Lloyd McAdams, left, Joseph McAdams, right

Lloyd McAdams, left, Joseph McAdams, right

Anworth Mortgage Asset Corp., a Santa Monica-based real estate investment trust, announced that Joseph McAdams will become company’s chief executive effective Sept. 30.

The company’s founder and current CEO, his father, Lloyd McAdams, will remain Anworth’s chairman. Lloyd McAdams has been the company’s chairman and CEO since its formation in 1997.

Joseph McAdams will retain his positions of company president, chief investment officer and board director.

“It has been a privilege to be part of the Anworth team for over 20 years and is an honor to have the opportunity to serve as its CEO,” Joseph McAdams said in a statement.

The company’s shares fell 0.4 percent to $5.17 per share on Monday. Anworth stock, which trades on the Russell 2000 Index of small-cap companies, has declined about 5 percent so far this year. Anworth stock has fallen nearly 18 percent since June 2017.

Real estate reporter Ciaran McEvoy can be reached at cmcevoy@labusinessjournal.com or (323) 556-8337.