PASADENA, Calif., Dec. 21, 2017 /PRNewswire/ -- Western Asset
Mortgage Capital Corporation (the "Company")(NYSE: WMC) today
announced that its Board of Directors has reauthorized its share
repurchase program, permitting the repurchase of up to 2,100,000
shares of its common stock through December
31, 2019. The previous authorization was set to expire
on December 31, 2017. Any purchases
made pursuant to the program will be made in the open market, in
privately negotiated transactions, or pursuant to any trading plan
that may be adopted in accordance with Rules 10b5-1 and
10b-18 of the Securities and Exchange
Commission. The authorization does not obligate the Company to
acquire any particular amount of common shares, or any shares at
all, and the program may be suspended or discontinued at the
Company's discretion without prior notice.
During the fourth quarter of 2017, the Company has repurchased
112,022 shares of its common stock at an average price of
$9.74 per share, totaling
approximately $1.1 million. These
purchases were the first purchases since the initiation of the
plan. Management's overall goals
include growing the Company's equity base to help reduce the
Company's expense ratio and expand capital for investment, but from
time to time when shares are trading at a significant discount
repurchasing shares can generate value for our shareholders.
The timing, manner, price and amount of any future repurchases will
be determined by the Company in its discretion and will be subject
to economic and market conditions, stock price, applicable legal
requirements and other factors.
"The repurchase of our shares and the extension of the share
repurchase authorization reflects the Company's commitment to
enhancing shareholder value," said Jennifer
Murphy, Chief Executive Officer of Western Asset Mortgage
Capital Corporation.
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 consisting of Agency CMBS, Agency RMBS,
Non-Agency CMBS, Non-Agency RMBS, Residential and Commercial
Whole-Loans, Bridge Loans and other financial assets. 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's perspective of which mix of portfolio assets
it believes provides the Company with the best risk-reward
opportunities at any given time. The Company is externally managed
and advised by Western Asset Management Company, an investment
advisor registered with the Securities and Exchange Commission and
a wholly-owned subsidiary of Legg
Mason, Inc. Please visit the Company's website at
www.westernassetmcc.com.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute
"forward-looking statements." Operating results are subject
to numerous conditions, many of which are beyond the control of the
Company, including, without limitation, changes in interest rates;
changes in the yield curve; changes in prepayment rates; the
availability and terms of financing; general economic conditions;
market conditions; conditions in the market for mortgage related
investments; legislative and regulatory changes that could
adversely affect the business of the Company; and other factors,
including those set forth in the Risk Factors section of the
Company's annual report on Form 10-K for the period ended
December 31, 2016 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.
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SOURCE Western Asset Mortgage Capital Corporation