MMA Capital Holdings, Inc. (Nasdaq: MMAC) today reported financial results for the quarter ended September 30, 2020, including common shareholders' equity of $277.6 million, or $47.74 per share. The Company will file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, with the Securities and Exchange Commission today and will host an investor call at 8:30 a.m. ET, Thursday, November 12, 2020.
Key results from the quarter include:
- Book Value increased $3.1 million to $277.6 million
- Book Value per share increased $0.50, or 1.1%, to $47.74 per share
- Adjusted Book Value* increased $4.3 million to $221.5 million
- Adjusted Book Value* per share increased $0.71, or 1.9%, to $38.08
- Comprehensive income of $3.0 million was recognized, which consisted of $2.9 million of net income and $0.1 million of other comprehensive income
- Net income from continuing operations before income taxes of $4.0 million, or $0.70 per share, was recognized.
Gary Mentesana, MMA Capital's Interim Chief Executive Officer stated, "The third quarter was substantially focused on our renewable energy investment portfolio. In that regard, we were able to largely execute our plan and realized an unlevered net return on investment from our renewable energy investments, as measured on a twelve-month trailing basis, of 11.1% through September 30, 2020. Given the impact of COVID-19, we are pleased with these results and the relatively clean reporting quarter they represent. Still, due to the current economic climate we continue to assess and manage the impact the pandemic has had and may have on our business. As a result, we continue to focus on managing liquidity and utilizing a more conservative approach to portfolio management in these uncertain times."
Chief Executive Officer Update
The Company's external manager is engaged in the process of selecting a permanent Chief Executive Officer for the Board's consideration and approval. We expect this process to conclude in the near future and to make an announcement at the appropriate time. We believe that we have appropriate management and leadership in place at this time given the external manager's resources and with Gary Mentesana as Interim Chief Executive Officer.
Audit Committee Chair
The Board is pleased to announce that Lisa Kay, a board member for the past 3 years and previously to that the Chief Financial Officer of the Company, has been elected to chair the Company's Audit Committee, effective with the filing of the Quarterly Report. The Board has determined Ms. Kay meets all of the independence requirements of both Nasdaq and the Company's guidelines and therefore will join each of the committees of the Board, in addition to Chair of the Audit Committee. Francis Gallagher, Jr., Chairperson of the MMA Capital Board, stated "Lisa has been an invaluable resource for the Company for many years and with her strong background in audit matters and deep knowledge of the Company, she will bring that talent and presence to lead our Audit Committee. We also want to thank outgoing Chairperson Fred Puddester for his continuing efforts with the Board and the strong leadership he brought to the committee following Steven Bloom's retirement." Mr. Puddester will continue to be a member of the Audit Committee, as well as remaining Chairperson of the Compensation Committee.
About MMAC
MMA Capital Holdings, Inc. focuses on infrastructure-related 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 infrastructure including renewable energy projects. 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.
