<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CAPSTEAD
MORTGAGE CORPORATION ANNUAL REPORT ON FORM 10-K FOR THE PERIOD ENDED DECEMBER
31, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               DEC-31-1998
<CASH>                                          73,385
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               7,100,287
<CURRENT-LIABILITIES>                        1,898,762
<BONDS>                                      4,521,324
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                    198,424
<COMMON>                                           605
<OTHER-SE>                                     481,172
<TOTAL-LIABILITY-AND-EQUITY>                 7,100,287
<SALES>                                              0
<TOTAL-REVENUES>                               877,885
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                               439,416
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             673,233
<INCOME-PRETAX>                              (234,764)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                          (234,764)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 (234,764)
<EPS-PRIMARY>                                   (4.22)
<EPS-DILUTED>                                   (4.22)