BALTIMORE, Nov. 8, 2019 /PRNewswire/ -- MMA Capital
Holdings, Inc. (Nasdaq: MMAC) ("MMA Capital" or "the
Company") today reported financial results for the quarter
ended September 30, 2019, including
common shareholders' equity of $219.6
million, or $37.29 per share
of diluted common shareholders' equity ("Book Value").
The Company filed its Quarterly Report on Form 10-Q for the quarter
ended September 30, 2019 (the
"Third Quarter Report"), with the Securities and Exchange
Commission ("SEC") today and will host an investor call at
8:30 a.m. ET on Tuesday, November 12,
2019.
Common shareholders' equity increased $5.0 million in the third quarter of 2019 to
$219.6 million at September 30, 2019. This change was primarily
driven by $4.9 million of
comprehensive income. Book Value per share increased
$0.83 in the third quarter of 2019 to
$37.29 at September 30, 2019.
The Company recognized comprehensive income of $4.9 million in the third quarter of 2019, which
consisted of $5.6 million of net
income and $0.7 million of other
comprehensive loss. In comparison, we recognized $5.2 million of comprehensive income in the third
quarter of 2018, which consisted of $8.6
million of net income and $3.4
million of other comprehensive loss. Net income that we
recognized in the third quarter of 2019 was primarily driven by
equity in income from unconsolidated funds and ventures,
particularly our solar energy ventures, and by net gains on bonds
and net interest income. Refer to Item 1 of Part I of the
Company's Third Quarter Report, "Consolidated Results of
Operations," for more information about changes in common
shareholders' equity attributable to net income.
Michael Falcone, MMA Capital's
Chief Executive Officer stated, "In the third quarter we executed
on a number of Energy Capital portfolio initiatives, primarily by
allocating additional capital to the portfolio and accessing the
debt markets for a revolving credit facility that we expect will
improve our return on investment in the portfolio by reducing the
amount of idle cash, leveraging our portfolio returns and
increasing our overall capital invested in the portfolio. The
impact of the growth in our Energy Capital portfolio is reflected
in the three-fold year over year increase in contributions to
income from our solar business. Having only
recently closed the revolving credit line, we have not yet fully
reaped the benefits of that facility, which we expect will
contribute to our continued growth in investments and income from
our solar business. We also expect to continue to rotate capital
out of legacy assets and into the Energy Capital portfolio in the
coming quarters."
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.mmacapitalholdings.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 (Management's Discussion & Analysis)
of the Quarterly Report on Form 10-Q for the quarter ended
September 30, 2019.
An archived replay of the event will be available one hour after
the event through November 19, 2019,
toll free at 1-877-344-7529, or 1-412-317-0088 for international
participants and 1-855-669-9658 for Canadian participants
(Passcode: 10136727).
About MMAC
MMA Capital invests in debt associated with renewable energy
infrastructure and real estate. MMA Capital is externally managed
and advised by Hunt Investment Management, LLC, an affiliate of
Hunt Companies, Inc. For additional information about MMA Capital
Holdings, Inc. (Nasdaq: MMAC), please visit MMA Capital's website
at www.mmacapitalholdings.com. For additional information
about Hunt Investment Management, LLC, please see its Form ADV and
brochure (Part 2A of Form ADV) available at
https://www.adviserinfo.sec.gov.
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SOURCE MMA Capital Holdings, Inc.