<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION OF THE REGISTRANT AS OF SEPTEMBER
30, 1998 AND THE CONSOLIDATED STATEMENTS OF OPERATIONS OF THE REGISTRANT FOR THE
THREE MONTHS ENDED SEPTEMBER 30, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JUL-01-1998
<PERIOD-END>                               SEP-30-1998
<CASH>                                           5,570
<SECURITIES>                                   889,908
<RECEIVABLES>                                    5,384
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                   652
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 911,220
<CURRENT-LIABILITIES>                          817,010
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            67
<OTHER-SE>                                      94,210
<TOTAL-LIABILITY-AND-EQUITY>                   967,063
<SALES>                                              0
<TOTAL-REVENUES>                                13,828
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                   572
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              11,271
<INCOME-PRETAX>                                  1,992
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                              1,992
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     1,992
<EPS-PRIMARY>                                     0.33
<EPS-DILUTED>                                     0.33