TPG Specialty Lending Inc.'s board has approved an extension of the company's stock repurchase plan.

Under the plan, the company can buy up to a total of $50 million of its common stock at prices below its net asset value per share. The program is now expected to be in effect through the earlier of Feb. 28, 2018, or when the approved repurchase amount of up to $50 million has been fully utilized.

TPG Specialty Lending reported second-quarter net income of $31.8 million, or 53 cents per share, compared with $49.6 million, or 84 cents per share, in the prior-year period.

The S&P Capital IQ consensus GAAP EPS estimate for the quarter was 46 cents.