Anworth Mortgage ups conversion rate due to dividend payment clause

By Susanna Moon

Chicago, July 21 - Anworth Mortgage Asset Corp. said the conversion rate has increased on its 6.25% series B cumulative convertible preferred stock as a result of dividend payouts on its common and preferred stock for the third quarter.

The conversion rate is now 3.5374 common shares, effective July 12, up from 3.4778 shares, according to a company press 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%, according to a press release.

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

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