EXHIBIT 99.1
ANTHRACITE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(IN THOUSANDS, EXCEPT PER SHARE DATA)
- ---------------------------------------------------------------------------------------------------------
June 30, 2003 December 31, 2002
------------- -----------------
(Unaudited)
ASSETS
Cash and cash equivalents $ 14,259 $ 24,698
Restricted cash equivalents 56,756 84,485
Commercial real estate securities 1,147,398 894,345
Commercial real estate loans 55,556 65,664
Residential mortgage backed securities 888,878 1,506,450
Equity investment in Carbon Capital, Inc. 18,570 14,997
Investments in real estate joint ventures 7,844 8,265
Receivable for investments sold 670 -
Other assets 71,899 40,447
-------------- --------------
Total Assets $2,261,830 $2,639,351
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Borrowings:
Collateralized debt obligations $684,778 $684,590
Secured by pledge of commercial real estate securities 163,503 42,861
Secured by pledge of commercial real estate loans 14,667 14,667
Secured by pledge of residential mortgage backed securities 850,294 1,418,206
Secured by pledge of real estate joint ventures 512 1,337
-------------- --------------
Total borrowings $1,713,754 $2,161,661
Payable for investments purchased 21,653 524
Distributions payable 17,299 16,589
Other liabilities 75,221 54,361
-------------- --------------
Total Liabilities 1,827,927 2,233,135
-------------- --------------
Stockholders' Equity:
Common stock, par value $0.001 per share; 400,000 shares
authorized;
48,142 shares issued and outstanding in 2003; and
47,398 shares issued and outstanding in 2002 48 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 55,513 -
Additional paid - in capital 522,334 515,180
Distributions in excess of earnings (61,830) (24,161)
Accumulated other comprehensive loss (115,593) (121,229)
-------------- --------------
Total Stockholders' Equity 433,903 406,216
-------------- --------------
Total Liabilities and Stockholders' Equity $2,261,830 $2,639,351
============== ==============
Page 1
Anthracite Capital, Inc.
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
- -------------------------------------------------------------------------------------------------------
For the Three Months For the Six Months Ended
Ended June 30, 2003
June 30, 2003
---------------------------------------------------
Income:
Commercial real estate securities $23,032 $45,605
Commercial real estate loans 2,103 3,290
Residential mortgage backed securities 16,126 34,035
Earnings from real estate joint ventures 238 473
Earnings from equity investment 702 1,445
Cash and cash equivalents 209 385
--------- ---------
Total income 42,410 85,233
--------- ---------
Expenses:
Interest expense:
Collateralized debt obligations 11,077 21,990
Commercial real estate securities 699 1,177
Commercial real estate loans 108 210
Residential mortgage backed securities 5,103 10,052
Real estate joint ventures 7 17
Hedging Expense 4,764 7,755
General and administrative 591 1,173
Management fee 2,649 5,226
--------- ---------
Total expenses 24,998 47,600
--------- ---------
Other gain (losses):
Realized loss (1,928) (10,459)
Unrealized gain (loss) 506 (1,225)
Hedge Ineffectiveness 21 (241)
Loss on impairment of assets (27,014) (27,014)
--------- ---------
Total other loss (28,415) (38,939)
--------- ---------
Net Loss (11,003) (1,306)
--------- ---------
Dividends on preferred stock 1,611 2,806
--------- ---------
Net Loss attributable to Common Shareholders (12,614) (4,112)
========= =========
Income from operating portfolio per share:
Basic $0.33 $0.73
Diluted $0.33 $0.73
Net Loss per share, basic $(0.26) $(0.09)
========= =========
Net Loss per share, diluted $(0.26) $(0.09)
========= =========
Weighted average number of shares outstanding:
Basic 47,862 47,728
Diluted 47,883 47,746