001-35543 | 27-0298092 | |
(COMMISSION FILE NUMBER) | (IRS EMPLOYER ID. NUMBER) |
385 East Colorado Boulevard | 91101 | |
Pasadena, California | (ZIP CODE) | |
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) |
WESTERN ASSET MORTGAGE CAPITAL CORPORATION | ||||
By: | /s/ Adam C. E. Wright | |||
Name: | Adam C. E. Wright | |||
Title: | Assistant Secretary |
▪ | September 30, 2018 book value per share of $11.13, net of third quarter common dividend of $0.31 per share declared on September 17, 2018. |
▪ | GAAP net income of $20.9 million, or $0.50 per basic and diluted share. |
▪ | Core earnings plus drop income of $13.8 million, or $0.33 per basic and diluted share.1,2 |
▪ | Economic return on book value was 3.1%1,3 for the quarter. |
▪ | 2.06% annualized net interest margin on our investment portfolio. 1,4,5 |
▪ | 6.7x leverage excluding securitized debt as of September 30, 2018 (8.8x leverage with securitized debt). |
▪ | $67.8 million of common equity raised during the quarter, net of offering cost |
▪ | Acquired $579.8 million of credit sensitive assets, consisting of, |
* | $375.3 million in Residential Whole Loans |
* | $81.4 million in Residential Bridge Loans |
* | $94.3 million in Commercial Loans |
* | $28.8 million in Non Agency CMBS |
For the Three Months Ended | ||||||||||||
GAAP Results | September 30, 2018 | June 30, 2018 | March 31, 2018 | |||||||||
Net Interest Income | $ | 15,944 | $ | 19,020 | $ | 19,030 | ||||||
Other Income (Loss): | ||||||||||||
Realized gain (loss) on sale of investments, net | (24,229 | ) | (5,608 | ) | 575 | |||||||
Other than temporary impairment | (2,533 | ) | (2,974 | ) | (2,916 | ) | ||||||
Unrealized gain (loss), net | 13,128 | (31,693 | ) | (68,961 | ) | |||||||
Gain (loss) on derivative instruments, net | 24,625 | 28,490 | 79,582 | |||||||||
Other, net | (2 | ) | (145 | ) | 47 | |||||||
Other Income (loss) | 10,989 | (11,930 | ) | 8,327 | ||||||||
Total Expenses | 5,845 | 5,601 | 5,315 | |||||||||
Income (loss) before income taxes | 21,088 | 1,489 | 22,042 | |||||||||
Income tax provision (benefit) | 206 | 36 | 313 | |||||||||
Net income (loss) | $ | 20,882 | $ | 1,453 | $ | 21,729 | ||||||
Net income (loss) per Common Share – Basic/Diluted | $ | 0.50 | $ | 0.03 | $ | 0.52 | ||||||
Non-GAAP Results | ||||||||||||
Core earnings plus drop income(1) | $ | 13,837 | $ | 15,155 | $ | 14,149 | ||||||
Core earnings plus drop income per Common Share – Basic/Diluted | $ | 0.33 | $ | 0.36 | $ | 0.34 | ||||||
Weighted average yield(2)(4) | 4.53 | % | 4.36 | % | 4.14 | % | ||||||
Effective cost of funds(3)(4) | 2.78 | % | 2.58 | % | 2.44 | % | ||||||
Annualized net interest margin(2)(3)(4) | 2.06 | % | 2.05 | % | 1.94 | % | ||||||
Annualized CPR on Agency RMBS | 10.4 | % | 10.4 | % | 11.0 | % |
Principal Balance | Amortized Cost | Fair Value | Net Weighted Average Coupon | |||||||||||
Agency RMBS | $ | 389,756 | $ | 402,889 | $ | 385,008 | 3.6 | % | ||||||
Agency RMBS Interest-Only Strips | N/A | 12,377 | 12,203 | 2.3 | % | |||||||||
Agency RMBS Interest-Only Strips, accounted for as derivatives | N/A | N/A | 8,006 | 2.8 | % | |||||||||
Total Agency RMBS | 389,756 | 415,266 | 405,217 | 3.2 | % | |||||||||
Agency CMBS | 2,124,942 | 2,129,912 | 2,066,075 | 3.2 | % | |||||||||
Agency CMBS Interest-Only Strips, accounted for as derivatives | N/A | N/A | 4,241 | 0.4 | % | |||||||||
Total Agency CMBS | 2,124,942 | 2,129,912 | 2,070,316 | 3.0 | % | |||||||||
Total | $ | 2,514,698 | $ | 2,545,178 | $ | 2,475,533 | 3.0 | % |
Principal Balance | Amortized Cost | Fair Value | Weighted Average Coupon(1) | |||||||||||
Non-Agency RMBS | $ | 113,606 | $ | 79,589 | $ | 83,350 | 4.4 | % | ||||||
Non-Agency RMBS IOs and IIOs | N/A | 15,677 | 15,513 | 0.5 | % | |||||||||
Non-Agency CMBS | 322,255 | 268,265 | 266,847 | 5.9 | % | |||||||||
Residential Whole Loans | 674,763 | 682,856 | 684,463 | 4.9 | % | |||||||||
Residential Bridge Loans | 249,179 | 250,161 | 249,226 | 9.1 | % | |||||||||
Securitized Commercial Loans(1) | 1,178,839 | 1,179,866 | 1,191,048 | 5.4 | % | |||||||||
Commercial Loans | 144,787 | 144,110 | 143,951 | 7.3 | % | |||||||||
Other Securities | 71,420 | 82,349 | 92,528 | 9.0 | % | |||||||||
$ | 2,754,849 | $ | 2,702,873 | $ | 2,726,926 | 4.5 | % |
Repurchase Agreements | Balance | Weighted Average Interest Rate (end of period) | Weighted Average Remaining Maturity (days) | ||||||
Agency RMBS | $ | 393,486 | 2.39 | % | 60 | ||||
Agency CMBS | 1,833,352 | 2.36 | % | 62 | |||||
Non-Agency RMBS | 71,117 | 3.70 | % | 31 | |||||
Non-Agency CMBS | 212,282 | 3.79 | % | 48 | |||||
Residential Whole-Loans | 585,178 | 3.65 | % | 35 | |||||
Residential Bridge Loans | 216,917 | 4.37 | % | 26 | |||||
Securitized Commercial Loans | 7,599 | 3.99 | % | 12 | |||||
Commercial Loans | 87,567 | 4.33 | % | 27 | |||||
Other Securities | 61,821 | 3.86 | % | 29 | |||||
Total | $ | 3,469,319 | 2.90 | % | 52 |
Remaining Interest Rate Swap Term | Notional Value | Average Fixed Pay Rate | Average Floating Receive Rate | Average Maturity (Years) | Forward Starting | ||||||||||
1 year or less | $ | 400,000 | 1.5 | % | 2.3 | % | 0.8 | — | % | ||||||
Greater than 1 year and less than 3 years | 200,000 | 1.8 | % | 2.3 | % | 1.7 | — | % | |||||||
Greater than 3 years and less than 5 years | 1,164,700 | 2.4 | % | 2.3 | % | 4.1 | — | % | |||||||
Greater than 5 years | 2,064,700 | 2.7 | % | 2.3 | % | 10.2 | 29.0 | % | |||||||
Total | $ | 3,829,400 | 2.4 | % | 2.3 | % | 6.9 | 15.6 | % |
Remaining Interest Rate Swap Term | Notional Amount | Average Variable Pay Rate | Average Fixed Receive Rate | Average Maturity (Years) | Forward Starting | ||||||||||
Greater than 5 years | $ | 482,400 | 2.3 | % | 2.4 | % | 8.6 | — | % | ||||||
Total | $ | 482,400 | 2.3 | % | 2.4 | % | 8.6 | — | % |
Investor Relations Contact: | Media Contact: |
Larry Clark | Tricia Ross |
Financial Profiles, Inc. | Financial Profiles, Inc. |
(310) 622-8223 | (310) 622-8226 |
lclark@finprofiles.com | tross@finprofiles.com |
September 30, 2018 | December 31, 2017 | |||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 12,817 | $ | 48,024 | ||||
Restricted cash | 100,138 | — | ||||||
Agency mortgage-backed securities, at fair value ($2,325,859 and $2,833,595 pledged as collateral, at fair value, respectively) | 2,475,533 | 2,858,600 | ||||||
Non-Agency mortgage-backed securities, at fair value ($351,032 and $266,189 pledged as collateral, at fair value, respectively) | 365,710 | 378,158 | ||||||
Other securities, at fair value ($92,391 and $89,823 pledged as collateral, at fair value, respectively) | 92,528 | 122,065 | ||||||
Residential Whole-Loans, at fair value ($684,463 and $237,423 pledged as collateral, at fair value, respectively) | 684,463 | 237,423 | ||||||
Residential Bridge Loans ($234,747 and $64,526 at fair value and $249,471 and $106,673 pledged as collateral, respectively) | 249,471 | 106,673 | ||||||
Securitized commercial loan, at fair value | 1,191,048 | 24,876 | ||||||
Commercial Loans, at fair value ($123,677 and $0 pledged as collateral, at fair value, respectively) | 143,951 | — | ||||||
Investment related receivable ($34,559 and $0 pledged as collateral, respectively) | 113,341 | 7,665 | ||||||
Interest receivable | 21,869 | 13,603 | ||||||
Due from counterparties | 81,513 | 86,930 | ||||||
Derivative assets, at fair value | 2,700 | 728 | ||||||
Other assets | 2,903 | 2,161 | ||||||
Total Assets (1) | $ | 5,537,985 | $ | 3,886,906 | ||||
Liabilities and Stockholders’ Equity: | ||||||||
Liabilities: | ||||||||
Repurchase agreements, net | $ | 3,469,319 | $ | 3,251,686 | ||||
Convertible senior unsecured notes, net | 109,731 | 108,743 | ||||||
Securitized debt, at fair value (includes $313,143 and $10,945 held by affiliates, respectively) | 1,119,089 | 10,945 | ||||||
Interest payable (includes $891 and $70 on securitized debt held by affiliates, respectively) | 10,027 | 8,322 | ||||||
Investment related payables | 169,499 | 17,217 | ||||||
Due to counterparties | 1,068 | 1,490 | ||||||
Derivative liability, at fair value | 2,159 | 4,346 | ||||||
Accounts payable and accrued expenses | 3,513 | 3,118 | ||||||
Payable to affiliate | 2,489 | 2,041 | ||||||
Dividend payable | 14,916 | 12,960 | ||||||
Other liabilities | 100,530 | — | ||||||
Total Liabilities (2) | $ | 5,002,340 | $ | 3,420,868 | ||||
Commitments and contingencies | ||||||||
Stockholders’ Equity: | ||||||||
Common stock: $0.01 par value, 500,000,000 shares authorized, 48,116,379 and 41,794,079 outstanding, respectively | 481 | 419 | ||||||
Preferred stock, $0.01 par value, 100,000,000 shares authorized and no shares outstanding | — | — | ||||||
Treasury stock, at cost, 0 and 125,722 shares held, respectively | — | (1,232 | ) | |||||
Additional paid-in capital | 833,840 | 768,763 | ||||||
Retained earnings (accumulated deficit) | (298,676 | ) | (301,912 | ) | ||||
Total Stockholders’ Equity | 535,645 | 466,038 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 5,537,985 | $ | 3,886,906 |
September 30, 2018 | December 31, 2017 | |||||||
(1) Assets of consolidated VIEs included in the total assets above: | ||||||||
Restricted Cash | 100,138 | — | ||||||
Residential Whole-Loans, at fair value ($684,463 and $237,423 pledged as collateral, at fair value, respectively) | 684,463 | 237,423 | ||||||
Residential Bridge Loans ($234,747 and $64,526 at fair value and $249,471 and $106,673 pledged as collateral, respectively) | 249,471 | 106,673 | ||||||
Securitized commercial loan, at fair value | 1,191,048 | 24,876 | ||||||
Commercial Loans, at fair value ($123,677 and $0 pledged as collateral, at fair value, respectively) | 123,677 | — | ||||||
Investment related receivable | 33,430 | 7,665 | ||||||
Interest receivable | 12,418 | 3,358 | ||||||
Other assets | 203 | — | ||||||
Total assets of consolidated VIEs | $ | 2,394,848 | $ | 379,995 | ||||
(2) Liabilities of consolidated VIEs included in the total liabilities above: | ||||||||
Securitized debt, at fair value (includes $313,143 and $10,945 held by affiliates, respectively) | $ | 1,119,089 | $ | 10,945 | ||||
Interest payable (includes $891 and $70 on securitized debt held by affiliates, respectively) | 2,487 | 70 | ||||||
Accounts payable and accrued expenses | 737 | 189 | ||||||
Other liabilities | 100,531 | — | ||||||
Total liabilities of consolidated VIEs | $ | 1,222,844 | $ | 11,204 |
Three months ended | ||||||||||||
September 30, 2018 | June 30, 2018 | March 31, 2018 | ||||||||||
Net Interest Income | ||||||||||||
Interest income | $ | 54,461 | $ | 57,154 | $ | 39,727 | ||||||
Interest expense (includes $4,465, $4,719, and $488 on securitized debt held by affiliates, respectively) | 38,517 | 38,134 | 20,697 | |||||||||
Net Interest Income | 15,944 | 19,020 | 19,030 | |||||||||
Other Income (Loss) | ||||||||||||
Realized gain (loss) on sale of investments, net | (24,229 | ) | (5,608 | ) | 575 | |||||||
Other than temporary impairment | (2,533 | ) | (2,974 | ) | (2,916 | ) | ||||||
Unrealized gain (loss), net | 13,128 | (31,693 | ) | (68,961 | ) | |||||||
Gain (loss) on derivative instruments, net | 24,625 | 28,490 | 79,582 | |||||||||
Other, net | (2 | ) | (145 | ) | 47 | |||||||
Other Income (Loss) | 10,989 | (11,930 | ) | 8,327 | ||||||||
Expenses | ||||||||||||
Management fee to affiliate | 2,284 | 2,259 | 2,180 | |||||||||
Other operating expenses | 1,609 | 1,555 | 969 | |||||||||
General and administrative expenses: | ||||||||||||
Compensation expense | 552 | 572 | 510 | |||||||||
Professional fees | 1,065 | 818 | 1,295 | |||||||||
Other general and administrative expenses | 335 | 397 | 361 | |||||||||
Total general and administrative expenses | 1,952 | 1,787 | 2,166 | |||||||||
Total Expenses | 5,845 | 5,601 | 5,315 | |||||||||
Income before income taxes | 21,088 | 1,489 | 22,042 | |||||||||
Income tax provision (benefit) | 206 | 36 | 313 | |||||||||
Net income | $ | 20,882 | $ | 1,453 | $ | 21,729 | ||||||
Net income per Common Share – Basic | $ | 0.50 | $ | 0.03 | $ | 0.52 | ||||||
Net income per Common Share – Diluted | $ | 0.50 | $ | 0.03 | $ | 0.52 | ||||||
Dividends Declared per Share of Common Stock | $ | 0.31 | $ | 0.31 | $ | 0.31 |
Three months ended | ||||||||||||
(dollars in thousands) | September 30, 2018 | June 30, 2018 | March 31, 2018 | |||||||||
Net Income | $ | 20,882 | $ | 1,453 | $ | 21,729 | ||||||
Income tax provision (benefit) | 206 | 36 | 313 | |||||||||
Income before income taxes | 21,088 | 1,489 | 22,042 | |||||||||
Adjustments: | ||||||||||||
Investments: | ||||||||||||
Unrealized (gain) loss on investments, securitized debt and other liabilities | (13,128 | ) | 31,693 | 68,961 | ||||||||
Other than temporary impairment | 2,533 | 2,974 | 2,916 | |||||||||
Realized (gain) loss on sale of investments | 24,229 | 5,608 | (575 | ) | ||||||||
One-time transaction costs | 310 | 163 | 41 | |||||||||
Derivative Instruments: | ||||||||||||
Net realized (gain) loss on derivatives | (29,569 | ) | (22,973 | ) | (79,118 | ) | ||||||
Unrealized (gain) loss on derivatives | 7,036 | (4,268 | ) | (1,308 | ) | |||||||
Amortization of discount on convertible senior unsecured notes | 137 | 138 | 137 | |||||||||
Non-cash stock-based compensation | 70 | 50 | 75 | |||||||||
Total adjustments | (8,382 | ) | 13,385 | (8,871 | ) | |||||||
Core Earnings | $ | 12,706 | $ | 14,874 | $ | 13,171 | ||||||
Basic and Diluted Core Earnings per Common Share and Participating Securities | $ | 0.30 | $ | 0.35 | $ | 0.32 | ||||||
Basic and Diluted Core Earnings plus Drop Income per Common Share and Participating Securities | $ | 0.33 | $ | 0.36 | 0.34 | |||||||
Basic weighted average common shares and participating securities | 42,168,806 | 41,707,291 | 41,844,798 | |||||||||
Diluted weighted average common shares and participating securities | 42,168,806 | 41,707,291 | 41,844,798 |
Three months ended | ||||||||||||
(dollars in thousands) | September 30, 2018 | June 30, 2018 | March 31, 2018 | |||||||||
Coupon interest income | $ | 59,045 | $ | 60,043 | $ | 40,557 | ||||||
Premium amortization, discount accretion and amortization of basis, net | (4,584 | ) | (2,889 | ) | (830 | ) | ||||||
Interest income | 54,461 | 57,154 | 39,727 | |||||||||
Contractual interest income, net of amortization of basis on Agency and Non-Agency Interest-Only Strips, classified as derivatives(1): | ||||||||||||
Coupon interest income | 1,209 | 1,011 | 1,422 | |||||||||
Amortization of basis | (996 | ) | (783 | ) | (1,191 | ) | ||||||
Subtotal | 213 | 228 | 231 | |||||||||
Total adjusted interest income | $ | 54,674 | $ | 57,382 | $ | 39,958 |
Three months ended | |||||||||||||||||||||
September 30, 2018 | June 30, 2018 | March 31, 2018 | |||||||||||||||||||
(dollars in thousands) | Reconciliation | Cost of Funds/Effective Borrowing Costs | Reconciliation | Cost of Funds/Effective Borrowing Costs | Reconciliation | Cost of Funds/Effective Borrowing Costs | |||||||||||||||
Interest expense | $ | 38,517 | 3.50 | % | $ | 38,134 | 3.20 | % | $ | 20,697 | 2.38 | % | |||||||||
Adjustments: | |||||||||||||||||||||
Interest expense on Securitized debt from consolidated VIEs | (13,975 | ) | (4.85 | )% | (14,340 | ) | 4.62 | % | (1,060 | ) | 5.23 | % | |||||||||
Net interest (received) paid - interest rate swaps | (1,962 | ) | (0.18 | )% | (1,044 | ) | (0.09 | )% | 1,056 | 0.12 | % | ||||||||||
Effective Borrowing Costs | $ | 22,580 | 2.78 | % | $ | 22,750 | 2.58 | % | $ | 20,693 | 2.41 | % | |||||||||
Weighted average borrowings | $ | 3,224,915 | $ | 4,780,990 | $ | 3,526,311 |
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