EX-99 2 anthex99-1.txt EXHIBIT 99.1 - CONSOL STATEMENTS OF FIN CONDITION Exhibit 99.1 Anthracite Capital, Inc. and Subsidiaries Consolidated Statements of Financial Condition (Unaudited) (in thousands, except per share data) -----------------------------------------------------------------------------------------------------------------------------
December 31, 2005 December 31, 2004 ----------------- ----------------- ASSETS Cash and cash equivalents $40,556 $23,755 Restricted cash equivalents 1,246 19,680 Residential mortgage-backed securities ("RMBS") 259,026 372,071 --------------- -------------- Cash and RMBS 300,828 415,506 Commercial mortgage loan pools 1,292,407 1,312,045 Commercial real estate securities 2,005,383 1,628,519 Commercial real estate loans 425,453 325,350 Commercial real estate equity 51,003 - -------------- ------------- Total commercial real estate 3,774,246 3,265,914 Other assets 91,107 47,714 -------------- ------------- Total Assets $4,166,181 $3,729,134 ============== ============= LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Short term borrowings: Secured by pledge of RMBS $249,122 $356,451 Secured by pledge of commercial real estate securities 617,194 305,526 Secured by pledge of commercial mortgage loan pools 5,977 773 Secured by pledge of commercial real estate loans 230,945 141,601 --------------- -------------- Total short term borrowings 1,103,238 804,351 Long term borrowings: Collateralized debt obligations 1,066,930 1,067,967 Secured by pledge of commercial mortgage loan pools 1,272,931 1,294,058 Junior subordinated notes to subsidiary trust issuing preferred securities 77,380 - --------------- -------------- Total long term borrowings 2,417,241 2,362,025 -------------- ------------- Total borrowings 3,520,479 3,166,376 Distributions payable 16,673 15,819 Other liabilities 31,011 33,201 -------------- ------------- Total Liabilities 3,568,163 3,215,396 -------------- ------------- Stockholders' Equity: Common Stock, par value $0.001 per share; 400,000 shares authorized; 56,339 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 612,368 578,919 Distributions in excess of earnings (130,038) (134,075) Accumulated other comprehensive income 60,197 13,406 -------------- ------------- Total Stockholders' Equity 598,018 513,738 -------------- ------------- Total Liabilities and Stockholders' Equity $4,166,181 $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 Year Ended December 31, December 31, ----------------------------------------------------------------------- 2005 2004 2005 2004 ----------------------------------------------------------------------- Operating Portfolio Income: Commercial real estate securities $39,392 $31,785 $142,634 $123,860 Commercial mortgage loan pools 13,408 13,606 54,025 39,672 Commercial real estate loans 10,827 7,948 35,258 20,790 Commercial real estate equity 299 - 299 - RMBS 2,012 3,171 9,851 18,901 Cash and cash equivalents 606 282 2,077 638 Other - - - 742 ----------------------------------- -------------------------------- Total Income 66,544 56,792 244,144 204,603 ----------------------------------- -------------------------------- Expenses: Interest expense: Collateralized debt obligations 19,271 15,978 69,794 58,986 Commercial real estate securities 5,773 2,312 17,107 7,398 Commercial mortgage loan pools 12,703 12,850 50,988 37,527 Commercial real estate loans 2,135 1,185 6,018 2,148 RMBS 2,702 1,858 9,821 7,016 Junior subordinated notes 1,477 - 1,543 - Hedging expense 1,596 2,829 7,110 14,434 General and administrative expense 1,226 1,306 3,917 3,427 Management fee 2,936 2,451 10,975 8,957 Incentive fee 159 - 159 - ----------------------------------- -------------------------------- Total Expenses 49,978 40,769 177,432 139,893 ----------------------------------- -------------------------------- Income from the operating portfolio 16,566 16,023 66,712 64,710 ----------------------------------- -------------------------------- Other income (loss): Net realized and unrealized loss (286) (357) (2,097) (10,892) Net realized gain attributable to CDO HY1 - 16,594 - 16,594 Net realized gain attributable to CDO HY2 16,523 - 16,523 - Incentive fee attributable to CDO HY2 gain (4,131) - (4,131) - Foreign currency gain (loss) 123 (61) (134) (187) Hedge ineffectiveness 478 115 (1,188) (1,015) Loss on impairment of assets (1,857) (26,018) (5,088) (26,018) ----------------------------------- -------------------------------- Total Other Income (Loss) 10,850 (9,727) 3,885 (21,518) ----------------------------------- -------------------------------- Net Income 27,416 6,296 70,597 43,192 ----------------------------------- -------------------------------- Dividends on preferred stock 1,348 1,348 5,392 6,916 Cost to retire preferred stock in excess of carrying value - - - 10,508 ----------------------------------- -------------------------------- Net Income available to Common Stockholders $26,068 $4,948 $65,205 $25,768 =================================== ================================ Net Income available to Common Stockholders per share, basic $0.47 $0.09 $1.20 $0.50 Net Income available to Common Stockholders per share, diluted $0.47 $0.09 $1.20 $0.50 Weighted average number of shares outstanding: Basic 55,838 53,281 54,144 51,767 Diluted 55,844 53,290 54,153 51,776