Anworth Mortgage Asset increases 6.25% convertibles’ conversion ratio

By Tali Rackner

Norfolk, Va., Oct. 1 – The conversion rate for Anworth Mortgage Asset Corp.’s 6.25% series B cumulative convertible preferred stock increased to 4.3942 shares of its common stock from 4.3274 shares, according to a press release.

The change is effective as of Thursday.

Anworth stock closed at $4.94 (NYSE: ANH) on Wednesday.

The increase is due to a quarterly common stock dividend of $0.15 per share payable on Oct. 29 to holders of record as of the close of business on Sept. 30.

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

Anworth is an externally managed mortgage real estate investment trust based in Santa Monica, Calif.

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