Understands report of capture (4)
I believe the answer is:
sees
'understands' is the definition.
('see' can be a synonym of 'understand')
'report of capture' is the wordplay.
'report of' shows a homophone (sound like).
'capture' becomes 'seize' ('seize' can be a synonym of 'capture').
'seize' is a homophone of 'SEES'.
(Other definitions for sees that I've seen before include "Understands" , "Observes or perceives" , "Notices" , "Gets sight of" , "Bishoprics" .)