Anworth dividend payout triggers lift to preferreds conversion rate

By Melissa Kory

Cleveland, Jan. 20 - Anworth Mortgage Asset Corp. said it increased the conversion rate on its 6.25% series B cumulative convertible preferred stock to 3.4094 common shares from 3.3564 common shares, effective Dec. 29.

The conversion rate is adjusted if a cash dividend payout during any quarterly fiscal period to stockholders results in an annualized stock dividend yield greater than 6.25%, which is the dividend yield on the series B preferreds, according to a press release.

The board of directors declared a quarterly common stock dividend of $0.22 per share on Dec. 16.

The board declared a dividend of $0.390625 per preferred for the first quarter of 2011, which is payable on April 15.

Anworth is a Santa Monica, Calif.-based real estate investment trust focusing on mortgage-backed securities and residential mortgage loans.

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