[RBS GREENWICH CAPITAL GRAPHIC OMITTED] Greenwich Capital Financial Products, Inc. 600 Steamboat Road Greenwich, Connecticut 06830 Telephone: 203.625.2700 Facsimile: 203.618.2134 www.gcm.com July 1, 2006 Anthracite Capital, Inc. 40 East 52nd Street New York, NY 10022 Re: Master Repurchase Agreement, dated July 8, 2002, between Anthracite Capital, Inc., as seller ("Seller") and Greenwich Capital Financial Products, Inc., as buyer ("Buyer") as supplemented by that certain Annex I to Master Repurchase agreement dated as of July 8, 2002 ( as further amended, supplemented or modified from time to time, collectively, the "Repurchase Agreement"). Dear Rob Friedberg, GCFP has agreed to the extension of the Scheduled Repurchase Date, in accordance with Section 3(e) of the Repurchase Agreement, for an additional 364 day period to July 6, 2007. In addition, GCFP has also agreed to the extension of the Commitment Period, in accordance with Section (1) of the Repurchase Agreement, to December 23, 2006. Sincerely, /s/ Lance W. Haberin - ------------------------ Lance W. Haberin Vice President Cc: Mr. Robert Bull - Sidley & Austin Ms. Janice DeJulio - Blackrock