<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
SEPTEMBER 30, 1999 FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000

                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-START>                              JAN-1-1999
<PERIOD-END>                               SEP-30-1999
<CASH>                                          14,841
<SECURITIES>                                 1,262,192
<RECEIVABLES>                                   25,504
<ALLOWANCES>                                     4,426
<INVENTORY>                                          0
<CURRENT-ASSETS>                             1,298,111
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               1,298,111
<CURRENT-LIABILITIES>                            1,905
<BONDS>                                      1,192,457
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            81
<OTHER-SE>                                     103,668
<TOTAL-LIABILITY-AND-EQUITY>                 1,298,111
<SALES>                                              0
<TOTAL-REVENUES>                                58,173
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                 5,223
<LOSS-PROVISION>                                 2,708
<INTEREST-EXPENSE>                              44,436
<INCOME-PRETAX>                                  5,806
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                              5,806
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     5,806
<EPS-BASIC>                                       0.72
<EPS-DILUTED>                                     0.72