Pasadena-based Western Asset Mortgage Capital Corporation (WMC) operates as a real estate investment trust that focuses on residential real estate related assets. These assets include non-qualified mortgage loans, non-agency residential mortgage-backed securities (RMBS), and other associated investments. The company, which was incorporated in 2009, manages and acquires a diversified portfolio of assets within its investment portfolio. Its structure as a REIT allows for WMC to qualify for federal income tax purposes.