Capstead Mortgage Corp. disclosed late Monday that it had taken a 5.06% position in the common shares of North American Mortgage.

Capstead filed notice of the accumulation with the Securities and Exchange Commission. In the 13-D filing, the Dallas-based real estate investment trust said its board of directors had authorized the acquisition of up to 9.5% of North American's stock.

Capstead views the stock as an "investment," it said.

Capstead chief executive Ronn Lytle and Terrance G. Hodel, president of North American, discussed the purchase shortly before the announcement was made. "He said it was an investment, and we take him at his word," said Mr. Hodel.

However, the SEC filing says that Capstead may at some point seek to buy more than 9.5% in an effort to influence management.

That is fairly standard language for such filings. But Capstead would be in a good position if it did decide to make a run at North American.

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