EX-99 2 anth99-1.txt EXHIBIT 99.1 Exhibit 99.1
Anthracite Capital, Inc. and Subsidiaries Consolidated Statements of Financial Condition (Unaudited) (in thousands, except per share data) --------------------------------------------------------------------------------------------------------------------------------- June 30, 2005 December 31, 2004 ASSETS Cash and cash equivalents $13,251 $23,755 Restricted cash equivalents 20,876 19,680 Residential mortgage-backed securities 323,662 372,071 -------------- -------------- Cash and RMBS 357,789 415,506 Commercial mortgage loan pools 1,302,303 1,312,045 Commercial real estate securities 1,979,779 1,628,519 Commercial real estate loans 282,461 325,350 -------------- ------------- Total commercial real estate 3,564,543 3,265,914 Other assets 42,140 47,714 -------------- ------------- Total Assets $3,964,472 $3,729,134 ============== ============= LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Short term borrowings: Secured by pledge of residential mortgage-backed securities $302,563 $356,451 Secured by pledge of commercial real estate securities 604,069 305,526 Secured by pledge of commercial mortgage loan pools 6,703 773 Secured by pledge of commercial real estate loans 94,396 141,601 -------------- -------------- Total short term borrowings 1,007,731 804,351 Long term borrowings: Collateralized debt obligations 1,067,589 1,067,967 Secured by pledge of commercial mortgage loan pools 1,283,503 1,294,058 -------------- -------------- Total long term borrowings 2,351,092 2,362,025 -------------- ------------- Total borrowings 3,358,823 3,166,376 Payable for investments purchased 5,155 - Distributions payable 15,823 15,819 Other liabilities 37,803 33,201 -------------- ------------- Total Liabilities 3,417,604 3,215,396 -------------- ------------- Stockholders' Equity: Common Stock, par value $0.001 per share; 400,000 shares authorized; 53,305 shares issued and outstanding in 2005; and 53,289 shares issued and outstanding in 2004 53 53 9.375% Series C Preferred Stock, liquidation preference $57,500 in 2005 and 2004 55,435 55,435 Additional paid-in capital 579,103 578,919 Distributions in excess of earnings (139,855) (134,075) Accumulated other comprehensive income 52,132 13,406 -------------- ------------- Total Stockholders' Equity 546,868 513,738 -------------- ------------- Total Liabilities and Stockholders' Equity $3,964,472 $3,729,134 ============== =============
Anthracite Capital, Inc. Consolidated Statements of Operations (Unaudited) (in thousands, except per share data) -------------------------------------------------------------------------------------------------------------------------------- For the Three Months Ended June For the Six Months Ended June 30, 30, ----------------------------------------------------------------------- 2005 2004 2005 2004 ----------------------------------------------------------------------- Operating Portfolio Income: Commercial real estate securities $33,602 $30,166 $66,233 $59,351 Commercial mortgage loan pools 13,605 12,351 27,157 12,351 Commercial real estate loans 7,961 4,140 16,200 7,214 Residential mortgage-backed securities 2,691 5,386 5,571 12,103 Cash and cash equivalents 266 103 502 191 ----------------------------------- -------------------------------- Total Income 58,125 52,146 115,663 91,210 ----------------------------------- -------------------------------- Expenses: Interest expense: Collateralized debt obligations 16,018 15,678 31,765 26,845 Commercial real estate securities 3,377 1,114 5,963 3,141 Commercial mortgage loan pools 12,745 11,972 25,525 11,972 Commercial real estate loans 1,275 145 2,610 293 Residential mortgage-backed securities 2,396 1,560 4,525 3,487 Hedging expense 1,626 3,148 3,926 7,779 General and administrative expense 938 633 1,758 1,235 Management fee 2,661 2,163 5,240 4,293 ----------------------------------- -------------------------------- Total Expenses 41,036 36,413 81,312 59,045 ----------------------------------- -------------------------------- Other loss: Realized loss (242) (3,870) (195) (8,593) Unrealized loss (1,017) (4,212) (2,544) (2,659) Foreign currency loss (176) (12) (344) (12) Hedge ineffectiveness (1,533) 467 (1,272) (506) Loss on impairment of asset (3,072) - (3,231) - ----------------------------------- -------------------------------- Total Other Loss (6,040) (7,627) (7,586) (11,770) ----------------------------------- -------------------------------- Net Income 11,049 8,106 26,765 20,395 ----------------------------------- -------------------------------- Dividends on preferred stock 1,348 1,775 2,696 4,221 Cost to retire preferred stock in excess of carrying value - 10,508 - 10,508 ----------------------------------- -------------------------------- Net Income available (loss) to Common Stockholders $9,701 $(4,177) $24,069 $5,666 =================================== ================================ Net Income available (loss) to Common Stockholders per share, basic $0.18 $(0.08) $0.45 $0.11 Net Income available (loss) to Common Stockholders per share, diluted $0.18 $(0.08) $0.45 $0.11 Weighted average number of shares outstanding: Basic 53,302 50,706 53,298 50,276 Diluted 53,311 50,706 53,307 50,285