Inscrutable
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Municipal Mortgage And Equity: Still Trading At A 40% Discount To NAV, 65% Upside Remains

Municipal Mortgage and Equity (OTCQB:MMAB), or MuniMae, is a real estate asset management company that owns a portfolio of municipal bonds, mortgage revenue bonds collateralized by affordable multifamily properties, and other real estate-related assets.

MMAB has more than tripled since 2013, as management has unlocked value by liquidating assets that were carried on the company's books at a significant discount to fair value. MuniMae has shed more than $1 billion of assets since 2010; the company's recent sale of its TE bond subsidiary ("TEB") drastically reduced its exposure to long-term rates and simplified the balance sheet. Though shares are up substantially over the last twelve months, MMAB continues to trade at an approximate 40% discount to NAV, resulting in 64%...

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