Anworth Announces Increase to Series B Preferred Stock Conversion Rate
June 28 2019 - 4:05PM
Business Wire
Anworth Mortgage Asset Corporation (NYSE: ANH) announced that in
accordance with the terms of Anworth’s 6.25% Series B Cumulative
Convertible Preferred Stock, or Series B Preferred Stock, the
conversion rate of the Series B Preferred Stock has increased from
5.3539 shares of Anworth’s common stock to 5.4397 shares of its
common stock effective July 1, 2019.
As previously announced on June 13, 2019, Anworth’s Board of
Directors declared a quarterly common stock dividend of $0.11 per
share, which is payable on July 29, 2019 to holders of record of
common stock as of the close of business on June 28, 2019. When
Anworth pays a cash dividend during any quarterly fiscal period to
its common stockholders in an amount that results in an annualized
common stock dividend yield greater than 6.25% (the dividend yield
on the Series B Preferred Stock), the conversion rate on the Series
B Preferred Stock is adjusted based on a formula specified in the
Articles Supplementary Establishing and Fixing the Rights and
Preferences of the Series B Preferred Stock (and also available on
the “Series B Pfd. Stock Conversion” page of Anworth’s web site at
http://www.anworth.com). As a result of this dividend, the
conversion rate has increased from 5.3539 shares of Anworth’s
common stock to 5.4397 shares of its common stock effective July 1,
2019.
About Anworth Mortgage Asset Corporation
We are an externally-managed mortgage real estate investment
trust (“REIT”). We invest primarily in mortgage-backed securities
that are either rated “investment grade” or are guaranteed by
federally sponsored enterprises, such as Fannie Mae or Freddie Mac.
We seek to generate income for distribution to our shareholders
primarily based on the difference between the yield on our mortgage
assets and the cost of our borrowings. We are managed by Anworth
Management LLC (our “Manager”), pursuant to a management agreement.
Our Manager is subject to the supervision and direction of our
Board and is responsible for (i) the selection, purchase, and sale
of our investment portfolio; (ii) our financing and hedging
activities; and (iii) providing us with portfolio management,
administrative, and other services and activities relating to our
assets and operations as may be appropriate. Our common stock is
traded on the New York Stock Exchange under the symbol “ANH.”
Anworth Mortgage Asset Corporation is a component of the Russell
2000® Index.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
This news release may contain forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are based upon our current expectations and speak only
as of the date hereof. Forward-looking statements, which are based
on various assumptions (some of which are beyond our control) may
be identified by reference to a future period or periods or by the
use of forward-looking terminology, such as “may,” “will,”
“believe,” “expect,” “anticipate,” “assume,” “estimate,” “intend,”
“continue,” or other similar terms or variations on those terms or
the negative of those terms. Our actual results may differ
materially and adversely from those expressed in any
forward-looking statements as a result of various factors and
uncertainties, including but not limited to, changes in interest
rates; changes in the market value of our mortgage-backed
securities; changes in the yield curve; the availability of
mortgage-backed securities for purchase; increases in the
prepayment rates on the mortgage loans securing our mortgage-backed
securities; our ability to use borrowings to finance our assets
and, if available, the terms of any financing; risks associated
with investing in mortgage-related assets; changes in business
conditions and the general economy, including the consequences of
actions by the U.S. government and other foreign governments to
address various financial and economic issues and our ability to
respond to and comply with such actions and changes; implementation
of or changes in government regulations affecting our business; our
ability to maintain our qualification as a real estate investment
trust for federal income tax purposes; our ability to maintain an
exemption from the Investment Company Act of 1940, as amended;
risks associated with our home rental business; and the Manager’s
ability to manage our growth. Our Annual Report on Form 10-K and
other SEC filings discuss the most significant risk factors that
may affect our business, results of operations and financial
condition. We undertake no obligation to revise or update publicly
any forward-looking statements for any reason.
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Anworth Mortgage Asset Corporation John T. Hillman 1299 Ocean
Avenue, Second Floor Santa Monica, CA 90401 (310) 255-4438 or (310)
255-4493 Email: jhillman@anworth.com Web site:
http://www.anworth.com
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