MMA Capital (Trading Symbol(s) MMAC MMAC) 8-K MuniMae Announces Third Quarter Financial Results

Exhibit 99.3

Municipal Mortgage & Equity, LLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(unaudited)

	September 30, 2005			December 31, 2004
ASSETS:
Tax-exempt bonds and interests in bond securitizations, net	$	1,339,385		$	1,275,748
Taxable bonds, net		23,670			9,205
Loans receivable, net		687,331			593,968
Loans receivable held for sale		45,868			27,766
Investments in partnerships		777,009			827,273
Derivative financial instruments		3,292			3,102
Cash and cash equivalents		64,514			92,881
Interest receivable		19,197			18,368
Restricted assets		114,078			72,805
Other assets		73,518			66,040
Land, building and equipment, net		169,117			182,773
Mortgage servicing rights, net		67,056			11,349
Goodwill		130,431			106,609
Other intangibles		28,172			22,443
Total assets	$	3,542,638		$	3,310,330
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Notes payable	$	887,415		$	880,224
Mortgage notes payable		109,627			132,237
Short-term debt		484,059			413,157
Long-term debt		139,041			164,014
Subordinate debentures		172,750			84,000
Preferred shares subject to mandatory redemption		168,000			168,000
Tax credit equity guarantee liability		209,861			186,778
Derivative financial instruments		2,861			4,923
Accounts payable and accrued expenses		29,224			35,003
Interest payable		17,359			19,266
Unearned revenue and other liabilities		125,994			74,176
Total liabilities		2,346,191			2,161,778
Commitments and contingencies
Minority interest in subsidiary companies		384,525			404,586
Preferred shareholders’ equity in a subsidiary company, liquidation preference of $73,000 at September 30, 2005 and December 31, 2004, respectively		71,031			71,031
Shareholders’ equity:
Common shares, par value $0 (42,046,099 shares authorized, including 38,211,783 shares issued and outstanding, and 74,814 deferred shares at September 30, 2005 and 39,471,099 shares authorized, including 35,179,884 shares issued and outstanding, and 58,114 deferred shares at December 31, 2004)		752,212			681,227
Less common shares held in treasury at cost (181,015 and 124,715 at September 30, 2005 and December 31, 2004, respectively)		(3,987	)		(2,615	)
Less unearned compensation (deferred shares)		(6,346	)		(4,145	)
Accumulated other comprehensive loss		(988	)		(1,532	)
Total shareholders’ equity	$	740,891		$	672,935
Total liabilities and shareholders’ equity	$	3,542,638		$	3,310,330
BOOK VALUE PER COMMON SHARE	$	19.44		$	19.16

Municipal Mortgage & Equity, LLC

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except share and per share data)

(unaudited)

	For the three months ended September 30,							For the nine months ended September 30,
	2005				2004			2005			2004
INCOME
Interest income
Interest on bonds and interests in bond securitizations	$	23,984			$	22,765		$	71,430		$	63,609
Interest on loans		14,971				10,872			38,582			32,981
Interest on short-term investments		1,606				1,338			3,087			4,004
Total interest income		40,561				34,975			113,099			100,594
Fee income
Syndication fees		2,278				6,861			11,310			14,802
Origination and brokerage fees		1,539				1,665			3,384			5,429
Guarantee fees		3,967				2,093			10,942			5,452
Asset management and advisory fees		7,588				1,685			18,618			9,818
Loan servicing fees		3,450				1,059			6,022			3,316
Other income		2,883				813			5,647			3,371
Total fee income		21,705				14,176			55,923			42,188
Net rental income		4,828				5,151			16,950			10,290
				��
Total income		67,094				54,302			185,972			153,072
EXPENSES
Interest expense		19,907				16,937			55,726			49,304
Interest expense on debentures and preferred shares		6,818				4,769			18,130			11,819
Salaries and benefits		22,227				17,759			59,915			53,742
General and administrative		6,179				7,148			22,895			17,390
Professional fees		2,615				2,464			7,959			6,673
Depreciation and amortization		6,384				3,681			14,115			9,412
Total expenses		64,130				52,758			178,740			148,340
Net gain on sale of loans		4,796				406			5,761			2,816
Net gain (loss) on sale of tax-exempt investments		442				(660	)		6,515			545
Net gain on sale of investments in tax credit equity partnerships		2,494				125			9,058			2,939
Net gain on deconsolidation of tax credit equity partnerships		46				—			2,547			—
Net gain (loss) on derivatives		(1,563	)			(3,245	)		1,419			18
Impairments and valuation allowances		(1,951	)			(2,646	)		(3,317	)		(3,376	)
Income before income tax benefit (expense), net loss allocable to minority interest, net losses from equity investments in partnerships, discontinued operations and cumulative effect of a change in accounting principle		7,228				(4,476	)		29,215			7,674
Income tax benefit (expense)		865				(73	)		(2,170	)		2,264
Net loss allocable to minority interest		13,135				52,000			74,048			128,790
Net losses from equity investments in partnerships		(10,291	)			(46,754	)		(64,347	)		(128,676	)
Income from continuing operations		10,937				697			36,746			10,052
Discontinued operations		9,480				10,865			9,480			10,865
Income before cumulative effect of a change in accounting principle		20,417				11,562			46,226			20,917
Cumulative effect of a change in accounting principle		—				—			—			520
Net income	$	20,417			$	11,562		$	46,226		$	21,437

(Continued)

Municipal Mortgage & Equity, LLC

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except share and per share data)

(unaudited)

	For the three months ended September 30,				For the nine months ended September 30,
	2005		2004		2005		2004
Basic earnings per common share:
Earnings from continuing operations	$	0.29	$	0.02	$	0.98	$	0.29
Discontinued operations		0.25		0.31		0.25		0.31
Cumulative effect of a change in accounting principle		—		—		—		0.02
Basic earnings per common share	$	0.54	$	0.33	$	1.23	$	0.62
Weighted average common shares outstanding		38,064,377		34,927,975		37,628,566		34,343,492
Diluted earnings per common share:
Earnings from continuing operations	$	0.28	$	0.02	$	0.96	$	0.29
Discontinued operations		0.24		0.31		0.25		0.31
Cumulative effect of a change in accounting principle		—		—		—		0.02
Diluted earnings per common share	$	0.52	$	0.33	$	1.21	$	0.62
Weighted average common shares outstanding		38,982,520		35,267,697		38,259,217		34,696,146