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Capstead Mortgage Corporation Declares August Dividend on Its $1.26 Cumulative Convertible Preferred Stock, Series B

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  Published in Business and Finance on Thursday, August 5th 2010 at 14:21 GMT by Market Wire
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DALLAS--([ BUSINESS WIRE ])--The Board of Directors of Capstead Mortgage Corporation (NYSE: CMO) announced today it will pay a regular monthly dividend of $0.105 per share on the $1.26 Cumulative Convertible Preferred Stock, Series B (NYSE: CMOPRB). The dividend is payable on August 31 to stockholders of record as of August 20, 2010.

Effective June 30, 2010, each Series B Preferred share is convertible into 0.6366 shares of common stock. Effective July 1, 2010, each Series A Preferred share is convertible into 1.6479 shares of common stock.

Holders of the Series A and B preferred shares may convert into shares of the Company's common stock at any time; however, currently it is not economically advantageous for the Series B stockholders to do so. Any conversion requested after one or more preferred record dates within the quarter and on or before the record date for payment of the quarterly common stock dividend will require payment to the Company of all preferred share dividends declared and paid for the corresponding quarter. For questions regarding the conversion process, call Investor Relations at (214) 874-2339.

Capstead Mortgage Corporation, formed in 1985 and based in Dallas, Texas, is a self-managed real estate investment trust for federal income tax purposes. Capstead earns income from investing in a leveraged portfolio of residential mortgage pass-through securities consisting almost exclusively of adjustable-rate mortgage securities issued and guaranteed by government-sponsored entities, either Fannie Mae or Freddie Mac, or by an agency of the federal government, Ginnie Mae.