<ARTICLE>                         5
<MULTIPLIER>                      1,000
                          
<PERIOD-TYPE>                     3-mos
<FISCAL-YEAR-END>                 Dec-31-1997              
<PERIOD-START>                    Jan-01-1997              
<PERIOD-END>                      Mar-31-1997
<CASH>                            10        
<SECURITIES>                      2,266,006           
<RECEIVABLES>                     0           
<ALLOWANCES>                      0         
<INVENTORY>                       0           
<CURRENT-ASSETS>                  0<F1>            
<PP&E>                            0 
<DEPRECIATION>                    0            
<TOTAL-ASSETS>                    2,266,865           
<CURRENT-LIABILITIES>             0<F1>
<BONDS>                           2,111,914    
<PREFERRED-MANDATORY>             0           
<PREFERRED>                       0            
<COMMON>                          10             
<OTHER-SE>                        116,815           
<TOTAL-LIABILITY-AND-EQUITY>      2,266,865            
<SALES>                           0             
<TOTAL-REVENUES>                  42,549             
<CGS>                             0       
<TOTAL-COSTS>                     0            
<OTHER-EXPENSES>                  1,481            
<LOSS-PROVISION>                  600        
<INTEREST-EXPENSE>                38,974         
<INCOME-PRETAX>                   1,494       
<INCOME-TAX>                      0          
<INCOME-CONTINUING>               1,494            
<DISCONTINUED>                    0            
<EXTRAORDINARY>                   0            
<CHANGES>                         0            
<NET-INCOME>                      1,494            
<EPS-PRIMARY>                     0            
<EPS-DILUTED>                     0            
<FN>                    
<F1>                    The Company's balance sheet is unclassified
</FN>