Exhibit 99.1
Anthracite Capital, Inc. and Subsidiaries
Consolidated Statements of Financial Condition (Unaudited)
(in thousands, except per share data)
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September 30, 2005 December 31, 2004
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ASSETS
Cash and cash equivalents $63,030 $23,755
Restricted cash equivalents 89,038 19,680
Residential mortgage-backed securities 291,454 372,071
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Cash and RMBS 443,522 415,506
Commercial mortgage loan pools 1,297,029 1,312,045
Commercial real estate securities 2,070,725 1,628,519
Commercial real estate loans 353,402 325,350
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Total commercial real estate 3,721,156 3,265,914
Other assets 74,904 47,714
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Total Assets $4,239,582 $3,729,134
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LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Short term borrowings:
Secured by pledge of residential mortgage-backed securities $278,879 $356,451
Secured by pledge of commercial real estate securities 467,972 305,526
Secured by pledge of commercial mortgage loan pools 773 773
Secured by pledge of commercial real estate loans 126,868 141,601
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Total short term borrowings 874,492 804,351
Long term borrowings:
Collateralized debt obligations 1,306,851 1,067,967
Secured by pledge of commercial mortgage loan pools 1,278,192 1,294,058
Junior subordinated notes to subsidiary trust issuing preferred
securities 77,380 -
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Total long term borrowings 2,662,423 2,362,025
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Total borrowings 3,536,915 3,166,376
Payable for investments purchased 87,829 -
Distributions payable 16,442 15,819
Other liabilities 25,910 33,201
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Total Liabilities 3,667,096 3,215,396
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Stockholders' Equity:
Common Stock, par value $0.001 per share; 400,000 shares authorized; 55,511
shares issued and outstanding in 2005; and
53,289 shares issued and outstanding in 2004 56 53
9.375% Series C Preferred Stock, liquidation preference
$57,500 in 2005 and 2004 55,435 55,435
Additional paid-in capital 603,839 578,919
Distributions in excess of earnings (140,331) (134,075)
Accumulated other comprehensive income 53,487 13,406
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Total Stockholders' Equity 572,486 513,738
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Total Liabilities and Stockholders' Equity $4,239,582 $3,729,134
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Anthracite Capital, Inc. and Subsidiaries
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
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For the Three Months Ended For the Nine Months Ended
September 30, September 30,
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2005 2004 2005 2004
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Operating Portfolio
Income:
Commercial real estate securities $37,009 $32,408 $103,242 $92,072
Commercial mortgage loan pools 13,460 13,715 40,617 26,066
Commercial real estate loans 8,232 5,123 24,431 12,337
Residential mortgage-backed securities 2,268 3,941 7,839 15,731
Cash and cash equivalents 969 165 1,471 356
Other - 742 - 742
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Total Income 61,938 56,094 177,600
147,304
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Expenses:
Interest expense:
Collateralized debt obligations 18,758 16,162 50,523 43,007
Commercial real estate securities 5,371 1,945 11,334 5,086
Commercial mortgage loan pools 12,760 12,706 38,285 24,678
Commercial real estate loans 1,273 424 3,883 718
Residential mortgage-backed securities 2,594 1,673 7,119 5,159
Junior subordinated notes 66 - 66 -
Hedging expense 1,588 3,825 5,514 11,604
General and administrative expense 933 886 2,691 2,120
Management fee 2,799 2,212 8,039 6,505
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Total Expenses 46,142 39,833 127,454 98,877
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Other income (loss):
Net realized and unrealized gain (loss) 928 977 (1,811) (10,276)
Foreign currency gain (loss) 87 (113) (257) (126)
Hedge ineffectiveness (394) (624) (1,666) (1,130)
Loss on impairment of assets - - (3,231) -
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Total Other Income (Loss) 621 240 (6,965)
(11,532)
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Net Income 16,417 16,501 43,181 36,895
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Dividends on preferred stock 1,348 1,348 4,044 5,568
Cost to retire preferred stock in excess of carrying
value - - - 10,508
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Net Income available to Common Stockholders $15,069 $15,153 $39,137 $20,819
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Net Income available to Common Stockholders per share,
basic $0.28 $0.28 $0.73 $0.41
Net Income available to Common Stockholders per share,
diluted $0.28 $0.28 $0.73 $0.41
Weighted average number of shares outstanding:
Basic 54,115 53,212 53,573 51,258
Diluted 54,124 53,221 53,583 51,267