Through March 31, 2021, includes assets managed by HCAP Advisors. Includes assets managed by Harvest Capital Strategies and JMP Asset Management on behalf of third parties. Consequently, CLO assets managed by Medalist are no longer considered among assets under management by sponsored funds.Ī summary of the company’s client assets under management for the quarter ended June 30, 2021, and for comparable prior periods, is set forth below. Additionally, on June 30, 2021, JMP Group sold its minority interest in Medalist Partners Corporate Finance, a manager of collateralized loan obligations, to Medalist Partners. On June 9, 2021, Portman Ridge Finance Corporation closed its acquisition of Harvest Capital Credit Corporation, which had been externally managed by JMP Group subsidiary HCAP Advisors, and the investments transferred in the transaction are no longer considered among JMP Group’s client assets under management. The year-over-year differences are primarily due to aggregate incentive fees of $9.8 million recorded in connection certain fund strategies for the quarter ended June 30, 2021. For the six months ended June 30, 2021, asset management fees were $13.3 million, compared to $3.4 million for the six months ended June 30, 2020. Total capital markets revenues, which consist of net brokerage revenues produced by the institutional equities division in addition to equity and debt origination revenues generated by the investment banking division, were $20.3 million and $51.9 million for the quarter and six months ended June 30, 2021, respectively, compared to $20.2 million and $33.0 million for the quarter and six months ended June 30, 2020, respectively.Īsset management fees were $11.1 million for the quarter, compared to $1.7 million for the quarter ended June 30, 2020. For the six months ended June 30, 2021, net brokerage revenues were $9.3 million, a decrease of 5.5% from $9.8 million for the six months ended June 30, 2020. Net brokerage revenues were $3.4 million for the quarter, a decrease of 39.9% from $5.6 million for the quarter ended June 30, 2020. For the six months ended June 30, 2021, investment banking revenues were $65.3 million, an increase of 80.2% from $36.2 million for six months ended June 30, 2020.Ī summary of the company’s investment banking revenues and transaction counts for the quarter and six months ended June 30, 2021, and for comparable prior periods, is set forth below. Investment banking revenues were $32.7 million for the quarter, an increase of 51.5% from $21.6 million for the quarter ended June 30, 2020. Note: Due to rounding, numbers in columns above may not sum to totals presented.įor more information about operating net income, including a reconciliation to net income, see the section below titled “Non-GAAP Financial Measures.” We built on our momentum in July and feel confident about the third quarter, given a strong backlog and active dialogs with an ever-growing number of corporate clients.” “In our advisory business, we reached the $50 million mark for total fee revenues over the latest 12 months and are thrilled that our investment in people continues to pay off. “Through June of this year, we underwrote 19 IPOs, compared to 20 last year on the whole, and bookran nine transactions, versus nine throughout 2020. “For the six months ended in June, JMP Securities’ investment banking revenues were up 80% year over year,“ said Mark Lehmann, president of JMP Group and CEO of JMP Securities. “During the quarter, we successfully monetized certain principal investments, enabling us to call $25.0 million of our fixed-rate debt and reducing our long-term borrowings to less than $50.0 million as of July.” “On a trailing-four-quarters basis, our operating earnings were a record $1.00 per share, representing a 32.9% return on average equity. “JMP Group’s operating earnings of $0.29 per share for the June quarter mark the second-best quarter in our company’s history, driven by strong advisory revenues at JMP Securities, record results in our asset management business, and investment income that well exceeded our corporate costs,” said Joe Jolson, chairman and CEO of JMP Group. Net income/(loss) attributable to JMP Group per shareįor more information about operating net income, including a reconciliation to net income, and adjusted book value per share, including a reconciliation to book value per share, see the section below titled “Non-GAAP Financial Measures.” Net income/(loss) attributable to JMP Group
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