<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE CONSOLIDATED
FINANCIAL STATEMENTS OF THE COMPANY FOR THE THREE MONTHS ENDED MARCH 31, 1999
AND 2000, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>

                                                                       
<PERIOD-TYPE>                   3-MOS                   3-MOS                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1999             MAR-31-1999             MAR-31-2000
<PERIOD-START>                             JAN-01-1999             JAN-01-1999             JAN-01-2000
<PERIOD-END>                               DEC-31-1999             MAR-31-1999             MAR-31-2000
<CASH>                                       6,221,000                       0             125,588,000
<SECURITIES>                               256,390,000                       0             274,154,000
<RECEIVABLES>                               22,262,000                       0              18,512,000
<ALLOWANCES>                               (2,429,000)                       0             (2,877,000)
<INVENTORY>                                          0                       0                       0
<CURRENT-ASSETS>                           284,463,000                       0             417,425,000
<PP&E>                                      22,497,000                       0              24,583,000
<DEPRECIATION>                               6,985,000                       0               7,786,000
<TOTAL-ASSETS>                             527,536,000                       0             868,304,000
<CURRENT-LIABILITIES>                       10,136,000                       0              12,373,000
<BONDS>                                     82,626,000                       0              83,697,000
<PREFERRED-MANDATORY>                                0                       0                       0
<PREFERRED>                                          0                       0                       0
<COMMON>                                        23,000                       0                  28,000
<OTHER-SE>                                 420,233,000                       0             757,998,000
<TOTAL-LIABILITY-AND-EQUITY>               527,536,000                       0             868,304,000
<SALES>                                              0              13,390,000              25,124,000
<TOTAL-REVENUES>                                     0              13,390,000              25,124,000
<CGS>                                                0             (1,573,000)             (2,972,000)
<TOTAL-COSTS>                                        0             (1,573,000)             (2,972,000)
<OTHER-EXPENSES>                                     0              11,817,000              19,146,000
<LOSS-PROVISION>                                     0                 141,000                  57,000
<INTEREST-EXPENSE>                                   0               3,737,000               3,582,000
<INCOME-PRETAX>                                      0             (3,684,000)               3,661,000
<INCOME-TAX>                                         0                 251,000               1,600,000
<INCOME-CONTINUING>                                  0             (3,935,000)               2,061,000
<DISCONTINUED>                                       0                       0                       0
<EXTRAORDINARY>                                      0                       0                       0
<CHANGES>                                            0                       0                       0
<NET-INCOME>                                         0             (3,935,000)               2,061,000
<EPS-BASIC>                                       0.00                  (0.52)                    0.08
<EPS-DILUTED>                                     0.00                  (0.52)                    0.08