Anthracite Capital Announces Initial Investment Activity.NEW YORK--(BUSINESS WIRE)--April 20, 1998--Anthracite Capital, Inc. (Anthracite) (NYSE NYSE See: New York Stock Exchange : AHR) today announced that it has acquired over $500 million in mortgage assets in its first three weeks of operations. The purchases are consistent with the Company's stated strategy of acquiring liquid mortgage assets to generate returns to shareholders while building its long term portfolio of higher yielding real estate assets. Anthracite has currently underwritten and committed to acquire over $100 million of CMBS CMBS See: Commercial Mortgage Backed Securities subordinate interests in the second quarter and has ongoing discussions to acquire additional CMBS subordinate interests. In addition, the Company is underwriting a substantial pipeline of mezzanine lending and participating debt opportunities on both stabilized properties and construction projects and expects to make lending commitments during the second quarter. "We are pleased to be achieving the acquisition plan established at the time of the IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. and look forward to building our portfolio of high yielding commercial and multifamily real estate debt working with our national lending affiliates at PNC Bank and Midland Loan Services," said Anthracite president Hugh R. Frater Fra´ter n. 1. (Eccl.) A monk; also, a frater house. Frater house an apartament in a convent used as an eating room; a refectory; - called also a fratery ltname>. . Consistent with the Company's strategy of diversifying returns Anthracite also has been reviewing a variety of non-U.S. real estate debt opportunities. Anthracite expects this strategy to be a contributor to earnings by the end of the fiscal year, said Mr. Frater. Anthracite is a specialty finance company taxed as a REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). and externally managed by BlackRock, Inc., a New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. based investment manager with over $110 billion in global assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . BlackRock's parent PNC Bank in Pittsburgh originates commercial, multifamily and residential real estate loans and services over $25 billion in commercial mortgage loans for third parties through its Midland Loan Services subsidiary. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, which can be identified by the use of forward-looking terminology such as "may," "will," "intend," "should," "expect," "anticipate," "estimate" or "continue" or the negatives thereof or other comparable terminology. The company's actual results could differ materially form those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Company's Registration Statement on Form S-11, as amended, and other documents filed by the Company with the Securities and Exchange Commission. For further information, please contact Hugh Frater, President and Chief Executive Officer at 212-754-5535 or Richard Shea, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. at 212-754-5579. CONTACT: Anthracite Capital, New York Hugh Frater, President Chief Executive Officer 212-754-5535 or Richard Shea, Chief Operating Officer 212-754-5579. |
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