Municipal Mortgage (NYSE:MMA)
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From Jul 2019 to Jul 2024
MuniMae (NYSE:MMA) announced today that it admitted the
final investors into two separate tax credit funds, raising over $440
million from 21 corporate investors. One of the funds (ITC 29)
represents $386 million of equity raised, and is one of the largest
tax credit equity funds in the history of the industry.
This brings total equity raised for this business segment to
almost $700 million year to date, which is on pace to meet or exceed
the production goals ($1-$1.1 billion) set out for FY 2005.
MuniMae Executive Vice President and head of the tax credit
business, Jenny Netzer, stated, "The closing of ITC 29 further
solidifies our position as the industry leader in the tax credit
business. In addition to the economies of scale we benefit from
internally, structuring larger funds gives our investor customers more
diversification and allows them to take larger positions. These
benefits, combined with our proven track record of success, give us a
significant advantage in an increasingly competitive and consolidating
industry."
MuniMae CEO and President, Michael L. Falcone, stated, "The tax
credit equity business is an important component to the success of
MuniMae as a whole, and the continued success that Jenny and her team
have been able to achieve continues to drive synergies and fuel growth
in other areas of the business. We continue to look for new and
innovative ways to better serve our customers, and the closing of the
two tax credit funds this week is just another indication that we are
getting it right."
About MuniMae
MuniMae provides debt and equity financing to owners of real
estate investments and offers investment advisory services to
institutional investors. Assets under management as of today are
approximately $15 billion secured by 2,800 properties, containing
303,000 units in 49 states, the District of Columbia, Puerto Rico and
the U.S. Virgin Islands.
MuniMae is organized as a limited liability company, which allows
it to combine the limited liability, governance and management
characteristics of a corporation with the pass-through income features
of a partnership. As a result, the tax-exempt income derived from
certain investments remains tax-exempt when passed through to
shareholders. Distributions to shareholders are normally declared
quarterly and paid in February, May, August and November.
Note: Statements in this press release that are not historical
fact may be deemed forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Although Municipal Mortgage & Equity,
LLC believes the expectations reflected in any forward-looking
statement are based on reasonable assumptions, the Company can give no
assurance that its expectations will be attained. Factors that could
cause actual results to differ materially from the Company's
expectations include completion of pending investments, continued
ability to originate new investments, the mix of business between
tax-exempt and taxable activities, the availability and cost of
capital for future investments, competition within the finance and
real estate industries, economic conditions, loss experience and other
risks detailed from time to time in the Company's SEC reports. This
press release does not constitute an offer to sell any securities of
Municipal Mortgage & Equity, LLC or any other entity.
MUNIMAE: INTEGRITY. INNOVATION. SERVICE.
www.munimae.com