This came across e*trade
-- Western Asset Management Capital Files to Sell Up to $100 Million in Common Stock
Sounds more like a shelf registration to me.
But I guess still expect a secondary sooner or later.
Yup. It's on their website. $100 M is about 4.6 M shares, give or take. That's about 15% of outstanding shares after SPO.
Rates being down, pushes book up. Q4 BV 21.76 x 1.04 = 22.63. I can't see much SPO risk to a SP of 22.50 or more.
and we all patiently wait for its delivery.