Well, it took about 2 years, but the market has claimed its first major victim among the commercial real estate oriented mREITs. Anthracite Capital (AHR) formally defaulted on its unsecured debt Monday, which launched a landslide of cross-collateralization defaults and prompted the Company to warn stakeholders that

Management’s assessment of the Company’s liabilities and the current market value of the Company’s assets suggests that, in the event of a reorganization or liquidation of the Company in the near term, shareholders would not receive any value and the value received by the Company’s unsecured creditors would be minimal.