MMAB - MuniMae, LLC

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MMAC keeps plugging along - Q4 / yearend results out:

http://mmacapitalmanagement.investorroom.com/2015-03-18-MMA-Capital-Management-Announces-Fourth-Quarter-and-Full-Year-2014-Financial-Results-Business-Update-and-Investor-Conference-Call

Management has been buying -
http://www.sec.gov/cgi-bin/own-disp?action=getissuer&CIK=0001003201

Company has been and will continue to repurchase -
"In the fourth quarter we bought back 118,700 shares, and our Board has expanded and extended our buyback plan by another 300,000 shares.  We will continue to repurchase shares at prices that we believe are competitive with other investment opportunities and, as such, the Board has approved purchases at prices up to $12.51, our GAAP fully diluted common equity per share at year-end."

Thanks for the idea Olmstead - this one has offered plenty of time to accumulate below book.

[kmukul]

Thanks olmsted and everyone, it seems story is still continuing

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Update from management -

http://www.sec.gov/Archives/edgar/data/1003201/000114420415033337/v411554_8-k.htm

Note: this one is MMAC now, but thread is under old MMAB ticker.

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Conference call this afternoon, book value now at $18.62, repurchases and management share purchases continue almost daily -

http://mmacapitalmanagement.investorroom.com/2016-05-10-MMA-Capital-Management-Announces-First-Quarter-2016-Financial-Results-and-Investor-Conference-Call

"Lastly, the Board has authorized us to amend our repurchase plan to increase the maximum price at which we may buy back stock to our newly reported GAAP diluted common equity per share of $18.62"


http://www.sec.gov/Archives/edgar/data/1003201/000114420416100442/mmac-20160331x10q.htm

[Radio Free Cash Flow]

They keep on finding value in their own backyard. Foreclosing on a non-performing bond netted them a nice gain on the sale of the underlying property.

They bought back another 200,000 shares in April and the first week of May, which should bump up book value by another 7 cents or so. Amazing what they are doing over there. I am surprised the stock is not up more today.

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Weird open this morning.  Results out tomorrow. 

CEO has stayed busy adding shares alongside the company's own repurchases
https://www.sec.gov/cgi-bin/own-disp?action=getissuer&CIK=0001003201

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Results out -

There were 5,852,582 shares of common shares outstanding at August 3, 2017.
Common shareholders' equity - at end of period $127,547,000

https://www.sec.gov/Archives/edgar/data/1003201/000114420417041333/mmac-20170630x10q.htm

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conference call on Thursday, August 10, 2017 at 8:30 a.m. ET

edit - added press release.  New repurchase limit is $24.94/sh

https://mmacapitalmanagement.investorroom.com/2017-08-09-MMA-Capital-Management-Announces-Second-Quarter-2017-Financial-Results-and-Investor-Conference-Call

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https://www.sec.gov/Archives/edgar/data/1003201/000114420418001400/tv482850_8k.htm

[rogermunibond]

Very nice.  This was a hugely deep value idea back in 2010-2011 when they were delisted and on the pink sheets.

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Results are out at MMAC, still an interesting operation run by some really good people...

https://mmacapitalmanagement.investorroom.com/2018-05-10-MMA-Capital-Management-Announces-First-Quarter-Results-and-Investor-Conference-Call

https://www.sec.gov/Archives/edgar/data/1003201/000114420418026794/mmac-20180331x10q.htm

"Diluted common shareholders’ equity (“Book Value”) per share increased $6.34 per share in the first quarter of 2018 to $30.82 at March 31, 2018. "