Anworth raises conversion rate on 6.25% convertible preferreds

By Wendy Van Sickle

Columbus, Ohio, May 12 – Anworth Mortgage Asset Corp. announced an increase to the conversion rate of its 6.25% series B cumulative convertible preferred stock.

Effective May 13, the conversion rate is 5.8327 shares of Anworth common stock per $25 convertible instead of 5.5992 shares, according to a news release.

Anworth’s board of directors declared a quarterly common stock dividend of $0.05 per share, which is payable May 29 to stockholders of record as of the close of business on May 12.

When Anworth pays a cash dividend during any quarter to its common stockholders in an amount that results in an annualized common stock dividend yield greater than 6.25%, the conversion rate on the convertibles is adjusted.

Anworth is an externally managed mortgage real estate investment trust that invests primarily in mortgage-backed securities. The company is based in Santa Monica, Calif.

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