Anworth 6.25% convertible preferreds to be converted to Ready Capital securities

By Wendy Van Sickle

Columbus, Ohio, March 4 – Anworth Mortgage Asset Corp. said that it expects to close its merger with Ready Capital Corp. on March 19, at which time each share of Anworth’s 6.25% series B cumulative convertible preferred stock will be converted into the right to receive one share of a newly designated series of Ready Capital’s series C preferred stock.

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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