Anworth Announces Company Updates
21 March 2020 - 12:38PM
Business Wire
Anworth Mortgage Asset Corporation (NYSE: ANH) (“Anworth”)
announced today the following updates with respect to its
operations through the close of business on March 20, 2020:
- At this time, we are delaying the declaration of our quarterly
common stock dividend that would typically be paid on April 29,
2020. We believe this decision is prudent, given the current market
conditions, and is also in the best interest of our
shareholders.
- We estimate that our book value is down approximately 15% in
the current quarter, through March 17, 2020. Over the last several
days, markets in both Agency MBS and Non-Agency MBS have been
increasingly volatile and illiquid, and we would estimate that our
current book value would be significantly lower than our March 17,
2020 estimate if based upon valuations derived from the highly
illiquid trading activity that we have recently observed.
- Anworth has continued to roll over its repurchase agreement
(“repo”) borrowings as needed. The repo markets continue to
function, although with higher interest rates and more restrictive
terms being requested by some Non-Agency MBS repo
counterparties.
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; 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 our 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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version on businesswire.com: https://www.businesswire.com/news/home/20200320005622/en/
Anworth Mortgage Asset Corporation John T. Hillman, Director of
Investor Relations 1299 Ocean Avenue, 2nd 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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