NEW YORK, Aug 08, 2008 (BUSINESS WIRE) -- Anthracite Capital, Inc. (NYSE:AHR) (the "Company" or "Anthracite") today reported clear receipts present to conventional stockholders for the subscribe to put up of 2008 of $0.34 per share, compared to $0.34 per share out for the same three-month stretch in 2007. Net revenue ready to communal stockholders for the six months ended June 30, 2008 was $1.09 per share, compared to $0.76 per appropriation for the same six-month interval in 2007. (All currency amounts discussed herein are in thousands, excuse helping and per stake amounts.
All per share in knowledge is presented on a diluted basis.) Operating Earnings (defined below) for the right hand quarters of 2008 and 2007 were $0.23 and $0.36 per share, respectively.
Operating Earnings for the six months ended June 30, 2008 and 2007 were $0.59 and $0.68 per share, respectively.
Table 1, provided below, reconciles Operating Earnings to grate return elbow to well-known stockholders. Based on the $0.31 per allowance dividend paid on July 31, 2008, and the August 7, 2008 closing guerdon of $6.54, Anthracite's annualized dividend assent is 19.0%. Chris Milner, Chief Executive Officer of the Company, stated, "After a epoch of affiliated persistence in April and May, the markets suffered another noteworthy setback in June and July as continuing money-making fancy combined with the challenges faced by the residential mortgage vend put significant compression on economic stocks and faith spreads.
In this fickle environment, we keep up to wardress our liquidity and actively make do our existing portfolio of assets." Mr. Milner also commented, "Over the newest twelve months we have opportunistically deployed smashing when we have identified compelling, risk-adjusted returns, mostly in non-US markets. We are beginning to catch sight of such opportunities in the US markets as pricing levels perpetuate to decline. Another courtyard of concealed moment is the obtaining of the Company's accountability in the non-essential market.
Given the dramatically improved associated value in the RMBS sector, we may also begin to replace the RMBS portfolio as a outlet of liquidity. Throughout this process, our nave will be to express excellent which can accrete compensation and guy wire our dividend." Capital Markets Activity Common and Preferred Stock Issuances On April 4, 2008, the Company issued $70,125 of Series E-1, E-2 and E-3 Cumulative Convertible Redeemable Preferred Stock (collectively, the "Series E Preferred Stock"), resulting in ultimate proceeds of $69,866. Dividends are mature on the convertible preferred heritage at a grade of 12% and the purchaser has the correct to proselytize the preferred ordinary into usual pedigree at $7.49 per allocate (a 12% incentive to the closing expenditure of the Company's inferior regular on March 28, 2008, the pricing date).
In conjunction with the Company's issuance of the Series E Preferred Stock, the Company also issued 3,494,021 shares of Common Stock, resulting in nett proceeds of $23,286. On June 20, 2008, the holder exercised its sort out to catechumen its sensational Series E-3 Preferred Stock into 3,119,661 shares of Common Stock. For the six months ended June 30, 2008, the Company issued an aggregate of 2,690,639 shares of Common Stock under its sales intermediation concurrence and its Dividend Reinvestment and Stock Purchase Plan. Net proceeds to the Company were $19,928.
Credit Facilities: On August 7, 2008, Bank of America, N.A. extended its U.S. and non-U.S. dollar denominated facilities until September 18, 2010.
In association with the extension, fixed monetary covenants were added or modified to coincide to more restrictive covenants contained in other acclaim facilities and the Company is required to prevail upon amortization payments of $31,000 by September 30, 2008. On July 8, 2008, Deutsche Bank AG, Cayman Islands Branch extended its multicurrency compatibility until July 8, 2010. In reference with the extension, unquestioned fiscal covenants were added or modified to be consistent to more restrictive covenants contained in other honesty facilities.
At the span of the extension, amount borrowings unforgettable were $110,104. On March 7, 2008, the Company entered into a $60,000 honour easiness with a subsidiary of BlackRock, Inc. BlackRock, Inc. is the father of the Company's manager, BlackRock Financial Management, Inc. The smoothness is collateralized by a drink of the Company's investment in Carbon Capital II, Inc. ("Carbon II") and gives the lender the election to hold the Carbon II investment at handsome buy and sell value (as adamant by the terms of the agreement) from the Company.
On April 8, 2008, the Company repaid $52,500, representing all then receivable borrowings under the facility. On July 28, 2008, the Company reborrowed $30,000 under the facility. Richard Shea, President and Chief Operating Officer of the Company, stated, "Second post Operating Earnings were reduced by the increment in failure assumptions on inescapable of the Company's CMBS investments and the large letter we raised in April. These results are harmonious with the expectations we had when determining to rise the dividend in the second-best quarter.
Operating Earnings were also reduced by $4,602 for a one control disappointment register on a advance in Carbon II.
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