UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, DC 20549


                                   FORM 8-K


                                CURRENT REPORT
                    PURSUANT TO SECTION 13 OR 15(D) OF THE
                        SECURITIES EXCHANGE ACT OF 1934


                      February 4, 2004 (February 4, 2004)
               Date of Report (Date of Earliest Event Reported)


                           ANTHRACITE CAPITAL, INC.
              (Exact name of Registrant as Specified in Charter)


         Maryland                     001-13937                13-397-8906
------------------------------     -----------------        ------------------
(State or Other Jurisdiction         (Commission            (IRS Employer
of Incorporation)                    File Number)           Identification No.)


     40 East 52nd Street                                   10022
--------------------------------------          ------------------------------
(Address of Principal Executive Offices)                 (Zip Code)


      Registrant's telephone number, including area code: (212) 409-3333


                                      N/A
------------------------------------------------------------------------------
         (Former Name or Former Address, if Changed Since Last Report)




<PAGE>


Item 5.  Other Events.

Anthracite Capital, Inc. (the "Company") reported the following results on
February 4, 2004:

On February 4, 2004, the Company reported net income for the fourth quarter of
2003 of $0.25 per share versus $0.11 per share for the same period last year.
For the full year ended December 31, 2003 the net loss was $0.34 per share
versus net income of $1.18 per share for the year ended December 31, 2002.
Based on the $0.28 per share dividend declared on December 11, 2003, and the
February 3, 2004 closing price of $11.06 per share, Anthracite's annualized
dividend yield is 10.1%.

The pace of reinvestment achieved during the fourth quarter of 2003 is
consistent with the portfolio repositioning plan previously disclosed by the
Company in September 2003. The Company sold Residential Mortgage Backed
Securities ("RMBS") to reduce interest rate volatility and replaced them with
predominantly investment grade commercial mortgage backed securities ("CMBS").
(All numbers are thousands, except per share amounts.)

During the fourth quarter of 2003, the Company's commercial real estate assets
increased to $1,464,492 representing an 11% increase from the third quarter,
and its holdings of RMBS assets after the settlement of $99,551 of RMBS
securities sold not yet settled decreased by $220,736 representing a 25%
decrease from the third quarter. After the settlement of the sold RMBS, the
ratio of commercial real estate assets to the Company's total portfolio, and
RMBS to the Company's total portfolio is 68% and 30%, respectively. The
Company's considers its total portfolio to be total assets less other assets
and receivable for investments sold. The increase in commercial real estate
assets of $144,068 is comprised of 73% investment grade CMBS, 23%
non-investment grade CMBS, and 4% whole loans.

The Company considers CMBS securities where it maintains the right to control
the foreclosure/workout process on the underlying loans as controlling class
CMBS ("Controlling Class CMBS"). During the twelve months ended December 31,
2003, the Company acquired $140,139 of par of 2003 vintage Controlling Class
CMBS. The Company did not acquire new Controlling Class CMBS during the fourth
quarter of 2003.

The Company's fourth quarter net interest margin was 2.8%. The net interest
margin for the same period last year was 3.8%. The decrease in the net
interest margin is attributable to the Company's reduction in RMBS assets and
a lower debt to capital ratio compared to the twelve months ended December 31,
2002.

Aggregate leverage at December 31, 2003 is unchanged from September 30, 2003
at 4.4:1 debt to capital. The Company's exposure to changes in short-term
interest rates increased during the fourth quarter; as of December 31, 2003, a
50 basis point change in LIBOR would cause the Company's net income to change
by $0.01 per share annually.


Investment Activity
The Company's primary focus is to invest in a diverse portfolio of commercial
real estate loans and securities. The Company will generally control the
credit process of its portfolio. Our objective is to maximize the spread
between the loss adjusted income and the cost of financing. As of December 31,
2003, the Company has financed 51% of its commercial real estate loans and
securities with match-funded secured collateralized debt obligation ("CDO")
debt to minimize the effect on performance of changes in interest rates. The
Company plans to issue additional CDO debt in the first half of 2004.

The majority of the Company's commercial real estate investments are in the
form of commercial real estate securities. Income from these securities is
reported after assuming losses will occur over time. During the fourth quarter
of 2003 the Company's loan loss expectations for its commercial real estate
securities portfolio did not change. Total expected underlying loan losses
remain at 2.06% of original loan balances. None of the Company's underlying
loans incurred losses during the fourth quarter. Total losses recognized were
0.41% at the end of the third and fourth quarters. At December 31, 2003, loan
delinquencies represented 1.5% of the total unpaid principal balance on the
Company's Controlling Class CMBS as compared to 1.4% at the end of the third
quarter.

The average yield on the Company's commercial real estate securities
(primarily investment grade and below investment grade CMBS, investment grade
REIT debt, and CMBS IO's) for the fourth quarter of 2003 was 8.0%, while the
average loss adjusted yield on only the below investment grade CMBS was 9.7%.
The average cost of financing the commercial real estate securities portfolio
during the fourth quarter was 5.0% compared to 5.2% for the third quarter.
This reduction is due to the increase in investment grade CMBS. The Company
anticipates that its cost of borrowing will increase in the event of an
additional CDO offering. Included in net income for the fourth quarter are
expenses related to hedging the Company's assets which are not financed
through its two CDO's. This hedging expense was $5,539 or $0.11 per share for
the fourth quarter.

A breakdown of the commercial real estate securities portfolio net interest
income and realized gains for the quarter and year ended December 31, 2003 is
as follows:

<TABLE>
<CAPTION>

                                                      For the quarter ended   For the year ended
                                                                  December 31, 2003
                                                    ----------------------------------------------
<S>                                                               <C>                 <C>
Interest Income                                                   $26,384             $98,114
Interest Expense*                                                 (12,860)            (48,567)
                                                    ----------------------------------------------
Net Interest Income                                                13,524              49,547
                                                    ----------------------------------------------
Realized Gains                                                          -               1,161
                                                    ==============================================
Net Interest Income and Realized Gains from
Commercial Real Estate Securities                                 $13,524             $50,708
                                                    ==============================================

*Including hedges in the Company's CDOs
</TABLE>


The average yield on the Company's commercial real estate loan portfolio for
the third and fourth quarters of 2003 was 10.4% and 10.7%, respectively. The
total cost of borrowing secured by loan assets is 2.9% and 3.0% respectively.
The Company has two committed warehouse lines that can be used to finance
these assets. The annualized yield on the Company's investment in Carbon
Capital, Inc. which constitutes 29% of the Company's commercial real estate
loan portfolio for the year ended December 31, 2003, was 15.1%.

A breakdown of the commercial real estate loan portfolio net interest income
for the quarter and year ended December 31, 2003 is as follows:

<TABLE>
<CAPTION>

                                                    For the quarter ended   For the year ended
                                                                December 31, 2003
                                                  -----------------------------------------------
<S>                                                           <C>                  <C>
        Interest Income                                       $ 2,828              $10,196
        Interest Expense                                         (163)                (526)
                                                  -----------------------------------------------
        Net Interest Income from Commercial
        Real Estate Loans                                     $ 2,665              $ 9,670
                                                  ===============================================
</TABLE>


Book Value
Net book value per share at the end of the fourth quarter was $6.64. The
securities of the Company are marked to market based upon market prices
provided by dealers. As the Company's portfolio matures, the net book value of
credit sensitive CMBS securities held by the Company is expected to increase
towards its original purchase cost, provided that the Company's estimates of
expected credit losses are accurate. The unrealized loss on all Controlling
Class CMBS at December 31, 2003 was $68,079. This amount reflects the amount
of recovery (net of expected underlying loan losses) if the portfolio is held
to maturity. Net book value per share increased approximately 1.7% from $6.53
at September 30, 2003 due to tighter credit spreads across the Company's
portfolio. Since the securities of the Company are marked to market, there can
be fluctuations in book value based solely on quarterly changes in credit
spreads and interest rates. To the extent that there is a sustained decline in
book value due to changes in credit experience or other permanent factors,
such declines would effectively reduce earnings.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act with respect to future financial
or business performance, strategies or expectations. Forward-looking
statements are typically identified by words or phrases such as "trend,"
"opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate,"
"current," "intention," "estimate," "position," "assume," "potential,"
"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 Securities and
Exchange Commission (the "SEC") reports and those identified elsewhere in this
press release, 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; (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
or PNC; (11) terrorist activities, which may adversely affect the general
economy, real estate, financial and capital markets, specific industries, and
Anthracite and BlackRock; and (12) the ability of Anthracite's manager to
attract and retain highly talented professionals.

The Company is filing the Anthracite Capital, Inc. Consolidated Statements of
Financial Condition and Consolidated Statements of Operations as Exhibit 99.1


Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

(c) Exhibits.

      99.1       Anthracite Capital, Inc. Consolidated Statements of Financial
                 Condition and Consolidated Statements of Operations.


Item 12. Results of Operations and Financial Condition.

On February 4, 2004, Anthracite Capital, Inc. issued a press release reporting
the Company's earnings for the quarter ended December 31, 2003, which the
Company is furnishing under this Item 12 as Exhibit 99.2.


<PAGE>


                                  Signatures

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                     ANTHRACITE CAPITAL, INC.


                                     By:  /s/ Robert L. Friedberg
                                          -----------------------------
                                         Name:   Robert L. Friedberg
                                         Title:  Vice President and Secretary

                                                   Dated: February 4, 2004


<PAGE>


                           ANTHRACITE CAPITAL, INC.
                          CURRENT REPORT ON FORM 8-K
               Report Dated February 4, 2004 (February 4, 2004)



                                 EXHIBIT INDEX

Exhibit No.        Description
----------         -----------

99.1               Anthracite Capital, Inc. Consolidated Statements of
                   Financial Condition and Consolidated Statements of
                   Operations.

99.2               Press Release issued by Anthracite Capital, Inc., dated
                   February 4, 2004.
[{"type": "8-K", "sequence": "1", "filename": "s444954.txt", "description": "FORM 8-K", "secsgml_size_bytes": 15281}]
{"company-data": {"conformed-name": "ANTHRACITE CAPITAL INC", "cik": "0001050112", "assigned-sic": "6798", "irs-number": "133978906", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-13937", "film-number": "04564723"}, "business-address": {"street1": "40 EAST 52ND STREET", "city": "NEW YORK", "state": "NY", "zip": "10022", "phone": "2127545560"}, "mail-address": {"street1": "40 EAST 52ND STREET", "city": "NEW YORK", "state": "NY", "zip": "10022"}, "former-company": {"former-conformed-name": "ANTHRACITE MORTGAGE CAPITAL INC", "date-changed": "19971121"}}
UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, DC 20549

                                   FORM 8-K

                                CURRENT REPORT
                    PURSUANT TO SECTION 13 OR 15(D) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

                      February 4, 2004 (February 4, 2004)
               Date of Report (Date of Earliest Event Reported)

                           ANTHRACITE CAPITAL, INC.
              (Exact name of Registrant as Specified in Charter)

         Maryland                     001-13937                13-397-8906
------------------------------     -----------------        ------------------
(State or Other Jurisdiction         (Commission            (IRS Employer
of Incorporation)                    File Number)           Identification No.)

     40 East 52nd Street                                   10022
--------------------------------------          ------------------------------
(Address of Principal Executive Offices)                 (Zip Code)

      Registrant's telephone number, including area code: (212) 409-3333

                                      N/A
------------------------------------------------------------------------------
         (Former Name or Former Address, if Changed Since Last Report)
Item 5.  Other Events.

Anthracite Capital, Inc. (the "Company") reported the following results on
February 4, 2004:

On February 4, 2004, the Company reported net income for the fourth quarter of
2003 of $0.25 per share versus $0.11 per share for the same period last year.
For the full year ended December 31, 2003 the net loss was $0.34 per share
versus net income of $1.18 per share for the year ended December 31, 2002.
Based on the $0.28 per share dividend declared on December 11, 2003, and the
February 3, 2004 closing price of $11.06 per share, Anthracite's annualized
dividend yield is 10.1%.

The pace of reinvestment achieved during the fourth quarter of 2003 is
consistent with the portfolio repositioning plan previously disclosed by the
Company in September 2003. The Company sold Residential Mortgage Backed
Securities ("RMBS") to reduce interest rate volatility and replaced them with
predominantly investment grade commercial mortgage backed securities ("CMBS").
(All numbers are thousands, except per share amounts.)

During the fourth quarter of 2003, the Company's commercial real estate assets
increased to $1,464,492 representing an 11% increase from the third quarter,
and its holdings of RMBS assets after the settlement of $99,551 of RMBS
securities sold not yet settled decreased by $220,736 representing a 25%
decrease from the third quarter. After the settlement of the sold RMBS, the
ratio of commercial real estate assets to the Company's total portfolio, and
RMBS to the Company's total portfolio is 68% and 30%, respectively. The
Company's considers its total portfolio to be total assets less other assets
and receivable for investments sold. The increase in commercial real estate
assets of $144,068 is comprised of 73% investment grade CMBS, 23%
non-investment grade CMBS, and 4% whole loans.

The Company considers CMBS securities where it maintains the right to control
the foreclosure/workout process on the underlying loans as controlling class
CMBS ("Controlling Class CMBS"). During the twelve months ended December 31,
2003, the Company acquired $140,139 of par of 2003 vintage Controlling Class
CMBS. The Company did not acquire new Controlling Class CMBS during the fourth
quarter of 2003.

The Company's fourth quarter net interest margin was 2.8%. The net interest
margin for the same period last year was 3.8%. The decrease in the net
interest margin is attributable to the Company's reduction in RMBS assets and
a lower debt to capital ratio compared to the twelve months ended December 31,
2002.

Aggregate leverage at December 31, 2003 is unchanged from September 30, 2003
at 4.4:1 debt to capital. The Company's exposure to changes in short-term
interest rates increased during the fourth quarter; as of December 31, 2003, a
50 basis point change in LIBOR would cause the Company's net income to change
by $0.01 per share annually.

Investment Activity
The Company's primary focus is to invest in a diverse portfolio of commercial
real estate loans and securities. The Company will generally control the
credit process of its portfolio. Our objective is to maximize the spread
between the loss adjusted income and the cost of financing. As of December 31,
2003, the Company has financed 51% of its commercial real estate loans and
securities with match-funded secured collateralized debt obligation ("CDO")
debt to minimize the effect on performance of changes in interest rates. The
Company plans to issue additional CDO debt in the first half of 2004.

The majority of the Company's commercial real estate investments are in the
form of commercial real estate securities. Income from these securities is
reported after assuming losses will occur over time. During the fourth quarter
of 2003 the Company's loan loss expectations for its commercial real estate
securities portfolio did not change. Total expected underlying loan losses
remain at 2.06% of original loan balances. None of the Company's underlying
loans incurred losses during the fourth quarter. Total losses recognized were
0.41% at the end of the third and fourth quarters. At December 31, 2003, loan
delinquencies represented 1.5% of the total unpaid principal balance on the
Company's Controlling Class CMBS as compared to 1.4% at the end of the third
quarter.

The average yield on the Company's commercial real estate securities
(primarily investment grade and below investment grade CMBS, investment grade
REIT debt, and CMBS IO's) for the fourth quarter of 2003 was 8.0%, while the
average loss adjusted yield on only the below investment grade CMBS was 9.7%.
The average cost of financing the commercial real estate securities portfolio
during the fourth quarter was 5.0% compared to 5.2% for the third quarter.
This reduction is due to the increase in investment grade CMBS. The Company
anticipates that its cost of borrowing will increase in the event of an
additional CDO offering. Included in net income for the fourth quarter are
expenses related to hedging the Company's assets which are not financed
through its two CDO's. This hedging expense was $5,539 or $0.11 per share for
the fourth quarter.

A breakdown of the commercial real estate securities portfolio net interest
income and realized gains for the quarter and year ended December 31, 2003 is
as follows:
For the quarter ended   For the year ended
                                                                  December 31, 2003
                                                    ----------------------------------------------
Interest Income                                                   $26,384             $98,114
Interest Expense*                                                 (12,860)            (48,567)
                                                    ----------------------------------------------
Net Interest Income                                                13,524              49,547
                                                    ----------------------------------------------
Realized Gains                                                          -               1,161
                                                    ==============================================
Net Interest Income and Realized Gains from
Commercial Real Estate Securities                                 $13,524             $50,708
                                                    ==============================================

*Including hedges in the Company's CDOs
The average yield on the Company's commercial real estate loan portfolio for
the third and fourth quarters of 2003 was 10.4% and 10.7%, respectively. The
total cost of borrowing secured by loan assets is 2.9% and 3.0% respectively.
The Company has two committed warehouse lines that can be used to finance
these assets. The annualized yield on the Company's investment in Carbon
Capital, Inc. which constitutes 29% of the Company's commercial real estate
loan portfolio for the year ended December 31, 2003, was 15.1%.

A breakdown of the commercial real estate loan portfolio net interest income
for the quarter and year ended December 31, 2003 is as follows:
For the quarter ended   For the year ended
                                                                December 31, 2003
                                                  -----------------------------------------------
Interest Income                                       $ 2,828              $10,196
        Interest Expense                                         (163)                (526)
                                                  -----------------------------------------------
        Net Interest Income from Commercial
        Real Estate Loans                                     $ 2,665              $ 9,670
                                                  ===============================================
Book Value
Net book value per share at the end of the fourth quarter was $6.64. The
securities of the Company are marked to market based upon market prices
provided by dealers. As the Company's portfolio matures, the net book value of
credit sensitive CMBS securities held by the Company is expected to increase
towards its original purchase cost, provided that the Company's estimates of
expected credit losses are accurate. The unrealized loss on all Controlling
Class CMBS at December 31, 2003 was $68,079. This amount reflects the amount
of recovery (net of expected underlying loan losses) if the portfolio is held
to maturity. Net book value per share increased approximately 1.7% from $6.53
at September 30, 2003 due to tighter credit spreads across the Company's
portfolio. Since the securities of the Company are marked to market, there can
be fluctuations in book value based solely on quarterly changes in credit
spreads and interest rates. To the extent that there is a sustained decline in
book value due to changes in credit experience or other permanent factors,
such declines would effectively reduce earnings.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act with respect to future financial
or business performance, strategies or expectations. Forward-looking
statements are typically identified by words or phrases such as "trend,"
"opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate,"
"current," "intention," "estimate," "position," "assume," "potential,"
"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 Securities and
Exchange Commission (the "SEC") reports and those identified elsewhere in this
press release, 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; (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
or PNC; (11) terrorist activities, which may adversely affect the general
economy, real estate, financial and capital markets, specific industries, and
Anthracite and BlackRock; and (12) the ability of Anthracite's manager to
attract and retain highly talented professionals.

The Company is filing the Anthracite Capital, Inc. Consolidated Statements of
Financial Condition and Consolidated Statements of Operations as Exhibit 99.1

Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

(c) Exhibits.

      99.1       Anthracite Capital, Inc. Consolidated Statements of Financial
                 Condition and Consolidated Statements of Operations.

Item 12. Results of Operations and Financial Condition.

On February 4, 2004, Anthracite Capital, Inc. issued a press release reporting
the Company's earnings for the quarter ended December 31, 2003, which the
Company is furnishing under this Item 12 as Exhibit 99.2.
Signatures

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                     ANTHRACITE CAPITAL, INC.

                                     By:  /s/ Robert L. Friedberg
                                          -----------------------------
                                         Name:   Robert L. Friedberg
                                         Title:  Vice President and Secretary

                                                   Dated: February 4, 2004
ANTHRACITE CAPITAL, INC.
                          CURRENT REPORT ON FORM 8-K
               Report Dated February 4, 2004 (February 4, 2004)

                                 EXHIBIT INDEX

Exhibit No.        Description
----------         -----------

99.1               Anthracite Capital, Inc. Consolidated Statements of
                   Financial Condition and Consolidated Statements of
                   Operations.

99.2               Press Release issued by Anthracite Capital, Inc., dated
                   February 4, 2004.