<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FORM 9/30/99 FORM
10Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>

                                                  
<PERIOD-TYPE>                   3-MOS                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1999             DEC-31-1998
<PERIOD-START>                             JUL-01-1999             JUL-01-1998
<PERIOD-END>                               SEP-30-1999             SEP-30-1998
<INVESTMENTS-AT-COST>                                0                       0
<INVESTMENTS-AT-VALUE>                     452,709,917             384,063,972
<RECEIVABLES>                               14,811,005              15,500,593
<ASSETS-OTHER>                               3,090,000               3,229,568
<OTHER-ITEMS-ASSETS>                        15,950,839              19,431,109
<TOTAL-ASSETS>                             486,561,761             422,225,242
<PAYABLE-FOR-SECURITIES>                             0                       0
<SENIOR-LONG-TERM-DEBT>                     55,500,000              41,590,000
<OTHER-ITEMS-LIABILITIES>                  275,566,814             232,420,712
<TOTAL-LIABILITIES>                        331,066,814             274,010,712
<SENIOR-EQUITY>                                140,201                 140,138
<PAID-IN-CAPITAL-COMMON>                   141,426,067             141,376,068
<SHARES-COMMON-STOCK>                       14,020,133              14,013,768
<SHARES-COMMON-PRIOR>                       14,013,768              13,908,916
<ACCUMULATED-NII-CURRENT>                   13,928,679               6,698,324
<OVERDISTRIBUTION-NII>                               0                       0
<ACCUMULATED-NET-GAINS>                              0                       0
<OVERDISTRIBUTION-GAINS>                             0                       0
<ACCUM-APPREC-OR-DEPREC>                             0                       0
<NET-ASSETS>                               155,494,947             148,214,530
<DIVIDEND-INCOME>                                    0                       0
<INTEREST-INCOME>                           10,777,301               8,941,763
<OTHER-INCOME>                               1,583,241               1,487,644
<EXPENSES-NET>                               9,507,672               6,866,855
<NET-INVESTMENT-INCOME>                      2,852,870               3,562,552
<REALIZED-GAINS-CURRENT>                     8,859,119                 595,965
<APPREC-INCREASE-CURRENT>                  (5,799,018)                  41,890
<NET-CHANGE-FROM-OPS>                        5,912,971               4,200,407
<EQUALIZATION>                                       0                       0
<DISTRIBUTIONS-OF-INCOME>                            0                       0
<DISTRIBUTIONS-OF-GAINS>                             0                       0
<DISTRIBUTIONS-OTHER>                                0                       0
<NUMBER-OF-SHARES-SOLD>                              0                       0
<NUMBER-OF-SHARES-REDEEMED>                          0                       0
<SHARES-REINVESTED>                                  0                       0
<NET-CHANGE-IN-ASSETS>                               0                       0
<ACCUMULATED-NII-PRIOR>                      6,698,324               5,530,771
<ACCUMULATED-GAINS-PRIOR>                            0                       0
<OVERDISTRIB-NII-PRIOR>                              0                       0
<OVERDIST-NET-GAINS-PRIOR>                           0                       0
<GROSS-ADVISORY-FEES>                                0                       0
<INTEREST-EXPENSE>                           4,841,238               3,935,320
<GROSS-EXPENSE>                              9,507,672               6,866,855
<AVERAGE-NET-ASSETS>                                 0                       0
<PER-SHARE-NAV-BEGIN>                            10.48                   10.58
<PER-SHARE-NII>                                      0                       0
<PER-SHARE-GAIN-APPREC>                              0                       0
<PER-SHARE-DIVIDEND>                                 0                       0
<PER-SHARE-DISTRIBUTIONS>                            0                       0
<RETURNS-OF-CAPITAL>                                 0                       0
<PER-SHARE-NAV-END>                              11.02                   10.48
<EXPENSE-RATIO>                                      0                       0