Anworth increases conversion rate on 6.25% convertible preferreds

By Marisa Wong

Morgantown, W.Va., June 30 – Anworth Mortgage Asset Corp. will increase the conversion rate of its 6.25% series B cumulative convertible preferred stock to 4.6635 shares of common stock from 4.5739 shares, according to a press release.

The change is effective Friday.

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

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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