Capstead Mortgage (CMO) 8-K Regulation FD Disclosure

Exhibit 99.2

1Q 2009 INVESTOR FACT SHEET

Capstead Mortgage Corporation, formed in 1985 and based in Dallas, Texas, is a self-managed real estate investment trust for federal income tax purposes.

Our core investment strategy is managing a leveraged portfolio of residential mortgage pass-through securities consisting almost exclusively of adjustable-rate mortgage, or ARM, securities.

• Over 99% of our securities are issued and guaranteed by government-sponsored entities, either Fannie Mae or Freddie Mac, or by an agency of the federal government, Ginnie Mae.

• Agency-guaranteed residential mortgage securities carry an implied AAA credit rating with limited, if any, credit risk.

• Coupon resets allow us to eventually recover financing spreads diminished during periods of rising short-term rates.

• During periods of falling interest rates, reductions to interest rates on our borrowings allow us to capture larger financing spreads.

• Prudently leveraged to provide sufficient reserves for price movements and principal payments (traditionally 8.0x to 12.0x our long-term investment capital). As of March 31, 2009 our leverage was 7.3x.

We have the EXPERIENCE.

• Oldest mortgage REIT (1985)

• Top 4 executives with the company since 1994 (67 years of combined experience at Capstead)

We have STABILITY.

• Short-duration portfolio conservatively leveraged and appropriately hedged (net duration gap at 4 months at March 31)

• Positions with 16 lending counterparties

Our STRATEGY.

• Avoid residential credit risk while minimizing, but not eliminating, interest rate risk

1Q 2009 INVESTOR FACT SHEET

>1ST QUARTER 2009 HIGHLIGHTS

• Earnings totaled $42.1 million or $0.58 per diluted common share

• Financing spreads averaged 2.16%

• Declared and paid dividend of $0.56 per common share

• Book value per common share at $10.34 (end of quarter, or EOQ)

• Portfolio of agency-guaranteed residential ARM securities at $7.64 billion (EOQ)

• Portfolio leverage at 7.30 times long-term investment capital (EOQ)

>QUARTERLY RESULTS

	Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
(In thousands, except per share amounts)	2009			2008			2008			2008			2008
Interest income:
Mortgage securities and similar investments	$	87,884		$	95,397		$	99,205		$	97,332		$	106,351
Overnight investments and swap receivables		217			272			346			782			804
		88,101			95,669			99,551			98,114			107,155
Interest expense:
Repurchase arrangements and similar borrowings		(39,957	)		(65,349	)		(60,032	)		(55,109	)		(69,306	)
Unsecured borrowings		(2,187	)		(2,187	)		(2,186	)		(2,187	)		(2,187	)
		(42,144	)		(67,536	)		(62,218	)		(57,206	)		(71,493	)
Net interest margins		45,957			28,133			37,333			40,908			35,662
Net income		42,076			24,302			34,746			36,728			30,147
Income available to common stockholders		37,015			19,240			29,684			31,665			25,083
Diluted earnings per share		0.58			0.32			0.52			0.58			0.53
Common dividends per share		0.56			0.36			0.55			0.59			0.52
Common equity raises		2,677			46,992			25,237			77,143			131,344
Common shares outstanding (EOQ)		63,395			63,135			58,226			56,071			49,918

>TOP COMMON STOCKHOLDERS*

Holder	% O/S
Wells Capital Management Inc.		9.55
Barclays Global Investors, N.A.		4.67
Wellington Management Company, LLP		3.98
Thompson, Siegel & Walmsley LLC		3.17
Vanguard Group, Inc.		2.91
Robeco Investment Management, Inc.		2.90
Highland Capital Management, L.P.		2.62
Loomis, Sayles & Company, L.P.		2.00
American Century Investment Management		1.92
GW Capital, Inc.		1.85

* % based on shares outstanding as of May 8, 2009

>ANALYSTS

Firm	Rating
BGB Securities Inc.	Buy
Deutsche Bank	Buy
FBR Capital Markets	Outperform
Fox-Pitt Kelton	Outperform
JMP Securities LLC	Outperform
Keefe, Bruyette & Woods	Outperform
RBC Capital Markets	Outperform
Sterne Agee	Buy
Stifel Nicolaus	Buy

Capstead Mortgage Corporation>8401 North Central Expressway, Suite 800, Dallas, TX 75225 PH 800.358.2323 / E invrel@capstead.com / www.capstead.com

TOTAL FINANCING SPREAD (basis points) 216 193 163 164 117 Q1 Q2 Q3 Q4 Q1 08 08 08 08 09 > COMMON STOCK INFORMATION NYSE Ticker: CMO Price as of 05/14/09: $11.82 52-wk. High/Low: $13.83/$7.52 1Q Dividend: $0.56 Dividend Yield: (based on annualized 1Q dividend) 19.0% 1Q Avg. Daily Vol.: 701K shares > SERIES A/SERIES B PREFERRED STOCK INFO NYSE Ticker: CMOPRA/CMOPRB Price as of 05/14/09: $19.01/$13.17 Call Price: $16.40/$12.50 Liquidation Value: $16.40/$11.38 Conversion Ratio: 1.5773/0.6082 Annual Dividend: $1.60/$1.26