Exhibit 99.4
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Thursday December 2, 3:28 pm Eastern Time

Company Press Release

Anthracite Announces $30 Million Capital
Investment by DLJ Real Estate Capital Partners
II, L.P.

NEW YORK--(BUSINESS WIRE)--Dec. 2, 1999--Anthracite Capital, Inc.
(Anthracite) (NYSE: AHR - news) announced today that DLJ Real Estate
Capital Partners II, L.P. (RECP), an affiliate of Donaldson, Lufkin and
Jenrette, Inc. (NYSE: DLJ - news) has made a $30 million investment in
Series A convertible preferred securities of Anthracite.

Hugh R. Frater, President and Chief Executive Officer of Anthracite, stated
"We are excited to increase our long-term capital base to over $200 million
while strengthening our strategic relationship with DLJ, one of the leading
real estate investment banks and equity investors. There are excellent
investment opportunities currently available in the commercial and
residential mortgage finance sectors and we expect that deployment of this
new capital into additional investments will be accretive to earnings in
2000."

The new series of private preferred stock carries a 10.5% coupon and is
convertible into AHR common stock at a price of $7.35. If converted, the
series A preferred would convert into approximately 4 million shares of
Anthracite common stock. The preferred stock was privately placed by
Anthracite and there was no underwriting discount paid. In connection with
the preferred investment the Board of Directors of Anthracite will be
expanded to include Andrew P. Rifkin, Managing Director of DLJ.

Mr. Rifkin stated, "We are excited about the opportunity to work with
Anthracite, which we consider to be one of the leaders in the commercial
and residential mortgage sectors. With its expanded capital base,
Anthracite is well positioned to take advantage of current market
conditions. This investment is consistent with RECP's strategy of aligning
itself with strong management teams to capitalize on market dislocations."

Prior to year end, Anthracite anticipates closing $19 million of
subordinate CMBS investments which will be funded in part by the closing of
a new $50 million, two year financing facility. With the closing of the
preferred investment and the new financing facility Anthracite will have
closed over $280 million in multi-year financings during 1999.

Anthracite is a specialty finance company externally managed by BlackRock,
Inc., a New York City based investment manager with over $148 billion in
global assets under management. The company's principal business objective
is to generate net income for distribution to stockholders from the spread
between the interest income on its mortgage-backed securities and loan
investments and the costs of financing these investments.

DLJ is a global investment and merchant banking firm servicing a broad
array of institutional, corporate, government and individual clients. DLJ
has assets of over $98 billion and 12,000 employees worldwide. Formed in
1995, RECP and its affiliates have invested in over 50 real estate
transactions, acquiring a diversified portfolio of real estate assets with
an aggregate transaction value in excess of $2.0 billion.

Certain matters discussed in this press release may constitute
forward-looking statements within the meaning of the federal securities
laws. Anthracite's actual results could differ materially from those
anticipated in such forward-looking statements as a result of certain
factors, including those detailed from time to time in Anthracite's reports
and filings with the Securities and Exchange Commission.

For further information, please contact Hugh Frater, President and Chief
Executive Officer at 212-754-5535 or Richard Shea, Chief Operating Officer
and Chief Financial Officer at 212-754-5579, or visit Anthracite's website
at www.anthracitecapital.com.

Contact:

     Anthracite Capital, Inc.
     Hugh R. Frater
     President and CEO
     Tel: (212) 754-5535
     -or-
     Richard Shea
     COO and CFO
     Tel: (212) 754-5579