Description What's an Anworth? Depends on the mortgage market. A self-managed real estate investment trust (REIT), Anworth Mortgage invests in mortgage-related assets, primarily mortgage-backed securities (MBS) guaranteed by the US government or federally sponsored entities like Fannie Mae and Freddie Mac. As a REIT, the company must invest at least three-quarters of its assets in real estate, government securities, cash, or cash-equivalents, and it more than complies: More than 99% of Anworth Mortgage's assets are invested in agency-backed MBS; the remainder is invested in non-agency collateralized mortgage obligations (CMOs). The company funds its investment activities mainly through short-term loans.