On July 8, 2008, Anthracite Capital, Inc. (the "Company") entered into Amendment No. 2 (the "Guaranty Amendment") to Guaranty, dated as of December 23, 2004 and amended as of February 27, 2007 (the "Guaranty"). The Guaranty Amendment was executed by the Company, as guarantor, and Deutsche Bank AG, Cayman Islands Branch (the "Buyer"), relating to the Repurchase Agreement (as defined below). The Guaranty Amendment, among other things, amended and restated financial covenants in Section 5 of the Guaranty to make them substantially consistent with covenants in facility agreements previously entered into by the Company or its subsidiaries.

On July 8, 2008, Anthracite Funding, LLC, a subsidiary of the Company, and the Buyer entered into Amendment No. 2 (the "Repurchase Amendment") to Master Repurchase Agreement and Annex I to Master Repurchase Agreement Supplemental Terms and Conditions, dated as of December 23, 2004 (as amended from time to time, the "Repurchase Agreement"). The Repurchase Amendment was agreed to and accepted by AHR Capital DB Limited and Deutsche Bank AG, London Branch. The Repurchase Amendment, among other things, amended the Repurchase Date to July 8, 2010.

The Buyer and its respective affiliates have from time to time provided other financial services to the Company, BlackRock Financial Management, Inc., the manager of the Company, and their respective affiliates, for which they received customary compensation.

The above summary is not complete and is qualified in its entirety by reference to the full text of the Guaranty Amendment and the Repurchase Amendment, copies of which are attached to this Current Report on Form 8-K as Exhibit 10.1 and 10.2, respectively, and incorporated herein by reference.

(d) Exhibits.

Exhibit
Number  Description

10.1    Amendment No. 2, dated as of July 8, 2008, to Guaranty

10.2    Amendment No. 2, dated as of July 8, 2008, to Master Repurchase Agreement
        and Annex I to Master Repurchase Agreement Supplemental Terms and
        Conditions