EX-99 2 anthra991.txt EXHIBIT 99.1 - CONSOL. STATEMENT OF OPERATION
Exhibit 99.1 Anthracite Capital, Inc. and Subsidiaries Consolidated Statements of Financial Condition (Unaudited) (in thousands, except per share data) ------------------------------------------------------------------------------------------------------------------------------------ December 31, 2004 December 31, 2003 ASSETS Cash and cash equivalents $23,755 $20,805 Restricted cash equivalents 19,680 12,845 Residential mortgage-backed securities 372,071 726,717 --------------- ------------ Cash and RMBS 415,506 760,367 Commercial mortgage loan pools 1,312,045 - Commercial real estate securities 1,623,939 1,393,010 Commercial real estate loans 329,930 97,984 -------------- ------------- Total commercial real estate 3,265,914 1,490,994 Receivable for investments sold - 99,056 Other assets 47,714 48,429 -------------- ------------- Total Assets $3,729,134 $2,398,846 ============== LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Short term borrowings: Secured by pledge of residential mortgage-backed securities $356,451 $670,874 Secured by pledge of commercial real estate securities 305,526 444,987 Secured by pledge of commercial mortgage loan pools 773 - Secured by pledge of commercial real estate loans 141,601 22,710 --------------- ------------ Total short term borrowings 804,351 1,138,571 Long term borrowings: Collateralized debt obligations 1,067,967 684,970 Secured by pledge of commercial mortgage loan pools 1,294,058 - --------------- ------------ Total long term borrowings 2,362,025 684,970 -------------- ------------ Total borrowings 3,166,376 1,823,541 Securities sold, not yet settled - 99,551 Distributions payable 15,819 14,749 Other liabilities 33,201 43,575 -------------- ------------ Total Liabilities 3,215,396 1,981,416 -------------- ------------ Stockholders' Equity: Common Stock, par value $0.001 per share; 400,000 shares authorized; 53,289 shares issued and outstanding in 2004; and 49,464 shares issued and outstanding in 2003 53 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 578,919 536,333 Distributions in excess of earnings (134,075) (101,635) Accumulated other comprehensive income (loss) 13,406 (106,183) -------------- ------------- Total Stockholders' Equity 513,738 417,430 -------------- ------------- Total Liabilities and Stockholders' Equity $3,729,134 $2,398,846 ============== =============
Anthracite Capital, Inc. Consolidated Statements of Operations (Unaudited) (in thousands, except per share data) ---------------------------------------------------------------------------------------------------------------------------- For the Three Months Ended For the Year Ended December 31, December 31, ------------------------------------------------------------------- 2004 2003 2004 2003 ------------------------------------------------------------------- Operating Portfolio Income: Commercial real estate securities $31,785 $26,384 $123,860 $98,114 Commercial mortgage loan pools 13,606 - 39,672 - Commercial real estate loans 7,948 2,828 20,790 10,196 Residential mortgage-backed securities 3,171 8,878 18,901 54,504 Cash and cash equivalents 282 126 638 964 Other - - 742 - ------------------------------- -------------------------------- Total income 56,792 38,216 204,603 163,778 ------------------------------- -------------------------------- Expenses: Interest expense: Collateralized debt obligations 15,978 11,138 58,986 44,226 Commercial real estate securities 2,312 1,722 7,398 4,341 Commercial mortgage loan pools 12,850 - 37,527 - Commercial real estate loans 1,185 163 2,148 526 Residential mortgage-backed securities 1,858 2,512 7,016 16,072 Hedging expense 2,829 5,539 14,434 18,790 General and administrative 1,306 572 3,427 2,296 Management fee 2,451 2,070 8,957 9,411 ------------------------------- -------------------------------- Total expenses 23,716 139,893 95,662 40,769 ------------------------------- -------------------------------- Other gain (loss): Realized gain (loss) 16,327 (8,354) 7,527 (41,633) Unrealized gain (loss) (90) 7,858 (1,825) (3,405) Foreign currency loss (61) - (187) - Hedge ineffectiveness 115 881 (1,015) 706 Loss on impairment of assets (26,018) - (26,018) (32,426) ------------------------------- -------------------------------- Total other gain (loss) (9,727) 385 (21,518) (76,758) ------------------------------- -------------------------------- Net income (loss) 6,296 14,885 43,192 (8,642) ------------------------------- -------------------------------- Dividends on preferred stock 1,348 2,446 6,916 7,744 Cost to retire preferred stock in excess of carrying value - - 10,508 - ------------------------------- -------------------------------- Net income (loss) available to Common Stockholders $4,948 $12,439 $25,768 $(16,386) =============================== ================================ Net Income (Loss) available to Common Stockholders per share, basic $0.09 $0.25 $0.50 $(0.34) Net Income (Loss) available to Common Stockholders per share, diluted $0.09 $0.25 $0.50 $(0.34) Weighted average number of shares outstanding: Basic 53,281 49,107 51,767 48,246 Diluted 53,290 49,118 51,776 48,246