<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION OF THE REGISTRANT AS OF JUNE 30,
1999 AND THE CONSOLIDATED STATEMENTS OF OPERATIONS OF THE REGISTRANT FOR THE
PERIOD FROM APRIL 1, 1999 TO JUNE 30, 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>                             APR-01-1999
<PERIOD-END>                               JUN-30-1999
<CASH>                                          11,029
<SECURITIES>                                   794,496
<RECEIVABLES>                                    9,099
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                 1,345
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 815,969
<CURRENT-LIABILITIES>                          742,612
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            67
<OTHER-SE>                                      73,290
<TOTAL-LIABILITY-AND-EQUITY>                   815,969
<SALES>                                              0
<TOTAL-REVENUES>                                14,427
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                   813
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              10,760
<INCOME-PRETAX>                                  2,854
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                              2,854
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     2,854
<EPS-BASIC>                                       0.50
<EPS-DILUTED>                                     0.49