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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Anworth Mortgage Asset Corporation | NYSE:ANH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.98 | 0 | 01:00:00 |
001-13709
|
52-2059785
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
1299 Ocean Avenue, 2nd Floor, Santa Monica, California | 90401 |
(Address of Principal Executive Offices)
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(Zip Code)
|
☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
|
||
Common Stock, $0.01 Par Value
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ANH
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New York Stock Exchange
|
||
Series A Cumulative Preferred Stock, $0.01 Par Value
|
ANHPRA
|
New York Stock Exchange
|
||
Series B Cumulative Convertible Preferred Stock, $0.01 Par Value
|
ANHPRB
|
New York Stock Exchange | ||
Series C Cumulative Redeemable Preferred Stock, $0.01 Par Value
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ANHPRC
|
New York Stock Exchange
|
Item 8.01. |
Other Events.
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●
|
The global COVID-19 outbreak has significantly impacted the global economy, world financial markets, and the markets for both Agency mortgage-backed securities (“Agency MBS”) and non-Agency mortgage-backed securities
(“Non-Agency MBS”). The Fed’s recent actions to support the Agency MBS market have been succeeding in lowering what had been an unprecedented level of volatility over the past several weeks. Non-Agency MBS prices have moved significantly
lower recently, but have stabilized over this past week. We have taken significant steps through this market turmoil to improve liquidity and lower outstanding repurchase agreement borrowings through sales of Non-Agency MBS and Agency MBS.
|
●
|
We estimate that our book value per common share at March 31, 2020 is down approximately 40% in the current quarter, to approximately $2.75 per share. Including our three series of preferred shares, the book value of our
combined common and preferred stock has declined by approximately 32%.
|
●
|
Anworth has reduced its Non-Agency repurchase agreement borrowings to approximately $270 million at March 31, 2020 through the sales of Non-Agency MBS, down from $428 million at December 31, 2019. Additional sales of Non-Agency
MBS that we have made after March 31, 2020 are expected to further reduce our Non-Agency repurchase agreement borrowings to approximately $180 million. Agency MBS sales and principal payments have enabled the reduction of Agency MBS
repurchase agreement borrowings to approximately $2.2 billion at March 31, 2020, enabling Anworth to build additional liquidity as well as reducing our leverage during this period of increased market volatility. Anworth has met all margin
calls from its lenders and counterparties as of April 3, 2020.
|
●
|
At March 31, 2020, Anworth’s cash and unpledged Agency MBS assets were in excess of $130 million.
|
●
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We expect to make an announcement this month regarding our common stock dividend relative to the first quarter of 2020. We do anticipate that the payment date for such a dividend will be later than April 29, 2020, which would
have been its routine payment date.
|
Item 9.01
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Financial Statements and Exhibits.
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(a)
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Not Applicable.
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(b)
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Not Applicable.
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(c)
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Not Applicable.
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(d)
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Exhibits.
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Press release, dated April 3, 2020, announcing updates with respect
to the Company’s operations through the close of business on April 3, 2020.
|
|
ANWORTH MORTGAGE ASSET CORPORATION
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||
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|
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Date: April 3, 2020
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By:
|
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/s/ Joseph E. McAdams
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|
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Chief Executive Officer and President
|
1 Year Anworth Mortgage Asset Chart |
1 Month Anworth Mortgage Asset Chart |
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