Anthracite Capital Inc
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Anthracite Capital, Inc is an externally-managed REIT (real estate investment trust) that invested in the financial end of real estate. It was incorporated in November 1997 and is based in New York City, New York. It is traded on the New York Stock Exchange under the ticker symbol AHR.
Anthracite Capital High Yield Commercial Real Estate Loans
Anthracite Capital focuses on investments in high yield commercial real estate loans and related securities around the world. It acquires packages of loans as high yield securities. Plus, they provide capital to owners of real estate through direct loans and participations in loans. Securities are collateralized by commercial mortgage loans and in direct loans. They buy subordinated commercial mortgage-backed securities (CMBS) and unsecured REIT debt. The CMBS are rated below investment grade, but are backed by pools of first mortgages on commercial real estate throughout not only North America, but also Europe and Asia.
Collateral types include: commercial real estate, multifamily buildings, hotels, residential (pooled), land and development. They emphasize second lien and acquisition financing.
Income producing properties backing the CMBS include office buildings, shopping centers, apartment buildings, industrial properties, healthcare properties and hotels.
Anthracite co-invests in mezzanine level debt and preferred equity. They often use the Carbon Capital funds, which are private real estate debt funds managed by BlackRock Financial Management, Inc. Christopher A. Milner is Chief Executive Officer. They own about 20% of Carbon Capital.
Anthracite Capital Inc owns about 39 Controlling Class trusts. It issues secured term debt through its collateralized debt obligation (CDO) offerings. It also owns preferred securities in LEAFs CMBS I Ltd (Leaf). Leaf issued non-recourse liabilities secured by investment grade commercial real estate securities. The Company also acquires CMBS interest only securities (IOs).
Anthracite Capital also has preferred stock outstanding -- AHR PrC Preferred Stock, Series C AHR PrD Preferred Stock, Series D.
Anthracite is managed by BlackRock Financial Management, Inc, a subsidiary of BlackRock, Inc., one of the largest investment management firms in the world.
Next: American Mortgage Acceptance Corporation -- commercial real estate financing
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