1717 Main Street, Suite 3700
Dallas, Texas 75201
214.659.4400 Phone
214.659.4401 Fax
andrewskurth.com

Muriel McFarling
214 659.4461 Phone
214 659.4784 Fax
mmcfarling@andrewskurth.com

August 3, 2005

VIA FACSIMILE AND FEDEX

Yolanda Crittendon
Staff Accountant, Division of Corporate Finance
U.S. Securities and Exchange Commission
450 Fifth Street, N.W.
Mail Stop 4561
Washington, D.C. 20549

Re: Capstead Mortgage Corporation
Form 10-K for the year ended December 31, 2004
File No. 001-08896

Dear Ms. Crittendon:

     Capstead Mortgage Corporation has received the staff’s comment letter referenced above with respect to the company’s 10-K for the year ended December 31, 2004. Unfortunately, the chief financial officer of the company is on vacation and unreachable until mid-August. Accordingly, as counsel for the company, we hereby respectfully request, on behalf of the company, an extension of the ten business day period the staff has suggested for preparation and filing of a response. The company will provide a response to the staff’s comment letter on or before August 30, 2005.

     If you have any questions or require additional information at this time, please contact me at (214) 659-4461.

Sincerely,

/s/ Muriel C. McFarling

Muriel C. McFarling

MCM:cfm

cc: Cicely Lucky — U.S. Securities and Exchange Commission (via facsimile)
Andrew Jacobs — Capstead Mortgage Corporation (via facsimile)
Phil Reinsch — Capstead Mortgage Corporation (via facsimile)
David Barbour (firm)

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