<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