WMC - Western Asset Mortgage investment chief exits; WMC buys $10M of its notes

Western Asset Mortgage Capital (WMC) names Sean Johnson and Greg Handler to serve as interim co-chief investment officers as of Jan. 8, 2021, following the resignation of Harris Trifon to pursue another opportunity.In addition, WMC purchased an additional $10M of its 6.75% convertible senior notes at ~13% discount to par value. In December, the company repurchased a total of $25M principal amount of notes, bringing its aggregate principal amount of notes outstanding to $175M as of Dec. 30, 2020.Johnson currently serves as deputy chief investment officer and has been part of WMC's investment team since its IPO in 2012.Handler, co-head of the mortgage and consumer credit team at WMC, joined the company in 2002. He's lead portfolio manager of WMC's dedicated mortgage portfolios and a member of the company's U.S. Broad Strategy Committee.

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Western Asset Mortgage investment chief exits; WMC buys $10M of its notes