8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): March 31, 2021

MMA Capital Holdings, Inc.

(Exact name of registrant as specified in its charter)

Delaware	001-11981	52-1449733
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	Identification No.)
3600 O’Donnell St, Suite 600,
Baltimore, Maryland		21224
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (443) 263-2900

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Common Shares, no par value
Common Stock Purchase Rights Trading Symbol(s)
MMAC
MMAC Name of each exchange on which registered
Nasdaq Capital Market
Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02        Results of Operations and Financial Condition

On March 31, 2021, the Company issued a press release announcing its financial results for the fiscal year ended December 31, 2020.  Separately, on April 1, 2021, the Company issued its updated investor presentation (including supplemental financial information) containing its financial results for the fiscal quarter ended December 31, 2020. The earnings release and investor presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.

The information disclosed in “Item 2.02 Results of Operations and Financial Condition,” including Exhibits 99.1 and 99.2 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01        Exhibits

99.1	Press Release dated March 31, 2021
99.2	Investor Presentation dated April 1, 2021
104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	MMA Capital Holdings, Inc.
April 5, 2021	By:	/s/ Gary A. Mentesana
		Name: Gary A. Mentesana
		Title:   Chief Executive Officer

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE: March 31, 2021

MMA Capital Holdings Announces 2020 Full Year Results

BALTIMORE, March 31, 2021 / PRNewswire -- MMA Capital Holdings, Inc. (Nasdaq: MMAC) (“MMA Capital” or the “Company”) today reported financial results for the quarter and year ended December 31, 2020, including common shareholders’ equity (“Book Value”) of $289.9 million, or $49.81 per share.  The Company filed its Annual Report on Form 10-K for the year ended December 31, 2020 (the “Annual Report”), with the Securities and Exchange Commission (“SEC”) today and will host an investor call at 8:30 a.m. ET, Friday, April 2, 2021.  

Key results from the quarter and full year ended December 31, 2020, include:

●Book Value increased $12.3 million in the quarter and $8.8 million for the year to $289.9 million

●Book Value per share was $49.81, an increase of $2.07, or 4.3%, in the quarter and $1.38, or 2.9%, for the year

●Adjusted Book Value* increased $9.3 million in the quarter and $7.4 million for the year to $230.8 million

●Adjusted Book Value* per share was $39.66, an increase of $1.58, or 4.2%, in the quarter and $1.17, or 3.0%, for the year

●Net income from continuing operations before income taxes of $8.9 million, or $1.53 per share, for the quarter and $7.1 million, or $1.23 per share, for the year  

●Comprehensive income of $8.4 million was recognized for the year, substantially all of which was from net income

Gary Mentesana, MMA Capital’s Chief Executive Officer stated, “We ended the year with strong fourth quarter performance from our renewable energy investments.  On a trailing-twelve-month basis, the Company realized an unlevered net return on its renewable energy investments of 11.5% through December 31, 2020, up slightly from September 30, 2020, and December 31, 2019.  Given the ongoing impact of COVID-19 to the broader economy and the specific impact it had on certain of our real estate investments during the year and the fourth quarter, we are pleased with the performance of the renewable energy investment investments during 2020.

_______________________

* The Company defines Adjusted Book Value as Book Value excluding the carrying value of the Company’s deferred tax assets (“DTAs”).  Adjusted Book Value is a financial measure not calculated in accordance with generally accepted accounting principles (“non-GAAP”); reconciliations to their closest GAAP measures and the rationale for their use in analyzing our financial results can be found in this press release under the heading “Non-GAAP Financial Measures.”

“Unfortunately, as more thoroughly described in the filing, the historic winter storm that impacted the southern and midwestern states in February has negatively impacted four loans held through the Solar Ventures, representing 55.9% of the UPB of their portfolio at year end.  The four loans relate to three projects located in the Electric Reliability Council of Texas (“ERCOT”) service area. These include a sponsor equity loan that closed in December and is financing an operating project, two loans that are currently in default and are financing a project under construction, and a development loan that is financing a project that has recently secured a take-out commitment.  Given a significant first quarter operating loss at the operating project, which is expected to be funded by the Solar Ventures, as well as a loan-related concession made during the same period to reduce exposure associated with the project under development, a loss that could be substantial is expected to be recognized by the Solar Ventures in the first quarter.  However, with ERCOT market conditions continuing to be volatile and uncertain, it is difficult to predict the full extent of this loss.   In this regard, while, as further discussed in the filing, the Company’s risk of loss in the first quarter from known exposures to such activities could be as much as approximately $4.00 per share, the amount of net income recognized by the Solar Ventures during such reporting period has not yet been determined and additional events could occur that could cause such estimate to change by a material amount.  We are actively working to mitigate our risks and reduce our exposure to the ERCOT market while continuing to meet the capital needs in the performing loans in the portfolio.  In spite of the headwinds resulting from the winter storm, we believe the renewable energy portfolio has the ability to perform well for the balance of the year and look forward to keeping the momentum going that is apparent elsewhere in the portfolio.”

Conference Call Information

The conference call with investors will be webcast.  All interested parties are welcome to join the live webcast, which can be accessed through the Company’s web site at www.mmacapitalholdings.com (refer to the Shareholder Relations tab of our website for more information).  Participants may also join the conference call by dialing toll free 1-888-346-6987 or 1-412-902-4268 for international participants and 1-855-669-9657 for Canadian participants.

For purposes of the conference call, the Company will reference select tables from Item 7 (Management’s Discussion & Analysis) of the Annual Report on Form 10-K for the year ended December 31, 2020.  

An archived replay of the event will be available one hour after the event through April 9, 2021, toll free at 1-877-344-7529, or 1-412-317-0088 for international participants and 1-855-669-9658 for Canadian participants (Passcode: 10153786).

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.

Source: MMA Capital Holdings, Inc.

Contact: Brooks Martin, Investor Relations, (855) 650-6932

Cautionary Statement Regarding Forward-Looking Statements

This Release contains forward-looking statements intended to qualify for the safe harbor contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the expected partial release of the valuation allowance and other statements identified by words such as "may," "will," "should," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "seek," "would," "could," and similar words or expressions and are made in connection with discussions of future events and operating or financial performance.

Forward-looking statements reflect our management's expectations at the date of this release regarding future conditions, events or results. They are not guarantees of future performance. By their nature, forward-looking statements are subject to risks and uncertainties. Our actual results and financial condition may differ materially from what is anticipated in the forward-looking statements. There are many factors that could cause actual conditions, events or results to differ from those anticipated by the forward-looking statements contained in this release. For a discussion of certain of those risks and uncertainties and the factors that could cause our actual results to differ materially because of those risks and uncertainties, see Part I, Item 1A, Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2020. All forward-looking statements made herein are expressly qualified in their entirety by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Readers are cautioned not to place undue reliance on forward-looking statements in this release or that we may make from time to time. We expressly disclaim any obligation to revise or update any forward-looking statements in this release, whether as a result of new information, future events or otherwise.

www.mmacapitalholdings.com

Non-GAAP Financial Measures

In this press release, the Company presents its financial condition and results of operations in the way it believes will be most meaningful and representative of its business results. Some of the measurements the Company uses are “non-GAAP financial measures” under Securities and Exchange Commission rules and regulations. We present certain non-GAAP financial measures that supplement the financial measures we disclose that are calculated under GAAP. Non-GAAP financial measures are those that include or exclude certain items that are otherwise excluded or included, respectively, from the most directly comparable measures calculated in accordance with GAAP. The non-GAAP financial measures that we disclose are not intended as a substitute for GAAP financial measures and may not be defined or calculated the same way as similar non-GAAP financial measures used by other companies.  The reconciliations of such measures to the most comparable GAAP measures in accordance with Regulation G are included in Table 1 below.

Adjusted Book Value represents Book Value reduced by the carrying value of the Company’s DTAs. We believe this measure is useful to investors in assessing the Company’s underlying fundamental performance and trends in our business because it eliminates potential volatility in results brought on by tax considerations in a given year. As a result, reporting upon, and measuring changes in, Adjusted Book Value enables a better comparison of period-to-period operating performance.

Adjusted Book Value per common share represents Adjusted Book Value at the period end divided by the common shares outstanding at the period end.

Management intends to continually evaluate the usefulness, relevance, limitations and calculations of our reported non-GAAP performance measures to determine how best to provide relevant information to the public.

Table 1 provides a reconciliations of GAAP financial measures to non-GAAP financial measures that are included in this press release.

Table 1:  Non-GAAP Reconciliations

	As of and for the period ended
	December 31		December 31
(in thousands, except per share data)	2020			2019
Reconciliation of Book Value to Adjusted Book Value
Book Value (total shareholders' equity), as reported	$	289,884		$	281,125
Less: DTAs, net		59,083			57,711
Adjusted Book Value	$	230,801		$	223,414
Common shares outstanding		5,820			5,805
Reconciliation of Book Value per share to Adjusted Book Value per share
Book Value (total shareholders' equity) per common share, as reported	$	49.81		$	48.43
Less: DTAs, net per common share		10.15			9.94
Adjusted Book Value per common share	$	39.66		$	38.49

EX-99.2

Exhibit 99.2

Shareholder Presentation April 1, 2021 Nasdaq: MMAC www.mmacapitalholdings.com 3600 O’Donnell Street, Suite 600, Baltimore, MD 21224 (443) 263-2900

Disclaimer • This presentation and any related oral statements contain forward-looking statements intended to qualify for the safe harbor contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements often include words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “focus,” “intend,” ”may,” “plan,” “potential,” “project,” “see,” “seek,” “should,” “will,” “would,” and similar words or expressions and are made in connection with discussions of future events and future operating or financial performance. • Forward-looking statements reflect our management’s expectations at the date of this presentation regarding future conditions, events or results. They are not guarantees of future performance. By their nature, forward-looking statements are subject to risks and uncertainties, including the risks and uncertain aspects of the novel strain of the coronavirus (“COVID-19”) pandemic. Our actual results and financial condition may differ materially from what is anticipated in the forward-looking statements. There are many factors that could cause actual conditions, events or results to differ from those anticipated by the forward-looking statements contained in this presentation. Readers are cautioned not to place undue reliance on forward-looking statements in this presentation or that we may make from time to time, and to consider carefully the factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the Securities and Exchange Commission (“SEC”) on March 31, 2021. We do not undertake to update any forward-looking statements contained herein. • This presentation should be read in conjunction with the Company’s Annual Report filed on Form 10-K with the SEC. MMA Capital Holdings, Inc. 2

Mission MMA Capital Holdings, Inc. (“MMAC”) focuses on infrastructure-related investments that generate positive environmental and social impacts and deliver attractive risk-adjusted total returns to our shareholders. MMA Capital Holdings, Inc. 3

MMAC Introduction MMAC is currently focused on investing in debt associated with renewable energy projects, which we believe will generate attractive risk-adjusted total returns to our shareholders. (1) Common shareholders’ equity (“Book Value” or “BV”) excluding deferred tax assets (“Adjusted Book Value” or “ABV”) and Adjusted Book Value per share are financial measures that are determined other than in accordance with generally accepted accounting principles in the United States of America (“GAAP”). These non-GAAP financial measures are used to show the amount of our net worth in the aggregate and on a per-share basis, without giving effect to changes in Book Value due to the partial release of our deferred tax asset (“DTA”) valuation allowance as of December 31, 2020 and December 31, 2019. Refer to Slide 20 for a reconciliation of these non-GAAP financial measures to the most directly comparable historical measures determined under GAAP. Past performance is not indicative of future results. MMA Capital Holdings, Inc. 4 We generally invest in renewable energy investments through three joint ventures (the “Solar Ventures”) with a capital partner in which we are a 50% investor member. However, we may periodically have a minority economic interest as a result of non-pro rata capital contributions made by our capital partner. At December 31, 2020, our average economic interest in the Solar Ventures was approximately 44.2%.

Impact of Electric Reliability Council of Texas (“ERCOT”) Market Exposure • At December 31, 2020, 55.9% of the total unpaid principal balance (“UPB”) of outstanding loans of the Solar Ventures were associated with a single sponsor and were secured by three projects located in Texas’ ERCOT service area. These projects are in different stages of their life cycle with one project operational, one in the construction phase and one in the development phase. • On February 24, 2021, our economic interest in loans related to these three projects became 45.0% and is expected to remain as such, based upon a non-pro rata capital contribution agreement executed with our capital partner. • During the second and third weeks of February 2021, a severe winter storm occurred in the ERCOT service area that impaired the operational capabilities of numerous fossil fuel and renewable energy generating assets in the region. This storm caused significant supply and demand imbalances, as well as power production deficiencies, resulting in demand for electricity to surge to unprecedented levels, driving the market price of power to the maximum price permitted by ERCOT for multiple days. • The financed operating project entered into a recapitalization in 4Q 2020. In 1Q 2021, it suffered a net power delivery shortfall during this weather event, resulting in a net settlement cost of $22.5 million pursuant to various energy supply and pricing agreements. As of March 31, 2021, the Solar Ventures expect to provide additional advances to the project to satisfy this net shortfall obligation and other payment obligations that may be required to facilitate the final closing of the recapitalization of the project. • Assuming that the Company was unable to recover any of the additional advances made to the operating project, when taken into account with loan-related interest income that is not expected to be accrued and other loan-related concessions granted in the first quarter of 2021 to secure a take-out commitment for the project in development, the Company’s allocable share of losses in the first quarter would be $23.3 million, or approximately $4.00 per share (such losses would be reported as a reduction to equity in income of the Solar Ventures). • However, it is difficult to estimate first quarter impacts related to these exposures in absence of, among other things, the completion of fair value measurements of loans outstanding at the Solar Ventures at March 31, 2021. • The projects that are in construction and development were not directly impacted by this weather event. However, the ERCOT market remains volatile and uncertain due to this weather event. There is litigation among various market participants, and potential legislative reform is being considered. This dynamic could lead to supply and demand imbalances in the market, impact the availability and pricing of tax equity and lead to a deterioration of the underlying project value. • The Solar Ventures’ concentration in the ERCOT service area could further impact when invested capital is repaid and available for reinvestment. MMA Capital Holdings, Inc. 5

Impact of COVID-19 and the General Economy • During the year ended December 31, 2020, COVID-19 has not prevented us from operating our business and making investments, and the Company was in compliance with all of its debt covenants as of year end. • As of December 31, 2020, most of the renewable energy projects that have been financed through loans made by the Solar Ventures were not significantly impacted by COVID-19, and the projects did not experience any significant supply chain issues or construction delays during the year. • During the year ended December 31, 2020, origination activity at the Solar Ventures was not meaningfully impacted by COVID-19. • However, certain components of the national and some local renewable energy finance markets, such as the ERCOT market, have been and may further be affected by changing market dynamics, resulting in supply and demand imbalances. • Due to the downturn in the economy and local and state restrictions on retail tenants stemming from COVID- 19, the Company determined that its 80% ownership interest in a joint venture, which owns a mixed-use town center development, was impaired at June 30, 2020 and again at December 31, 2020. Consequently, this investment was written down to its fair value at each reporting date, and the Company recognized $12.7 million of related impairment losses for the year ended December 31, 2020. • Although we have not recognized impairment charges other than for the 80% ownership interest discussed above, it is reasonably possible that, as a result of COVID-19 and general economic conditions in the markets we serve, we may be required to recognize one or more material impairment charges over the next 12 months. • The long-term impact of COVID-19 will depend on future developments, which remain uncertain and difficult to predict. The adverse impact on our business, results of operations, financial condition and cash flows could be material. MMA Capital Holdings, Inc. 6

2020 Key Updates FINANCIAL RESULTS ▪ BV increased $8.8 million in 2020 to $289.9 million at December 31, 2020, and BV per share increased $1.38 in 2020 to $49.81 at December 31, 2020 ▪ This increase was primarily driven by strong returns on renewable energy investments ▪ BV includes $59.1 million of net DTAs at December 31, 2020 ▪ ABV increased $7.4 million in 2020 to $230.8 million at December 31, 2020, and ABV per share increased $1.17 in 2020 to $39.66 at December 31, 2020 RENEWABLE ENERGY INVESTING ▪ The Company generated an unlevered net return on investment from our renewable energy investments, as measured on a twelve-month trailing basis, of 11.5% and 11.4% for the periods ended December 31, 2020 and December 31, 2019, respectively(1) ▪ Most of our investments were made through the Solar Ventures, which closed $1.1 billion of commitments across 35 loans during 2020 ▪ At December 31, 2020, loans funded through the Solar Ventures had an aggregate UPB of $701.2 million and fair value (“FV”) of $702.6 million, a weighted-average (“WA”) remaining maturity of 17 months and a WA coupon of 12.4% ▪ The Company generated a leveraged net return on investment from our renewable energy investments, as measured on a twelve-month trailing basis, of 14.6% and 13.9% for the periods ended December 31, 2020 and December 31, 2019, respectively(2) DEBT CAPITALIZATION ▪ At December 31, 2020, the Company had debt with a UPB of $231.2 million, a reported carrying value of $237.8 million, an estimated FV of $197.7 million and a WA effective interest rate of 3.8% ▪ Based on carrying values, at December 31, 2020, senior debt to BV was 0.50x, total debt to BV was 0.82x, senior debt to ABV was 0.63x and total debt to ABV was 1.03x MMA Capital Holdings, Inc. 7 (1) Measured on a trailing four quarter basis at each reporting period by dividing total income from renewable energy investments by the average carrying value of renewable energy investments. (2) Measured on a trailing four quarter basis at each reporting period by dividing net income from renewable energy investments less attributed cost of funding by a net average value that incorporates the carrying value of renewable energy investments, the UPB of attributed funding and restricted cash associated with attributed funding (where the UPB of attributed funding partially reduces the other two components in such net value).

Strategic Focus Over the years, MMAC has shifted its focus from affordable housing and real estate assets to debt associated with renewable energy projects. At December 31, 2020, MMAC had $348.1 million of capital invested in renewable energy investments. MMA Capital Holdings, Inc. 8 (1) This amount includes net income not distributed from the Solar Ventures.

GROWING MMAC’s current objective is to produce attractive risk-adjusted returns by investing in the large, growing and fragmented renewable energy market in the United States (“U.S.”). We primarily make loans to developers, design and build contractors and system owners for the late-stage development and construction of commercial, utility or community solar scale photovoltaic (“PV”) facilities in the U.S. The Solar Ventures typically lend on a senior secured basis collateralized by solar projects but may also invest in subordinated loans, mezzanine loans and revolving loans and may finance non-solar renewable technologies, such as wind and battery storage, or provide equipment financing and other customized debt solutions for borrowers. Investment Focus (1) U.S. Solar Market Insight 2020 Year-in-Review Report. The projections factor in the impact of COVID-19. 19.2 GWdc of solar capacity was installed during 2020, up 43% from 2019. Solar is expected to quadruple from nearly 100 GWdc of capacity installed today to more than 400 GWdc installed by 2030.(1) Solar accounted for 43% of all new electricity generating capacity added in the U.S. during 2020, beating out all other generation technologies.(1) LARGE Fewer financing sources, less competition and attractive risk-adjusted returns by financing projects before they reach commercial operation. FRAGMENTED MMA Capital Holdings, Inc. 9

Hunt Investment Management(1) (“External Manager”) is part of Hunt Companies, Inc. (“Hunt”), which was founded in 1947 and is privately owned. Hunt is dedicated to fostering long-term partnerships through the development, investment, management and financing of real estate and infrastructure. Our External Manager, which also does business as MMA Energy Capital (“MEC”), has an investment origination team with extensive experience in the renewable energy and project development industry with $3.4 billion of originations for the Solar Ventures since their inception in 2015. External Manager Economic Alignment with Shareholders Hunt, together with MMAC directors and executive officers, own approximately 17% of MMAC’s common shares (1) Additional information about Hunt Investment Management, LLC is described in its brochure (Part 2A of Form ADV) available at www.adviserinfo.sec.gov. Senior management team responsible for MMAC has an average of 25 years of relevant experience Experienced Management Team with Proven Track Record MMA Capital Holdings, Inc. 10

Our Competitive Advantage Has typically reviewed approximately $2 billion of directly sourced opportunities annually No reliance on brokers Typical pipeline has been approximately $800 million $2.3 billion of investments fully repaid with a WA internal rate of return (“IRR”)(1) of 19.7%(2), which, on average, exceeded the WA underwritten IRR Strong reputation and relationship with seasoned developers in the renewable energy industry Ability to execute and deliver underwritten returns $1.1 billion of originations in 2020, of which approximately 91% were with repeat customers $3.4 billion of originations life-to-date 110+ years of collective experience in the renewable energy and project development industry Comprehensive credit analysis, underwriting and loan structuring In-house underwriting, credit analysis and diligence Through December 31, 2020, no loss of principal on any of the 159 repaid project-based loans originated for the Solar Ventures Through our External Manager, MMAC has access to a renewable energy loan origination platform built off of extensive relationships and credit expertise gathered through years of experience. (1) WA IRR is measured as the total return in dollars of all repaid loans divided by the total commitment amount associated with such loans, where (i) the total return for each repaid loan was calculated as the product of each loan’s IRR and its commitment amount and (ii) IRR for each repaid loan was established by solving for a discount rate that made the net present value of all loan cash flows equal zero. (2) Includes WA IRR data for the year ended December 31, 2020 of 23.0%, which was disproportionately increased by one loan that provided an extraordinary IRR. Excluding this loan, life-to-date and for the year ended December 31, 2020 WA IRR would have been 15.3% and 13.0%, respectively. All figures are estimated and unaudited. Past performance is not indicative of future results. MMA Capital Holdings, Inc. 11

Solar Ventures’ Track Record Since their inception in 2015, the Solar Ventures have invested in more than 200 project-based loans that total $3.4 billion of debt commitments for the development and construction of over 780 renewable energy project sites across 27 states and territories. Through December 31, 2020, $2.3 billion of commitments across 159 project-based loans have been repaid with no loss of principal, resulting in a WA IRR of 19.7%(1). Projects that have been financed by the Solar Ventures will contribute to the generation of over 9.4 gigawatts of renewable energy, thereby eliminating approximately 268.5 million metric tons of carbon emissions over their project lives. All figures are estimated and unaudited. Past performance is not indicative of future results. (1) Includes WA IRR data for the year ended December 31, 2020 of 23.0%, which was disproportionately increased by one loan that provided an extraordinary IRR. Excluding this loan, life-to-date and for the year ended December 31, 2020 WA IRR would have been 15.3% and 13.0%, respectively. Geographic Concentration Closed Loan Commitments by Product Type ($ millions) States with projects funded Current pipeline and additional growth opportunities MMA Capital Holdings, Inc. 12

Renewable Energy Investments • At December 31, 2020, MMAC had $363.2 million of renewable energy investments, all of which were made in the Solar Ventures. • At December 31, 2020, all but two renewable energy projects had usual and customary take-out commitments in place as generally required under the loan agreements. The two projects without usual and customary take-out commitments are with a single sponsor, located in the ERCOT service area and were financed by three loans from the Solar Ventures that had a total UPB of $214.3 million. On March 2, 2021, a take-out commitment was secured for one of these projects in development, while we are in discussions to resolve any defaults and provide for the future ownership and operation of the second project that was in development at December 31, 2020 and has entered the construction phase in the first quarter. • The composition of the underlying loan portfolio of the Solar Ventures at December 31, 2020 was: $ in millions Aggregate loan UPB $701.2(2) Aggregate loan FV $702.6 Aggregate unfunded loan commitments(1) $261.7 Number of loans 45 WA coupon 12.4% WA remaining maturity 17 mos. (1) At December 31, 2020, the Solar Ventures had $261.7 million of unfunded loan commitments that required borrowers to meet various conditions set forth in governing loan agreements in order for funding to occur. Based upon its interest in the Solar Ventures and various non-pro rata capital contribution agreements, $114.7 million of such commitments were attributable to the Company. Unfunded loan commitments that qualify for funding are anticipated to be funded primarily by capital within the Solar Ventures through a combination of existing loan redemptions and uninvested capital. To the extent capital within the Solar Ventures is not sufficient to meet their funding obligations, additional capital contributions by the members of the Solar Ventures would be required. (2) At December 31, 2020, 55.9% of the total UPB of outstanding loans were associated with a single sponsor. All figures are estimated or unaudited. Past performance is not indicative of future results. States with Projects Closed at 12/31/2020 MMA Capital Holdings, Inc. 13 <10% of Total UPB 10%-20% of Total UPB 56% of Total UPB

Other Assets ▪ Investments in a mixed-use development and land in Spanish Fort, AL ▪ A tax-exempt infrastructure bond secured by sales and land taxes with a reported carrying value of $24.7 million at December 31, 2020 ▪ A total return swap on the above-mentioned bond that was treated as a secured borrowing with a reported carrying value of $23.2 million at December 31, 2020 ▪ An 80% equity investment in a joint venture that owns the Spanish Fort Town Center and land with a reported carrying value of $11.2 million at December 31, 2020 ▪ Land development project in Winchester, VA with a reported carrying value of $15.5 million at December 31, 2020 ▪ Subordinated tax-exempt bond secured by an affordable housing property in Atlanta, GA with a reported carrying value of $6.3 million at December 31, 2020 ▪ On March 30, 2021, accrued interest was brought current and bond principal and interest through December 1, 2021 call date was defeased ▪ Limited partnership interest in the South Africa Workforce Housing Fund with a reported carrying value of $1.8 million at December 31, 2020 ▪ The Fund matured in April 2020, but it does not anticipate fully exiting its remaining investments until December 31, 2022 ▪ 7.2 million common shares of a residential real estate investment trust listed on the Johannesburg Stock Exchange with a reported carrying value of $2.5 million at December 31, 2020 NOL CARRY FORWARDS ▪ At December 31, 2020, the Company had pretax federal NOLs of $358.9 million that were available to reduce future federal income taxes ▪ Most of our NOLs expire between 2028 and 2035 ▪ At December 31, 2020, the carrying value of the Company’s net DTA was $59.1 million ▪ At December 31, 2020, a valuation allowance was established in connection with the portion of federal and state NOL carryforwards that were expected as of such reporting date to expire prior to utilization NON-CORE REAL ESTATE-RELATED INVESTMENTS In addition to our infrastructure investments, we continue to own a limited number of other assets, which remain the focus of our recycling efforts. MMA Capital Holdings, Inc. 14

Capitalization ▪ At December 31, 2020, the facility had $120.0 million of total commitments across five participants. The UPB and reported carrying value of the amounts borrowed under this facility was $103.7 million. The facility bears an interest rate of one-month LIBOR (subject to a 1.50% floor, which is currently in effect) + 2.75% on drawn balances until maturity in September 2022. ▪ Obligations are guaranteed by the Company and secured by a pledge of the entities that hold MMAC’s interests in the Solar Ventures. The facility carries financial covenants and collateral performance tests which are customary for facilities of this type. ▪ We have other asset-backed senior debt with aggregate UPBs and reported carrying values of $41.2 million and $40.9 million, respectively, that bear a WA interest rate of 3.9%. $32.8 million of this UPB was incurred in 2020. LIBOR-BASED LONG- TERM SUBORDINATED DEBT ▪ Our subordinated debt, which is senior only to shareholders’ equity and has limited financial covenants, has a UPB of $86.3 million, bears an interest rate of three-month LIBOR plus a 2.0% spread and amortizes 2.0% annually until a balloon payment at maturity in 2035. At December 31, 2020, the reported carrying value was $93.2 million, while the fair value was estimated to be $53.2 million. ▪ The interest rate risk associated with this debt is partially hedged until October 2026 with interest rate swaps, which effectively fix $35 million of LIBOR exposure at 1.61%, and a $35 million 3.0% interest rate cap. RENEWABLE ENERGY REVOLVER OTHER DEBT We utilize on-balance sheet leverage to support our investments and increase total returns to our shareholders. We have worked to expand our access to the capital markets and have entered into debt transactions with capital partners to finance our renewable energy investments. We expect to continuously evaluate ways to optimize the Company’s capitalization, with a focus on prudently deploying debt. MMA Capital Holdings, Inc. 15

Future • Staying true to our mission Moving forward, we expect MMAC to grow its BV, ABV and Share Price by: • Recycling equity out of lower yielding investments • Leveraging our investments prudently • Lowering our overhead in total and as a percentage of equity • Exploring opportunities in other infrastructure-related investments MMA Capital Holdings, Inc. 16

Appendix – Select Financial Data The select financial data provided in this Appendix can be found in MMAC’s 2020 Annual Report on Form 10-K for the year ended December 31, 2020, which was filed on March 31, 2021. MMA Capital Holdings, Inc. 17

Appendix Appendix – Selected Income Statement and Per Share Data MMA Capital Holdings, Inc. 18

Appendix Appendix – Selected Balance Sheet Data and Rollforward of Book Value MMA Capital Holdings, Inc. 19

Appendix Appendix – Reconciliation of Non-GAAP Measures MMA Capital Holdings, Inc. 20 • We present certain non-GAAP financial measures that supplement the financial measures we disclose that are calculated under GAAP. Non- GAAP financial measures are those that include or exclude certain items that are otherwise excluded or included, respectively, from the most directly comparable measures calculated in accordance with GAAP. The non-GAAP financial measures that we disclose are not intended as a substitute for GAAP financial measures and may not be defined or calculated the same way as similar non-GAAP financial measures used by other companies. • Adjusted Book Value represents Book Value reduced by the carrying value of the Company’s DTAs. We believe this measure is useful to investors in assessing the Company’s underlying fundamental performance and trends in our business because it eliminates potential volatility in results brought on by tax considerations in a given year. As a result, reporting upon, and measuring changes in, Adjusted Book Value enables a better comparison of period-to-period operating performance. • Adjusted Book Value per common share represents Adjusted Book Value at the period end divided by the common shares outstanding at the period end. • Management intends to continually evaluate the usefulness, relevance, limitations and calculations of our reported non-GAAP performance measures to determine how best to provide relevant information to the public. • The table that follows provides reconciliations of the non-GAAP financial measures that are included in this presentation to the most directly comparable GAAP financial measures.

Nasdaq: MMAC For more information, please visit our website at www.mmacapitalholdings.com Or, contact Investor Relations directly at 443-263-2900 | 855-650-6932 info@mmacapitalholdings.com MMA Capital Holdings, Inc. 21

XML

Document and Entity Information	Mar. 31, 2021
Document Type	8-K
Document Period End Date	Mar. 31, 2021
Entity File Number	001-11981
Entity Registrant Name	MMA Capital Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-1449733
Entity Address, Address Line One	3600 O’Donnell St, Suite 600
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21224
City Area Code	443
Local Phone Number	263-2900
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001003201
Amendment Flag	false
Common Stock [Member]
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	MMAC
Security Exchange Name	NASDAQ
Common Stock Purchase Rights [Member]
Title of 12(b) Security	Common Stock Purchase Rights
Trading Symbol	MMAC
Security Exchange Name	NASDAQ