Western Asset Mortgage Capital Corporation (WMC)

Western Asset Mortgage Capital Corporation (WMC) — VMCI valuation read

Headline read on WMC: VMCI of 40/100 versus a Real Estate sector median of 50. The 10-point below-median position is what makes Western Asset Mortgage Capital Corporation a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on WMC: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on WMC: value (WMC trades at 25.0x earnings, 39% above the Real Estate median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Real Estate median (10.0%)), and risk (net debt to EBITDA of 0.1x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Real Estate 12.0x baseline.

WMC rose 0.8% over the trailing 7 days, with a +3.8% read on a 30-day basis.