Anworth Announces Increase to Series B Preferred Stock Conversion Rate
16 March 2021 - 7:05AM
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
6.2176 shares of Anworth’s common stock to 6.2235 shares of its
common stock effective March 16, 2021.
As previously announced on February 25, 2021, Anworth’s Board of
Directors declared a common stock dividend of $0.04 per share,
which is payable on March 18, 2021 to holders of record of common
stock as of the close of business on March 15, 2021. 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 6.2176 shares of Anworth’s
common stock to 6.2235 shares of its common stock effective March
16, 2021.
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 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; the scope and duration
of the COVID-19 (coronavirus) pandemic, including actions taken by
governmental authorities to contain the spread of the virus, and
the impact on our business and the general economy; 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; the risk that the
proposed merger of Anworth with and into a merger subsidiary of
Ready Capital Corporation (the “Merger”) will not be consummated
within the expected time period or at all; the occurrence of any
event, change or other circumstances that could give rise to the
termination of the merger agreement; the inability to obtain
stockholder approvals relating to the Merger or the failure to
satisfy the other conditions to completion of the Merger; risks
related to disruption of management attention from our ongoing
business operations due to the proposed Merger; the effect of the
announcement of the proposed Merger on our operating results and
business generally; and the outcome of any legal proceedings
relating to the Merger. Our Annual Report on Form 10-K, the joint
proxy statement/prospectus, and other SEC filings discuss the most
significant risk factors that may affect our business, results of
operations and financial condition and the proposed Merger, copies
of which are available on the SEC’s website at www.sec.gov. 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, 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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