UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

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

Date of Report (Date of earliest event reported) March 31, 2005 (March 31, 2005)
                                                 -------------------------------


                            Anthracite Capital, Inc.
                            ------------------------
             (Exact name of registrant as specified in its charter)


              Maryland                001-13937             13-397-8906
--------------------------------------------------------------------------------
  (State or other jurisdiction       (Commission           (IRS Employer
        of incorporation)            File Number)       Identification No.)


        40 East 52nd Street, New York, New York                10022
--------------------------------------------------------------------------------
        (Address of principal executive offices)             (Zip Code)


Registrant's telephone number, including area code   (212) 810-3333
                                                     --------------

                                      N/A
--------------------------------------------------------------------------------
         (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ]  Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))

<PAGE>

ITEM 1.01.   ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On March 31, 2005, Anthracite Capital, Inc. (the "Company") and BlackRock
Financial Management, Inc. (the "Manager") entered into the Amendment and
Extension (the "First Amendment"), to the Amended and Restated Investment
Advisory Agreement (the "Management Agreement"), dated as of March 11, 2004,
between the Company and the Manager. The First Amendment extends the term of
the Management Agreement for one year, from March 31, 2005 to March 31, 2006,
and corrects typographical errors in the Management Agreement.

The Company is filing the First Amendment as Exhibit 99.1 hereto.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(c) Exhibits.

99.1     Amendment and Extension to the Amended and Restated Investment
Advisory Agreement, dated as of March 31, 2005, between Anthracite Capital,
Inc. and BlackRock Financial Management, Inc.

<PAGE>

                                   SIGNATURE

         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/ James J. Lillis
                                              ---------------------------------
                                          Name:  James J. Lillis
                                          Title: Chief Financial Officer

                                          Dated: March 31, 2005

<PAGE>

                            ANTHRACITE CAPITAL, INC.
                           CURRENT REPORT ON FORM 8-K
                  Report dated March 31, 2005 (March 31, 2005)


EXHIBIT INDEX

Exhibit No.       Description

99.1              Amendment and Extension to the Amended and Restated Investment
                  Advisory Agreement, dated as of March 31, 2005, between
                  Anthracite Capital, Inc. and BlackRock Financial Management,
                  Inc.
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{"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": "05720936"}, "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, D.C. 20549

                                    FORM 8-K

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

Date of Report (Date of earliest event reported) March 31, 2005 (March 31, 2005)
                                                 -------------------------------

                            Anthracite Capital, Inc.
                            ------------------------
             (Exact name of registrant as specified in its charter)

              Maryland                001-13937             13-397-8906
--------------------------------------------------------------------------------
  (State or other jurisdiction       (Commission           (IRS Employer
        of incorporation)            File Number)       Identification No.)

        40 East 52nd Street, New York, New York                10022
--------------------------------------------------------------------------------
        (Address of principal executive offices)             (Zip Code)

Registrant's telephone number, including area code   (212) 810-3333
                                                     --------------

                                      N/A
--------------------------------------------------------------------------------
         (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ]  Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01.   ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On March 31, 2005, Anthracite Capital, Inc. (the "Company") and BlackRock
Financial Management, Inc. (the "Manager") entered into the Amendment and
Extension (the "First Amendment"), to the Amended and Restated Investment
Advisory Agreement (the "Management Agreement"), dated as of March 11, 2004,
between the Company and the Manager. The First Amendment extends the term of
the Management Agreement for one year, from March 31, 2005 to March 31, 2006,
and corrects typographical errors in the Management Agreement.

The Company is filing the First Amendment as Exhibit 99.1 hereto.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(c) Exhibits.

99.1     Amendment and Extension to the Amended and Restated Investment
Advisory Agreement, dated as of March 31, 2005, between Anthracite Capital,
Inc. and BlackRock Financial Management, Inc.
SIGNATURE

         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/ James J. Lillis
                                              ---------------------------------
                                          Name:  James J. Lillis
                                          Title: Chief Financial Officer

                                          Dated: March 31, 2005
ANTHRACITE CAPITAL, INC.
                           CURRENT REPORT ON FORM 8-K
                  Report dated March 31, 2005 (March 31, 2005)

EXHIBIT INDEX

Exhibit No.       Description

99.1              Amendment and Extension to the Amended and Restated Investment
                  Advisory Agreement, dated as of March 31, 2005, between
                  Anthracite Capital, Inc. and BlackRock Financial Management,
                  Inc.