<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM DECEMBER 31,
1998 ANNUAL REPORT ON FORM 10-K AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             MAR-17-1998
<PERIOD-END>                               DEC-31-1998
<CASH>                                          13,299
<SECURITIES>                                   184,733
<RECEIVABLES>                                    1,426
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                14,725
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 199,458
<CURRENT-LIABILITIES>                          182,173
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        18,994
<OTHER-SE>                                     (1,751)
<TOTAL-LIABILITY-AND-EQUITY>                   199,458
<SALES>                                              0
<TOTAL-REVENUES>                                 8,568
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                   305
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               7,378
<INCOME-PRETAX>                                    885
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                885
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                       885
<EPS-PRIMARY>                                      .38
<EPS-DILUTED>                                      .38