<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> JUN-30-1998 <CASH> 51,877,925 <SECURITIES> 0 <RECEIVABLES> 362,519 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 115,259 <DEPRECIATION> 8,864 <TOTAL-ASSETS> 114,929,672 <CURRENT-LIABILITIES> 0 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 61,334 <OTHER-SE> 85,486,643 <TOTAL-LIABILITY-AND-EQUITY> 114,929,672 <SALES> 0 <TOTAL-REVENUES> 3,937,314 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 488,773 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 895,539 <INCOME-PRETAX> 2,515,173 <INCOME-TAX> 0 <INCOME-CONTINUING> 2,515,173 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 2,515,173 <EPS-PRIMARY> .80 <EPS-DILUTED> .79