Western Asset Mortgage Capital Corporation Announces Interim Fourth Quarter Common Dividend of $0.14 Per Share

Western Asset Mortgage Capital Corporation (NYSE: WMC) (“WMC”) announced that its Board of Directors has declared an interim fourth quarter dividend of $0.14 per common share. The dividend is payable on November 8, 2023 to stockholders of record as of November 3, 2023.

The interim fourth quarter dividend is being made pursuant to the terms of the previously announced Agreement and Plan of Merger, dated as of August 8, 2023 (the “Merger Agreement”), by and among AG Mortgage Investment Trust, Inc. (“MITT”), AGMIT Merger Sub, LLC (“Merger Sub”), WMC and, solely for the limited purposes set forth in the Merger Agreement, AG REIT Management, LLC, pursuant to which, subject to the terms and conditions therein, WMC will be merged with and into Merger Sub, with Merger Sub continuing as the surviving company (such transaction, the “Merger”). The Merger Agreement provides that WMC’s common stockholders are entitled to receive a partial payment of the current quarter’s dividend prior to the anticipated closing date of the Merger. This interim dividend payment was calculated based on the per share amount of WMC’s most recent quarterly dividend, multiplied by the number of days elapsed since WMC’s last dividend record date through and including the day prior to the expected November 9, 2023 closing date of the Merger, and divided by the actual number of days in the calendar quarter in which the interim dividend is declared. Under the Merger Agreement, MITT is also required to distribute a similar partial payment dividend to its common stockholders of record.

Additional information regarding the interim dividend and the proposed Merger is included in the joint proxy statement/prospectus relating to the Merger that was declared effective by the Securities and Exchange Commission (the “SEC”) on September 29, 2023 and mailed to stockholders on or about October 3, 2023.

About Western Asset Mortgage Capital Corporation

WMC is a real estate investment trust that invests in, finances, and manages a diverse portfolio of assets consisting of Residential Whole Loans, Non-Agency RMBS, and to a lesser extent GSE Risk Transfer Securities, Commercial Loans, Non-Agency CMBS, Agency RMBS, Agency CMBS, and ABS. WMC 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 Franklin Resources, Inc.