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CAPSTEAD MORTGAGE CORPORATION ANNOUNCES DIVIDEND INCREASE

 DALLAS, March 10 /PRNewswire/ -- Capstead Mortgage Corporation (NYSE: CMO) marked its ninth consecutive common dividend increase with the announcement today that the Company will pay first quarter dividends of 88 per common share and 40 per share on the $1.60 Cumulative Preferred Stock, Series A, and a monthly dividend for March of 10.5 on the $1.26 Cumulative Convertible Preferred Stock, Series B.
 In commenting on the dividend increase, Ronn K. Lytle, chairman and chief executive officer, said, "The common dividend is 16 percent higher than the first quarter dividend in 1992 and represents an expected increase in operating results as a result of continuing favorable short- term borrowing costs, a modest increase in earning assets and trading gains on securities sales. Purchase volume in the first quarter is expected to reach only $730 million, compared to $1.4 billion in the first quarter of 1992. However, the recent decline in interest rates should result in a significant increase in purchase volume in the second quarter." Stockholders of record as of March 22 will receive dividend payments on March 31, 1993.
 Mr. Lytle said the company had closed on Feb. 26, 1993, a collateralized mortgage obligation ("CMO") (Series 1993-A) in the amount of $150 million collateralized by 15- and 30-year, fixed-rate jumbo first mortgage loans. On March 3, 1993 the company priced a CMO (Series 1993-B and C) in the amount of $203 million to be collateralized by 15- and 30-year fixed-rate jumbo first mortgage loans for closing April 30, 1993. Each of these transactions was quite profitable with the second transaction among the most profitable in the company's history. No immediate gain was recognized on these transactions and each will enhance earnings in the future.
 Capstead Mortgage Corporation invests in long-term, single-family residential mortgages for the purpose of offering investors the opportunity to participate in the income generated from the management of a portfolio of mortgage loans utilizing pooling and the issuance of CMOs and other portfolio strategies.
 -0- 3/10/93
 /CONTACT: Ronn K. Lytle, 214-746-8231, or Andrew F. Jacobs, 214-746-8240, both of Capstead Mortgage Corporation/
 (CMO)


CO: Capstead Mortgage Corporation ST: Texas IN: FIN SU: DIV

SH -- NY057 -- 4736 03/10/93 13:55 EST
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Publication:PR Newswire
Date:Mar 10, 1993
Words:370
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