<ARTICLE> 5 <LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION OF THE REGISTRANT AS OF MARCH 31, 1999 AND THE CONSOLIDATED STATEMENTS OF OPERATIONS OF THE REGISTRANT FOR THE PERIOD FROM JANUARY 1, 1999 TO MARCH 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. </LEGEND> <MULTIPLIER> 1,000 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1999 <PERIOD-START> JAN-01-1999 <PERIOD-END> MAR-31-1999 <CASH> 3,426 <SECURITIES> 845,229 <RECEIVABLES> 7,353 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 467 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 856,475 <CURRENT-LIABILITIES> 770,520 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 67 <OTHER-SE> 85,888 <TOTAL-LIABILITY-AND-EQUITY> 856,475 <SALES> 0 <TOTAL-REVENUES> 15,262 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 1,039 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 11,261 <INCOME-PRETAX> 2,962 <INCOME-TAX> 0 <INCOME-CONTINUING> 2,962 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 2,962 <EPS-PRIMARY> 0.51 <EPS-DILUTED> 0.51