MMA Capital Holdings, Inc. (Nasdaq: MMAC) today reported financial results for the year ended December 31, 2019, including common shareholders' equity of $281.1 million, or $48.43 per share. The Company filed its Annual Report on Form 10-K for the year ended December 31, 2019, with the Securities and Exchange Commission today and will host an investor call at 8:30 a.m. ET on Wednesday, March 18, 2020.
Book Value increased $68.2 million in 2019 to $281.1 million at December 31, 2019. This change was primarily driven by $70.9 million of comprehensive income, which included income effects related to the recognition of a $57.7 million deferred tax asset ("DTA") in the fourth quarter of 2019. Book Value per share increased $12.23, or 33.8%, in 2019 to $48.43 at December 31, 2019.
Book Value excluding the carrying value of the Company's DTA ("Adjusted Book Value")* increased $10.5 million in 2019 to $223.4 million at December 31, 2019. This change was driven by $13.2 million of comprehensive income, partially offset by $2.7 million of other decreases in Book Value that were primarily driven by share repurchases. Adjusted Book Value per share* increased $2.29, or 6.3%, in 2019 to $38.49 at December 31, 2019.
We recognized comprehensive income of $70.9 million during the year ended December 31, 2019, which consisted of $101.0 million of net income and $30.1 million of other comprehensive loss. In comparison, we recognized $57.5 million of comprehensive income during the year ended December 31, 2018, which consisted of $61.0 million of net income and $3.5 million of other comprehensive loss. Net income that we recognized during the year ended December 31, 2019, was primarily driven by our income tax benefit from the partial release of our DTA valuation allowance in the fourth quarter of 2019, equity in income from unconsolidated funds and ventures, net gains on bonds and net interest income.
Net income from continuing operations before income taxes for the year ended December 31, 2019, was $40.5 million, or $6.89 per share. Other comprehensive loss that we reported for the year ended December 31, 2019, was primarily attributable to the reclassification of fair value gains out of accumulated other comprehensive income ("AOCI") and into our Consolidated Statements of Operations due to the liquidation of certain bond investments during the reporting period. The impact of this reclassification was partially offset by net fair value gains that we recognized in AOCI during 2019 in connection with our bond investments.
Michael Falcone, MMA Capital's Chief Executive Officer stated, "2019 was another transformational year for the Company as we executed on many of our strategic initiatives throughout the year, including recycling capital out of lower returning non-core investments and redeploying that capital into renewable energy investments that we believe will generate higher returns. By accessing the debt markets the Company was able to both further increase the capital available for renewable energy investments and reduce the amount of idle capital, contributing to increased income from the renewable energy investments for the year. The impact of growth in renewable energy investments is reflected in the 231% year-over-year increase in related investment income. Given our strong pipeline of renewable energy opportunities, our 2020 goals include accessing additional debt capital and continuing to rotate capital out of lower-yielding legacy assets on an opportunistic basis over the next couple of years.
"As a result of our strategic repositioning over the past two years, especially recent transactions involving repayment of the Hunt note and the Company's new revolving credit facility, in the fourth quarter of 2019 we concluded that, based on the weight of available evidence, it was more likely than not that a portion of the Company's net operating losses will be utilized prior to their expiration. This conclusion resulted in the release of a portion of the valuation allowance associated with the Company's deferred tax assets at December 31, 2019. While the measurement of such release required significant judgement, and may result in future earnings volatility due to periodic remeasurements, the Company reached an inflection point in the fourth quarter of 2019 where sources of recurring income provided sufficient evidence to expect the utilization of a portion of our tax assets, primarily the federal net operating losses. In this regard, we have begun providing disclosure of certain non-GAAP measures, such as Adjusted Book Value, that we believe are useful in assessing the Company's underlying financial performance and trends of its business from period to period because such measures eliminate potential volatility in results brought on by tax considerations in a given year.
"Finally, I would like to comment on recent events and their impact on our business. While there are any number of possible outcomes, we currently do not see any direct impact on our business from either the coronavirus or the collapse in oil prices. How these events might impact the broader economy and how those broader economic impacts might impact us, is something we are monitoring and cannot at this point predict."
Tax Benefits Rights Agreement
On March 11, 2020, the board of directors approved an extension of the Company's Tax Benefit Rights Agreement ("Rights Plan") whereby the terms of the Rights Plan will continue until May 5, 2023. The extension was formally adopted by the Company on March 12, 2020. The board of directors will ask shareholders to ratify its decision to extend the Rights Plan at the Company's 2020 annual meeting.
Annual Meeting of Shareholders
The annual meeting will be held at 1 p.m. eastern time on May 19, 2020 at the Brewers Hill Hub Boardroom, 3700 O'Donnell Street, Baltimore, MD 21224. Additional information on the annual meeting will be mailed on, or about, April 9, 2020 to shareholders of record as of March 23, 2020.
About MMAC
MMA Capital Holdings, Inc. focuses on investments that generate positive environmental and social impacts and deliver attractive risk-adjusted total returns to our shareholders, with an emphasis on debt associated with renewable energy projects and infrastructure. 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.
