FORM 3
U.S. SECURITIES AND EXCHANGE COMMISSION _____________________
WASHINGTON, D.C. 20549 | OMB APPROVAL |
INITIAL STATEMENT OF |_____________________|
BENEFICIAL OWNERSHIP OF SECURITIES |OMB NUMBER: 3235-0104|
|EXPIRES: |
| SEPTEMBER 30, 1998 |
Filed pursuant to Section 16(a) of the |ESTIMATED AVERAGE |
Securities Exchange Act of 1934, |BURDEN HOURS |
Section 17(a) of the Public Utility |PER RESPONSE 0.5 |
Holding Company Act of 1935 |_____________________|
Section 30(f) of the Investment
Company Act of 1940
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1. Name and Address of Reporting Person
Gordon Frank D.
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(Last) (First) (Middle)
1365 York Avenue, Apt. 7M
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(Street)
New York NY 10021
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
March 27, 1998
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3. IRS OR SOCIAL SECURITY NUMBER OF REPORTING PERSON (VOLUNTARY)
____________________________________________________________________________
4. Issuer Name and Ticker or Trading Symbol
Anthracite Capital, Inc. ("AHR")
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5. RELATIONSHIP OF REPORTING PERSON(S) TO ISSUER (CHECK ALL APPLICABLE)
( ) DIRECTOR
( ) 10% OWNER
( ) OFFICER (GIVE TITLE BELOW)
(XX) OTHER (SPECIFY TITLE BELOW)
Controller of Investment Advisor
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6. IF AMENDMENT, DATE OF ORIGINAL (MONTH/DAY/YEAR)
____________________________________________________________________________
7. INDIVIDUAL OR JOINT/GROUP FILING (CHECK APPLICABLE LINE)
X FORM FILED BY ONE REPORTING PERSON
___FORM FILED BY MORE THAN ONE REPORTING PERSON
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TABLE I - NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
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|1. TITLE OF SECURITY|2. AMOUNT OF |3. OWNERSHIP |4. NATURE OF INDIRECT |
| (INSTR. 4) | SECURITIES | FORM DIRECT| BENEFICIAL OWNERSHIP|
| | BENEFICIALLY| DIRECT (D) | (INSTR. 5) |
| | OWNED | OR INDIRECT| |
| | (INSTR. 4) | (I) (INSTR.| |
| | | 5) | |
|____________________|_______________|______________|_______________________|
Common Stock, par 0 N/A N/A
value $.001 per
share
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TABLE II - DERIVATIVE SECURITIES BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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1. Title of Derivative Security (Instr. 4)
Stock Option (Right to Buy)
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2. Date Exercisable and Expiration Date (Month/Day/Year)
(i) 03/27/99 03/27/2008
(ii) 03/27/2000 03/27/2008
(iii) 03/27/2001 03/27/2008
(iv) 03/27/2002 03/27/2008
________________________ _________________________
Date Exercisable Expiration Date
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3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)
(i) Common Stock, par value 7,500
$.001 per share
(ii) Common Stock, par value 7,500
$.001 per share
(iii) Common Stock, par value 7,500
$.001 per share
(iv) Common Stock, par value 7,500
$.001 per share
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Title Amount of Number of Shares
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4. Conversion or Exercise Price of Derivative Security
(i) $15.00
(ii) $15.00
(iii) $15.00
(iv) $15.00
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5. Ownership Form of Derivative Security: Direct(D) or Indirect(I)(Instr. 5)
D
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6. Nature of Indirect Beneficial Ownership (Instr. 5)
N/A
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EXPLANATION OF RESPONSES:
/s/ Richard M. Shea April 6, 1998
________________________ _________________
Attorney-in-Fact DATE
** SIGNATURE OF REPORTING PERSON
_____________________________
** INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS.
SEE 18 U.S.C. 1001 AND 15 U.S.C. 78FF(A).
NOTE: FILE THREE COPIES OF THIS FORM, ONE OF WHICH MUST BE MANUALLY SIGNED.
IF SPACE PROVIDED IS INSUFFICIENT, SEE INSTRUCTION 6 FOR PROCEDURE
POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION
CONTAINED IN THIS FORM ARE NOR REQUIRED TO RESPOND UNLESS THE FORM
DISPLAYS A CURRENTLY VALID OMB NUMBER.
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AUTHORIZATION TO SIGN
FORM 3 - INITIAL STATEMENT OF BENEFICIAL OWNERSHIP
FORM 4 - STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
The undersigned hereby authorizes each of Hugh R. Frater and
Richard M. Shea individually to sign Form 3 - Initial
Statement of Beneficial Ownership and Form 4 - Statement of
Changes in Beneficial Ownership required to be filed on my
behalf with respect to Anthracite Capital, Inc. This
authorization acknowledges authorization to file reports
commencing the date hereof. This authorization shall
continue until revoked by the undersigned.
Dated: April 1, 1998
/s/ Frank D. Gordon
___________________________
Name: Frank D. Gordon
