AMENDMENT NO. 1 TO PARENT GUARANTY

Exhibit 10.1a

AMENDMENT NO. 1 TO PARENT GUARANTY

AMENDMENT NO. 1, dated as of February 23, 2007 (this “ First Amendment ”), to the Parent Guaranty (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “ Existing Guaranty ”; as amended hereby and as further amended, restated, supplemented or otherwise modified and in effect from time to time, the “ Guaranty ”), dated as of March 17, 2006, executed by ANTHRACITE CAPITAL, INC. (“ Anthracite ”) as guarantor (the “ Guarantor ”) in favor of BANK OF AMERICA, N.A., as the lender (the “ Lender ”) under the Credit Agreement (as defined below). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Guaranty.

RECITALS

WHEREAS, the Guarantor is party to that certain Credit Agreement, dated as of March 17, 2006 (as amended, supplemented or otherwise modified prior to the date hereof, the “ Credit Agreement ”) among AHR Capital BofA Limited, a limited company organized under the laws of Ireland, as a borrower, Anthracite as the borrower agent, the other borrowers from time to time party thereto and the Lender;

WHEREAS, as a condition to the Credit Agreement, the Guarantor has executed the Guaranty;

WHEREAS, the Guarantor and the Lender desire to amend the Guaranty in the manner and on the terms set forth herein;

NOW THEREFORE, the Guarantor and the Lender hereby agree, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, that the Existing Guaranty is hereby amended as follows:

(a)      deleting the definition of “Adjusted Net Income” in its entirety and substituting the following in lieu thereof:

“ Adjusted Net Income ” shall mean for any period, the Net Income of the Guarantor and its Subsidiaries determined on a cash basis for such period without recognizing any trading portfolio gains or losses in general, and specifically without giving effect to:

(a) depreciation and amortization,

(b) gains or losses that are classified as “extraordinary” in accordance with GAAP,

(c) capital gains or losses on sales of real estate,

(d) capital gains or losses with respect to the disposition of investments in marketable securities,

(e) any provision/benefit for income taxes for such period,

(f) earnings from equity investments and unconsolidated joint ventures determined in accordance with GAAP,

(g) losses attributable to the impairment of assets,

(h) incentive fees paid in the form of the issuance of the Guarantor’s common stock,

(i) Cash Interest Expense,

(j) income or expense attributable to the ineffectiveness of hedging transactions, and

(k) interest accretions, whether in favor or against the Guarantor.

Without limiting the foregoing, Net Income shall be determined before preferred stock dividends and shall include cash distributions from equity investments and unconsolidated joint ventures.

(b)    deleting the definition of “Debt Service Coverage Ratio” in