EXHIBIT 21 LIST OF SUBSIDIARIES OF CAPSTEAD MORTGAGE CORPORATION At December 31, 1996 the subsidiaries of Capstead Mortgage Corporation were as follows: STATE OF DOMICILE -------- PARENT COMPANY SUBSIDIARY Capstead Mortgage Corporation ("CMC") Maryland Capstead Advisers, Inc. Nevada Capstead Capital Corporation Delaware Capstead Select Corporation Delaware Capstead Securities Corporation I Delaware Capstead Securities Corporation II Delaware Capstead Securities Corporation III Delaware Capstead Securities Corporation IV Delaware CMC Securities Corporation I Nevada CMC Securities Corporation III Delaware CMC Securities Corporation IV Delaware CMC ARM Securities Corporation Delaware Capstead Inc./(1)/ Delaware CMC Securities Corporation II/(2)/ Delaware CMC Investment Partnership/(3)/ Texas (1) CMC owns all of the issued and outstanding preferred stock. (2) Capstead Inc. owns all the issued and outstanding common stock. (3) CMC Investment Partnership is a general partnership owned by CMC and Capstead Inc.