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CAPSTEAD MORTGAGE CORPORATION ANNOUNCES COMMON DIVIDEND INCREASE

 DALLAS, June 9 /PRNewswire/ -- Capstead Mortgage Corporation (NYSE: CMO) marked its tenth consecutive common dividend increase with the announcement today that the company will pay second quarter dividends of 90 cents per common share and 40 cents per share on the $1.60 Cumulative Preferred Stock, Series A, and a monthly dividend for June of 10.5 cents on the $1.26 Cumulative Convertible Preferred Stock, Series B. Stockholders of record as of June 21 will receive dividend payments on June 30, 1993.
 In commenting on the dividend increase, Ronn K. Lytle, chairman and chief executive officer, said, "The common dividend is 12 percent higher than the second quarter dividend in 1992 and represents an expected increase in operating results as a result of continuing favorable short- term borrowing costs, an increase in earning assets and gains on sales of collateralized mortgage obligations ("CMOs"). Purchase volume in the second quarter is expected to reach $875 million, compared to $688 million in the first quarter of 1993 and $1.59 billion in the second quarter of 1992. Continued low interest rates should provide the company an opportunity for increased mortgage loan purchases in the third quarter."
 Mr. Lytle said the company closed CMOs in April of $203 million (Series 1993-B/C) and in May of $150 million (Series 1993-2A), and will close two more CMOs in June totaling $365 million (Series 1993-2B and 1993-D). The company has or will recognize gains on the sale of Series 1993-2A and 1993-2B. The company retained a residual investment in CMO Series 1993-B/C and 1993-D. The return on these two investments should provide a positive contribution to earnings for the next several years.
 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- 6/9/93
 /CONTACT: Ronn K. Lytle, 214-999-2301, or Andrew F. Jacobs, 214-999-2350, both of Capstead Mortgage Corporation/
 (CMO)


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

SH -- NY018 -- 0066 06/09/93 10:08 EST
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Publication:PR Newswire
Date:Jun 9, 1993
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