jmpllc20210930_10q.htm
0001302350 JMP GROUP LLC false --12-31 Q3 2021 2,863 5,696 13,563 17,611 1,400 2,953 0.001 0.001 100,000,000 100,000,000 22,797,092 22,797,092 19,944,177 19,789,821 2,852,915 3,007,271 2,272 675 2,881 3,010 1,506 738 2,923 1,633 766 63 42 1,377 17.5 2.0 25.0 10.0 25.0 18.5 98.0 99.0 98.8 20 16 12.0 13.0 2.4 2.4 0 0 0 7.25 7.25 6.875 6.875 10.0 0.3 15.0 0.4 25,000 25,000 25 25.0 0 0 2,000,000 0 0 0 2.4 2.4 4 The weighted average was calculated based on the relative collateral balance of each CLO. In February and June 2021, the Company redeemed $10.0 million par value in each month of its issued and outstanding 2027 Senior Notes. The Company recognized a $0.3 million loss on redemption in each month, which is included in "(Loss) gain on repurchase, reissuance or early retirement of debt" on the Consolidated Statement of Operations. In July and August 2021, the Company redeemed $15.0 million par value in each month of its issued and outstanding 2027 Senior Notes. The Company recognized a $0.4 million loss on redemption in each month, which is included in "Gain on forgiveness, repurchase or early retirement of debt" on the Consolidated Statement of Operations. Included in Other Assets on the Consolidated Statements of Financial Condition. Total segment principal transaction revenues exclude certain unrealized mark-to-market gains or losses, including those related to impairment of CLO debt securities and the Company's investment in Harvest Capital Credit Corporation, as well as unrealized losses derived from depreciation and amortization of real estate investment properties. Total segments non-interest expenses exclude compensation expense recognized under GAAP related to equity awards and expenses attributable to non-controlling interests. Operating net income (loss) is reconciled to GAAP net income (loss) attributable to JMP Group LLC. The statement of financial condition as of December 31, 2020 is derived from the audited financial statements as of that date. Total segment asset management-related fees include income from fee sharing arrangements with, and fees earned to raise capital for, third-party or equity-method investment partnerships or funds, which are reported as other income under GAAP. In addition, total segment asset management-related fees exclude base management fees and incentive fees attributable to non-controlling interest. Total segment gain/(loss) repurchase/early retirement of debt excludes losses on write offs of debt issuance costs related to early retirement or repurchase of debt. Total segment income tax (benefit) assumes a combined federal, state and local income tax rate of 26%. In March 2020, the Company repurchased $1.4 million and $0.7 million par value of its issued and outstanding 2029 Senior Notes and 2027 Senior Notes, respectively. Since they were repurchased at less than carrying value, a gain of $0.7 million was recognized upon the repurchase of the bonds, which is included in "(Loss) gain on repurchase, reissuance or early retirement of debt" on the Consolidated Statements of Operations. Loans held for sale are carried at the lower of cost or fair value less cost to sell. In accordance with ASC 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The carrying value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Financial Position. The carrying values of these lines reconciles to the parenthetical disclosure of other investments on the Statements of Financial Condition. Total segment net dividend income and net interest income exclude those attributable to non-controlling interests. In accordance with ASC 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 10-Q
 


 

(Mark One)

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

  
 For the quarterly period ended September 30, 2021 OR

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 For the transition period from       to   

 

Commission File Number: 001-36802

JMP Group LLC

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

47-1632931

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

   

 

600 Montgomery Street, Suite 1100, San Francisco, California 94111

(Address of principal executive offices and Zip code)

 

(415835-8900

(Registrant’s telephone number, including area code)

 


 

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

 

Title of Each Class

 Trading symbol(s) 

Name of Each Exchange on Which Registered

Shares representing limited liability company interests in JMP Group LLC

 

JMP

 

New York Stock Exchange

JMP Group LLC 6.875% Senior Notes due 2029 JMPNZ The NASDAQ Global Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

    

Non-accelerated filer

 

 

Smaller reporting company

 

       

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 accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No ☒

 

JMP Group LLC shares representing limited liability company interests outstanding as of November 10, 2021: 20,159,895.

 



 

 
 

Table of Contents

 

 

TABLE OF CONTENTS

 

 

 

Page

PART I.

FINANCIAL INFORMATION

4

     

Item 1.

Financial Statements - JMP Group LLC

4

 

Consolidated Statements of Financial Condition as of September 30, 2021 (Unaudited) and December 31, 2020

4

 

Consolidated Statements of Operations For The Three and Nine Months Ended September 30, 2021 (Unaudited) and 2020

5

  Consolidated Statements of Comprehensive Income (Loss) For The Three and Nine Months Ended September 30, 2021  (Unaudited) and 2020 6
 

Consolidated Statements of Changes in Shareholders' Equity For The Three and Nine Months Ended September 30, 2021 (Unaudited) and 2020

7

 

Consolidated Statements of Cash Flows For The Nine Months Ended September 30, 2021 (Unaudited) and 2020

8

 

Notes to Consolidated Financial Statements (Unaudited)

10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

31

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

49

Item 4.

Controls and Procedures

49

     

PART II.

OTHER INFORMATION

50

     

Item 1.

Legal Proceedings

50

Item 1A.

Risk Factors

50

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

51

Item 3.

Defaults Upon Senior Securities

51

Item 4.

Mine Safety Disclosures

51

Item 5.

Other Information

51

Item 6.

Exhibits

51

   

EXHIBIT INDEX

52

   

SIGNATURES

53

 

2

 

 

 

 AVAILABLE INFORMATION

 

JMP Group LLC is required to file current, annual and quarterly reports, proxy statements and other information required by the Securities Exchange Act of 1934, as amended (the “Exchange Act”), with the Securities and Exchange Commission (the “SEC”). The SEC maintains an internet website at http://www.sec.gov, from which interested persons can electronically access JMP Group LLC’s SEC filings.

 

JMP Group LLC provides its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, Forms 3, 4 and 5 filed by or on behalf of directors, executive officers and certain large shareholders, and any amendments to those documents filed or furnished pursuant to the Exchange Act free of charge on the Investor Relations section of its website located at http://www.jmpg.com. These filings will become available as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC. From time to time JMP Group LLC may use its website as a channel of distribution of material company information.

 

JMP Group LLC also makes available, in the Investor Relations section of its website and will provide print copies to shareholders upon request, (i) its corporate governance guidelines, (ii) its code of business conduct and ethics, and (iii) the charters of the audit, compensation, and corporate governance and nominating committees of its board of directors. These documents, as well as the information on the website, are not intended to be part of this quarterly report on Form 10-Q (the “Quarterly Report”) and inclusions of the internet address in this Quarterly Report. JMP Group LLC also uses the Investor Relations section of its website as a means of complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor the Investor Relations section of JMP Group LLC's website in addition to following JMP Group LLC’s SEC filings, press releases and investor presentation materials. 

 

3

 

 

PART I. FINANCIAL INFORMATION

 

 

ITEM 1.

Financial Statements

 

JMP Group LLC

Consolidated Statements of Financial Condition

(Unaudited)

(Dollars in thousands, except share and per share data)

 

  

September 30, 2021

  

December 31, 2020 (1)

 

Assets

        

Cash and cash equivalents

 $117,521  $91,444 

Restricted cash

  1,283   1,287 

Investment banking fees receivable

  13,186   13,676 

Marketable securities owned at fair value (includes $2,863 and $5,696 pledged as collateral at September 30, 2021 and December 31, 2020, respectively)

  30,594   55,494 

Other investments (includes $13,563 and $17,611 measured at fair value at September 30, 2021 and December 31, 2020, respectively)

  19,017   26,821 

Loans held for investment, net of allowance for loan losses

  0   994 

Interest receivable

  633   336 

Fixed assets, net

  2,389   3,118 

Operating lease right-of-use asset

  13,530   16,244 

Deferred tax asset

  16,781   17,895 

Incentive fees receivable

  11,070   500 

Other assets

  13,782   13,522 

Total assets

 $239,786  $241,331 
         

Liabilities and Equity

        

Liabilities:

        

Accrued compensation

 $63,409  $46,353 

Interest payable

  395   706 

Note payable

  4,812   10,610 

Bond payable (net of debt issuance costs of $1,400 and $2,953 at September 30, 2021 and December 31, 2020, respectively)

  33,255   80,912 

Operating lease liability

  17,666   21,130 

Deferred tax liability

  7,073   8,482 

Other liabilities

  21,917   10,730 

Total liabilities

  148,527   178,923 
         

Commitments and Contingencies (Note 14)

          

JMP Group LLC Shareholders' Equity

        

Common shares, $0.001 par value, 100,000,000 shares authorized at September 30, 2021 and December 31, 2020; 22,797,092 shares issued at September 30, 2021 and December 31, 2020; 19,944,177 and 19,789,821 shares outstanding at September 30, 2021 and December 31, 2020, respectively

  23   23 

Additional paid-in capital

  134,351   134,065 

Treasury shares at cost, 2,852,915 and 3,007,271 shares at September 30, 2021 and December 31, 2020, respectively

  (12,830)  (13,478)

Accumulated other comprehensive loss

  (7)  (369)

Accumulated deficit

  (30,764)  (57,301)

Total JMP Group LLC shareholders' equity

  90,773   62,940 

Non-controlling interest

  486   (532)

Total equity

  91,259   62,408 

Total liabilities and equity

 $239,786  $241,331 

 

(1)

The statement of financial condition as of December 31, 2020 is derived from the audited financial statements as of that date.

 

See accompanying notes to consolidated financial statements.

 

4

 

 

 

JMP Group LLC

Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share data)

 

   

Three Months Ended September 30,

   

Nine Months Ended September 30,

 
   

2021

   

2020

   

2021

   

2020

 
                                 

Revenues

                               

Investment banking

  $ 39,916     $ 20,874     $ 105,198     $ 57,094  

Brokerage

    4,128       4,176       13,424       14,008  

Asset management fees

    8,803       2,911       22,073       6,339  

Principal transactions

    18,275       (2,737 )     15,015       (20,337 )

Net dividend income

    9       4       224       241  

Other income

    2,900       841       4,843       2,688  

Non-interest revenues

    74,031       26,069       160,777       60,033  
                                 

Interest income

    1,761       2,287       5,616       6,391  

Interest expense

    (1,060 )     (1,732 )     (4,117 )     (5,237 )

Net interest income

    701       555       1,499       1,154  
                                 

Gain on forgiveness, repurchase or early retirement of debt

    3,053       -       2,494       697  

Total net revenues

    77,785       26,624       164,770       61,884  
                                 

Non-interest expenses

                               

Compensation and benefits

    38,314       23,502       103,405       62,101  

Administration

    2,364       1,408       5,796       4,697  

Brokerage, clearing and exchange fees

    701       620       2,025       1,901  

Travel and business development

    383       65       665       1,041  

Managed deal expenses

    925       990       3,677       2,528  

Communications and technology

    1,133       1,072       3,400       3,286  

Occupancy

    1,160       1,194       3,531       3,587  

Professional fees

    2,949       776       5,170       2,397  

Depreciation

    261       278       801       1,223  

Other

    1,579       (8 )     1,787       201  

Total non-interest expenses

    49,769       29,897       130,257       82,962  

Net income (loss) before income taxes

    28,016       (3,273 )     34,513       (21,078 )

Income tax expense (benefit)

    6,181       (128 )     7,867       (7,191 )

Net income (loss)

    21,835       (3,145 )     26,646       (13,887 )

Less: Net income (loss) attributable to non-controlling interest

    16       (63 )     110       (181 )

Net income (loss) attributable to JMP Group LLC

  $ 21,819     $ (3,082 )   $ 26,536     $ (13,706 )
                                 

Net income (loss) attributable to JMP Group LLC per common share:

                               

Basic

  $ 1.10     $ (0.16 )   $ 1.34     $ (0.70 )

Diluted

  $ 1.02     $ (0.16 )   $ 1.26     $ (0.70 )
                                 

Weighted average common shares outstanding:

                               

Basic

    19,894       19,628       19,860       19,581  

Diluted

    21,300       19,628       21,029       19,581  

 

See accompanying notes to consolidated financial statements.

 

5

 

 

 

JMP Group LLC

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

(In thousands)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 
 

2021

 

2020

 

2021

 

2020

 

Net income (loss)

$21,835 $(3,145)$26,646 $(13,887)

Other comprehensive income:

            

Net unrealized losses on available-for-sale securities, during the period, net of income tax benefit of ($2,272), ($675), ($2,881) and ($3,010)

 (6,585)$(1,844) (8,332)$(8,197)

Less: Reclassification adjustments for net losses on available-for-sale securities, net of income tax provision of $1,506, $738, $2,923 and $1,633

 4,362  2,009  8,694  12,638 

Net other comprehensive income, net of income tax (benefit) and provision of ($766), $63, $42 and ($1,377)

 (2,223) 165  362  4,441 

Comprehensive income (loss)

 19,612  (2,980) 27,008  (9,446)

Less: Comprehensive income (loss) attributable to non-controlling interest

 16  (63) 110  (181)

Comprehensive income (loss) attributable to JMP Group LLC

$19,596 $(2,917)$26,898 $(9,265)

 

See accompanying notes to consolidated financial statements. 

 

6

 

 

 

JMP Group LLC

Consolidated Statements of Changes in Shareholders' Equity

(Unaudited)

(In thousands)

 

 

JMP Group LLC's Equity

             
 

Common Shares

Treasury

 

Additional Paid-In

 

Accumulated

 

Accumulated Other Comprehensive

 

Non-controlling

 

Total

 
 

Shares

Amount

Shares

 

Capital

 

Deficit

 

Income (Loss)

 

Interest

 

Equity

 

Balance, December 31, 2020

  22,797 $ 23 $ (13,478 ) $ 134,065   $ (57,301 ) $ (369 ) $ (532 ) $ 62,408  

Net income

  -   -   -     -     1,089     -     79     1,168  

Additional paid-in capital

  -   -   -     194     -     -     -     194  

Purchases of shares of common shares for treasury

  -   -   (59 )   -     -     -     -     (59 )

Reissuance of shares of common shares from treasury

  -   -   250     -     -     -     -     250  

Other comprehensive income

  -   -   -     -     -     2,518     -     2,518  

Balance, March 31, 2021

  22,797   23   (13,287 )   134,259     (56,212 )   2,149     (453 )   66,479  

Net income

  -   -   -     -     3,629     -     15     3,644  

Additional paid-in capital

  -   -   -     (377 )   -     -     975     598  

Distributions and distribution equivalents paid to shareholders

  -   -   -     -     -     -     (20 )   (20 )

Purchases of shares of common shares for treasury

  -   -   (123 )   -     -     -     -     (123 )

Reissuance of shares of common shares from treasury

  -   -   284     -     -     -     -     284  

Other comprehensive income

  -   -   -     -     -     67     -     67  

Balance, June 30, 2021

  22,797   23   (13,126 )   133,882     (52,583 )   2,216     517     70,929  

Net income

  -   -   -     -     21,819     -     16     21,835  

Additional paid-in capital

  -   -   -     469     -     -     (1 )   468  

Distributions and distribution equivalents paid to shareholders

  -   -   -     -     -     -     (46 )   (46 )

Purchases of shares of common shares for treasury

  -   -   (13 )   -     -     -     -     (13 )

Reissuance of shares of common shares from treasury

  -   -   309     -     -     -     -     309  

Other comprehensive income

  -   -   -     -     -     (2,223 )   -     (2,223 )

Balance, September 30, 2021

  22,797   23   (12,830 )   134,351     (30,764 )   (7 )   486     91,259  

 

   

JMP Group LLC's Equity

                 
   

Common Shares

   

Treasury

   

Additional Paid-In

   

Accumulated

   

Accumulated Other Comprehensive

   

Non-controlling

   

Total

 
   

Shares

   

Amount

   

Shares

   

Capital

   

Deficit

   

Income (Loss)

   

Interest

   

Equity

 

Balance, December 31, 2019

    22,797     $ 23     $ (14,872 )   $ 133,894     $ (52,588 )   $ (4,769 )   $ (327 )   $ 61,361  

Net income (loss)

    -       -       -       -       (11,748 )     -       (91 )     (11,839 )

Additional paid-in capital - share-based compensation

    -       -       -       266       -       -       -       266  

Purchases of shares of common shares for treasury

    -       -       (26 )     -       -       -       -       (26 )

Reissuance of shares of common shares from treasury

    -       -       200       (32 )     -       -       -       168  

Other comprehensive income

    -       -       -       -       -       1,281       -       1,281  

Balance, March 31, 2020

    22,797       23       (14,698 )     134,128       (64,336 )     (3,488 )     (418 )     51,211  

Net income (loss)

    -       -       -       -       1,124       -       (26 )     1,098  

Additional paid-in capital - share-based compensation

    -       -       -       209       -       -       -       209  

Purchases of shares of common shares for treasury

    -       -       (24 )     -       -       -       -       (24 )

Reissuance of shares of common shares from treasury

    -       -       255       -       -       -       -       255  

Distribution to non-controlling interest holders

    -       -       -       -       -       -       (112 )     (112 )

Other comprehensive income

    -       -       -       -       -       2,995       -       2,995  

Balance, June 30, 2020

    22,797       23       (14,467 )     134,337       (63,212 )     (493 )     (556 )     55,632  

Net income (loss)

    -       -       -       -       (3,082 )     -       (63 )     (3,145 )

Additional paid-in capital - share-based compensation

    -       -       -       399       -       -       -       399  

Purchases of shares of common shares for treasury

    -       -       (13 )     -       -       -       -       (13 )

Reissuance of shares of common shares from treasury

                  211                               211  

Other comprehensive income

    -       -       -       -       -       165       -       165  

Balance, September 30, 2020

    22,797       23       (14,269 )     134,736       (66,294 )     (328 )     (619 )     53,249  

 

See accompanying notes to consolidated financial statements.

 

7

 
 

 

JMP Group LLC

Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

 

   

Nine Months Ended September 30,

 
   

2021

   

2020

 

Cash flows from operating activities:

               

Net income (loss)

  $ 26,646     $ (13,887 )

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

               

Gain on forgiveness, repurchase or early retirement of debt

    (2,494 )     (697 )

Change in other investments:

               

Income from investments in equity method investees

    (24,391 )     (888 )

Gain on other investments

    (3,390 )     (1,226 )

Depreciation and amortization

    312       858  

Share-based compensation expense

    1,948       1,401  

Distributions of investment income from equity method investments

    276       1,044  

Other, net

    1,792       (194 )

Net change in operating assets and liabilities:

               

(Increase) decrease in interest receivable

    (297 )     154  

Increase in receivables

    (1,297 )     (3,879 )

Decrease in marketable securities

    26,923       23,684  

Increase in other assets

    (6,615 )     (5,870 )

Decrease in marketable securities sold, but not yet purchased

    -       (3,855 )

(Decrease) increase in interest payable

    (261 )     187  

Increase (decrease) in accrued compensation

    17,211       (4,703 )

Increase in other liabilities

    9,778       520  

Net cash provided by (used in) operating activities

    46,141       (7,351 )
                 

Cash flows from investing activities:

               

Purchases of fixed assets

    (77 )     (340 )

Purchases of other investments

    (1,964 )     (1,814 )

Sales or distributions from other investments

    8,606       14,170  

Distributions from equity method investments

    24,613       -  

Sale, payoff and principal receipts on loans held for investment

    1,015       121  

Net cash provided by investing activities

    32,193       12,137  

 

See accompanying notes to consolidated financial statements.

 

8

 

 

JMP Group LLC

Consolidated Statements of Cash Flows - (Continued)

(Unaudited)

(In thousands)

 

   

Nine Months Ended September 30,

 
   

2021

   

2020

 

Cash flows from financing activities:

               

Proceeds from drawdowns on line of credit and other borrowings

    -       3,798  

Repayment of note payable (line of credit)

    (2,000 )     -  

Redemption/Repurchase of bonds payable

    (50,000 )     (1,361 )

Distributions to non-controlling interest shareholders

    (67 )     (112 )

Employee taxes paid on shares withheld for tax-withholding purposes

    (194 )     (63 )

Net cash (used in) provided by financing activities

    (52,261 )     2,262  

Net increase in cash, cash equivalents, and restricted cash

    26,073       7,048  

Cash, cash equivalents and restricted cash, beginning of period

    92,731       50,917  

Cash, cash equivalents and restricted cash, end of period

  $ 118,804     $ 57,965  
                 

Supplemental disclosures of cash flow information:

               

Cash paid during the period for interest

  $ 4,429     $ 5,238  

Cash paid (received) during the period for taxes, net of refunds

  $ 1,452     $ (263 )
                 

Non-cash investing and financing activities:

               

Reissuance of common shares from treasury related to vesting of restricted share units

  $ 842     $ 666  

Forgiveness of debt

  $ 3,798     $ -  

 

See accompanying notes to consolidated financial statements. 

 

9

 

JMP Group LLC

Notes to Consolidated Financial Statements

September 30, 2021

(Unaudited)

 

 

1. Organization and Description of Business

 

JMP Group LLC, together with its subsidiaries (collectively, the “Company”), is a diversified financial services firm headquartered in San Francisco, California. The Company conducts its investment banking and institutional brokerage business through JMP Securities LLC (“JMP Securities”) and its asset management business through Harvest Capital Strategies LLC (“HCS”), HCAP Advisors LLC (“HCAP Advisors”) and JMP Asset Management LLC (“JMPAM”). The Company conducts certain principal investment transactions through JMP Investment Holdings LLC (“JMP Investment Holdings”) and other subsidiaries. The above entities are wholly-owned subsidiaries. HCAP Advisors became a wholly-owned subsidiary on April 1, 2021. JMP Securities is a U.S. registered broker-dealer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is a member of the Financial Industry Regulatory Authority (“FINRA”). JMP Securities operates as an introducing broker and does not hold funds or securities for, or owe any money or securities to, customers and does not carry accounts for customers. All customer transactions are cleared through another broker-dealer on a fully disclosed basis. HCS is a registered investment advisor under the Investment Advisers Act of 1940, as amended, and provides investment management services for sophisticated investors in investment partnerships and other entities managed by HCS. HCAP Advisors provided investment advisory services to Harvest Capital Credit Corporation (“HCC”), a publicly-traded business development company, until HCC was acquired by Portman Ridge Finance Corporation on June 9, 2021, as further described below under “Recent Transactions”. JMPAM currently manages two fund strategies: one that invests in real estate and real estate-related enterprises and another that provides credit to small and midsized private companies. JMPCA, which was a wholly-owned subsidiary until March 19, 2019, is an asset management platform that underwrites and manages investments in senior secured debt. The Company completed a Reorganization Transaction in  January 2015 pursuant to which JMP Group Inc. became a wholly-owned subsidiary of JMP Group LLC (the “Reorganization Transaction”). The Company entered into a Contribution Agreement in November 2017 pursuant to which JMP Group Inc. became a wholly-owned subsidiary of JMP Investment Holdings, which is a wholly-owned subsidiary of JMP Group LLC.

 

Recent Transactions

 

 In February 2020, Medalist Partners Corporate Finance LLC ("MPCF") completed the securitization of Medalist Partners Corporate Finance CLO VI Ltd upon which the related CLO VI warehouse was liquidated. The Company does not hold any subordinated notes of Medalist Partners Corporate Finance CLO VI Ltd.

 

On June 9, 2021, HCC and Portman Ridge Finance Corporation (“PTMN”) closed a merger transaction pursuant to which HCC merged with and into PTMN, a business development company managed by Sierra Crest Investment Management LLC (“Sierra Crest”), an affiliate of BC Partners Advisors L.P. In connection with the merger, the Company received aggregate consideration totaling $9.5 million and recorded a realized gain of $0.1 million. The Company’s subsidiary HCAP Advisors provided investment advisory services to HCC and in connection with the merger, Sierra Crest and HCAP Advisors have agreed to a transition services agreement pursuant to which HCAP Advisors will provide certain consulting services to Sierra Crest relating to HCC’s investment portfolio. Under the transition services agreement, HCAP Advisors is expected to earn $3.9 million in total through the three-year period commencing on the merger date.

 

During the second quarter, the Company received a notice of optional redemption from JMP Credit Advisors CLO III(R) LTD (“CLO III”) upon which CLO III was liquidated.  As subordinated noteholders of CLO III, the Company received equity distributions from the optional redemption of $1.7 million and $2.3 million on June 4, 2021 and June 18, 2021, respectively.  As a result of the optional redemption, the Company recorded a $2.8 million realized loss on its investment in CLO III and as of June 30, 2021, had a receivable of $1.8 million related to its pro-rata share of the remaining assets to be liquidated in CLO III.  As of September 30, 2021, the Company has received $1.0 million related to the $1.8 million receivable balance.

 

In June 2021, the Company sold its existing 45.0% ownership interest in Medalist Partners Corporate Finance LLC. The Company received a $1.5 million upfront cash payment, canceled its previous fee-sharing agreement, and entered into a new fee sharing agreement, in which the Company will retain an interest to receive 20 basis points of the total 35 basis points in subordinated management fees from JMP Credit Advisors CLO IV Ltd. and JMP Credit Advisors CLO V Ltd. The Company recognized a realized gain of $1.4 million on this transaction.

 

On July 30, 2021, the Company received a $23.8 million distribution from Workspace Property Trust LP (“Workspace”) that recently completed a dividend recapitalization. The Company records its equity interest in Workspace using equity method accounting and currently holds its interest at zero.

 

On September 8, 2021, JMP Group LLC, a Delaware limited liability company (“JMP”, or the “Company”), Citizens Financial Group, Inc., a Delaware corporation (“Citizens”), and Jolt Acquisition LLC, a Delaware limited liability company and direct, wholly owned subsidiary of Citizens (“Merger Subsidiary”) entered into an Agreement and Plan of Merger (the “Merger Agreement”). Pursuant to the Merger Agreement, Merger Subsidiary will merge with and into JMP, whereupon the separate existence of Merger Subsidiary will cease, and the Company will be the surviving corporation as a direct wholly owned subsidiary of Citizens (the “Merger”).

 

Pursuant to the Merger Agreement, each outstanding common share of JMP will be converted into the right to receive cash consideration of $7.50 (the “Merger Consideration”), or approximately $149 million in cash. The transaction is targeted to close in the fourth quarter of 2021, subject to approval by the shareholders of JMP, receipt of required regulatory approvals, and satisfaction of other customary closing conditions.

 

10

 
 

2. Summary of Significant Accounting Policies 

 

Basis of Presentation

 

These consolidated financial statements and related notes are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in its Annual Report on Form 10-K for the year ended  December 31, 2020 filed with the SEC on March 29, 2021 (the “Annual Report”). Certain disclosures required by GAAP and normally included in an annual report on Form 10-K have been condensed or omitted from this report; however, except as disclosed herein, there has been no material change in the information disclosed in the notes to consolidated financial statements included in the Annual Report. The results of operations for any interim period are not necessarily indicative of the results to be expected for a full year. In the opinion of management, all normal, recurring adjustments have been included for a fair statement of this interim financial information.

 

The consolidated accounts of the Company include the wholly-owned subsidiaries and the partially-owned subsidiaries of which the Company is the majority owner or the primary beneficiary. All material intercompany accounts and transactions have been eliminated in consolidation. Non-controlling interests on the Consolidated Statements of Financial Condition at  September 30, 2021 and  December 31, 2020 relate to the interest of third parties in the partially-owned subsidiaries. Certain prior year amounts have been reclassified to conform to current year presentation.

 

See Note 2 - Summary of Significant Accounting Policies in the Company’s Annual Report for the Companys significant accounting policies.

 

For the nine months ended September 30, 2021, there were no significant changes made to the Company’s significant accounting policies. See Note 3, Recent Accounting Pronouncements, for a summary of recently adopted or yet to be adopted accounting pronouncements, and their impact on the Company.

 

 

3. Recent Accounting Pronouncements

 

 Accounting Standards to be adopted in Future Periods

 

In  June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (CECL), with subsequent amendments to clarify the guidance, provide transitional relief provisions and minor updates to the original ASU. ASU 206-13 replaces the existing incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This ASU is required to be adopted using a modified retrospective approach with a cumulative-effect adjustment to beginning retained earnings, as of the beginning of the first reporting period the guidance is effective for. As a result of one of the amendments to ASU 2016-13, the new guidance will be effective for public business entities that meet the definition of a smaller reporting company for fiscal years and all interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The Company does not plan to early adopt this standard, but continues to work through implementation. While the Company cannot reasonably estimate the impact of adopting this standard, it expects the impact will be influenced by the composition, characteristics and quality of the Company's securities portfolios, as well as the general economic conditions and forecasts as of the adoption date.

 

Recently Adopted Accounting Guidance

 

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, to simplify the accounting for income taxes. This guidance eliminates certain exceptions to the general approach to the income tax accounting model, and adds new guidance to reduce the complexity in accounting for income taxes. The Company adopted ASU 2019-12 effective January 1, 2021. The adoption did not materially impact the Company's consolidated financial statements or disclosure.

 

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of the FASB’s disclosure framework project. The Company adopted ASU 2018-13 effective  January 1, 2020. The adoption did not materially impact the Company’s consolidated financial statements or its disclosures.

 

11

 
 
 

4. Fair Value Measurements

 

The following tables provide fair value information related to the Company’s financial instruments at September 30, 2021 and  December 31, 2020:

 

  

September 30, 2021

 

(In thousands)

 

Carrying Value

  

Fair Value

 
      

Level 1

  

Level 2

  

Level 3

  

Total

 

Assets: