exv21

EXHIBIT 21

LIST OF SUBSIDIARIES OF
CAPSTEAD MORTGAGE CORPORATION

At December 31, 2004 the subsidiaries of Capstead Mortgage Corporation were as follows:


		State of
		Domicile

PARENT COMPANY
SUBSIDIARY

Capstead Mortgage Corporation (“CMC”)		Maryland
Capstead Capital Corporation		Delaware
Capstead Securities Corporation IV		Delaware
CMC Securities Corporation I		Nevada
CMC Securities Corporation III		Delaware
CMC Securities Corporation IV		Delaware
CMCP Properties, Inc.		Delaware
CMCP – Roswell LLC ⁽¹⁾		Delaware
CMCP – Williamsburg LLC ⁽¹⁾		Delaware
CMCP – Pinecastle LLC ⁽¹⁾		Delaware
CMCP – Montrose LLC ⁽¹⁾		Delaware
CMCP – Texas, Inc. ⁽¹⁾		Delaware
CMCP – Club Hill L.P. ⁽²⁾		Texas
CMCP – Florida SPE, Inc. ⁽¹⁾		Delaware
CMCP – Island Lake LLC ⁽³⁾		Delaware
Capstead Inc.⁽⁴⁾		Delaware

(1)		CMC Properties, Inc. owns 100% of the indicated entity.

(2)		CMCP Properties, Inc. owns 99.99% of the indicated entity with the remainder held by CMCP – Texas, Inc.

(3)		CMCP – Florida SPE, Inc. owns 100% of the indicated entity.

(4)		CMC owns all of the issued and outstanding preferred stock representing 98.5% of the indicated entity.