Exhibit 99.1
Anthracite Capital, Inc. and Subsidiaries
Consolidated Statements of Financial Condition (Unaudited)
(in thousands, except per share data)
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March 31, 2004 December 31, 2003
ASSETS
Cash and cash equivalents $ 17,264 $ 20,805
Restricted cash equivalents 15,389 12,845
Residential mortgage backed securities 708,105 753,219
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Cash and RMBS 740,758 786,869
Commercial real estate securities 1,472,636 1,366,508
Commercial mortgage loan pools 1,222,103 -
Commercial real estate loans 122,263 97,984
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Total Commercial real estate 2,817,002 1,464,492
Receivable for investments sold 100,662 99,056
Other assets 48,666 48,429
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Total Assets $3,707,088 $2,398,846
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LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Borrowings:
Secured by pledge of residential mortgage backed securities $ 648,525 $ 670,874
Secured by pledge of commercial real estate securities 134,467 444,987
Secured by pledge of commercial real estate loans 7,430 22,710
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Total short term borrowings 790,422 1,138,571
Long term Borrowings: Collateralized debt obligations 1,057,522 684,970
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Total borrowings $1,847,944 $1,823,541
Due to REMIC Trust 1,199,034 -
10% Series B Preferred Stock - called for redemption 43,930 -
Securities sold, not yet settled 101,234 99,551
Payable for investments purchased 49,301 -
Distributions payable 15,059 14,749
Other liabilities 48,451 43,575
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Total Liabilities $3,304,953 $1,981,416
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Stockholders' Equity:
Common Stock, par value $0.001 per share; 400,000 shares authorized; 50,572
shares issued and outstanding in 2004; and
49,464 shares issued and outstanding in 2003 $ 51 $ 49
10% Series B Preferred Stock, liquidation preference $43,942 in 2003 - 33,431
9.375% Series C Preferred Stock, liquidation preference
$57,500 in 2004 and 2003 55,435 55,435
Additional paid-in capital 549,199 536,333
Distributions in excess of earnings (116,460) (101,635)
Accumulated other comprehensive loss (86,090) (106,183)
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Total Stockholders' Equity 402,135 417,430
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Total Liabilities and Stockholders' Equity $3,707,088 $2,398,846
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Anthracite Capital, Inc.
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
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For the Three Months Ended
March 31,
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2004 2003
Income:
Commercial real estate securities $29,185 $19,953
Commercial real estate loans 3,074 2,409
Residential mortgage backed securities 6,717 20,285
Cash and cash equivalents 88 176
Total income $39,064 $42,823
Expenses:
Interest expense:
Collateralized debt obligations 11,167 10,913
Commercial real estate securities 2,027 478
Commercial real estate loans 148 112
Residential mortgage backed securities 1,927 4,949
Hedging Expense 4,631 2,991
General and administrative 602 582
Incentive fee - -
Management fee 2,130 2,577
Total expenses $ 22,632 $22,602
Other loss:
Realized loss (4,723) (8,531)
Unrealized gain (loss) 1,553 (1,731)
Hedge ineffectiveness (973) (262)
Total other loss $ (4,143) $(10,524)
Net Income 12,289 9,697
Dividends on preferred stock 2,446 1,195
Cost to retire preferred stock in excess of carrying value 10,508 -
Net Income available (Loss) to Common Stockholders $ (665) $8,502
Net Income (Loss) available to Common Stockholders per share, basic $ (0.01) $ 0.18
Net Income (Loss) available to Common Stockholders per share, diluted $ (0.01) $ 0.18
Weighted average number of shares outstanding:
Basic 49,837 47,592
Diluted 49,846 47,622