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

                Date of Report (Date of earliest event reported)
                    September 27, 2005 (September 26, 2005)

                            Anthracite Capital, Inc.
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             (Exact name of registrant as specified in its charter)


         Maryland                    001-13937                13-397-8906
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(State or other jurisdiction        (Commission              (IRS Employer
     of incorporation)              File Number)          Identification No.)


       40 East 52nd Street, New York, New York                   10022
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       (Address of principal executive offices)                (Zip Code)


Registrant's telephone number, including area code   (212) 810-3333
                                                   -----------------------------

                                      N/A
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         (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ]  Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))



Item 1.01.   Entry into a Material Definitive Agreement

         The information provided in Item 2.03 is incorporated by reference
herein.

Item 2.03    Creation of a Direct Financial Obligation or an Obligation under an
             Off-Balance Sheet Arrangement of a Registrant.

         On September 26, 2005, Anthracite Capital, Inc. (the "Company")
completed a private placement of $75.0 million aggregate liquidation amount of
preferred securities (the "Preferred Securities"), through a newly formed
subsidiary, Anthracite Capital Trust I, a Delaware statutory trust (the
"Trust"), to qualified financial institutions. The proceeds will be used to
continue to execute the Company's commercial real estate strategies including,
for the first time, investments in commercial real estate equity. A copy of the
press release announcing this transaction is attached hereto as Exhibit 99.1.

         The Preferred Securities were issued by the Trust pursuant to an
Amended and Restated Trust Agreement (the "Trust Agreement") among the Company,
as depositor, Wells Fargo Bank, National Association, as property trustee, Wells
Fargo Delaware Trust Company, as Delaware trustee and three administrative
trustees, each of whom is an officer of the Company. The Trust also issued
$2,380,000 aggregate liquidation amount of common securities (the "Common
Securities") pursuant to the Trust Agreement and sold the Common Securities to
the Company. The Trust used the proceeds from the sale of the Preferred
Securities and the Common Securities to purchase $77,380,000 million aggregate
principal amount of junior subordinated notes due 2035 of the Company (the
"Junior Subordinated Notes") issued pursuant to a Junior Subordinated Indenture,
dated as of September 26, 2005 (the "Indenture") between the Company and Wells
Fargo Bank, National Association, as trustee (the "Trustee").

         The Preferred Securities require quarterly distributions at a fixed
rate of 7.497% through the interest payment date in October 2015 and at a
variable rate of LIBOR plus 2.9% thereafter. Distributions are cumulative and
accrue from the date of original issuance. The Preferred Securities mature on
October 30, 2035, but may be redeemed beginning on October 30, 2010 if the
Company exercises its right to redeem the Junior Subordinated Notes as described
below. Interest accrues from the date of original issuance.

         The Junior Subordinated Notes mature on October 30, 2035, but the
Company may redeem the Junior Subordinated Notes, in whole or in part, at par
beginning on October 30, 2010, and may redeem them earlier than such date
following the occurrence of a Special Event, as defined in the Indenture. The
Trust will be required to redeem a like amount of the Preferred Securities if
the Partnership exercises its right to redeem all or a portion of the Junior
Subordinated Notes.

         Either the Trustee or the holders of at least 25% of the aggregate
principal amount of the outstanding Junior Subordinated Notes may declare the
principal amount of, and all accrued interest on, all the Junior Subordinated
Notes to be due and payable immediately, or if the holders of the Junior
Subordinated Notes fail to make such declaration, the holders of at least 25% in
aggregate liquidation amount of the Preferred Securities outstanding shall have
a right to make such declaration, if an Event of Default occurs. Any holder of
the Preferred Securities has the right, upon the occurrence of an Event of
Default, to institute suit directly against the Company for enforcement of
payment to such holder of principal of and any premium and interest, including
additional interest, on the Junior Subordinated Notes having a principal amount
equal to the aggregate liquidation amount of the Preferred Securities held by
such holder.



                                    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.


                                             By: /s/ James J. Lillis
                                                 -------------------------------
                                             Name:  James J. Lillis
                                             Title: Chief Financial Officer

                                             Dated: September 27, 2005



                            ANTHRACITE CAPITAL, INC.
                           CURRENT REPORT ON FORM 8-K
              Report dated September 27, 2005 (September 26, 2005)


EXHIBIT INDEX

Exhibit No.      Description

Exhibit 99.1     Press Release of Anthracite Capital, Inc., dated September 26,
                 2005.

EX-99

                                                                    Exhibit 99.1
                                                                    ------------


Contact:  Brian Beades
          212-810-5596
          ahr-info@blackrock.com


           Anthracite Capital Announces $75 Million Private Placement
                         of Trust Preferred Securities


New York, September 27, 2005 - Anthracite Capital, Inc. ("Anthracite" or the
"Company") (NYSE: AHR) announced today the completion of a private placement of
$75 million of trust preferred securities through its wholly owned subsidiary
Anthracite Capital Trust I. The proceeds will be used by the Company to continue
to execute its commercial real estate strategies including, for the first time,
investments in commercial real estate equity.

The trust preferred securities have a thirty-year term ending October 30, 2035
with interest at a fixed rate of 7.497% for the first ten years and at a
floating rate of three-month LIBOR plus 2.9% thereafter. The trust preferred
securities can be redeemed at par beginning in October 2010.

Chris Milner, CEO stated "The long term nature and attractive cost of this
capital complements the value-added equity opportunities we are currently
evaluating. Our strategy for investing in U.S. real estate equity will be
primarily in commingled vehicles along with BlackRock Realty's institutional
client base. This is similar to our approach to the U.S. mezzanine loan sector
where the Company invests on a diversified basis through Carbon Capital."

About Anthracite

Anthracite Capital, Inc. is a specialty finance company focused on investments
in high yield commercial real estate loans and related securities. Anthracite is
externally managed by BlackRock Financial Management, Inc., which is a
subsidiary of BlackRock, Inc., one of the largest publicly traded investment
management firms in the United States with approximately $414 billion in global
assets under management as of June 30, 2005. BlackRock Realty Advisors, Inc.,
another subsidiary of BlackRock, provides real estate equity and other real
estate-related products and services in a variety of strategies to meet the
needs of institutional investors. BlackRock is a member of The PNC Financial
Services Group, Inc. ("PNC") (NYSE:PNC), a diversified financial services
organization. Through its affiliates, PNC originates commercial, multifamily and
residential real estate loans, and services $118.8 billion in commercial
mortgage loans for third parties through its Midland Loan Services, Inc.
subsidiary as of June 30, 2005.

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," "potential,"
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 and divestitures; (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, 2004 and
Anthracite's subsequent reports filed with the SEC, accessible on the SEC's
website at www.sec.gov and on Anthracite's website at www.anthracitecapital.com,
discuss these factors in more detail and identify additional factors that can
affect forward-looking statements.

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