0001193125-12-250977.txt : 20120806 0001193125-12-250977.hdr.sgml : 20120806 20120529145330 ACCESSION NUMBER: 0001193125-12-250977 CONFORMED SUBMISSION TYPE: CORRESP PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20120529 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAPSTEAD MORTGAGE CORP CENTRAL INDEX KEY: 0000766701 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 752027937 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 8401 NORTH CENTRAL EXPRESSWAY STREET 2: STE 800 CITY: DALLAS STATE: TX ZIP: 75225 BUSINESS PHONE: 2148742323 MAIL ADDRESS: STREET 1: 8401 NORTH CENTRAL EXPRESSWAY STREET 2: STE 800 CITY: DALLAS STATE: TX ZIP: 75225 FORMER COMPANY: FORMER CONFORMED NAME: LOMAS MORTGAGE CORP DATE OF NAME CHANGE: 19891105 CORRESP 1 filename1.htm Correspondence

LOGO

May 29, 2012

Submitted Via EDGAR

Cicely LaMothe

Senior Assistant Chief Accountant

U.S. Securities and Exchange Commission

100 Fifth Street, N.E.

Washington, D.C. 20549

 

  Re: Capstead Mortgage Corporation (the “Company”)
       Form 10-K for the Fiscal Year Ended December 31, 2011
       Filed February 24, 2012
       File No. 001-08896

Dear Ms. LaMothe:

Our responses to the staff’s comments in the May 10, 2012 comment letter are set forth below. To facilitate your review, the comments of the staff have been set forth below in italics and are followed by our responses.

Residential Mortgage Investments, page 7

 

1. We note your response to comment 4 from our letter dated April 5, 2012. We note that you disclose on page 17 the impact of changes in interest rates on your operating results; however, in future Exchange Act reports, please also provide an analysis of the quantitative impact of changes in interest rates on your portfolio value.

Please refer to the caption Increase in unrealized gains on securities classified as available-for-sale disclosed in the table illustrating our portfolio progression for the three years ended December 31, 2011 on page 8. Pursuant to our conversation with Angela McHale on Tuesday May 15, 2012, this disclosure satisfies the Commission’s request to provide an analysis of the quantitative impact of changes in interest rates on our portfolio value.

 

2. We note your response to comment 5 from our letter dated April 5, 2012. In future Exchange Act reports, please include disclosure specifically about your investments in interest-only ARMs. Where applicable and material, break out separately this segment of your portfolio from your disclosure regarding different ARM types.

The percentage of our residential mortgage investments backed by interest-only ARMs that have not reached their initial reset will be disclosed in future filings.

 

LOGO

Cicely LaMothe

May 29, 2012

Page 2

Please confirm that these changes are appropriate and responsive to the Commission’s comments.

If you have any further questions concerning this filing, please contact me at (214) 874-2380, via facsimile at (214) 874-2398 or via email at preinsch@capstead.com.

 

Sincerely,
/s/ Phillip A. Reinsch

Phillip A. Reinsch

Executive Vice President and Chief Financial Officer

 

cc: Andrew F. Jacobs – Capstead Mortgage Corporation
     David Barbour – Andrews Kurth LLP (via email)
     Muriel C. McFarling – Andrews Kurth LLP (via email)
     Howard Altshuler – Ernst & Young LLP (via email)
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