Western Asset Mortgage Capital Corporation Announces Extension Of Share Repurchase Program

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.

SOURCE Western Asset Mortgage Capital Corporation

Related Links

http://www.westernassetmcc.com