Municipal Mortgage & Equity, LLC reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, adjusted interest income was $17,095,000 against $17,903,000 a year ago. Net income to common shareholders was $39,276,000 compared to $3,842,000 a year ago. Comprehensive income to common shareholders was $50,263,000 against $11,138,000 a year ago. Company's common book value per share at March 31, 2013 was $2.23, as compared to a common book value per share at December 31, 2012 of $1.06.

Municipal Mortgage & Equity, LLC, Q1 2013 Earnings Call, May 21, 2013

Municipal Mortgage & Equity, LLC reported earnings results for 2012. For the period, total GAAP net income is down $25 million year-over-year. However, that is almost exclusively due to the $28 million of unrealized gains in 2011 that were transferred out of equity and into net income as a result of consolidation accounting and having no impact on overall equity. The company generated $84.6 million of cash flows from both operating and investing activities. Net income for 2012 was $3.1 million, down from net income of $28 million for 2011, due primarily to the $28 million in unrealized gains that the company transferred out of equity and into income during 2011. The majority of revenue is the interest income from bond portfolio. The company generated $72 million of interest income during 2012, which is down $11.9 million from interest income of $83.9 million for 2011. This decline was mainly due to a decline in the weighted average unpaid principal balance of the bond portfolio, which decreased by $139.4 million to $1.2 billion during 2012 due to redemption activity and normal principal amortization.