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, 2005 December 31, 2004
ASSETS
Cash and cash equivalents $22,305 $23,755
Restricted cash equivalents 17,100 19,680
Residential mortgage-backed securities 346,230 372,071
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Cash and RMBS 385,635 415,506
Commercial mortgage loan pools 1,307,035 1,312,045
Commercial real estate securities 1,624,007 1,628,519
Commercial real estate loans 296,151 325,350
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Total commercial real estate 3,227,193 3,265,914
Other assets 60,499 47,714
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Total Assets $3,673,327 $3,729,134
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LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Short term borrowings:
Secured by pledge of residential mortgage-backed securities $328,882 $356,451
Secured by pledge of commercial real estate securities 301,747 305,526
Secured by pledge of commercial mortgage loan pools 773 773
Secured by pledge of commercial real estate loans 121,549 141,601
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Total short term borrowings 752,951 804,351
Long term borrowings:
Collateralized debt obligations 1,067,764 1,067,967
Secured by pledge of commercial mortgage loan pools 1,288,690 1,294,058
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Total long term borrowings 2,356,454 2,362,025
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Total borrowings 3,109,405 3,166,376
Payable for investments purchased 9,072 -
Distributions payable 15,821 15,819
Other liabilities 21,065 33,201
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Total Liabilities 3,155,363 3,215,396
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Stockholders' Equity:
Common Stock, par value $0.001 per share; 400,000 shares authorized; 53,297
shares issued and outstanding in 2005; and
53,289 shares issued and outstanding in 2004 53 53
9.375% Series C Preferred Stock, liquidation preference
$57,500 in 2005 and 2004 55,435 55,435
Additional paid-in capital 579,010 578,919
Distributions in excess of earnings (134,631) (134,075)
Accumulated other comprehensive income 18,097 13,406
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Total Stockholders' Equity 517,964 513,738
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Total Liabilities and Stockholders' Equity $3,673,327 $3,729,134
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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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2005 2004
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Operating Portfolio
Income:
Commercial real estate securities $32,631 $29,185
Commercial mortgage loan pools 13,552 -
Commercial real estate loans 8,239 3,074
Residential mortgage-backed securities 2,880 6,717
Cash and cash equivalents 236 88
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Total income 57,538 39,064
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Expenses:
Interest expense:
Collateralized debt obligations 15,747 11,167
Commercial real estate securities 2,586 2,027
Commercial mortgage loan pools 12,780 -
Commercial real estate loans 1,335 148
Residential mortgage-backed securities 2,129 1,927
Hedging expense 2,300 4,631
General and administrative 820 602
Management fee 2,579 2,130
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Total expenses 40,276 22,632
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Other gain (loss):
Realized loss (87) (4,723)
Unrealized gain (loss) (1,393) 1,553
Foreign currency loss (168) -
Hedge ineffectiveness 261 (973)
Loss on impairment of asset (159) -
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Total other loss (1,546) (4,143)
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Net income 15,716 12,289
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Dividends on preferred stock 1,348 2,446
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Net income available to Common Stockholders $14,368 $ 9,843
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Net Income available to Common Stockholders per share, basic $0.27 $0.20
Net Income available to Common Stockholders per share, diluted $0.27 $0.20
Weighted average number of shares outstanding:
Basic 53,294 49,837
Diluted 53,303 49,846