Anworth Mortgage Asset Corporation is a mortgage real estate investment trust. The company borrows money, primarily via short term repurchase agreements, and reinvests the proceeds in asset-backed securities. As of December 31, 2017, 74.2% 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, 2017, the company had a debt-to-equity ratio of 5.94. As of December 31, 2017, the weighted average days to maturity of its repurchase agreements was 31 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.