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JHM MORTGAGE SECURITIES L.P. DECLARES THIRD QUARTER DISTRIBUTION

JHM MORTGAGE SECURITIES L.P. DECLARES THIRD QUARTER DISTRIBUTION
 MCLEAN, Va., Sept. 17 /PRNewswire/ -- JHM Mortgage Securities L.P. (NYSE: JHM) today declared a third quarter distribution of 23 cents per unit, payable on Oct. 8, 1992, to unitholders of record as of Sept. 30, 1992. The company announced that estimated taxable income to unitholders for the third quarter is 20 cents per unit.
 According to C. Thomas Williamson III, president of JHM: "Our aim in managing the partnership is to produce quarterly yields to our investors, calculated on the initial public offering price, of between 2 percent to 3 percent over prevailing 10-year U.S. Treasury yields. Despite heavy mortgage prepayments in the third quarter, the company was able to maintain its targeted spread over current 10-year Treasury yields (see table below) as a result of the prepayment hedges that we purchased during the past year and the continued realignment of our portfolio into newly originated mortgage assets and mortgage servicing rights." Williamson indicated that the average 10-year Treasury yield dropped to 6.6 percent during the third quarter. "In light of such decline, JHM's board of directors felt it appropriate to adjust the quarterly distribution to 23 cents per unit, which, annualized, represents a yield of 9.2 percent on the original offering price of $10 -- a spread of 2.6 percent over the third quarter 10-year Treasury yield." Williamson noted that the annualized dividend yield on the current market price of 7-5/8 is approximately 12 percent.
 The third quarter of 1992 represents the 13th consecutive quarter in which JHM's distributions have equaled or exceeded its target yield of 2 percent to 3 percent over the average yield on 10-Year U.S. Treasury bonds. JHM's distributions are based on its taxable income. The following table sets forth JHM's taxable income per unit, quarterly distribution, yield on original offering price and average 10-year Treasury yields during the past 13 quarters.
 Taxable Income Distribution Annualized 10-Year
 Per Unit Per Unit Yield on Treasury
 Offering Price Yield
 3rd Q 1989 27 cents 28 cents 11.20 pct. 8.10 pct.
 4th Q 1989 29 cents 29 cents 11.60 pct. 7.90 pct.
 1st Q 1990 32 cents 30 cents 12.00 pct. 8.41 pct.
 2nd Q 1990 33 cents 30 cents 12.00 pct. 8.67 pct.
 3rd Q 1990 30 cents 30 cents 12.00 pct. 8.69 pct.
 4th Q 1990 35 cents 30 cents 12.00 pct. 8.39 pct.
 1st Q 1991 36 cents 31 cents 12.40 pct. 8.02 pct.
 2nd Q 1991 36 cents 34 cents 13.60 pct. 8.12 pct.
 3rd Q 1991 38 cents 34 cents 13.60 pct. 7.89 pct.
 4th Q 1991 36 cents 34 cents 13.60 pct. 7.38 pct.
 1st Q 1992 20 cents 28 cents 11.20 pct. 7.31 pct.
 2nd Q 1992 24 cents 28 cents 11.20 pct. 7.37 pct.
 3rd Q 1992 20 cents(A) 23 cents 9.20 pct. 6.60 pct(A)
 Total $3.96 $3.89
 (A) estimated
 JHM Mortgage Securities L.P. is a publicly traded partnership whose objective is to provide high quarterly income through the management of mortgage-related assets. The partnership is managed by JHM Mortgage Capital Corporation and is affiliated with The JHM Group of McLean.
 -0- 9/17/92
 /CONTACT: Stephen P. Gavula or C. Thomas Williamson III of JHM Mortgage Securities L.P., 703-883-2900/
 (JHM) CO: JHM Mortgage Securities L.P. ST: Virginia IN: FIN SU: DIV


DS -- DC011 -- 0524 09/17/92 10:07 EDT
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Date:Sep 17, 1992
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