Meant to mention in my original post the other part of that story: Since they won't be printing or packaging, the company is putting up for sale its 181,000-square-feet buildings in downtown Wichita and looking for smaller quarters there.
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