Western Asset Mortgage Capital Corporation (the “Company”) (NYSE: WMC) announced today that its Board of Directors has declared a cash dividend of $0.35 per share for the second quarter of 2023. Today’s dividend is payable on July 26, 2023 to common shareholders of record as of July 3, 2023, with an ex-dividend date of June 30, 2023.

In addition, the Company estimates that its GAAP book value per share, as of May 31, 2023, was approximately $15.50. The May 31, 2023 estimated GAAP book value is unaudited, has not been verified or reviewed by any third party and is subject to normal quarterly reconciliation and other procedures. Further, the estimated book value is as of May 31, 2023 and does not include the dividend announced today. GAAP book value will fluctuate with market conditions, the results of the Company’s operations and other factors. The Company’s current GAAP book value may be materially different from the May 31, 2023 estimated GAAP book value.

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, with a focus on residential real estate related investments, including non-qualified mortgage loans, non-agency RMBS and other related investments. 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 Franklin Resources, Inc. Please visit the Company’s website at www.westernassetmcc.com.

FORWARD-LOOKING STATEMENTS

This press release contains statements that may constitute "forward-looking statements". For these statements, the Company claims the protections of the safe harbor for forward-looking statements contained in such sections. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. Such risks and uncertainties are described in the Risk Factors section of the Company’s annual report on Form 10-K for the period ended December 31, 2022 filed with the Securities and Exchange Commission (“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.

Investor Relations Contact: Larry Clark, CFA Financial Profiles, Inc. (310) 622-8223 lclark@finprofiles.com

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