8-K

                     SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, DC 20549


                                  FORM 8-K


                               CURRENT REPORT
                   PURSUANT TO SECTION 13 OR 15(d) OF THE
                      SECURITIES EXCHANGE ACT OF 1934


      Date of Report (Date of Earliest Event Reported): June 20, 2002


                          ANTHRACITE CAPITAL, INC.
             (Exact name of Registrant as Specified in Charter)


     Maryland                         001-13937               13-397-8906
- ----------------------------     ---------------------      ---------------
(State or Other Jurisdiction       (Commission              (IRS Employer
of Incorporation)                  File Number)             Identification No.)


   40 East 52nd Street, New York, NY                        10022
- ------------------------------------------------------------------------------
(Address of Principal Executive Offices)                  (Zip Code)


     Registrant's telephone number, including area code: (212) 409-3333


                                    N/A
- ------------------------------------------------------------------------------
       (Former Name or Former Address, if Changed Since Last Report)




ITEM 5.  OTHER EVENTS

         On June 20, 2002, Anthracite Capital, Inc. (the "Company") issued
a press release announcing, among other things, a cash dividend of $0.35
per share of common stock of the Company for the quarter ended June 30,
2002. A copy of the press release is filed as an exhibit hereto and
incorporated as a reference herein.


ITEM 7.  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

(c)   Exhibits.


      99.1   Press Release issued by the Company, dated June 20, 2002.


                                 SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.


                                               ANTHRACITE CAPITAL, INC.


                                               By: /s/ Robert L. Friedberg
                                                   -----------------------
                                                 Name:   Robert L. Friedberg
                                                 Title:  Secretary

Dated:  June 24, 2002


                               EXHIBIT INDEX


    Designation                    Description

     99.1            Press Release issued by the Company, dated June 20, 2002.

EX-99

                                                                 Exhibit 99.1

FOR IMMEDIATE RELEASE

Contact: Richard Shea                    or        Robert Friedberg
         COO and CFO                               Vice-President and Controller
         Anthracite Capital, Inc.                  Anthracite Capital, Inc.
         Tel: (212) 754-5579                       Tel: (212) 409-3333



       ANTHRACITE CAPITAL ANNOUNCES CASH DIVIDEND OF $0.35 PER SHARE


NEW YORK, NY, June 20, 2002 - Anthracite Capital, Inc. (Anthracite) (NYSE:
AHR) announced today that its Board of Directors declared a second quarter
2002 cash dividend of $0.35 per share of common stock. The cash dividend
will be payable on July 31, 2002 to shareholders of record on June 28,
2002. The annualized dividend yield is 11.02% based upon the $12.70 closing
price of Anthracite's common stock on June 20, 2002.

Hugh Frater, President and Chief Executive Officer of Anthracite stated,
"With the closing of our recent collateralized debt obligation (CDO) the
Company has never been stronger. We are currently working in a disciplined
manner to deploy our substantial excess liquidity into the most attractive
commercial assets available. Our longstanding dividend policy is to declare
a level of dividends that we believe can be sustained by the long-term
earnings of the Company's portfolio. After we have deployed our excess
liquidity that earning potential will become clearer as will our ability to
consider a new level of dividends. This dividend declaration expresses our
belief in the ability to maintain dividends over the long-term based on the
existing portfolio."

Shareholder Information. Anthracite has a dividend reinvestment plan that
provides current owners of its common stock with a simple economical and
convenient method of increasing their investment. Even if you are not a
current owner of Anthracite common stock, the Company's transfer agent can
issue registered stock directly to you without commission or markup. This
transaction can be done regardless of whether or not shares are held in
street name. To take advantage of this program shareholders must submit a
signed authorization form to the Company's Transfer Agent. A printable
version of the form is available on the Company's website or you can call
or email the Company to obtain the authorization form and instructions. The
Company's web site address is www.anthracitecapital.com. The Company is
currently offering a 2% discount to the trailing 12 business day averages
provided the stock price remains above threshold levels established by the
Company at the time.

About Anthracite. Anthracite Capital, Inc. is a specialty finance company
focused on investments in high yield real estate loans and related
securities. Anthracite is externally managed by BlackRock, Inc., (NYSE:BLK)
one of the largest publicly traded investment management firms in the
United States with over $238 billion in global assets under management.
BlackRock is a member of the PNC Financial Services Group, Inc (NYSE:PNC) a
diversified financial services organization. Through its affiliates, PNC
originates commercial, multifamily and residential real estate loans, and
services over $60 billion in commercial mortgage loans for third parties
through its Midland Loan Services subsidiary.

Forward Looking Statements. 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.

To learn more about Anthracite Capital, Inc., visit our website at
www.anthracitecapital.com