Western Asset Mortgage Capital Corporation Announces Chief Investment Officer Transition

PASADENA, Calif., Dec. 3, 2018 /PRNewswire/ -- Western Asset Mortgage Capital Corporation (NYSE: WMC) (the "Company" or "WMC") today announced Anup Agarwal's resignation from his position as Chief Investment Officer ("CIO") of the Company, which is managed by Western Asset Management Company, LLC ("Western Asset"), effective January 4, 2019. Mr. Agarwal will be leaving to pursue another opportunity.

The Board of Directors of the Company (the "Board") has appointed Sean Johnson and Dennis McNamara to serve as interim Co-CIOs upon Mr. Agarwal's departure. Western Asset will conduct a comprehensive search of both internal and external candidates for a successor CIO for the Company.

"Sean, Dennis and the Western Asset investment team have been deeply involved in the strategy and management of the Company's portfolio," said Jennifer Murphy, Chief Executive Officer of the Company. "We will continue to pursue our differentiated strategy to position the Company in the most attractive sectors of the mortgage market by drawing on the breadth and depth of Western Asset's capabilities."

Mr. Johnson is a Portfolio Manager with over 29 years of investment management experience and has been an integral part of the Company's investment team and strategy since its initial public offering in 2012. Mr. Johnson has deep expertise in residential mortgages and related derivative products as well as a strong understanding of the specialized needs of the REIT portfolio. He joined Western Asset in 1995.

Mr. McNamara, Director of Portfolio Operations at Western Asset, has over 38 years of investment management experience, including an extensive background in managing mortgages and structured products. Mr. McNamara has served in various portfolio management and senior leadership positions on the investment team since joining Western Asset in 2001. Notably, Mr. McNamara was the head of Western Asset's Structured Products team in 2013 and had prior experience managing mortgages at Transamerica and Kleinwort Benson Capital Management.

"Western Asset's hallmark is its team-based investment approach," said James W. Hirschmann, Chairman of the Board. "We have a deep bench of talent to draw from for the leadership of WMC's investment strategies. We are pleased to welcome Dennis and Sean to their expanded roles at the Company. They both have strong track records at Western Asset and in the investment management field and are well suited to lead the investment team at WMC. Over the coming weeks, they will continue to work closely with Anup to ensure a smooth transition for our shareholders."

"We are very grateful to Anup for his years of service, and we wish him all the best in his future endeavors," Mr. Hirschmann added.

ABOUT WESTERN ASSET MORTGAGE CAPITAL CORPORATION
Western Asset Mortgage Capital Corporation is a real estate investment trust that invests in, acquires and manages a diverse portfolio of assets consisting of Agency CMBS, Agency RMBS, Non-Agency RMBS, Non-Agency CMBS, ABS, GSE Risk Transfer Securities, Residential Whole and Bridge Loans and Commercial Loans. The Company's investment strategy may change, subject to the Company's stated investment guidelines, and is based on its manager Western Asset Management Company LLC's perspective of which mix of portfolio assets it believes provide the Company with the best risk-reward opportunities at any given time. The Company is externally managed and advised by Western Asset Management Company, LLC, an investment advisor registered with the Securities and Exchange Commission and a wholly-owned subsidiary of Legg Mason, Inc. Please visit the Company's website at www.westernassetmcc.com.

FORWARD-LOOKING STATEMENTS
Certain items in this press release may constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to the proposed offering and the anticipated use of the net proceeds from the offering. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The Company can give no assurance that its expectations will be attained. Factors that may cause actual results to vary from our forward-looking statements include, but are not limited to, changes in interest rates; changes in the yield curve; changes in prepayment rates; the availability and terms of financing; general economic conditions; market conditions; conditions in the market for mortgage related investments; legislative and regulatory changes that could adversely affect the business of the Company; and other factors, including those set forth in the Risk Factors section of the Company's annual report on Form 10-K for the period ended December 31, 2017 and quarterly reports on Form 10-Q for the fiscal quarters ended March 31, 2018, June 30, 2018 and September 30, 2018 filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

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SOURCE Western Asset Mortgage Capital Corporation