<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM DECEMBER 31,
1997 QUARTERLY REPORT ON FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             FEB-18-1997
<PERIOD-END>                               DEC-31-1997
<CASH>                                             511
<SECURITIES>                                 1,161,779
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             1,167,738
<PP&E>                                               2
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               1,167,740
<CURRENT-LIABILITIES>                        1,032,654
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       132,832
<OTHER-SE>                                       2,024
<TOTAL-LIABILITY-AND-EQUITY>                 1,167,740
<SALES>                                              0
<TOTAL-REVENUES>                                24,713
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                   852
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              19,676
<INCOME-PRETAX>                                  4,919
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                              4,919
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     4,919
<EPS-PRIMARY>                                      .83
<EPS-DILUTED>                                      .78