<ARTICLE>                     5
<MULTIPLIER>                  1,000


                                              
<PERIOD-TYPE>                                  3-mos
<FISCAL-YEAR-END>                              Dec-31-2000
<PERIOD-START>                                 Jan-01-2000
<PERIOD-END>                                   Mar-31-2000
<CASH>                                         53,584
<SECURITIES>                                   3,702,287
<RECEIVABLES>                                  1,979
<ALLOWANCES>                                   0
<INVENTORY>                                    0
<CURRENT-ASSETS>                               0 <F1>
<PP&E>                                         0
<DEPRECIATION>                                 0
<TOTAL-ASSETS>                                 4,008,657
<CURRENT-LIABILITIES>                          0 <F1>
<BONDS>                                        3,282,378
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    127,407
<COMMON>                                       114
<OTHER-SE>                                     179,316
<TOTAL-LIABILITY-AND-EQUITY>                   4,008,657
<SALES>                                        0
<TOTAL-REVENUES>                               79,214
<CGS>                                          0
<TOTAL-COSTS>                                  0
<OTHER-EXPENSES>                               22,112
<LOSS-PROVISION>                               5,321
<INTEREST-EXPENSE>                             65,713
<INCOME-PRETAX>                                (13,932)
<INCOME-TAX>                                   0
<INCOME-CONTINUING>                            (13,932)
<DISCONTINUED>                                 0
<EXTRAORDINARY>                                0
<CHANGES>                                      0
<NET-INCOME>                                   (13,932)
<EPS-BASIC>                                  (1.22)
<EPS-DILUTED>                                  (1.22)



<FN>
<F1> The Company's balance sheet is unclassified.
</FN>