Exhibit 99.1


Contact: Brian Beades
         212-754-5596
         ahr-info@blackrock.com


      ANTHRACITE CAPITAL ANNOUNCES CASH DIVIDEND OF $0.28 PER COMMON SHARE

NEW YORK, NY, May 25, 2004 - Anthracite Capital, Inc. ("Anthracite" or the
"Company") (NYSE: AHR) announced today that its Board of Directors declared a
second quarter 2004 cash dividend of $0.28 per share of common stock. The
common stock cash dividend will be payable on August 2, 2004 to stockholders of
record on June 15, 2004. The annualized dividend yield is 9.5% based upon the
$11.81 closing price of Anthracite's common stock on May 25, 2004.

The Company's Board of Directors also declared a cash dividend for the
quarterly period ending July 31, 2004 of $0.5859375 per share of Series C
Preferred Stock. The Series C Preferred Stock cash dividend will be payable on
August 2, 2004 to stockholders of record on July 10, 2004.


ABOUT ANTHRACITE
Anthracite Capital, Inc. (NYSE: AHR) is a specialty finance company focused on
investments in high yield real estate loans and related securities. Anthracite
is managed by BlackRock Financial Management, Inc., a subsidiary of New York
based BlackRock, Inc. (NYSE: BLK), one of the largest publicly traded
investment management firms in the United States with $321 billion of assets
under management at March 31, 2004. BlackRock is majority-owned by The PNC
Financial Services Group, Inc. (NYSE:PNC) and by BlackRock employees.

FORWARD LOOKING STATEMENTS
This press release may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act with respect to future financial
or business performance, strategies or expectations. Forward-looking statements
are typically identified by words or phrases such as "trend," "opportunity,"
"pipeline," "believe," "comfortable," "expect," "anticipate," "current,"
"intention," "estimate," "position," "assume," "potential," "outlook,"
"continue," "remain," "maintain," "sustain," "seek," "achieve," and similar
expressions, or future or conditional verbs such as "will," "would," "should,"
"could," "may" or similar expressions. Anthracite cautions that forward-looking
statements are subject to numerous assumptions, risks and uncertainties, which
change over time. Forward-looking statements speak only as of the date they are
made, and Anthracite assumes no duty to and does not undertake to update
forward-looking statements. Actual results could differ materially from those
anticipated in forward-looking statements and future results could differ
materially from historical performance.

In addition to factors previously disclosed in Anthracite's Securities and
Exchange Commission (the "SEC") reports and those identified elsewhere in this
press release, the following factors, among others, could cause actual results
to differ materially from forward-looking statements or historical performance:
(1) the introduction, withdrawal, success and timing of business initiatives
and strategies; (2) changes in political, economic or industry conditions, the
interest rate environment or financial and capital markets, which could result
in changes in the value of Anthracite's assets; (3) the relative and absolute
investment performance and operations of Anthracite's manager; (4) the impact
of increased competition; (5) the impact of capital improvement projects; (6)
the impact of future acquisitions; (7) the unfavorable resolution of legal
proceedings; (8) the extent and timing of any share repurchases; (9) the
impact, extent and timing of technological changes and the adequacy of
intellectual property protection; (10) the impact of legislative and regulatory
actions and reforms and regulatory, supervisory or enforcement actions of
government agencies relating to Anthracite, BlackRock or PNC; (11) terrorist
activities, which may adversely affect the general economy, real estate,
financial and capital markets, specific industries, and Anthracite and
BlackRock; (12) the ability of Anthracite's manager to attract and retain
highly talented professionals; (13) fluctuations in foreign currency exchange
rates; and (14) the impact of changes to tax legislation and, generally, the
tax position of the Company.

Anthracite's Annual Report on Form 10-K for the year ended December 31, 2003
and Anthracite's subsequent reports filed with the SEC, accessible on the SEC's
website at www.sec.gov, identify additional factors that can affect
forward-looking statements.

To learn more about Anthracite Capital, Inc., visit our website at
www.anthracitecapital.com.