8-K

                      UNITED STATES
            SECURITIES AND EXCHANGE COMMISSION
                  WASHINGTON, D.C. 20549

                         FORM 8-K

                      CURRENT REPORT
 Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

                       ------------

               May 25, 2004 (May 25, 2004)
 -----------------------------------------------------------------------
     Date of Report (Date of earliest event reported)

                 ANTHRACITE CAPITAL, INC.
 -----------------------------------------------------------------------
  (Exact Name of Registrant as Specified in its Charter)

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

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

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

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

ITEM 5.  OTHER EVENTS.

On May 25, 2004, Anthracite Capital, Inc. (the "Company") announced that its
Board of Directors declared a second quarter 2004 cash dividend of $0.28 per
share of common stock. The common stock cash dividend will be payable on August
2, 2004 to stockholders of record on June 15, 2004. The annualized dividend
yield is 9% based upon the $11.81 closing price of the Company's common stock
on May 25, 2004. The Company's Board of Directors also declared a cash dividend
for the quarterly period ending July 31, 2004 of $0.5859375 per share of Series
C Preferred Stock. The Series C Preferred Stock cash dividend will be payable
on August 2, 2004 to stockholders of record on July 10, 2004. A copy of the
press release is attached hereto as Exhibit 99.1 and incorporated herein by
reference.

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

(c)  Exhibit No.           Description

        99.1               Press Release issued by Anthracite Capital, Inc.,
                           dated May 25, 2004.

                        SIGNATURE

         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.

                                       /s/ Robert L. Friedberg
                                   By: ___________________________
                                        Name: Robert L. Friedberg
                                        Title:  Vice President and Secretary

                                                Dated: May 25, 2004




                 ANTHRACITE CAPITAL, INC.
                CURRENT REPORT ON FORM 8-K
         REPORT DATED MAY 25, 2004 (MAY 25, 2004)


                      EXHIBIT INDEX

Exhibit No.                Description

        99.1               Press Release issued by Anthracite Capital, Inc.,
                           dated May 25, 2004.

EX-99

Exhibit 99.1


Contact: Brian Beades
         212-754-5596
         ahr-info@blackrock.com


      ANTHRACITE CAPITAL ANNOUNCES CASH DIVIDEND OF $0.28 PER COMMON SHARE

NEW YORK, NY, May 25, 2004 - Anthracite Capital, Inc. ("Anthracite" or the
"Company") (NYSE: AHR) announced today that its Board of Directors declared a
second quarter 2004 cash dividend of $0.28 per share of common stock. The
common stock cash dividend will be payable on August 2, 2004 to stockholders of
record on June 15, 2004. The annualized dividend yield is 9.5% based upon the
$11.81 closing price of Anthracite's common stock on May 25, 2004.

The Company's Board of Directors also declared a cash dividend for the
quarterly period ending July 31, 2004 of $0.5859375 per share of Series C
Preferred Stock. The Series C Preferred Stock cash dividend will be payable on
August 2, 2004 to stockholders of record on July 10, 2004.


ABOUT ANTHRACITE
Anthracite Capital, Inc. (NYSE: AHR) is a specialty finance company focused on
investments in high yield real estate loans and related securities. Anthracite
is managed by BlackRock Financial Management, Inc., a subsidiary of New York
based BlackRock, Inc. (NYSE: BLK), one of the largest publicly traded
investment management firms in the United States with $321 billion of assets
under management at March 31, 2004. BlackRock is majority-owned by The PNC
Financial Services Group, Inc. (NYSE:PNC) and by BlackRock employees.

FORWARD LOOKING STATEMENTS
This press release may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act with respect to future financial
or business performance, strategies or expectations. Forward-looking statements
are typically identified by words or phrases such as "trend," "opportunity,"
"pipeline," "believe," "comfortable," "expect," "anticipate," "current,"
"intention," "estimate," "position," "assume," "potential," "outlook,"
"continue," "remain," "maintain," "sustain," "seek," "achieve," and similar
expressions, or future or conditional verbs such as "will," "would," "should,"
"could," "may" or similar expressions. Anthracite cautions that forward-looking
statements are subject to numerous assumptions, risks and uncertainties, which
change over time. Forward-looking statements speak only as of the date they are
made, and Anthracite assumes no duty to and does not undertake to update
forward-looking statements. Actual results could differ materially from those
anticipated in forward-looking statements and future results could differ
materially from historical performance.

In addition to factors previously disclosed in Anthracite's Securities and
Exchange Commission (the "SEC") reports and those identified elsewhere in this
press release, the following factors, among others, could cause actual results
to differ materially from forward-looking statements or historical performance:
(1) the introduction, withdrawal, success and timing of business initiatives
and strategies; (2) changes in political, economic or industry conditions, the
interest rate environment or financial and capital markets, which could result
in changes in the value of Anthracite's assets; (3) the relative and absolute
investment performance and operations of Anthracite's manager; (4) the impact
of increased competition; (5) the impact of capital improvement projects; (6)
the impact of future acquisitions; (7) the unfavorable resolution of legal
proceedings; (8) the extent and timing of any share repurchases; (9) the
impact, extent and timing of technological changes and the adequacy of
intellectual property protection; (10) the impact of legislative and regulatory
actions and reforms and regulatory, supervisory or enforcement actions of
government agencies relating to Anthracite, BlackRock or PNC; (11) terrorist
activities, which may adversely affect the general economy, real estate,
financial and capital markets, specific industries, and Anthracite and
BlackRock; (12) the ability of Anthracite's manager to attract and retain
highly talented professionals; (13) fluctuations in foreign currency exchange
rates; and (14) the impact of changes to tax legislation and, generally, the
tax position of the Company.

Anthracite's Annual Report on Form 10-K for the year ended December 31, 2003
and Anthracite's subsequent reports filed with the SEC, accessible on the SEC's
website at www.sec.gov, identify additional factors that can affect
forward-looking statements.

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