EX-99 2 nyc3519172991.txt EXHIBIT 99.1
Exhibit 99.1 Anthracite Capital, Inc. and Subsidiaries Consolidated Statements of Financial Condition (Unaudited) (in thousands, except per share data) ----------------------------------------------------------------------------------------------------------------------------------- September 30, 2005 December 31, 2004 --------------------------- ------------------------- ASSETS Cash and cash equivalents $63,030 $23,755 Restricted cash equivalents 89,038 19,680 Residential mortgage-backed securities 291,454 372,071 -------------- ------------- Cash and RMBS 443,522 415,506 Commercial mortgage loan pools 1,297,029 1,312,045 Commercial real estate securities 2,070,725 1,628,519 Commercial real estate loans 353,402 325,350 ------------ ------------ Total commercial real estate 3,721,156 3,265,914 Other assets 74,904 47,714 ------------ ------------ Total Assets $4,239,582 $3,729,134 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Short term borrowings: Secured by pledge of residential mortgage-backed securities $278,879 $356,451 Secured by pledge of commercial real estate securities 467,972 305,526 Secured by pledge of commercial mortgage loan pools 773 773 Secured by pledge of commercial real estate loans 126,868 141,601 -------------- -------------- Total short term borrowings 874,492 804,351 Long term borrowings: Collateralized debt obligations 1,306,851 1,067,967 Secured by pledge of commercial mortgage loan pools 1,278,192 1,294,058 Junior subordinated notes to subsidiary trust issuing preferred securities 77,380 - --------------- -------------- Total long term borrowings 2,662,423 2,362,025 ------------- ------------ Total borrowings 3,536,915 3,166,376 Payable for investments purchased 87,829 - Distributions payable 16,442 15,819 Other liabilities 25,910 33,201 ------------ ------------ Total Liabilities 3,667,096 3,215,396 ------------ ------------ Stockholders' Equity: Common Stock, par value $0.001 per share; 400,000 shares authorized; 55,511 shares issued and outstanding in 2005; and 53,289 shares issued and outstanding in 2004 56 53 9.375% Series C Preferred Stock, liquidation preference $57,500 in 2005 and 2004 55,435 55,435 Additional paid-in capital 603,839 578,919 Distributions in excess of earnings (140,331) (134,075) Accumulated other comprehensive income 53,487 13,406 ------------- ------------ Total Stockholders' Equity 572,486 513,738 ------------- ------------ Total Liabilities and Stockholders' Equity $4,239,582 $3,729,134 ============== ============
Anthracite Capital, Inc. and Subsidiaries Consolidated Statements of Operations (Unaudited) (in thousands, except per share data) -------------------------------------------------------------------------------------------------------------------------------- For the Three Months Ended For the Nine Months Ended September 30, September 30, ----------------------------------------------------------------------- 2005 2004 2005 2004 ----------------------------------------------------------------------- Operating Portfolio Income: Commercial real estate securities $37,009 $32,408 $103,242 $92,072 Commercial mortgage loan pools 13,460 13,715 40,617 26,066 Commercial real estate loans 8,232 5,123 24,431 12,337 Residential mortgage-backed securities 2,268 3,941 7,839 15,731 Cash and cash equivalents 969 165 1,471 356 Other - 742 - 742 ----------------------------------- -------------------------------- Total Income 61,938 56,094 177,600 147,304 ----------------------------------- -------------------------------- Expenses: Interest expense: Collateralized debt obligations 18,758 16,162 50,523 43,007 Commercial real estate securities 5,371 1,945 11,334 5,086 Commercial mortgage loan pools 12,760 12,706 38,285 24,678 Commercial real estate loans 1,273 424 3,883 718 Residential mortgage-backed securities 2,594 1,673 7,119 5,159 Junior subordinated notes 66 - 66 - Hedging expense 1,588 3,825 5,514 11,604 General and administrative expense 933 886 2,691 2,120 Management fee 2,799 2,212 8,039 6,505 ----------------------------------- -------------------------------- Total Expenses 46,142 39,833 127,454 98,877 ----------------------------------- -------------------------------- Other income (loss): Net realized and unrealized gain (loss) 928 977 (1,811) (10,276) Foreign currency gain (loss) 87 (113) (257) (126) Hedge ineffectiveness (394) (624) (1,666) (1,130) Loss on impairment of assets - - (3,231) - ----------------------------------- -------------------------------- Total Other Income (Loss) 621 240 (6,965) (11,532) ----------------------------------- -------------------------------- Net Income 16,417 16,501 43,181 36,895 ----------------------------------- -------------------------------- Dividends on preferred stock 1,348 1,348 4,044 5,568 Cost to retire preferred stock in excess of carrying value - - - 10,508 ----------------------------------- -------------------------------- Net Income available to Common Stockholders $15,069 $15,153 $39,137 $20,819 =================================== ================================ Net Income available to Common Stockholders per share, basic $0.28 $0.28 $0.73 $0.41 Net Income available to Common Stockholders per share, diluted $0.28 $0.28 $0.73 $0.41 Weighted average number of shares outstanding: Basic 54,115 53,212 53,573 51,258 Diluted 54,124 53,221 53,583 51,267