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)

(415) 835-8900

(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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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 Company’s 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.

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:
Cash and cash equivalents	$	117,521	$	117,521	$	-	$	-	$	117,521
Restricted cash and deposits		1,283		1,283		-		-		1,283
Marketable securities owned		30,594		4		-		30,590		30,594
Equity investments		1,834		-		1,834		-		1,834
Other investments measured at net asset value ⁽¹⁾		11,729		-		-		-		-
Loans held for sale ⁽²⁾		2,407		-		-		2,407		2,407
Long term receivable ⁽²⁾		3,281		-		-		3,281		3,281
Total assets:	$	168,650	$	118,808	$	1,834	$	36,278	$	156,921

Liabilities:
Notes payable	$	4,812		-	$	3,983	$	829	$	4,812
Bond payable		33,255		-		34,872		-		34,872
Total liabilities:	$	38,067	$	-	$	38,855	$	829	$	39,684

	*December 31, 2020*
(In thousands)	*Carrying Value*		*Fair Value*
			*Level 1*		*Level 2*		*Level 3*		*Total*
Assets:
Cash and cash equivalents	$	91,444	$	91,444	$	-	$	-	$	91,444
Restricted cash and deposits		1,287		1,287		-		-		1,287
Marketable securities owned		55,494		7,491		-		48,003		55,494
Equity investments		6,457		-		2,251		4,206		6,457
Other investments measured at net asset value ⁽¹⁾		11,155		-		-		-		-
Loans held for sale ⁽²⁾		2,412		-		-		2,412		2,412
Loans held for investment, net of allowance for loan losses		994		-		-		994		994
Total assets:	$	169,243	$	100,222	$	2,251	$	55,615	$	158,088

Liabilities:
Notes payable	$	10,610	$	-	$	5,983	$	4,627	$	10,610
Bond payable		80,912		-		79,472		-		79,472
Total liabilities:	$	91,522	$	-	$	85,455	$	4,627	$	90,082

	(1)	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.
	(2)	Included in Other Assets on the Consolidated Statements of Financial Condition.

Recurring Fair Value Measurement

The following tables provide information related to the Company’s assets and liabilities carried at fair value on a recurring basis at September 30, 2021 and December 31, 2020:

(In thousands)	*September 30, 2021*
	*Carrying Value*		*Level 1*		*Level 2*		*Level 3*		*Total*

Marketable securities owned	$	30,594	$	4	$	-	$	30,590	$	30,594
Other investments:
Equity investments		1,834		-		1,834		-		1,834
Investments in private equity, real estate and credit funds, measured at net asset value ⁽¹⁾		11,729		-		-		-		-
Long term receivable ⁽²⁾		3,281		-		-		3,281		3,281
Total assets:	$	47,439	$	4	$	1,834	$	33,871	$	35,709

(In thousands)	*December 31, 2020*
	*Carrying Value*		*Level 1*		*Level 2*		*Level 3*		*Total*

Marketable securities owned	$	55,494	$	7,491	$	-	$	48,003	$	55,494
Other investments:
Equity investments		6,457		-		2,251		4,206		6,457
Investments in private equity, real estate and credit funds, measured at net asset value ⁽¹⁾		11,155		-		-		-		-
Total other investments		17,611		-		2,251		4,206		6,457
Total assets:	$	73,105	$	7,491	$	2,251	$	52,209	$	61,951

	(1)	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. The carrying values of these lines reconciles to the parenthetical disclosure of other investments on the Consolidated Statements of Financial Condition.
	(2)	Included in Other Assets on the Consolidated Statements of Financial Condition.

As of September 30, 2021 and December 31, 2020, marketable securities was comprised of U.S. listed equity securities and CLO debt securities.

The fair value of the investments in private equity, real estate and credit funds was measured using the net asset value as a practical expedient. These investments are nonredeemable and had unfunded commitments of $2.0 million and $3.5 million as of September 30, 2021 and December 31, 2020 respectively.

Transfers between levels of the fair value hierarchy result from changes in the observability of fair value inputs used in determining fair values for different types of financial assets and are recognized at the beginning of the reporting period in which the event or change in circumstances that caused the transfer occurs.

The Company’s policy is to recognize the fair value of transfers among Levels 1, 2 and 3 as of the end of the reporting period. For recurring fair value measurements, there was a transfer of $1.4 million between Levels 2 and 1 for the nine months ended September 30, 2021. For recurring fair value measurements, there were no transfers between Levels 1, 2 and 3 for the year ended December 31, 2020.

The Company’s Level 2 assets held in other investments as of September 30, 2021 and December 31, 2020 consist of investments in publicly traded stocks discounted for trading restrictions.

As of September 30, 2021 and December 31, 2020, the Company also owned securities in one and two, respectively, public companies subject to restrictions on transfer or sale and is therefore recorded as Level 2 assets.

The investments in private equity funds managed by HCS and JMPAM are recognized using the fair value option. The Company uses the reported net asset value per share as a practical expedient to estimate the fair value of the funds. The risks associated with these investments are limited to the amounts of invested capital, remaining capital commitment and any management and incentive fees receivable.

The Company determined the fair value of short-term debt, which consists of notes payable, to approximate their carrying values. This was determined as the debt has either (1) a variable interest rate tied to LIBOR and therefore reflects market conditions, or (2) a term less than one year and there have been no observable changes in the credit quality of the Company since the issuance of the debt. Based on the fair value methodology, the Company has identified short-term debt as Level 2 liabilities.

The Company’s Level 3 asset in other investments is primarily comprised of an equity investment in a private company. The Company determines the fair value of this investment using the net present value of discounted cash flows. The significant unobservable inputs used in the fair value measurement of this investment are presented in the Significant Unobservable Inputs table below. For this investment, the Company elected the fair value option. While the Company has made other investments in private equity securities, it has not elected the fair value option for those investments as it is impractical to determine the fair value of those investments.

For the nine months ended September 30, 2021, the changes in Level 3 assets measured at fair value on a recurring basis were as follows:

(In thousands)	*CLO Junior Subordinated Notes*			*Equity Investment*			*Long Term Receivable*			*Total*
Balance as of December 31, 2020	$	48,003		$	4,206		$	-		$	52,209
Investment distributions		(1,086	)		(774	)		-			(1,860	)
Accrued interest		1,960			-			-			1,960
Realized/Unrealized losses on investments, recognized in earnings		(4,587	)		(19	)		-			(4,606	)
Unrealized gains on investments, recognized in OCI		3,394			-			-			3,394
Balance as of March 31, 2021	$	47,684		$	3,412		$	-		$	51,097
Investment distributions		(6,834	)		(4,766	)		-			(11,600	)
Accrued interest		1,620			-			-			1,620
Realized/Unrealized losses on investments, recognized in earnings		(3,711	)		1,353			-			(2,358	)
Unrealized gains on investments, recognized in OCI		90			-			-			90
Addition		-			-			3,266			3,266
Balance as of June 30, 2021	$	38,849		$	(0	)	$	3,266		$	42,115
Investment distributions		(1,028	)		-			(37	)		(1,066	)
Accrued interest		1,624			-			-			1,624
Realized/Unrealized losses on investments, recognized in earnings		(5,867	)		-			52			(5,815	)
Unrealized gains on investments, recognized in OCI		(2,988	)		-			-			(2,988	)
Balance as of September 30, 2021	$	30,590		$	(0	)	$	3,281		$	33,870

The Company’s Level 3 assets held in marketable securities consist of investments in CLO debt securities. The fair value of the CLO debt securities is determined using the net present value of discounted cash flows. The significant unobservable inputs used in the fair value measurement of these investments are presented in the Significant Unobservable Inputs table below. The Company also uses covenant compliance information provided by the CLO manager when valuing this investment. During the nine months ended September 30, 2021, the fair value of the Company’s investment in CLO debt securities declined due to the expected proceeds on the sale of this investment.

The Company’s Level 3 asset in long term receivable consist of a payment stream from a sale of its equity investment. The fair value of the long term receivable is determined using the net present value of discounted cash flows. The significant unobservable inputs used in the fair value measurement of this long term receivable is presented in the Significant Unobservable Inputs table below. For this long term receivable, the Company elected the fair value option.

For assets classified in the Level 3 hierarchy, any changes to any of the inputs to the fair value measurement could result in a significant increase or decrease in the fair value measurement. For CLO debt securities, a significant increase (decrease) in the discount rate, default rate, and severity rate would result in a significant decrease (increase) in the fair value of the instruments. For the equity investment, a significant increase (decrease) in the credit factor or the discount rate would result in a significantly lower (higher) fair value measurement. For Level 3 assets measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows:

Significant Unobservable Inputs

(In thousands)

Range (Weighted-average ⁽¹⁾)

Fair value

Valuation Technique

Description

September 30, 2021

December 31, 2020

September 30, 2021

December 31, 2020

CLO debt securities

Discounted cash flows

Discount rate

(N/A)

17.5% (N/A)

48,003

Default rate

(N/A)

2.0% (N/A)

Severity rate

(N/A)

25.0% (N/A)

Prepayment rate

(N/A)

10.0%-25.0% (18.5%)

Collateral liquidation price

(N/A)

98.0%-99.0% (98.8%)

Market

Sales Proceeds

(N/A)

30,590

Equity investment

Discounted cash flows

Credit factor

(N/A)

20% (N/A)

3,378

Discount rate

(N/A)

16% (N/A)

Market

EBITDA multiple

(N/A)

12.0x (N/A)

828

Long Term Receivable

Discounted cash flows

Discount rate

13.0

(N/A)

3,281

(1)	The weighted average was calculated based on the relative collateral balance of each CLO.

Non-recurring Fair Value Measurements

The Company's assets that are measured at fair value on a non-recurring basis result from the application of lower of cost or market accounting or write-downs of individual assets. The Company held a loan measured at fair value on a non-recurring basis of $2.4 million as of September 30, 2021 and December 31, 2020.

5. Available-for-Sale Securities

The following table summarizes available-for-sale securities in an unrealized position as of September 30, 2021 and December 31, 2020:

	*September 30, 2021*										*December 31, 2020*
(In thousands)	*Amortized Cost*		*Gross Unrealized Gains*		*Gross Unrealized Losses*		*Fair Value*		*Number of Positions*		*Amortized Cost*		*Gross Unrealized Gains*		*Gross Unrealized Losses*			*Fair Value*		*Number of Positions*
CLO debt securities	$	30,590	$	-	$	-	$	30,590		2	$	48,499	$	-	$	(496	)	$	48,003		3

The following table summarizes the fair value and amortized cost of the available-for-sale securities by contractual maturity as of September 30, 2021 and December 31, 2020:

	*September 30, 2021*				*December 31, 2020*
(In thousands)	*Available-for-Sale*				*Available-for-Sale*
	*Amortized Cost*		*Fair Value*		*Amortized Cost*		*Fair Value*
Less than 5 years	$	-	$	-	$	9,109		8,245
5-10 years		30,590		30,590		39,390		39,758
Total	$	30,590	$	30,590	$	48,499	$	48,003

In July 2020, the Company entered into a Seventh Amendment to its Credit Facility with CNB, that, among other things, requires the Company maintain a minimum of $6.0 million of CLO debt securities, based on their fair value as of June 30, 2020, pledged as collateral supporting the obligations under the Credit Agreement. See Note 7, Debt, for more information on the Seventh Amendment.

With the liquidation of CLO III, on August 4, 2021, the Company entered into a Ninth Amendment to its Credit Facility with CNB that restated the agreement to require the Company to maintain a minimum of $4.0 million of CLO debt securities based on their fair value as of June 30, 2020, pledged as collateral supporting the obligations under the Credit Agreement. See Note 7, Debt, for more information on the Seventh and Ninth Amendments.

6. Loans

Loans Held for Investment

As of September 30, 2021 and December 31, 2020, the number of loans held for investment was zero and two, respectively. The Company reviews the credit quality of these loans on a loan by loan basis mainly focusing on the borrower’s financial position and results of operations as well as the current and expected future cash flows on the loans.

There were no loans past due as of September 30, 2021 and December 31, 2020. A summary of the activity in the allowance for loan losses for the nine months ended September 30, 2021 and the year ended December 31, 2020 is as follows:

	*Nine Months Ended*		*Year Ended*
(In thousands)	*September 30, 2021*		*December 31, 2020*
Balance, at beginning of the period	$	-	$	-
Provision for loan losses		-		(112	)
Charge off		-		112
Balance, at end of the period	$	-	$	-

A loan is considered to be impaired when, based on current information, it is probable that the Company will be unable to collect all amounts due in accordance with the contractual terms of the original loan agreement, including scheduled principal and interest payments. As of September 30, 2021 and December 31, 2020, none of the recorded investment amount of loans issued were individually evaluated for impairment.

During the nine months ended September 30, 2021, the Company did not record any impairment. During the year ended December 31, 2020, the Company recorded $0.1 million of impairment on the $1.0 million loans evaluated for impairment.

The Company had no troubled debt restructurings during the three months ended September 30, 2021 and the year ended December 31, 2020, respectively.

7. Debt

Bond Payable

(In thousands)	*September 30, 2021*			*December 31, 2020*
7.25% Senior Notes due 2027 (1)	$	-		$	50,000
6.875% Senior Notes due 2029		36,000			36,000
Total outstanding principal	$	36,000		$	86,000
Less: Debt issuance costs		(1,368	)		(2,953	)
Less: Senior Notes repurchased (2)		(1,377	)		(2,135	)
Total bond payable, net	$	33,255		$	80,912

(1)	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.

(2)	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.

The 7.25% senior notes due 2027 (the “2027 Senior Notes”) and the 6.875% senior notes due 2029 (the "2029 Senior Notes") (the 2027 and 2029 Senior Notes are collectively referred to as the “Senior Notes”) were issued by JMP Group Inc. and JMP Group LLC, respectively, pursuant to indentures with U.S. Bank National Association, as trustee. The Senior Notes indentures contain customary event of default and cure provisions. If an uncured default occurs and is continuing, the trustee or the holders of at least 25% in principal amount of the Senior Notes may declare the Senior Notes immediately due and payable. The Senior Notes are JMP Group Inc.’s and JMP Group LLC's general unsecured senior obligations, and rank equally with all existing and future senior unsecured indebtedness and are senior to any other indebtedness expressly made subordinate to the notes. At both September 30, 2021 and December 31, 2020, the Company was in compliance with the debt covenants in the indentures.

Until they were fully redeemed in September 2021, JMP Group Inc., a wholly-owned subsidiary of JMP Group LLC, is the primary obligor of the Company's 2027 Senior Notes. Pursuant to the indenture of the 2027 Senior Notes, JMP Group LLC and JMP Investment Holdings LLC (the “Guarantors”) are the guarantors of the 2027 Senior Notes. The Guarantors jointly and severally provide a full and unconditional guarantee of the due and punctual payment of the principal and interest on the 2027 Senior Notes and the due and punctual payment or performance of all other obligations of JMP Group Inc. under the indenture governing the 2027 Senior Notes.

Note Payable, Lines of Credit and Credit Facilities

(In thousands)	*Outstanding Balance*
	*September 30, 2021*		*December 31, 2020*
$25 million, JMP Holding Credit Agreement	$	3,983	$	5,983
Paycheck Protection Program (the "PPP") loan		-		3,798
Note payable to an affiliate (Note 16)		829		829
Total note payable, lines of credit, and credit facilities	$	4,812	$	10,610

JMP Holding LLC (the “Borrower”), a wholly owned subsidiary of the Company, entered into a Second Amended and Restated Credit Agreement dated April 30, 2014 among the Borrower, the lenders from time to time party thereto (the “Lenders”) and CNB, as administrative agent for the Lenders (as amended, the “Credit Agreement”).

On July 16, 2020, the Borrower entered into a Seventh Amendment to the Credit Agreement, in order to, among other provisions, (i) allow JMP Holding to incur liens of certain clearing agents in the ordinary course of business, (ii) reduce the margin applicable to LIBOR loans from 2.25% to 2.00% and (iii) require that JMP Holding maintain a minimum of $6.0 million of CLO debt securities, based on their fair value as of June 30, 2020, pledged as collateral supporting the obligations under the Credit Agreement and refrain from exercising any right to call the related CLO entities or cause the liquidation of such CLO entities.

On December 31, 2020, the Borrower entered into an Amendment Number Eight (the “Eighth Amendment”) to that certain Second Amended and Restated Credit Agreement dated April 30, 2014 among the Borrower, the Lenders and CNB. The Eighth Amendment extended the outside maturity date of the Revolving Loan under the Credit Facility from December 31, 2020 to December 31, 2022 and removed the mechanism whereby the Revolving Loan would convert into a term loan for 12 months after the revolving period ends. The Eighth Amendment amended certain financial covenants and introduced a definition of “Borrowing Base”, which is a sum of certain assets of the Loan Parties, and added a provision that caps the total amount that can be borrowed under the Revolving Loan to the amount of the Borrowing Base if the Borrowing Base is lower than the Maximum Revolver Amount of $25 million. As of September 30, 2021 and December 31, 2020, the Borrowing Base exceeded $25 million, respectively.

The Credit Agreement provides a $25.0 million revolving line of credit (the “Revolver”) through December 31, 2022 bears interest at a rate of LIBOR plus 225 bps.

The Credit Agreement provides that the Revolver may be used, on a revolving basis, to fund specified permitted investments in collateralized loan obligation vehicles. In addition, up to $5.0 million of the Revolver may be used, on a revolving basis, to fund other types of permitted investments and acquisitions and for working capital.

As of September 30, 2021, the Borrower had drawn $4.0 million against the Revolver and had letters of credit outstanding under this facility to support office lease obligations of approximately $1.1 million in the aggregate.

The Credit Agreement contains financial and other covenants, including, but not limited to, limitations on debt, liens and investments, as well as the maintenance of certain financial covenants. A violation of any one of these covenants could result in a default under the Credit Agreement, which would permit CNB to terminate the Company’s note and require the immediate repayment of any outstanding principal and interest. As of September 30, 2021 and 2020, the Company was in compliance with the covenants under the Credit Agreement.

JMP Holding's obligations under the Credit Agreement are guaranteed by all of its wholly owned subsidiaries (other than JMP Securities and certain dormant subsidiaries) and are secured by substantially all of its and the guarantors' assets. In addition, the Company has entered into a limited recourse pledge agreement whereby the Company has granted a lien on all of our equity interests in JMP Investment Holdings and JMPAM to secure JMP Holding's obligations under the Credit Agreement.

Separately, under a Revolving Note and Cash Subordination Agreement, JMP Securities holds a $20.0 million revolving line of credit (the "Line of Credit") with CNB to be used for regulatory capital purposes during its securities underwriting activities. On June 29, 2021, JMP Securities entered Amendment Number Twelve to the Revolving Note Agreement. Pursuant to this amendment, the $20.0 million Revolving Note Agreement was extended for one year until June 30, 2022. On June 30, 2022, any existing outstanding amount under the Revolving Note will convert to a term loan maturing the following year. There was no borrowing on this Line of Credit as of June 30, 2021 and December 31, 2020, respectively. Borrowings under the Line of Credit will bear interest at a rate to be agreed upon at the time of advance between the Company and CNB.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the “CARES Act”) was enacted in response to market conditions related to the coronavirus ("COVID-19") pandemic. The CARES Act includes many measures to help companies, including providing loans to qualifying companies, under the Paycheck Protection Program (the "PPP") offered by the U.S. Small Business Administration (the “SBA”). On April 17, 2020, JMP Securities entered into a promissory note (the “PPP Loan”) with CNB as the lender (the “Lender”), pursuant to which the Lender agreed to loan the Company $3.8 million. The proceeds of the PPP Loan were available to be used to pay for payroll costs, rent and other eligible costs. As of September 30, 2021, the Company was granted forgiveness for the proceeds from the PPP Loan.

8. Other Assets and Other Liabilities

At September 30, 2021 and December 31, 2020, other assets and other liabilities consisted of the following:

(In thousands)	*September 30, 2021*		*December 31, 2020*
Accounts receivable	$	6,975	$	3,833
Prepaid expenses		4,309		6,954
Loans held for sale (1)		2,407		2,412
Other assets		91		323
Total other assets	$	13,782	$	13,522

(1)	Loans held for sale are carried at the lower of cost or fair value less cost to sell.

(In thousands)	*September 30, 2021*		*December 31, 2020*
Accounts payable & accrued liabilities	$	12,539	$	6,726
Deferred compensation liabilities		8,857		3,621
Other liabilities		521		383
Total other liabilities	$	21,917	$	10,730

9. Shareholders’ Equity

Distributions on Common Shares

On February 19, 2020, the Company suspended its quarterly cash distributions program on outstanding shares.

Self-Tender Offers

On February 24, 2020, the Company launched a tender offer (the “2020 Tender Offer”) to repurchase for cash up to 3,000,000 shares representing limited liability company interests in the Company. The 2020 Tender Offer was terminated on March 19, 2020 as a result of multiple conditions to the 2020 Tender Offer, including share price and market index conditions, not having been satisfied.

10. Share-Based Compensation

On January 27, 2015, the board of directors adopted the JMP Group LLC Amended and Restated Equity Incentive Plan (“JMP Group Plan”). The plan maintains authorization of the issuance of 4,000,000 shares, as originally approved by shareholders on April 12, 2007 and subsequently approved by shareholders on June 6, 2011. This amount is increased by any shares the Company purchases on the open market, or through any share repurchase or share exchange program, initiated by the Company unless the board of directors or its appointee determines otherwise. Upon an exercise or vesting, the Company will issue new shares from authorized but unissued shares or provide shares from treasury shares.

The following table summarizes the share-based compensation expense for the three andnine months ended September 30, 2021 and 2020.

	*Three Months Ended September 30,*				*Nine Months Ended September 30,*
(In thousands)	*2021*		*2020*		*2021*		*2020*
Restricted stock unit awards	$	541	$	353	$	1,680	$	10,008
Stock option awards		81		151		268		392
Share-based compensation expense	$	622	$	504	$	1,948	$	10,400

Share Options

The following table summarizes the share option activity for the nine months ended September 30, 2021:

	*Nine Months Ended*
	*September 30, 2021*
	*Shares Subject to Option*			*Weighted Average Exercise Price*

Balance, beginning of year		2,000,000		$	3.04
Granted		-			-
Exercised		(50,000	)	$	3.04
Forfeited		-			-
Balance, end of period		1,950,000		$	3.04

Options exercisable at end of period		450,000		$	3.04

The following table summarizes the share options outstanding as well as share options vested and exercisable as of September 30, 2021 and 2020:

September 30, 2021

Options Outstanding

Options Vested and Exercisable

Weighted

Average

Weighted

Average

Weighted

Range of

Remaining

Average

Aggregate

Remaining

Average

Aggregate

Exercise

Number

Contractual

Exercise

Intrinsic

Number

Contractual

Exercise

Intrinsic

Prices

Outstanding

Life in Years

Price

Value

Exercisable

Life in Years

Price

Value

3.04

1,950,000

3.35

3.04

8,638,500

450,000

3.35

3.04

1,993,500

September 30, 2020

Options Outstanding

Options Vested and Exercisable

Weighted

Average

Weighted

Average

Weighted

Range of

Remaining

Average

Aggregate

Remaining

Average

Aggregate

Exercise

Number

Contractual

Exercise

Intrinsic

Number

Contractual

Exercise

Intrinsic

Prices

Outstanding

Life in Years

Price

Value

Exercisable

Life in Years

Price

Value

3.04

2,000,000

4.35

3.04

The Company recognizes share-based compensation expense, net of estimated forfeitures, for share options over the vesting period using the accelerated attribution method when they are subject to graded vesting and on a straight-line basis when they are subject to cliff vesting.

As of September 30, 2021 and 2020, there was $0.3 million and $1.3 million of unrecognized compensation expense related to share options, respectively.

There were 50,000 share options exercised during the nine months ended September 30, 2021. As a result, the Company recognized $.05 million current income tax benefits from the exercise of share options during the period.

The Company uses the Black-Scholes option-pricing model or other quantitative models to calculate the fair value of option awards.

Restricted Share Units

The following table summarizes restricted share unit ("RSU") activity for the nine months ended September 30, 2021:

	*Nine Months Ended*
	*September 30, 2021*
	*Restricted Share Units*			*Weighted Average Grant Date Fair Value*

Balance, beginning of year		220,209		$	3.32
Granted		497,724			5.31
Vested		(137,719	)		4.90
Forfeited		(41,100	)		3.82
Balance, end of period		539,114		$	4.71

The aggregate fair value of RSUs vested during the nine months ended September 30, 2021 were $0.7 million. The income tax benefits realized from the vested RSUs were $0.16 million for the nine months ended September 30, 2021.

The Company recognizes compensation expense, net of estimated forfeitures, for RSUs over the vesting period using the accelerated attribution method when they are subject to graded vesting and on a straight-line basis when they are subject to cliff vesting.

For the nine months ended September 30, 2021, the Company recognized income tax benefits of $0.4 million related to the compensation expense recognized for RSUs. As of September 30, 2021, there was $1.1 million of unrecognized compensation expense related to RSUs expected to be recognized over a weighted average period of 1.5 years.

The Company pays cash distribution equivalents on certain RSUs upon vesting. Distribution equivalents paid on RSUs are generally charged to retained earnings. The Company accounts for the tax benefit related to distribution equivalents paid on RSUs as an increase in additional paid-in capital.

11. Net Income (Loss) per Common Share

Basic net income (loss) per share for the Company is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the reporting period. Diluted net income (loss) per share is calculated by adjusting the weighted average number of outstanding shares to reflect the potential dilutive impact as if all potentially dilutive share options or RSUs were exercised or converted under the treasury share method. However, for periods that the Company has a net loss, the effect of outstanding share options or RSUs is anti-dilutive and, accordingly, is excluded from the calculation of diluted loss per share.

The computations of basic and diluted net income (loss) per share for the three and nine months ended September 30, 2021 and 2020 are shown in the tables below:

(In thousands, except per share data)	*Three Months Ended September 30,*					*Nine Months Ended September 30,*
	*2021*		*2020*			*2021*		*2020*
Numerator:
Net income (loss) attributable to JMP Group LLC	$	21,819	$	(3,082	)	$	26,536	$	(13,706	)

Denominator:
Basic weighted average shares outstanding		19,894		19,628			19,860		19,581

Effect of potential dilutive securities:
Restricted share units and share options		1,406		-			1,170		-

Diluted weighted average shares outstanding		21,300		19,628			21,030		19,581

Net income (loss) per share
Basic	$	1.10	$	(0.16	)	$	1.34	$	(0.70	)
Diluted	$	1.02	$	(0.16	)	$	1.26	$	(0.70	)

Share options to purchase 2,000,000 of common shares for the three and nine months ended September 30, 2020, were anti-dilutive and, therefore, were not included in the computation of diluted weighted-average common shares outstanding.

RSUs for 231,625 and 175,118 common shares for the three and nine months ended September 30, 2020, respectively, were anti-dilutive and, therefore, were not included in the computation of diluted weighted-average common shares outstanding due to the net loss.

12. Revenue from contracts with customers

The following tables represent the Company’s total revenues from contracts with customers, disaggregated by major business activity, for the three and nine months ended September 30, 2021 and September 30, 2020, respectively.

(in thousands)	*Three Months Ended September 30, 2021*
	*Broker -Dealer*		*Asset Management*		*Eliminations*		*Total*
Total revenues from contracts with customers
Equity and debt origination	$	22,660	$	-	$	-	$	22,660
Strategic advisory and private placements		17,256		-		-		17,256
Total investment banking revenues		39,916		-		-		39,916
Commissions		2,761		-		-		2,761
Research payments		1,228		-		-		1,228
Net trading gains		139		-		-		139
Total brokerage revenues		4,128		-		-		4,128
Base management fees		-		677		-		677
Incentive management fees		-		8,126		-		8,126
Total asset management fees		-		8,803		-		8,803
Total revenues from contracts with customers	$	44,044	$	8,803	$	-	$	52,847

(in thousands)	*Three Months Ended September 30, 2020*
	*Broker -Dealer*		*Asset Management*		*Eliminations*			*Total*
Total revenues from contracts with customers
Equity and debt origination	$	16,152	$	-	$	-		$	16,152
Strategic advisory and private placements		4,722		-		-			4,722
Total investment banking revenues		20,874		-		-			20,874
Commissions		2,866		-		-			2,866
Research payments		1,258		-		-			1,258
Net trading losses		52		-		-			52
Total brokerage revenues		4,176		-		-			4,176
Base management fees		-		1,608		(25	)		1,583
Incentive management fees		-		1,328		-			1,328
Total asset management fees		-		2,936		(25	)		2,911
Total revenues from contracts with customers	$	25,050	$	2,936	$	(25	)	$	27,961

(in thousands)	*Nine Months Ended September 30, 2021*
	*Broker -Dealer*		*Asset Management*		*Eliminations*		*Total*
Total revenues from contracts with customers
Equity and debt origination	$	65,275	$	-	$	-	$	65,275
Strategic advisory and private placements		39,923		-		-		39,923
Total investment banking revenues		105,198		-		-		105,198
Commissions		9,654		-		-		9,654
Research payments		3,495		-		-		3,495
Net trading gains		275		-		-		275
Total brokerage revenues		13,424		-		-		13,424
Base management fees		-		4,070		-		4,070
Incentive management fees		-		18,003		-		18,003
Total asset management fees		-		22,073		-		22,073
Total revenues from contracts with customers	$	118,622	$	22,073	$	-	$	140,695

(in thousands)	*Nine Months Ended September 30, 2020*
	*Broker -Dealer*			*Asset Management*		*Eliminations*			*Total*
Total revenues from contracts with customers
Equity and debt origination	$	39,277		$	-	$	-		$	39,277
Strategic advisory and private placements		17,817			-		-			17,817
Total investment banking revenues		57,094			-		-			57,094
Commissions		10,580			-		-			10,580
Research payments		3,887			-		-			3,887
Net trading losses		(459	)		-		-			(459	)
Total brokerage revenues		14,008			-		-			14,008
Base management fees		-			5,017		(75	)		4,942
Incentive management fees		-			1,397		-			1,397
Total asset management fees		-			6,414		(75	)		6,339
Total revenues from contracts with customers	$	71,102		$	6,414	$	(75	)	$	77,441

13. Income Taxes

JMP Group LLC’s election to be taxed as a corporation for United States federal income tax purposes was approved by the Internal Revenue Service with an effective date of January 1, 2019. Taxable income derived from the investment activities of its previously untaxed pass-through entities will now be taxed at a U.S. federal and state corporate rate, along with the Company’s corporate subsidiaries.

For the three months ended September 30, 2021 and 2020, the Company recorded income tax expense of $6.2 million and tax benefit of $0.1 million, respectively. The effective tax rate is 22.06% and 4.4% for the three months ended September 30, 2021 and 2020, respectively. For the nine months ended September 30, 2021 and 2020, the Company recorded income tax expense of $7.9 million and tax benefit of $7.2 million, respectively. The effective tax rate is 22.79% and 34.9% for the nine months ended September 30, 2021 and 2020, respectively.

For financial reporting purposes, the Company’s effective tax rate used for the interim periods is based on the estimated full-year income tax rate. For the nine months ended September 30, 2021, the Company’s effective tax rate differs from the statutory rate primarily due to the excess tax benefit that was created after stock compensation awards were vested.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the “CARES Act”) was enacted in response to market conditions related to the coronavirus (“COVID-19”) pandemic. The CARES Act includes many measures to help companies, including changes that are temporary and non-income based tax laws, some of which were part of the Tax Cuts and Jobs Act (TCJA). One provision of the CARES Act increases the tax deduction for net operating losses from 80% to 100% for 2018 through 2020 and allows net operating losses generated in 2018 through 2020 to be carried back up to five years. The Company has made reasonable assessments in accounting for certain effects of the CARES Act that was passed. However, the provisional impacts may be refined over the prescribed measurement period.

The Company recognizes deferred tax assets and liabilities in accordance with ASC 740, Income Taxes, and are determined based upon the temporary differences between the financial reporting and tax basis of the Company’s assets and liabilities using the tax rates and laws in effect when the differences are expected to reverse.

14. Commitments and Contingencies

In connection with its underwriting activities, JMP Securities may, from time to time, enter into firm commitments for the purchase of securities in return for a fee. These commitments require JMP Securities to purchase securities at a specified price. Securities underwriting exposes JMP Securities to market and credit risk, primarily in the event that, for any reason, securities purchased by JMP Securities cannot be distributed at anticipated price levels. JMP Securities had no open underwriting commitments at both September 30, 2021 and December 31, 2020.

The marketable securities owned and the restricted cash, as well as the cash held by clearing brokers may be used to maintain margin requirements. The Company had $0.8 million and $0.5 million of cash on deposit with JMP Securities’ clearing brokers at September 30, 2021 and December 31, 2020, respectively. Furthermore, the marketable securities owned may be hypothecated or borrowed by clearing brokers.

Unfunded commitments are agreements to lend to a borrower, provided that all conditions have been met. The Company had no material unfunded commitments to lend at both September 30, 2021 and December 31, 2020.

15. Regulatory Requirements

JMP Securities is subject to the SEC’s Uniform Net Capital Rule (Rule 15c3-1), which requires the maintenance of minimum net capital, as defined, and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. JMP Securities had net capital of $58.3 million and $42.3 million, which were $56.0 million and $40.6 million in excess of the required net capital of $2.3 million and $1.7 million at September 30, 2021 and December 31, 2020 respectively. JMP Securities’ ratio of aggregate indebtedness to net capital was 0.59 to 1 and 0.62 to 1 at September 30, 2021 and December 31, 2020, respectively.

Since all customer transactions are cleared through another broker-dealer on a fully disclosed basis, JMP Securities is not required to maintain a separate bank account for the exclusive benefit of customers in accordance with Rule 15c3-3 under the Exchange Act.

16. Related Party Transactions

The Company earns base management fees and incentive fees from serving as investment advisor for various entities, including corporations, partnerships limited liability companies, and offshore investment companies. The Company also owns an investment in some of such affiliated entities. As of September 30, 2021 and December 31, 2020, the aggregate fair value of the Company’s investments in the affiliated entities for which the Company serves as the investment advisor was $10.4 million and $17.3 million, respectively, which consisted of investments in hedge and other private funds of $10.4 million and $9.8 million, for the periods, respectively and an investment in HCC common stock of zero and $7.5 million for the periods, respectively. Base management fees earnedfrom these affiliated entities were $0.7 million and $1.6 million for the three months ended September 30, 2021 and 2020. Also, the Company earned incentive fees of $8.1 million and zero, from these affiliated entities for the three months ended September 30, 2021 and 2020.

On January 9, 2018, an affiliate purchased a $0.8 million note from the Company. As of September 30, 2021, the carrying value of note payable was $0.8 million. The note bears interest at a rate of 12.5% per annum and matures November 20, 2022.

On September 19, 2017, the Company made a loan to a registered investment adviser of $3.4 million at an interest rate of 15% per year. In October 2019, the Company sold 30% of the loan, or $1.0 million, to an affiliate. As of both September 30, 2021 and December 31, 2020, the Company’s portion of the outstanding loan balance to this entity was $2.4 million. The Company determined the fair value of the loan was $2.4 million as of both September 30, 2021 and December 31, 2020 using the bid price.

On November 20, 2017, the Company entered into a purchase agreement with the same registered investment advisor for the purchase of 24.9% ownership of the entity. The Company recognized its investment using the equity method, with related gains recognized in other income. The company recognized $0.1 million and $0.1 million in other income for the three months ended September 30, 2021 and 2020, respectively. As of September 30, 2021 and December 31, 2020, the investment balance was $4.7 million and $4.5 million, respectively.

17. Litigation

The Company may be involved from to time in a number of judicial, regulatory, litigation and arbitration matters arising in connection with the business. The outcome of such matters the Company has been and/or currently is involved in cannot be determined at this time, and the results cannot be predicted with certainty. There can be no assurance that these matters will not have a material adverse effect on the results of operations in any future period and a significant outcome could have a material adverse impact on the Company’s financial condition, results of operations and cash flows.

The Company reviews the need for any loss contingency reserves and establishes reserves when, in the opinion of management, it is probable that a matter would result in liability and the amount of loss, if any, can be reasonably estimated. Generally, given the inherent difficulty of predicting the outcome of matters the Company is involved in, particularly cases in which claimants seek substantial or indeterminate damages, it is not possible to determine whether a liability has been incurred or to reasonably estimate the ultimate or minimum amount of that liability until the case is close to resolution. For these matters, no reserve is established until such time, other than for reasonably estimable legal fees and expenses. Management, after consultation with legal counsel, believes that the currently known actions or threats will not result in any material adverse effect on the Company’s financial condition, results of operations or cash flows.

18. Financial Instruments with Off-Balance Sheet Risk, Credit Risk or Market Risk

The majority of the Company’s transactions, and consequently the concentration of its credit exposure, is with its clearing brokers. The Company may enter into margin transactions in its principal trading accounts held at a clearing broker. Such margin transactions are collateralized by the Company’s cash and securities held in those accounts. Clearing brokers have the right to pledge or hypothecate such collateralized assets under the margin transaction agreement. The receivable from the clearing brokers include commissions receivable related to security transactions of customers and amounts receivable in connection with the trading of proprietary positions. The Company is also exposed to credit risk from other brokers, dealers and other financial institutions with which it transacts business. In the event that these other parties do not fulfill their obligations in the course of business dealings, the Company may be exposed to credit risk.

The Company’s trading activities include providing securities brokerage services to institutional clients. To facilitate these customer transactions, the Company purchases proprietary securities positions (“long positions”) in equity securities. The Company also enters into transactions to sell securities not yet purchased (“short positions”), which are recorded as liabilities on the Consolidated Statements of Financial Condition. The Company is exposed to market risk on these long and short securities positions as a result of decreases in market value of long positions and increases in market value of short positions. Short positions create a liability to purchase the security in the market at prevailing prices. Such transactions result in off-balance sheet market risk as the Company’s ultimate obligation to satisfy the sale of securities sold, but not yet purchased, may exceed the amount recorded in the Consolidated Statements of Financial Condition. To mitigate the risk of losses, these securities positions are marked to market daily and are monitored by management to assure compliance with limits established by the Company.

JMP Securities has agreed to indemnify its clearing brokers for losses that the clearing brokers may sustain from the accounts of customers introduced by JMP Securities. Should a customer not fulfill its obligation on a transaction, JMP Securities may be required to buy or sell securities at prevailing market prices in the future on behalf of its customer. JMP Securities’ indemnification obligations to its clearing brokers have no maximum amount. All unsettled trades at September 30, 2021 and December 31, 2020 have subsequently settled with no resulting material liability to the Company. For the nine months ended September 30, 2021 and 2020, the Company had no material loss due to counterparty failure, and had no obligations outstanding under the indemnification arrangement as of September 30, 2021 and December 31, 2020.

The Company is engaged in various investment banking and brokerage activities whose counterparties primarily include broker-dealers, banks and other financial institutions. In the event counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparty or issuer of the instrument. It is the Company’s policy to review, as necessary, the credit standing of each counterparty with which it conducts business.

Standby letters of credit are conditional commitments issued by the Company to guarantee the performance by a borrower to a third party. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on balance sheet instruments. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to borrowers. The Company had no material unfunded commitments to lend to a borrower as of September 30, 2021 and December 31, 2020.

19. Business Segments

The Company’s business results are categorized into the following four business segments: Broker-Dealer, Asset Management Fee Income, Investment Income, and Corporate Costs. The Broker-Dealer segment includes a broad range of services, such as underwriting and acting as a placement agent for public and private capital markets raising transactions and financial advisory services in M&A, restructuring and other strategic transactions. The Broker-Dealer segment also includes institutional brokerage services and equity research services to our institutional investor clients. The Asset Management Fee Income segment includes the management of a broad range of pooled investment vehicles, including the Company’s hedge funds, private equity funds, hedge funds of funds, and collateralized loan obligations (through March 2019). The Investment Income segment includes income from the Company’s principal investments in public and private securities and investment funds managed by HCS, as well as any other net interest and income from investing activities, and interest expense related to the Company's bond issuance. The Corporate Costs segment also includes expenses related to JMP Group LLC, JMP Holding LLC and JMP Group Inc., and is mainly comprised of corporate overhead expenses.

Management uses operating net income, a Non-GAAP financial measure, as a key metric when evaluating the performance of the Company's core business strategy and ongoing operations. This measure adjusts the Company’s net income as follows: (i) reverses share-based compensation expense recognized during the period, (ii) recognizes 100% of the share-based compensation expense in the period the award was granted, instead of recognizing it over the vesting period as required under GAAP, (iii) reverses amortization expense related to an intangible asset resulting from the repurchase of a portion of the equity of CLO III prior to March 31, 2019; (iv) unrealized gains or losses on commercial real estate investments, adjusted for non-cash expenditures, including depreciation and amortization; (v) reverses net unrealized gains and losses on strategic equity investments and warrants; (vi) reverses any impairment of CLO debt securities recognized in principal transactions, (vii) reverses one-time transaction costs related to the refinancing or repurchase of debt; and (viii) a combined federal, state and local income tax rate of 26% at the consolidated taxable parent company, JMP Group LLC. In management's view of the Company's performance, these charges may obscure the Company’s operating income and complicate an assessment of the Company’s core business activities. The operating pre-tax net income facilitates a meaningful comparison of the Company’s results from period to period.

Segment Operating Results

Discussed below is our Operating Net Income by segment. This information is reflected in a manner utilized by management to assess the financial operations of the Company's various business lines.

	*Three Months Ended September 30, 2021*
(In thousands)	*Broker-Dealer*		*Asset Management*						*Corporate Costs*			*Eliminations*		*Total Segments*		*Adjustments*				*Consolidated GAAP*
			*Asset Management Fee Income*		*Investment Income*		*Total Asset Management*
Revenues
Investment banking	$	39,916	$	-	$	-	$	-	$	-		$	-	$	39,916	$	-			$	39,916
Brokerage		4,128		-		-		-		-			-		4,128		-				4,128
Asset management related fees		807		9,634		1,221		10,855		-			-		11,662		(2,859	)	(a)		8,803
Principal transactions		909		-		21,020		21,020		-			-		21,929		(3,654	)	(b)		18,275
Other income		-		-		-		-		-			-		-		2,900		(a)		2,900
Net interest income		-		-		726		726		-			-		726		(25	)	(c)		701
Gain (loss) on repurchase, reissuance or early retirement of debt		3,848		-		-		-		-			-		3,848		(795	)	(d)		3,053
Net dividend income		-		-		9		9		-			-		9		-				9
Total net revenues		49,608		9,634		22,976		32,610		-			-		82,218		(4,433	)			77,785

Non-interest expenses		38,279		6,435		2,484		8,919		3,169			-		50,367		(598	)	(e)		49,769

Operating income (loss) before taxes		11,329		3,199		20,492		23,691		(3,169	)		-		31,851		(3,835	)			28,016

Income tax expense (benefit)		2,946		831		5,328		6,159		(824	)		-		8,281		(2,100	)	(f)		6,181
Net income attributable to non-controlling interest		-		-		-		-		-			-		-		16		(a),(c),(e)		16

Operating net income (loss)	$	8,383	$	2,368	$	15,164	$	17,532	$	(2,345	)	$	-	$	23,570	$	(1,751	)	(g)	$	21,819

	*As of September 30, 2021*
(In thousands)	*Broker-Dealer*		*Asset Management*						*Corporate Costs*		*Eliminations*			*Total Segments*		*Adjustments*		*Consolidated GAAP*
			*Asset Management Fee Income*		*Investment Income*		*Total Asset Management*
Segment assets	$	111,650	$	16,120	$	85,711	$	101,831	$	210,480	$	(184,175	)	$	239,786	$	-	$	239,786

(a)	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.
(b)	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.
(c)	Total segment net dividend income and net interest income exclude those attributable to non-controlling interests.
(d)	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.
(e)	Total segments non-interest expenses exclude compensation expense recognized under GAAP related to equity awards and expenses attributable to non-controlling interests.
(f)	Total segment income tax (benefit) assumes a combined federal, state and local income tax rate of 26%.
(g)	Operating net income (loss) is reconciled to GAAP net income (loss) attributable to JMP Group LLC.

	*Three Months Ended September 30, 2020*
(In thousands)	*Broker-Dealer*		*Asset Management*						*Corporate Costs*			*Eliminations*			*Total Segments*		*Adjustments*				*Consolidated GAAP*
			*Asset Management Fee Income*		*Investment Income*		*Total Asset Management*
Revenues
Investment banking	$	20,874	$	-	$	-	$	-	$	-		$	-		$	20,874	$	-			$	20,874
Brokerage		4,176		-		-		-		-			-			4,176		-				4,176
Asset management related fees		8		3,101		380		3,481		-			(37	)		3,452		(541	)	(a)		2,911
Principal transactions		188		-		954		954		-			-			1,142		(3,879	)	(b)		(2,737	)
Net dividend income		-		-		42		42		-			-			42		(38	)	(c )		4
Other income		-		-		-		-		-			-			-		841		(a)		841
Net interest income		-		-		581		581		-			-			581		(26	)	(c )		555
Gain on repurchase, reissuance or early retirement of debt		-		-		-		-		-			-			-		-		(d )		-
Total net revenues		25,246		3,101		1,957		5,058		-			(37	)		30,267		(3,643	)			26,624

Non-interest expenses		21,916		2,891		350		3,241		2,342			(37	)		27,462		2,435		(e )		29,897

Operating income (loss) before taxes		3,330		210		1,607		1,817		(2,342	)		-			2,805		(6,078	)			(3,273	)

Income tax expense (benefit)		866		54		418		472		(609	)		-			729		(857	)	(f )		(128	)
Net loss attributable to non-controlling interest		-		-		-		-		-			-			-		(63	)	(a), (c ), (e )		(63	)

Operating net income (loss)	$	2,464	$	156	$	1,189	$	1,345	$	(1,733	)	$	-		$	2,076	$	(5,158	)	(g )	$	(3,082	)

	*As of September 30, 2020*
(In thousands)	*Broker-Dealer*		*Asset Management*						*Corporate Costs*		*Eliminations*			*Total Segments*		*Adjustments*		*Consolidated GAAP*
			*Asset Management Fee Income*		*Investment Income*		*Total Asset Management*
Segment assets	$	56,266	$	12,034	$	74,648	$	86,681	$	227,129	$	(157,421	)	$	212,655	$	-	$	212,655

(a)	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.
(b)	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.
(c)	Total segment net dividend income and net interest income exclude those attributable to non-controlling interests.
(d)	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.
(e)	Total segments non-interest expenses exclude compensation expense recognized under GAAP related to equity awards and expenses attributable to non-controlling interests.
(f)	Total segment income tax (benefit) assumes a combined federal, state and local income tax rate of 26%.
(g)	Operating net income (loss) is reconciled to GAAP net income (loss) attributable to JMP Group LLC.

	*Nine Months Ended September 30, 2021*
(In thousands)	*Broker-Dealer*		*Asset Management*						*Corporate Costs*		*Eliminations*		*Total Segments*		*Adjustments*		*Consolidated GAAP*
			*Asset Management Fee Income*		*Investment Income*		*Total Asset Management*
Revenues
Investment banking	$	105,198	$	-	$	-	$	-	$	-	$	-	$	105,198	$	-	$	105,198
Brokerage		13,424		-		-		-		-		-		13,424		-

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JMP GROUP LLC 10-Q