Anthracite Capital Sets Third Quarter 2006 Earnings Release and Teleconference Call Date.

NEW YORK -- Anthracite Capital, Inc. (NYSE:AHR) ("Anthracite" or the "Company") will report results for the third quarter of 2006 on Tuesday, November 7, 2006. A teleconference call for investors and analysts will be held at 9:00 a.m. (eastern time). Christopher A. Milner, Chief Executive Officer, Richard M. Shea, President and Chief Operating Officer, and James J. Lillis, Chief Financial Officer, will host the call. Anthracite's third quarter earnings release will be available on the Company's website, www.anthracitecapital.com, prior to the beginning of the teleconference call.

Members of the public who are interested in participating should dial, from the U.S., [phone], or from outside the U.S., [phone], shortly before 9:00 a.m. and reference the Anthracite Teleconference Call (number 1549761). Please note that the teleconference call will be available for replay beginning at 1:00 p.m. on Tuesday, November 7, 2006, and ending at midnight on Tuesday, November 14, 2006. To access the replay, callers from the U.S. should dial [phone] and callers from outside the U.S. should dial [phone] and enter conference identification number 1549761.

Anthracite's earnings release and teleconference call may include non-GAAP financial measure items, which, to the extent not so qualified therein, are qualified by GAAP reconciliation information included on the "Investor Relations" section of the Company's website.

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. ("BlackRock") (NYSE:BLK), one of the world's largest publicly traded investment management firms. As of September 30, 2006, BlackRock's assets under management were approximately USD 1.075 trillion. 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. The PNC Financial Services Group, Inc. ("PNC") (NYSE:PNC), a diversified financial services organization, is a significant shareholder of BlackRock. Through its affiliates, PNC originates commercial, multifamily and residential real estate loans, and services $202.9 billion in commercial mortgage loans for third parties through its Midland Loan Services, Inc. subsidiary at September 30, 2006.

Forward-Looking Statements

This press release, and other statements that Anthracite may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to Anthracite's 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," "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 SEC reports and those identified elsewhere in this communication, 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 or 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, Merrill Lynch & Co., Inc. or PNC; (11) terrorist activities and international hostilities, which may adversely affect the general economy, domestic and global financial and capital markets, specific industries, and Anthracite; (12) the ability of BlackRock to attract and retain highly talented professionals; (13) fluctuations in foreign currency exchange rates; (14) the impact of changes to tax legislation and, generally, the tax position of the Company; (15) BlackRock's ability to successfully integrate the Merrill Lynch Investment Managers (MLIM) business with its existing business; and (16) the ability of BlackRock to effectively manage the former MLIM assets along with its historical assets under management; and (17) BlackRock's success in maintaining the distribution of its products.

Anthracite's Annual Report on Form 10-K for the year ended December 31, 2005 and Anthracite's subsequent reports filed with the SEC, accessible on the SEC's website at www.sec.gov, identify additional factors that can affect forward-looking statements.

To learn more about Anthracite, visit our website at www.anthracitecapital.com. The information contained on the Company's website is not a part of this press release.