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

BALTIMORE, Nov. 9, 2017

Common shareholders' equity increased from $127.5 million at June 30, 2017 to $135.7 million at September 30, 2017.  Similarly, Book Value per share increased to $23.26 at September 30, 2017, which represents an increase of $1.57 per share of Book Value compared to what we reported at June 30, 2017.  These increases were primarily attributable to $9.9 million of net income from operations, which was anchored by quarter-over-quarter increases in fee and other income, equity in income from unconsolidated funds and ventures, and net gains on assets, derivatives and debt extinguishment. We also recognized in the third quarter of 2017 $0.1 million of other comprehensive income that was allocable to common shareholders.  In comparison, we recognized $11.1 million of comprehensive income that was allocable to common shareholders in the third quarter of 2016, which consisted of $4.2 million of net income that was allocable to common shareholders and $6.9 million of other comprehensive income that was allocable to common shareholders.

Michael Falcone, MMA Capital's Chief Executive Officer stated, "We had another busy quarter to start the second half of the year with additional realization events in our LIHTC management business coupled with favorable returns from real estate-related investments and investor capital raising efforts in South Africa.  After a measured start to the year we are on pace to exceed our performance goals for the year and continue to see opportunities to drive value for shareholders. Additionally, our project-based solar lending business continues to be a source of growth as reflected in the year-over-year increase in our equity in income from our renewable lending ventures.  Our asset management efforts, combined with good market conditions, have contributed to our success so far this year, and we hope to see further success from our realization efforts as the year unfolds.   

"We also executed on our capital allocation strategies, including our stock buyback plan and additional retirement of debt at a discount during the quarter. For the quarter, we bought back approximately 49,000 shares at an average price of $23.73 and retired additional debt at a discount resulting in a gain of approximately $1.0 million.  Lastly, as a function of the reported Book Value, the maximum price at which we may buy back stock will adjust to $26.75 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 Third Quarter 2017 Report (Management's Discussion & Analysis).