MMA Capital Management Announces First Quarter 2017 Financial Results and Investor Conference Call

BALTIMORE, May 10, 2017

Common shareholders' equity decreased from $125.3 million at December 31, 2016 to $120.3 million at March 31, 2017.  This change was driven by $3.1 million in comprehensive loss that is allocable to common shareholders and $1.9 million in other reductions in common shareholders' equity.  Book Value per share decreased to $20.32 at March 31, 2017, which represents a decrease of $0.43 per share of Book Value compared to what we reported at December 31, 2016.  This decline was primarily attributable to a $5.3 million loss that we recognized in connection with a corporate loan to a residential solar power provider which filed for bankruptcy protection. Largely as a result of this loan loss, we recognized in the first quarter of 2017 a comprehensive loss allocable to common shareholders of $3.1 million, which consisted of a $3.4 million net loss allocable to common shareholders and $0.3 million of other comprehensive income allocable to common shareholders.  In comparison, we recognized $6.9 million of comprehensive income allocable to common shareholders in the first quarter of 2016, which consisted of $16.6 million of net income allocable to common shareholders and $9.7 million of other comprehensive loss that is allocable to common shareholders.

Michael Falcone, MMA Capital's Chief Executive Officer, stated, "While we are generally off to a reasonable start across our business lines in 2017, the significant loss we recognized on a corporate loan to a now bankrupt entity negatively impacted our results and has put us behind plan for the year. Although we are quite disappointed with the outcome on that investment and its impact on the first quarter, our project based solar lending business continues to be a source of growth and there remains a robust pipeline of potential loans in that business.  Good market conditions and strong asset management continue to exist in our affordable housing portfolio and as we look to the balance of the year we anticipate a number of asset sales in the affordable housing portfolio that should promote a return to income as the year progresses.  Although we remain cautious in the current macroeconomic environment, we believe both the energy lending and affordable housing management platforms will perform well during the balance of the year.

"We also continued to execute on our stock buyback plan during the quarter, buying back approximately 88,000 shares at a discount to Book Value per share resulting in immediate accretion for our shareholders.  Lastly, as a function of the reported Book Value, the maximum price at which we may buy back stock will adjust to $23.37 and that price will remain in effect until our next quarterly filing."

Conference Call Information

The conference call with investors will be webcast.  All interested parties are welcome to join the live webcast, which can be accessed through the Company's web site at www.mmacapitalmanagement.com (refer to the Shareholder Relations tab of our website for more information.  Participants may also join the conference call by dialing toll free 1-888-346-6987 or 1-412-902-4268 for international participants and 1-855-669-9657 for Canadian participants.

For purposes of the conference call, the Company will reference select tables from Item 2 of the First Quarter 2017 Report (Management's Discussion & Analysis).