PASADENA, Calif., Nov. 4, 2015 /PRNewswire/ -- Western Asset Mortgage Capital Corporation (the "Company") (WMC) today reported its results for the third quarter ended September 30, 2015. For the third quarter, the Company recorded a GAAP net loss of $1.9 million, or $0.05 per basic and diluted share. Core earnings plus drop income for the third quarter was $22.6 million, or $0.54 per basic and diluted share1,2. The Company also reported a net book value of $13.26 per share as of September 30, 20153 and previously declared a $0.60 per share dividend for the quarter.
THIRD QUARTER 2015 HIGHLIGHTS
Paid a quarterly cash dividend of $0.60 per share
Recorded a GAAP net loss of $1.9 million, or $0.05 per basic and diluted share
Net loss includes $24.7 million of net unrealized gain on mortgage-backed securities ("MBS"), other securities and whole-loans ("Whole-Loans"); $2.5 million of net realized loss on MBS, other securities and Whole-Loans; and $41.4 million of net loss on derivative instruments
Generated core earnings plus drop income of $22.6 million, or $0.54 per basic and diluted share1,2 of which $2.6 million, or approximately 11% was attributable to dollar roll income associated with the Company's "to-be-announced" or TBA positions2
$13.26 per share net book value as of September 30, 20153 versus $13.89 as of June 30, 20153
Economic return for the quarter was approximately flat (-0.2%).1,4
2.45% weighted average net interest spread on Agency and Non-Agency residential MBS ("RMBS"), commercial mortgage backed securities ("CMBS"), asset-backed securities ("ABS"), other securities and Whole-Loans, including interest only ("IO") securities accounted for as derivatives1
$3.5 billion investment portfolio fair value as of September 30, 2015
Would technically be libel rather than slander, since it is in writing. But yes, you are right. And, absent proof, potentially actionable. When it crosses the line from nasty to defamation, we all need to use the Yahoo! FLAG switch to call their attention.
Just recalled, though, that if you deduct two-thirds of the $.60 divvy declared today (two months out of three in the quarter), that would take the $14.10 end-of-Aug bv down to $13.70.
. . .up from $13.89 at the end of 2Q (June 30)
Re: the SECOND-quarter divvy not even being posted on the website yet, referenced in my post immediately above this one, I called this morning. That has been fixed now.
This thread frustrates me, not only the conclusions being drawn (there's gonna be an announcement each quarter - the fund gets charged one heck of an excise tax if they don't distribute at least 90 per cent of the taxable, not GAAP, income each year), but also because Western could forestall a lot of the concern about the dividend by just being a little more systematic. . . . They just don't act like it's a priority to communicate with shareholders on a timely basis about this. Gosh, at this writing their website hasn't even posted the SECOND-quarter dividend that has long been declared and paid, let alone the third-. And more than once they've let the "ex-date" slip into early the next quarter; that may not affect our taxes (except in December), but it damn well affects our personal quarterly income statements, and this is the only mREIT (at least that I am personall aware of) that is so cavalier in its attitude on things like this. . . . But there WILL be a dividend. Sometime. A lot of the confusion here is people seem to be looking at auto-generated declaration and ex-dates put out by some financial firms' algorithms that may know even less about the company's dividend calendar than we do!
Ex-dig isn't 9/25. Won't be until about a week after announcement. You must be reading from some automated site that estimates the ex-date based on last quarters data.
Unfortunately (for those of us impatient types), they normally announce after the market closes on Thursdays, and so we may well go til next Thursday now.
And for those of you who say, "but with the typical one-week lag time between announcement and ex-date, that might move the ex-date into early next quarter," yup, they've done that, too. A coupla times.
I've called their I.R. guy Larry Clark before about this, and he's always really nice, but I just think they treat the timing and posting of these things pretty dang casually. Heck, if you go to their dividend-history page on their web site, they haven't even updated the history with the SECOND quarter dividend (long since paid), let alone the third. . . .