NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD)
The MainStay DefinedTerm Municipal Opportunities Fund operates as a specialized closed-end investment vehicle, concentrating on fixed income securities. It is established and overseen by New York Life Investment Management LLC, with MacKay Shields LLC sharing co-management responsibilities. The fund primarily directs its capital toward U.S. debt markets, specifically focusing on high-quality municipal bonds that offer exemption from ordinary U.S. federal income taxation. Its performance is gauged against the Barclays Municipal Bond Index. This fund was initiated on June 26, 2012, and is domiciled within the United States.
Industry: Asset Management
NYLI MacKay DefinedTerm Muni Opportunities Fund Shs of Beneficial Interest
NYSE:MMDFinancial Services · Asset Management
-0.65%$13.79
AH Close$13.79+0.00%vs close
AH Close$13.79+0.00%vs close
Mkt Cap$258.97M
Float18.77M
O/S18.78M
Inst Own30.8%
SI0.1%
Div Yield5.71%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$22.1M
Net Income$26.07M
Total Assets$485.28M
Free Cash Flow$15.49M
Debt & Equity
Debt 36%
Equity 64%
Total Debt$174.16M
Total Equity$307.63M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in MMD's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$485.28M
Liabilities$177.65M
Accounts Receivable$7.54M
Accounts Payable$3.01M
Inventory$0
PP&E (Net)$0
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2026-05-31 | 2025-05-31 | 2024-05-31 | 2023-05-31 | 2022-05-31 | 2021-05-31 | 2020-05-31 | 2019-05-31 | 2018-05-31 | 2017-05-31 | 2016-05-31 | 2015-05-31 | 2014-05-31 | 2013-05-31 |
| Revenue | $22.1M | $7.97M | $27.42M | -$8.01M | -$54.6M | $69.57M | $11.48M | $36.79M | $29.29M | $51.52M | $46.25M | $40.94M | $40M | $34.86M |
| YoY Growth | 177.3% | -70.9% | -442.4% | -85.3% | -178.5% | 506.0% | -68.8% | 25.6% | -43.1% | 11.4% | 13.0% | 2.4% | 14.7% | - |
| Cost of Revenue | $2.81M | $6.76M | $14.37M | -$36.62M | -$90.61M | $32.08M | -$26.54M | -$4.66M | $5.23M | $5.13M | $4.82M | $7.99M | $7.83M | $6.48M |
| Gross Profit | $19.28M | $1.21M | $13.05M | $28.61M | $36.01M | $37.49M | $38.02M | $41.45M | $24.06M | $46.38M | $41.43M | $32.95M | $32.17M | $28.38M |
| Gross Margin | 87.3% | 15.2% | 47.6% | -357.4% | -66.0% | 53.9% | 331.2% | 112.7% | 82.1% | 90.0% | 89.6% | 80.5% | 80.4% | 81.4% |
| Research and Development | $0 | $0 | $0 | -$1 | -$3 | $1 | $0 | $1 | $1 | $0 | $2 | $0 | $0 | $0 |
| Selling, General, and Administrative | $0 | $435K | $354K | $320K | $415K | $385K | $338K | $366K | $371K | $0 | $2 | $5.25M | $4.91M | $4.89M |
| Other | -$11.93M | -$89K | $0 | -$2.34M | $16K | $45K | $43K | $42K | $42K | $27.55M | $27.55M | $151K | $140K | $100K |
| Total Operating Expenses | -$11.93M | $346K | $382K | $357K | $431K | $429K | $382K | $408K | $413K | $17.98M | $39.98M | $1.78M | $29.4M | $27.24M |
| Operating Income (EBIT) | $31.21M | $861K | $22.95M | $23.56M | $30.2M | $31.57M | $32.31M | $35.79M | $34.97M | $34.29M | $33.78M | $35.69M | $35.09M | $29.97M |
| Operating Margin | 141.3% | 10.8% | 83.7% | -294.3% | -55.3% | 45.4% | 281.5% | 97.3% | 119.4% | 66.6% | 73.0% | 87.2% | 87.7% | 86.0% |
| Interest Expense | $5.14M | $6.76M | $9.01M | $8.79M | $4.32M | $3.48M | $7.38M | $8.02M | $6.09M | $0 | $45.33M | $7.04M | $0 | $29.45M |
| Interest Income | $23.62M | $24.89M | $27.42M | $28.61M | $36.01M | $37.49M | $38.02M | $41.45M | $40.5M | $4.68M | $0 | $0 | $3.1M | $0 |
| Other Income (Expense) | -$5.14M | -$6.64M | -$10.28M | -$36.62M | -$85.23M | $37.57M | -$21.21M | $592K | -$6.04M | -$17.21M | $42.2M | $4.01M | -$27.59M | $29.78M |
| Income Before Tax (EBT) | $26.07M | $861K | $12.67M | -$8.36M | -$55.03M | $69.14M | $11.1M | $36.39M | $28.87M | $17.08M | $75.98M | $39.7M | $7.5M | $59.75M |
| Income Tax Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $25.08M | -$90.66M | $0 | $0 | $0 |
| Net Income | $26.07M | $861K | $12.67M | -$8.36M | -$55.03M | $69.14M | $11.1M | $36.39M | $28.87M | $21.75M | $79.11M | $39.7M | $7.5M | $59.75M |
| Net Income Margin | 118.0% | 10.8% | 46.2% | 104.5% | 100.8% | 99.4% | 96.7% | 98.9% | 98.6% | 42.2% | 171.0% | 97.0% | 18.7% | 171.4% |
| Supplementary Data | ||||||||||||||
| EPS | 1.39 | 0.03 | 0.45 | -0.30 | -1.98 | 2.49 | 0.40 | 1.33 | 1.05 | 0.79 | 28.69 | 1.44 | 0.27 | 2.17 |
| Diluted EPS | 1.39 | 0.03 | 0.45 | -0.30 | -1.97 | 2.49 | 0.40 | 1.33 | 1.05 | 0.79 | 28.69 | 1.44 | 0.27 | 2.17 |
| Weighted Average OS | 18.78M | 27.93M | 27.93M | 27.88M | 27.85M | 27.77M | 27.68M | 27.36M | 27.50M | 27.55M | 2.76M | 27.55M | 27.55M | 27.55M |
| EBITDA | $31.21M | $861K | $21.68M | $5.12M | -$50.71M | $72.62M | $18.48M | $44.4M | $28.87M | $17.08M | $75.98M | $46.74M | -$16.99M | $89.2M |
| EBITDA Margin | 141.3% | 10.8% | 79.1% | -64.0% | 92.9% | 104.4% | 161.0% | 120.7% | 98.6% | 33.2% | 164.3% | 114.2% | -42.5% | 255.8% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2026-05-31 | 2025-05-31 | 2024-05-31 | 2023-05-31 | 2022-05-31 | 2021-05-31 | 2020-05-31 | 2019-05-31 | 2018-05-31 | 2017-05-31 | 2016-05-31 | 2015-05-31 | 2014-05-31 | 2013-05-31 |
| Assets | ||||||||||||||
| Current Assets | ||||||||||||||
| Cash and Cash Equivalents | $0 | $0 | $1.27M | $7.75M | $2.58M | $6.41M | $0 | $2.67M | $1.4M | $23.37M | $14.81M | $1.9M | $257K | $383K |
| Short-Term Investments | $3.09M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $3.09M | $0 | $1.27M | $7.75M | $2.58M | $6.41M | $0 | $2.67M | $1.4M | $23.37M | $14.81M | $1.9M | $257K | $383K |
| Accounts Receivable | $7.54M | $7.39M | $9.37M | $11.61M | $11.77M | $13.17M | $28.58M | $13.39M | $12.84M | $12.32M | $12.78M | $15.04M | $18.96M | $11.18M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $927K | $1.01M | $1.3M | $886K | $945K | $860K | $1M |
| Total Current Assets | $10.63M | $7.39M | $10.65M | $19.36M | $14.35M | $19.59M | $28.58M | $16.98M | $14.24M | $37M | $28.46M | $17.88M | $20.08M | $12.56M |
| Long-Term Assets | ||||||||||||||
| Property, Plant & Equipment Net | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $474.62M | $468.2M | $648.36M | $720.64M | $823.7M | $908.45M | $886.41M | $878.65M | $853.27M | $832.67M | $817.4M | $792.42M | $781.71M | $800.98M |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $26K | $26K | -$648.36M | -$720.64M | -$823.7M | -$908.45M | -$886.41M | -$878.65M | -$853.27M | $32K | $45K | $130K | $274K | $414K |
| Total Long-Term Assets | $474.65M | $468.23M | $648.38M | $720.64M | $823.7M | $908.45M | $886.41M | $878.65M | $853.27M | $832.7M | $817.44M | $792.55M | $781.98M | $801.39M |
| Other Assets | $0 | $0 | $0 | $27K | $31K | $32K | $29K | $32K | $1.04M | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $485.28M | $475.61M | $659.03M | $740.02M | $838.09M | $928.07M | $915.02M | $895.66M | $868.55M | $869.69M | $845.9M | $810.43M | $802.06M | $813.95M |
| Liabilities | ||||||||||||||
| Current Liabilities | ||||||||||||||
| Accounts Payable | $3.01M | $6.29M | $2.51M | $3.44M | $1.31M | $862K | $2.37M | $2.83M | $7.08M | $0 | $0 | $65K | $500K | $128K |
| Short-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | -$621K | $0 | $0 | $0 | $0 | -$236.34M | -$193.88M | -$213.38M | -$213.9M | -$191.4M |
| Other Current Liabilities | $0 | $0 | $0 | -$3.96M | -$2.49M | -$1.49M | -$4.92M | -$4.08M | -$7.88M | $2.5M | $1.96M | $2.55M | $1.19M | $1.63M |
| Total Current Liabilities | $3.48M | $6.29M | $5.91M | $3.94M | $1.88M | $1.44M | $2.9M | $4.05M | $244.22M | $8.25M | $14.02M | $2.61M | $1.69M | $1.76M |
| Long-Term Liabilities | ||||||||||||||
| Long-Term Debt | $174.16M | $173.28M | $190.51M | $262.11M | $326.75M | $335.93M | $362.35M | $328.48M | $0 | $306.34M | $263.88M | $283.38M | $283.38M | $261.38M |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $6K | $395K | -$190.51M | -$262.11M | -$326.75M | -$335.93M | -$362.35M | -$328.48M | $0 | $32K | $32K | $42K | $30K | $46K |
| Total Long-Term Liabilities | $174.17M | $173.68M | $190.53M | $262.11M | $326.75M | $335.93M | $362.35M | $328.48M | $70M | $306.37M | $263.91M | $283.42M | $283.41M | $261.43M |
| Other Liabilities | $0 | $0 | -$2.96M | $33K | $654K | $55K | $2.02M | $41K | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $177.65M | $179.97M | $193.48M | $266.08M | $329.28M | $337.42M | $367.28M | $332.56M | $314.22M | $314.62M | $277.93M | $286.04M | $285.1M | $263.18M |
| Stockholders' Equity | ||||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $19K | $19K | $28K | $28K | $28K | $28K | $28K | $28K | $28K | $28K | $28K | $28K | $28K | $28K |
| Retained Earnings | -$78.35M | -$90.33M | -$66.25M | -$57.56M | -$21.74M | $61.66M | $20.8M | $37.89M | $1.1M | $2.06M | $2.22M | -$419K | -$8M | $25.66M |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | -$30.94M | $0 | $0 | $0 | $28.48M | $28.42M | $41.02M | $0 | $0 | $0 |
| Other Stockholders' Equity | $385.96M | $385.96M | $531.78M | $531.47M | $530.52M | $528.96M | $526.91M | $525.18M | $553.2M | $552.99M | $565.72M | $524.79M | $524.93M | $525.08M |
| Total Equity | $307.63M | $295.64M | $465.56M | $473.94M | $508.81M | $590.65M | $547.74M | $563.1M | $554.33M | $555.07M | $567.97M | $524.4M | $516.96M | $550.77M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $485.28M | $475.61M | $659.03M | $740.02M | $838.09M | $928.07M | $915.02M | $895.66M | $868.55M | $869.69M | $845.9M | $810.43M | $802.06M | $813.95M |
| Supplementary Data | ||||||||||||||
| Total Debt | $174.16M | $173.28M | $190.51M | $262.11M | $326.75M | $335.93M | $292.35M | $258.48M | $236.34M | $306.34M | $263.88M | $283.38M | $283.38M | $261.38M |
| Net Debt | $174.16M | $173.28M | $189.24M | $254.36M | $324.16M | $329.51M | $292.35M | $255.81M | $234.94M | $282.97M | $249.07M | $281.48M | $283.12M | $261M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2026-05-31 | 2025-05-31 | 2024-05-31 | 2023-05-31 | 2022-05-31 | 2021-05-31 | 2020-05-31 | 2019-05-31 | 2018-05-31 | 2017-05-31 | 2016-05-31 | 2015-05-31 | 2014-05-31 | 2013-05-31 |
| Operating Activities | ||||||||||||||
| Net Income | $26.07M | $861K | $12.67M | -$8.36M | -$55.03M | $69.14M | $11.1M | $36.39M | $28.87M | $17.08M | $75.98M | $39.7M | $7.5M | $59.75M |
| Depreciation & Amortization | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||||||||
| Accounts Receivable | -$154K | $1.99M | $2.13M | $127K | $1.37M | $8.4M | -$8.19M | -$372K | -$518K | $444K | $586K | -$692K | -$1.48M | -$12.2M |
| Inventory | $0 | $0 | $0 | $27K | $79K | -$5.42M | $5.03M | $4.69M | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | -$3.06M | $3M | -$66K | -$27K | -$79K | $5.42M | -$5.03M | -$4.69M | -$1.03M | $14K | $6K | -$282K | $200K | $0 |
| Other Working Capital | -$272K | $2.59M | -$936K | $1.44M | $1.04M | $3.74M | -$6.16M | -$3.8M | $912K | $162K | -$483K | $949K | $246K | $699K |
| Total Working Capital Change | -$3.49M | $4.58M | $1.13M | $1.57M | $2.41M | $12.14M | -$14.35M | -$4.18M | -$637K | $620K | $109K | $257K | -$1.23M | -$11.5M |
| Other Non-Cash Items | -$7.1M | $180.16M | $72.28M | $103.07M | $84.75M | -$22.04M | -$7.76M | -$25.38M | -$20.6M | $11.88M | -$47.35M | -$6.04M | $12.84M | -$873.65M |
| Net Cash from Operating | $15.49M | $185.6M | $86.07M | $96.28M | $32.13M | $59.24M | -$11.02M | $6.83M | $7.64M | $30.04M | $29.34M | $33.92M | $19.1M | -$825.4M |
| Investing Activities | ||||||||||||||
| Capital Expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$86.64M | -$312M | -$216.98M | -$319.87M | -$406.52M | -$180.66M | -$351.4M | -$243.41M | -$193.71M | -$251.31M | -$220.81M | $0 | $0 | $0 |
| Sales of Investments | $84.22M | $508.51M | $283M | $391.85M | $406.14M | $195.36M | $331.14M | $231.69M | $169.39M | $217.38M | $256.27M | $0 | $0 | $0 |
| Other Investing Activities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Investing | -$2.42M | $196.52M | $66.01M | $71.98M | -$382K | $14.7M | -$20.27M | -$11.72M | -$24.32M | -$33.93M | $35.46M | $0 | $0 | $0 |
| Financing Activities | ||||||||||||||
| Debt Repaid | -$875K | $17.23M | $71.6M | $64.64M | $9.18M | -$45.63M | -$35.61M | -$22.6M | -$152K | - | $19.5M | - | - | - |
| Common Stock Issuance | $0 | $0 | $0 | $0 | $0 | $110.14M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | $0 | -$154.51M | $0 | $0 | $0 | -$70M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $594.51M |
| Dividends Paid | -$13.94M | -$15.14M | -$21.36M | -$27.46M | -$28.37M | -$28.46M | -$28.19M | -$28.24M | -$29.76M | -$30.01M | -$32.38M | -$32.28M | -$41.23M | -$31.08M |
| Other Financing Activities | $0 | $0 | $418K | $979K | $974K | $0 | $0 | $0 | $152K | $42.47M | $0 | $0 | $22M | $856.8M |
| Net Cash from Financing | -$13.07M | -$186.87M | -$92.54M | -$91.11M | -$35.96M | -$52.83M | $7.42M | -$5.65M | -$29.61M | $12.45M | -$51.89M | -$32.28M | -$19.23M | $825.71M |
| Forex Effect | $0 | $0 | $0 | -$71.98M | $652K | -$14.7M | $20.27M | $11.72M | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $0 | -$1.27M | -$6.47M | $5.16M | -$3.56M | $6.41M | -$3.59M | $1.18M | -$21.97M | $8.56M | $12.91M | $1.64M | -$943K | $309K |
| Supplementary Data | ||||||||||||||
| Operating Cash Flow | $15.49M | $185.6M | $86.07M | $96.28M | $32.13M | $59.24M | -$11.02M | $6.83M | $7.64M | $30.04M | $29.34M | $33.92M | $19.1M | -$825.4M |
| Capital Expenditure | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Free Cash Flow | $15.49M | $185.6M | $86.07M | $96.28M | $32.13M | $59.24M | -$11.02M | $6.83M | $7.64M | $30.04M | $29.34M | $33.92M | $19.1M | -$825.4M |
| Cash at Beginning | $0 | $1.27M | $7.75M | $2.58M | $6.41M | $0 | $3.59M | $2.41M | $23.37M | $14.81M | $1.9M | $257K | $1.2M | -$29K |
| Cash at End | $0 | $0 | $1.27M | $7.75M | $2.85M | $6.41M | $0 | $3.59M | $1.4M | $23.37M | $14.81M | $1.9M | $257K | $280K |