Western Asset Management Company is a wholly owned subsidiary of Legg Mason (LM). Western Asset Management Company has approximately $459B in assets under management. This includes $58B in total mortgage exposure. $39B of this is in Agency RMBS. $8.8B is invested in non-Agency RMBS. $1.3B is invested in CMBS; and $8.8B is invested in ABS. In other words, WMC may be a new company; but its management team has a wealth of experience. The only downside appears to be that WMC also announced on September 19, 2013 that its book value had fallen to $16.37 per share as of August 31, 2013. This was down -5.87% (-$1.02 per share) from the $17.39 per share book value as of June 30, 2013. This would seem to be very bad news considering the dividend is only $0.90 (slightly less than the announced book value loss). However, after what can only be described as a great September 2013, WMC may not lose any book value at all. In fact, it may gain book value. The following