<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MARCH
31, 1998 FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               MAR-31-1998
<CASH>                                           1,061
<SECURITIES>                                   887,217
<RECEIVABLES>                                    9,916
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               898,194
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 898,194
<CURRENT-LIABILITIES>                          790,071
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            81
<OTHER-SE>                                     105,763
<TOTAL-LIABILITY-AND-EQUITY>                   898,194
<SALES>                                              0
<TOTAL-REVENUES>                                14,475
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                 1,149
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              11,049
<INCOME-PRETAX>                                  2,277
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                              2,277
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     2,277
<EPS-PRIMARY>                                     0.28
<EPS-DILUTED>                                     0.28