EX-99 2 an99p1.txt EX. 99.1 Exhibit 99.1
Anthracite Capital, Inc. and Subsidiaries Consolidated Statements of Financial Condition (Unaudited) (in thousands, except per share data) -------------------------------------------------------------------------------------------------------------------------------- March 31, 2004 December 31, 2003 ASSETS Cash and cash equivalents $ 17,264 $ 20,805 Restricted cash equivalents 15,389 12,845 Residential mortgage backed securities 708,105 753,219 --------------- --------------- Cash and RMBS 740,758 786,869 Commercial real estate securities 1,472,636 1,366,508 Commercial mortgage loan pools 1,222,103 - Commercial real estate loans 122,263 97,984 --------------- --------------- Total Commercial real estate 2,817,002 1,464,492 Receivable for investments sold 100,662 99,056 Other assets 48,666 48,429 --------------- --------------- Total Assets $3,707,088 $2,398,846 =============== =============== LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Borrowings: Secured by pledge of residential mortgage backed securities $ 648,525 $ 670,874 Secured by pledge of commercial real estate securities 134,467 444,987 Secured by pledge of commercial real estate loans 7,430 22,710 --------------- --------------- Total short term borrowings 790,422 1,138,571 Long term Borrowings: Collateralized debt obligations 1,057,522 684,970 --------------- --------------- Total borrowings $1,847,944 $1,823,541 Due to REMIC Trust 1,199,034 - 10% Series B Preferred Stock - called for redemption 43,930 - Securities sold, not yet settled 101,234 99,551 Payable for investments purchased 49,301 - Distributions payable 15,059 14,749 Other liabilities 48,451 43,575 --------------- --------------- Total Liabilities $3,304,953 $1,981,416 --------------- --------------- Stockholders' Equity: Common Stock, par value $0.001 per share; 400,000 shares authorized; 50,572 shares issued and outstanding in 2004; and 49,464 shares issued and outstanding in 2003 $ 51 $ 49 10% Series B Preferred Stock, liquidation preference $43,942 in 2003 - 33,431 9.375% Series C Preferred Stock, liquidation preference $57,500 in 2004 and 2003 55,435 55,435 Additional paid-in capital 549,199 536,333 Distributions in excess of earnings (116,460) (101,635) Accumulated other comprehensive loss (86,090) (106,183) --------------- --------------- Total Stockholders' Equity 402,135 417,430 --------------- --------------- Total Liabilities and Stockholders' Equity $3,707,088 $2,398,846 =============== ===============
Anthracite Capital, Inc. Consolidated Statements of Operations (Unaudited) (in thousands, except per share data) ----------------------------------------------------------------------------------------------------------------------- For the Three Months Ended March 31, ---------------------------------- 2004 2003 Income: Commercial real estate securities $29,185 $19,953 Commercial real estate loans 3,074 2,409 Residential mortgage backed securities 6,717 20,285 Cash and cash equivalents 88 176 Total income $39,064 $42,823 Expenses: Interest expense: Collateralized debt obligations 11,167 10,913 Commercial real estate securities 2,027 478 Commercial real estate loans 148 112 Residential mortgage backed securities 1,927 4,949 Hedging Expense 4,631 2,991 General and administrative 602 582 Incentive fee - - Management fee 2,130 2,577 Total expenses $ 22,632 $22,602 Other loss: Realized loss (4,723) (8,531) Unrealized gain (loss) 1,553 (1,731) Hedge ineffectiveness (973) (262) Total other loss $ (4,143) $(10,524) Net Income 12,289 9,697 Dividends on preferred stock 2,446 1,195 Cost to retire preferred stock in excess of carrying value 10,508 - Net Income available (Loss) to Common Stockholders $ (665) $8,502 Net Income (Loss) available to Common Stockholders per share, basic $ (0.01) $ 0.18 Net Income (Loss) available to Common Stockholders per share, diluted $ (0.01) $ 0.18 Weighted average number of shares outstanding: Basic 49,837 47,592 Diluted 49,846 47,622