Anthracite Capital Reports Stock Buyback Activity, Additional Investments.NEW YORK--(BUSINESS WIRE)--August 26, 1998--Anthracite Capital, Inc. (Anthracite) (NYSE NYSE See: New York Stock Exchange : AHR AHR Aryl Hydrocarbon Receptor AHR American Historical Review (Journal of the American History Association) AHR Anchor AHR airway hyper-responsiveness AHR Assisted Human Reproduction AHR Air-Conditioning Heating Refrigeration ) today reported that to date it had repurchased 1,284,200 shares of its common stock at an average price of $11.55 per share pursuant to the authorization of its Board of Directors on July 15, 1998 to repurchase up to 10% of its common stock outstanding. An additional 852,319 shares are currently authorized for potential repurchase in the future. The antidilutive effect of the shares repurchased to date has increased Anthracite's book value per share by approximately $0.15. Anthracite will continue to devote capital to acquiring real estate investments or repurchasing shares, depending on the relative value to shareholders. Anthracite also announced that it had negotiated and anticipates closing, subject to satisfactory completion of due diligence, approximately $125 million in high-yielding real estate investments prior to the end of the third quarter. These investments consist of mezzanine loansand subordinated commercial mortgage-backed securities. "We are on track to exceed the objectives of our original business plan and are enthusiastic about the growing opportunities for deploying our shareholders' capital," said 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>. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Anthracite. In addition, Anthracite reported that since July 23, 1998 its officers and directors and the officers and directors of BlackRock, Inc. had acquired 63,300 shares of Anthracite's common stock in open market purchases at an average price of approximately $12.17 per share. These purchases bring the total holdings of Anthracite's common stock by its officers and directors and the officers and directors of BlackRock, Inc. to 133,434 shares. 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 $119 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 PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress Bank in Pittsburgh, originates commercial, multifamily and residential real estate loans and services over $27 billion in commercial mortgage loans for third parties through its Midland Loan Services subsidiary. Certain matters discussed in this press release may constitute forward -looking statements within the meaning of the federal securities laws. Anthracite's actual results could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those detailed from time to time in Anthracite's reports and filings with the Securities and Exchange Commission.
CONTACT: Anthracite Capital, Inc., New York
Hugh Frater
President and Chief Executive Officer
212-754-5535
or
Richard Shea
Chief Operating Officer and Chief Financial Officer
212-754-5579
http://ahr.blackrock.com.
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