<ARTICLE>                    5
<MULTIPLIER>                 1,000
       
                                              
<PERIOD-TYPE>                                  3-mos
<FISCAL-YEAR-END>                              Dec-31-1997
<PERIOD-START>                                 Jul-01-1997
<PERIOD-END>                                   Sep-30-1997
<CASH>                                         8,327
<SECURITIES>                                   4,028,055
<RECEIVABLES>                                  9,378
<ALLOWANCES>                                   0
<INVENTORY>                                    0
<CURRENT-ASSETS>                               0<F1>
<PP&E>                                         0
<DEPRECIATION>                                 0
<TOTAL-ASSETS>                                 4,879,973
<CURRENT-LIABILITIES>                          0<F1>
<BONDS>                                        2,860,313
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    132,932
<COMMON>                                       439
<OTHER-SE>                                     405,932
<TOTAL-LIABILITY-AND-EQUITY>                   4,879,973
<SALES>                                        0
<TOTAL-REVENUES>                               92,605
<CGS>                                          0
<TOTAL-COSTS>                                  0
<OTHER-EXPENSES>                               10,682
<LOSS-PROVISION>                               1,378
<INTEREST-EXPENSE>                             64,761
<INCOME-PRETAX>                                15,784
<INCOME-TAX>                                   0
<INCOME-CONTINUING>                            15,784
<DISCONTINUED>                                 0
<EXTRAORDINARY>                                0
<CHANGES>                                      0
<NET-INCOME>                                   15,784
<EPS-PRIMARY>                                  0.36
<EPS-DILUTED>                                  0.36
<FN>
<F1>                         The Company's balance sheet is unclassified
</FN>