Anworth Mortgage raises conversion rate on its 6.25% preferred stock

By Ashley Montgomery

Kansas City, Kan., Dec. 29 - Anworth Mortgage Asset Corp. said the conversion rate on its 6.25% series B cumulative convertible preferred stock has increased to 3.6714 shares from 3.6075.

The change, effective Wednesday, is a result of a quarterly dividend payable Jan. 27 on the company's common stock.

According to a company news release, the conversion rate is adjusted if a cash dividend to stockholders during any fiscal quarter results in an annualized stock dividend yield of greater than 6.25%.

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

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