Summary of ANTHRACITE CAPITAL INC

Item 1.01. Entry into a Material Definitive Agreement.

On September 10, 2008, Anthracite Capital, Inc. (the "Company") entered into a First Amendment (the "Amendment") to the Sales Agreement (the "Agreement"), dated as of June 4, 2008, among the Company, Brinson Patrick Securities Corporation (the "Sales Manager") and BlackRock Financial Management, Inc. as to Sections 1.2 and 4.1(g) only of the Agreement. Under the Agreement, the Company may issue and sell through the Sales Manager, as agent, shares of its common stock and the Sales Manager agrees to use its best efforts to sell such shares during the term of the Agreement and on the terms set forth therein. The Amendment provides that compensation to the Sales Manager for sales of Common Stock sold under the Agreement during each day will be at a commission rate of 2.0% if the aggregate gross sales during that day are less than $2.5 million, 1.5% if the aggregate gross sales during that day are $2.5 million or more but less than $5 million, and 1.0% if the aggregate gross sales during that day are $5 million or more. BlackRock Financial Management, Inc. is the manager of the Company.

The Sales Manager may engage in transactions with, or perform services for, the Company in the ordinary course of business for which it will receive customary compensation.

The foregoing description of the Agreement is not complete and is qualified in its entirety by reference to the full text of the Amendment which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 5.02 Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b) On September 10, 2008, Jeffrey C. Keil announced his intention to retire from the Company's board of directors effective December 11, 2008. Mr. Keil's announcement of his intention to retire did not result from a disagreement with the Company on any matter relating to the Company's operations, policies or practices.

A copy of the press release issued by the Company on September 10, 2008 is filed as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit
Number   Description

10.1     First Amendment, dated as of September 10, 2008, to
         Sales Agreement, dated as of June 4, 2008, among
         Brinson Patrick Securities Corporation, Anthracite
         Capital, Inc. and BlackRock Financial Management, Inc.
         as to Sections 1.2 and 4.1(g) only
99.1     Press release, dated September 10, 2008