X0202 4 2005-03-31 0001003201 MUNICIPAL MORTGAGE & EQUITY LLC MMA 0001201772 HILMAN ROBERT S 621 EAST PRATT STREET, SUITE 300 BALTIMORE MD 21202 1 0 0 0 Common Shares 2005-03-31 4 M 0 2500 14.875 A 19617.982 D Common Shares 2005-03-31 4 A 0 77.034 24.34 A 19695.016 D Common Shares 2005-03-31 4 A 0 51.356 24.34 A 19746.372 D Common Shares 14.875 2005-03-31 4 M 0 2500 14.875 A 1997-08-28 2006-08-28 Common Shares 2500 19617.982 D Grant of reporting person of option to buy common shares under the Municipal Mortgage & Equity, LLC 1996 Non-Employee Directors' Share Plan in a transaction exempt from Rule 16b-3. Shares awarded in accordance with the 2001 Non-Employee Directors' Share Plan. Janet E. McHugh is signing as Attorney in Fact. Janet E. McHugh 2005-04-04