<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTS FROM THE
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION OF THE REGISTRANT AS OF SEPTEMBER
30, 1999 AND THE CONSOLIDATED STATEMENTS OF OPERATIONS OF THE REGISTRANT FOR THE
PERIOD FROM JANUARY 1, 1999 TO SEPTEMBER 30, 1999 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000

                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-START>                             JUL-01-1999
<PERIOD-END>                               SEP-30-1999
<CASH>                                           6,236
<SECURITIES>                                   750,256
<RECEIVABLES>                                    9,678
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                   471
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 766,641
<CURRENT-LIABILITIES>                          706,560
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            67
<OTHER-SE>                                      60,014
<TOTAL-LIABILITY-AND-EQUITY>                   766,641
<SALES>                                              0
<TOTAL-REVENUES>                                14,064
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                   868
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              10,231
<INCOME-PRETAX>                                  2,965
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                              2,965
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     2,965
<EPS-BASIC>                                       0.52
<EPS-DILUTED>                                     0.51