<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE JUNE 30,
1998 FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               JUN-30-1998
<CASH>                                           5,925
<SECURITIES>                                   955,587
<RECEIVABLES>                                   14,962
<ALLOWANCES>                                     2,857
<INVENTORY>                                          0
<CURRENT-ASSETS>                               973,617
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 973,617
<CURRENT-LIABILITIES>                          409,591
<BONDS>                                        456,536
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            81
<OTHER-SE>                                     107,409
<TOTAL-LIABILITY-AND-EQUITY>                   973,617
<SALES>                                              0
<TOTAL-REVENUES>                                34,634
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                 2,066
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              27,604
<INCOME-PRETAX>                                  4,546
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                              4,546
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     4,546
<EPS-PRIMARY>                                     0.56<F1>
<EPS-DILUTED>                                     0.56
<FN>
<F1>FOR PURPOSES OF THIS EXHIBIT, PRIMARY MEANS BASIC.
</FN>