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Anworth Mortgage Asset increases conversion rate of 6.25% convertibles
By Angela McDaniels
Tacoma, Wash., Sept. 30 – Anworth Mortgage Asset Corp. announced an increase in the conversion rate of its 6.25% series B cumulative convertible preferred stock.
Effective Oct. 1, the conversion rate is 4.7329 shares of Anworth common stock per $25 convertible instead of 4.6635 shares, according to an 8-K filing with the Securities and Exchange Commission.
Anworth’s board of directors declared a quarterly common stock dividend of $0.15 per share, which is payable on Oct. 28 to stockholders of record as of the close of business on Sept. 30.
When Anworth pays a cash dividend during any quarter to its common stockholders in an amount that results in an annualized common stock dividend yield greater than 6.25%, the conversion rate on the convertibles is adjusted.
The new conversion rate is equivalent to $5.28 per share. The company’s common stock closed at $4.92 (NYSE: ANH) on Friday.
Anworth is an externally managed mortgage real estate investment trust that invests primarily in mortgage-backed securities. The company is based in Santa Monica, Calif.
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