Western Asset Mortgage Capital Corporation Board of Directors Approved 1:10 Reverse Stock Split

FOR IMMEDIATE RELEASE

Pasadena, CA., June 30, 2022 – Western Asset Mortgage Capital Corporation (NYSE: WMC) (“WMC” or the “Company”) today announced that its Board of Directors has approved a reverse stock split of common stock of the Company at a ratio of 1:10. The reverse stock split was previously approved by shareholders at the annual meeting of shareholders held on June 24, 2022.

WMC’s common stock will begin trading on a split-adjusted basis on the New York Stock Exchange at the market open on July 11, 2022. Once effective, the reverse stock split will reduce the number of common shares issued and outstanding from approximately 60.6 million to approximately 6.06 million. In addition, the number of authorized shares of the ordinary shares of the Company will be reduced by a corresponding ratio.

No fractional shares will be issued following the reverse stock split. Instead, the Company’s transfer agent will aggregate all fractional shares and sell them as soon as practicable after the effective time at the then prevailing open market prices. Following completion of such sale by the transfer agent, shareholders who would have been entitled to a fractional share as a result of the reverse stock split will instead receive a cash payment from the transfer agent of a amount equal to their respective pro rata share of the total proceeds of this sale.

The primary purpose of the reverse stock split is to increase the market price of the Company’s common stock and to improve the marketability and liquidity of the Company’s common stock, as further described in the latest proxy statement. proxies of the Company.

The ticker symbol for the common shares of the Company will remain “WMC”. The new CUSIP number for the common shares of the Company following the stock consolidation is 95790D204.

ABOUT WESTERN ASSET MORTGAGE CAPITAL CORPORATION

Western Asset Mortgage Capital Corporation is a real estate investment trust that invests, acquires and manages a diversified portfolio of assets consisting of whole residential loans, non-agency RMBS and, to a lesser extent, GSE risk transfer securities, commercial loans, non-agency CMBS, Agency RMBS, Agency CMBS and ABS. The Company’s investment strategy is subject to change, subject to the investment guidelines set forth by the Company, and is based on its manager Western Asset Management Company, LLC’s view of the mix of assets in the portfolio which, according to it offers the Company the best risk-return opportunities at any given time. . The company is externally managed and advised by Western Asset Management Company, LLC, a Securities and Exchange Commission registered investment adviser and a wholly owned subsidiary of Franklin Resources, Inc. Please visit the company’s website at address www.westernassetmcc.com.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements”. For these statements, the Company claims the protections of the safe harbor for forward-looking statements contained in these sections. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and generally beyond the Company’s control. In particular, it is difficult to fully assess the impact of COVID-19 at present due to, among other factors, the uncertainty regarding the severity and duration of the epidemic nationally and internationally and the the effectiveness of federal, state, and local government efforts to contain the spread of COVID-19 and respond to its direct and indirect impact on the United States economy and economic activity.

Results of operations are subject to numerous conditions, many of which are beyond the Company’s control, including, without limitation, changes in interest rates; evolution of the yield curve; changes in prepayment rates; the availability and terms of financing; general economic conditions; market conditions; market conditions for mortgage-related investments; and legislative and regulatory changes that could adversely affect the Company’s business.

Other factors are described in the Risk Factors section of the Company’s Annual Report on Form 10-K for the period ended December 31, 2021 filed with the Securities and Exchange Commission (“SEC”). The Company assumes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact with Investor Relations:

larry clark

Financial Profiles, Inc.

(310) 622-8223

[email protected]

Media Contact:

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Tricia Ross

Financial Profiles, Inc.

(310) 622-8226

[email protected]

Source: Western Asset Mortgage Capital Corporation

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