<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Capstead
Mortgage Corporation's Quarterly Report on Form 10-Q for the quarter ended
September 30, 1998 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               SEP-30-1998
<CASH>                                          58,860
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               9,616,229
<CURRENT-LIABILITIES>                        3,979,226
<BONDS>                                      4,931,526
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                    198,424
<COMMON>                                           615
<OTHER-SE>                                     506,438
<TOTAL-LIABILITY-AND-EQUITY>                 9,616,229
<SALES>                                              0
<TOTAL-REVENUES>                               606,447
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                               304,793
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             546,541
<INCOME-PRETAX>                              (244,887)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                          (244,887)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 (244,887)
<EPS-PRIMARY>                                   (4.30)
<EPS-DILUTED>                                   (4.30)