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Anworth increases conversion rate on 6.25% convertible preferreds
By Marisa Wong
Morgantown, W.Va., June 29 – Anworth Mortgage Asset Corp. announced an increase to the conversion rate of its 6.25% series B cumulative convertible preferred stock.
Effective July 2, the conversion rate will be 5.1021 shares of Anworth common stock per $25 convertible instead of 5.0453 shares, according to a press release.
Anworth’s board of directors declared a quarterly common stock dividend of $0.14 per share, which is payable on July 30 to stockholders of record as of the close of business on June 29.
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.
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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