Anworth Announces Increase to Series B Preferred Stock Conversion Rate
March 31 2017 - 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 will increase from
4.7932 shares of Anworth’s common stock to 4.8469 shares of its
common stock effective April 3, 2017.
As previously announced on March 15, 2017, Anworth’s board of
directors declared a quarterly common stock dividend of $0.15 per
share, which is payable on April 28, 2017 to holders of record of
common stock as of the close of business on March 31, 2017. 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 will increase from 4.7932 shares of Anworth’s
common stock to 4.8469 shares of its common stock effective April
3, 2017.
About Anworth Mortgage Asset Corporation
We are an externally managed mortgage real estate investment
trust. 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, or the Manager, pursuant a management agreement.
The Manager is subject to the supervision and direction of our
Board of Directors 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 management
services 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 the global financial crisis; 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 CorporationJohn T. Hillman1299 Ocean
Avenue, Second FloorSanta Monica, CA 90401(310) 255-4438 or (310)
255-4493jhillman@anworth.comhttp://www.anworth.com
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