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Western Asset Mortgage Capital Corporation - $WMC STOCK NEWS

Welcome to our dedicated page for Western Asset Mortgage Capital Corporation news (Ticker: $WMC), a resource for investors and traders seeking the latest updates and insights on Western Asset Mortgage Capital Corporation stock.

Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect Western Asset Mortgage Capital Corporation's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.

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Rhea-AI Summary
Western Asset Mortgage Capital Corporation (WMC) reports Q2 2023 results. The company received $28.4M from loan sales and repayments, $1.1M from loan repayments, and $8.7M from securities sales. They replaced a financing facility with a new $65M funding vehicle. GAAP book value per share was $14.69. Net loss of $8.6M. Distributable earnings of $1.3M. Economic return on book value was -8.6%. They declared a Q2 dividend of $0.35 per share. The rising interest rate environment negatively impacted results.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
2.52%
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Rhea-AI Sentiment
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2.06%
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Rhea-AI Summary
Western Asset Mortgage Capital Corporation (NYSE: WMC) has determined that the unsolicited proposal from AG Mortgage Investment Trust, Inc. (NYSE: MITT) to acquire WMC is a 'Parent Superior Proposal.' Under MITT's proposal, each WMC share would be converted into 1.468 shares of MITT stock and a cash payment from MITT's external manager. WMC has notified Terra Property Trust, Inc. (TPT) that it intends to terminate their merger agreement unless a revised proposal is received by August 3, 2023.
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-0.15%
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Rhea-AI Summary
Terra Property Trust, Inc. (TPT) has acquired approximately 5.2% of the outstanding shares of common stock of AG Mortgage Investment Trust, Inc. (MITT), making TPT the second-largest stockholder of MITT. TPT believes MITT is undervalued and intends to explore options to unlock this value, including a strategic combination. TPT may engage in discussions with management, the Board of Directors, and other stakeholders to improve MITT's financial and operational performance.
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1.99%
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0.15%
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Rhea-AI Summary
Terra Property Trust reaffirms commitment to merge with Western Asset Mortgage Capital Corporation. The merger is expected to have approximately $1.2 billion in assets and $436 million of adjusted book value. TPT believes its proposed combination with WMC offers attractive value for WMC shareholders. The TPT Merger provides an implied per share consideration of $15.40, an 84% premium to WMC's share price as of July 12th. The TPT Merger does not accelerate WMC's convertible debt. TPT stockholders who receive WMC shares will have staggered lock-up/conversion rights.
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Rhea-AI Sentiment
End-of-Day
4.19%
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Rhea-AI Summary
AG Mortgage Investment Trust (MITT) has submitted a proposal to acquire Western Asset Mortgage Capital Corporation (WMC) for a fixed exchange ratio, representing an implied price of $9.88 per share. This offer represents an 18.2% premium to WMC's closing share price. MITT's proposal includes cash consideration to WMC stockholders and aims to create a more efficient company through cost synergies and earnings accretion post-close. MITT has strong support from its external manager, Angelo Gordon, who will contribute $7 million in cash towards the transaction.
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1.82%
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-0.22%
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dividends
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4.12%
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Western Asset Mortgage Capital Corporation

NYSE:WMC

WMC Rankings

WMC Stock Data

55.53M
4.98M
2.01%
32.93%
0.17%
Other Financial Vehicles
Finance and Insurance
Link
US
Pasadena

About WMC

capital west asset management is an investment management company located in 8400 e prentice ave # 1401, englewood, colorado, united states.