Exhibit 99.1 |
Anthracite Capital, Inc. and Subsidiaries |
September 30, 2003 | December 31, 2002 | |
---|---|---|
(Unaudited) | ||
ASSETS | ||
Cash and cash equivalents | $ 39,577 | $ 24,698 |
Restricted cash equivalents | 19,475 | 84,485 |
Residential mortgage backed securities | 874,404 | 1,506,450 |
Cash and RMBS | $ 933,456 | $ 1,615,633 |
Commercial real estate securities | 1,229,369 | 894,345 |
Commercial real estate loans | 91,055 | 88,926 |
Total Commercial real estate | $ 1,320,424 | $ 983,271 |
Receivable for investments sold | 37,660 | -- |
Other assets | 53,736 | 40,447 |
Total Assets | $ 2,345,276 | $ 2,639,351 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Liabilities: | ||
Short term Borrowings: | ||
Secured by pledge of residential mortgage backed securities | $ 818,031 | $ 1,418,206 |
Secured by pledge of commercial real estate securities | 282,267 | 42,861 |
Secured by pledge of commercial real estate loans | 22,784 | 16,004 |
Total short term borrowings | 1,123,082 | 1,477,071 |
Long term Borrowings: Collateralized debt obligations | 684,875 | 684,590 |
Total borrowings | $ 1,807,957 | $ 2,161,661 |
Payable for investments purchased | ||
60,562 | 524 | |
Distributions payable | ||
14,580 | 16,589 | |
Other liabilities | ||
54,153 | 54,361 | |
Total Liabilities | $ 1,937,252 | $ 2,233,135 |
Stockholders' Equity: | ||
Common stock, par value $0.001 per share; 400,000 shares authorized; 48,863 shares issued and outstanding in 2003; and 47,398 shares issued and outstanding in 2002 | 49 | 47 |
10% Series B Preferred stock, liquidation preference $43,942 | ||
in 2003 and $47,817 in 2002 | 33,431 | 36,379 |
9.375% Series C Preferred stock, liquidation preference $57,500 | ||
in 2003 | 55,435 | -- |
Additional paid - in capital | 530,315 | 515,180 |
Distributions in excess of earnings | (100,224) | (24,161) |
Accumulated other comprehensive loss | (110,982) | (121,229) |
Total Stockholders' Equity | 408,024 | 406,216 |
Total Liabilities and Stockholders' Equity | $ 2,345,276 | $ 2,639,351 |
Anthracite Capital, Inc. |
For the Three Months Ended September 30, 2003 | For the Nine Months Ended September 30, 2003 | |
---|---|---|
Operating Portfolio | ||
Income: | ||
Commercial real estate securities | $ 26,125 | $ 71,730 |
Commercial real estate loans | 2,160 | 7,368 |
Residential mortgage backed securities | 11,591 | 45,626 |
Cash and cash equivalents | 453 | 838 |
Total income | 40,329 | 125,562 |
Expenses: | ||
Interest expense: | ||
Collateralized debt obligations | 11,098 | 33,088 |
Commercial real estate securities | 1,442 | 2,619 |
Commercial real estate loans | 136 | 363 |
Residential mortgage backed securities | 3,508 | 13,560 |
Hedging Expense | 5,496 | 13,251 |
General and administrative | 551 | 1,724 |
Management fee | 2,115 | 7,341 |
Total expenses | 24,346 | 71,946 |
Other gain (loss): | ||
Realized loss | (22,820) | (33,279) |
Unrealized loss | (10,038) | (11,263) |
Hedge Ineffectiveness | 66 | (175) |
Loss on impairment of assets | (5,412) | (32,426) |
Total other loss | (38,204) | (77,143) |
Net Loss | (22,221) | (23,527) |
Dividends on preferred stock | 2,491 | 5,298 |
Net Loss attributable to Common Shareholders | (24,712) | (28,825) |
Income from operating portfolio per share: | ||
Basic | $ 0.28 | $ 1.01 |
Diluted | $ 0.28 | $ 1.01 |
Net Loss per share, basic | $ (0.51) | $ (0.60) |
Net Loss per share, diluted | $ (0.51) | $ (0.60) |
Weighted average number of shares outstanding: | ||
Basic | 48,405 | 47,956 |
Diluted | 48,421 | 47,972 |