Pasadena, Calif.-based Western Asset Mortgage Capital Corp.'s board reauthorized the company's share buyback program, allowing the repurchase of up to 2,700,000 common shares through Dec. 31, 2021.

The previous authorization was set to expire Dec. 31.

Repurchases may be made in the open market, in privately negotiated transactions or pursuant to any trading plan that the company has adopted.

The company has repurchased 191,400 common shares at an average price of $9.75 per share, totaling about $1.9 million, since the last extension of the share repurchase program in December 2017.