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Western Asset Mortgage Capital Corporation Message Board

  • quadruplemalt quadruplemalt Aug 6, 2013 5:16 PM Flag

    WMC v TWO v. et alia

    I have positions in both, but the TWO results make what WMC accomplished seem downright amazing.

    TWO's core was weak and over 6% BV decline; for its 10% decline at least WMC covered its dividend, which is almost twice the yield of TWO's.

    Here's my Q2 ranking (taking into account everything) , for my little universe: 1.) MTGE; 2.) WMC; 3.) AGNC; 4.) TWO.


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    • Quad, thanks for your input. I think WMC have their core earnings in line because they did little rebalancing and did not have TBA loss as AGNC did. One thing I did not understand was that how did they manage to maintain their leverage ratio (8.2X after adjusting TBA) without selling their assets? They were leveraged 8.7X in Q1, now since their asset value has gone down, their leverage should go up if they do nothing, right? Was it purely because of the hedge?

    • Quad ...

      Why do you prefer MTGE over WMC at this time?

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