Exhibit 99.2
Contact: Brian Beades
212-754-5596
ahr-info@blackrock.com
----------------------
ANTHRACITE CAPITAL REPORTS SECOND QUARTER EARNINGS;
REPOSITIONING OF PORTFOLIO IS COMPLETED WITH COMMERCIAL REAL ESTATE ASSETS
AT 87% OF TOTAL PORTFOLIO ASSETS;
OPERATING EARNINGS WERE $0.28 FOR THE SECOND QUARTER 2004
NEW YORK - AUGUST 6, 2004 - Anthracite Capital, Inc. (NYSE: AHR) (the "Company"
or "Anthracite") today reported a net loss to common stockholders for the
second quarter of 2004 of $0.08 per share versus a net loss to common
stockholders of $0.26 per share for the same three-month period last year. The
second quarter of 2004 earnings includes a charge of $0.21 per share for the
redemption of the Company's Series B Preferred Stock that was reported as a
charge to income in the initial first quarter 2004 earnings release but was
subsequently moved to the second quarter to coincide with the timing of the
actual redemption payment as reported on May 11, 2004. Net income and Operating
Earnings per share for the prior quarter ended March 31, 2004 were $0.20 and
$0.28, respectively.
Operating Earnings for the second quarter of 2004 were $0.28 per share versus
$0.33 per share for the same three-month period last year. For the six months
ended June 30, 2004, net income was $0.11 per share versus net loss of $0.09
per share for the six months ended June 30, 2003. Operating Earnings for the
six months ended June 30, 2004 were $0.56 per share versus $0.73 per share for
the six months ended June 30, 2003. Based on the $0.28 per share dividend
declared on May 25, 2004, and the August 5, 2004 closing price of $10.80,
Anthracite's annualized dividend yield is 10.4%. (All dollar amounts are in
thousands, except per share amounts.)
During the second quarter of 2004, the Company largely completed its
repositioning into commercial real estate assets; commercial mortgage-backed
securities ("CMBS") and commercial real estate loans represent 87% of portfolio
assets at quarter-end while residential mortgage-backed securities ("RMBS")
represent 13%. During the quarter, the Company acquired commercial real estate
assets with a market value of $135,332, comprised of $36,785 of below
investment grade CMBS, $68,441 of investment grade CMBS, and $30,106 of high
yield commercial real estate loans. The Company reduced its net RMBS position
by $106,184 during the quarter, which resulted in a realized loss of $3,870. In
July 2004, the Company acquired an additional $58,836 of commercial real estate
securities, and sold $24,420 of fixed-rate RMBS. The sale of these fixed-rate
RMBS will result in a net realized gain of $119 in the third quarter of 2004
and marks the completion of the repositioning of the Company's investment
portfolio.
The Company considers its Operating Earnings to be net interest income after
operating expenses and preferred dividends but before realized and unrealized
gains and losses, hedge ineffectiveness in accordance with FAS 133, foreign
currency loss, and the one-time charge from the redemption of the Company's
Series B Preferred Stock. The Company believes Operating Earnings better
reflect the recurring long-term earnings of the Company. Operating Earnings can
and will fluctuate over time based on changes in asset levels, funding rates,
available reinvestment rates and expected losses on credit sensitive positions.
A table is provided below, which reconciles Operating Earnings per share with
net income available (loss) to common stockholders per share.
Chris Milner, President and Chief Executive Officer of the Company, stated,
"During the first six months of 2004, we have accomplished a number of key
objectives that were established in conjunction with the repositioning of the
investment portfolio. Specifically, we have reduced the RMBS to 13% of assets
(99% of which are adjustable rate mortgage securities), commercial real estate
investment activity increased -- resulting in over $135,332 of new
acquisitions, and our capital markets efforts further strengthened the
Company's balance sheet and reduced the cost of capital."
Mr. Milner continued, "Over the next several quarters, we expect that
substantial capital flows into the real estate sector will reduce the number of
attractive investment opportunities, particularly with respect to Controlling
Class CMBS. These investment opportunities have already been impacted by
increased competition and declining subordination levels. While our relative
value focus may slow the Company's participation in the Controlling Class CMBS
sector, as was the case in the year 2000, we continue to find attractive
investment opportunities in mezzanine CMBS and high yield commercial loans, and
have increased the resources focused on these sectors."
The Company's Operating Earnings for the second quarter of 2004 represent an
annualized return on the quarter's average common stock equity of 16.3% as
compared with 17.7% for the second quarter 2003. The decrease in the annualized
return on the quarter's average common stock equity was primarily attributable
to the reduction in RMBS investments. The net interest margin of 3.0% for the
second quarter of 2004 was consistent with the second quarter of 2003.
The Company's debt to capital ratio decreased slightly from 7.6:1 at March 31,
2004 to 7.5:1 at June 30, 2004. This includes a decrease in the recourse debt
to capital ratio from 2.0:1 at March 31, 2004 to 1.9:1 at June 30, 2004.
Total interest income from commercial real estate assets rose 31% from the
quarter ended June 30, 2003; whereas, total interest income from RMBS declined
67% for the same period. The Company's weighted average cost of funds increased
to 4.65% at June 30, 2004 from 3.75% at June 30, 2003, primarily due to the
Company's third CDO issuance. For the three months ending June 30, 2004 and
2003, respectively, hedging expenses not related to CDOs decreased to $3,148
($0.06 per share), from $4,764 ($0.10 per share). The Company's exposure to a
50 basis point move in short-term interest rates decreased to $0.023 per share
annually from $0.035 cents per share annually at June 30, 2003. The Company's
interest rate risk is substantially mitigated with interest rate swaps.
The Company's $474,803 RMBS portfolio at June 30, 2004 represents 13% of the
Company's portfolio assets and had an unrealized net loss of $314 that was
composed of gross unrealized gains of $111 and unrealized losses of $425 as of
June 30, 2004. This portfolio will likely remain between 10% and 15% of the
Company's total portfolio assets. Additionally, on June 30, 2004, $305,785 of
RMBS securities classified as trading securities was reclassified as
available-for-sale securities. The reclassification with respect to these
securities was based on the Company's ability and intent to hold these
securities.
The Company's primary focus is to invest in a diverse portfolio of commercial
real estate loans and securities. The majority of these investments take the
form of securities that represent pools of underlying mortgage loans. The
Company's objective is to maximize the spread between the loss adjusted income
and the cost of financing. Credit performance and the cost of financing the
Company's portfolio are the most important factors in impacting investment
returns.
CAPITAL MARKETS ACTIVITY/LIQUIDITY
In June 2004 the Company issued 2.1 million shares of common stock to raise
$23,184 of capital. In July 2004 the Company issued 315,000 shares of common
stock with net proceeds of approximately $3,478 pursuant to the underwriter's
over-allotment option granted in connection with the June offering. The capital
was deployed into or committed to commercial real estate securities and loans
during July 2004. The Company maintains a significant amount of liquidity in
its high credit quality commercial real estate assets and remaining RMBS
portfolio. As of June 30, 2004, total assets in these portfolios net of
borrowings is $84,888.
CREDIT PERFORMANCE
The Company considers CMBS securities where it maintains the right to control
the foreclosure/workout process on the underlying loans as controlling class
CMBS ("Controlling Class CMBS"). At the end of the second quarter of 2004, the
Company's Controlling Class CMBS represent $17,596,422 of original balance of
underlying commercial mortgage loans compared to $14,054,815 at the end of the
first quarter of 2004. As of June 30, 2004, the current par balance of
underlying loans securing the Company's Controlling Class portfolio is
$15,897,820. The number of Controlling Class CMBS transactions owned by the
Company increased from eleven to thirteen during the second quarter of 2004.
The Company also committed to acquire two more Controlling Class CMBS in the
third quarter of 2004. One of the Controlling Class CMBS transactions is not
accounted for as available-for-sale securities, see "Commercial Mortgage Loan
Pools" section below.
Delinquencies of 30 days or more as a percent of current loan balances were
1.22% at the end of the second quarter of 2004, compared with 1.08% at the end
of the first quarter of 2004. Dispositions of two loans occurred during the
second quarter of 2004. The weighted average loss severity experienced for the
1998 and 1999 Controlling Class securities was 33%. No losses have been
realized for those Controlling Class securities with vintages from 2001 through
2004; the Company does not own any 2000 vintage Controlling Class securities.
Overall credit performance remains consistent with underwritten expectations.
Additionally, during the second quarter of 2004 the Company experienced four
credit upgrades on two CMBS transactions in the Company's portfolio. No
securities were downgraded.
COMMERCIAL REAL ESTATE SECURITIES
The average yield on the Company's commercial real estate securities (primarily
investment grade and below investment grade CMBS, investment grade REIT debt,
and CMBS interest only securities) for the second quarter of 2004 was 8.3%,
while the average loss adjusted yield on only the below investment grade CMBS
was 9.3%. The average cost of financing the commercial real estate securities
portfolio during the second quarter of 2004 was 5.2% compared to 6.2% for the
second quarter of 2003.
Net interest income and realized gains on the commercial real estate securities
portfolio for the quarters ended June 30, 2004 and 2003 is as follows:
For the quarter ended
June 30,
2004 2003
------------------------------
Interest Income $30,166 $23,032
Interest Expense* (16,792) (11,776)
------------------------------
Net Interest Income and Realized Gains from
Commercial Real Estate Securities $13,374 $11,256
==============================
*Including hedges in the Company's CDOs.
COMMERCIAL REAL ESTATE LOANS
The average yield on the Company's commercial real estate loan portfolio for
the quarter ended June 30, 2004 was 13.8% compared with 10.2% for the quarter
ended June 30, 2003. For the three months ended June 30, 2004 and 2003,
respectively, the total cost of borrowings secured by loan assets was 2.7% and
3.1%. The Company has two committed warehouse lines that can be used to finance
these commercial loan assets. The investment period for Carbon Capital, Inc.
("Carbon Capital"), through which the Company holds 32% of its commercial real
estate loan portfolio ended on July 12, 2004. The annualized yield on the
Company's investment in Carbon was 16.2% for the six months ended June 30,
2004. The Company's investment in Carbon Capital as of June 30, 2004 is
$48,501.
Net interest income of the commercial real estate loan portfolio for the
quarters ended June 30, 2004 and 2003 is as follows:
For the quarter ended June 30,
2004 2003
--------------------------------
Interest Income $4,140 $3,043
Interest Expense (145) (115)
--------------------------------
Net Interest Income from
Commercial Real Estate Loans $3,995 $2,928
================================
COMMERCIAL MORTGAGE LOAN POOLS
As previously reported, the Company settled its eleventh Controlling Class CMBS
transaction during the second quarter of 2004. The securities acquired had a
total par value of $41,495 with $13,890 not rated and the balance rated BBB-
through B-. In addition to these securities, the real estate mortgage
investment conduit ("REMIC") trust formed for this transaction also issued
$1,193,118 par value of investment grade rated securities that were not
acquired by the Company. The adjusted issue price of these securities at June
30, 2004 is $1,197,982. The principal and interest payments of all these
securities are secured by the principal and interest payments on $1,234,613 par
value of commercial mortgage loans. The adjusted issue price of these
commercial mortgage loans at June 30, 2004 is $1,232,475. As the Controlling
Class holder, the Company has the ability to control dispositions or workouts
of any defaulted loans in this pool. The Company negotiated for and obtained a
greater degree of discretion over the disposition of the commercial mortgage
loans than is typically granted to the special servicer. As a result of this
expanded discretion, FASB Interpretation No. 46, "Consolidation of Variable
Interest Entities" ("FIN 46R") requires the Company to consolidate the net
assets and results of operations of the issuing REMIC trust.
In addition to the securities described above, the REMIC trust also issued two
classes of interest-only securities that entitles the interest only security
holders to a portion of the interest payments made on the loans in the trust,
but does not entitle the holders to any principal payments. The amortized issue
price of the interest only securities that increased the amount of long-term
borrowings outstanding was $100,654 as of June 30, 2004. This amount and the
unamortized premium on the mortgage loan pools ($88,182 as of June 30, 2004)
are included in the Company's June 30, 2004 consolidated statement of financial
condition.
The net effect on the Company's consolidated statement of financial condition
at June 30, 2004 from the consolidation of the net assets of the REMIC trust
represents the adjusted purchase price of the Controlling Class interests
acquired (see table below). The debt associated with the REMIC trust is
non-recourse to Anthracite, and is secured only by the commercial mortgage loan
pools. The consolidation of the REMIC trust results in an increase in the
Company's total debt to capital ratio, but has no effect on the Company's
recourse debt to capital ratio. For income recognition purposes, the Company
will record revenue on the underlying loans and establish a loss reserve
consistent with the credit assumptions made in establishing loss adjusted
yields for Controlling Class securities.
A summary of the impact to the statement of financial condition related to the
consolidation of the commercial mortgage loan pools under FIN 46R is as
follows:
Commercial mortgage loan pools at par $1,232,475
Commercial mortgage loan pools unamortized premium 88,182
Loan loss reserve (1,124)
Other Assets - Principal Receivable/Due Diligence 980
Long term Borrowings:
Secured by pledge of commercial mortgage loan pools (1,197,982)
Interest only securities issued by the trust (100,654)
-----------------
Net Assets related to Commercial Mortgage Loan Pools $21,877
=================
Approximately 45% of the par amount of the commercial mortgage loan pool is
comprised of loans that are rated A2 or better by Moody's Investors Service and
AA by Standard & Poor's. The Company has taken into account this high credit
quality for underlying loans and has adjusted its loss assumptions accordingly.
Credit losses assumed on the entire pool are 1.40% of the principal balance, or
2.53% of the unrated principal balance.
BOOK VALUE
Net book value per share at the end of the second quarter of 2004 was $6.88.
Net book value per share at June 30, 2004 decreased approximately 2.5% from
$7.06 at March 31, 2004 due to the preferred stock redemption charge. During
the quarter, Ten-Year Treasury interest rates increased by 78 basis points. A
substantial amount of the Company's portfolio is valued using Ten-Year Treasury
interest rates; therefore, an increase in this rate would decrease the
Company's book value. The effect of the Ten-Year Treasury interest rate
increase was largely offset by tighter credit spreads and credit upgrades on
four CMBS investments. In addition, increased hedging activity by the Company
resulted in $12 million of unrealized gains in interest rate swap agreements.
As the Company's portfolio matures, unrealized losses on credit sensitive CMBS
securities should decline provided that the Company's credit loss estimates and
actual experience are comparable. The unrealized loss on all Controlling Class
CMBS at June 30, 2004 was $66,511.
Reconciliation of Operating Earnings to Net Income Available (Loss) to Common
Stockholders The table below reconciles net income (loss) per common share with
Operating Earnings per common share:
Three Months Ended Six Months Ended
---------------------------------------------------------------
6/30/04 3/31/04 6/30/03 6/30/04 6/30/03
---------------------------------------------------------------
Operating Earnings per share $0.28 $0.28 $0.33 $0.56 $0.73
Realized gain (loss) (0.08) (0.09) (0.04) (0.17) (0.22)
Unrealized gain (loss)* (0.08) 0.03 0.01 (0.06) (0.03)
Foreign currency loss & hedge
ineffectiveness 0.01 (0.02) - (0.01) (0.01)
Cost to retire preferred stock in
excess of carrying value (0.21) - - (0.21) -
Loss on impairment of asset - (0.56) (0.56)
---------------------------------------------------------------
Net Income available (loss) to
common stockholders per share $(0.08) $0.20 $ (0.26) $0.11 $ (0.09)
*Includes hedges
DIVIDEND REINVESTMENT PLAN
If you are a participant in the Company's Dividend Reinvestment and Stock
Purchase Plan (the "Plan"), please note that the dividend reinvestment portion
of the Plan has been reinstated for all dividend payments made after August 2,
2004, and for all future dividend payment dates, with a discount of 2%. The
optional cash purchase portion of the Plan remains suspended; however, it may
be resumed at any time. The Company appreciates your continued support.
To request a prospectus and receive enrollment materials or to ask questions
about the Plan, interested investors and stockholders may contact the Company's
transfer agent, American Stock Transfer & Trust Company, at 1-877-248-6416, or
Investor Relations, Anthracite Capital, Inc., at 212-409-3333. The Company's
website address is www.anthracitecapital.com.
ABOUT ANTHRACITE
Anthracite Capital, Inc. is a specialty finance company focused on investments
in high yield commercial real estate loans and related securities. Anthracite
is externally managed by BlackRock Financial Management, Inc., which is a
subsidiary of BlackRock, Inc. ("BlackRock") (NYSE:BLK), one of the largest
publicly traded investment management firms in the United States with
approximately $310 billion in global assets under management as of June 30,
2004. BlackRock is a member of The PNC Financial Services Group, Inc. ("PNC")
(NYSE:PNC), a diversified financial services organization. Through its
affiliates, PNC originates commercial, multifamily and residential real estate
loans, and services $89.6 million in commercial mortgage loans for third
parties through its Midland Loan Services, Inc. subsidiary as of June 30, 2004.
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, visit our website at www.anthracitecapital.com.
Anthracite Capital, Inc. and Subsidiaries
Consolidated Statements of Financial Condition (Unaudited)
(in thousands, except per share data)
=================================================================================================================================
June 30, 2004 December 31, 2003
------------- -----------------
ASSETS
Cash and cash equivalents $61,839 $ 20,805
Restricted cash equivalents 18,370 12,845
Residential mortgage backed securities 474,803 726,717
------------- ------------
Cash and RMBS 555,012 760,367
Commercial mortgage loan pools 1,320,657 -
Loan loss reserve (1,124) -
------------- ------------
Commercial mortgage loan pools 1,319,533 -
Commercial real estate securities 1,579,434 1,393,010
Commercial real estate loans 152,714 97,984
------------- ------------
Total Commercial real estate 3,051,681 1,490,994
Receivable for investments sold 35,218 99,056
Other assets 72,861 48,429
------------- ------------
Total Assets $3,714,772 $2,398,846
============= ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Short term borrowings:
Secured by pledge of residential mortgage backed securities $444,997 $ 670,874
Secured by pledge of commercial real estate securities 303,945 444,987
Secured by pledge of commercial mortgage loan pools 7,424 -
Secured by pledge of commercial real estate loans 32,080 22,710
------------- ------------
Total short term borrowings 788,446 1,138,571
Long term Borrowings:
Collateralized debt obligations 1,057,217 684,970
Secured by pledge of commercial mortgage loan pools 1,298,636 -
------------- ------------
Total long term borrowings 2,355,853 684,970
------------- ------------
Total borrowings $3,144,299 $1,823,541
Securities sold, not yet settled - 99,551
Payable for investments purchased 97,017 -
Distributions payable 15,118 14,749
Other liabilities 39,156 43,575
------------- ------------
Total Liabilities $3,295,590 $1,981,416
------------- ------------
Stockholders' Equity:
Common Stock, par value $0.001 per share; 400,000 shares
authorized; 52,885 shares issued and outstanding in 2004;
and 49,464 shares issued and outstanding in 2003 $ 53 $ 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 574,681 536,333
Distributions in excess of earnings (124,351) (101,635)
Accumulated other comprehensive loss (86,636) (106,183)
-------------- ------------
Total Stockholders' Equity 419,182 417,430
-------------- ------------
Total Liabilities and Stockholders' Equity $3,714,772 $2,398,846
============== ============
Anthracite Capital, Inc.
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
=============================================================================================================================
For the Three Months For the Six Months
Ended June 30, Ended June 30,
----------------------------------------------------------------------
2004 2003 2004 2003
----------------------------------------------------------------------
Operating Portfolio
Interest Income:
Commercial real estate securities $ 30,166 $ 23,032 $ 59,351 $45,605
Commercial mortgage loan pools 12,351 - 12,351 -
Commercial real estate loans 4,140 3,043 7,214 5,208
Residential mortgage backed securities 5,386 16,126 12,103 34,035
Cash and cash equivalents 103 209 191 385
---------------------------------- --------------------------------
Total interest income 52,146 42,410 91,210 85,233
---------------------------------- --------------------------------
Expenses:
Interest expense:
Collateralized debt obligations 15,678 11,077 26,845 21,990
Commercial real estate securities 1,114 699 3,141 1,177
Commercial mortgage loan pools 11,972 - 11,972 -
Commercial real estate loans 145 115 293 227
Residential mortgage backed securities 1,560 5,103 3,487 10,052
Hedging Expense 3,148 4,764 7,779 7,755
General and administrative 633 591 1,235 1,173
Management fee 2,163 2,649 4,293 5,226
---------------------------------- --------------------------------
Total expenses 24,998
36,413 59,045 47,600
----------------------------------- --------------------------------
Income from the Operating Portfolio 15,733 17,412 32,165 37,633
---------------------------------- --------------------------------
Other loss:
Realized loss (3,870) (1,928) (8,593) (10,459)
Unrealized gain (loss) (4,212) 506 (2,659) (1,225)
Foreign currency loss (12) - (12) -
Hedge ineffectiveness 467 21 (506) (241)
Loss on impairment of assets - (27,014) - (27,014)
---------------------------------- --------------------------------
Total other loss (7,627) (28,415) (11,770) (38,939)
---------------------------------- --------------------------------
Net Income (loss) 8,106 (11,003) 20,395 (1,306)
---------------------------------- --------------------------------
Dividends on preferred stock 1,775 1,611 4,221 2,807
Cost to retire preferred stock in excess
of carrying value 10,508 - 10,508 -
================================== ================================
Net Income available (loss) to Common Stockholders $ (4,177) $(12,614) $ 5,666 $(4,113)
================================== ================================
Net Income (Loss) available to Common
Stockholders per share, basic $ (0.08) $ (0.26) $ 0.11 $ (0.09)
Net Income (Loss) available to Common
Stockholders per share, diluted $ (0.08) $ (0.26) $ 0.11 $ (0.09)
Weighted average number of shares outstanding:
Basic 50,706 47,862 50,276 47,728
Diluted 50,706 47,883 50,285 47,746
Operating Earnings:
Income from the operating portfolio $ 15,733 $ 17,412 $ 32,165 $37,633
Dividends on preferred (1,775) (1,611) (4,221) (2,807)
----------------------------------- --------------------------------
Net operating earnings $ 13,958 $ 15,801 $ 27,944 $34,826
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