<ARTICLE>                                      5
<MULTIPLIER>                                   1,000
       

                                            
<PERIOD-TYPE>                                  3-mos
<FISCAL-YEAR-END>                              Dec-31-1998
<PERIOD-START>                                 Jul-01-1998
<PERIOD-END>                                   Sep-30-1998
<CASH>                                         17,545
<SECURITIES>                                   4,819,100
<RECEIVABLES>                                  7,205
<ALLOWANCES>                                   0
<INVENTORY>                                    0
<CURRENT-ASSETS>                               0<F1>
<PP&E>                                         0
<DEPRECIATION>                                 0
<TOTAL-ASSETS>                                 5,669,889
<CURRENT-LIABILITIES>                          0<F1>
<BONDS>                                        3,500,057
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    127,407
<COMMON>                                       460
<OTHER-SE>                                     375,642
<TOTAL-LIABILITY-AND-EQUITY>                   5,669,889
<SALES>                                        0
<TOTAL-REVENUES>                               103,754
<CGS>                                          0
<TOTAL-COSTS>                                  0
<OTHER-EXPENSES>                               12,130
<LOSS-PROVISION>                               2,318
<INTEREST-EXPENSE>                             86,049
<INCOME-PRETAX>                                3,257
<INCOME-TAX>                                   0
<INCOME-CONTINUING>                            3,257
<DISCONTINUED>                                 0
<EXTRAORDINARY>                                0
<CHANGES>                                      0
<NET-INCOME>                                   3,257
<EPS-PRIMARY>                                  0.07
<EPS-DILUTED>                                  0.07

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