EX-99 3 s793491.txt EXHIBIT 99.1
EXHIBIT 99.1 ANTHRACITE CAPITAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (IN THOUSANDS, EXCEPT PER SHARE DATA) --------------------------------------------------------------------------------------------------------- June 30, 2003 December 31, 2002 ------------- ----------------- (Unaudited) ASSETS Cash and cash equivalents $ 14,259 $ 24,698 Restricted cash equivalents 56,756 84,485 Commercial real estate securities 1,147,398 894,345 Commercial real estate loans 55,556 65,664 Residential mortgage backed securities 888,878 1,506,450 Equity investment in Carbon Capital, Inc. 18,570 14,997 Investments in real estate joint ventures 7,844 8,265 Receivable for investments sold 670 - Other assets 71,899 40,447 -------------- -------------- Total Assets $2,261,830 $2,639,351 ============== ============== LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Borrowings: Collateralized debt obligations $684,778 $684,590 Secured by pledge of commercial real estate securities 163,503 42,861 Secured by pledge of commercial real estate loans 14,667 14,667 Secured by pledge of residential mortgage backed securities 850,294 1,418,206 Secured by pledge of real estate joint ventures 512 1,337 -------------- -------------- Total borrowings $1,713,754 $2,161,661 Payable for investments purchased 21,653 524 Distributions payable 17,299 16,589 Other liabilities 75,221 54,361 -------------- -------------- Total Liabilities 1,827,927 2,233,135 -------------- -------------- Stockholders' Equity: Common stock, par value $0.001 per share; 400,000 shares authorized; 48,142 shares issued and outstanding in 2003; and 47,398 shares issued and outstanding in 2002 48 47 10% Series B Preferred stock, liquidation preference $43,942 in 2003 and $47,817 in 2002 33,431 36,379 9.375% Series C Preferred stock, liquidation preference $57,500 in 2003 55,513 - Additional paid - in capital 522,334 515,180 Distributions in excess of earnings (61,830) (24,161) Accumulated other comprehensive loss (115,593) (121,229) -------------- -------------- Total Stockholders' Equity 433,903 406,216 -------------- -------------- Total Liabilities and Stockholders' Equity $2,261,830 $2,639,351 ============== ==============
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Anthracite Capital, Inc. Consolidated Statements of Operations (Unaudited) (in thousands, except per share data) ------------------------------------------------------------------------------------------------------- For the Three Months For the Six Months Ended Ended June 30, 2003 June 30, 2003 --------------------------------------------------- Income: Commercial real estate securities $23,032 $45,605 Commercial real estate loans 2,103 3,290 Residential mortgage backed securities 16,126 34,035 Earnings from real estate joint ventures 238 473 Earnings from equity investment 702 1,445 Cash and cash equivalents 209 385 --------- --------- Total income 42,410 85,233 --------- --------- Expenses: Interest expense: Collateralized debt obligations 11,077 21,990 Commercial real estate securities 699 1,177 Commercial real estate loans 108 210 Residential mortgage backed securities 5,103 10,052 Real estate joint ventures 7 17 Hedging Expense 4,764 7,755 General and administrative 591 1,173 Management fee 2,649 5,226 --------- --------- Total expenses 24,998 47,600 --------- --------- Other gain (losses): Realized loss (1,928) (10,459) Unrealized gain (loss) 506 (1,225) Hedge Ineffectiveness 21 (241) Loss on impairment of assets (27,014) (27,014) --------- --------- Total other loss (28,415) (38,939) --------- --------- Net Loss (11,003) (1,306) --------- --------- Dividends on preferred stock 1,611 2,806 --------- --------- Net Loss attributable to Common Shareholders (12,614) (4,112) ========= ========= Income from operating portfolio per share: Basic $0.33 $0.73 Diluted $0.33 $0.73 Net Loss per share, basic $(0.26) $(0.09) ========= ========= Net Loss per share, diluted $(0.26) $(0.09) ========= ========= Weighted average number of shares outstanding: Basic 47,862 47,728 Diluted 47,883 47,746