environment for global equity and fixed income markets as the COVID-19 pandemic created unprecedented economic disruption, severe illiquidity, volatility and uncertainty," said Jennifer Murphy , Chief Executive Officer of the Company. "These conditions were very prominent in U.S. mortgage markets, causing an extreme lack of liquidity combined with forced selling, resulting in swift and dramatic price declines. Our portfolio, despite its diversity and focus on high-quality mortgage investments, was negatively impacted by these extraordinary market pressures. Our results at quarter-end reflect these market conditions, as we experienced a 67.7% decline in our book value per share and a GAAP net loss of $381.9 million , or $7.15 per share. While we generated core earnings plus drop income of $0.29 per share during the first quarter, relatively consistent with the previous quarter, we made the decision to retain those earnings and suspend the first quarter dividend to maintain additional liquidity and help protect the value of shareholder assets in this environment."
Western Asset Mortgage Capital Corporation Announces First Quarter 2020 Results
Good Luck
Cheers!
Be sure to comment, follow, like, and check out my profile for more trade ideas!
What is WMC?
Western Asset Mortgage Capital Corporation is a real estate investment trust. The Company is focused on investing in, financing and managing a diversified portfolio of real estate-related securities, whole-loans, and other financial assets.
MANAGEMENT COMMENTARY
"The first quarter was an extremely challenging environment for global equity and fixed income markets as the COVID-19 pandemic created unprecedented economic disruption, severe illiquidity, volatility and uncertainty," said Jennifer Murphy , Chief Executive Officer of the Company. "These conditions were very prominent in U.S. mortgage markets, causing an extreme lack of liquidity combined with forced selling, resulting in swift and dramatic price declines. Our portfolio, despite its diversity and focus on high-quality mortgage investments, was negatively impacted by these extraordinary market pressures. Our results at quarter-end reflect these market conditions, as we experienced a 67.7% decline in our book value per share and a GAAP net loss of $381.9 million , or $7.15 per share. While we generated core earnings plus drop income of $0.29 per share during the first quarter, relatively consistent with the previous quarter, we made the decision to retain those earnings and suspend the first quarter dividend to maintain additional liquidity and help protect the value of shareholder assets in this environment."
Western Asset Mortgage Capital Corporation Announces First Quarter 2020 Results
Good Luck
Cheers!
