SAN FRANCISCO–(BUSINESS WIRE)–JMP Group LLC (NYSE: JMP),
an investment banking and alternative asset management firm, announced
that today its board of directors has declared a regular cash dividend
of $0.04 per share for the first quarter of 2019 to be paid on Friday,
May 31, 2019, to common stockholders of record as of Friday, May 17,
2019.
As announced on January 17, 2019, JMP Group filed an election with the
Internal Revenue Service to be treated as a C corporation for tax
purposes, rather than as a partnership, with an effective date
retroactive to January 1, 2019. The Internal Revenue Service has since
approved the change in the company’s tax status. As a result, monthly
cash distributions that were declared in advance of each period while
the company was taxed as a partnership have been replaced with quarterly
cash dividends declared subsequent to each period, in keeping with the
company’s practices when it was a corporation prior to 2015.
“The value of our partnership structure was essentially eliminated by
recent changes to tax law,” said Chairman and Chief Executive Officer
Joe Jolson. “While we expect to pay more income tax going forward, our
pre-tax income should be higher because of cost savings, and we expect
to retain more of our operating income to fuel faster organic growth of
our core businesses. Our board of directors has set a quarterly dividend
rate that, when annualized, approximates 50% of our expected annual
operating earnings for 2019.”
About JMP Group
JMP Group LLC is a diversified capital markets firm that provides
investment banking, equity research, and sales and trading services to
corporate and institutional clients as well as alternative asset
management products and services to institutional and high-net-worth
investors. JMP Group conducts its investment banking and research, sales
and trading activities through JMP Securities; its hedge fund, venture
capital and private capital activities through Harvest Capital
Strategies and JMP Asset Management; and the management of Harvest
Capital Credit Corporation (NASDAQ: HCAP), a business development
company, through HCAP Advisors. For more information, visit www.jmpg.com.
Contacts
Investor Relations Contact
JMP Group LLC
Andrew Palmer
(415)
835-8978
[email protected]
Media Relations Contacts
Dukas Linden Public Relations, Inc.
Zach
Leibowitz
(646) 722-6528
[email protected]
Alyssa Noud
(646) 722-6525
[email protected]
