Anworth Mortgage Asset Corporation

Anworth Mortgage Asset Corporation is a mortgage real estate investment trust.

Anworth Mortgage Asset Corporation
TypePublic company
NYSE: ANH
Russell 2000 Index component
IndustryReal estate investment trust
FoundedOctober 20, 1997 (1997-10-20)
FounderJoseph Lloyd McAdams
HeadquartersSanta Monica, California
Key people
Joseph E. McAdams, Chairman, CEO & President
Charles J. Siegel, CFO
Revenue $154 million (2019)
-$64 million (2019)
Total assets $4.938 billion (2019)
Total equity $552 million (2019)
Websitewww.anworth.com
Footnotes / references
[1]

The company borrows money, primarily via short term repurchase agreements, and reinvests the proceeds in asset-backed securities. As of December 31, 2019, 71.1% of the company's assets were mortgage-backed securities issued by either Fannie Mae or Freddie Mac. The company generates profits from the net interest spread between the interest earned from its assets and its borrowing costs, which is amplified from the use of leverage. As of December 31, 2019, the company had a debt-to-equity ratio of 6.2. As of December 31, 2019, the weighted average days to maturity of its repurchase agreements was 28 days. The company is externally managed by Anworth Management, LLC, which is owned by executives of the company; the company pays an annual fee of 1.20% of equity for management services.[1]

History

The company was formed in October 1997. On March 17, 1998, the company commenced operations and became a public company via an initial public offering.[1][2]

In August 2007, the company's subsidiary, Belvedere Trust Mortgage Corporation, received a notice of default.[3]

Effective December 31, 2015, Thad M. Brown retired from his position as chief financial officer and was replaced by Charles J. Siegel.[4]

References
  1. "Anworth Mortgage Asset Corporation 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Weekly Schedule of Offerings Of Equity and Convertible Debt". The New York Times. March 9, 1998.
  3. "Anworth Mortgage Asset Corporation Announces Company Updates" (Press release). Business Wire. August 9, 2007.
  4. "Anworth Mortgage names newest member of its top exec team". American City Business Journals. December 31, 2015.
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