Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 23, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Entity Registrant Name | JMP GROUP LLC | ||
Entity Central Index Key | 1,302,350 | ||
Trading Symbol | jmp | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 21,551,792 | ||
Entity Public Float | $ 60,900,267 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and cash equivalents | $ 85,594 | $ 85,492 |
Restricted cash | 51,727 | 227,656 |
Investment banking fees receivable, net of allowance for doubtful accounts of $159 and zero as of December 31, 2017 and 2016 | 9,567 | 5,681 |
Marketable securities owned, at fair value | 20,825 | 18,722 |
Incentive fee receivable | 413 | 499 |
Other investments (includes $18,450 and $21,459 measured at fair value at December 31, 2017 and 2016, respectively) | 27,984 | 32,869 |
Loans held for sale | 32,488 | |
Loans held for investment, net of allowance for loan losses | 83,948 | 1,930 |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 765,583 | 654,127 |
Interest receivable | 2,259 | 3,429 |
Cash collateral posted for total return swap | 25,000 | |
Fixed assets, net | 2,322 | 3,143 |
Other assets | 26,404 | 34,794 |
Total assets | 1,076,626 | 1,125,830 |
Liabilities: | ||
Marketable securities sold, but not yet purchased, at fair value | 7,919 | 4,747 |
Accrued compensation | 43,131 | 36,158 |
Asset-backed securities issued (net of debt issuance costs of $4,773 and $3,271 at December 31, 2017 and 2016, respectively) | 738,248 | 825,854 |
Interest payable | 6,512 | 6,317 |
CLO V Warehouse Facility | 61,250 | |
Bond payable (net of debt issuance costs of $2,810 and $2,042 at December 31, 2017 and 2016, respectively) | 93,103 | 91,785 |
Other liabilities | 16,284 | 25,675 |
Total liabilities | 966,447 | 990,536 |
Commitments and Contingencies (Footnote 14) | ||
Common share, $0.001 par value, 100,000,000 shares authorized; 22,780,052 shares issued at both December 31, 2017 and 2016; 21,729,079 and 21,282,977 shares outstanding at December 31, 2017 and 2016, respectively | 23 | 23 |
Additional paid-in capital | 134,719 | 135,945 |
Treasury share, at cost, 1,050,973 and 1,322,998 shares at December 31, 2017 and 2016, respectively | (5,955) | (7,792) |
Accumulated deficit | (32,452) | (8,799) |
Total JMP Group LLC stockholders' equity | 96,335 | 119,377 |
Nonredeemable Non-controlling Interest | 13,844 | 15,917 |
Total equity | 110,179 | 135,294 |
Total liabilities and equity | 1,076,626 | 1,125,830 |
Restricted cash | 51,727 | 227,656 |
Loans held for sale | 32,488 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 765,583 | 654,127 |
Interest receivable | 2,259 | 3,429 |
Other assets | 26,404 | 34,794 |
Total assets | 1,076,626 | 1,125,830 |
Total liabilities | 966,447 | 990,536 |
Variable Interest Entity (VIE) or Potential VIE, Information Unavailability [Member] | ||
Assets | ||
Restricted cash | 43,050 | 225,777 |
Loans held for sale | 32,488 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 765,583 | 654,127 |
Interest receivable | 1,918 | 2,180 |
Other assets | 568 | 178 |
Total assets | 811,119 | 914,750 |
Liabilities: | ||
Asset-backed securities issued (net of debt issuance costs of $4,773 and $3,271 at December 31, 2017 and 2016, respectively) | 738,248 | 825,854 |
Interest payable | 5,346 | 4,580 |
Other liabilities | 1,221 | 1,192 |
Total liabilities | 744,815 | 831,626 |
Restricted cash | 43,050 | 225,777 |
Loans held for sale | 32,488 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 765,583 | 654,127 |
Interest receivable | 1,918 | 2,180 |
Other assets | 568 | 178 |
Total assets | 811,119 | 914,750 |
Total liabilities | $ 744,815 | $ 831,626 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance for doubtful accounts | $ 159 | $ 0 |
Investments at fair value | 18,450 | 21,459 |
Asset-backed securities issued, net of debt issuance costs | 4,773 | 3,271 |
Bond payable, net of debt issuance costs | $ 2,810 | $ 2,042 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, issued (in shares) | 22,780,052 | 22,780,052 |
Common stock, outstanding (in shares) | 21,729,079 | 21,282,977 |
Treasury shares (in shares) | 1,050,973 | 1,322,998 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | |||
Investment banking | $ 77,322 | $ 55,353 | $ 63,116 |
Brokerage | 21,129 | 23,755 | 25,577 |
Asset management fees | 18,049 | 26,791 | 24,791 |
Principal transactions | (6,437) | 16,182 | 7,409 |
Gain (loss) on sale, payoff and mark-to-market of loans | 797 | (1,918) | (1,604) |
Net dividend income | 1,188 | 999 | 1,041 |
Other income | 1,351 | 1,407 | 943 |
Non-interest revenues | 113,399 | 122,569 | 121,273 |
Interest income | 41,159 | 46,784 | 50,801 |
Interest expense | (33,702) | (32,790) | (29,740) |
Net interest income | 7,457 | 13,994 | 21,061 |
Gain (loss) repurchase/early retirement of debt | (6,107) | ||
Provision for loan losses | (4,363) | (1,586) | (1,090) |
Total net revenues after provision for loan losses | 110,386 | 134,977 | 141,244 |
Non-interest expenses | |||
Compensation and benefits | 90,601 | 101,233 | 103,560 |
Administration | 7,464 | 7,024 | 7,229 |
Brokerage, clearing and exchange fees | 3,209 | 3,110 | 3,378 |
Travel and business development | 4,034 | 4,771 | 4,746 |
Communications and technology | 4,308 | 4,172 | 3,929 |
Occupancy | 4,418 | 3,901 | 3,657 |
Professional fees | 4,407 | 4,399 | 4,313 |
Depreciation | 1,162 | 1,280 | 1,177 |
Other | 2,410 | 2,273 | 2,243 |
Total non-interest expenses | 122,013 | 132,163 | 134,232 |
Net income (loss) before income tax expense | (11,627) | 2,814 | 7,012 |
Income tax expense (benefit) | 1,744 | (4,648) | 221 |
Net income (loss) | (13,371) | 7,462 | 6,791 |
Less: Net income attributable to nonredeemable non-controlling interest | 2,512 | 4,536 | 6,999 |
Net income (loss) attributable to JMP Group LLC | $ (15,883) | $ 2,926 | $ (208) |
Net income (loss) attributable to JMP Group LLC per common share: | |||
Basic (in dollars per share) | $ (0.74) | $ 0.14 | $ (0.01) |
Diluted (in dollars per share) | (0.74) | 0.13 | (0.01) |
Distribution Per Share (in dollars per share) | $ 0.36 | $ 0.39 | $ 0.486 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 21,579 | 21,105 | 21,237 |
Diluted (in shares) | 21,579 | 21,841 | 21,237 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income (loss) | $ (13,371) | $ 7,462 | $ 6,791 |
Comprehensive income (loss) | (13,371) | 7,462 | 6,791 |
Less: Comprehensive income attributable to non-controlling interest | 2,512 | 4,536 | 6,999 |
Comprehensive income (loss) attributable to JMP Group LLC | $ (15,883) | $ 2,926 | $ (208) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2014 | 22,780 | |||||
Balance at Dec. 31, 2014 | $ 23 | $ (10,316) | $ 134,800 | $ 8,090 | $ 156,332 | $ 288,929 |
Adjustment for adoption of new consolidation guidance | (126,934) | (126,934) | ||||
Net income (loss) | (208) | 6,999 | 6,791 | |||
Additional paid-in capital - share-based compensation | 244 | 244 | ||||
Additional paid-in capital - excess tax benefit related to share-based compensation | (157) | (157) | ||||
Distribution and distribution equivalents declared on common share and restricted share units | (11,033) | (11,033) | ||||
Purchases of shares of common share for treasury | (4,432) | (4,432) | ||||
Reissuance of shares of common share from treasury | 7,985 | 116 | 8,101 | |||
Distributions to non-controlling interest holders | (9,079) | (9,079) | ||||
Capital contributions from non-controlling interest holders | 464 | 464 | ||||
Balance (in shares) at Dec. 31, 2015 | 22,780 | |||||
Balance at Dec. 31, 2015 | $ 23 | (6,763) | 135,003 | (3,151) | 27,782 | 152,894 |
Net income (loss) | 2,926 | 4,536 | 7,462 | |||
Additional paid-in capital - share-based compensation | (282) | (282) | ||||
Additional paid-in capital - excess tax benefit related to share-based compensation | 46 | 46 | ||||
Distribution and distribution equivalents declared on common share and restricted share units | (8,574) | (8,574) | ||||
Purchases of shares of common share for treasury | (6,310) | (6,310) | ||||
Reissuance of shares of common share from treasury | 5,281 | 63 | 5,344 | |||
Distributions to non-controlling interest holders | (7,077) | (7,077) | ||||
Purchase of subsidiary shares from non-controlling interest holders | 1,115 | (9,324) | (8,209) | |||
Balance (in shares) at Dec. 31, 2016 | 22,780 | |||||
Balance at Dec. 31, 2016 | $ 23 | (7,792) | 135,945 | (8,799) | 15,917 | 135,294 |
Net income (loss) | (15,883) | 2,512 | (13,371) | |||
Additional paid-in capital - share-based compensation | (1,448) | (1,448) | ||||
Distribution and distribution equivalents declared on common share and restricted share units | (7,770) | (7,770) | ||||
Purchases of shares of common share for treasury | (3,562) | (3,562) | ||||
Reissuance of shares of common share from treasury | 5,399 | 222 | 5,621 | |||
Distributions to non-controlling interest holders | (4,677) | (4,677) | ||||
Capital contributions from non-controlling interest holders | 92 | 92 | ||||
Balance (in shares) at Dec. 31, 2017 | 22,780 | |||||
Balance at Dec. 31, 2017 | $ 23 | $ (5,955) | $ 134,719 | $ (32,452) | $ 13,844 | $ 110,179 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (13,371) | $ 7,462 | $ 6,791 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Provision for doubtful accounts | 176 | (7) | |
Provision for loan losses | 4,363 | 1,586 | 1,090 |
Accretion of deferred loan fees | (2,281) | (2,351) | (1,827) |
Amortization of liquidity discount, net | 886 | (146) | (131) |
Amortization of debt issuance costs | 421 | 433 | 423 |
Amortization of original issue discount, related to CLOs | 1,133 | 2,431 | 1,457 |
Interest paid in kind | (53) | (198) | |
(Gain) loss on sale and payoff of loans and mark-to-market of loans | (797) | 1,918 | 1,604 |
(Gain) loss on repurchase of asset-backed securities and bonds issued | 6,107 | (87) | |
Change in other investments: | |||
(Gain) loss from principal transactions | 6,360 | (2,200) | (159) |
Unrealized gain (loss) on other equity investments | (1,893) | 1,061 | (3,573) |
Incentive fees reinvested in general partnership interests | (3,614) | ||
Change in fair value of total return swap | 412 | (3,064) | 1,950 |
Realized gain (loss) on other investments | 446 | (8,003) | (3,395) |
Depreciation and amortization of fixed assets | 1,162 | 1,280 | 1,177 |
Share-based compensation expense | 2,955 | 5,761 | 8,345 |
Net change in operating assets and liabilities: | |||
Decrease (increase) in interest receivable | 1,170 | 191 | (735) |
Decrease (increase) in receivables | (3,976) | 11,261 | 10,064 |
Decrease (increase) in marketable securities | (2,103) | 9,771 | 973 |
Decrease (increase) in restricted cash (excluding restricted cash reserved for lending activities) | (2,594) | 1,050 | 814 |
Decrease (increase) in other assets | (723) | 2,618 | 9,232 |
(Decrease) increase in marketable securities sold, but not yet purchased | 3,172 | (8,537) | (1,764) |
(Decrease) increase in interest payable | 195 | 940 | (191) |
Decrease in accrued compensation and other liabilities | (733) | (3,996) | (32,136) |
Net cash provided by (used in) operating activities | 487 | 8,878 | (3,810) |
Cash flows from investing activities: | |||
Purchases of fixed assets | (341) | (494) | (2,873) |
Purchases of other investments | (6,362) | (7,555) | (22,727) |
Sales or distributions of other investments | 14,584 | 46,582 | 46,952 |
Funding of loans collateralizing asset-backed securities issued | (507,556) | (304,606) | (291,660) |
Funding of loans held for investment | (81,972) | (640) | |
Sale of loans collateralizing asset-backed securities issued | 348,574 | 519,063 | 289,720 |
Sale of loans held for investment | 1,000 | ||
Sale of participating interest in loans held for investment | 1,030 | ||
Sale of loans held for sale | 31,199 | ||
Principal receipts on loans collateralizing asset-backed securities issued | 41,001 | 68,030 | 70,387 |
Principal receipts on loans held for investment | 1,701 | 274 | 240 |
Principal receipts on loans held for sale | 1,784 | ||
Net change in restricted cash reserved for lending activities | 178,523 | (176,134) | (1,552) |
Net changes in cash collateral posted for total return swap | 25,000 | (25,000) | |
Cash associated with consolidation / deconsolidation of subsidiaries | (260) | ||
Net cash provided by investing activities | 48,165 | 145,160 | 62,587 |
Cash flows from financing activities: | |||
Proceeds from bond issuance | 50,000 | ||
Proceeds from drawdowns of CLO V warehouse facility | 61,250 | ||
Proceeds from asset-backed securities issued | 408,394 | ||
Payments of debt issuance costs | (1,964) | ||
Redemption/repurchase of bonds payable | (47,914) | (385) | |
Repayment of asset-backed securities issued | (503,617) | (106,800) | (68,202) |
Distribution and distribution equivalents paid on common shares and RSUs | (7,770) | (8,362) | (10,182) |
Purchases of common shares for treasury | (2,084) | (4,155) | (1,214) |
Capital contributions of nonredeemable non-controlling interest holders | 92 | 464 | |
Distributions to non-controlling interest shareholders | (4,677) | (7,077) | (9,079) |
Purchase of subsidiary shares from non-controlling interest holders | (8,209) | ||
Employee taxes paid on shares withheld for tax-withholding purposes | (1,478) | (2,109) | (3,375) |
Proceeds from exercise of share options | 1,218 | ||
Net cash used in financing activities | (48,550) | (137,097) | (91,588) |
Net increase (decrease) in cash and cash equivalents | 102 | 16,941 | (32,811) |
Cash and cash equivalents, beginning of period | 85,492 | 68,551 | 101,362 |
Cash and cash equivalents, end of period | 85,594 | 85,492 | 68,551 |
Supplemental disclosures of cash flow information: | |||
Cash paid during the period for interest | 33,508 | 31,378 | 27,912 |
Cash paid during the period for taxes | 2,420 | 961 | 697 |
Non-cash investing and financing activities: | |||
Reissuance of common shares from treasury related to vesting of restricted share units and exercises of share options | 5,399 | 5,281 | 7,985 |
Distributions declared but not yet paid | 652 | 639 | 851 |
Acquisition of equity securities in restructuring of loans | $ 1,023 |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. JMP Group LLC, together with its subsidiaries (collectively, the “Company”), is a diversified capital markets firm headquartered in San Francisco, California. The Company conducts its brokerage business through JMP Securities LLC (“JMP Securities”), its asset management business through Harvest Capital Strategies LLC (“HCS”), HCAP Advisors LLC (“HCAP Advisors”), JMP Asset Management LLC (“JMPAM”), and JMP Credit Advisors LLC (“JMPCA”), and certain principal investments through JMP Investment Holdings LLC (“JMP Investment Holdings”) and other subsidiaries. The above entities, other than HCAP Advisors, are wholly-owned subsidiaries. JMP Securities is a U.S. registered broker-dealer under the Securities Exchange Act of 1934, not not 1940, two one two one January 2015 November 2017 Recent Transactions On June 29, 2017, $456.9 100% not June 29, 2017. On July 31, 2017, $200 may twelve July 30, 2018, ten On November 28, 2017, $50.0 7.25% "2017 2017 2027, may November 28, 2020, 7.25% February 15, May 15, August 15, November 15 February 2018. On December 26, 2017 the Company redeemed the 2014 Senior Notes. In connection with the redemption, the Company recorded losses on early retirement of debt related to unamortized bond issuance costs of $ 0.8 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Presentation The consolidated accounts of the Company include the wholly-owned subsidiaries and the partially-owned subsidiaries of which we are 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 December 31, 2017 December 31, 2016 third The Company performs consolidation analyses on entities to identify variable interest entities (“VIEs”) and determine the appropriate accounting treatment. An entity is considered a VIE and, therefore, would be subject to the consolidation provisions of ASC 810 10 15 not not 2015 2, Amendments to Consolidation Analysis February 2015, 810, Consolidation JMPCA manages JMP Credit Advisors CLO I Ltd. (“CLO I”) (through the first 2017 second 2017 The Company assesses whether the CLOs meet the definition of a VIE, and whether the Company qualifies as the primary beneficiary. CLOs determined not December 31, 2016, 94%, 98%, third first second 2017, 5 8 Upon the securitization of the CLO III loan portfolio on September 30, 2014, September 30, 2014, 13.5% third 13.5% 46.7% not Upon the securitization of the CLO IV loan portfolio on June 29, 2017, the Company performed a consolidation analysis to determine appropriate consolidation treatment. As of June 29, 201 7 100% third The Company performed a consolidation analysis for CLO V, and concluded it was not 100% HCS currently manages several asset management funds, which are structured as limited partnerships, and is the general partner of each. T he Company assesses whether these partnerships meet the definition of VIEs in accordance with ASC 810 10 15 14, not may not not The Company performed the consolidation analysis for HCAP Advisors, and concluded it was a VIE, based on insufficient equity at risk. As a result, the Company is considered the primary beneficiary and consolidates the assets and liabilities of HCAP Advisors. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ( “GAAP”) requires the use of estimates and assumptions that affect both the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results may Revenue Recognition Investment banking revenues Investment banking revenues consist of underwriting revenues, strategic advisory revenues and private placement fees, and are recorded when the underlying transaction is completed under the terms of the relevant agreement. Underwriting revenues arise from securities offerings in which the Company acts as an underwriter and include management fees, selling concessions and underwriting fees, net of related syndicate expenses. Management fees and selling concessions are recorded on the trade date, which is typically the day of pricing an offering (or the following day) and underwriting fees, net of related syndicate expenses, at the time the underwriting is completed and the related income is reasonably determinable. For these transactions, management estimates the Company ’s share of the transaction-related expenses incurred by the syndicate, and recognizes revenues net of such expense. On final settlement, typically 90 not may 144A Brokerage revenues Brokerage revenues consist of (i) commissions resulting from equity securities transactions executed as agent or principal and are recorded on a trade date basis, (ii) related net trading gains and losses from market making activities and from the commitment of capital to facilitate customer orders and (iii) fees paid for equity research. For the years ended December 31, 2017, 2016, 2015, re $0.8 mi $0.6 $1.2 three may no may In these commission-sharing or tri-party arrangements, the amount of the fee is determined by the client on a case-by-case basis and agreed to by the Company. An invoice is then sent to the payor. For the second third ability is reasonably assured. None not third Asset Management Fees Asset management fees for hedge funds, hedge funds of funds, private equity funds, and HCC include base management fees and incentive fees earned from managing a family of investment partnerships and a publicly-traded specialty finance company. The Company recognizes base management fees on a monthly basis over the period in which the investment services are performed. Base management fees earned by the Company are generally based on the fair value of assets under management (“AUM”) or aggregate capital commitments and the fee schedule for each fund and account. Base management fees for hedge funds and hedge funds of funds are calculated at the investor level using their quarter-beginning capital balance adjusted for any contributions or withdrawals. Base management fees for private equity funds are calculated at the investor level using their aggregate capital commitments during the commitment period, which is generally three first not Asset management fees for the CLOs the Company managed through the year included senior and subordinated base management fees. We recognize base management fees for the CLOs on a monthly basis over the period in which the collateral management services are performed. The base management fees for the CLOs are calculated as a percentage of the average aggregate collateral balances for a specified period. As the Company consolidates the CLOs, the management fees earned at JMPCA from the CLOs are eliminated upon consolidation. At December 31, 2017, 0.50% 0.33% were 0.50% of the a Principal transactions Principal transaction revenues include realized and unrealized net gains and losses resulting from our principal investments in equity and other securities for the Company ’s account and in equity-linked warrants received from certain investment banking clients, limited partner investments in private funds managed by third The Company ’s principal transaction revenues for these categories for the years ended December 31, 2017, 2016 2015 (In thousands ) Year Ended December 31 , 201 7 201 6 201 5 Equity and other securities excluding non-controlling interes t $ (431) $ 1,389 $ 1,668 Warrants and other investment s (6,885 ) 14,581 2,510 Investment partnership s 879 212 3,231 Total principal transaction revenue s $ (6,437 ) $ 16,182 $ 7,409 The Company has included from revenues from certain other incestments of $1.2 $0.7 $0.1 December 31, 2017, 2016, 2015, Gain and Loss on Sale , Payoff and Mark-to-market of Loans Gain and loss on sale, payoff and mark-to-market of loans consists of gains from the sale and payoff of loans collateralizing asset-backed securities, loans held for investment, and loans held for sale at JMP Investment Holdings. Gains are recorded when the proceeds exceed the carrying value of the loan. This line item also includes lower of cost or market adjustments arising from loans held for sale. I nterest Income Interest income primarily relates to income earned on loans. Interest income on loans comprises the stated coupon as a percentage of the face amount receivable as well as accretion of purchase discounts and deferred fees . Interest income is recorded on the accrual basis in accordance with the terms of the respective loans unless such loans are placed on non-accrual status. Interest Expense Interest expense primarily consists of interest expense incurred on asset-backed securities issued, notes payable, CLO V warehouse credit facility, and the amortization of bond issuance costs. Interest expense on asset-backed securities issued is the stated coupon as a percentage of the principal amount payable adjusted for amortization of any discounts. See Asset- Backed Securities Issued Cash and Cash Equivalents The Company considers highly liquid investments with original maturities or remaining maturities upon purchase of three of such investments. Restricted Cash and Deposits Restricted cash and deposits include principal and interest payments that are collateral for the asset-backed securities issued by CLOs. They also include cash collateral supporting standby letters of credit issued by JMP Credit and cash on deposit for operating leases. Restricted cash consisted of the following at December 31, 2017 2016: As of December 31, (In thousands ) 201 7 201 6 Principal and interest payments held as collateral for asset-backed securities issued $ 43,050 $ 225,777 Principal and interest payments held to secure borrowing under credit facilities 5,301 - Customer escrow accoun t - 408 Cash collateral supporting standby letters of credi t 1,905 - Deposits for operating lease s 1,471 1,471 $ 51,727 $ 227,656 Receivable from Clearing Broker The Company clears customer transactions through another broker-dealer on a fully disclosed basis. At both December 31, 2017 December 31, 2016, Investment Banking Fees Receivable Investment banking fees receivable includes receivables relating to the Company ’s investment banking or advisory engagements. The Company records an allowance for doubtful accounts on these receivables on a specific identification basis. Investment banking fees receivable which are deemed to be uncollectible are charged off and deducted from the allowance. The allowance for doubtful accounts related to investment banking fees receivable was $159 zero December 31, 2017 2016, Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 4 Most of the Company ’s financial instruments, other than loans collateralizing asset-backed securities issued, loans held for investment, and asset-backed securities issued, are recorded at fair value or amounts that approximate fair value. Marketable securities owned, other investments at fair value, and marketable securities sold, but not Fair value of the Company ’s financial instruments is generally obtained from quoted market prices, third not For disclosure purpo ses, the fair values for each of the loans held in the CLOs were calculated using third third four December 31, 2017. third three December 31, 2016. third Marketable securities owned and securities sold, but not U.S. listed and over-the-counter (“OTC”) equity securities. Other investments include investments in private investment funds managed by the Company and investments in private investment funds managed by third not may not may not The Company estimates the fair value of its investments in private investment funds managed by third , as a practical expedient. The Company uses the fair value option which allows an entity to report selected financial assets and financial liabilities at fair value. The fair value of those assets and liabilities for which the fair value option has been chosen is reflected on the face of the balance sheet. Subsequent changes in fair value are recorded in the Consolidated Statements of Operations. The Company elected to apply the fair value option to the investments in HCC common stock, its investments in real estate funds, its investment in a private equity fund which invests in a diversified portfolio of technology companies, and its investment in Harvest Growth Capital LLC (“HGC”) and Harvest Growth Capital II LLC (“HGC II”). The primary reason for electing the fair value option was to measure these gains on our investments on the same basis as our other equity securities, all of which are stated at fair value. The gains/losses on the investments in HCC , the investment in real estate funds and the private equity funds are reported in Principal Transactions in the Consolidated Statements of Operations. In 2017 2016, $2.1 $1.5 $1.1 $1.0 2017 2016, $6.6 $2.1 2017 2016, $0.4 $1.0 2017 2016, $0.5 $0.2 Derivative Financial Instrum ents In the second 2015, 36 18 18 third 2017. 31, 2016, December 31, 2017, 2016, 2015, $0.8 $3.1 $1.9 $1.3 December 31, 2016, $25.0 first 2017, $0.9 Fair Value Hierarchy In determining fair value, the Company uses various methods including market, income and cost approaches. Based on these approaches, the Company often utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable firm inputs. The Company generally utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of the inputs used in the valuation techniques, the Company provides the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial instrument assets and liabilities carried at fair value have been classified and disclosed in one three Level 1 Quoted market prices in active markets for identical assets or liabilities. Level 2 Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3 Unobservable inputs that are not Level 1 U.S. listed and OTC equity securities, as well as quasi-government agency securities, all of which are carried at fair value. Level 2 Level 3 At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as “Level 3.” Loans Accounting guidance requires that the Company present and disclose certain information about its financing receivables by portfolio segment and/or by class of receivables. A portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine the allowance for credit losses. A class of financing receivables is defined as the level of information (below a portfolio segment) that enables a reader to understand the nature and extent of exposure to credit risk arising from financing receivables. The Company’s portfolio segments are loans held for sale, small business loans and loans collateralizing asset-backed securities issued. The Company has treated the loans held for investment as a single class given the small size of the respective loan portfolios as of December 31, 2017 2016. Loans Held for Sale Loans are classified as held for sale once a decision has been made to sell the loans. Once identified as such, the loans are recorded at the lower of cost or market. A quarterly evaluation is performed on a sp ecific identification basis. The Company employs anticipated cash flows, discounted at an appropriate market credit adjusted interest rate to determine the fair value of the loans held for sale. Internally developed and third not Loans Held for Investment Loans held for investment are carried at their unpaid principal balance, net of any allowance for credit losses and deferred loan origination , commitment and other fees. For loans held for investment, the Company establishes and maintains an allowance for credit losses based on management’s estimate of credit losses in our loans as of each reporting date. The Company records the allowance against loans held for investment on a specific identification basis, or . Loans are charged off against the reserve for credit losses if the principal is deemed not not 90 may not not Loans Collateralizing Asset-Backed Securities Issued Loans collateralizing asset-backed securities issued are recorded at their fair value as of the acquisition date, which then becomes the new basis of the loans. For those loans acquired with evidence of deterioration of credit quality since origination, the total discount from unpaid principal balance to fair value consists of a non-accretable credit discount and an accretable liquidity discount. The accretable portion of the discount is recognized into interest income as an adjustment to the yield of the loan over the contractual life of the loan using the effective interest method. For those loans without evidence of deterioration in credit quality since origination, any difference between the Company ’s initial investment in the loan and its par value is recorded as a premium or discount, which is amortized or accreted into interest income as a yield adjustment over the contractual life of the loan using the effective interest method, in accordance with ASC 310 20, The Company reviews its loan portfolio at the end of each quarter to identify specific loss reserves on impaired loans or to record losses inherent in the homogenous loan portfolio. As loans collateralizing asset-backed securities issued are considered similar in nature, given the loan terms, ratings and average life expectancy, they are reviewed collectively in the quarterly assessment of loan loss reserves. Even when there are no For loans acquired at a discount that are not 310 30, 450. No For loans acquired at a premium, the allowance for loan losses recorded subsequent to the date of the loan acquisition is determined in accordance with ASC 450, Refer to “Allowance for Loan Losses” section below for the Company’s quarterly assessment process. The accrual of interest on loans is discontinued when principal or interest payments are 90 not may may Restructured loans are considered a troubled debt restructuring ( “TDR”) if the Company, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not may Allowance for Loan Losses The Company maintains an allowance for loan losses that is intended to estimate loan losses inherent in its loan portfolio. A provision for loan losses is charged to expense to establish th e allowance for loan losses. The allowance for loan losses consists of two third A loan is considered impaired when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The Company measures impairment of a loan based upon either the present value of expected future cash flows discounted at the loan ’s effective interest rate, the loan’s observable market price or the fair value of the collateral securing the loan if the loan is collateral dependent, depending on the circumstances and the Company’s collection strategy. For those loans held by CLO I at the date of acquisition by JMP Credit, and deemed impaired at that date or a subsequent date, the allowance for loan losses is calculated considering two no third Loans or positions of loans that are deemed to be uncollectible are charged off and any allowance amount related to these loans is deducted from the allowance. In determining the required allowance for loan losses inherent in the portfolio, the following factors are considered: 1 2 Moody’s Investors Service (“Moody’s”) rating and related probability of default, 3 4 5 • Expected loss severity rate for each class of loans: The Company’s loans are classified as either ABL, ABL – stretch, Cash Flow or Enterprise Value. The loss severity given a default is expected to be lowest on a conforming ABL loan, because the value of the collateral is typically sufficient to satisfy most of the amount owed. For ABL – stretch loans, the loss severity given a default is expected to be higher than for a conforming ABL loan because of less collateral coverage. For Cash Flow loans, the loss severity given a default is expected to be higher than ABL stretch loans, since generally less collateral coverage is provided for this class of loans. For Enterprise Value loans, the loss severity given a default is expected to be the highest, assuming that if the obligor defaults there has probably been a significant loss of enterprise value in the business. Loss severity estimates take into consideration current economic conditions such as overall macroeconomic trends, the amount of liquidity in the market and the condition of the CLO market. All loans in the CLOs are Cash Flow loans in 2015, 2016 2017. • Moody ’s rating and related probability of default: Moody uses factors such as, but not one not not • Existing liquidity discount on the loans: For non-impaired loans held at CLO I at the acquisition date, a liquidity discount was recorded to reflect the fair value of those loans. To the extent that the liquidity discount on a loan is greater than the component of the general reserve attributable to that loan, no • Internal loan ratings for Loans collateralizing asset-backed securities issued and Loans held for sale: The Internal Rating System is an internal portfolio monitoring mechanism allowing the Company to proactively manage portfolio risk and minimize losses. In evaluating these loans, the Company uses five 1 5. 1 2 3 5 1 Investment exceeding expectations and/or a capital gain is expected. 2 Investment generally performing in accordance with expectations. 3 Investment performing below expectations and requires closer monitoring. 4 Investment performing below expectations where a higher risk of loss exists. 5 Investment performing significantly below expectations where the Company expects to experience a loss. • Performance ratings: Performing Non-impaired loans Non-performing Impaired loans Asset-Backed Securities Issued Asset-backed securities issued (“ABS”) represent securities issued to third Fixed Assets Fixed assets represent furniture and fixtures, computer and office equipment, certain software costs and leasehold improvements, which are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the respective assets, ranging from three five Leasehold improvements are capitalized and amortized over the shorter of the respective lease terms or the estimated useful lives of the improvements. The Company capitalizes certain costs of computer software developed or obtained for internal use and amortizes the amount over the estimated useful life of the software, generally not three Income Taxes The Company recognizes deferred tax assets and liabilities in accordance with ASC 740, ’s assets and liabilities using the tax rates and laws in effect when the differences are expected to reverse. Valuation allowances are established when necessary to reduce the deferred tax assets when it is more likely than not not The Company records uncertain tax positions using a two not more-likely-than not fifty The Company ’s policy for recording interest and penalties associated with the tax audits or unrecognized tax benefits, if any, is to record such items as a component of income tax. Share -Based Compensation The Company recognizes compensation cost for share-based awards at their fair value on the date of grant and records compensation expense over the service period for awards expected to vest. Such grants are recognized as expense, net of estimated forfeitures. Share -based compensation includes restricted share units, share appreciation rights, and share options granted under the Company’s 2007 In accordance with generally accepted valuation practices for share-based awards issued as compensation, the Company uses the Black-Scholes option-pricing model or other quantitative models to calculate the fair value of option awards. The quantitative models require subjective assumptions regarding variables such as future share price volatility, dividend yield and expected time to exercise, which greatly affect the calculated values. The fair value of restricted share units (“RSUs”) is determined based on the closing price of the underlying share on the grant date, discounted for future distributions not Treasury Shares The Company accounts for its treasury shares under the cost method, using an average cost assumption, and includes treasury shares as a component of shareholders’ equity. |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3. ASU 2014 09, Revenue from Contracts with Customers (Topic 606 ) May 2014, December 15, 2017 . January 2018 January 1, 2018 not not not in the Consolidated Statements of Operations. ASU 2016 01, Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825 10 January 2016. not may December 15, 2017, 2016 01 not ASU 2016 02, Leases (Topic 842 February 2016 2016 02 December 15, 2018. ASU 2016 07, Simplifying the Transition to the Equity Method of Accounting (Topic 323 March 2016. use of the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence, the amendments eliminate the requirement to retroactively adopt the equity method of accounting. This standard was effective for fiscal years beginning after December 15, 2016, 2016 07 not ASU 2016 09, Improvements to Employee Share-Based Payment Accounting 718 March 2016 December 31, 2016. 2016 09 not ASU 2016 13, Measurement of Credit Losses on Financial Instruments (Topic 326 June 2016 December 31, 2019. 2016 13 may ASU 2016 15, Classification of Certain Cash Receipts and Cash Payments (Topic 230 August 2016 eight zero The amendments in this standard are effective for fiscal years beginning after December 15, 2017, 2016 15 AS U 2016 16, Income Taxes (Topic 740 October 2016 December 15, 2017 AS U 2016 18, Statement of Cash Flows (Topic 230 December 15, 2017 ASU 2017 08, Receivables-Nonrefundable Fees and Other Costs (Sub-topic 310 20 , March 2017 not December 15, 2019, December 15, 2020. The Company is evaluating the impact of the adoption of this standard. |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4 . Fair Value Measurements The following tables provide fair value information related to the Company ’s financial instruments at December 31, 2017 2016: At December 31, 201 7 (In thousands ) Carrying Valu e Fair Valu e Level 1 Level 2 Level 3 Tota l Assets : Cash and cash equivalent s $ 85,594 $ 85,594 $ - $ - $ 85,594 Restricted cash and deposits 51,727 51,727 - - 51,727 Marketable securities owne d 20,825 20,825 - - 20,825 Receivable from clearing broker 6,801 6,801 - - 6,801 Other investment s (1) 19,754 - 19,754 - 19,754 Other investments measured at net asset value (1 ) 8,230 - - - - Loans held for investment, net of allowance for loan losses 83,948 - 80,956 3,342 84,298 Loans collateralizing asset-backed securities issued, net of allowance for loan losses 765,583 - 766,298 - 766,298 Total assets : $ 1,042,462 $ 164,947 $ 867,008 $ 3,342 $ 1,035,297 Liabilities : Marketable securities sold, but not yet purchase d $ 7,919 $ 7,919 $ - $ - $ 7,919 Asset-backed securities issued 738,248 - 748,015 - 748,015 Bond payabl e 93,103 - 97,014 - 97,014 CLO V warehouse credit facility 61,250 - 61,250 - 61,250 Total liabilities : $ 900,520 $ 7,919 $ 906,279 $ - $ 914,198 At December 31, 201 6 (In thousands ) Carrying Valu e Fair Valu e Level 1 Level 2 Level 3 Tota l Assets : Cash and cash equivalent s $ 85,492 85,492 $ - $ - 85,492 Restricted cash and deposits 227,656 227,656 - - 227,656 Marketable securities owne d 18,722 18,722 - - 18,722 Receivable from clearing broker 6,586 6,586 - - 6,586 Other investment s ) 13,697 - 13,697 - 13,697 Other investments measured at net asset value (1 ) 19,172 - - - - Loans held for sale 32,488 - 33,651 - 33,651 Loans held for investment, net of allowance for loan losses 1,930 - - 1,824 1,824 Loans collateralizing asset-backed securities issued, net of allowance for loan losses 654,127 - 685,392 - 685,392 Cash collateral posted for total return swa p 25,000 25,000 - - 25,000 Total assets : $ 1,084,870 $ 363,456 $ 732,740 $ 1,824 $ 1,098,020 Liabilities : Marketable securities sold, but not yet purchase d $ 4,747 4,747 - - 4,747 Asset-backed securities issued 825,854 - 831,854 - 831,854 Bond payabl e 91,785 - 94,517 - 94,517 Total liabilities : $ 922,386 $ 4,747 $ 926,371 $ - $ 931,118 ( 1 In accordance with ASC 820 10, not 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 December 31, 2017 2016: (In thousands ) December 31, 201 7 Carrying Valu e Level 1 Level 2 Level 3 Tota l Marketable securities owne d $ 20,825 $ 20,825 $ - $ - $ 20,825 Other investments : Investments in hedge funds managed by the Company 10,226 - 10,226 - 10,226 Investments in other funds managed by the Company (1 ) 4,463 - - - - Total investment in funds managed by the Company (1 ) 14,689 - 10,226 - 10,226 Limited partnership in investments in private equity/real estate funds (1 ) 3,761 - - - - Total other investment s 18,450 - 10,226 - 10,226 Total assets : $ 39,275 $ 20,825 $ 10,226 $ - $ 31,051 Marketable securities sold, but not yet purchase d 7,919 7,919 - - 7,919 Total liabilities : $ 7,919 $ 7,919 $ - $ - $ 7,919 (In thousands ) December 31, 201 6 Carrying Valu e Level 1 Level 2 Level 3 Tota l Marketable securities owne d $ 18,722 $ 18,722 $ - $ - $ 18,722 Other investments : Investments in hedge funds managed by the Company 12,444 - 12,444 - 12,444 Investments in other funds managed by the Company (1 ) 4,232 - - - - Total investment in funds managed by the Company (1 ) 16,676 - 12,444 - 12,444 Limited partnership in investments in private equity/ real estate funds (1 ) 3,530 - - - - Total return swa p 1,253 - 1,253 - 1,253 Total other investment s 21,459 - 13,697 - 13,697 Total assets : $ 40,181 $ 18,722 $ 13,697 $ - $ 32,419 Marketable securities sold, but not yet purchase d 4,747 4,747 - - 4,747 Total liabilities : $ 4,747 $ 4,747 $ - $ - $ 4,747 ( 1 In accordance with ASC 820 10, not 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. ’s policy is to recognize the fair value of transfers among Levels 1, 2 3 no 1, 2 3 December 31, 2017 2016. The Company ’s Level 2 2 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. As of December 31, 2017 2016, $7.0 $7.8 Redemptio n Redemptio n Fair Value at December 31 , Unfunded Commitments at December 31 , Dollars in thousand s Frequenc y Notice Perio d 201 7 201 6 201 7 201 6 Limited partner investments in private equity fund s Nonredeemabl e N/A $ 3,761 $ 3,530 $ 650 $ - Investment in private equity funds managed by HC S Nonredeemabl e N/A $ 4,173 $ 4,227 $ - $ 1,085 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 loans measured at fair value on a non-recurring basis of $2.0 $34.4 December 31, 2017 2016, Loans Held for Investment At December 31, 2017 2016, ten three December 31, 2017, $76.8 5. Effective July 1, 2013, greed to lend a health sciences fund investment advising company up to $2.0 10% July 1, 2018. 2016, December 31, 2017 2016, $0.3 $2.0 $1.7 $0.4 There are no December 31, 2017. December 31, 2017 2016 (In thousands ) Year Ended December 31, 201 7 2016 Impaired Non-impaired Impaired Non-impaired Balance at beginning of perio d $ (823 ) $ - $ (380 ) $ - Provision for loan losses : Specific reserv e (1,445 - - - General reserv e - (468 ) (443 ) - Charge off 1,376 - - - Transfers from loans collateralizing asset backed securities (1,239 (26 ) - - Balance at end of perio d $ (2,131 (494 ) $ (823 ) $ - As of December 31, 2017 2016, December 31, 2017: (In thousands ) Recorded Investmen t Unpaid Principal Balanc e Related Allowanc e Average Recorded Investmen t Interest Income Recognize d 201 7 Impaired loans with an allowance recorde d $ 1,379 $ 1,448 $ 391 $ 1,411 $ 32 Impaired loans with no related allowance recorde d - - - - - Total Impaired Loan s $ 1,379 $ 1,448 $ 391 $ 1,411 $ 32 The Company ’s management, at least on a quarterly basis, reviews each loan and evaluates the credit quality of the loan. The review primarily includes the following credit quality indicators with regard to each loan: 1 2 3 4 December 31, 2017 2016: (In thousands ) Cash Flow Loans (CF ) December 31 , 201 7 201 6 Moody's rating : Ba1 - Ba 3 $ 12,174 $ - B1 - B 3 64,170 - Caa1 - Caa 3 5,310 - Not Rate d 4,595 2,754 Total : $ 86,249 $ 2,754 Internal rating (1) : 2 $ 77,525 $ - 3 384 - 4 2,613 - 5 1,379 - Not Rate d 4,348 2,754 Total : $ 86,249 $ 2,754 Performance : Performin g $ 83,161 $ 2,754 Non-performing 3,088 - Total : $ 86,249 $ 2,754 ( 1 Loans with an internal rating of 4 Investments at Cost and Other Equity-Method Investments On April 5, 2011, $0.3 commitment to invest in RiverBanc LLC (“RiverBanc”), which manages the assets of a commercial real estate investing platform in mezzanine debt and equity from multifamily properties and other residential real estate. The Company recognized its investment in RiverBanc using the equity method with related gains recognized in principal transactions. The Company sold its investment in RiverBanc in the second 2016, $6.0 On November 20, 2017, $4.3 December 31, 2017, gains related to the equity method income of $62 |
Note 5 - Loans Collateralizing
Note 5 - Loans Collateralizing Asset-backed Securities Issued and Loans Held for Sale | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Loans Collateralizing Asset Backed Securities Issued and Loans Held for Sale [Text Block] | 5 . Loans Collateralizing Asset-backed Securities Issued and Loans Held for Sale Allowance for Loan Losses A summary of the activity in the allowance for loan losses for the year s ended December 31, 2017, 2016, 2015 (In thousands ) Year Ended December 31, 201 7 201 6 Impaired Non-Impaired Impaired Non-Impaired Balance at beginning of perio d $ (937 $ (5,603 ) $ - $ (5,397 ) Provision for loan losses : Specific reserv e (1,641 - (263 - General reserv e - (958 ) - (880 ) Charge off 950 - - - Transfer to/from impaired/non-impaired loans - - (674 ) 674 Transfer to loans held for investmen t 1,239 26 - - Balance at end of perio d $ (389 $ (6,535 ) $ (937 $ (5,603 ) Impaired Loans , Non-Accrual, Past Due Loans and Restructured Loans 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 December 31, 2017 and 2016, $ 1.4 $2.9 $771.1 $657.8 December 31, 2017 2016, As of December 31, 2017 2016, December 31, 2017 and 2016: (In thousands ) Recorded Investmen t Unpaid Principal Balanc e Related Allowanc e Average Recorded Investmen t Interest Income Recognize d 201 7 Impaired loans with an allowance recorde d $ 1,379 $ 1,448 $ 391 $ 1,411 $ 32 Impaired loans with no related allowance recorde d - - - - - Total Impaired Loan s $ 1,379 $ 1,448 $ 391 $ 1,411 $ 32 201 6 Impaired loans with an allowance recorde d $ 2,864 $ 3,211 $ 938 $ 2,913 $ 75 Impaired loans with no related allowance recorde d - - - - - Total Impaired Loan s $ 2,864 $ 3,211 $ 938 $ 2,913 $ 75 Loans are considered past due if the required principal and interest payments have not received as of the date such payments were due. No December 31, 2017 2016. December 31, 2016, not December 31, 2017 two $2.5 $0.5 2021 2022, 1.30% 3.00% $0.4 $0.5 no Credit Quality of Loans The Company ’s management, at least on a quarterly basis, reviews each loan and evaluates the credit quality of the loan. The review primarily includes the following credit quality indicators with regard to each loan: 1 2 3 4 December 31, 2017 2016: (In thousands ) Cash Flow Loans (CF ) Held for Sale - Cash Flow (CF ) December 31 , December 31 , 201 7 201 6 201 7 201 6 Moody's rating : Baa1 - Baa 3 $ 8,880 $ 12,145 $ - $ 6,769 Ba1 - Ba 3 134,061 137,717 - 13,957 B1 - B 3 579,091 467,125 - 11,377 Caa1 - Caa 3 50,475 37,913 - 565 C a - 2,903 - - Not Rate d - 2,864 - - Total : $ 772,507 $ 660,667 $ - $ 32,668 Internal rating (1) : 2 $ 692,198 $ 545,181 $ - $ 27,109 3 70,217 94,407 - 5,559 4 8,713 18,215 - - 5 1,379 2,864 - - Total : $ 772,507 $ 660,667 $ - $ 32,668 Performance : Performin g $ 771,128 $ 657,803 $ - $ 32,668 Non-performin g 1,379 2,864 - - Total : $ 772,507 $ 660,667 $ - $ 32,668 ( 1 Loans with an internal rating of 4 |
Note 6 - Fixed Assets
Note 6 - Fixed Assets | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6 . Fixed Assets At December 31, 2017 2016, (In thousands ) As of December 31, 201 7 201 6 Furniture and fixture s $ 2,599 $ 2,562 Computer and office equipmen t 6,081 5,945 Leasehold improvement s 7,195 7,028 Softwar e 646 644 Less: accumulated depreciatio n (14,199 ) (13,036 ) Total fixed assets, ne t $ 2,322 $ 3,143 Depreciation expense was $1.2 December 31, 2017, $1.3 December 31, 2016, $1.2 December 31, 2015. |
Note 7 - Debt
Note 7 - Debt | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Debt Bond s Payable In January 2013, $46.0 8.00% “2013 January 2014, $48.3 7.25% “2014 December 2017. In November 2017, $50.0 7.25% “2017 2013 2014 2013 January 15, 2023 may January 15, 2016, 2013 8.00% January 15, April 15, July 15 October 15 2017 November 15, 2027 may November 28, 2020, 2017 7.25% February 15, May 15, August 15 November 15 The 2013 , 2014 2017 2013 eight 2013 2013 2013 25% may December 31, 2017 December 31, 2016 , The Senior Notes will be JMP Group Inc.’s general unsecured senior obligations, will rank equally with all existing and future senior unsecured indebtedness and will be senior to any other indebtedness expressly made subordinate to the notes. The notes will be effectively subordinated to all of our existing and future secured indebtedness (to the extent of the value of the assets securing such indebtedness) and structurally subordinated to all existing and future liabilities of our subsidiaries, including trade payables. JMP Group Inc., as a wholly owned subsidiary of JMP Group LLC, is the primary obligor of the Company ’s 8.00% 2023 7.25% 2027. January 1, 2015, 2017 2027. The Company incurred $2.0 zero in the years ended December 31, 2017 2016, December 31, 2017 2016, $2.8 $2.0 As of December 31, 201 7 As of December 31, 201 6 Principa l Unamortized Discount and Debt Issuance Cost s Principa l Unamortized Discount and Debt Issuance Cost s 2014 Senior Note s $ - $ - $ 48,300,000 $ 1,001,956 2017 Senior Note s $ 50,000,000 $ 1,941,438 $ - $ - 2013 Senior Note s $ 45,905,250 $ 868,152 $ 45,905,250 $ 1,040,347 Note Payable and Lines of Credit As of December 31, 2017 2016, The Company ’s Credit Agreement (the “Credit Agreement”), dated as of August 3, 2006, $25.0 one 2, 2018 . 3.75% first two 5.00% two $5.0 zero December 31, 2017 2016. JMP Securities holds a $20.0 be used for regulatory capital purposes during its securities underwriting activities. The unused portion of the line bears interest at the rate of 0.25% June 6, 2017, $20.0 one June 6, 2018 zero December 31, 2017 2016. The Credit Agreement contains financial and other covenants, including, but not maintenance of certain financial covenants. A violation of any one December 31, 2017 December 31, 2016 , CLO V Warehouse Credit Facilit y On July 31, 2017, $200.0 acquisition of a portfolio of assets, including certain debt obligations. 1.375%. As of December 31, 2017, $61.3 |
Note 8 - Asset-backed Securitie
Note 8 - Asset-backed Securities Issued | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Asset Backed Securities Issued [Text Block] | 8 . Asset-backed Securities Issued CLO I On May 17, 2007, $500.0 $455.0 third six 94.0% $13.8 $2.0 $4.1 $7.7 not December 31, 2016. The below table list the notes outstanding as of December 31, 2016. no December 31, 2017. (In millions ) As of December 31, 201 6 Notes Originally Issue d Net Outstanding Balanc e Interest Rate Spread to LIBOR Ratings (Moody's /S&P ) Class A Senior Secured Floating Rate Revolving Notes due 2021 $ 72.2 $ 72.2 0.26% - 0.29% Aaa/AA A Class B Senior Secured Floating Rate Notes due 2021 30.0 30.0 0.50% Aaa/AA A Class C Senior Secured Deferrable Floating Rate Notes due 2021 35.0 35.0 1.10% Aaa/AA A Class D Secured Deferrable Floating Rate Notes due 2021 34.0 34.0 2.40% Aa1/A + Class E Secured Deferrable Floating Rate Notes due 2021 30.0 30.0 5.00% Baa1/BB + Total secured notes sold to investors $ 201.2 $ 201.2 Unsecured subordinated notes due 2021 45.0 45.0 Total notes for the CLO I offerin g $ 246.2 $ 246.2 Consolidation eliminatio n N/A (58.8 ) Total asset-backed securities issue d N/A $ 187.4 The secured notes and subordinated notes were limited recourse obligations payable solely from cash flows of the CLO I loan portfolio and related collection and payment accounts pledged as security. Payment on the Class A- 1 2 1 2 not not December 31, 2016, The reinvestment period for CLO I ended in May 2013 . CLO I paid down $187.4 $106.0 December 31, 2017 2016, fourth 2016, first 2017. The Notes recorded upon the closing of CLO I in April 2009 December 31, 2017 2016 (In thousands ) Year Ended December 31 , 201 7 201 6 Balance at beginning of perio d $ 187,417 $ 293,457 Repayment s (187,417 ) (106,040 ) Balance at end of perio d $ - $ 187,417 CLO II On April 30, 2013, $343.8 securitization with $320.0 $23.8 72.8% December 31, 2013. first 2014, $6.0 third 72.8% 98.0%. not December 31, 2016. During the second 2017, liquidated the portfolio. The below table lists the notes outstanding as of December 31, 2016. no December 31, 2017. (In millions ) As of December 31, 201 6 Notes Originally Issue d Outstanding Principal Balanc e Issuance Discoun t Net Outstanding Balanc e Interest Rate Spread to LIBO R Ratings (Moody's/ S&P ) Class X Senior Secured Floating Rate Notes due 201 6 $ 3.8 $ - $ - $ - 1.00 % Aaa/AA A Class A Senior Secured Floating Rate Notes due 202 3 217.6 217.6 (0.5 ) 217.1 1.18 % Aaa/AA A Class B Senior Secured Floating Rate Notes due 202 3 34.0 34.0 (0.2 ) 33.8 1.75 % NR/A A Class C Senior Secured Deferred Floating Rate Notes due 202 3 17.0 17.0 (0.4 ) 16.6 2.75 % NR/ A Class D Senior Secured Deferred Floating Rate Notes due 202 3 18.7 18.7 (1.0 ) 17.7 3.85 % NR/BB B Class E Senior Secured Deferred Floating Rate Notes due 202 3 18.7 18.7 (1.6 ) 17.1 5.25 % NR/B B Class F Senior Secured Deferred Floating Rate Notes due 202 3 10.2 10.2 (1.2 ) 9.0 5.75 % NR/ B Total secured notes sold to investors $ 320.0 $ 316.2 $ (4.9 ) $ 311.3 Unsecured subordinated notes due 202 3 23.8 23.8 (0.3 ) 23.5 Total notes for the CLO II offerin g $ 343.8 $ 340.0 $ (5.2 ) $ 334.8 Consolidation eliminatio n N/A (23.8 ) 0.3 (23.5 ) Total CLO II asset-backed securities issue d N/A $ 316.2 $ (4.9 ) $ 311.3 The secured notes and subordinated notes were limited recourse obligations payable solely from cash flows of the CLO II loan portfolio and related collection and payment accounts pledged as security. Payment on the Class X X not October 2013 not The Notes recorded upon the issuance of CLO II in April 2013 $316.2 $0.8 December 31, 2017 2016, first 2017, second 2017. $4.4 December 31, 2017 2016, (In thousands ) Year Ended December 31, 201 7 Year Ended December 31, 201 6 Principa l Issuance Discoun t Ne t Principa l Issuance Discoun t Ne t Balance at beginning of perio d $ 316,200 $ (4,915 ) $ 311,285 $ 316,960 $ (5,960 ) $ 311,000 Repayment s (316,200 ) - (316,200 ) (760 ) - (760 ) Amortization of discoun t - 546 546 - 1,045 1,045 Loss on early retirement of deb t - 4,369 4,369 - - - Balance at end of perio d $ - $ - $ - $ 316,200 $ (4,915 ) $ 311,285 CLO III On September 30, 2014, $370.5 $332.1 $38.4 46.7% December 31, 2017. not December 31, 2017 2016. (In millions ) As of December 31, 201 7 Notes Originally Issue d Outstanding Principal Balanc e Issuance Discoun t Net Outstanding Balanc e Interest Rate Spread to LIBO R Ratings (Moody's/Fitch ) Class A Senior Secured Floating Rate Notes due 202 5 $ 228.0 $ 228.0 $ (0.4 ) $ 227.6 1.24 % Aaa/AA A Class B Senior Secured Floating Rate Notes due 202 5 41.7 41.7 (0.5 ) 41.2 1.80 % Aa1/N R Class C Senior Secured Deferred Floating Rate Notes due 202 5 22.5 22.5 (0.3 ) 22.2 2.60 % A1/N R Class D Senior Secured Deferred Floating Rate Notes due 202 5 21.6 21.6 - 21.6 3.90 % Baa3/N R Class E Senior Secured Deferred Floating Rate Notes due 202 5 18.3 18.3 - 18.3 7.10 % Ba3/N R Total secured notes sold to investors $ 332.1 $ 332.1 $ (1.2 ) $ 330.9 Unsecured subordinated notes due 202 5 38.4 38.4 (4.5 ) 33.9 Total notes for the CLO III offerin g $ 370.5 $ 370.5 $ (5.7 ) $ 364.8 Consolidation eliminatio n N/A (38.4 ) 4.5 (33.9 ) Total CLO III asset-backed securities issue d N/A $ 332.1 $ (1.2 ) $ 330.9 (In millions ) As of December 31, 201 6 Notes Originally Issue d Outstanding Principal Balanc e Issuance Discoun t Net Outstanding Balanc e Interest Rate Spread to LIBO R Ratings (Moody's/Fitch ) Class A Senior Secured Floating Rate Notes due 202 5 $ 228.0 $ 228.0 $ (0.5 ) $ 227.5 1.53 % Aaa/AA A Class B Senior Secured Floating Rate Notes due 202 5 41.7 41.7 (0.7 ) 41.0 2.05 % Aa2/N R Class C Senior Secured Deferred Floating Rate Notes due 202 5 22.5 22.5 (0.5 ) 22.0 2.90 % A2/N R Class D Senior Secured Deferred Floating Rate Notes due 202 5 21.6 21.6 - 21.6 5.10 % Baa3/N R Class E Senior Secured Deferred Floating Rate Notes due 202 5 18.3 18.3 - 18.3 7.35 % Ba3/N R Total secured notes sold to investors $ 332.1 $ 332.1 $ (1.7 ) $ 330.4 Unsecured subordinated notes due 202 5 38.4 38.4 (4.5 ) 33.9 Total notes for the CLO III offerin g $ 370.5 $ 370.5 $ (6.2 ) $ 364.3 Consolidation eliminatio n N/A (38.4 ) 4.5 (33.9 ) Total CLO III asset-backed securities issue d N/A $ 332.1 $ (1.7 ) $ 330.4 The secured notes and subordinated notes are limited recourse obligations payable solely from cash flows of the CLO III loan portfolio and related collection and payment accounts pledged as security. Payment on Class A notes rank senior in right of payment to the other secured notes and the subordinated notes. Payment on the Class B, Class C, Class D and Class E notes generally rank subordinate in right of payment to any other class of notes which has an earlier alphabetical designation. The subordinated notes are subordinated in right of payment to all other classes of notes and do not April 2015 not The Notes were recorded at fair value upon the issuance of CLO III in September 2014 and December 31, 2017 2016 (In thousands ) Year Ended December 31, 201 7 Year Ended December 31, 201 6 Principa l Issuance Discoun t Ne t Principa l Issuance Discoun t Ne t Balance at beginning of perio d $ 332,100 $ (1,676 ) $ 330,424 $ 332,100 $ (2,165 ) $ 329,935 Amortization of discoun t - 497 497 - 489 489 Balance at end of perio d $ 332,100 $ (1,179 ) $ 330,921 $ 332,100 $ (1,676 ) $ 330,424 CLO IV On June 29, 2017, $456.9 $414.0 $42.9 100% December 31, 2017. not December 31, 2017. (In millions ) As of December 31, 201 7 Notes Originally Issue d Outstanding Principal Balanc e Issuance Discoun t Net Outstanding Balanc e Interest Rate Spread to LIBO R Ratings (Moody's/Fitch ) Class A Senior Secured Floating Rate Notes due 202 5 $ 285.8 $ 285.8 $ - $ 285.8 1.37 % Aaa/AA A Class B Senior Secured Floating Rate Notes due 202 5 54.0 54.0 (0.2 ) 53.8 1.90 % Aa2/N R Class C Senior Deferrable Floating Rate Notes due 202 5 27.0 27.0 (0.3 ) 26.7 2.65 % A2/N R Class D Senior Deferrable Floating Rate Notes due 202 5 24.8 24.8 (0.5 ) 24.3 4.15 % Baa3/N R Class E Senior Deferrable Floating Rate Notes due 202 5 22.4 22.4 (0.9 ) 21.5 6.80 % Ba3/N R Total secured notes sold to investors $ 414.0 $ 414.0 $ (1.9 ) $ 412.1 Unsecured subordinated notes due 202 5 42.9 42.1 (3.8 ) 38.3 Total notes for the CLO IV offerin g $ 456.9 $ 456.1 $ (5.7 ) $ 450.4 Consolidation eliminatio n N/A (42.1 ) 3.8 (38.3 ) Total CLO IV asset-backed securities issue d N/A $ 414.0 $ (1.9 ) $ 412.1 The Secured Notes and Subordinated Notes are limited recourse obligations payable solely from cash flows of the CLO IV loan portfolio and related collection and payment accounts pledged as security. Payment on the Class A notes rank senior in right of payment with payments on the Class B notes and payment on the Class A and Class B notes rank senior in right of payment to the other Secured Notes and the Subordinated Notes. Payment on the Class C, Class D and Class E notes generally rank subordinate in right of payment to any other class of notes which has an earlier alphabetical designation. The Subordinated Notes are subordinated in right of payment to all other classes of notes and accrue interest. Interest on the Secured Notes is paid quarterly at a per annum rate equal to LIBOR plus the applicable spread set forth in the table above. Payment of interest on the Class C, Class D and Class E notes is payable only to the extent proceeds are available under the applicable payment priority provisions. To the extent proceeds are not The Notes were recorded at fair value upon the issuance of CLO IV in June 2017, December 31, 2017 (In thousands ) Year Ended December 31, 201 7 Principa l Issuance Discoun t Ne t Balance at beginning of perio d $ - $ - $ - CLO IV issuanc e 414,000 (1,990 ) 412,010 Amortization of discoun t - 90 90 Balance at end of perio d $ 414,000 $ (1,900 ) $ 412,100 Interest on Asset Backed Securities Issued Total interest expenses related to t he asset-backed securities issued for the year ended December 31, 2017, 2016 2015 $25.8 $25.5 $22.3 $ 23.4 $23.1 $22.3 $2.4 $2.4 $2.3 December 31, 2017 2016, $5.3 $4.6 |
Note 9 - Shareholders' Equity
Note 9 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9 . Share holders ’ Equity Common Share The Company ’s board of directors declared the following distributions in the year ended December 31, 2017: Declaration Date Distribution Per Share Record Date Total Amount Payment Date January 19, 201 7 $ 0.030 January 31, 2017 $ 644,960 February 15, 2017 January 19, 2017 $ 0.030 February 28, 2017 $ 648,523 March 15, 2017 January 19, 2017 $ 0.030 March 31, 2017 $ 649,777 April 14 , 2017 April 19, 2017 $ 0.030 April 28, 2017 $ 650,215 May 15, 2017 April 1 9, 2017 $ 0.030 May 31, 2017 $ 649,489 June 15, 2017 April 1 9, 2017 $ 0.030 June 30, 2017 $ 647,979 July 14 , 2017 July 20, 2017 $ 0.030 July 31, 2017 $ 646,458 August 15, 2016 July 20, 2017 $ 0.030 August 31, 201 7 $ 644,658 September 15, 201 7 July 20, 2017 $ 0.030 September 29 , 2017 $ 643,824 October 13 , 2017 October 20, 2017 $ 0.030 October 3 1, 2017 $ 645,055 November 1 5, 2017 October 20, 2017 $ 0.030 November 30, 201 7 $ 643,890 December 15, 201 7 October 20, 2017 $ 0.030 December 29, 2017 $ 651,872 January 12 , 2018 Share Repurchase Program On January 12, 2016, 1,000,000 ’s share repurchase authorization to 1,135,630 December 31, 2017. April 18, 2016, 745,981 1,500,000 December 31, 2017. February 13, 2017, 1,000,000 December 31, 2017. On December 11, 2017, 1,000,000 December 31, 2018. s ended December 31, 2017 2016, 658,547 1,127,949 $5.41 $5.59 $3.6 $6.3 The timing and amount of any future open market share repurchases will be determined by JMP management based on its evaluation of market conditions, the relative attractiveness of other capital deployment activities, regulatory considerations and other factors. Any open market share repurchase activities will be conducted in compliance with the safe harbor provisions of Rule 10b 18 1934, may 10b5 1 may may |
Note 10 - Share-based Compensat
Note 10 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 1 0 . Share -Based Compensation On January 27, 2015, he board of directors adopted the JMP Group LLC Amended and Restated Equity Incentive Plan (“JMP Group Plan”). This plan maintains authorization of the issuance of 4,000,000, April 12, 2007 June 6, 2011. may 2004 2004 not 2,960,000 2004 Share Options The following table summarizes the share option activity for the years ended December 31, 2017, 2016 2015: Year Ended December 31 , 201 7 201 6 201 5 Shares Subjec t Weighted Averag e Shares Subjec t Weighted Averag e Shares Subjec t Weighted Averag e to Optio n Exercise Pric e to Optio n Exercise Pric e to Optio n Exercise Pric e Balance, beginning of yea r 2,645,000 $ 6.53 2,785,000 $ 6.53 3,591,690 $ 7.23 Exercise d (195,000 ) 6.24 - - - - Forfeite d - - (100,000 ) 6.79 (90,000 ) 6.70 Cancelle d - - (40,000 ) 6.24 (716,690 ) 10.00 Balance, end of perio d 2,450,000 $ 6.53 2,645,000 $ 6.53 2,785,000 $ 6.53 Options exercisable at end of perio d 2,450,000 $ 6.53 2,645,000 $ 6.53 1,410,000 $ 6.23 The following table summarizes the share options outstanding as well as share options vested and exercisable as of December 31, 2017 2016: December 31, 201 7 Options Outstandin g Options Vested and Exercisabl e Weighted Weighted Averag e Weighte d Averag e Weighte d Range o f Remainin g Average Aggregate Remainin g Average Aggregate Exercise Numbe r Contractua l Exercis e Intrinsi c Numbe r Contractua l Exercis e Intrinsi c Price s Outstandin g Life in Year s Pric e Valu e Exercisabl e Life in Year s Pric e Valu e $6.05 - $7.33 2,450,000 1.52 $ 6.53 $ - 2,450,000 1.52 $ 6.55 - December 31, 201 6 Options Outstandin g Options Vested and Exercisabl e Weighted Weighted Averag e Weighte d Averag e Weighte d Range o f Remainin g Average Aggregate Remainin g Average Aggregate Exercise Numbe r Contractua l Exercis e Intrinsi c Numbe r Contractua l Exercis e Intrinsi c Price s Outstandin g Life in Year s Pric e Valu e Exercisabl e Life in Year s Pric e Valu e $6.05 - $7.33 2,645,000 2.48 $ 6.53 $ - 2,645,000 2.48 $ 6.53 - The Company recognizes share-based compensation expense 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. The Company recognized compensation expense related to share options of 0.1 $0.9 $2.1 December 31, 2017, 2016, 2015. As of December 31, 2017 2016, no As of December 31, 2015, $0.9 The Company recognized $0.1 December 31, 2017. were no December 31, 2016, 2015. not The Comp any uses Black-Scholes option-pricing model or other quantitative models to calculate the fair value of option awards. Restricted Share Units and Restricted Shares On February 4, 2015, Company granted approximately 380,000 2014 50% December 1, 2015 50% December 1, 2016 February 11, 2015, 49,000 25% June 30, 2015, 54,000 three In February 2016, 231,000 2015 50% December 1, 2016 50% December 1, 2017, ’ continued employment through such date. The fair value of these RSUs was determined based on the closing price of the Company’s share price on the grant date with discounts applied for distributions foregone during the vesting period and post-vesting transfer restrictions. In the first second 2016, 470,000 Fifty December 1, 2016 50% December 1, 2017, December 1, 2018. In addition, the Company granted approximately 245,000 2016 52,325 ’s independent directors. These RSUs have a requisite service period of one three On February 7, 2017, 117,000 2016 50% December 1, 2017 50% December 1, 2018, 153,000 50% December 1, 2017, 50% December 1, 2018. December 1, 2019. March 16, 2017, 58,000 one three The following table summarizes the RSU activity for the years ended December 31, 2017, 2016, 2015: Year Ended December 31 , 201 7 201 6 201 5 Restricte d Weighted Averag e Restricte d Weighted Averag e Restricte d Weighted Averag e Share Unit s Grant Date Fair Valu e Share Unit s Grant Date Fair Valu e Share Unit s Grant Date Fair Valu e Balance, beginning of yea r 646,558 $ 5.14 733,151 $ 6.91 1,493,851 $ 6.50 Grante d 389,915 5.89 945,308 4.65 488,505 7.23 Veste d (728,209 ) 5.40 (904,046 ) 5.91 (1,230,797 ) 6.54 Forfeite d (31,071 ) 4.25 (127,855 ) 6.22 (18,408 ) 6.79 Balance, end of perio d 277,193 $ 5.60 646,558 $ 5.14 733,151 $ 6.91 The aggregate fair value of RSUs vested during the years ended December 31, 2017, 2016, 2015 $3.9 $5.7 $8.9 The income tax benefits realized from the vested RSUs were $1.6 $2.1 $2.6 The Company recognizes compensation expense 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 years ended December 31, 2017, 2016, 2015, $2.9 $4.4 $6.1 For the years ended December 31, 2017, 2016, 2015, efits of $0.8 million, $2 .1 $3.2 December 31, 2017 2016, $0.7 $1.3 1.13 1.01 The Company pays cash distribution equivalents on certain unvested RSUs. Distribution equivalents paid on RSUs are generally charged to retained earnings. Distribution equivalents paid on RSUs expected to be forfeited are included in compensation expense. The Company accounts for the tax benefit related to distribution equivalents paid on RSUs as an increase on additional paid-in capital. Share Appreciation Rights In February 2015, 2,865,000 ’s independent directors. These SARs have a base price of $7.33 five December 31, 2017 2.0 2.08%, 8.67%, 20.00%. twelve The following table summarizes the SARs activity for the year ended December 31, 2017, 2016, 2015: Year Ended December 31 , 201 7 201 6 201 5 Stock Appreciatio n Weighted Averag e Stock Appreciatio n Weighted Averag e Stock Appreciatio n Weighted Averag e Right s Grant Date Fair Valu e Right s Grant Date Fair Valu e Right s Grant Date Fair Valu e Balance, beginning of yea r 2,580,000 $ 7.33 2,822,500 $ 7.33 - $ - Grante d - - - 7.33 2,865,000 7.33 Forfeite d (170,000 ) 7.33 (242,500 ) 7.33 (42,500 ) 7.33 Balance, end of perio d 2,410,000 $ 7.33 2,580,000 $ 7.33 2,822,500 $ 7.33 December 31, 201 7 SARs Outstandin g Weighted Averag e Weighte d Range o f Remainin g Average Aggregate Exercise Numbe r Contractua l Exercis e Intrinsi c Price s Outstandin g Life in Year s Pric e Valu e $7.33 - $7.33 2,410,000 2.00 $ 7.33 $ - December 31, 201 6 SARs Outstandin g Weighted Averag e Weighte d Range o f Remainin g Average Aggregate Exercise Numbe r Contractua l Exercis e Intrinsi c Price s Outstandin g Life in Year s Pric e Valu e $7.33 - $7.33 2,580,000 3.00 $ 7.33 $ - The Company recognizes compensation expense for SARs over the vesting period , through monthly mark to market adjustments to the liability award. For the years ended December 31, 2017, 2016, 2015, $0.5 $0.5 $0.2 For the years ended December 31, 2017, 2016, 2015, 0.2 $0.2 $0.1 December 31, 2016, 2015, $0.4 $0.5 1.00 2.00 no 31, 2017. |
Note 11 - Net Income Per Share
Note 11 - Net Income Per Share of Common Share | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 1 1 . Net Income per Share of Common Share Basic net income per share for the Company is calculated by dividing net income 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 per share and basic and diluted net income per unit for the years ended December 31, 2017, 2016, 2015 (In thousands, except per share data ) Year Ended December 31, 201 7 201 6 201 5 Numerator: Net income (loss) attributable to JMP Group, In c $ (15,883 ) $ 2,926 $ (208 ) Denominator : Basic weighted average shares outstandin g 21,579 21,105 21,237 Effect of potential dilutive securities : Restricted share units and share option s - 736 - Diluted weighted average shares outstandin g 21,579 21,841 21,237 Net income (loss) per shar e Basi c $ (0.74) $ 0.14 $ (0.01 ) Dilute d $ (0.74) $ 0.13 $ (0.01 ) In the table above, unvested RSUs that have non-forfeitable distribution equivalent rights are treated as a separate class of securities in calculated net income (loss) per share. The impact of applying this methodology was a reduction in basic net income per share of zero for 2 017, $0.01 2016, zero 2015. Share options to purchase 2,561,820, 2,701,885, 3,512,786 December 31, 2017, 2016, 2015, not Restricted share units for 401,018, 23,770, 1,860,769 December 31, 2017, 2016, 2015, not |
Note 12 - Employee Benefits
Note 12 - Employee Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 1 2 . Employee Benefits All salaried employees of the Company are eligible to participate in the JMP Group 401 three may .S. Internal Revenue Service. Effective January 1, 2015, 100% 401 3% 50% 3% 5%. 100% 401 $1.6 $1.5 $1.6 December 31, 2017, 2016 2015. |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. JMP Group LLC qualifies as a publicly traded partnership. This entity is taxed as a partnership for United States Federal income tax purposes. The Company owns three not ’s shareholders. The components of the Company’s income tax expense (benefit) for the years ended December 31, 2017, 2016 2015 (In thousands ) Year Ended December 31 , 2017 2016 2015 Federa l $ 1,303 $ 5,570 $ 2,427 Stat e 158 230 161 Total current income tax expense (benefit ) 1,461 5,800 2,588 Federal 539 (9,524 ) (2,632 ) Stat e (256 ) (924 ) 265 Total deferred income tax expense (benefit ) 283 (10,448 ) (2,367 ) Total income tax expense (benefit ) $ 1,744 $ (4,648 ) $ 221 As of December 31, 2017 2016, (In thousands ) As of December 31 , 2017 2016 Deferred tax assets : Equity based compensatio n $ 1,516 $ 3,094 Reserves and allowance s 994 1,621 Accrued Compensation and related expenses 1,592 - Federal and Other state net operating los s 202 119 Deferred compensatio n 740 956 Investment in partnership s - 1,578 Othe r 910 574 Total deferred tax asset s 5,954 7,942 Deferred tax liabilities : Investment in partnership s (1,186 ) (690 ) Repurchase of Company's debt at market discount (198 ) (640 ) Net unrealized capital gains/losse s (804 ) (799 ) Accrued compensation and related expense s - (1,716 ) Othe r - (27 ) Total deferred tax liabilitie s (2,188 ) (3,872 ) Net deferred tax asset before valuation allowanc e 3,766 4,070 Valuation allowanc e - - Net deferred tax (liability) asset $ 3,766 $ 4,070 As of December 31, 2017, ately $7.0 million and $1.0 million p 2034. $0.4 2023 2026. two . On December 22, 2017, 118 118 740, 740” December 22, 2017, the date on which the Tax Cuts and Jobs Act was signed into law. The Company has made reasonable assessments under SAB 118 December 31, 2017 21 $1.4 may A reconciliation of the statutory U.S. federal income tax rate to the effective tax rate for the years ended December 31, 2017, 2016 2015 Year Ended December 31 , 2017 2016 2015 Tax at federal statutory tax rat e 34.00 % 34.00 % 34.00 % State income tax, net of federal tax benefi t 1.11 % 6.93 % 1.10 % Change in New York State and City allowance valuatio n 0.00 % -23.45 % 3.83 % Adjustment for permanent items (HCAP Advisors non-controlling interest) 0.00 % -8.72 % -5.71 % Adjustment for other permanent items -0.99 % 2.09 % 1.59 % Adjustment for PTP investment incom e -35.34 % -175.90 % -72.08 % Deferred tax asset written off related to options and RSU s 0.00 % 0.00 % 3.11 % Adjustment for prior year taxe s 0.00 % 1.58 % 3.94 % California state enterprise zone tax credi t 0.00 % -1.70 % 1.13 % PTP asset transfer gai n 0.00 % 0.00 % 32.22 % Change in corporate tax rate -13.80 % 0.00 % 0.00 % Effective tax rat e -15.00 % -165.17 % 3.13 % The increase in the effective tax rate for the year ended December 31, 2017 2016 $12.1 The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates; with the limited exception of certain jurisdictions which do not ’s overall tax exposure. The Company recognizes tax benefits related to its tax positions only where the position is “more likely than not” no 2014. As of December 31, 2017, $0.1 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 4 . Commitments and Contingencies The Company leases office space in California, Illinois, Georgia, Massachusetts, Minnesota, and New York under various operating leases. Occupancy expense was $4.4 December 31, 2017, $3.9 December 31, 2016, $3.7 December 31, 2015. $0.2 $0.2 $0.3 December 31, 2017, 2016 2015. The California, Illinois, Minnesota and New York leases included a period of free rent at the start of the lease. Rent expense is recognized over the entire lease period. The aggregate minimum future commitments of these leases are: (In thousands ) December 31, 201 7 201 8 $ 4,841 201 9 4,228 202 0 2,858 202 1 2,847 202 2 2,717 Thereafte r 7,653 Commitment and Contingent Liabilit y $ 25,144 In connection with its underwriting activities, JMP Securities may, December 31, 2017 2016, no The marketable securities owned and the restricted cash as well as the cash held by the clearing broker may December 31, 2017 2016, $ 0.3 may Unfunded commitments are agreements to lend to a borrower, provided that all conditions have been met. The Company had unfunded commitments to lend of $49.1 $20.7 December 31, 2017 and 2016, respectively. $34.0 December 31, 2016, not $2.9 December 31, 2016, not $13.9 $7.8 December 31, 2017 2016, not $15.8 31, 2017 not $17.3 31, 2017 not not $49.2 December 31, 2017, $18.5 December 31, 2016, |
Note 15 - Regulatory Requiremen
Note 15 - Regulatory Requirements | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 1 5 . Regulatory Requirements JMP Securities is subject to the SEC ’s Uniform Net Capital Rule (Rule 15c3 1 not 15 1. $37.3 $29.7 $35.9 $28.6 $1.4 $1.1 December 31, 2017 2016, 0.58 1 0.56 1 December 31, 2017 2016, Since all customer transactions are cleared through another broker-dealer on a fully disclosed basis, JMP Securities is not 15c3 3 |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 1 6 . 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 most of such affiliated entities. As of December 31, 2017 2016, $24.1 $27.8 $14.7 $17.3 $9.4 $10.5 $15.5 $16.2 $15.4 December 31, 2017, 2016, 2015, $2.5 $10.6 $9.4 December 31, 2017, 2016, 2015, December 31, 2017 2016, $0.4 $0.5 December 31, 2016, $7.8 December 31, 2017. In October 2015, $5.0 September 15, 2016, On September 19, 2017, $3.4 15% October 2017, 30% December 31, 2017, $2.4 $2.9 December 31, 2017, On December 2, 2015, $12.8 September 26, 2016, 21.6% $0.4 December 31, 2017 2016, $1.0 $3.5 $7.0 $1.0 December 31, 2017 2016, $2.8 $10.8 December 31, 2017 2016, 21. |
Note 17 - Guarantees
Note 17 - Guarantees | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Guarantees [Text Block] | 1 7 . Guarantees JMP Securities has agreed to indemnify its clearing broker for losses that the clearing broker may not may ’ obligation under the indemnification has no December 31, 2017 no December 31, 2017, 2016 2015, no no December 31, 2017. 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 may ’s policy to review, as necessary, the credit standing of each counterparty with which it conducts business. |
Note 18 - Litigation
Note 18 - Litigation | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 1 8 . Litigation The Company may 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 not The Company reviews the need for any loss contingency reserves and establish 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 no not |
Note 19 - Financial Instruments
Note 19 - Financial Instruments with Off-balance Sheet Risk, Credit Risk or Market Risk | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 19 . 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 broker. The clearing broker is also a significant source of short-term financing for the Company, which is collateralized by cash and securities owned by the Company and held by the clearing broker. The Company’s securities owned may 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 counterparties do not may 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 not may In connection with the CLOs, the Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include unfunded commitments to lend and standby letters of credit. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheet of the Company. Unfunded commitments are agreements to lend to a borrower, provided that all conditions have been met. Commitments generally have fixed expiration dates or other termination clauses and may may not ’s creditworthiness on a case by case basis. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance by a borrower to a third ’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. In connection with the CLOs, the Company had standby letters of credit of $1.0 December 31, 2016 14 December 31, 2017 2016. |
Note 20 - Business Segments
Note 20 - Business Segments | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 2 0 . Business Segments The Company ’s business results are categorized into the following three Management uses Operating Net Income as a key metric when evaluating the performance of JMP Group ’s core business strategy and ongoing operations. This measure adjusts the Company’s net income as follows: (i) reverses non-cash share-based compensation expense related to historical equity awards granted in prior periods, (ii) recognizes 100% one 2021, one may The Company ’s segment information for the years ended December 31, 2017, 2016, 2015 • Revenues and expenses directly associated with each segment are included in determining segment operating income. • Revenues and expenses not • Each segment ’s operating expenses include: a) compensation and benefits expenses that are incurred directly in support of the segments and b) other operating expenses, which include expenses for premises and occupancy, professional fees, travel and entertainment, communications and information services, equipment and indirect support costs (including compensation and other operating expenses related thereto) for administrative services. • Assets directly associated with each segment are allocated to the respective segment. One exception in depreciable assets, which are held at the Corporate segment. The associated depreciation is allocated to the related segment. Segment Operating Results Management believes that the following information provides a reasonable representation of each segment ’s contribution to revenues, income and assets: (In thousands ) Year Ended December 31 , 201 7 201 6 201 5 Broker-Deale r Non-interest revenue s $ 98,469 $ 79,114 $ 89,828 Total net revenues after provision for loan losse s $ 98,469 $ 79,114 $ 89,828 Non-interest expense s 87,572 77,231 84,865 Segment operating pre-tax net incom e $ 10,897 $ 1,883 $ 4,963 Segment asset s $ 82,790 $ 65,709 $ 84,161 Asset Managemen t Non-interest revenue s $ 19,888 $ 27,830 $ 29,205 Total net revenues after provision for loan losse s $ 19,888 $ 27,830 $ 29,205 Non-interest expense s 19,699 25,256 25,097 Segment operating pre-tax net incom e $ 189 $ 2,574 $ 4,108 Segment asset s $ 29,729 $ 27,013 $ 28,763 Corporat e Non-interest revenue s $ 7,456 $ 22,030 $ 6,816 Net Interest Incom e 3,466 7,620 11,975 Gain on repurchase/early retirement of debt 210 - - (Provision) reversal for loan losse s (2,543 ) (876 ) 700 Total net revenues after provision for loan losse s $ 8,589 $ 28,774 $ 19,491 Non-interest expense s 14,505 25,087 15,714 Segment operating pre-tax net income (los s) $ (5,916 ) $ 3,687 $ 3,777 Segment asset s $ 1,283,781 $ 1,363,238 $ 1,505,198 Elimination s Non-interest revenue s $ (3,436 ) $ (5,561 ) $ (5,912 ) Total net revenues after provision for loan losse s $ (3,436 ) $ (5,561 ) $ (5,912 ) Non-interest expense s (3,429 ) (5,561 ) (5,912 ) Segment operating pre-tax net los s $ (7 ) $ - $ - Segment asset s $ (319,673 ) $ (330,130 ) $ (340,621 ) Consolidating adjustments and reconciling items Non-interest revenue s $ (8,978 ) (a) $ (844 ) (a) $ 1,336 (a) Net interest income 3,991 (b) 6,374 (b) 9,086 (b) Loss on repurchase/early retirement of debt (6,317 ) - - Provision for loan losses (1,820 ) (710 ) (1,790 ) Total net revenues after provision for loan losses $ (13,124 ) $ 4,820 $ 8,632 Non-interest expense 3,666 (c) 10,150 (c) 14,468 (c) Non-controlling interest 2,512 4,536 6,999 Segment operating pre-tax net loss $ (19,302 ) (d) $ (9,866 ) (d) $ (12,835 ) (d) Total Segment s Non-interest revenue s $ 113,399 122,569 121,273 Net interest incom e 7,457 13,994 21,061 Loss on repurchase/early retirement of debt (6,107 ) - - (Provision) reversal for loan losse s (4,363 ) (1,586 ) (1,090 ) Total net revenues after provision for loan losse s $ 110,386 134,977 141,244 Non-interest expense s 122,013 132,163 134,232 Non-controlling interest expense 2,512 4,536 6,999 Segment pre-tax net incom e (loss) $ (14,139 ) $ (1,722 ) $ 13 Total asset s $ 1,076,626 $ 1,125,830 $ 1,277,501 (a) Non-interest revenue adjustments are comprised of loan sale gains, mark-to-market gains/losses, strategic equity investments and warrants, and fund-related revenues recognized upon consolidation of certain Harvest Funds. (b) The Net Interest Income adjustment is comprised of the non-cash net amortization of liquidity discounts at JMP Credit, due to scheduled contractual repayments, and amortization expense related to an intangible asset. ( c) Non-interest expense adjustments relate to reversals of share-based compensation and exclusion of fund-related expenses recognized upon consolidation of certain Harvest Funds. (d) Reconciling operating pre-tax net income to Consolidated Net Income before income tax expense in the Consolidated Statements of Operations consists of the following: (In thousands ) Year Ended December 31 , 201 7 2016 2015 Operating net incom e $ 4,358 $ 10,460 $ 12,255 Addback (Subtract) of Segment Income tax expense (benefit ) 805 (2,316 ) 593 Total Segments adjusted operating pre-tax net incom e $ 5,136 $ 8,144 $ 12,848 Subtract (Add back ) Share option s (334 ) 1,253 2,235 Compensation expense - RSU s 954 746 1,606 Deferred compensation program accounting adjustmen t 457 4,788 6,972 Early retirement of debt 6,499 - - Net unrealized loss/ (gain) on strategic equity investments and warrants . 2,113 (1,540 ) 878 General loan loss reserve for CLO II and CLO II I 1,377 240 1,144 Unrealized loss - real estate-related depreciation and amortizatio n 7,645 4,241 - Amortization of intangible assets 276 138 - CLO Refinancing and accelerated expenses 315 - - Consolidated pre-tax net income (loss) attributable to JMP Group LL C $ (14,139 ) $ (1,722 ) $ 13 Income tax expense (benefit ) 1,744 (4,648 ) 221 Consolidated Net Income (loss) attributable to JMP Group LL C $ (15,883 ) $ 2,926 $ (208 ) |
Note 21 - Summarized Financial
Note 21 - Summarized Financial Information for equity Method Investments | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 21 . Summarized financial information for equity method investments The tables below present summarized financial information of the hedge funds and private equity funds which the Company accounts for under the equity method. The financial information below represents 100% As of December 31, (in thousands) 2017 2016 Net Assets Net Assets Harvest Small Cap Partners $ 227,360 $ 296,404 Harvest Agriculture Select 22,330 22,796 (in thousands) Year Ended December 31, 2017 2016 Net Realized and Unrealized Gains (Losses) Net Investment Income (Loss) Net Realized and Unrealized Gains (Losses) Net Investment Income (Loss) Harvest Small Cap Partners $ (4,566 $ (17,025 $ 56,906 $ (20,447 Harvest Agriculture Select 2,488 (213 (697 (248 Harvest Technology Partners (1) - - 174 (154 Harvest Financial Partners (1) - - 204 (228 ( 1 December 31, 2016 August 30, 2016, The Company had a significant investment in real estate entities as of December 31, 2017 2016. December 31, 2017 2016, As of December 31, (in thousands) 2017 2016 Real estate properties, net $ 1,039,116 $ 1,054,968 Total assets 1,213,077 1,260,490 Mortgages and other loan payables, net 1,033,122 1,008,073 Redeemable preferred equity, net 109,269 99,585 Total liabilities 1,199,878 1,150,929 Total equity 13,199 109,561 Total liabilities and equity $ 1,213,077 $ 1,260,490 Total revenue $ 188,092 $ 82,757 Operating income 19,617 8,629 Net loss $ (71,730 ) $ (24,790 ) |
Note 22 - Nonconsolidated Varia
Note 22 - Nonconsolidated Variable Interest Entities | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 22. VIEs for which the Company is not As of December 31, (in thousands) 2017 2016 Investments $ 8,226 $ 15,213 Receivables 262 1,072 Total $ 8,488 $ 16,285 |
Note 23 - Condensed Consolidati
Note 23 - Condensed Consolidating Financial Statements | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | 23 . Condensed Consolidating Financial Statements JMP Group Inc., a 100% ’s Senior Notes. In conjunction with the Reorganization Transaction, on January 1, 2015, may The following condensed consolidating financial statements present the consolidated statements of financial condition, c ondensed consolidated statements of operations, consolidated statements of comprehensive income and consolidated statements of cash flows of JMP Group LLC (parent company and guarantor), JMP Group Inc. (issuer), JMP Investment Holdings (guarantor subsidiary), and the elimination entries necessary to consolidate or combine the issuer with the guarantor and non-guarantor subsidiaries. These statements are presented in accordance with the disclosure requirements under SEC Regulation S- X 3 10. As of December 31, 2017 Parent Compan y Subsidiary Issue r Guarantor Subsidiarie s Non-Guarantor Subsidiarie s Elimination s Consolidated JMP Group LLC Asset s Cash and cash equivalent s $ 951 $ 4,819 $ 12,681 $ 67,143 $ - $ 85,594 Restricted cash and deposits - 1,471 - 50,256 - 51,727 Investment banking fees receivable, net of allowance for doubtful account s - - - 9,567 - 9,567 Marketable securities owned, at fair valu e - - 9,464 11,456 (95 ) 20,825 Incentive fee receivabl e - - - 415 (2 ) 413 Other investments - 3,101 11,543 13,340 - 27,984 Loans held for investment, net of allowance for loan losse s - - 4,233 79,715 - 83,948 Loans collateralizing asset-backed securities issued, net of allowance for loan losse s - - - 765,583 - 765,583 Interest receivabl e - 4 165 2,090 - 2,259 Collateral posted for derivative transactio n - - - - - - Fixed assets, ne t - - - 2,322 - 2,322 Other asset s (4,603 ) 132,931 (8,787 ) 64,075 (157,212 ) 26,404 Investment in subsidiarie s 226,894 70,775 127,325 - (424,994 ) 0 Total asset s $ 223,242 $ 213,101 $ 156,624 $ 1,065,962 $ (582,303 ) $ 1,076,626 - Liabilities and Equit y Liabilities : Marketable securities sold, but not yet purchased, at fair valu e $ - $ - $ - $ 7,919 $ - $ 7,919 Accrued compensatio n - 150 - 42,981 - 43,131 Asset-backed securities issue d - - - 738,248 - 738,248 Interest payabl e - 1,109 - 5,403 - 6,512 Note payabl e 137,603 - - 17,762 (155,365 ) - CLO V Warehouse Facility - - - 61,250 - 61,250 Bond payabl e - 93,198 - - (95 ) 93,103 Other liabilitie s 1,193 5,710 - 11,123 (1,742 ) 16,284 Total liabilitie s $ 138,796 $ 100,167 $ - $ 884,686 $ (157,202 ) $ 966,447 Total members' (deficit) equit y 84,446 112,934 141,955 182,313 (425,313 ) 96,335 Nonredeemable Non-controlling Interes t $ - $ - $ 14,669 $ (1,037 ) $ 212 $ 13,844 Total equit y $ 84,446 $ 112,934 $ 156,624 $ 181,276 $ (425,101 ) $ 110,179 Total liabilities and equit y $ 223,242 $ 213,101 $ 156,624 $ 1,065,962 $ (582,303 ) $ 1,076,626 As of December 31, 201 6 Parent Compan y Subsidiary Issue r Guarantor Subsidiarie s Non-Guarantor Subsidiarie s Elimination s Consolidated JMP Group LLC Asset s Cash and cash equivalent s $ 255 $ 1,763 $ 5,060 $ 78,414 $ - $ 85,492 Restricted cash and deposits - 1,471 - 226,185 - 227,656 Investment banking fees receivable, net of allowance for doubtful account s - - - 5,681 - 5,681 Marketable securities owned, at fair valu e - - 10,877 8,317 (472 ) 18,722 Incentive fee receivabl e - - - 499 - 499 Other investments - 5,126 9,838 17,905 - 32,869 Loans held for sal e - - - 32,488 - 32,488 Loans held for investment, net of allowance for loan losse s - - - 1,930 - 1,930 Loans collateralizing asset-backed securities issued, net of allowance for loan losse s - - - 654,127 - 654,127 Interest receivabl e - - 72 3,429 (72 ) 3,429 Collateral posted for derivative transactio n - - - 25,000 - 25,000 Fixed assets, ne t - - - 3,143 - 3,143 Other asset s (1,045 ) 149,847 (8,957 ) 49,183 (154,234 ) 34,794 Investment in subsidiarie s 252,486 74,166 117,537 - (444,189 ) - Total asset s $ 251,696 $ 232,373 $ 134,427 $ 1,106,301 $ (598,967 ) $ 1,125,830 - Liabilities and Equit y Liabilities : Marketable securities sold, but not yet purchased, at fair valu e $ - $ - $ - $ 4,747 $ - $ 4,747 Accrued compensatio n 90 150 - 35,918 - 36,158 Asset-backed securities issue d - - - 825,854 - 825,854 Interest payabl e - 1,506 - 4,811 - 6,317 Note payabl e 137,603 - - 15,000 (152,603 ) - Bond payabl e - 92,258 - - (473 ) 91,785 Other liabilitie s 1,520 25,938 313 (502 ) (1,594 ) 25,675 Total liabilitie s $ 139,213 $ 119,852 $ 313 $ 885,828 $ (154,670 ) $ 990,536 - Total members' (deficit) equit y 112,483 112,521 117,532 221,350 (444,509 ) 119,377 Nonredeemable Non-controlling Interes t $ - $ - $ 16,582 $ (877 ) $ 212 $ 15,917 Total equit y $ 112,483 $ 112,521 $ 134,114 $ 220,473 $ (444,297 ) $ 135,294 Total liabilities and equit y $ 251,696 $ 232,373 $ 134,427 $ 1,106,301 $ (598,967 ) $ 1,125,830 For the Year Ended December 31, 201 Parent Compan y Subsidiary Issue r Guarantor Subsidiarie s Non- Guarantor Subsidiarie s Elimination s Consolidated JMP Group LLC Revenue s Investment bankin g $ - $ - $ - $ 77,322 $ - $ 77,322 Brokerag e - - - 21,129 - 21,129 Asset management fee s - - - 18,212 (163 ) 18,049 Principal transaction s - (440 ) (710 ) (5,287 ) - (6,437 ) Loss on sale, payoff and mark-to-market of loan s - - - 797 - 797 Net dividend incom e - 4 1,116 68 - 1,188 Other incom e - - - 1,351 - 1,351 Equity earnings of subsidiarie s (8,411 ) 6,386 2,106 - (81 ) - Non-interest revenue s (8,411 ) 5,950 2,512 113,592 (244 ) 113,399 Interest incom e 1,633 4,561 653 42,418 (8,106 ) 41,159 Interest expens e (4,555 ) (9,464 ) - (27,789 ) 8,106 (33,702 ) Net interest incom e (2,922 ) (4,903 ) 653 14,629 - 7,457 Gain (loss) repurchase/early retirement of debt 210 (775) - (5,542 ) - (6,107 ) Provision for loan losse s - - - (4,363 ) - (4,363 ) Total net revenues after provision for loan losse s (11,123 ) 272 3,165 118,316 (244 ) 110,386 Non-interest expense s Compensation and benefit s 1,854 4,096 (47 ) 84,698 - 90,601 Administratio n 543 460 144 6,480 (163 ) 7,464 Brokerage, clearing and exchange fee s - - - 3,209 - 3,209 Travel and business developmen t 107 - - 3,927 - 4,034 Communications and technolog y 2 9 - 4,297 - 4,308 Occupanc y - - - 4,418 - 4,418 Professional fee s 2,247 329 2 1,829 - 4,407 Depreciatio n - - - 1,162 - 1,162 Othe r - 76 420 1,914 - 2,410 Total non-interest expense s 4,753 4,970 519 111,934 (163 ) 122,013 Net income (loss) before income tax expens e (15,876 ) (4,698 ) 2,646 6,382 (81 ) (11,627 ) Income tax expense (benefit ) - (3,247 ) - 4,991 - 1,744 Net income (loss ) (15,876 ) (1,451 ) 2,646 1,391 (81 ) (13,371 ) Less: Net income (loss) attributable to nonredeemable non-controlling interest - - 2,318 194 - 2,512 Net income (loss) attributable to JMP Group LL C $ (15,876 ) $ (1,451 ) $ 328 $ 1,197 $ (81 ) $ (15,883 ) For the Year Ended December 31, 201 6 Parent Compan y Subsidiary Issue r Guarantor Subsidiarie s Non- Guarantor Subsidiarie s Elimination s Consolidated JMP Group LLC Revenue s Investment bankin g $ - $ - $ - $ 55,353 $ - $ 55,353 Brokerag e - - - 23,755 - 23,755 Asset management fee s - - - 27,185 (394 ) 26,791 Principal transaction s - 1,337 5,541 9,304 - 16,182 Loss on sale, payoff and mark-to-market of loan s - - - (1,918 ) - (1,918 ) Net dividend incom e - - 966 33 - 999 Other incom e - - 87 1,320 - 1,407 Equity earnings of subsidiarie s 10,823 (2,484 ) 18,257 - (26,596 ) - Non-interest revenue s 10,823 (1,147 ) 24,851 115,032 (26,990 ) 122,569 Interest incom e 1,478 4,557 681 48,655 (8,587 ) 46,784 Interest expens e (4,555 ) (9,098 ) - (27,724 ) 8,587 (32,790 ) Net interest incom e (3,077 ) (4,541 ) 681 20,931 - 13,994 Provision for loan losse s - - - (1,586 ) - (1,586 ) Total net revenues after provision for loan losse s 7,746 (5,688 ) 25,532 134,377 (26,990 ) 134,977 Non-interest expense s Compensation and benefit s 2,178 3,725 2,355 92,975 - 101,233 Administratio n 476 497 235 6,210 (394 ) 7,024 Brokerage, clearing and exchange fee s - - - 3,110 - 3,110 Travel and business developmen t 132 - - 4,639 - 4,771 Communications and technolog y 5 10 - 4,157 - 4,172 Occupanc y - - - 3,901 - 3,901 Professional fee s 2,028 494 12 1,865 - 4,399 Depreciatio n - - - 1,280 - 1,280 Othe r - 8 138 2,127 - 2,273 Total non-interest expense s 4,819 4,734 2,740 120,264 (394 ) 132,163 Net income (loss) before income tax expens e 2,927 (10,422 ) 22,792 14,113 (26,596 ) 2,814 Income tax expense (benefit ) - (2,607 ) - (2,041 ) - (4,648 ) Net income (loss ) 2,927 (7,815 ) 22,792 16,154 (26,596 ) 7,462 Less: Net income (loss) attributable to nonredeemable non-controlling interest - - 3,815 721 - 4,536 Net income (loss) attributable to JMP Group LL C $ 2,927 $ (7,815 ) $ 18,977 $ 15,433 $ (26,596 ) $ 2,926 For the Year Ended December 31, 201 7 Parent Compan y Subsidiary Issue r Guarantor Subsidiarie s Non-Guarantor Subsidiarie s Eliminations Consolidated JMP Group LLC Cash flows from operating activities : Net income (loss ) $ (15,876 ) $ (1,451 ) $ 2,646 $ 1,391 $ (81 ) $ (13,371 ) Adjustments to reconcile net income to net cash provided by (used in ) : Provision for doubtful accounts - - - 176 - 176 Provision for loan losse s - - - 4,363 - 4,363 Accretion of deferred loan fee s - - - (2,281) ) - (2,281) ) Amortization of liquidity discount, ne t - - (19 ) 905 - 886 Amortization of debt issuance cost s - 421 - - - 421 Amortization of original issue discount, related to CLO II and CLO II I - - - 1,133 - 1,133 Loss (gain) on sale and payoff of loan s - - - (797 ) - (797 ) Gain on repurchase of asset-backed securities issue d - 775 - 5,332 - 6,107 Change in other investments : Income from investments in equity method investee s - 409 - 5,951 6,360 Fair valu e - 32 (995 ) (930 ) - (1,893 ) Change in TR S - - - 412 - 412 Realized gain on other investment s - - - 446 - 446 Depreciation and amortization of fixed asset s - - - 1,162 - 1,162 Stock-based compensation expens e 2,955 - - - - 2,955 Net change in operating assets and liabilities : Decrease (increase) in interest receivabl e - (4 ) (93 ) 1,336 (69 ) 1,170 Decrease (increase) in receivable s - - 60 (4,036 ) - (3,976 ) Decrease (increase) in marketable securitie s - - 1,413 (3,139 ) (377 ) (2,103 ) Increase in restricted cash (excluding restricted cash ) - - - (2,594 ) - (2,594 ) Decrease (increase) in deposits and other asset s 3,556 15,674 (7,831 ) (15,114 ) 2,992 (723) Decrease in marketable securities sold, but not yet purchased - - - 3,172 - 3,172 Increase (decrease) in interest payabl e - (397 ) - 592 - 195 Increase (decrease) in accrued compensation and other liabilitie s (407 ) (18,986 ) (313 ) 19,051 (78 ) (733 ) Net cash (used in) provided by operating activitie s $ (9,772 ) $ (3,527 ) $ (5,132 ) $ 16,531 $ 2,387 $ 487 Cash flows from investing activities : Purchases of fixed asset s - - - (341 ) - (341 ) Investment in subsidiar y 25,592 3,391 (9,788 ) - (19,195 ) - Purchases of other investment s - (861 ) (1,251 ) (4,250 ) - (6,362 ) Sales of other investment s - 2,445 8,711 3,428 - 14,584 Funding of loans collateralizing asset-backed securities issue d - - - (507,556 ) - (507,556 ) Funding of loans held for investment - - (5,855 ) (81,972 ) 5,855 (81,972 ) Sale and payoff of loans collateralizing asset-backed securities issue d - - - 354,441 (5,867 ) 348,574 Sale of loans held for investment - - - 1,000 - 1,000 Sale of participating interest in loans held for investment - - - 1,030 - 1,030 Sale of loans held for sale - - - 31,199 - 31,199 Principal receipts on loans collateralizing asset-backed securities issue d - - - 41,001 - 41,001 Principal receipts on loans held for investmen t - - 1,071 630 - 1,701 Principal receipts on loans held for sale - - - 1,784 - 1,784 Net change in cash collateral posted for derivative transactions - - - 25,000 - 25,000 Net change in restricted cash reserved for lending activitie s - - - 178,523 - 178,523 Net cash provided by (used in) investing activitie s $ 25,592 $ 4,975 $ (7,112 ) $ 43,917 $ (19,207 ) $ 48,165 Cash flows from financing activities : Proceeds from CLO V warehouse facility - - - 61,250 - 61,250 Proceeds from bond issuance - 50,000 - - - 50,000 Proceeds from asset backed securities issued - - - 408,394 - 408,394 Payments of debt issuance costs - (1,964 ) - - - (1,964 ) Repayment of note payabl e - - - 2,762 (2,762 ) - Repurchase of bonds payabl e - (48,292 ) - - 378 (47,914 ) Repayment of asset-backed securities issue d - - - (503,617 ) - (503,617 ) Distributions and dividend equivalents paid on common shares and RSU s (7,770 ) - - - - (7,770 ) Purchases of shares of common stock for treasur y (2,084 ) - - - - (2,084 ) Capital contributions of paren t (5,010 ) 1,864 24,095 (40,153 ) 19,204 - Capital contributions of nonredeemable non-controlling interest holders - - - 92 - 92 Distributions to non-controlling interest shareholder s - - (4,230 ) (447 ) - (4,677 ) Employee taxes paid on shares withheld for tax-withholding purposes (1,478 ) - - - - (1,478 ) Proceeds from exercise of stock options 1,218 - - - - 1,218 Net cash provided by (used in) financing activitie s $ (15,124 ) $ 1,608 $ 19,865 $ (71,719 ) $ 16,820 $ (48,550 ) Net increase (decrease) in cash and cash equivalent s 696 3,056 7,621 (11,271 ) - 102 Cash and cash equivalents, beginning of perio d 255 1,763 5,060 78,414 - 85,492 Cash and cash equivalents, end of perio d $ 951 $ 4,819 $ 12,681 $ 67,143 $ - $ 85,594 For the Year Ended December 31, 201 6 Parent Compan y Subsidiary Issue r Guarantor Subsidiarie s Non-Guarantor Subsidiarie s Elimination s Consolidated JMP Group LLC Cash flows from operating activities : Net income (loss ) $ 2,927 $ (7,815 ) $ 22,792 $ 16,154 $ (26,596 ) $ 7,462 Adjustments to reconcile net income to net cash provided by (used in ) : Provision for loan losse s - - - 1,586 - 1,586 Accretion of deferred loan fee s - - - (2,351 ) - (2,351 ) Amortization of liquidity discount, ne t - - - (146 ) - (146 ) Amortization of debt issuance cost s - 433 - - - 433 Amortization of original issue discount, related to CLO II and CLO II I - - - 2,431 - 2,431 Interest paid in kin d - - - (53 ) - (53 ) Loss (gain) on sale and payoff of loan s - - - 1,918 - 1,918 Gain on repurchase of asset-backed securities issue d - (87 ) - - (87 ) Change in other investments : - - Income from investments in equity method investee s - - (2,200 ) (2,200 ) Fair valu e - (1,337 ) 397 2,001 - 1,061 Change in TR S - - - (3,064 ) - (3,064 ) Realized gain on other investment s - - (4,425 ) (3,578 ) - (8,003 ) Depreciation and amortization of fixed asset s - - - 1,280 - 1,280 Stock-based compensation expens e - - - 5,761 - 5,761 Deferred income taxes - (10,128 ) - (320 ) - (10,448 ) Net change in operating assets and liabilities : (Increase) decrease in interest receivabl e - - (6 ) 59 138 191 Decrease (increase) in receivable s - - - 11,311 (50 ) 11,261 Increase in marketable securitie s - - (2,496 ) 11,882 385 9,771 (Increase) decrease in restricted cash (excluding restricted cash ) - (348 ) - 1,398 - 1,050 (Increase) decrease in deposits and other asset s (92 ) 4,741 8,235 (26,790 ) 16,524 2,618 Increase in marketable securities sold, but not yet purchased - - - (8,537 ) - (8,537 ) Increase (decrease) in interest payabl e - - - 1,006 (66 ) 940 Increase (decrease) in accrued compensation and other liabilitie s 310 2,021 313 (4,775 ) (1,865 ) (3,996 ) Net cash used in operating activitie s $ 3,145 (12,433 ) 24,723 4,973 (11,530 ) 8,878 Cash flows from investing activities : Purchases of fixed asset s - - - (494 ) - (494 ) Investment in subsidiar y (7,687 ) (2,627 ) (8,392 ) - 18,706 - Purchases of other investment s - (3,642 ) (3,105 ) (2,881 ) 2,073 (7,555 ) Sales of other investment s - 6,556 29,768 12,331 (2,073 ) 46,582 Funding of loans collateralizing asset-backed securities issue d - - - (304,606 ) - (304,606 ) Sale and payoff of loans collateralizing asset-backed securities issue d - - - 519,063 - 519,063 Principal receipts on loans collateralizing asset-backed securities issue d - - - 68,030 - 68,030 Principal receipts on loans held for investmen t - - - 274 - 274 Net change in restricted cash reserved for lending activitie s - - - (176,134 ) - (176,134 ) Cash and cash equivalents derecognized due to adoption of new consolidation guidanc e - - - - - - Net cash provided by (used in) investing activitie s $ (7,687 ) $ 287 $ 18,271 $ 115,583 $ 18,706 $ 145,160 Cash flows from financing activities : Repayment of note payabl e - - - 15,000 (15,000 ) - Repurchase of bonds payabl e - - - - (385 ) (385 ) Repayment of asset-backed securities issue d - - - (106,800 ) - (106,800 ) Distributions and dividend equivalents paid on common shares and RSU s (8,362 ) - - - - (8,362 ) Purchases of shares of common stock for treasur y (4,155) - - - - (4,155) ) Capital contributions of paren t 19,343 2,649 (25,039 ) (5,162 ) 8,209 - Distributions to non-controlling interest shareholder s - - (5,911 ) (1,166 ) - (7,077 ) Purchase of subsidiary shares from non-controlling interest holder s - - (8,209 ) - - (8,209 ) Employee taxes paid on shares withheld for tax-withholding purposes (2,109) - - - - (2,109 ) Net cash provided by financing activitie s $ 4,717 $ 2,649 $ (39,159 ) $ (98,128 ) $ (7,176 ) $ (137,097 ) Net increase (decrease) in cash and cash equivalent s 175 (9,497 ) 3,835 22,428 - 16,941 Cash and cash equivalents, beginning of perio d 80 11,260 1,225 55,986 - 68,551 Cash and cash equivalents, end of perio d $ 255 $ 1,763 $ 5,060 $ 78,414 $ - $ 85,492 |
Note 24 - Subsequent Events
Note 24 - Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 24 . Subsequent Events On January 18, 2018 the Company announced that its board of directors declared cash distributions of $0.03 per share for the months of January, February and March, 2018. The January distribution will be paid on February 15, 2018, to shareholders of record as of January 31, 2018. The February distribution will be paid on March 15, 2018, to shareholders of record as of February 28, 2017. The March distribution will be paid on April 13, 2018, to shareholders of record as of March 29, 2018. On February 6, 2018 260,000 2017 50% December 1, 2018 50% December 1, 2019, |
Note 25 - Selected Quarterly Fi
Note 25 - Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 25 . Selected Quarterly Financial Data (Unaudited) The following represents the Company ’s unaudited quarterly results for the years ended December 31, 2017 2016. JMP Group LL C Selected Consolidated Financial Dat a Three Months Ende d (In thousands, except per share data ) December 31, 201 7 September 30, 201 7 June 30, 201 7 March 31, 201 7 Total net revenues after provision for loan losse s $ 30,833 $ 32,029 $ 23,144 $ 24,380 Non-interest expenses : Compensation and benefit s 21,588 24,563 22,652 21,798 Other expense s 7,908 6,808 8,889 7,807 Total non-interest expense s 29,496 31,371 31,541 29,605 Income (loss) before income tax expens e 1,337 658 (8,397 ) (5,225 ) Income tax expense (benefit ) 1,913 1,113 (198 ) (1,084 ) Net incom e (loss) (576 ) (455 ) (8,199 ) (4,141 ) Less: Net income attributable to non-controlling interest 800 780 335 597 Net income (loss) attributable to JMP Group LL C (1,376 ) (1,235 ) (8,534 ) (4,738 ) Net income (loss) attributable to JMP Group LLC per common share : Basi c $ (0.07 ) $ (0.06 ) $ (0.39 ) $ (0.22 ) Dilute d $ (0.07 ) $ (0.06 ) $ (0.39 ) $ (0.22 ) JMP Group LL C Selected Consolidated Financial Dat a Three Months Ende d (In thousands, except per share data ) December 31, 201 6 September 30, 201 6 June 30, 201 6 March 31, 201 6 Total net revenues after provision for loan losse s $ 36,024 $ 30,675 $ 29,723 $ 38,555 Non-interest expenses : Compensation and benefit s 30,960 22,167 20,681 27,425 Other expense s 7,623 7,503 7,956 7,848 Total non-interest expense s 38,583 29,670 28,637 35,273 Income (loss) before income tax expens e (2,559 ) 1,005 1,086 3,282 Income tax expens e (3,855 ) (597 ) (246 ) 50 Net income (loss ) 1,296 1,602 1,332 3,232 Less: Net income attributable to the non-controlling interest 507 941 1,659 1,429 Net income (loss) attributable to JMP Group LL C 789 661 (327 ) 1,803 Net income (loss) attributable to JMP Group LLC per common share : Basi c $ 0.04 $ 0.03 $ (0.02 ) $ 0.08 Dilute d $ 0.04 $ 0.03 $ (0.02 ) $ 0.08 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated accounts of the Company include the wholly-owned subsidiaries and the partially-owned subsidiaries of which we are 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 December 31, 2017 December 31, 2016 third The Company performs consolidation analyses on entities to identify variable interest entities (“VIEs”) and determine the appropriate accounting treatment. An entity is considered a VIE and, therefore, would be subject to the consolidation provisions of ASC 810 10 15 not not 2015 2, Amendments to Consolidation Analysis February 2015, 810, Consolidation JMPCA manages JMP Credit Advisors CLO I Ltd. (“CLO I”) (through the first 2017 second 2017 The Company assesses whether the CLOs meet the definition of a VIE, and whether the Company qualifies as the primary beneficiary. CLOs determined not December 31, 2016, 94%, 98%, third first second 2017, 5 8 Upon the securitization of the CLO III loan portfolio on September 30, 2014, September 30, 2014, 13.5% third 13.5% 46.7% not Upon the securitization of the CLO IV loan portfolio on June 29, 2017, the Company performed a consolidation analysis to determine appropriate consolidation treatment. As of June 29, 201 7 100% third The Company performed a consolidation analysis for CLO V, and concluded it was not 100% HCS currently manages several asset management funds, which are structured as limited partnerships, and is the general partner of each. T he Company assesses whether these partnerships meet the definition of VIEs in accordance with ASC 810 10 15 14, not may not not The Company performed the consolidation analysis for HCAP Advisors, and concluded it was a VIE, based on insufficient equity at risk. As a result, the Company is considered the primary beneficiary and consolidates the assets and liabilities of HCAP Advisors. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ( “GAAP”) requires the use of estimates and assumptions that affect both the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results may |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Investment banking revenues Investment banking revenues consist of underwriting revenues, strategic advisory revenues and private placement fees, and are recorded when the underlying transaction is completed under the terms of the relevant agreement. Underwriting revenues arise from securities offerings in which the Company acts as an underwriter and include management fees, selling concessions and underwriting fees, net of related syndicate expenses. Management fees and selling concessions are recorded on the trade date, which is typically the day of pricing an offering (or the following day) and underwriting fees, net of related syndicate expenses, at the time the underwriting is completed and the related income is reasonably determinable. For these transactions, management estimates the Company ’s share of the transaction-related expenses incurred by the syndicate, and recognizes revenues net of such expense. On final settlement, typically 90 not may 144A Brokerage revenues Brokerage revenues consist of (i) commissions resulting from equity securities transactions executed as agent or principal and are recorded on a trade date basis, (ii) related net trading gains and losses from market making activities and from the commitment of capital to facilitate customer orders and (iii) fees paid for equity research. For the years ended December 31, 2017, 2016, 2015, re $0.8 mi $0.6 $1.2 three may no may In these commission-sharing or tri-party arrangements, the amount of the fee is determined by the client on a case-by-case basis and agreed to by the Company. An invoice is then sent to the payor. For the second third ability is reasonably assured. None not third Asset Management Fees Asset management fees for hedge funds, hedge funds of funds, private equity funds, and HCC include base management fees and incentive fees earned from managing a family of investment partnerships and a publicly-traded specialty finance company. The Company recognizes base management fees on a monthly basis over the period in which the investment services are performed. Base management fees earned by the Company are generally based on the fair value of assets under management (“AUM”) or aggregate capital commitments and the fee schedule for each fund and account. Base management fees for hedge funds and hedge funds of funds are calculated at the investor level using their quarter-beginning capital balance adjusted for any contributions or withdrawals. Base management fees for private equity funds are calculated at the investor level using their aggregate capital commitments during the commitment period, which is generally three first not Asset management fees for the CLOs the Company managed through the year included senior and subordinated base management fees. We recognize base management fees for the CLOs on a monthly basis over the period in which the collateral management services are performed. The base management fees for the CLOs are calculated as a percentage of the average aggregate collateral balances for a specified period. As the Company consolidates the CLOs, the management fees earned at JMPCA from the CLOs are eliminated upon consolidation. At December 31, 2017, 0.50% 0.33% were 0.50% of the a Principal transactions Principal transaction revenues include realized and unrealized net gains and losses resulting from our principal investments in equity and other securities for the Company ’s account and in equity-linked warrants received from certain investment banking clients, limited partner investments in private funds managed by third The Company ’s principal transaction revenues for these categories for the years ended December 31, 2017, 2016 2015 (In thousands ) Year Ended December 31 , 201 7 201 6 201 5 Equity and other securities excluding non-controlling interes t $ (431) $ 1,389 $ 1,668 Warrants and other investment s (6,885 ) 14,581 2,510 Investment partnership s 879 212 3,231 Total principal transaction revenue s $ (6,437 ) $ 16,182 $ 7,409 The Company has included from revenues from certain other incestments of $1.2 $0.7 $0.1 December 31, 2017, 2016, 2015, |
Gain on Sale and Payoff of Loans [Policy Text Block] | Gain and Loss on Sale , Payoff and Mark-to-market of Loans Gain and loss on sale, payoff and mark-to-market of loans consists of gains from the sale and payoff of loans collateralizing asset-backed securities, loans held for investment, and loans held for sale at JMP Investment Holdings. Gains are recorded when the proceeds exceed the carrying value of the loan. This line item also includes lower of cost or market adjustments arising from loans held for sale. |
Revenue Recognition, Interest [Policy Text Block] | I nterest Income Interest income primarily relates to income earned on loans. Interest income on loans comprises the stated coupon as a percentage of the face amount receivable as well as accretion of purchase discounts and deferred fees . Interest income is recorded on the accrual basis in accordance with the terms of the respective loans unless such loans are placed on non-accrual status. |
Interest Expense, Policy [Policy Text Block] | Interest Expense Interest expense primarily consists of interest expense incurred on asset-backed securities issued, notes payable, CLO V warehouse credit facility, and the amortization of bond issuance costs. Interest expense on asset-backed securities issued is the stated coupon as a percentage of the principal amount payable adjusted for amortization of any discounts. See Asset- Backed Securities Issued |
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers highly liquid investments with original maturities or remaining maturities upon purchase of three of such investments. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash and Deposits Restricted cash and deposits include principal and interest payments that are collateral for the asset-backed securities issued by CLOs. They also include cash collateral supporting standby letters of credit issued by JMP Credit and cash on deposit for operating leases. Restricted cash consisted of the following at December 31, 2017 2016: As of December 31, (In thousands ) 201 7 201 6 Principal and interest payments held as collateral for asset-backed securities issued $ 43,050 $ 225,777 Principal and interest payments held to secure borrowing under credit facilities 5,301 - Customer escrow accoun t - 408 Cash collateral supporting standby letters of credi t 1,905 - Deposits for operating lease s 1,471 1,471 |
Receivables, Policy [Policy Text Block] | Receivable from Clearing Broker The Company clears customer transactions through another broker-dealer on a fully disclosed basis. At both December 31, 2017 December 31, 2016, |
Investment Banking, Fees Receivable [Policy Text Block] | Investment Banking Fees Receivable Investment banking fees receivable includes receivables relating to the Company ’s investment banking or advisory engagements. The Company records an allowance for doubtful accounts on these receivables on a specific identification basis. Investment banking fees receivable which are deemed to be uncollectible are charged off and deducted from the allowance. The allowance for doubtful accounts related to investment banking fees receivable was $159 zero December 31, 2017 2016, |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 4 Most of the Company ’s financial instruments, other than loans collateralizing asset-backed securities issued, loans held for investment, and asset-backed securities issued, are recorded at fair value or amounts that approximate fair value. Marketable securities owned, other investments at fair value, and marketable securities sold, but not Fair value of the Company ’s financial instruments is generally obtained from quoted market prices, third not For disclosure purpo ses, the fair values for each of the loans held in the CLOs were calculated using third third four December 31, 2017. third three December 31, 2016. third Marketable securities owned and securities sold, but not U.S. listed and over-the-counter (“OTC”) equity securities. Other investments include investments in private investment funds managed by the Company and investments in private investment funds managed by third not may not may not The Company estimates the fair value of its investments in private investment funds managed by third , as a practical expedient. The Company uses the fair value option which allows an entity to report selected financial assets and financial liabilities at fair value. The fair value of those assets and liabilities for which the fair value option has been chosen is reflected on the face of the balance sheet. Subsequent changes in fair value are recorded in the Consolidated Statements of Operations. The Company elected to apply the fair value option to the investments in HCC common stock, its investments in real estate funds, its investment in a private equity fund which invests in a diversified portfolio of technology companies, and its investment in Harvest Growth Capital LLC (“HGC”) and Harvest Growth Capital II LLC (“HGC II”). The primary reason for electing the fair value option was to measure these gains on our investments on the same basis as our other equity securities, all of which are stated at fair value. The gains/losses on the investments in HCC , the investment in real estate funds and the private equity funds are reported in Principal Transactions in the Consolidated Statements of Operations. In 2017 2016, $2.1 $1.5 $1.1 $1.0 2017 2016, $6.6 $2.1 2017 2016, $0.4 $1.0 2017 2016, $0.5 $0.2 |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instrum ents In the second 2015, 36 18 18 third 2017. 31, 2016, December 31, 2017, 2016, 2015, $0.8 $3.1 $1.9 $1.3 December 31, 2016, $25.0 first 2017, $0.9 |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Hierarchy In determining fair value, the Company uses various methods including market, income and cost approaches. Based on these approaches, the Company often utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable firm inputs. The Company generally utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of the inputs used in the valuation techniques, the Company provides the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial instrument assets and liabilities carried at fair value have been classified and disclosed in one three Level 1 Quoted market prices in active markets for identical assets or liabilities. Level 2 Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3 Unobservable inputs that are not Level 1 U.S. listed and OTC equity securities, as well as quasi-government agency securities, all of which are carried at fair value. Level 2 Level 3 At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as “Level 3.” |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans Accounting guidance requires that the Company present and disclose certain information about its financing receivables by portfolio segment and/or by class of receivables. A portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine the allowance for credit losses. A class of financing receivables is defined as the level of information (below a portfolio segment) that enables a reader to understand the nature and extent of exposure to credit risk arising from financing receivables. The Company’s portfolio segments are loans held for sale, small business loans and loans collateralizing asset-backed securities issued. The Company has treated the loans held for investment as a single class given the small size of the respective loan portfolios as of December 31, 2017 2016. |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Loans Held for Sale Loans are classified as held for sale once a decision has been made to sell the loans. Once identified as such, the loans are recorded at the lower of cost or market. A quarterly evaluation is performed on a sp ecific identification basis. The Company employs anticipated cash flows, discounted at an appropriate market credit adjusted interest rate to determine the fair value of the loans held for sale. Internally developed and third not |
Finance, Loan and Lease Receivables, Held-for-investment, Policy [Policy Text Block] | Loans Held for Investment Loans held for investment are carried at their unpaid principal balance, net of any allowance for credit losses and deferred loan origination , commitment and other fees. For loans held for investment, the Company establishes and maintains an allowance for credit losses based on management’s estimate of credit losses in our loans as of each reporting date. The Company records the allowance against loans held for investment on a specific identification basis, or . Loans are charged off against the reserve for credit losses if the principal is deemed not not 90 may not not |
Loans Collateralizing, Assetbacked Securities Issued [Policy Text Block] | Loans Collateralizing Asset-Backed Securities Issued Loans collateralizing asset-backed securities issued are recorded at their fair value as of the acquisition date, which then becomes the new basis of the loans. For those loans acquired with evidence of deterioration of credit quality since origination, the total discount from unpaid principal balance to fair value consists of a non-accretable credit discount and an accretable liquidity discount. The accretable portion of the discount is recognized into interest income as an adjustment to the yield of the loan over the contractual life of the loan using the effective interest method. For those loans without evidence of deterioration in credit quality since origination, any difference between the Company ’s initial investment in the loan and its par value is recorded as a premium or discount, which is amortized or accreted into interest income as a yield adjustment over the contractual life of the loan using the effective interest method, in accordance with ASC 310 20, The Company reviews its loan portfolio at the end of each quarter to identify specific loss reserves on impaired loans or to record losses inherent in the homogenous loan portfolio. As loans collateralizing asset-backed securities issued are considered similar in nature, given the loan terms, ratings and average life expectancy, they are reviewed collectively in the quarterly assessment of loan loss reserves. Even when there are no For loans acquired at a discount that are not 310 30, 450. No For loans acquired at a premium, the allowance for loan losses recorded subsequent to the date of the loan acquisition is determined in accordance with ASC 450, Refer to “Allowance for Loan Losses” section below for the Company’s quarterly assessment process. The accrual of interest on loans is discontinued when principal or interest payments are 90 not may may Restructured loans are considered a troubled debt restructuring ( “TDR”) if the Company, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not may |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The Company maintains an allowance for loan losses that is intended to estimate loan losses inherent in its loan portfolio. A provision for loan losses is charged to expense to establish th e allowance for loan losses. The allowance for loan losses consists of two third A loan is considered impaired when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The Company measures impairment of a loan based upon either the present value of expected future cash flows discounted at the loan ’s effective interest rate, the loan’s observable market price or the fair value of the collateral securing the loan if the loan is collateral dependent, depending on the circumstances and the Company’s collection strategy. For those loans held by CLO I at the date of acquisition by JMP Credit, and deemed impaired at that date or a subsequent date, the allowance for loan losses is calculated considering two no third Loans or positions of loans that are deemed to be uncollectible are charged off and any allowance amount related to these loans is deducted from the allowance. In determining the required allowance for loan losses inherent in the portfolio, the following factors are considered: 1 2 Moody’s Investors Service (“Moody’s”) rating and related probability of default, 3 4 5 • Expected loss severity rate for each class of loans: The Company’s loans are classified as either ABL, ABL – stretch, Cash Flow or Enterprise Value. The loss severity given a default is expected to be lowest on a conforming ABL loan, because the value of the collateral is typically sufficient to satisfy most of the amount owed. For ABL – stretch loans, the loss severity given a default is expected to be higher than for a conforming ABL loan because of less collateral coverage. For Cash Flow loans, the loss severity given a default is expected to be higher than ABL stretch loans, since generally less collateral coverage is provided for this class of loans. For Enterprise Value loans, the loss severity given a default is expected to be the highest, assuming that if the obligor defaults there has probably been a significant loss of enterprise value in the business. Loss severity estimates take into consideration current economic conditions such as overall macroeconomic trends, the amount of liquidity in the market and the condition of the CLO market. All loans in the CLOs are Cash Flow loans in 2015, 2016 2017. • Moody ’s rating and related probability of default: Moody uses factors such as, but not one not not • Existing liquidity discount on the loans: For non-impaired loans held at CLO I at the acquisition date, a liquidity discount was recorded to reflect the fair value of those loans. To the extent that the liquidity discount on a loan is greater than the component of the general reserve attributable to that loan, no • Internal loan ratings for Loans collateralizing asset-backed securities issued and Loans held for sale: The Internal Rating System is an internal portfolio monitoring mechanism allowing the Company to proactively manage portfolio risk and minimize losses. In evaluating these loans, the Company uses five 1 5. 1 2 3 5 1 Investment exceeding expectations and/or a capital gain is expected. 2 Investment generally performing in accordance with expectations. 3 Investment performing below expectations and requires closer monitoring. 4 Investment performing below expectations where a higher risk of loss exists. 5 Investment performing significantly below expectations where the Company expects to experience a loss. • Performance ratings: Performing Non-impaired loans Non-performing Impaired loans |
Assets or Liabilities that Relate to Transferor's Continuing Involvement in Securitized or Asset-backed Financing Assets, Policy [Policy Text Block] | Asset-Backed Securities Issued Asset-backed securities issued (“ABS”) represent securities issued to third |
Property, Plant and Equipment, Policy [Policy Text Block] | Fixed Assets Fixed assets represent furniture and fixtures, computer and office equipment, certain software costs and leasehold improvements, which are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the respective assets, ranging from three five Leasehold improvements are capitalized and amortized over the shorter of the respective lease terms or the estimated useful lives of the improvements. The Company capitalizes certain costs of computer software developed or obtained for internal use and amortizes the amount over the estimated useful life of the software, generally not three |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company recognizes deferred tax assets and liabilities in accordance with ASC 740, ’s assets and liabilities using the tax rates and laws in effect when the differences are expected to reverse. Valuation allowances are established when necessary to reduce the deferred tax assets when it is more likely than not not The Company records uncertain tax positions using a two not more-likely-than not fifty The Company ’s policy for recording interest and penalties associated with the tax audits or unrecognized tax benefits, if any, is to record such items as a component of income tax. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share -Based Compensation The Company recognizes compensation cost for share-based awards at their fair value on the date of grant and records compensation expense over the service period for awards expected to vest. Such grants are recognized as expense, net of estimated forfeitures. Share -based compensation includes restricted share units, share appreciation rights, and share options granted under the Company’s 2007 In accordance with generally accepted valuation practices for share-based awards issued as compensation, the Company uses the Black-Scholes option-pricing model or other quantitative models to calculate the fair value of option awards. The quantitative models require subjective assumptions regarding variables such as future share price volatility, dividend yield and expected time to exercise, which greatly affect the calculated values. The fair value of restricted share units (“RSUs”) is determined based on the closing price of the underlying share on the grant date, discounted for future distributions not |
Investment, Policy [Policy Text Block] | Treasury Shares The Company accounts for its treasury shares under the cost method, using an average cost assumption, and includes treasury shares as a component of shareholders’ equity. |
Note 2 - Summary of Significa34
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Principal Transactions Revenue [Table Text Block] | (In thousands ) Year Ended December 31 , 201 7 201 6 201 5 Equity and other securities excluding non-controlling interes t $ (431) $ 1,389 $ 1,668 Warrants and other investment s (6,885 ) 14,581 2,510 Investment partnership s 879 212 3,231 Total principal transaction revenue s $ (6,437 ) $ 16,182 $ 7,409 |
Restrictions on Cash and Cash Equivalents [Table Text Block] | As of December 31, (In thousands ) 201 7 201 6 Principal and interest payments held as collateral for asset-backed securities issued $ 43,050 $ 225,777 Principal and interest payments held to secure borrowing under credit facilities 5,301 - Customer escrow accoun t - 408 Cash collateral supporting standby letters of credi t 1,905 - Deposits for operating lease s 1,471 1,471 $ 51,727 $ 227,656 |
Note 4 - Fair Value Measureme35
Note 4 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | At December 31, 201 7 (In thousands ) Carrying Valu e Fair Valu e Level 1 Level 2 Level 3 Tota l Assets : Cash and cash equivalent s $ 85,594 $ 85,594 $ - $ - $ 85,594 Restricted cash and deposits 51,727 51,727 - - 51,727 Marketable securities owne d 20,825 20,825 - - 20,825 Receivable from clearing broker 6,801 6,801 - - 6,801 Other investment s (1) 19,754 - 19,754 - 19,754 Other investments measured at net asset value (1 ) 8,230 - - - - Loans held for investment, net of allowance for loan losses 83,948 - 80,956 3,342 84,298 Loans collateralizing asset-backed securities issued, net of allowance for loan losses 765,583 - 766,298 - 766,298 Total assets : $ 1,042,462 $ 164,947 $ 867,008 $ 3,342 $ 1,035,297 Liabilities : Marketable securities sold, but not yet purchase d $ 7,919 $ 7,919 $ - $ - $ 7,919 Asset-backed securities issued 738,248 - 748,015 - 748,015 Bond payabl e 93,103 - 97,014 - 97,014 CLO V warehouse credit facility 61,250 - 61,250 - 61,250 Total liabilities : $ 900,520 $ 7,919 $ 906,279 $ - $ 914,198 At December 31, 201 6 (In thousands ) Carrying Valu e Fair Valu e Level 1 Level 2 Level 3 Tota l Assets : Cash and cash equivalent s $ 85,492 85,492 $ - $ - 85,492 Restricted cash and deposits 227,656 227,656 - - 227,656 Marketable securities owne d 18,722 18,722 - - 18,722 Receivable from clearing broker 6,586 6,586 - - 6,586 Other investment s ) 13,697 - 13,697 - 13,697 Other investments measured at net asset value (1 ) 19,172 - - - - Loans held for sale 32,488 - 33,651 - 33,651 Loans held for investment, net of allowance for loan losses 1,930 - - 1,824 1,824 Loans collateralizing asset-backed securities issued, net of allowance for loan losses 654,127 - 685,392 - 685,392 Cash collateral posted for total return swa p 25,000 25,000 - - 25,000 Total assets : $ 1,084,870 $ 363,456 $ 732,740 $ 1,824 $ 1,098,020 Liabilities : Marketable securities sold, but not yet purchase d $ 4,747 4,747 - - 4,747 Asset-backed securities issued 825,854 - 831,854 - 831,854 Bond payabl e 91,785 - 94,517 - 94,517 Total liabilities : $ 922,386 $ 4,747 $ 926,371 $ - $ 931,118 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | (In thousands ) December 31, 201 7 Carrying Valu e Level 1 Level 2 Level 3 Tota l Marketable securities owne d $ 20,825 $ 20,825 $ - $ - $ 20,825 Other investments : Investments in hedge funds managed by the Company 10,226 - 10,226 - 10,226 Investments in other funds managed by the Company (1 ) 4,463 - - - - Total investment in funds managed by the Company (1 ) 14,689 - 10,226 - 10,226 Limited partnership in investments in private equity/real estate funds (1 ) 3,761 - - - - Total other investment s 18,450 - 10,226 - 10,226 Total assets : $ 39,275 $ 20,825 $ 10,226 $ - $ 31,051 Marketable securities sold, but not yet purchase d 7,919 7,919 - - 7,919 Total liabilities : $ 7,919 $ 7,919 $ - $ - $ 7,919 (In thousands ) December 31, 201 6 Carrying Valu e Level 1 Level 2 Level 3 Tota l Marketable securities owne d $ 18,722 $ 18,722 $ - $ - $ 18,722 Other investments : Investments in hedge funds managed by the Company 12,444 - 12,444 - 12,444 Investments in other funds managed by the Company (1 ) 4,232 - - - - Total investment in funds managed by the Company (1 ) 16,676 - 12,444 - 12,444 Limited partnership in investments in private equity/ real estate funds (1 ) 3,530 - - - - Total return swa p 1,253 - 1,253 - 1,253 Total other investment s 21,459 - 13,697 - 13,697 Total assets : $ 40,181 $ 18,722 $ 13,697 $ - $ 32,419 Marketable securities sold, but not yet purchase d 4,747 4,747 - - 4,747 Total liabilities : $ 4,747 $ 4,747 $ - $ - $ 4,747 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | Redemptio n Redemptio n Fair Value at December 31 , Unfunded Commitments at December 31 , Dollars in thousand s Frequenc y Notice Perio d 201 7 201 6 201 7 201 6 Limited partner investments in private equity fund s Nonredeemabl e N/A $ 3,761 $ 3,530 $ 650 $ - Investment in private equity funds managed by HC S Nonredeemabl e N/A $ 4,173 $ 4,227 $ - $ 1,085 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (In thousands ) Year Ended December 31, 201 7 201 6 Impaired Non-Impaired Impaired Non-Impaired Balance at beginning of perio d $ (937 $ (5,603 ) $ - $ (5,397 ) Provision for loan losses : Specific reserv e (1,641 - (263 - General reserv e - (958 ) - (880 ) Charge off 950 - - - Transfer to/from impaired/non-impaired loans - - (674 ) 674 Transfer to loans held for investmen t 1,239 26 - - Balance at end of perio d $ (389 $ (6,535 ) $ (937 $ (5,603 ) |
Impaired Financing Receivables [Table Text Block] | (In thousands ) Recorded Investmen t Unpaid Principal Balanc e Related Allowanc e Average Recorded Investmen t Interest Income Recognize d 201 7 Impaired loans with an allowance recorde d $ 1,379 $ 1,448 $ 391 $ 1,411 $ 32 Impaired loans with no related allowance recorde d - - - - - Total Impaired Loan s $ 1,379 $ 1,448 $ 391 $ 1,411 $ 32 201 6 Impaired loans with an allowance recorde d $ 2,864 $ 3,211 $ 938 $ 2,913 $ 75 Impaired loans with no related allowance recorde d - - - - - Total Impaired Loan s $ 2,864 $ 3,211 $ 938 $ 2,913 $ 75 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (In thousands ) Cash Flow Loans (CF ) Held for Sale - Cash Flow (CF ) December 31 , December 31 , 201 7 201 6 201 7 201 6 Moody's rating : Baa1 - Baa 3 $ 8,880 $ 12,145 $ - $ 6,769 Ba1 - Ba 3 134,061 137,717 - 13,957 B1 - B 3 579,091 467,125 - 11,377 Caa1 - Caa 3 50,475 37,913 - 565 C a - 2,903 - - Not Rate d - 2,864 - - Total : $ 772,507 $ 660,667 $ - $ 32,668 Internal rating (1) : 2 $ 692,198 $ 545,181 $ - $ 27,109 3 70,217 94,407 - 5,559 4 8,713 18,215 - - 5 1,379 2,864 - - Total : $ 772,507 $ 660,667 $ - $ 32,668 Performance : Performin g $ 771,128 $ 657,803 $ - $ 32,668 Non-performin g 1,379 2,864 - - Total : $ 772,507 $ 660,667 $ - $ 32,668 |
Loans Held for Investment [Member] | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (In thousands ) Year Ended December 31, 201 7 2016 Impaired Non-impaired Impaired Non-impaired Balance at beginning of perio d $ (823 ) $ - $ (380 ) $ - Provision for loan losses : Specific reserv e (1,445 - - - General reserv e - (468 ) (443 ) - Charge off 1,376 - - - Transfers from loans collateralizing asset backed securities (1,239 (26 ) - - Balance at end of perio d $ (2,131 (494 ) $ (823 ) $ - |
Impaired Financing Receivables [Table Text Block] | (In thousands ) Recorded Investmen t Unpaid Principal Balanc e Related Allowanc e Average Recorded Investmen t Interest Income Recognize d 201 7 Impaired loans with an allowance recorde d $ 1,379 $ 1,448 $ 391 $ 1,411 $ 32 Impaired loans with no related allowance recorde d - - - - - Total Impaired Loan s $ 1,379 $ 1,448 $ 391 $ 1,411 $ 32 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (In thousands ) Cash Flow Loans (CF ) December 31 , 201 7 201 6 Moody's rating : Ba1 - Ba 3 $ 12,174 $ - B1 - B 3 64,170 - Caa1 - Caa 3 5,310 - Not Rate d 4,595 2,754 Total : $ 86,249 $ 2,754 Internal rating (1) : 2 $ 77,525 $ - 3 384 - 4 2,613 - 5 1,379 - Not Rate d 4,348 2,754 Total : $ 86,249 $ 2,754 Performance : Performin g $ 83,161 $ 2,754 Non-performing 3,088 - Total : $ 86,249 $ 2,754 |
Note 5 - Loans Collateralizin36
Note 5 - Loans Collateralizing Asset-backed Securities Issued and Loans Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (In thousands ) Year Ended December 31, 201 7 201 6 Impaired Non-Impaired Impaired Non-Impaired Balance at beginning of perio d $ (937 $ (5,603 ) $ - $ (5,397 ) Provision for loan losses : Specific reserv e (1,641 - (263 - General reserv e - (958 ) - (880 ) Charge off 950 - - - Transfer to/from impaired/non-impaired loans - - (674 ) 674 Transfer to loans held for investmen t 1,239 26 - - Balance at end of perio d $ (389 $ (6,535 ) $ (937 $ (5,603 ) |
Impaired Financing Receivables [Table Text Block] | (In thousands ) Recorded Investmen t Unpaid Principal Balanc e Related Allowanc e Average Recorded Investmen t Interest Income Recognize d 201 7 Impaired loans with an allowance recorde d $ 1,379 $ 1,448 $ 391 $ 1,411 $ 32 Impaired loans with no related allowance recorde d - - - - - Total Impaired Loan s $ 1,379 $ 1,448 $ 391 $ 1,411 $ 32 201 6 Impaired loans with an allowance recorde d $ 2,864 $ 3,211 $ 938 $ 2,913 $ 75 Impaired loans with no related allowance recorde d - - - - - Total Impaired Loan s $ 2,864 $ 3,211 $ 938 $ 2,913 $ 75 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (In thousands ) Cash Flow Loans (CF ) Held for Sale - Cash Flow (CF ) December 31 , December 31 , 201 7 201 6 201 7 201 6 Moody's rating : Baa1 - Baa 3 $ 8,880 $ 12,145 $ - $ 6,769 Ba1 - Ba 3 134,061 137,717 - 13,957 B1 - B 3 579,091 467,125 - 11,377 Caa1 - Caa 3 50,475 37,913 - 565 C a - 2,903 - - Not Rate d - 2,864 - - Total : $ 772,507 $ 660,667 $ - $ 32,668 Internal rating (1) : 2 $ 692,198 $ 545,181 $ - $ 27,109 3 70,217 94,407 - 5,559 4 8,713 18,215 - - 5 1,379 2,864 - - Total : $ 772,507 $ 660,667 $ - $ 32,668 Performance : Performin g $ 771,128 $ 657,803 $ - $ 32,668 Non-performin g 1,379 2,864 - - Total : $ 772,507 $ 660,667 $ - $ 32,668 |
Note 6 - Fixed Assets (Tables)
Note 6 - Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (In thousands ) As of December 31, 201 7 201 6 Furniture and fixture s $ 2,599 $ 2,562 Computer and office equipmen t 6,081 5,945 Leasehold improvement s 7,195 7,028 Softwar e 646 644 Less: accumulated depreciatio n (14,199 ) (13,036 ) Total fixed assets, ne t $ 2,322 $ 3,143 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | As of December 31, 201 7 As of December 31, 201 6 Principa l Unamortized Discount and Debt Issuance Cost s Principa l Unamortized Discount and Debt Issuance Cost s 2014 Senior Note s $ - $ - $ 48,300,000 $ 1,001,956 2017 Senior Note s $ 50,000,000 $ 1,941,438 $ - $ - 2013 Senior Note s $ 45,905,250 $ 868,152 $ 45,905,250 $ 1,040,347 |
Note 8 - Asset-backed Securit39
Note 8 - Asset-backed Securities Issued (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | As of December 31, 201 7 As of December 31, 201 6 Principa l Unamortized Discount and Debt Issuance Cost s Principa l Unamortized Discount and Debt Issuance Cost s 2014 Senior Note s $ - $ - $ 48,300,000 $ 1,001,956 2017 Senior Note s $ 50,000,000 $ 1,941,438 $ - $ - 2013 Senior Note s $ 45,905,250 $ 868,152 $ 45,905,250 $ 1,040,347 |
CLO IV [Member] | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | (In millions ) As of December 31, 201 7 Notes Originally Issue d Outstanding Principal Balanc e Issuance Discoun t Net Outstanding Balanc e Interest Rate Spread to LIBO R Ratings (Moody's/Fitch ) Class A Senior Secured Floating Rate Notes due 202 5 $ 285.8 $ 285.8 $ - $ 285.8 1.37 % Aaa/AA A Class B Senior Secured Floating Rate Notes due 202 5 54.0 54.0 (0.2 ) 53.8 1.90 % Aa2/N R Class C Senior Deferrable Floating Rate Notes due 202 5 27.0 27.0 (0.3 ) 26.7 2.65 % A2/N R Class D Senior Deferrable Floating Rate Notes due 202 5 24.8 24.8 (0.5 ) 24.3 4.15 % Baa3/N R Class E Senior Deferrable Floating Rate Notes due 202 5 22.4 22.4 (0.9 ) 21.5 6.80 % Ba3/N R Total secured notes sold to investors $ 414.0 $ 414.0 $ (1.9 ) $ 412.1 Unsecured subordinated notes due 202 5 42.9 42.1 (3.8 ) 38.3 Total notes for the CLO IV offerin g $ 456.9 $ 456.1 $ (5.7 ) $ 450.4 Consolidation eliminatio n N/A (42.1 ) 3.8 (38.3 ) Total CLO IV asset-backed securities issue d N/A $ 414.0 $ (1.9 ) $ 412.1 |
CLO III [Member] | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | (In millions ) As of December 31, 201 7 Notes Originally Issue d Outstanding Principal Balanc e Issuance Discoun t Net Outstanding Balanc e Interest Rate Spread to LIBO R Ratings (Moody's/Fitch ) Class A Senior Secured Floating Rate Notes due 202 5 $ 228.0 $ 228.0 $ (0.4 ) $ 227.6 1.24 % Aaa/AA A Class B Senior Secured Floating Rate Notes due 202 5 41.7 41.7 (0.5 ) 41.2 1.80 % Aa1/N R Class C Senior Secured Deferred Floating Rate Notes due 202 5 22.5 22.5 (0.3 ) 22.2 2.60 % A1/N R Class D Senior Secured Deferred Floating Rate Notes due 202 5 21.6 21.6 - 21.6 3.90 % Baa3/N R Class E Senior Secured Deferred Floating Rate Notes due 202 5 18.3 18.3 - 18.3 7.10 % Ba3/N R Total secured notes sold to investors $ 332.1 $ 332.1 $ (1.2 ) $ 330.9 Unsecured subordinated notes due 202 5 38.4 38.4 (4.5 ) 33.9 Total notes for the CLO III offerin g $ 370.5 $ 370.5 $ (5.7 ) $ 364.8 Consolidation eliminatio n N/A (38.4 ) 4.5 (33.9 ) Total CLO III asset-backed securities issue d N/A $ 332.1 $ (1.2 ) $ 330.9 (In millions ) As of December 31, 201 6 Notes Originally Issue d Outstanding Principal Balanc e Issuance Discoun t Net Outstanding Balanc e Interest Rate Spread to LIBO R Ratings (Moody's/Fitch ) Class A Senior Secured Floating Rate Notes due 202 5 $ 228.0 $ 228.0 $ (0.5 ) $ 227.5 1.53 % Aaa/AA A Class B Senior Secured Floating Rate Notes due 202 5 41.7 41.7 (0.7 ) 41.0 2.05 % Aa2/N R Class C Senior Secured Deferred Floating Rate Notes due 202 5 22.5 22.5 (0.5 ) 22.0 2.90 % A2/N R Class D Senior Secured Deferred Floating Rate Notes due 202 5 21.6 21.6 - 21.6 5.10 % Baa3/N R Class E Senior Secured Deferred Floating Rate Notes due 202 5 18.3 18.3 - 18.3 7.35 % Ba3/N R Total secured notes sold to investors $ 332.1 $ 332.1 $ (1.7 ) $ 330.4 Unsecured subordinated notes due 202 5 38.4 38.4 (4.5 ) 33.9 Total notes for the CLO III offerin g $ 370.5 $ 370.5 $ (6.2 ) $ 364.3 Consolidation eliminatio n N/A (38.4 ) 4.5 (33.9 ) Total CLO III asset-backed securities issue d N/A $ 332.1 $ (1.7 ) $ 330.4 |
CLO IV [Member] | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | (In thousands ) Year Ended December 31, 201 7 Principa l Issuance Discoun t Ne t Balance at beginning of perio d $ - $ - $ - CLO IV issuanc e 414,000 (1,990 ) 412,010 Amortization of discoun t - 90 90 Balance at end of perio d $ 414,000 $ (1,900 ) $ 412,100 |
CLO III [Member] | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | (In thousands ) Year Ended December 31, 201 7 Year Ended December 31, 201 6 Principa l Issuance Discoun t Ne t Principa l Issuance Discoun t Ne t Balance at beginning of perio d $ 332,100 $ (1,676 ) $ 330,424 $ 332,100 $ (2,165 ) $ 329,935 Amortization of discoun t - 497 497 - 489 489 Balance at end of perio d $ 332,100 $ (1,179 ) $ 330,921 $ 332,100 $ (1,676 ) $ 330,424 |
CLO II [Member] | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | (In millions ) As of December 31, 201 6 Notes Originally Issue d Outstanding Principal Balanc e Issuance Discoun t Net Outstanding Balanc e Interest Rate Spread to LIBO R Ratings (Moody's/ S&P ) Class X Senior Secured Floating Rate Notes due 201 6 $ 3.8 $ - $ - $ - 1.00 % Aaa/AA A Class A Senior Secured Floating Rate Notes due 202 3 217.6 217.6 (0.5 ) 217.1 1.18 % Aaa/AA A Class B Senior Secured Floating Rate Notes due 202 3 34.0 34.0 (0.2 ) 33.8 1.75 % NR/A A Class C Senior Secured Deferred Floating Rate Notes due 202 3 17.0 17.0 (0.4 ) 16.6 2.75 % NR/ A Class D Senior Secured Deferred Floating Rate Notes due 202 3 18.7 18.7 (1.0 ) 17.7 3.85 % NR/BB B Class E Senior Secured Deferred Floating Rate Notes due 202 3 18.7 18.7 (1.6 ) 17.1 5.25 % NR/B B Class F Senior Secured Deferred Floating Rate Notes due 202 3 10.2 10.2 (1.2 ) 9.0 5.75 % NR/ B Total secured notes sold to investors $ 320.0 $ 316.2 $ (4.9 ) $ 311.3 Unsecured subordinated notes due 202 3 23.8 23.8 (0.3 ) 23.5 Total notes for the CLO II offerin g $ 343.8 $ 340.0 $ (5.2 ) $ 334.8 Consolidation eliminatio n N/A (23.8 ) 0.3 (23.5 ) Total CLO II asset-backed securities issue d N/A $ 316.2 $ (4.9 ) $ 311.3 |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | (In thousands ) Year Ended December 31, 201 7 Year Ended December 31, 201 6 Principa l Issuance Discoun t Ne t Principa l Issuance Discoun t Ne t Balance at beginning of perio d $ 316,200 $ (4,915 ) $ 311,285 $ 316,960 $ (5,960 ) $ 311,000 Repayment s (316,200 ) - (316,200 ) (760 ) - (760 ) Amortization of discoun t - 546 546 - 1,045 1,045 Loss on early retirement of deb t - 4,369 4,369 - - - Balance at end of perio d $ - $ - $ - $ 316,200 $ (4,915 ) $ 311,285 |
CLO I [Member] | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | (In millions ) As of December 31, 201 6 Notes Originally Issue d Net Outstanding Balanc e Interest Rate Spread to LIBOR Ratings (Moody's /S&P ) Class A Senior Secured Floating Rate Revolving Notes due 2021 $ 72.2 $ 72.2 0.26% - 0.29% Aaa/AA A Class B Senior Secured Floating Rate Notes due 2021 30.0 30.0 0.50% Aaa/AA A Class C Senior Secured Deferrable Floating Rate Notes due 2021 35.0 35.0 1.10% Aaa/AA A Class D Secured Deferrable Floating Rate Notes due 2021 34.0 34.0 2.40% Aa1/A + Class E Secured Deferrable Floating Rate Notes due 2021 30.0 30.0 5.00% Baa1/BB + Total secured notes sold to investors $ 201.2 $ 201.2 Unsecured subordinated notes due 2021 45.0 45.0 Total notes for the CLO I offerin g $ 246.2 $ 246.2 Consolidation eliminatio n N/A (58.8 ) Total asset-backed securities issue d N/A $ 187.4 |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | (In thousands ) Year Ended December 31 , 201 7 201 6 Balance at beginning of perio d $ 187,417 $ 293,457 Repayment s (187,417 ) (106,040 ) Balance at end of perio d $ - $ 187,417 |
Note 9 - Shareholders' Equity (
Note 9 - Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Declaration Date Distribution Per Share Record Date Total Amount Payment Date January 19, 201 7 $ 0.030 January 31, 2017 $ 644,960 February 15, 2017 January 19, 2017 $ 0.030 February 28, 2017 $ 648,523 March 15, 2017 January 19, 2017 $ 0.030 March 31, 2017 $ 649,777 April 14 , 2017 April 19, 2017 $ 0.030 April 28, 2017 $ 650,215 May 15, 2017 April 1 9, 2017 $ 0.030 May 31, 2017 $ 649,489 June 15, 2017 April 1 9, 2017 $ 0.030 June 30, 2017 $ 647,979 July 14 , 2017 July 20, 2017 $ 0.030 July 31, 2017 $ 646,458 August 15, 2016 July 20, 2017 $ 0.030 August 31, 201 7 $ 644,658 September 15, 201 7 July 20, 2017 $ 0.030 September 29 , 2017 $ 643,824 October 13 , 2017 October 20, 2017 $ 0.030 October 3 1, 2017 $ 645,055 November 1 5, 2017 October 20, 2017 $ 0.030 November 30, 201 7 $ 643,890 December 15, 201 7 October 20, 2017 $ 0.030 December 29, 2017 $ 651,872 January 12 , 2018 |
Note 10 - Share-based Compens41
Note 10 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Year Ended December 31 , 201 7 201 6 201 5 Shares Subjec t Weighted Averag e Shares Subjec t Weighted Averag e Shares Subjec t Weighted Averag e to Optio n Exercise Pric e to Optio n Exercise Pric e to Optio n Exercise Pric e Balance, beginning of yea r 2,645,000 $ 6.53 2,785,000 $ 6.53 3,591,690 $ 7.23 Exercise d (195,000 ) 6.24 - - - - Forfeite d - - (100,000 ) 6.79 (90,000 ) 6.70 Cancelle d - - (40,000 ) 6.24 (716,690 ) 10.00 Balance, end of perio d 2,450,000 $ 6.53 2,645,000 $ 6.53 2,785,000 $ 6.53 Options exercisable at end of perio d 2,450,000 $ 6.53 2,645,000 $ 6.53 1,410,000 $ 6.23 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | December 31, 201 7 Options Outstandin g Options Vested and Exercisabl e Weighted Weighted Averag e Weighte d Averag e Weighte d Range o f Remainin g Average Aggregate Remainin g Average Aggregate Exercise Numbe r Contractua l Exercis e Intrinsi c Numbe r Contractua l Exercis e Intrinsi c Price s Outstandin g Life in Year s Pric e Valu e Exercisabl e Life in Year s Pric e Valu e $6.05 - $7.33 2,450,000 1.52 $ 6.53 $ - 2,450,000 1.52 $ 6.55 - December 31, 201 6 Options Outstandin g Options Vested and Exercisabl e Weighted Weighted Averag e Weighte d Averag e Weighte d Range o f Remainin g Average Aggregate Remainin g Average Aggregate Exercise Numbe r Contractua l Exercis e Intrinsi c Numbe r Contractua l Exercis e Intrinsi c Price s Outstandin g Life in Year s Pric e Valu e Exercisabl e Life in Year s Pric e Valu e $6.05 - $7.33 2,645,000 2.48 $ 6.53 $ - 2,645,000 2.48 $ 6.53 - |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Year Ended December 31 , 201 7 201 6 201 5 Restricte d Weighted Averag e Restricte d Weighted Averag e Restricte d Weighted Averag e Share Unit s Grant Date Fair Valu e Share Unit s Grant Date Fair Valu e Share Unit s Grant Date Fair Valu e Balance, beginning of yea r 646,558 $ 5.14 733,151 $ 6.91 1,493,851 $ 6.50 Grante d 389,915 5.89 945,308 4.65 488,505 7.23 Veste d (728,209 ) 5.40 (904,046 ) 5.91 (1,230,797 ) 6.54 Forfeite d (31,071 ) 4.25 (127,855 ) 6.22 (18,408 ) 6.79 Balance, end of perio d 277,193 $ 5.60 646,558 $ 5.14 733,151 $ 6.91 |
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity [Table Text Block] | Year Ended December 31 , 201 7 201 6 201 5 Stock Appreciatio n Weighted Averag e Stock Appreciatio n Weighted Averag e Stock Appreciatio n Weighted Averag e Right s Grant Date Fair Valu e Right s Grant Date Fair Valu e Right s Grant Date Fair Valu e Balance, beginning of yea r 2,580,000 $ 7.33 2,822,500 $ 7.33 - $ - Grante d - - - 7.33 2,865,000 7.33 Forfeite d (170,000 ) 7.33 (242,500 ) 7.33 (42,500 ) 7.33 Balance, end of perio d 2,410,000 $ 7.33 2,580,000 $ 7.33 2,822,500 $ 7.33 |
Stock Appreciation Rights Outstanding Detail [Table Text Block] | December 31, 201 7 SARs Outstandin g Weighted Averag e Weighte d Range o f Remainin g Average Aggregate Exercise Numbe r Contractua l Exercis e Intrinsi c Price s Outstandin g Life in Year s Pric e Valu e $7.33 - $7.33 2,410,000 2.00 $ 7.33 $ - December 31, 201 6 SARs Outstandin g Weighted Averag e Weighte d Range o f Remainin g Average Aggregate Exercise Numbe r Contractua l Exercis e Intrinsi c Price s Outstandin g Life in Year s Pric e Valu e $7.33 - $7.33 2,580,000 3.00 $ 7.33 $ - |
Note 11 - Net Income Per Shar42
Note 11 - Net Income Per Share of Common Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (In thousands, except per share data ) Year Ended December 31, 201 7 201 6 201 5 Numerator: Net income (loss) attributable to JMP Group, In c $ (15,883 ) $ 2,926 $ (208 ) Denominator : Basic weighted average shares outstandin g 21,579 21,105 21,237 Effect of potential dilutive securities : Restricted share units and share option s - 736 - Diluted weighted average shares outstandin g 21,579 21,841 21,237 Net income (loss) per shar e Basi c $ (0.74) $ 0.14 $ (0.01 ) Dilute d $ (0.74) $ 0.13 $ (0.01 ) |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (In thousands ) Year Ended December 31 , 2017 2016 2015 Federa l $ 1,303 $ 5,570 $ 2,427 Stat e 158 230 161 Total current income tax expense (benefit ) 1,461 5,800 2,588 Federal 539 (9,524 ) (2,632 ) Stat e (256 ) (924 ) 265 Total deferred income tax expense (benefit ) 283 (10,448 ) (2,367 ) Total income tax expense (benefit ) $ 1,744 $ (4,648 ) $ 221 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (In thousands ) As of December 31 , 2017 2016 Deferred tax assets : Equity based compensatio n $ 1,516 $ 3,094 Reserves and allowance s 994 1,621 Accrued Compensation and related expenses 1,592 - Federal and Other state net operating los s 202 119 Deferred compensatio n 740 956 Investment in partnership s - 1,578 Othe r 910 574 Total deferred tax asset s 5,954 7,942 Deferred tax liabilities : Investment in partnership s (1,186 ) (690 ) Repurchase of Company's debt at market discount (198 ) (640 ) Net unrealized capital gains/losse s (804 ) (799 ) Accrued compensation and related expense s - (1,716 ) Othe r - (27 ) Total deferred tax liabilitie s (2,188 ) (3,872 ) Net deferred tax asset before valuation allowanc e 3,766 4,070 Valuation allowanc e - - Net deferred tax (liability) asset $ 3,766 $ 4,070 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31 , 2017 2016 2015 Tax at federal statutory tax rat e 34.00 % 34.00 % 34.00 % State income tax, net of federal tax benefi t 1.11 % 6.93 % 1.10 % Change in New York State and City allowance valuatio n 0.00 % -23.45 % 3.83 % Adjustment for permanent items (HCAP Advisors non-controlling interest) 0.00 % -8.72 % -5.71 % Adjustment for other permanent items -0.99 % 2.09 % 1.59 % Adjustment for PTP investment incom e -35.34 % -175.90 % -72.08 % Deferred tax asset written off related to options and RSU s 0.00 % 0.00 % 3.11 % Adjustment for prior year taxe s 0.00 % 1.58 % 3.94 % California state enterprise zone tax credi t 0.00 % -1.70 % 1.13 % PTP asset transfer gai n 0.00 % 0.00 % 32.22 % Change in corporate tax rate -13.80 % 0.00 % 0.00 % Effective tax rat e -15.00 % -165.17 % 3.13 % |
Note 14 - Commitments and Con44
Note 14 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (In thousands ) December 31, 201 7 201 8 $ 4,841 201 9 4,228 202 0 2,858 202 1 2,847 202 2 2,717 Thereafte r 7,653 Commitment and Contingent Liabilit y $ 25,144 |
Note 20 - Business Segments (Ta
Note 20 - Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (In thousands ) Year Ended December 31 , 201 7 201 6 201 5 Broker-Deale r Non-interest revenue s $ 98,469 $ 79,114 $ 89,828 Total net revenues after provision for loan losse s $ 98,469 $ 79,114 $ 89,828 Non-interest expense s 87,572 77,231 84,865 Segment operating pre-tax net incom e $ 10,897 $ 1,883 $ 4,963 Segment asset s $ 82,790 $ 65,709 $ 84,161 Asset Managemen t Non-interest revenue s $ 19,888 $ 27,830 $ 29,205 Total net revenues after provision for loan losse s $ 19,888 $ 27,830 $ 29,205 Non-interest expense s 19,699 25,256 25,097 Segment operating pre-tax net incom e $ 189 $ 2,574 $ 4,108 Segment asset s $ 29,729 $ 27,013 $ 28,763 Corporat e Non-interest revenue s $ 7,456 $ 22,030 $ 6,816 Net Interest Incom e 3,466 7,620 11,975 Gain on repurchase/early retirement of debt 210 - - (Provision) reversal for loan losse s (2,543 ) (876 ) 700 Total net revenues after provision for loan losse s $ 8,589 $ 28,774 $ 19,491 Non-interest expense s 14,505 25,087 15,714 Segment operating pre-tax net income (los s) $ (5,916 ) $ 3,687 $ 3,777 Segment asset s $ 1,283,781 $ 1,363,238 $ 1,505,198 Elimination s Non-interest revenue s $ (3,436 ) $ (5,561 ) $ (5,912 ) Total net revenues after provision for loan losse s $ (3,436 ) $ (5,561 ) $ (5,912 ) Non-interest expense s (3,429 ) (5,561 ) (5,912 ) Segment operating pre-tax net los s $ (7 ) $ - $ - Segment asset s $ (319,673 ) $ (330,130 ) $ (340,621 ) Consolidating adjustments and reconciling items Non-interest revenue s $ (8,978 ) (a) $ (844 ) (a) $ 1,336 (a) Net interest income 3,991 (b) 6,374 (b) 9,086 (b) Loss on repurchase/early retirement of debt (6,317 ) - - Provision for loan losses (1,820 ) (710 ) (1,790 ) Total net revenues after provision for loan losses $ (13,124 ) $ 4,820 $ 8,632 Non-interest expense 3,666 (c) 10,150 (c) 14,468 (c) Non-controlling interest 2,512 4,536 6,999 Segment operating pre-tax net loss $ (19,302 ) (d) $ (9,866 ) (d) $ (12,835 ) (d) Total Segment s Non-interest revenue s $ 113,399 122,569 121,273 Net interest incom e 7,457 13,994 21,061 Loss on repurchase/early retirement of debt (6,107 ) - - (Provision) reversal for loan losse s (4,363 ) (1,586 ) (1,090 ) Total net revenues after provision for loan losse s $ 110,386 134,977 141,244 Non-interest expense s 122,013 132,163 134,232 Non-controlling interest expense 2,512 4,536 6,999 Segment pre-tax net incom e (loss) $ (14,139 ) $ (1,722 ) $ 13 Total asset s $ 1,076,626 $ 1,125,830 $ 1,277,501 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | (In thousands ) Year Ended December 31 , 201 7 2016 2015 Operating net incom e $ 4,358 $ 10,460 $ 12,255 Addback (Subtract) of Segment Income tax expense (benefit ) 805 (2,316 ) 593 Total Segments adjusted operating pre-tax net incom e $ 5,136 $ 8,144 $ 12,848 Subtract (Add back ) Share option s (334 ) 1,253 2,235 Compensation expense - RSU s 954 746 1,606 Deferred compensation program accounting adjustmen t 457 4,788 6,972 Early retirement of debt 6,499 - - Net unrealized loss/ (gain) on strategic equity investments and warrants . 2,113 (1,540 ) 878 General loan loss reserve for CLO II and CLO II I 1,377 240 1,144 Unrealized loss - real estate-related depreciation and amortizatio n 7,645 4,241 - Amortization of intangible assets 276 138 - CLO Refinancing and accelerated expenses 315 - - Consolidated pre-tax net income (loss) attributable to JMP Group LL C $ (14,139 ) $ (1,722 ) $ 13 Income tax expense (benefit ) 1,744 (4,648 ) 221 Consolidated Net Income (loss) attributable to JMP Group LL C $ (15,883 ) $ 2,926 $ (208 ) |
Note 21 - Summarized Financia46
Note 21 - Summarized Financial Information for equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | As of December 31, (in thousands) 2017 2016 Net Assets Net Assets Harvest Small Cap Partners $ 227,360 $ 296,404 Harvest Agriculture Select 22,330 22,796 (in thousands) Year Ended December 31, 2017 2016 Net Realized and Unrealized Gains (Losses) Net Investment Income (Loss) Net Realized and Unrealized Gains (Losses) Net Investment Income (Loss) Harvest Small Cap Partners $ (4,566 $ (17,025 $ 56,906 $ (20,447 Harvest Agriculture Select 2,488 (213 (697 (248 Harvest Technology Partners (1) - - 174 (154 Harvest Financial Partners (1) - - 204 (228 As of December 31, (in thousands) 2017 2016 Real estate properties, net $ 1,039,116 $ 1,054,968 Total assets 1,213,077 1,260,490 Mortgages and other loan payables, net 1,033,122 1,008,073 Redeemable preferred equity, net 109,269 99,585 Total liabilities 1,199,878 1,150,929 Total equity 13,199 109,561 Total liabilities and equity $ 1,213,077 $ 1,260,490 Total revenue $ 188,092 $ 82,757 Operating income 19,617 8,629 Net loss $ (71,730 ) $ (24,790 ) |
Note 22 - Nonconsolidated Var47
Note 22 - Nonconsolidated Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | As of December 31, (in thousands) 2017 2016 Investments $ 8,226 $ 15,213 Receivables 262 1,072 Total $ 8,488 $ 16,285 |
Note 23 - Condensed Consolida48
Note 23 - Condensed Consolidating Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | As of December 31, 2017 Parent Compan y Subsidiary Issue r Guarantor Subsidiarie s Non-Guarantor Subsidiarie s Elimination s Consolidated JMP Group LLC Asset s Cash and cash equivalent s $ 951 $ 4,819 $ 12,681 $ 67,143 $ - $ 85,594 Restricted cash and deposits - 1,471 - 50,256 - 51,727 Investment banking fees receivable, net of allowance for doubtful account s - - - 9,567 - 9,567 Marketable securities owned, at fair valu e - - 9,464 11,456 (95 ) 20,825 Incentive fee receivabl e - - - 415 (2 ) 413 Other investments - 3,101 11,543 13,340 - 27,984 Loans held for investment, net of allowance for loan losse s - - 4,233 79,715 - 83,948 Loans collateralizing asset-backed securities issued, net of allowance for loan losse s - - - 765,583 - 765,583 Interest receivabl e - 4 165 2,090 - 2,259 Collateral posted for derivative transactio n - - - - - - Fixed assets, ne t - - - 2,322 - 2,322 Other asset s (4,603 ) 132,931 (8,787 ) 64,075 (157,212 ) 26,404 Investment in subsidiarie s 226,894 70,775 127,325 - (424,994 ) 0 Total asset s $ 223,242 $ 213,101 $ 156,624 $ 1,065,962 $ (582,303 ) $ 1,076,626 - Liabilities and Equit y Liabilities : Marketable securities sold, but not yet purchased, at fair valu e $ - $ - $ - $ 7,919 $ - $ 7,919 Accrued compensatio n - 150 - 42,981 - 43,131 Asset-backed securities issue d - - - 738,248 - 738,248 Interest payabl e - 1,109 - 5,403 - 6,512 Note payabl e 137,603 - - 17,762 (155,365 ) - CLO V Warehouse Facility - - - 61,250 - 61,250 Bond payabl e - 93,198 - - (95 ) 93,103 Other liabilitie s 1,193 5,710 - 11,123 (1,742 ) 16,284 Total liabilitie s $ 138,796 $ 100,167 $ - $ 884,686 $ (157,202 ) $ 966,447 Total members' (deficit) equit y 84,446 112,934 141,955 182,313 (425,313 ) 96,335 Nonredeemable Non-controlling Interes t $ - $ - $ 14,669 $ (1,037 ) $ 212 $ 13,844 Total equit y $ 84,446 $ 112,934 $ 156,624 $ 181,276 $ (425,101 ) $ 110,179 Total liabilities and equit y $ 223,242 $ 213,101 $ 156,624 $ 1,065,962 $ (582,303 ) $ 1,076,626 As of December 31, 201 6 Parent Compan y Subsidiary Issue r Guarantor Subsidiarie s Non-Guarantor Subsidiarie s Elimination s Consolidated JMP Group LLC Asset s Cash and cash equivalent s $ 255 $ 1,763 $ 5,060 $ 78,414 $ - $ 85,492 Restricted cash and deposits - 1,471 - 226,185 - 227,656 Investment banking fees receivable, net of allowance for doubtful account s - - - 5,681 - 5,681 Marketable securities owned, at fair valu e - - 10,877 8,317 (472 ) 18,722 Incentive fee receivabl e - - - 499 - 499 Other investments - 5,126 9,838 17,905 - 32,869 Loans held for sal e - - - 32,488 - 32,488 Loans held for investment, net of allowance for loan losse s - - - 1,930 - 1,930 Loans collateralizing asset-backed securities issued, net of allowance for loan losse s - - - 654,127 - 654,127 Interest receivabl e - - 72 3,429 (72 ) 3,429 Collateral posted for derivative transactio n - - - 25,000 - 25,000 Fixed assets, ne t - - - 3,143 - 3,143 Other asset s (1,045 ) 149,847 (8,957 ) 49,183 (154,234 ) 34,794 Investment in subsidiarie s 252,486 74,166 117,537 - (444,189 ) - Total asset s $ 251,696 $ 232,373 $ 134,427 $ 1,106,301 $ (598,967 ) $ 1,125,830 - Liabilities and Equit y Liabilities : Marketable securities sold, but not yet purchased, at fair valu e $ - $ - $ - $ 4,747 $ - $ 4,747 Accrued compensatio n 90 150 - 35,918 - 36,158 Asset-backed securities issue d - - - 825,854 - 825,854 Interest payabl e - 1,506 - 4,811 - 6,317 Note payabl e 137,603 - - 15,000 (152,603 ) - Bond payabl e - 92,258 - - (473 ) 91,785 Other liabilitie s 1,520 25,938 313 (502 ) (1,594 ) 25,675 Total liabilitie s $ 139,213 $ 119,852 $ 313 $ 885,828 $ (154,670 ) $ 990,536 - Total members' (deficit) equit y 112,483 112,521 117,532 221,350 (444,509 ) 119,377 Nonredeemable Non-controlling Interes t $ - $ - $ 16,582 $ (877 ) $ 212 $ 15,917 Total equit y $ 112,483 $ 112,521 $ 134,114 $ 220,473 $ (444,297 ) $ 135,294 Total liabilities and equit y $ 251,696 $ 232,373 $ 134,427 $ 1,106,301 $ (598,967 ) $ 1,125,830 |
Condensed Income Statement [Table Text Block] | For the Year Ended December 31, 201 Parent Compan y Subsidiary Issue r Guarantor Subsidiarie s Non- Guarantor Subsidiarie s Elimination s Consolidated JMP Group LLC Revenue s Investment bankin g $ - $ - $ - $ 77,322 $ - $ 77,322 Brokerag e - - - 21,129 - 21,129 Asset management fee s - - - 18,212 (163 ) 18,049 Principal transaction s - (440 ) (710 ) (5,287 ) - (6,437 ) Loss on sale, payoff and mark-to-market of loan s - - - 797 - 797 Net dividend incom e - 4 1,116 68 - 1,188 Other incom e - - - 1,351 - 1,351 Equity earnings of subsidiarie s (8,411 ) 6,386 2,106 - (81 ) - Non-interest revenue s (8,411 ) 5,950 2,512 113,592 (244 ) 113,399 Interest incom e 1,633 4,561 653 42,418 (8,106 ) 41,159 Interest expens e (4,555 ) (9,464 ) - (27,789 ) 8,106 (33,702 ) Net interest incom e (2,922 ) (4,903 ) 653 14,629 - 7,457 Gain (loss) repurchase/early retirement of debt 210 (775) - (5,542 ) - (6,107 ) Provision for loan losse s - - - (4,363 ) - (4,363 ) Total net revenues after provision for loan losse s (11,123 ) 272 3,165 118,316 (244 ) 110,386 Non-interest expense s Compensation and benefit s 1,854 4,096 (47 ) 84,698 - 90,601 Administratio n 543 460 144 6,480 (163 ) 7,464 Brokerage, clearing and exchange fee s - - - 3,209 - 3,209 Travel and business developmen t 107 - - 3,927 - 4,034 Communications and technolog y 2 9 - 4,297 - 4,308 Occupanc y - - - 4,418 - 4,418 Professional fee s 2,247 329 2 1,829 - 4,407 Depreciatio n - - - 1,162 - 1,162 Othe r - 76 420 1,914 - 2,410 Total non-interest expense s 4,753 4,970 519 111,934 (163 ) 122,013 Net income (loss) before income tax expens e (15,876 ) (4,698 ) 2,646 6,382 (81 ) (11,627 ) Income tax expense (benefit ) - (3,247 ) - 4,991 - 1,744 Net income (loss ) (15,876 ) (1,451 ) 2,646 1,391 (81 ) (13,371 ) Less: Net income (loss) attributable to nonredeemable non-controlling interest - - 2,318 194 - 2,512 Net income (loss) attributable to JMP Group LL C $ (15,876 ) $ (1,451 ) $ 328 $ 1,197 $ (81 ) $ (15,883 ) For the Year Ended December 31, 201 6 Parent Compan y Subsidiary Issue r Guarantor Subsidiarie s Non- Guarantor Subsidiarie s Elimination s Consolidated JMP Group LLC Revenue s Investment bankin g $ - $ - $ - $ 55,353 $ - $ 55,353 Brokerag e - - - 23,755 - 23,755 Asset management fee s - - - 27,185 (394 ) 26,791 Principal transaction s - 1,337 5,541 9,304 - 16,182 Loss on sale, payoff and mark-to-market of loan s - - - (1,918 ) - (1,918 ) Net dividend incom e - - 966 33 - 999 Other incom e - - 87 1,320 - 1,407 Equity earnings of subsidiarie s 10,823 (2,484 ) 18,257 - (26,596 ) - Non-interest revenue s 10,823 (1,147 ) 24,851 115,032 (26,990 ) 122,569 Interest incom e 1,478 4,557 681 48,655 (8,587 ) 46,784 Interest expens e (4,555 ) (9,098 ) - (27,724 ) 8,587 (32,790 ) Net interest incom e (3,077 ) (4,541 ) 681 20,931 - 13,994 Provision for loan losse s - - - (1,586 ) - (1,586 ) Total net revenues after provision for loan losse s 7,746 (5,688 ) 25,532 134,377 (26,990 ) 134,977 Non-interest expense s Compensation and benefit s 2,178 3,725 2,355 92,975 - 101,233 Administratio n 476 497 235 6,210 (394 ) 7,024 Brokerage, clearing and exchange fee s - - - 3,110 - 3,110 Travel and business developmen t 132 - - 4,639 - 4,771 Communications and technolog y 5 10 - 4,157 - 4,172 Occupanc y - - - 3,901 - 3,901 Professional fee s 2,028 494 12 1,865 - 4,399 Depreciatio n - - - 1,280 - 1,280 Othe r - 8 138 2,127 - 2,273 Total non-interest expense s 4,819 4,734 2,740 120,264 (394 ) 132,163 Net income (loss) before income tax expens e 2,927 (10,422 ) 22,792 14,113 (26,596 ) 2,814 Income tax expense (benefit ) - (2,607 ) - (2,041 ) - (4,648 ) Net income (loss ) 2,927 (7,815 ) 22,792 16,154 (26,596 ) 7,462 Less: Net income (loss) attributable to nonredeemable non-controlling interest - - 3,815 721 - 4,536 Net income (loss) attributable to JMP Group LL C $ 2,927 $ (7,815 ) $ 18,977 $ 15,433 $ (26,596 ) $ 2,926 |
Condensed Cash Flow Statement [Table Text Block] | For the Year Ended December 31, 201 7 Parent Compan y Subsidiary Issue r Guarantor Subsidiarie s Non-Guarantor Subsidiarie s Eliminations Consolidated JMP Group LLC Cash flows from operating activities : Net income (loss ) $ (15,876 ) $ (1,451 ) $ 2,646 $ 1,391 $ (81 ) $ (13,371 ) Adjustments to reconcile net income to net cash provided by (used in ) : Provision for doubtful accounts - - - 176 - 176 Provision for loan losse s - - - 4,363 - 4,363 Accretion of deferred loan fee s - - - (2,281) ) - (2,281) ) Amortization of liquidity discount, ne t - - (19 ) 905 - 886 Amortization of debt issuance cost s - 421 - - - 421 Amortization of original issue discount, related to CLO II and CLO II I - - - 1,133 - 1,133 Loss (gain) on sale and payoff of loan s - - - (797 ) - (797 ) Gain on repurchase of asset-backed securities issue d - 775 - 5,332 - 6,107 Change in other investments : Income from investments in equity method investee s - 409 - 5,951 6,360 Fair valu e - 32 (995 ) (930 ) - (1,893 ) Change in TR S - - - 412 - 412 Realized gain on other investment s - - - 446 - 446 Depreciation and amortization of fixed asset s - - - 1,162 - 1,162 Stock-based compensation expens e 2,955 - - - - 2,955 Net change in operating assets and liabilities : Decrease (increase) in interest receivabl e - (4 ) (93 ) 1,336 (69 ) 1,170 Decrease (increase) in receivable s - - 60 (4,036 ) - (3,976 ) Decrease (increase) in marketable securitie s - - 1,413 (3,139 ) (377 ) (2,103 ) Increase in restricted cash (excluding restricted cash ) - - - (2,594 ) - (2,594 ) Decrease (increase) in deposits and other asset s 3,556 15,674 (7,831 ) (15,114 ) 2,992 (723) Decrease in marketable securities sold, but not yet purchased - - - 3,172 - 3,172 Increase (decrease) in interest payabl e - (397 ) - 592 - 195 Increase (decrease) in accrued compensation and other liabilitie s (407 ) (18,986 ) (313 ) 19,051 (78 ) (733 ) Net cash (used in) provided by operating activitie s $ (9,772 ) $ (3,527 ) $ (5,132 ) $ 16,531 $ 2,387 $ 487 Cash flows from investing activities : Purchases of fixed asset s - - - (341 ) - (341 ) Investment in subsidiar y 25,592 3,391 (9,788 ) - (19,195 ) - Purchases of other investment s - (861 ) (1,251 ) (4,250 ) - (6,362 ) Sales of other investment s - 2,445 8,711 3,428 - 14,584 Funding of loans collateralizing asset-backed securities issue d - - - (507,556 ) - (507,556 ) Funding of loans held for investment - - (5,855 ) (81,972 ) 5,855 (81,972 ) Sale and payoff of loans collateralizing asset-backed securities issue d - - - 354,441 (5,867 ) 348,574 Sale of loans held for investment - - - 1,000 - 1,000 Sale of participating interest in loans held for investment - - - 1,030 - 1,030 Sale of loans held for sale - - - 31,199 - 31,199 Principal receipts on loans collateralizing asset-backed securities issue d - - - 41,001 - 41,001 Principal receipts on loans held for investmen t - - 1,071 630 - 1,701 Principal receipts on loans held for sale - - - 1,784 - 1,784 Net change in cash collateral posted for derivative transactions - - - 25,000 - 25,000 Net change in restricted cash reserved for lending activitie s - - - 178,523 - 178,523 Net cash provided by (used in) investing activitie s $ 25,592 $ 4,975 $ (7,112 ) $ 43,917 $ (19,207 ) $ 48,165 Cash flows from financing activities : Proceeds from CLO V warehouse facility - - - 61,250 - 61,250 Proceeds from bond issuance - 50,000 - - - 50,000 Proceeds from asset backed securities issued - - - 408,394 - 408,394 Payments of debt issuance costs - (1,964 ) - - - (1,964 ) Repayment of note payabl e - - - 2,762 (2,762 ) - Repurchase of bonds payabl e - (48,292 ) - - 378 (47,914 ) Repayment of asset-backed securities issue d - - - (503,617 ) - (503,617 ) Distributions and dividend equivalents paid on common shares and RSU s (7,770 ) - - - - (7,770 ) Purchases of shares of common stock for treasur y (2,084 ) - - - - (2,084 ) Capital contributions of paren t (5,010 ) 1,864 24,095 (40,153 ) 19,204 - Capital contributions of nonredeemable non-controlling interest holders - - - 92 - 92 Distributions to non-controlling interest shareholder s - - (4,230 ) (447 ) - (4,677 ) Employee taxes paid on shares withheld for tax-withholding purposes (1,478 ) - - - - (1,478 ) Proceeds from exercise of stock options 1,218 - - - - 1,218 Net cash provided by (used in) financing activitie s $ (15,124 ) $ 1,608 $ 19,865 $ (71,719 ) $ 16,820 $ (48,550 ) Net increase (decrease) in cash and cash equivalent s 696 3,056 7,621 (11,271 ) - 102 Cash and cash equivalents, beginning of perio d 255 1,763 5,060 78,414 - 85,492 Cash and cash equivalents, end of perio d $ 951 $ 4,819 $ 12,681 $ 67,143 $ - $ 85,594 For the Year Ended December 31, 201 6 Parent Compan y Subsidiary Issue r Guarantor Subsidiarie s Non-Guarantor Subsidiarie s Elimination s Consolidated JMP Group LLC Cash flows from operating activities : Net income (loss ) $ 2,927 $ (7,815 ) $ 22,792 $ 16,154 $ (26,596 ) $ 7,462 Adjustments to reconcile net income to net cash provided by (used in ) : Provision for loan losse s - - - 1,586 - 1,586 Accretion of deferred loan fee s - - - (2,351 ) - (2,351 ) Amortization of liquidity discount, ne t - - - (146 ) - (146 ) Amortization of debt issuance cost s - 433 - - - 433 Amortization of original issue discount, related to CLO II and CLO II I - - - 2,431 - 2,431 Interest paid in kin d - - - (53 ) - (53 ) Loss (gain) on sale and payoff of loan s - - - 1,918 - 1,918 Gain on repurchase of asset-backed securities issue d - (87 ) - - (87 ) Change in other investments : - - Income from investments in equity method investee s - - (2,200 ) (2,200 ) Fair valu e - (1,337 ) 397 2,001 - 1,061 Change in TR S - - - (3,064 ) - (3,064 ) Realized gain on other investment s - - (4,425 ) (3,578 ) - (8,003 ) Depreciation and amortization of fixed asset s - - - 1,280 - 1,280 Stock-based compensation expens e - - - 5,761 - 5,761 Deferred income taxes - (10,128 ) - (320 ) - (10,448 ) Net change in operating assets and liabilities : (Increase) decrease in interest receivabl e - - (6 ) 59 138 191 Decrease (increase) in receivable s - - - 11,311 (50 ) 11,261 Increase in marketable securitie s - - (2,496 ) 11,882 385 9,771 (Increase) decrease in restricted cash (excluding restricted cash ) - (348 ) - 1,398 - 1,050 (Increase) decrease in deposits and other asset s (92 ) 4,741 8,235 (26,790 ) 16,524 2,618 Increase in marketable securities sold, but not yet purchased - - - (8,537 ) - (8,537 ) Increase (decrease) in interest payabl e - - - 1,006 (66 ) 940 Increase (decrease) in accrued compensation and other liabilitie s 310 2,021 313 (4,775 ) (1,865 ) (3,996 ) Net cash used in operating activitie s $ 3,145 (12,433 ) 24,723 4,973 (11,530 ) 8,878 Cash flows from investing activities : Purchases of fixed asset s - - - (494 ) - (494 ) Investment in subsidiar y (7,687 ) (2,627 ) (8,392 ) - 18,706 - Purchases of other investment s - (3,642 ) (3,105 ) (2,881 ) 2,073 (7,555 ) Sales of other investment s - 6,556 29,768 12,331 (2,073 ) 46,582 Funding of loans collateralizing asset-backed securities issue d - - - (304,606 ) - (304,606 ) Sale and payoff of loans collateralizing asset-backed securities issue d - - - 519,063 - 519,063 Principal receipts on loans collateralizing asset-backed securities issue d - - - 68,030 - 68,030 Principal receipts on loans held for investmen t - - - 274 - 274 Net change in restricted cash reserved for lending activitie s - - - (176,134 ) - (176,134 ) Cash and cash equivalents derecognized due to adoption of new consolidation guidanc e - - - - - - Net cash provided by (used in) investing activitie s $ (7,687 ) $ 287 $ 18,271 $ 115,583 $ 18,706 $ 145,160 Cash flows from financing activities : Repayment of note payabl e - - - 15,000 (15,000 ) - Repurchase of bonds payabl e - - - - (385 ) (385 ) Repayment of asset-backed securities issue d - - - (106,800 ) - (106,800 ) Distributions and dividend equivalents paid on common shares and RSU s (8,362 ) - - - - (8,362 ) Purchases of shares of common stock for treasur y (4,155) - - - - (4,155) ) Capital contributions of paren t 19,343 2,649 (25,039 ) (5,162 ) 8,209 - Distributions to non-controlling interest shareholder s - - (5,911 ) (1,166 ) - (7,077 ) Purchase of subsidiary shares from non-controlling interest holder s - - (8,209 ) - - (8,209 ) Employee taxes paid on shares withheld for tax-withholding purposes (2,109) - - - - (2,109 ) Net cash provided by financing activitie s $ 4,717 $ 2,649 $ (39,159 ) $ (98,128 ) $ (7,176 ) $ (137,097 ) Net increase (decrease) in cash and cash equivalent s 175 (9,497 ) 3,835 22,428 - 16,941 Cash and cash equivalents, beginning of perio d 80 11,260 1,225 55,986 - 68,551 Cash and cash equivalents, end of perio d $ 255 $ 1,763 $ 5,060 $ 78,414 $ - $ 85,492 |
Note 25 - Selected Quarterly 49
Note 25 - Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | JMP Group LL C Selected Consolidated Financial Dat a Three Months Ende d (In thousands, except per share data ) December 31, 201 7 September 30, 201 7 June 30, 201 7 March 31, 201 7 Total net revenues after provision for loan losse s $ 30,833 $ 32,029 $ 23,144 $ 24,380 Non-interest expenses : Compensation and benefit s 21,588 24,563 22,652 21,798 Other expense s 7,908 6,808 8,889 7,807 Total non-interest expense s 29,496 31,371 31,541 29,605 Income (loss) before income tax expens e 1,337 658 (8,397 ) (5,225 ) Income tax expense (benefit ) 1,913 1,113 (198 ) (1,084 ) Net incom e (loss) (576 ) (455 ) (8,199 ) (4,141 ) Less: Net income attributable to non-controlling interest 800 780 335 597 Net income (loss) attributable to JMP Group LL C (1,376 ) (1,235 ) (8,534 ) (4,738 ) Net income (loss) attributable to JMP Group LLC per common share : Basi c $ (0.07 ) $ (0.06 ) $ (0.39 ) $ (0.22 ) Dilute d $ (0.07 ) $ (0.06 ) $ (0.39 ) $ (0.22 ) JMP Group LL C Selected Consolidated Financial Dat a Three Months Ende d (In thousands, except per share data ) December 31, 201 6 September 30, 201 6 June 30, 201 6 March 31, 201 6 Total net revenues after provision for loan losse s $ 36,024 $ 30,675 $ 29,723 $ 38,555 Non-interest expenses : Compensation and benefit s 30,960 22,167 20,681 27,425 Other expense s 7,623 7,503 7,956 7,848 Total non-interest expense s 38,583 29,670 28,637 35,273 Income (loss) before income tax expens e (2,559 ) 1,005 1,086 3,282 Income tax expens e (3,855 ) (597 ) (246 ) 50 Net income (loss ) 1,296 1,602 1,332 3,232 Less: Net income attributable to the non-controlling interest 507 941 1,659 1,429 Net income (loss) attributable to JMP Group LL C 789 661 (327 ) 1,803 Net income (loss) attributable to JMP Group LLC per common share : Basi c $ 0.04 $ 0.03 $ (0.02 ) $ 0.08 Dilute d $ 0.04 $ 0.03 $ (0.02 ) $ 0.08 |
Note 1 - Organization and Des50
Note 1 - Organization and Description of Business (Details Textual) - USD ($) $ in Thousands | Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 30, 2017 | Nov. 28, 2017 | Jun. 29, 2017 | Jan. 31, 2014 |
Gain (Loss) on Extinguishment of Debt | $ (6,107) | |||||||
Senior Notes 2017 [Member] | ||||||||
Debt Instrument, Face Amount | $ 50,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% | ||||||
Senior Notes 2014 [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | |||||||
Gain (Loss) on Extinguishment of Debt | $ (800) | |||||||
Revolving Credit Facility [Member] | BNP Paribas [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | |||||||
Debt Instrument, Term | 1 year | |||||||
CLO IV [Member] | ||||||||
Debt Instrument, Face Amount | $ 456,900 |
Note 2 - Summary of Significa51
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2017USD ($) | Jun. 30, 2015 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Noncontrolling Interest, Ownership Percentage by Parent | 46.70% | 13.50% | |||
Trading Gain (Loss) | $ (800) | $ (600) | $ (1,200) | ||
Allowance For Doubtful Accounts Investment Banking Fees Receivable | 159 | 0 | |||
Investments, Fair Value Disclosure | 18,450 | 21,459 | |||
Derivative, Collateral, Right to Reclaim Cash | 25,000 | ||||
Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life | 5 years | ||||
Maximum [Member] | Computer Software, Intangible Asset [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||
Total Return Swap [Member] | |||||
Credit Derivative, Term | 3 years | ||||
Gain (Loss) on Investments | $ (800) | (3,100) | (1,900) | ||
Investments, Fair Value Disclosure | 1,300 | ||||
Derivative, Collateral, Right to Reclaim Cash | 25,000 | ||||
Derivative, Collateral, Additional Collateral Posted | $ 900 | ||||
Total Return Swap [Member] | Revolving Period [Member] | |||||
Credit Derivative, Term | 1 year 180 days | ||||
Total Return Swap [Member] | Amortization Period [Member] | |||||
Credit Derivative, Term | 1 year 180 days | ||||
Real Estate Funds [Member] | |||||
Unrealized Gain (Loss) on Investments | (6,600) | 2,100 | |||
Private Equity Funds [Member] | |||||
Unrealized Gain (Loss) on Investments | (400) | 1,000 | |||
Other Income [Member] | |||||
Revenues | $ 1,200 | $ 700 | $ 100 | ||
CLO I [Member] | |||||
Subordinated Notes Owned, Percentage | 94.00% | ||||
CLO II [Member] | |||||
Subordinated Notes Owned, Percentage | 98.00% | ||||
CLO IV [Member] | |||||
Subordinated Notes Owned, Percentage | 100.00% | ||||
Contractual Senor and Subordinated Management Fees Earned, Percent | 0.50% | ||||
CLO V [Member] | |||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 100.00% | ||||
CLO I and CLO II [Member] | |||||
Contractual Senor and Subordinated Management Fees Earned, Percent | 0.50% | ||||
CLO III [Member] | |||||
Contractual Senor and Subordinated Management Fees Earned, Percent | 0.33% | ||||
CLO [Member] | |||||
Number of Third Party Pricing Quotes | 4 | 3 | |||
HCC LCC [Member] | |||||
Unrealized Gain (Loss) on Investments | $ (2,100) | $ (1,500) | |||
Investment Income, Dividend | 1,100 | 1,000 | |||
HGC and HGC II [Member] | |||||
Unrealized Gain (Loss) on Investments | $ 500 | $ (200) |
Note 2 - Summary of Significa52
Note 2 - Summary of Significant Accounting Policies - Principal Transaction Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Principal transactions | $ (6,437) | $ 16,182 | $ 7,409 |
Equity Securities [Member] | |||
Principal transactions | (431) | 1,389 | 1,668 |
Warrants and Other Investments [Member] | |||
Principal transactions | (6,885) | 14,581 | 2,510 |
Investment Partnerships [Member] | |||
Principal transactions | $ 879 | $ 212 | $ 3,231 |
Note 2 - Summary of Significa53
Note 2 - Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Customer escrow account | $ 408 | |
Restricted cash | 51,727 | 227,656 |
Principal and Interest Payments Held as Collateral For Asset-Backed Securities Issued [Member] | ||
Cash collateral for borrowed securities | 43,050 | 225,777 |
Principal and Interest Payments Held to Secure Borrowings Under Credit Facilities [Member] | ||
Cash collateral for borrowed securities | 5,301 | |
Cash Collateral Supporting Standby Letters of Credit [Member] | ||
Cash collateral for borrowed securities | 1,905 | |
Deposits for Operating Leases [Member] | ||
Deposits for operating leases | $ 1,471 | $ 1,471 |
Note 4 - Fair Value Measureme54
Note 4 - Fair Value Measurements (Details Textual) $ in Thousands | Nov. 20, 2017USD ($) | Jul. 01, 2013USD ($) | Apr. 05, 2011USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Number of Loans Held for Investment | 10 | 3 | ||||
River Banc LLC [Member] | ||||||
Payments to Acquire Equity Method Investments | $ 300 | |||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 6,000 | |||||
Investment in Investment Manager [Member] | ||||||
Payments to Acquire Equity Method Investments | $ 4,300 | |||||
Gain (Loss) on Investments | $ 62 | |||||
Health Sciences Fund [Member] | ||||||
Financing Receivable, Net | 300 | $ 1,700 | ||||
Loans and Leases Receivable, Commitments to Purchase or Sell | $ 2,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||
Financing Receivable, Allowance for Credit Losses | 2,000 | 400 | ||||
CLO V Warehouse Portfolio [Member] | ||||||
Financing Receivable, Net | 76,800 | |||||
Loans Held for Investment [Member] | ||||||
Loans Receivable, Fair Value Disclosure | 0 | |||||
Fair Value, Measurements, Nonrecurring [Member] | ||||||
Loans Receivable, Fair Value Disclosure | 2,000 | 34,400 | ||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 7,000 | $ 7,800 |
Note 4 - Fair Value Measureme55
Note 4 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Assets: | |||
Loans held for sale | $ 32,488 | ||
Collateral posted for derivative transaction | 25,000 | ||
Liabilities | |||
Marketable securities sold, but not yet purchased | 7,919 | 4,747 | |
Reported Value Measurement [Member] | |||
Assets: | |||
Cash and cash equivalents | 85,594 | 85,492 | |
Restricted cash and deposits | 51,727 | 227,656 | |
Marketable securities owned | 20,825 | 18,722 | |
Receivable from clearing broker | 6,801 | 6,586 | |
Other investments (1) | [1] | 19,754 | 13,697 |
Other investments measured at net asset value (1) | [1] | 8,230 | 19,172 |
Loans held for investment, net of allowance for loan losses | 83,948 | 1,930 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 765,583 | 654,127 | |
Total assets: | 1,042,462 | 1,084,870 | |
Loans held for sale | 32,488 | ||
Collateral posted for derivative transaction | 25,000 | ||
Liabilities | |||
Marketable securities sold, but not yet purchased | 7,919 | 4,747 | |
Asset-backed securities issued | 738,248 | 825,854 | |
Bond payable | 93,103 | 91,785 | |
CLO V warehouse credit facility | 61,250 | ||
Total liabilities: | 900,520 | 922,386 | |
Estimate of Fair Value Measurement [Member] | |||
Assets: | |||
Cash and cash equivalents | 85,594 | 85,492 | |
Restricted cash and deposits | 51,727 | 227,656 | |
Marketable securities owned | 20,825 | 18,722 | |
Receivable from clearing broker | 6,801 | 6,586 | |
Other investments (1) | [1] | 19,754 | 13,697 |
Other investments measured at net asset value (1) | [1] | ||
Loans held for investment, net of allowance for loan losses | 84,298 | 1,824 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 766,298 | 685,392 | |
Total assets: | 1,035,297 | 1,098,020 | |
Loans held for sale | 33,651 | ||
Collateral posted for derivative transaction | 25,000 | ||
Liabilities | |||
Marketable securities sold, but not yet purchased | 7,919 | 4,747 | |
Asset-backed securities issued | 748,015 | 831,854 | |
Bond payable | 97,014 | 94,517 | |
CLO V warehouse credit facility | 61,250 | ||
Total liabilities: | 914,198 | 931,118 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets: | |||
Cash and cash equivalents | 85,594 | 85,492 | |
Restricted cash and deposits | 51,727 | 227,656 | |
Marketable securities owned | 20,825 | 18,722 | |
Receivable from clearing broker | 6,801 | 6,586 | |
Other investments (1) | [1] | ||
Other investments measured at net asset value (1) | [1] | ||
Loans held for investment, net of allowance for loan losses | |||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | |||
Total assets: | 164,947 | 363,456 | |
Loans held for sale | |||
Collateral posted for derivative transaction | 25,000 | ||
Liabilities | |||
Marketable securities sold, but not yet purchased | 7,919 | 4,747 | |
Asset-backed securities issued | |||
Bond payable | |||
CLO V warehouse credit facility | |||
Total liabilities: | 7,919 | 4,747 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets: | |||
Cash and cash equivalents | |||
Restricted cash and deposits | |||
Marketable securities owned | |||
Receivable from clearing broker | |||
Other investments (1) | [1] | 19,754 | 13,697 |
Other investments measured at net asset value (1) | [1] | ||
Loans held for investment, net of allowance for loan losses | 80,956 | ||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 766,298 | 685,392 | |
Total assets: | 867,008 | 732,740 | |
Loans held for sale | 33,651 | ||
Collateral posted for derivative transaction | |||
Liabilities | |||
Marketable securities sold, but not yet purchased | |||
Asset-backed securities issued | 748,015 | 831,854 | |
Bond payable | 97,014 | 94,517 | |
CLO V warehouse credit facility | 61,250 | ||
Total liabilities: | 906,279 | 926,371 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets: | |||
Cash and cash equivalents | |||
Restricted cash and deposits | |||
Marketable securities owned | |||
Receivable from clearing broker | |||
Other investments (1) | [1] | ||
Other investments measured at net asset value (1) | [1] | ||
Loans held for investment, net of allowance for loan losses | 3,342 | 1,824 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | |||
Total assets: | 3,342 | 1,824 | |
Loans held for sale | |||
Collateral posted for derivative transaction | |||
Liabilities | |||
Marketable securities sold, but not yet purchased | |||
Asset-backed securities issued | |||
Bond payable | |||
CLO V warehouse credit facility | |||
Total liabilities: | |||
[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 other investments on the on the Statements of Financial Condition. |
Note 4 - Fair Value Measureme56
Note 4 - Fair Value Measurements - Fair Value of Assets and Liabilities on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Investments in hedge funds managed by the Company | $ 18,450 | $ 21,459 | |
Total Return Swap [Member] | |||
Investments in hedge funds managed by the Company | 1,300 | ||
Fair Value, Measurements, Recurring [Member] | |||
Marketable securities owned | 20,825 | 18,722 | |
Investments in hedge funds managed by the Company | 13,697 | ||
Total assets: | 31,051 | 32,419 | |
Marketable securities sold, but not yet purchased | 7,919 | 4,747 | |
Total liabilities: | 7,919 | 4,747 | |
Fair Value, Measurements, Recurring [Member] | Investments In Hedge Funds Managed By HCS [Member] | |||
Investments in hedge funds managed by the Company | 10,226 | 12,444 | |
Fair Value, Measurements, Recurring [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | |||
Investments in hedge funds managed by the Company | [1] | ||
Fair Value, Measurements, Recurring [Member] | Investments In Funds Of Funds Managed By HCS [Member] | |||
Investments in hedge funds managed by the Company | [1] | 10,226 | 12,444 |
Fair Value, Measurements, Recurring [Member] | Limited Partner Investment in Private Equity Fund and Real Estate Funds [Member] | |||
Investments in hedge funds managed by the Company | [1] | ||
Fair Value, Measurements, Recurring [Member] | Total Return Swap [Member] | |||
Investments in hedge funds managed by the Company | 10,226 | 1,253 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Marketable securities owned | 20,825 | 18,722 | |
Investments in hedge funds managed by the Company | |||
Total assets: | 20,825 | 18,722 | |
Marketable securities sold, but not yet purchased | 7,919 | 4,747 | |
Total liabilities: | 7,919 | 4,747 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Investments In Hedge Funds Managed By HCS [Member] | |||
Investments in hedge funds managed by the Company | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | |||
Investments in hedge funds managed by the Company | [1] | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Investments In Funds Of Funds Managed By HCS [Member] | |||
Investments in hedge funds managed by the Company | [1] | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Limited Partner Investment in Private Equity Fund and Real Estate Funds [Member] | |||
Investments in hedge funds managed by the Company | [1] | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Total Return Swap [Member] | |||
Investments in hedge funds managed by the Company | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Marketable securities owned | |||
Investments in hedge funds managed by the Company | 13,697 | ||
Total assets: | 10,226 | 13,697 | |
Marketable securities sold, but not yet purchased | |||
Total liabilities: | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Investments In Hedge Funds Managed By HCS [Member] | |||
Investments in hedge funds managed by the Company | 10,226 | 12,444 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | |||
Investments in hedge funds managed by the Company | [1] | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Investments In Funds Of Funds Managed By HCS [Member] | |||
Investments in hedge funds managed by the Company | [1] | 10,226 | 12,444 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Limited Partner Investment in Private Equity Fund and Real Estate Funds [Member] | |||
Investments in hedge funds managed by the Company | [1] | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Total Return Swap [Member] | |||
Investments in hedge funds managed by the Company | 10,226 | 1,253 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Marketable securities owned | |||
Investments in hedge funds managed by the Company | |||
Total assets: | |||
Marketable securities sold, but not yet purchased | |||
Total liabilities: | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Investments In Hedge Funds Managed By HCS [Member] | |||
Investments in hedge funds managed by the Company | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | |||
Investments in hedge funds managed by the Company | [1] | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Investments In Funds Of Funds Managed By HCS [Member] | |||
Investments in hedge funds managed by the Company | [1] | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Limited Partner Investment in Private Equity Fund and Real Estate Funds [Member] | |||
Investments in hedge funds managed by the Company | [1] | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Total Return Swap [Member] | |||
Investments in hedge funds managed by the Company | |||
Reported Value Measurement [Member] | |||
Total assets: | 1,042,462 | 1,084,870 | |
Total liabilities: | 900,520 | 922,386 | |
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | |||
Marketable securities owned | 20,825 | 18,722 | |
Investments in hedge funds managed by the Company | 21,459 | ||
Total assets: | 39,275 | 40,181 | |
Marketable securities sold, but not yet purchased | 7,919 | 4,747 | |
Total liabilities: | 7,919 | 4,747 | |
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Investments In Hedge Funds Managed By HCS [Member] | |||
Investments in hedge funds managed by the Company | 10,226 | 12,444 | |
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | |||
Investments in hedge funds managed by the Company | [1] | 4,463 | 4,232 |
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Investments In Funds Of Funds Managed By HCS [Member] | |||
Investments in hedge funds managed by the Company | [1] | 14,689 | 16,676 |
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Limited Partner Investment in Private Equity Fund and Real Estate Funds [Member] | |||
Investments in hedge funds managed by the Company | [1] | 3,761 | 3,530 |
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Total Return Swap [Member] | |||
Investments in hedge funds managed by the Company | $ 18,450 | $ 1,253 | |
[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 other investments on the on the Statements of Financial Condition. |
Note 4 - Fair Value Measureme57
Note 4 - Fair Value Measurements - Valuation Techniques With Unobservable Inputs (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investments at fair value | $ 18,450 | $ 21,459 |
Limited Partner Investment in Private Equity Fund [Member] | Nonredeemable Funds [Member] | ||
Investments at fair value | 3,761 | 3,530 |
Investments, unfunded commitments | 650 | |
Investments in Private Equity Funds Managed by HCS [Member] | Nonredeemable Funds [Member] | ||
Investments at fair value | 4,173 | 4,227 |
Investments, unfunded commitments | $ 1,085 |
Note 4 - Fair Value Measureme58
Note 4 - Fair Value Measurements - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Provision for loan losses | $ (4,363) | $ (1,586) | $ (1,090) |
Impaired Loans [Member] | |||
Balance at beginning of period | (937) | ||
Charge off | 950 | ||
Balance at end of period | (389) | (937) | |
Impaired Loans [Member] | Specific Reserve [Member] | |||
Provision for loan losses | (1,641) | (263) | |
Impaired Loans [Member] | General Reserve [Member] | |||
Provision for loan losses | |||
Non Impaired Loans [Member] | |||
Balance at beginning of period | (5,603) | (5,397) | |
Charge off | |||
Balance at end of period | (6,535) | (5,603) | (5,397) |
Non Impaired Loans [Member] | Specific Reserve [Member] | |||
Provision for loan losses | |||
Non Impaired Loans [Member] | General Reserve [Member] | |||
Provision for loan losses | (958) | (880) | |
Loans Held for Investment [Member] | Impaired Loans [Member] | |||
Balance at beginning of period | (823) | (380) | |
Charge off | 1,376 | ||
Transfers from loans collateralizing asset backed securities | (1,239) | ||
Balance at end of period | (2,131) | (823) | (380) |
Loans Held for Investment [Member] | Impaired Loans [Member] | Specific Reserve [Member] | |||
Provision for loan losses | (1,445) | ||
Loans Held for Investment [Member] | Impaired Loans [Member] | General Reserve [Member] | |||
Provision for loan losses | (443) | ||
Loans Held for Investment [Member] | Non Impaired Loans [Member] | |||
Balance at beginning of period | |||
Charge off | |||
Transfers from loans collateralizing asset backed securities | (26) | ||
Balance at end of period | (494) | ||
Loans Held for Investment [Member] | Non Impaired Loans [Member] | Specific Reserve [Member] | |||
Provision for loan losses | |||
Loans Held for Investment [Member] | Non Impaired Loans [Member] | General Reserve [Member] | |||
Provision for loan losses | $ (468) |
Note 4 - Fair Value Measureme59
Note 4 - Fair Value Measurements - Schedule of Impaired Financing Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Impaired loans with an allowance recorded, recorded investment | $ 1,379 | $ 2,864 |
Impaired loans with an allowance recorded, unpaid principal balance | 1,448 | 3,211 |
Impaired loans, related allowance | 391 | 938 |
Impaired loans with an allowance recorded, average recorded investment | 1,411 | 2,913 |
Impaired loans with an allowance recorded, interest income recognized | 32 | 75 |
Impaired loans with no related allowance recorded, recorded investment | 0 | 0 |
Impaired loans with no related allowance recorded, unpaid principal balance | 0 | 0 |
Impaired loans with no related allowance recorded, average recorded investment | 0 | 0 |
Impaired loans with no related allowance recorded, interest income recognized | 0 | 0 |
Impaired loans, recorded investment | 1,379 | 2,864 |
Impaired loans, unpaid principal balance | 1,448 | 3,211 |
Impaired loans, average recorded investment | 1,411 | 2,913 |
Impaired loans, interest income recognized | 32 | $ 75 |
Impaired Loans [Member] | Loans Held for Investment [Member] | ||
Impaired loans with an allowance recorded, recorded investment | 1,379 | |
Impaired loans with an allowance recorded, unpaid principal balance | 1,448 | |
Impaired loans, related allowance | 391 | |
Impaired loans with an allowance recorded, average recorded investment | 1,411 | |
Impaired loans with an allowance recorded, interest income recognized | 32 | |
Impaired loans with no related allowance recorded, recorded investment | 0 | |
Impaired loans with no related allowance recorded, unpaid principal balance | 0 | |
Impaired loans with no related allowance recorded, average recorded investment | 0 | |
Impaired loans with no related allowance recorded, interest income recognized | 0 | |
Impaired loans, recorded investment | 1,379 | |
Impaired loans, unpaid principal balance | 1,448 | |
Impaired loans, average recorded investment | 1,411 | |
Impaired loans, interest income recognized | $ 32 |
Note 4 - Fair Value Measureme60
Note 4 - Fair Value Measurements - Credit Quality of Loans (Details) - Loans Held for Investment [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Recorded investment | $ 86,249 | $ 2,754 | |
Performing Financial Instruments [Member] | |||
Recorded investment | 83,161 | 2,754 | |
Nonperforming Financial Instruments [Member] | |||
Recorded investment | 3,088 | ||
Two [Member] | |||
Recorded investment | [1] | 77,525 | |
Three [Member] | |||
Recorded investment | [1] | 384 | |
Four [Member] | |||
Recorded investment | [1] | 2,613 | |
Five [Member] | |||
Recorded investment | [1] | 1,379 | |
Not Rated [Member] | |||
Recorded investment | [1] | 4,348 | 2,754 |
Internal Ratings [Member] | |||
Recorded investment | [1] | 86,249 | 2,754 |
Ba1 - Ba3 [Member] | |||
Recorded investment | 12,174 | ||
B1 - B3 [Member] | |||
Recorded investment | 64,170 | ||
Caa1 - Caa3 [Member] | |||
Recorded investment | 5,310 | ||
Not Rated [Member] | |||
Recorded investment | 4,595 | 2,754 | |
Moodys Credit Rating [Member] | |||
Recorded investment | $ 86,249 | $ 2,754 | |
[1] | Loans with an internal rating of 4 or below are reviewed individually to identify loans to be designated for non-accrual status. |
Note 5 - Loans Collateralizin61
Note 5 - Loans Collateralizing Asset-backed Securities Issued and Loans Held for Sale (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Financing Receivable, Recorded Investment, Past Due | $ 0 | $ 0 |
Financing Receivable, Modifications, Number of Contracts | 2 | 0 |
Proceeds from Troubled Debt Restructurings | $ 400 | |
Equity Received from Troubled Debt Restructuring | 500 | |
Extended Maturity [Member] | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 2,500 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 500 | |
Extended Maturity [Member] | Loan One [member] | ||
Financing Receivable, Increase in Interest Rate | 1.30% | |
Extended Maturity [Member] | Loan Two [Member] | ||
Financing Receivable, Increase in Interest Rate | 3.00% | |
Loans Collateralizing Asset Backed Securities [Member] | ||
Financing Receivable, Collectively Evaluated for Impairment | $ 771,100 | $ 657,800 |
Loans Collateralizing Asset Backed Securities [Member] | ||
Financing Receivable, Individually Evaluated for Impairment | $ 1,400 | $ 2,900 |
Note 5 - Loans Collateralizin62
Note 5 - Loans Collateralizing Asset-backed Securities Issued and Loans Held for Sale - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Provision for loan losses | $ (4,363) | $ (1,586) | $ (1,090) |
Impaired Loans [Member] | |||
Balance at beginning of period | (937) | ||
Charge off | 950 | ||
Transfer to/from impaired/non-impaired loans | (674) | ||
Transfer to loans held for investment | 1,239 | ||
Balance at end of period | (389) | (937) | |
Impaired Loans [Member] | Specific Reserve [Member] | |||
Provision for loan losses | (1,641) | (263) | |
Impaired Loans [Member] | General Reserve [Member] | |||
Provision for loan losses | |||
Non Impaired Loans [Member] | |||
Balance at beginning of period | (5,603) | (5,397) | |
Charge off | |||
Transfer to/from impaired/non-impaired loans | 674 | ||
Transfer to loans held for investment | 26 | ||
Balance at end of period | (6,535) | (5,603) | $ (5,397) |
Non Impaired Loans [Member] | Specific Reserve [Member] | |||
Provision for loan losses | |||
Non Impaired Loans [Member] | General Reserve [Member] | |||
Provision for loan losses | $ (958) | $ (880) |
Note 5 - Loans Collateralizin63
Note 5 - Loans Collateralizing Asset-backed Securities Issued and Loans Held for Sale - Schedule of Impaired Financing Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Impaired loans with an allowance recorded, recorded investment | $ 1,379 | $ 2,864 |
Impaired loans with an allowance recorded, unpaid principal balance | 1,448 | 3,211 |
Impaired loans, related allowance | 391 | 938 |
Impaired loans with an allowance recorded, average recorded investment | 1,411 | 2,913 |
Impaired loans with an allowance recorded, interest income recognized | 32 | 75 |
Impaired loans with no related allowance recorded, recorded investment | 0 | 0 |
Impaired loans with no related allowance recorded, unpaid principal balance | 0 | 0 |
Impaired loans with no related allowance recorded, average recorded investment | 0 | 0 |
Impaired loans with no related allowance recorded, interest income recognized | 0 | 0 |
Impaired loans, recorded investment | 1,379 | 2,864 |
Impaired loans, unpaid principal balance | 1,448 | 3,211 |
Impaired loans, average recorded investment | 1,411 | 2,913 |
Impaired loans, interest income recognized | $ 32 | $ 75 |
Note 5 - Loans Collateralizin64
Note 5 - Loans Collateralizing Asset-backed Securities Issued and Loans Held for Sale - Credit Quality of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Loans Collateralizing Asset Backed Securities [Member] | |||
Recorded investment | $ 772,507 | $ 660,667 | |
Loans Collateralizing Asset Backed Securities [Member] | Performing Financial Instruments [Member] | |||
Recorded investment | 771,128 | 657,803 | |
Loans Collateralizing Asset Backed Securities [Member] | Nonperforming Financial Instruments [Member] | |||
Recorded investment | 1,379 | 2,864 | |
Loans Collateralizing Asset Backed Securities [Member] | Two [Member] | |||
Recorded investment | [1] | 692,198 | 545,181 |
Loans Collateralizing Asset Backed Securities [Member] | Three [Member] | |||
Recorded investment | [1] | 70,217 | 94,407 |
Loans Collateralizing Asset Backed Securities [Member] | Four [Member] | |||
Recorded investment | [1] | 8,713 | 18,215 |
Loans Collateralizing Asset Backed Securities [Member] | Five [Member] | |||
Recorded investment | [1] | 1,379 | 2,864 |
Loans Collateralizing Asset Backed Securities [Member] | Internal Ratings [Member] | |||
Recorded investment | [1] | 772,507 | 660,667 |
Loans Held For Sale [Member] | |||
Recorded investment | 32,668 | ||
Loans Held For Sale [Member] | Performing Financial Instruments [Member] | |||
Recorded investment | 32,668 | ||
Loans Held For Sale [Member] | Nonperforming Financial Instruments [Member] | |||
Recorded investment | |||
Loans Held For Sale [Member] | Two [Member] | |||
Recorded investment | [1] | 27,109 | |
Loans Held For Sale [Member] | Three [Member] | |||
Recorded investment | [1] | 5,559 | |
Loans Held For Sale [Member] | Four [Member] | |||
Recorded investment | [1] | ||
Loans Held For Sale [Member] | Five [Member] | |||
Recorded investment | [1] | ||
Loans Held For Sale [Member] | Internal Ratings [Member] | |||
Recorded investment | [1] | 32,668 | |
Baa1 - Baa3 [Member] | Loans Collateralizing Asset Backed Securities [Member] | |||
Recorded investment | 8,880 | 12,145 | |
Baa1 - Baa3 [Member] | Loans Held For Sale [Member] | |||
Recorded investment | 6,769 | ||
Ba1 - Ba3 [Member] | Loans Collateralizing Asset Backed Securities [Member] | |||
Recorded investment | 134,061 | 137,717 | |
Ba1 - Ba3 [Member] | Loans Held For Sale [Member] | |||
Recorded investment | 13,957 | ||
B1 - B3 [Member] | Loans Collateralizing Asset Backed Securities [Member] | |||
Recorded investment | 579,091 | 467,125 | |
B1 - B3 [Member] | Loans Held For Sale [Member] | |||
Recorded investment | 11,377 | ||
Caa1 - Caa3 [Member] | Loans Collateralizing Asset Backed Securities [Member] | |||
Recorded investment | 50,475 | 37,913 | |
Caa1 - Caa3 [Member] | Loans Held For Sale [Member] | |||
Recorded investment | 565 | ||
Moody's, Ca Rating [Member] | Loans Collateralizing Asset Backed Securities [Member] | |||
Recorded investment | 2,903 | ||
Moody's, Ca Rating [Member] | Loans Held For Sale [Member] | |||
Recorded investment | |||
Not Rated [Member] | Loans Collateralizing Asset Backed Securities [Member] | |||
Recorded investment | 2,864 | ||
Not Rated [Member] | Loans Held For Sale [Member] | |||
Recorded investment | |||
Moodys Credit Rating [Member] | Loans Collateralizing Asset Backed Securities [Member] | |||
Recorded investment | 772,507 | 660,667 | |
Moodys Credit Rating [Member] | Loans Held For Sale [Member] | |||
Recorded investment | $ 32,668 | ||
[1] | Loans with an internal rating of 4 or below are reviewed individually to identify loans to be designated for non-accrual status. |
Note 6 - Fixed Assets (Details
Note 6 - Fixed Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Depreciation | $ 1.2 | $ 1.3 | $ 1.2 |
Note 6 - Fixed Assets - Summary
Note 6 - Fixed Assets - Summary of Fixed Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Furniture and fixtures | $ 2,599 | $ 2,562 |
Computer and office equipment | 6,081 | 5,945 |
Leasehold improvements | 7,195 | 7,028 |
Software | 646 | 644 |
Less: accumulated depreciation | (14,199) | (13,036) |
Total fixed assets, net | $ 2,322 | $ 3,143 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) - USD ($) $ in Thousands | Jul. 31, 2017 | Jun. 06, 2017 | Aug. 03, 2006 | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 30, 2017 | Nov. 28, 2017 | Jan. 31, 2014 | Jan. 31, 2013 |
Senior Notes | $ 93,103 | $ 91,785 | |||||||
Unamortized Debt Issuance Expense | 2,810 | 2,042 | |||||||
Long-term Line of Credit | 61,250 | ||||||||
Revolving Credit Facility [Member] | CNB [Member] | JMP Securities [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | $ 25,000 | 20,000 | ||||||
Line of Credit Facility, Expiration Period | 1 year | 1 year | |||||||
Long-term Line of Credit | $ 0 | 0 | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||||||
Revolving Credit Facility [Member] | BNP Paribas [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | ||||||||
Long-term Line of Credit | $ 61,300 | ||||||||
Revolving Credit Facility [Member] | BNP Paribas [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.375% | ||||||||
Revolving Credit Conversion to Term Loan Portion to Be Paid in First 2 Years [Member] | CNB [Member] | JMP Securities [Member] | |||||||||
Line of Credit Facility, Revolving Credit Conversion to Term Loan, Repayment, Percent of Funded Debt | 3.75% | ||||||||
Revolving Credit Conversion to Term Loan Portion to Be Paid in Next 2 Years Member | CNB [Member] | JMP Securities [Member] | |||||||||
Line of Credit Facility, Revolving Credit Conversion to Term Loan, Repayment, Percent of Funded Debt | 5.00% | ||||||||
Long-term Line of Credit | 0 | 0 | |||||||
Letter of Credit [Member] | CNB [Member] | JMP Securities [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 | ||||||||
Senior Notes 2013 [Member] | |||||||||
Senior Notes | $ 46,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||||
Senior Notes 2014 [Member] | |||||||||
Senior Notes | $ 48,300 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | ||||||||
Senior Notes 2017 [Member] | |||||||||
Senior Notes | $ 50,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% | |||||||
Senior Notes 2013 and 2014 [Member] | |||||||||
Debt Instrument, Default, Ownership Percentage | 25.00% | ||||||||
Senior Notes [Member] | |||||||||
Debt Issuance Costs, Gross | 2,000 | 0 | |||||||
Unamortized Debt Issuance Expense | $ 2,800 | $ 2,000 |
Note 7 - Debt - Debt Issuance C
Note 7 - Debt - Debt Issuance Costs (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Bond payable, net of debt issuance costs | $ 2,810,000 | $ 2,042,000 |
Senior Notes 7.25% [Member] | ||
Outstanding Principal Balance | 48,300,000 | |
Bond payable, net of debt issuance costs | 1,001,956 | |
Senior Notes 7.25%, 2 [Member] | ||
Outstanding Principal Balance | 50,000,000 | |
Bond payable, net of debt issuance costs | 1,941,438 | |
Senior Notes 8.00% [Member] | ||
Outstanding Principal Balance | 45,905,250 | 45,905,250 |
Bond payable, net of debt issuance costs | $ 868,152 | $ 1,040,347 |
Note 8 - Asset-backed Securit69
Note 8 - Asset-backed Securities Issued (Details Textual) - USD ($) | Jun. 29, 2017 | Sep. 30, 2014 | Apr. 30, 2013 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Mar. 31, 2014 | Dec. 31, 2013 | May 17, 2007 |
Noncontrolling Interest, Ownership Percentage by Parent | 46.70% | 13.50% | |||||||||
Gain (Loss) on Extinguishment of Debt | $ (6,107,000) | ||||||||||
Interest Payable | 6,512,000 | 6,317,000 | |||||||||
Asset-backed Securities [Member] | |||||||||||
Interest Expense, Other | 25,800,000 | 25,500,000 | 22,300,000 | ||||||||
Amortization of Debt Discount (Premium) | 2,400,000 | 2,400,000 | 2,300,000 | ||||||||
Interest Payable | 5,300,000 | 4,600,000 | |||||||||
Asset-backed Securities [Member] | Cash Coupon [Member] | |||||||||||
Interest Expense, Other | 23,400,000 | 23,100,000 | 22,300,000 | ||||||||
CLO I [Member] | |||||||||||
Debt Instrument, Face Amount | $ 500,000,000 | ||||||||||
Repayments of Debt | 187,400,000 | 106,000,000 | |||||||||
CLO I [Member] | Total Asset Backed Securities Issued [Member] | |||||||||||
Long-term Debt, Gross | 0 | 187,400,000 | |||||||||
CLO I [Member] | Secured Debt [Member] | |||||||||||
Debt Instrument, Face Amount | $ 455,000,000 | ||||||||||
Ownership Of Notes Class CDE | 13,800,000 | ||||||||||
Ownership Of Notes Class C | 2,000,000 | ||||||||||
Ownership Of Notes Class D | 4,100,000 | ||||||||||
Ownership Of Notes Class E | $ 7,700,000 | ||||||||||
CLO I [Member] | Unsecured Debt [Member] | |||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 94.00% | ||||||||||
CLO II [Member] | |||||||||||
Long-term Debt, Gross | 316,200,000 | $ 316,960,000 | |||||||||
Repayments of Debt | 316,200,000 | 800,000 | |||||||||
Proceeds from Issuance of Debt | $ 343,800,000 | ||||||||||
Proceeds from Issuance of Secured Debt | 320,000,000 | ||||||||||
Proceeds from Issuance of Unsecured Debt | $ 23,800,000 | ||||||||||
Gain (Loss) on Extinguishment of Debt | (4,369,000) | ||||||||||
Amortization of Debt Discount (Premium) | 546,000 | 1,045,000 | |||||||||
CLO II [Member] | Total Asset Backed Securities Issued [Member] | |||||||||||
Long-term Debt, Gross | $ 0 | ||||||||||
Gain (Loss) on Extinguishment of Debt | $ 4.40 | ||||||||||
CLO II [Member] | Unsecured Debt [Member] | |||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 98.00% | 72.80% | |||||||||
Debt Instrument, Repurchase Amount | $ 6,000,000 | ||||||||||
CLO III [Member] | |||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 46.70% | ||||||||||
Long-term Debt, Gross | $ 332,100,000 | 332,100,000 | |||||||||
Proceeds from Issuance of Debt | $ 370,500,000 | ||||||||||
Proceeds from Issuance of Secured Debt | 332,100,000 | ||||||||||
Proceeds from Issuance of Unsecured Debt | $ 38,400,000 | ||||||||||
CLO III [Member] | Total Asset Backed Securities Issued [Member] | |||||||||||
Long-term Debt, Gross | 332,100,000 | 332,100,000 | |||||||||
CLO IV [Member] | |||||||||||
Debt Instrument, Face Amount | $ 456,900,000 | ||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||||||||||
Long-term Debt, Gross | 414,000,000 | ||||||||||
Proceeds from Issuance of Debt | 456,900,000 | ||||||||||
Proceeds from Issuance of Secured Debt | 414,000,000 | 414,000,000 | |||||||||
Proceeds from Issuance of Unsecured Debt | $ 42,900,000 | ||||||||||
CLO IV [Member] | Total Asset Backed Securities Issued [Member] | |||||||||||
Long-term Debt, Gross | $ 414,000,000 |
Note 8 - Asset-backed Securit70
Note 8 - Asset-backed Securities Issued - Asset-backed Securities Issued - CLO I (Details) - CLO I [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | May 17, 2007 | |
Notes Originally Issued | $ 500,000,000 | ||
Consolidation, Eliminations [Member] | |||
Outstanding Principal Balance | $ (58,800,000) | ||
Total Secured Notes [Member] | |||
Notes Originally Issued | 201,200,000 | ||
Outstanding Principal Balance | 201,200,000 | ||
Unsecured Subordinated Notes [Member] | |||
Notes Originally Issued | 45,000,000 | ||
Outstanding Principal Balance | 45,000,000 | ||
Total Notes For CLOI Offering [Member] | |||
Notes Originally Issued | 246,200,000 | ||
Outstanding Principal Balance | 246,200,000 | ||
Total Asset Backed Securities Issued [Member] | |||
Outstanding Principal Balance | 187,400,000 | $ 0 | |
Moody's, Aaa Rating [Member] | Standard & Poor's, AAA Rating [Member] | Class A Senior Secured [Member] | |||
Notes Originally Issued | 72,200,000 | ||
Outstanding Principal Balance | $ 72,200,000 | ||
Moody's, Aaa Rating [Member] | Standard & Poor's, AAA Rating [Member] | Class A Senior Secured [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate Spread to LIBOR | 0.26% | ||
Moody's, Aaa Rating [Member] | Standard & Poor's, AAA Rating [Member] | Class A Senior Secured [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate Spread to LIBOR | 0.29% | ||
Moody's, Aaa Rating [Member] | Standard & Poor's, AAA Rating [Member] | Class B Senior Secured [Member] | |||
Notes Originally Issued | $ 30,000,000 | ||
Outstanding Principal Balance | $ 30,000,000 | ||
Moody's, Aaa Rating [Member] | Standard & Poor's, AAA Rating [Member] | Class B Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate Spread to LIBOR | 0.50% | ||
Moody's, Aaa Rating [Member] | Standard & Poor's, AAA Rating [Member] | Class C Senior Secured [Member] | |||
Notes Originally Issued | $ 35,000,000 | ||
Outstanding Principal Balance | $ 35,000,000 | ||
Moody's, Aaa Rating [Member] | Standard & Poor's, AAA Rating [Member] | Class C Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate Spread to LIBOR | 1.10% | ||
Moody's, Aa1 Rating [Member] | Standard & Poor's, A+ Rating [Member] | Class D Senior Secured [Member] | |||
Notes Originally Issued | $ 34,000,000 | ||
Outstanding Principal Balance | $ 34,000,000 | ||
Moody's, Aa1 Rating [Member] | Standard & Poor's, A+ Rating [Member] | Class D Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate Spread to LIBOR | 2.40% | ||
Moody's, Baa1 Rating [Member] | Standard & Poor's, BB+ Rating [Member] | Class E Secured [Member] | |||
Notes Originally Issued | $ 30,000,000 | ||
Outstanding Principal Balance | $ 30,000,000 | ||
Moody's, Baa1 Rating [Member] | Standard & Poor's, BB+ Rating [Member] | Class E Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate Spread to LIBOR | 5.00% |
Note 8 - Asset-backed Securit71
Note 8 - Asset-backed Securities Issued - Fair Value of Debt - CLO I (Details) - CLO I [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Balance at beginning of period | $ 187,417 | $ 293,457 |
Repayments | (187,417) | (106,040) |
Balance at end of period | $ 187,417 |
Note 8 - Asset-backed Securit72
Note 8 - Asset-backed Securities Issued - Asset-backed Securities Issued - CLO II (Details) - CLO II [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2015 | |
Outstanding Principal Balance | $ 316,200 | $ 316,960 | |
Net Outstanding Balance | 311,285 | $ 0 | $ 311,000 |
Consolidation, Eliminations [Member] | |||
Outstanding Principal Balance | (23,800) | ||
Issuance Discount | 300 | ||
Net Outstanding Balance | $ (23,500) | ||
Interest Rate Spread to LIBOR | |||
Total Secured Notes [Member] | |||
Notes Originally Issued | $ 320,000 | ||
Outstanding Principal Balance | 316,200 | ||
Issuance Discount | (4,900) | ||
Net Outstanding Balance | $ 311,300 | ||
Interest Rate Spread to LIBOR | |||
Unsecured Subordinated Notes [Member] | |||
Notes Originally Issued | $ 23,800 | ||
Outstanding Principal Balance | 23,800 | ||
Issuance Discount | (300) | ||
Net Outstanding Balance | $ 23,500 | ||
Interest Rate Spread to LIBOR | |||
Total Notes for CLO II Offering [Member] | |||
Notes Originally Issued | $ 343,800 | ||
Outstanding Principal Balance | 340,000 | ||
Issuance Discount | (5,200) | ||
Net Outstanding Balance | $ 334,800 | ||
Interest Rate Spread to LIBOR | |||
Asset Backed Securities Issued [Member] | |||
Outstanding Principal Balance | $ 316,200 | ||
Issuance Discount | (4,900) | ||
Net Outstanding Balance | $ 311,300 | ||
Interest Rate Spread to LIBOR | |||
Standard & Poor's, AAA Rating [Member] | Class X Senior Secured [Member] | Moody's, Aaa Rating [Member] | |||
Notes Originally Issued | $ 3,800 | ||
Outstanding Principal Balance | |||
Issuance Discount | |||
Net Outstanding Balance | |||
Standard & Poor's, AAA Rating [Member] | Class X Senior Secured [Member] | Moody's, Aaa Rating [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate Spread to LIBOR | 1.00% | ||
Standard & Poor's, AAA Rating [Member] | Class A Senior Secured [Member] | Moody's, Aaa Rating [Member] | |||
Notes Originally Issued | $ 217,600 | ||
Outstanding Principal Balance | 217,600 | ||
Issuance Discount | (500) | ||
Net Outstanding Balance | $ 217,100 | ||
Standard & Poor's, AAA Rating [Member] | Class A Senior Secured [Member] | Moody's, Aaa Rating [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate Spread to LIBOR | 1.18% | ||
Standard & Poor's, AA Rating [Member] | Class B Senior Secured [Member] | |||
Notes Originally Issued | $ 34,000 | ||
Outstanding Principal Balance | 34,000 | ||
Issuance Discount | (200) | ||
Net Outstanding Balance | $ 33,800 | ||
Standard & Poor's, AA Rating [Member] | Class B Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate Spread to LIBOR | 1.75% | ||
Standard & Poor's, A- Rating [Member] | Class C Senior Secured [Member] | |||
Notes Originally Issued | $ 17,000 | ||
Outstanding Principal Balance | 17,000 | ||
Issuance Discount | (400) | ||
Net Outstanding Balance | $ 16,600 | ||
Interest Rate Spread to LIBOR | 2.75% | ||
Standard & Poor's, BBB Rating [Member] | Class D Senior Secured [Member] | |||
Notes Originally Issued | $ 18,700 | ||
Outstanding Principal Balance | 18,700 | ||
Issuance Discount | (1,000) | ||
Net Outstanding Balance | $ 17,700 | ||
Interest Rate Spread to LIBOR | 3.85% | ||
Standard & Poor's, BBB Rating [Member] | Class E Secured [Member] | |||
Notes Originally Issued | $ 18,700 | ||
Outstanding Principal Balance | 18,700 | ||
Issuance Discount | (1,600) | ||
Net Outstanding Balance | $ 17,100 | ||
Interest Rate Spread to LIBOR | 5.25% | ||
Standard & Poor's, B Rating [Member] | Class F Secured [Member] | |||
Notes Originally Issued | $ 10,200 | ||
Outstanding Principal Balance | 10,200 | ||
Issuance Discount | (1,200) | ||
Net Outstanding Balance | $ 9,000 | ||
Interest Rate Spread to LIBOR | 5.75% |
Note 8 - Asset-backed Securit73
Note 8 - Asset-backed Securities Issued - Fair Value of Debt - CLO II (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loss on early retirement of debt | $ 6,107 | ||
Loss on early retirement of debt | 6,107 | ||
CLO II [Member] | |||
Principal, beginning of period | 316,200 | 316,960 | |
Repayments | (316,200) | (760) | |
Principal, end of period | 316,200 | 316,960 | |
Issuance discount, beginning of period | (4,915) | (5,960) | |
Amortization of discount | 546 | 1,045 | |
Loss on early retirement of debt | 4,369 | ||
Issuance discount, end of period | (4,915) | (5,960) | |
Balance at beginning of period | 311,285 | 311,000 | |
Repayments | (316,200) | (760) | |
Amortization of discount | 546 | 1,045 | |
Loss on early retirement of debt | 4,369 | ||
Balance at end of period | $ 0 | $ 311,285 | $ 311,000 |
Note 8 - Asset-backed Securit74
Note 8 - Asset-backed Securities Issued - Asset-backed Securities Issued - CLO III (Details) - CLO III [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Outstanding Principal Balance | $ 332,100 | $ 332,100 | |
Net Outstanding Balance | 330,921 | 330,424 | $ 329,935 |
Consolidation, Eliminations [Member] | |||
Outstanding Principal Balance | (38,400) | (38,400) | |
Issuance Discount | 4,500 | 4,500 | |
Net Outstanding Balance | (33,900) | (33,900) | |
Total Secured Notes [Member] | |||
Notes Originally Issued | 332,100 | 332,100 | |
Outstanding Principal Balance | 332,100 | 332,100 | |
Issuance Discount | (1,200) | (1,700) | |
Net Outstanding Balance | 330,900 | 330,400 | |
Unsecured Subordinated Notes [Member] | |||
Notes Originally Issued | 38,400 | 38,400 | |
Outstanding Principal Balance | 38,400 | 38,400 | |
Issuance Discount | (4,500) | (4,500) | |
Net Outstanding Balance | 33,900 | 33,900 | |
Total Notes for the CLO III Offering [Member] | |||
Notes Originally Issued | 370,500 | 370,500 | |
Outstanding Principal Balance | 370,500 | 370,500 | |
Issuance Discount | (5,700) | (6,200) | |
Net Outstanding Balance | 364,800 | 364,300 | |
Total Asset Backed Securities Issued [Member] | |||
Outstanding Principal Balance | 332,100 | 332,100 | |
Issuance Discount | (1,200) | (1,700) | |
Net Outstanding Balance | 330,900 | 330,400 | |
Moody's, Aa2 Rating [Member] | Class B Senior Secured [Member] | |||
Notes Originally Issued | 41,700 | 41,700 | |
Outstanding Principal Balance | 41,700 | 41,700 | |
Issuance Discount | (500) | (700) | |
Net Outstanding Balance | $ 41,200 | $ 41,000 | |
Moody's, Aa2 Rating [Member] | Class B Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate Spread to LIBOR | 1.80% | 2.05% | |
Moody's, A2 Rating [Member] | Class C Senior Secured [Member] | |||
Notes Originally Issued | $ 22,500 | $ 22,500 | |
Outstanding Principal Balance | 22,500 | 22,500 | |
Issuance Discount | (300) | (500) | |
Net Outstanding Balance | $ 22,200 | $ 22,000 | |
Moody's, A2 Rating [Member] | Class C Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate Spread to LIBOR | 2.60% | 2.90% | |
Moody's, Baa3 Rating [Member] | Class D Senior Secured [Member] | |||
Notes Originally Issued | $ 21,600 | $ 21,600 | |
Outstanding Principal Balance | 21,600 | 21,600 | |
Issuance Discount | |||
Net Outstanding Balance | $ 21,600 | $ 21,600 | |
Moody's, Baa3 Rating [Member] | Class D Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate Spread to LIBOR | 3.90% | 5.10% | |
Moody's, Ba3 Rating [Member] | Class E Secured [Member] | |||
Notes Originally Issued | $ 18,300 | $ 18,300 | |
Outstanding Principal Balance | 18,300 | 18,300 | |
Issuance Discount | |||
Net Outstanding Balance | $ 18,300 | $ 18,300 | |
Moody's, Ba3 Rating [Member] | Class E Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate Spread to LIBOR | 7.10% | 7.35% | |
Fitch, AAA Rating [Member] | Moody's, Aaa Rating [Member] | Class A Senior Secured [Member] | |||
Notes Originally Issued | $ 228,000 | $ 228,000 | |
Outstanding Principal Balance | 228,000 | 228,000 | |
Issuance Discount | (400) | (500) | |
Net Outstanding Balance | $ 227,600 | $ 227,500 | |
Fitch, AAA Rating [Member] | Moody's, Aaa Rating [Member] | Class A Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate Spread to LIBOR | 1.24% | 1.53% |
Note 8 - Asset-backed Securit75
Note 8 - Asset-backed Securities Issued - Fair Value of Debt - CLO III (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amortization of debt issuance costs | $ 421 | $ 433 | $ 423 |
CLO III [Member] | |||
Principal, beginning of period | 332,100 | ||
Amortization of discount, gross | |||
Principal, end of period | 332,100 | 332,100 | |
Issuance discount, beginning of period | (1,676) | (2,165) | |
Amortization of debt issuance costs | 497 | 489 | |
Issuance discount, end of period | (1,179) | (1,676) | (2,165) |
Balance at beginning of period | 330,424 | 329,935 | |
Amortization of discount, net | 497 | 489 | |
Balance at end of period | $ 330,921 | $ 330,424 | $ 329,935 |
Note 8 - Asset-backed Securit76
Note 8 - Asset-backed Securities Issued - Asset-backed Securities Issued - CLO IV (Details) - CLO IV [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Jun. 29, 2017 | Dec. 31, 2016 | |
Notes Originally Issued | $ 456,900 | ||
Outstanding Principal Balance | $ 414,000 | ||
Net Outstanding Balance | 412,100 | ||
Consolidation, Eliminations [Member] | |||
Outstanding Principal Balance | (42,100) | ||
Issuance Discount | 3,800 | ||
Net Outstanding Balance | (38,300) | ||
Total Secured Notes [Member] | |||
Notes Originally Issued | 414,000 | ||
Outstanding Principal Balance | 414,000 | ||
Issuance Discount | (1,900) | ||
Net Outstanding Balance | 412,100 | ||
Unsecured Subordinated Notes [Member] | |||
Notes Originally Issued | 42,900 | ||
Outstanding Principal Balance | 42,100 | ||
Issuance Discount | (3,800) | ||
Net Outstanding Balance | 38,300 | ||
Total Notes For the CLO IV Offering [Member] | |||
Notes Originally Issued | 456,900 | ||
Outstanding Principal Balance | 456,100 | ||
Issuance Discount | (5,700) | ||
Net Outstanding Balance | 450,400 | ||
Total Asset Backed Securities Issued [Member] | |||
Outstanding Principal Balance | 414,000 | ||
Issuance Discount | (1,900) | ||
Net Outstanding Balance | 412,100 | ||
Moody's, Aa2 Rating [Member] | Class B Senior Secured [Member] | |||
Notes Originally Issued | 54,000 | ||
Outstanding Principal Balance | 54,000 | ||
Issuance Discount | (200) | ||
Net Outstanding Balance | $ 53,800 | ||
Moody's, Aa2 Rating [Member] | Class B Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate Spread to LIBOR | 1.90% | ||
Moody's, A2 Rating [Member] | Class C Senior Secured [Member] | |||
Notes Originally Issued | $ 27,000 | ||
Outstanding Principal Balance | 27,000 | ||
Issuance Discount | (300) | ||
Net Outstanding Balance | $ 26,700 | ||
Moody's, A2 Rating [Member] | Class C Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate Spread to LIBOR | 2.65% | ||
Moody's, Baa3 Rating [Member] | Class D Senior Secured [Member] | |||
Notes Originally Issued | $ 24,800 | ||
Outstanding Principal Balance | 24,800 | ||
Issuance Discount | (500) | ||
Net Outstanding Balance | $ 24,300 | ||
Moody's, Baa3 Rating [Member] | Class D Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate Spread to LIBOR | 4.15% | ||
Moody's, Ba3 Rating [Member] | Class E Secured [Member] | |||
Notes Originally Issued | $ 22,400 | ||
Outstanding Principal Balance | 22,400 | ||
Issuance Discount | (900) | ||
Net Outstanding Balance | $ 21,500 | ||
Moody's, Ba3 Rating [Member] | Class E Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate Spread to LIBOR | 6.80% | ||
Fitch, AAA Rating [Member] | Moody's, Aaa Rating [Member] | Class A Senior Secured [Member] | |||
Notes Originally Issued | $ 285,800 | ||
Outstanding Principal Balance | 285,800 | ||
Issuance Discount | |||
Net Outstanding Balance | $ 285,800 | ||
Fitch, AAA Rating [Member] | Moody's, Aaa Rating [Member] | Class A Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate Spread to LIBOR | 1.37% |
Note 8 - Asset-backed Securit77
Note 8 - Asset-backed Securities Issued - Fair Value of Debt - CLO IV (Details) - USD ($) | Jun. 29, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Amortization of debt issuance costs | $ 421,000 | $ 433,000 | $ 423,000 | |
CLO IV [Member] | ||||
Principal, beginning of period | ||||
Issuance, gross | $ 414,000,000 | 414,000,000 | ||
Principal, end of period | 414,000,000 | |||
Issuance discount, beginning of period | ||||
Issuance, discount | (1,990,000) | |||
Amortization of debt issuance costs | 90,000 | |||
Issuance discount, end of period | (1,900,000) | |||
Balance at beginning of period | ||||
Issuance, net | 412,010,000 | |||
Amortization of discount, net | 90,000 | |||
Balance at end of period | $ 412,100,000 |
Note 9 - Shareholders' Equity78
Note 9 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 11, 2017 | Feb. 13, 2017 | Apr. 18, 2016 | Jan. 12, 2016 | |
Stock Repurchase Program Number of Additional Shares Authorized to Be Repurchased | 1,000,000 | 1,000,000 | 745,981 | 1,000,000 | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,500,000 | 1,135,630 | |||||
Treasury Stock, Shares, Acquired | 658,547 | 1,127,949 | |||||
Treasury Stock Acquired, Average Cost Per Share | $ 5.41 | $ 5.59 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ 3,562 | $ 6,310 | $ 4,432 |
Note 9 - Shareholders' Equity -
Note 9 - Shareholders' Equity - Dividends Declared (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Distribution Per Share (in dollars per share) | $ 0.36 | $ 0.39 | $ 0.486 |
Dividends Declared 1 [Member] | |||
Declaration Date | Jan. 19, 2017 | ||
Distribution Per Share (in dollars per share) | $ 0.03 | ||
Record Date | Jan. 31, 2017 | ||
Total Amount | $ 644,960 | ||
Payment Date | Feb. 15, 2017 | ||
Dividends Declared 2 [Member] | |||
Declaration Date | Jan. 19, 2017 | ||
Distribution Per Share (in dollars per share) | $ 0.03 | ||
Record Date | Feb. 28, 2017 | ||
Total Amount | $ 648,523 | ||
Payment Date | Mar. 15, 2017 | ||
Dividends Declared 3 [Member] | |||
Declaration Date | Jan. 19, 2017 | ||
Distribution Per Share (in dollars per share) | $ 0.03 | ||
Record Date | Mar. 31, 2017 | ||
Total Amount | $ 649,777 | ||
Payment Date | Apr. 14, 2017 | ||
Dividends Declared 4 [Member] | |||
Declaration Date | Apr. 19, 2017 | ||
Distribution Per Share (in dollars per share) | $ 0.03 | ||
Record Date | Apr. 28, 2017 | ||
Total Amount | $ 650,215 | ||
Payment Date | May 15, 2017 | ||
Dividends Declared 5 [Member] | |||
Declaration Date | Apr. 19, 2017 | ||
Distribution Per Share (in dollars per share) | $ 0.03 | ||
Record Date | May 31, 2017 | ||
Total Amount | $ 649,489 | ||
Payment Date | Jun. 15, 2017 | ||
Dividends Declared 6 [Member] | |||
Declaration Date | Apr. 19, 2017 | ||
Distribution Per Share (in dollars per share) | $ 0.03 | ||
Record Date | Jun. 30, 2017 | ||
Total Amount | $ 647,979 | ||
Payment Date | Jul. 14, 2017 | ||
Dividends Declared 7 [Member] | |||
Declaration Date | Jul. 20, 2017 | ||
Distribution Per Share (in dollars per share) | $ 0.03 | ||
Record Date | Jul. 31, 2017 | ||
Total Amount | $ 646,458 | ||
Payment Date | Aug. 15, 2016 | ||
Dividends Declared 8 [Member] | |||
Declaration Date | Jul. 20, 2017 | ||
Distribution Per Share (in dollars per share) | $ 0.03 | ||
Record Date | Aug. 31, 2017 | ||
Total Amount | $ 644,658 | ||
Payment Date | Sep. 15, 2017 | ||
Dividends Declared 9 [Member] | |||
Declaration Date | Jul. 20, 2017 | ||
Distribution Per Share (in dollars per share) | $ 0.03 | ||
Record Date | Sep. 29, 2017 | ||
Total Amount | $ 643,824 | ||
Payment Date | Oct. 13, 2017 | ||
Dividends Declared 10 [Member] | |||
Declaration Date | Oct. 20, 2017 | ||
Distribution Per Share (in dollars per share) | $ 0.03 | ||
Record Date | Oct. 31, 2017 | ||
Total Amount | $ 645,055 | ||
Payment Date | Nov. 15, 2017 | ||
Dividends Declared 11 [Member] | |||
Declaration Date | Oct. 20, 2017 | ||
Distribution Per Share (in dollars per share) | $ 0.03 | ||
Record Date | Nov. 30, 2017 | ||
Total Amount | $ 643,890 | ||
Payment Date | Dec. 15, 2017 | ||
Dividends Declared 12 [Member] | |||
Declaration Date | Oct. 20, 2017 | ||
Distribution Per Share (in dollars per share) | $ 0.03 | ||
Record Date | Dec. 29, 2017 | ||
Total Amount | $ 651,872 | ||
Payment Date | Jan. 12, 2018 |
Note 10 - Share-based Compens80
Note 10 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Mar. 16, 2017 | Feb. 07, 2017 | Feb. 11, 2015 | Feb. 04, 2015 | Feb. 29, 2016 | Feb. 28, 2015 | Jun. 30, 2015 | Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 0 | ||||||||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 800 | $ 2,100 | $ 3,200 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 195,000 | 0 | 0 | ||||||||
Employee Stock Option [Member] | |||||||||||
Allocated Share-based Compensation Expense | $ 100 | $ 900 | $ 2,100 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 0 | 0 | 900 | ||||||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 100 | 0 | 0 | ||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Allocated Share-based Compensation Expense | 2,900 | 4,400 | 6,100 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 700 | 1,300 | |||||||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 1,600 | $ 2,100 | $ 2,600 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 117,000 | 380,000 | 231,000 | 470,000 | 389,915 | 945,308 | 488,505 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 3,900 | $ 5,700 | $ 8,900 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 47 days | 1 year 3 days | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.89 | $ 4.65 | $ 7.23 | ||||||||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year | ||||||||||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | ||||||||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 58,000 | 49,000 | 52,325 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting Rights, Quarterly Percentage | 25.00% | ||||||||||
Restricted Stock Units (RSUs) [Member] | New Hires [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 54,000 | 245,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | ||||||||||
Restricted Stock Units (RSUs) [Member] | New Hires [Member] | Minimum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year | ||||||||||
Restricted Stock Units (RSUs) [Member] | New Hires [Member] | Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | ||||||||||
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | 50.00% | 50.00% | 50.00% | |||||||
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | 50.00% | 50.00% | 50.00% | |||||||
RSUs for Long Term Incentive Purposes [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 153,000 | ||||||||||
RSUs for Long Term Incentive Purposes [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||||||||
RSUs for Long Term Incentive Purposes [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||||||||
Stock Appreciation Rights (SARs) [Member] | |||||||||||
Allocated Share-based Compensation Expense | $ 500 | $ 500 | $ 200 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 400 | 500 | |||||||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 200 | $ 200 | $ 100 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,865,000 | 2,865,000 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | 2 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 7.33 | $ 7.33 | $ 7.33 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.08% | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 8.67% | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 20.00% | ||||||||||
Plan2007 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,000,000 | ||||||||||
Plan2004 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,960,000 |
Note 10 - Share-based Compens81
Note 10 - Share-based Compensation - Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance, beginning of year, shares subject to option (in shares) | 2,645,000 | 2,785,000 | 3,591,690 |
Balance, beginning of year, weighted average exercise price (in dollars per share) | $ 6.53 | $ 6.53 | $ 7.23 |
Exercised, shares subject to option (in shares) | (195,000) | 0 | 0 |
Exercised, weighted average exercise price (in dollars per share) | $ 6.24 | ||
Forfeited, shares subject to option (in shares) | (100,000) | (90,000) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 6.79 | $ 6.70 | |
Cancelled, shares subject to option (in shares) | (40,000) | (716,690) | |
Cancelled, weighted average exercise price (in dollars per share) | $ 6.24 | $ 10 | |
Balance, end of period, shares subject to option (in shares) | 2,450,000 | 2,645,000 | 2,785,000 |
Balance, end of period, weighted average exercise price (in dollars per share) | $ 6.53 | $ 6.53 | $ 6.53 |
Options exercisable at end of period, shares subject to option (in shares) | 2,450,000 | 2,645,000 | 1,410,000 |
Options exercisable at end of period, weighted average exercise price (in dollars per share) | $ 6.53 | $ 6.53 | $ 6.23 |
Note 10 - Share-based Compens82
Note 10 - Share-based Compensation - Stock Options Outstanding and Exercisable (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Lower exercise price range (in dollars per share) | $ 6.05 | $ 6.05 | ||
Upper exercise price range (in dollars per share) | $ 7.33 | $ 7.33 | ||
Number of options outstanding (in shares) | 2,450,000 | 2,645,000 | 2,785,000 | 3,591,690 |
Options outstanding weighted average remaining contractual life (Year) | 1 year 189 days | 2 years 175 days | ||
Options outstanding weighted average exercise price (in dollars per share) | $ 6.53 | $ 6.53 | $ 6.53 | $ 7.23 |
Options outstanding aggregate intrinsic value | ||||
Number of options vested and exercisable (in shares) | 2,450,000 | 2,645,000 | ||
Options vested and exercisable weighted average remaining contractual life (Year) | 1 year 189 days | 2 years 175 days | ||
Options vested and exercisable weighted average exercise price (in dollars per share) | $ 6.55 | $ 6.53 | ||
Options vested and exercisable aggregate intrinsic value |
Note 10 - Share-based Compens83
Note 10 - Share-based Compensation - Restricted Stock Units Activity (RSUs) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | Feb. 07, 2017 | Feb. 04, 2015 | Feb. 29, 2016 | Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Balance, beginning of year (in shares) | 733,151 | 646,558 | 733,151 | 1,493,851 | |||
Balance, beginning of year (in dollars per share) | $ 6.91 | $ 5.14 | $ 6.91 | $ 6.50 | |||
Granted Restricted Share Units (in shares) | 117,000 | 380,000 | 231,000 | 470,000 | 389,915 | 945,308 | 488,505 |
Granted Restricted Share Units (in dollars per share) | $ 5.89 | $ 4.65 | $ 7.23 | ||||
Vested Restricted Share Units (in shares) | (728,209) | (904,046) | (1,230,797) | ||||
Vested Restricted Share Units (in dollars per share) | $ 5.40 | $ 5.91 | $ 6.54 | ||||
Forfeited Restricted Share Units (in shares) | (31,071) | (127,855) | (18,408) | ||||
Forfeited Restricted Share Units (in dollars per share) | $ 4.25 | $ 6.22 | $ 6.79 | ||||
Balance, end of period (in shares) | 277,193 | 646,558 | 733,151 | ||||
Balance, end of period (in dollars per share) | $ 5.60 | $ 5.14 | $ 6.91 |
Note 10 - Share-based Compens84
Note 10 - Share-based Compensation - SARs Activity (Stock Appreciation Rights (SARs) (Details) - Stock Appreciation Rights (SARs) [Member] - $ / shares | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance, beginning of year (in shares) | 2,580,000 | 2,822,500 | ||
Balance, beginning of year (in dollars per share) | $ 7.33 | $ 7.33 | ||
Granted Restricted Share Units (in shares) | 2,865,000 | 2,865,000 | ||
Granted (in dollars per share) | $ 7.33 | $ 7.33 | $ 7.33 | |
Forfeited Restricted Share Units (in shares) | (170,000) | (242,500) | (42,500) | |
Forfeited Restricted Share Units (in dollars per share) | $ 7.33 | $ 7.33 | $ 7.33 | |
Balance, end of period (in shares) | 2,410,000 | 2,580,000 | 2,822,500 | |
Balance, end of period (in dollars per share) | $ 7.33 | $ 7.33 | $ 7.33 |
Note 10 - Share-based Compens85
Note 10 - Share-based Compensation - SARs Outstanding (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Options outstanding aggregate intrinsic value | ||||
Stock Appreciation Rights (SARs) [Member] | ||||
Range of exercise prices, lower limit (in dollars per share) | $ 7.33 | $ 7.33 | ||
Range of exercise prices, upper limit (in shares) | 7.33 | 7.33 | ||
Number outstanding, options outstanding (in shares) | 2,410,000 | 2,580,000 | 2,822,500 | |
Weighted average remaining contractual life, options outstanding (Year) | 2 years | 3 years | ||
Weighted average exercise price, options outstanding (in dollars per share) | $ 7.33 | $ 7.33 | ||
Options outstanding aggregate intrinsic value |
Note 11 - Net Income Per Shar86
Note 11 - Net Income Per Share of Common Share (Details Textual) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Two Class Method Effect on Basic Earnings Per Share | $ 0 | $ 0.01 | $ 0 |
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,561,820 | 2,701,885 | 3,512,786 |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 401,018 | 23,770 | 1,860,769 |
Note 11 - Net Income Per Shar87
Note 11 - Net Income Per Share of Common Share - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income (loss) attributable to JMP Group, Inc | $ (1,376) | $ (1,235) | $ (8,534) | $ (4,738) | $ 789 | $ 661 | $ (327) | $ 1,803 | $ (15,883) | $ 2,926 | $ (208) |
Basic (in shares) | 21,579 | 21,105 | 21,237 | ||||||||
Restricted share units and share options (in shares) | 736 | ||||||||||
Diluted weighted average shares outstanding (in shares) | 21,579 | 21,841 | 21,237 | ||||||||
Basic (in dollars per share) | $ (0.07) | $ (0.06) | $ (0.39) | $ (0.22) | $ 0.04 | $ 0.03 | $ (0.02) | $ 0.08 | $ (0.74) | $ 0.14 | $ (0.01) |
Diluted (in dollars per share) | $ (0.07) | $ (0.06) | $ (0.39) | $ (0.22) | $ 0.04 | $ 0.03 | $ (0.02) | $ 0.08 | $ (0.74) | $ 0.13 | $ (0.01) |
Note 12 - Employee Benefits (De
Note 12 - Employee Benefits (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1.6 | $ 1.6 | $ 1.5 |
Elective Deferrals Under 3 [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ||
Elective Deferrals Between 3 and 5 [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Elective Deferrals Between 3 and 5 [Member] | Minimum [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ||
Elective Deferrals Between 3 and 5 [Member] | Maximum [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) $ in Thousands | Dec. 22, 2017USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2018 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Number of Subsidiaries | 3 | ||||||||||||
Operating Loss Carryforwards | $ 7,000 | $ 7,000 | |||||||||||
Operating Loss Carryfowards, Post-appointed | 1,000 | 1,000 | |||||||||||
Income Tax Expense (Benefit) | $ 1,400 | 1,913 | $ 1,113 | $ (198) | $ (1,084) | $ (3,855) | $ (597) | $ (246) | $ 50 | $ 1,744 | $ (4,648) | $ 221 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | 34.00% | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (576) | $ (455) | $ (8,199) | $ (4,141) | $ 1,296 | $ 1,602 | $ 1,332 | $ 3,232 | $ (13,371) | $ 7,462 | $ 6,791 | ||
Valuation Allowances and Reserves, Balance | $ 100 | 100 | |||||||||||
JMP Investment Holdings [Member] | |||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (12,100) | ||||||||||||
Scenario, Forecast [Member] | |||||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||||||||||||
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | |||||||||||||
Income Tax Expense (Benefit) | $ 400 |
Note 13 - Income Taxes - Income
Note 13 - Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | Dec. 22, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Federal | $ 1,303 | $ 5,570 | $ 2,427 | |||||||||
State | 158 | 230 | 161 | |||||||||
Total current income tax expense (benefit) | 1,461 | 5,800 | 2,588 | |||||||||
Federal | 539 | (9,524) | (2,632) | |||||||||
State | (256) | (924) | 265 | |||||||||
Total deferred income tax expense (benefit) | 283 | (10,448) | (2,367) | |||||||||
Total income tax expense (benefit) | $ 1,400 | $ 1,913 | $ 1,113 | $ (198) | $ (1,084) | $ (3,855) | $ (597) | $ (246) | $ 50 | $ 1,744 | $ (4,648) | $ 221 |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Equity based compensation | $ 1,516 | $ 3,094 |
Reserves and allowances | 994 | 1,621 |
Accrued Compensation and related expenses | 1,592 | |
Deferred compensation | 740 | 956 |
Investment in partnerships | 1,578 | |
Other | 910 | 574 |
Total deferred tax assets | 5,954 | 7,942 |
Investment in partnerships | (1,186) | (690) |
Repurchase of Company's debt at market discount | (198) | (640) |
Net unrealized capital gains/losses | (804) | (799) |
Accrued compensation and related expenses | (1,716) | |
Other | (27) | |
Total deferred tax liabilities | (2,188) | (3,872) |
Net deferred tax asset before valuation allowance | 3,766 | 4,070 |
Valuation allowance | ||
Net deferred tax (liability) asset | 3,766 | 4,070 |
Other States [Member] | ||
Federal and Other state net operating loss | $ 202 | $ 119 |
Note 13 - Income Taxes - Inco92
Note 13 - Income Taxes - Income Tax Reconciliation (Details) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | 34.00% | |
State income tax, net of federal tax benefit | 1.11% | 6.93% | 1.10% | |
Adjustment for PTP investment income | 35.34% | 175.90% | 72.08% | |
Deferred tax asset written off related to options and RSUs | 0.00% | 0.00% | 3.11% | |
Adjustment for prior year taxes | 0.00% | 1.58% | 3.94% | |
California state enterprise zone tax credit | 0.00% | (1.70%) | 1.13% | |
PTP asset transfer gain | 0.00% | 0.00% | 32.22% | |
Change in corporate tax rate | 13.80% | 0.00% | 0.00% | |
Effective tax rate | 15.00% | 165.17% | 3.13% | |
Change In New York Valuation [Member] | ||||
Change in New York State and City allowance valuation | 0.00% | (23.45%) | 3.83% | |
Permanent Items HGC And HGCII [Member] | ||||
Change in New York State and City allowance valuation | [1] | 0.00% | (8.72%) | (5.71%) |
Other Permanent Items [Member] | ||||
Change in New York State and City allowance valuation | 0.99% | 2.09% | 1.59% | |
[1] | HCC LLC (through May 2, 2013), CLO II (effective April 30, 2013), HCAP Advisors (effective May 1, 2013), CLO III (effective September 30, 2014), HGC (through December 31, 2014), and HGC II (through December 31, 2014) are consolidated for financial reporting purposes but not for tax purposes. |
Note 14 - Commitments and Con93
Note 14 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leases, Rent Expense | $ 4.4 | $ 3.9 | $ 3.7 |
Operating Leases, Income Statement, Sublease Revenue | 0.2 | 0.2 | $ 0.3 |
Receivables from Clearing Organizations | 0.3 | 0.3 | |
Contractual Obligation | 49.2 | 18.5 | |
Traded but Not Closed in CLO I [Member] | |||
Unfunded Commitments | 34 | ||
Traded but Not Closed in CLO II [Member] | |||
Unfunded Commitments | 2.9 | ||
Traded but Not Closed in CLO III [Member] | |||
Unfunded Commitments | 13.9 | 7.8 | |
Traded but Not Closed in CLO IV [Member] | |||
Unfunded Commitments | 15.8 | ||
Traded but Not Closed in CLO V [Member] | |||
Unfunded Commitments | 17.3 | ||
Corporate Credit [Member] | |||
Unfunded Commitments | $ 49.1 | $ 20.7 |
Note 14 - Commitments and Con94
Note 14 - Commitments and Contingencies - Minimum Future Commitments of Leases (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 4,841 |
2,019 | 4,228 |
2,020 | 2,858 |
2,021 | 2,847 |
2,022 | 2,717 |
Thereafter | 7,653 |
Commitment and Contingent Liability | $ 25,144 |
Note 15 - Regulatory Requirem95
Note 15 - Regulatory Requirements (Details Textual) $ in Millions | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Ratio of Indebtedness to Net Capital | 0.58 | 0.56 |
Net Capital | $ 37.3 | $ 29.7 |
Excess Net Capital at 1500 Percent | 35.9 | 28.6 |
Minimum Net Capital Required | $ 1.4 | $ 1.1 |
Maximum [Member] | ||
Ratio of Indebtedness to Net Capital | 15 |
Note 16 - Related Party Trans96
Note 16 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | Sep. 26, 2016 | Dec. 02, 2015 | Oct. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 19, 2017 |
Investments in Related Parties | $ 9.4 | $ 10.5 | |||||
Related Party Transaction, Due from (to) Related Party, Current | 7.8 | ||||||
Percentage of Loan Sold to Third Party | 30.00% | ||||||
Workspace [Member] | |||||||
Payments to Acquire Equity Method Investments | $ 12.8 | ||||||
Equity Method Investment, Ownership Percentage, Disposed Of | 21.60% | ||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 0.4 | 7 | 1 | ||||
Proceeds from Equity Method Investment, Distribution | 1 | 3.5 | |||||
Equity Method Investments | 2.8 | 10.8 | |||||
Incentive Fees Receivable [Member] | |||||||
Related Party Transaction, Due from (to) Related Party, Current | 0.4 | 0.5 | |||||
Total Investment [Member] | |||||||
Related Party Transaction, Amounts of Transaction | 24.1 | 27.8 | |||||
General Partner Investments In Hedge And Other Private Funds [Member] | Private Funds [Member] | |||||||
Investments in Related Parties | 14.7 | 17.3 | |||||
Affiliated Entity [Member] | |||||||
Management Fees, Base Revenue | 15.5 | 16.2 | $ 15.4 | ||||
Management Fees, Incentive Revenue | 2.5 | $ 10.6 | $ 9.4 | ||||
Registered Investment Adviser [Member] | |||||||
Financing Receivable, Net | 2.4 | $ 3.4 | |||||
Loans Receivable, Interest Rate | 15.00% | ||||||
Loans Receivable, Fair Value Disclosure | $ 2.9 |
Note 17 - Guarantees (Details T
Note 17 - Guarantees (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Indemnification Agreement [Member] | |||
Guarantor Obligations, Current Carrying Value | $ 0 | $ 0 | $ 0 |
Note 19 - Financial Instrumen98
Note 19 - Financial Instruments with Off-balance Sheet Risk, Credit Risk or Market Risk (Details Textual) $ in Millions | Dec. 31, 2016USD ($) |
Corporate Segment [Member] | |
Letters of Credit Outstanding, Amount | $ 1 |
Note 20 - Business Segments (De
Note 20 - Business Segments (Details Textual) | 12 Months Ended |
Dec. 31, 2017 | |
Number of Reportable Segments | 3 |
Percent Of Deferred Compensation Recognized | 100.00% |
Note 20 - Business Segments - S
Note 20 - Business Segments - Segment Operating Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Non-interest revenues | $ 113,399 | $ 122,569 | $ 121,273 | |||||||||
Total net revenues after provision for loan losses | 110,386 | 134,977 | 141,244 | |||||||||
Non-interest expenses | $ (29,496) | $ (31,371) | $ (31,541) | $ (29,605) | $ (38,583) | $ (29,670) | $ (28,637) | $ (35,273) | 122,013 | 132,163 | 134,232 | |
Segment operating pre-tax net income | (14,139) | (1,722) | 13 | |||||||||
Total assets | 1,076,626 | 1,125,830 | 1,076,626 | 1,125,830 | 1,277,501 | |||||||
Net interest income | 7,457 | 13,994 | 21,061 | |||||||||
Gain (loss) repurchase/early retirement of debt | (6,107) | |||||||||||
Provision for loan losses | (4,363) | (1,586) | (1,090) | |||||||||
Non-controlling interest | 2,512 | 4,536 | 6,999 | |||||||||
Intersegment Eliminations [Member] | ||||||||||||
Non-interest revenues | (3,436) | (5,561) | (5,912) | |||||||||
Total net revenues after provision for loan losses | (3,436) | (5,561) | (5,912) | |||||||||
Non-interest expenses | (3,429) | (5,561) | (5,912) | |||||||||
Segment operating pre-tax net income | (7) | |||||||||||
Total assets | (319,673) | (330,130) | (319,673) | (330,130) | (340,621) | |||||||
Segment Reconciling Items [Member] | ||||||||||||
Non-interest revenues | [1] | (8,978) | (844) | 1,336 | ||||||||
Total net revenues after provision for loan losses | (13,124) | 4,820 | 8,632 | |||||||||
Non-interest expenses | [2] | 3,666 | 10,150 | 14,468 | ||||||||
Segment operating pre-tax net income | [3] | (19,302) | (9,866) | (12,835) | ||||||||
Net interest income | [4] | 3,991 | 6,374 | 9,086 | ||||||||
Gain (loss) repurchase/early retirement of debt | (6,317) | |||||||||||
Provision for loan losses | (1,820) | (710) | (1,790) | |||||||||
Non-controlling interest | 2,512 | 4,536 | 6,999 | |||||||||
Broker Dealer [Member] | ||||||||||||
Non-interest revenues | 98,469 | 79,114 | 89,828 | |||||||||
Total net revenues after provision for loan losses | 98,469 | 79,114 | 89,828 | |||||||||
Non-interest expenses | 87,572 | 77,231 | 84,865 | |||||||||
Segment operating pre-tax net income | 10,897 | 1,883 | 4,963 | |||||||||
Total assets | 82,790 | 65,709 | 82,790 | 65,709 | 84,161 | |||||||
Asset Management [Member] | ||||||||||||
Non-interest revenues | 19,888 | 27,830 | 29,205 | |||||||||
Total net revenues after provision for loan losses | 19,888 | 27,830 | 29,205 | |||||||||
Non-interest expenses | 19,699 | 25,256 | 25,097 | |||||||||
Segment operating pre-tax net income | 189 | 2,574 | 4,108 | |||||||||
Total assets | 29,729 | 27,013 | 29,729 | 27,013 | 28,763 | |||||||
Corporate Segment [Member] | ||||||||||||
Non-interest revenues | 7,456 | 22,030 | 6,816 | |||||||||
Total net revenues after provision for loan losses | 8,589 | 28,774 | 19,491 | |||||||||
Non-interest expenses | 14,505 | 25,087 | 15,714 | |||||||||
Segment operating pre-tax net income | (5,916) | 3,687 | 3,777 | |||||||||
Total assets | $ 1,283,781 | $ 1,363,238 | 1,283,781 | 1,363,238 | 1,505,198 | |||||||
Net interest income | 3,466 | 7,620 | 11,975 | |||||||||
Gain (loss) repurchase/early retirement of debt | 210 | |||||||||||
Provision for loan losses | $ (2,543) | $ (876) | $ 700 | |||||||||
[1] | Non-interest revenue adjustments are comprised of loan sale gains, mark-to-market gains/losses, strategic equity investments and warrants, and fund-related revenues recognized upon consolidation of certain Harvest Funds. | |||||||||||
[2] | Non-interest expense adjustments relate to reversals of share-based compensation and exclusion of fund-related expenses recognized upon consolidation of certain Harvest Funds. | |||||||||||
[3] | Reconciling operating pre-tax net income to Consolidated Net Income before income tax expense in the Consolidated Statements of Operations consists of the following: | |||||||||||
[4] | The Net Interest Income adjustment is comprised of the non-cash net amortization of liquidity discounts at JMP Credit, due to scheduled contractual repayments, and amortization expense related to an intangible asset. |
Note 20 - Business Segments - R
Note 20 - Business Segments - Reconciling Operating Pre-tax Net Income to Consolidated Net Income (Details) - USD ($) $ in Thousands | Dec. 22, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income (loss) attributable to JMP Group LLC | $ (1,376) | $ (1,235) | $ (8,534) | $ (4,738) | $ 789 | $ 661 | $ (327) | $ 1,803 | $ (15,883) | $ 2,926 | $ (208) | ||
Income Tax Expense (Benefit) | $ 1,400 | $ 1,913 | $ 1,113 | $ (198) | $ (1,084) | $ (3,855) | $ (597) | $ (246) | $ 50 | 1,744 | (4,648) | 221 | |
Total Segments adjusted operating pre-tax net income | (14,139) | (1,722) | 13 | ||||||||||
Operating Segments [Member] | |||||||||||||
Net income (loss) attributable to JMP Group LLC | 4,358 | 10,460 | 12,255 | ||||||||||
Income Tax Expense (Benefit) | 805 | (2,316) | 593 | ||||||||||
Total Segments adjusted operating pre-tax net income | 5,136 | 8,144 | 12,848 | ||||||||||
Segment Reconciling Items [Member] | |||||||||||||
Total Segments adjusted operating pre-tax net income | [1] | (19,302) | (9,866) | (12,835) | |||||||||
Share options | (334) | 1,253 | 2,235 | ||||||||||
Compensation expense - RSUs | 954 | 746 | 1,606 | ||||||||||
Deferred compensation program accounting adjustment | 457 | 4,788 | 6,972 | ||||||||||
Early retirement of debt | 6,499 | ||||||||||||
Net unrealized loss/ (gain) on strategic equity investments and warrants. | 2,113 | (1,540) | 878 | ||||||||||
General loan loss reserve for CLO II and CLO III | 1,377 | 240 | 1,144 | ||||||||||
Unrealized loss - real estate-related depreciation and amortization | 7,645 | 4,241 | |||||||||||
Amortization of intangible assets | 276 | 138 | |||||||||||
CLO Refinancing and accelerated expenses | $ 315 | ||||||||||||
[1] | Reconciling operating pre-tax net income to Consolidated Net Income before income tax expense in the Consolidated Statements of Operations consists of the following: |
Note 21 - Summarized Financi102
Note 21 - Summarized Financial Information for Equity Method Investments - Equity Method Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Income | $ (6,360) | $ 2,200 | $ 159 | |
Harvest Small Cap Partners [Member] | ||||
Net assets | 227,360 | 296,404 | ||
Harvest Small Cap Partners [Member] | Net Realized And Unrealized Gains Losses [Member] | ||||
Income | (4,566) | 56,906 | ||
Harvest Small Cap Partners [Member] | Net Investment Income Loss [Member] | ||||
Income | (17,025) | (20,447) | ||
Harvest Agricultural Select [Member] | ||||
Net assets | 22,330 | 22,796 | ||
Harvest Agricultural Select [Member] | Net Realized And Unrealized Gains Losses [Member] | ||||
Income | 2,488 | (697) | ||
Harvest Agricultural Select [Member] | Net Investment Income Loss [Member] | ||||
Income | (213) | (248) | ||
Harvest Technology Partners [Member] | Net Realized And Unrealized Gains Losses [Member] | ||||
Income | [1] | 174 | ||
Harvest Technology Partners [Member] | Net Investment Income Loss [Member] | ||||
Income | [1] | (154) | ||
Harvest Financial Partners [Member] | Net Realized And Unrealized Gains Losses [Member] | ||||
Income | [1] | 204 | ||
Harvest Financial Partners [Member] | Net Investment Income Loss [Member] | ||||
Income | [1] | (228) | ||
Real Estate Funds [Member] | ||||
Real estate properties, net | 1,039,116 | 1,054,968 | ||
Total assets | 1,213,077 | 1,260,490 | ||
Mortgages and other loan payables, net | 1,033,122 | 1,008,073 | ||
Redeemable preferred equity, net | 109,269 | 99,585 | ||
Total liabilities | 1,199,878 | 1,150,929 | ||
Total equity | 13,199 | 109,561 | ||
Total liabilities and equity | 1,213,077 | 1,260,490 | ||
Total revenue | 188,092 | 82,757 | ||
Operating income | 19,617 | 8,629 | ||
Net loss | $ (71,730) | $ (24,790) | ||
[1] | Harvest Technology Partners and Harvest Financial Partners were liquidated on December 31, 2016 and August 30, 2016. |
Note 22 - Nonconsolidated Va103
Note 22 - Nonconsolidated Variable Interest Entities - VIE Equity Investments and Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Total | $ 8,488 | $ 16,285 |
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | ||
Investments | 8,226 | 15,213 |
Receivables | $ 262 | $ 1,072 |
Note 23 - Condensed Consolid104
Note 23 - Condensed Consolidating Financial Statements (Details Textual) | 12 Months Ended |
Dec. 31, 2017 | |
JMP Group Inc. [Member] | |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 100.00% |
Note 23 - Condensed Consolid105
Note 23 - Condensed Consolidating Financial Statements - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||||
Cash and cash equivalents | $ 85,594 | $ 85,492 | $ 68,551 | $ 101,362 |
Restricted cash and deposits | 51,727 | 227,656 | ||
Investment banking fees receivable, net of allowance for doubtful accounts | 9,567 | 5,681 | ||
Marketable securities owned, at fair value | 20,825 | 18,722 | ||
Incentive fee receivable | 413 | 499 | ||
Other investments | 27,984 | 32,869 | ||
Loans held for investment, net of allowance for loan losses | 83,948 | 1,930 | ||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 765,583 | 654,127 | ||
Interest receivable | 2,259 | 3,429 | ||
Collateral posted for derivative transaction | 25,000 | |||
Fixed assets, net | 2,322 | 3,143 | ||
Other assets | 26,404 | 34,794 | ||
Investment in subsidiaries | 0 | |||
Total assets | 1,076,626 | 1,125,830 | 1,277,501 | |
Loans held for sale | 32,488 | |||
Liabilities and Equity | ||||
Marketable securities sold, but not yet purchased, at fair value | 7,919 | 4,747 | ||
Accrued compensation | 43,131 | 36,158 | ||
Asset-backed securities issued | 738,248 | 825,854 | ||
Interest payable | 6,512 | 6,317 | ||
Note payable | ||||
CLO V Warehouse Facility | 61,250 | |||
Senior Notes | 93,103 | 91,785 | ||
Other liabilities | 16,284 | 25,675 | ||
Total liabilities | 966,447 | 990,536 | ||
Total members' (deficit) equity | 96,335 | 119,377 | ||
Nonredeemable Non-controlling Interest | 13,844 | 15,917 | ||
Total equity | 110,179 | 135,294 | 152,894 | $ 288,929 |
Total liabilities and equity | 1,076,626 | 1,125,830 | ||
Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Assets | ||||
Cash and cash equivalents | 951 | 255 | 80 | |
Restricted cash and deposits | ||||
Investment banking fees receivable, net of allowance for doubtful accounts | ||||
Marketable securities owned, at fair value | ||||
Incentive fee receivable | ||||
Other investments | ||||
Loans held for investment, net of allowance for loan losses | ||||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | ||||
Interest receivable | ||||
Collateral posted for derivative transaction | ||||
Fixed assets, net | ||||
Other assets | (4,603) | (1,045) | ||
Investment in subsidiaries | 226,894 | 252,486 | ||
Total assets | 223,242 | 251,696 | ||
Loans held for sale | ||||
Liabilities and Equity | ||||
Marketable securities sold, but not yet purchased, at fair value | ||||
Accrued compensation | 90 | |||
Asset-backed securities issued | ||||
Interest payable | ||||
Note payable | 137,603 | 137,603 | ||
CLO V Warehouse Facility | ||||
Senior Notes | ||||
Other liabilities | 1,193 | 1,520 | ||
Total liabilities | 138,796 | 139,213 | ||
Total members' (deficit) equity | 84,446 | 112,483 | ||
Nonredeemable Non-controlling Interest | ||||
Total equity | 84,446 | 112,483 | ||
Total liabilities and equity | 223,242 | 251,696 | ||
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||||
Assets | ||||
Cash and cash equivalents | 4,819 | 1,763 | 11,260 | |
Restricted cash and deposits | 1,471 | 1,471 | ||
Investment banking fees receivable, net of allowance for doubtful accounts | ||||
Marketable securities owned, at fair value | ||||
Incentive fee receivable | ||||
Other investments | 3,101 | 5,126 | ||
Loans held for investment, net of allowance for loan losses | ||||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | ||||
Interest receivable | 4 | |||
Collateral posted for derivative transaction | ||||
Fixed assets, net | ||||
Other assets | 132,931 | 149,847 | ||
Investment in subsidiaries | 70,775 | 74,166 | ||
Total assets | 213,101 | 232,373 | ||
Loans held for sale | ||||
Liabilities and Equity | ||||
Marketable securities sold, but not yet purchased, at fair value | ||||
Accrued compensation | 150 | 150 | ||
Asset-backed securities issued | ||||
Interest payable | 1,109 | 1,506 | ||
Note payable | ||||
CLO V Warehouse Facility | ||||
Senior Notes | 93,198 | 92,258 | ||
Other liabilities | 5,710 | 25,938 | ||
Total liabilities | 100,167 | 119,852 | ||
Total members' (deficit) equity | 112,934 | 112,521 | ||
Nonredeemable Non-controlling Interest | ||||
Total equity | 112,934 | 112,521 | ||
Total liabilities and equity | 213,101 | 232,373 | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Cash and cash equivalents | 12,681 | 5,060 | 1,225 | |
Restricted cash and deposits | ||||
Investment banking fees receivable, net of allowance for doubtful accounts | ||||
Marketable securities owned, at fair value | 9,464 | 10,877 | ||
Incentive fee receivable | ||||
Other investments | 11,543 | 9,838 | ||
Loans held for investment, net of allowance for loan losses | 4,233 | |||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | ||||
Interest receivable | 165 | 72 | ||
Collateral posted for derivative transaction | ||||
Fixed assets, net | ||||
Other assets | (8,787) | (8,957) | ||
Investment in subsidiaries | 127,325 | 117,537 | ||
Total assets | 156,624 | 134,427 | ||
Loans held for sale | ||||
Liabilities and Equity | ||||
Marketable securities sold, but not yet purchased, at fair value | ||||
Accrued compensation | ||||
Asset-backed securities issued | ||||
Interest payable | ||||
Note payable | ||||
CLO V Warehouse Facility | ||||
Senior Notes | ||||
Other liabilities | 313 | |||
Total liabilities | 313 | |||
Total members' (deficit) equity | 141,955 | 117,532 | ||
Nonredeemable Non-controlling Interest | 14,669 | 16,582 | ||
Total equity | 156,624 | 134,114 | ||
Total liabilities and equity | 156,624 | 134,427 | ||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Cash and cash equivalents | 67,143 | 78,414 | 55,986 | |
Restricted cash and deposits | 50,256 | 226,185 | ||
Investment banking fees receivable, net of allowance for doubtful accounts | 9,567 | 5,681 | ||
Marketable securities owned, at fair value | 11,456 | 8,317 | ||
Incentive fee receivable | 415 | 499 | ||
Other investments | 13,340 | 17,905 | ||
Loans held for investment, net of allowance for loan losses | 79,715 | 1,930 | ||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 765,583 | 654,127 | ||
Interest receivable | 2,090 | 3,429 | ||
Collateral posted for derivative transaction | 25,000 | |||
Fixed assets, net | 2,322 | 3,143 | ||
Other assets | 64,075 | 49,183 | ||
Investment in subsidiaries | ||||
Total assets | 1,065,962 | 1,106,301 | ||
Loans held for sale | 32,488 | |||
Liabilities and Equity | ||||
Marketable securities sold, but not yet purchased, at fair value | 7,919 | 4,747 | ||
Accrued compensation | 42,981 | 35,918 | ||
Asset-backed securities issued | 738,248 | 825,854 | ||
Interest payable | 5,403 | 4,811 | ||
Note payable | 17,762 | 15,000 | ||
CLO V Warehouse Facility | 61,250 | |||
Senior Notes | ||||
Other liabilities | 11,123 | (502) | ||
Total liabilities | 884,686 | 885,828 | ||
Total members' (deficit) equity | 182,313 | 221,350 | ||
Nonredeemable Non-controlling Interest | (1,037) | (877) | ||
Total equity | 181,276 | 220,473 | ||
Total liabilities and equity | 1,065,962 | 1,106,301 | ||
Consolidation, Eliminations [Member] | ||||
Assets | ||||
Cash and cash equivalents | ||||
Restricted cash and deposits | ||||
Investment banking fees receivable, net of allowance for doubtful accounts | ||||
Marketable securities owned, at fair value | (95) | (472) | ||
Incentive fee receivable | (2) | |||
Other investments | ||||
Loans held for investment, net of allowance for loan losses | ||||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | ||||
Interest receivable | (72) | |||
Collateral posted for derivative transaction | ||||
Fixed assets, net | ||||
Other assets | (157,212) | (154,234) | ||
Investment in subsidiaries | (424,994) | (444,189) | ||
Total assets | (582,303) | (598,967) | ||
Loans held for sale | ||||
Liabilities and Equity | ||||
Marketable securities sold, but not yet purchased, at fair value | ||||
Accrued compensation | ||||
Asset-backed securities issued | ||||
Interest payable | ||||
Note payable | (155,365) | (152,603) | ||
CLO V Warehouse Facility | ||||
Senior Notes | (95) | (473) | ||
Other liabilities | (1,742) | (1,594) | ||
Total liabilities | (157,202) | (154,670) | ||
Total members' (deficit) equity | (425,313) | (444,509) | ||
Nonredeemable Non-controlling Interest | 212 | 212 | ||
Total equity | (425,101) | (444,297) | ||
Total liabilities and equity | $ (582,303) | $ (598,967) |
Note 23 - Condensed Consolid106
Note 23 - Condensed Consolidating Financial Statements - Condensed Consolidating Income Statement (Details) - USD ($) $ in Thousands | Dec. 22, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Revenues | ||||||||||||
Investment banking | $ 77,322 | $ 55,353 | $ 63,116 | |||||||||
Brokerage | 21,129 | 23,755 | 25,577 | |||||||||
Asset management fees | 18,049 | 26,791 | 24,791 | |||||||||
Principal transactions | (6,437) | 16,182 | 7,409 | |||||||||
Loss on sale, payoff and mark-to-market of loans | 797 | (1,918) | (1,604) | |||||||||
Net dividend income | 1,188 | 999 | 1,041 | |||||||||
Other income | 1,351 | 1,407 | 943 | |||||||||
Equity earnings of subsidiaries | ||||||||||||
Non-interest revenues | 113,399 | 122,569 | 121,273 | |||||||||
Interest income | 41,159 | 46,784 | 50,801 | |||||||||
Interest expense | (33,702) | (32,790) | (29,740) | |||||||||
Net interest income | 7,457 | 13,994 | 21,061 | |||||||||
Gain (loss) repurchase/early retirement of debt | (6,107) | |||||||||||
Provision for loan losses | (4,363) | (1,586) | (1,090) | |||||||||
Total net revenues after provision for loan losses | 110,386 | 134,977 | 141,244 | |||||||||
Non-interest expenses | ||||||||||||
Compensation and benefits | 90,601 | 101,233 | 103,560 | |||||||||
Administration | 7,464 | 7,024 | ||||||||||
Brokerage, clearing and exchange fees | 3,209 | 3,110 | 3,378 | |||||||||
Travel and business development | 4,034 | 4,771 | 4,746 | |||||||||
Communications and technology | 4,308 | 4,172 | 3,929 | |||||||||
Occupancy | 4,418 | 3,901 | 3,657 | |||||||||
Professional fees | 4,407 | 4,399 | 4,313 | |||||||||
Depreciation | 1,162 | 1,280 | 1,177 | |||||||||
Other | $ 7,908 | $ 6,808 | $ 8,889 | $ 7,807 | $ 7,623 | $ 7,503 | $ 7,956 | $ 7,848 | 2,410 | 2,273 | 2,243 | |
Total non-interest expenses | 122,013 | 132,163 | 134,232 | |||||||||
Net income (loss) before income tax expense | 1,337 | 658 | (8,397) | (5,225) | (2,559) | 1,005 | 1,086 | 3,282 | (11,627) | 2,814 | 7,012 | |
Income tax expense (benefit) | $ 1,400 | 1,913 | 1,113 | (198) | (1,084) | (3,855) | (597) | (246) | 50 | 1,744 | (4,648) | 221 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (576) | (455) | (8,199) | (4,141) | 1,296 | 1,602 | 1,332 | 3,232 | (13,371) | 7,462 | 6,791 | |
Less: Net income (loss) attributable to nonredeemable non-controlling interest | 800 | 780 | 335 | 597 | 507 | 941 | 1,659 | 1,429 | 2,512 | 4,536 | 6,999 | |
Net income (loss) attributable to JMP Group LLC | $ (1,376) | $ (1,235) | $ (8,534) | $ (4,738) | $ 789 | $ 661 | $ (327) | $ 1,803 | (15,883) | 2,926 | $ (208) | |
Reportable Legal Entities [Member] | Parent Company [Member] | ||||||||||||
Revenues | ||||||||||||
Investment banking | ||||||||||||
Brokerage | ||||||||||||
Asset management fees | ||||||||||||
Principal transactions | ||||||||||||
Loss on sale, payoff and mark-to-market of loans | ||||||||||||
Net dividend income | ||||||||||||
Other income | ||||||||||||
Equity earnings of subsidiaries | (8,411) | 10,823 | ||||||||||
Non-interest revenues | (8,411) | 10,823 | ||||||||||
Interest income | 1,633 | 1,478 | ||||||||||
Interest expense | (4,555) | (4,555) | ||||||||||
Net interest income | (2,922) | (3,077) | ||||||||||
Gain (loss) repurchase/early retirement of debt | 210 | |||||||||||
Provision for loan losses | ||||||||||||
Total net revenues after provision for loan losses | (11,123) | 7,746 | ||||||||||
Non-interest expenses | ||||||||||||
Compensation and benefits | 1,854 | 2,178 | ||||||||||
Administration | 543 | 476 | ||||||||||
Brokerage, clearing and exchange fees | ||||||||||||
Travel and business development | 107 | 132 | ||||||||||
Communications and technology | 2 | 5 | ||||||||||
Occupancy | ||||||||||||
Professional fees | 2,247 | 2,028 | ||||||||||
Depreciation | ||||||||||||
Other | ||||||||||||
Total non-interest expenses | 4,753 | 4,819 | ||||||||||
Net income (loss) before income tax expense | (15,876) | 2,927 | ||||||||||
Income tax expense (benefit) | ||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (15,876) | 2,927 | ||||||||||
Less: Net income (loss) attributable to nonredeemable non-controlling interest | ||||||||||||
Net income (loss) attributable to JMP Group LLC | (15,876) | 2,927 | ||||||||||
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||||||||||||
Revenues | ||||||||||||
Investment banking | ||||||||||||
Brokerage | ||||||||||||
Asset management fees | ||||||||||||
Principal transactions | (440) | 1,337 | ||||||||||
Loss on sale, payoff and mark-to-market of loans | ||||||||||||
Net dividend income | 4 | |||||||||||
Other income | ||||||||||||
Equity earnings of subsidiaries | 6,386 | (2,484) | ||||||||||
Non-interest revenues | 5,950 | (1,147) | ||||||||||
Interest income | 4,561 | 4,557 | ||||||||||
Interest expense | (9,464) | (9,098) | ||||||||||
Net interest income | (4,903) | (4,541) | ||||||||||
Gain (loss) repurchase/early retirement of debt | (775) | |||||||||||
Provision for loan losses | ||||||||||||
Total net revenues after provision for loan losses | 272 | (5,688) | ||||||||||
Non-interest expenses | ||||||||||||
Compensation and benefits | 4,096 | 3,725 | ||||||||||
Administration | 460 | 497 | ||||||||||
Brokerage, clearing and exchange fees | ||||||||||||
Travel and business development | ||||||||||||
Communications and technology | 9 | 10 | ||||||||||
Occupancy | ||||||||||||
Professional fees | 329 | 494 | ||||||||||
Depreciation | ||||||||||||
Other | 76 | 8 | ||||||||||
Total non-interest expenses | 4,970 | 4,734 | ||||||||||
Net income (loss) before income tax expense | (4,698) | (10,422) | ||||||||||
Income tax expense (benefit) | (3,247) | (2,607) | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (1,451) | (7,815) | ||||||||||
Less: Net income (loss) attributable to nonredeemable non-controlling interest | ||||||||||||
Net income (loss) attributable to JMP Group LLC | (1,451) | (7,815) | ||||||||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||||||||||
Revenues | ||||||||||||
Investment banking | ||||||||||||
Brokerage | ||||||||||||
Asset management fees | ||||||||||||
Principal transactions | (710) | 5,541 | ||||||||||
Loss on sale, payoff and mark-to-market of loans | ||||||||||||
Net dividend income | 1,116 | 966 | ||||||||||
Other income | 87 | |||||||||||
Equity earnings of subsidiaries | 2,106 | 18,257 | ||||||||||
Non-interest revenues | 2,512 | 24,851 | ||||||||||
Interest income | 653 | 681 | ||||||||||
Interest expense | ||||||||||||
Net interest income | 653 | 681 | ||||||||||
Gain (loss) repurchase/early retirement of debt | ||||||||||||
Provision for loan losses | ||||||||||||
Total net revenues after provision for loan losses | 3,165 | 25,532 | ||||||||||
Non-interest expenses | ||||||||||||
Compensation and benefits | (47) | 2,355 | ||||||||||
Administration | 144 | 235 | ||||||||||
Brokerage, clearing and exchange fees | ||||||||||||
Travel and business development | ||||||||||||
Communications and technology | ||||||||||||
Occupancy | ||||||||||||
Professional fees | 2 | 12 | ||||||||||
Depreciation | ||||||||||||
Other | 420 | 138 | ||||||||||
Total non-interest expenses | 519 | 2,740 | ||||||||||
Net income (loss) before income tax expense | 2,646 | 22,792 | ||||||||||
Income tax expense (benefit) | ||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 2,646 | 22,792 | ||||||||||
Less: Net income (loss) attributable to nonredeemable non-controlling interest | 2,318 | 3,815 | ||||||||||
Net income (loss) attributable to JMP Group LLC | 328 | 18,977 | ||||||||||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||||||||||
Revenues | ||||||||||||
Investment banking | 77,322 | 55,353 | ||||||||||
Brokerage | 21,129 | 23,755 | ||||||||||
Asset management fees | 18,212 | 27,185 | ||||||||||
Principal transactions | (5,287) | 9,304 | ||||||||||
Loss on sale, payoff and mark-to-market of loans | 797 | (1,918) | ||||||||||
Net dividend income | 68 | 33 | ||||||||||
Other income | 1,351 | 1,320 | ||||||||||
Equity earnings of subsidiaries | ||||||||||||
Non-interest revenues | 113,592 | 115,032 | ||||||||||
Interest income | 42,418 | 48,655 | ||||||||||
Interest expense | (27,789) | (27,724) | ||||||||||
Net interest income | 14,629 | 20,931 | ||||||||||
Gain (loss) repurchase/early retirement of debt | (5,542) | |||||||||||
Provision for loan losses | (4,363) | (1,586) | ||||||||||
Total net revenues after provision for loan losses | 118,316 | 134,377 | ||||||||||
Non-interest expenses | ||||||||||||
Compensation and benefits | 84,698 | 92,975 | ||||||||||
Administration | 6,480 | 6,210 | ||||||||||
Brokerage, clearing and exchange fees | 3,209 | 3,110 | ||||||||||
Travel and business development | 3,927 | 4,639 | ||||||||||
Communications and technology | 4,297 | 4,157 | ||||||||||
Occupancy | 4,418 | 3,901 | ||||||||||
Professional fees | 1,829 | 1,865 | ||||||||||
Depreciation | 1,162 | 1,280 | ||||||||||
Other | 1,914 | 2,127 | ||||||||||
Total non-interest expenses | 111,934 | 120,264 | ||||||||||
Net income (loss) before income tax expense | 6,382 | 14,113 | ||||||||||
Income tax expense (benefit) | 4,991 | (2,041) | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 1,391 | 16,154 | ||||||||||
Less: Net income (loss) attributable to nonredeemable non-controlling interest | 194 | 721 | ||||||||||
Net income (loss) attributable to JMP Group LLC | 1,197 | 15,433 | ||||||||||
Consolidation, Eliminations [Member] | ||||||||||||
Revenues | ||||||||||||
Investment banking | ||||||||||||
Brokerage | ||||||||||||
Asset management fees | (163) | (394) | ||||||||||
Principal transactions | ||||||||||||
Loss on sale, payoff and mark-to-market of loans | ||||||||||||
Net dividend income | ||||||||||||
Other income | ||||||||||||
Equity earnings of subsidiaries | (81) | (26,596) | ||||||||||
Non-interest revenues | (244) | (26,990) | ||||||||||
Interest income | (8,106) | (8,587) | ||||||||||
Interest expense | 8,106 | 8,587 | ||||||||||
Net interest income | ||||||||||||
Gain (loss) repurchase/early retirement of debt | ||||||||||||
Provision for loan losses | ||||||||||||
Total net revenues after provision for loan losses | (244) | (26,990) | ||||||||||
Non-interest expenses | ||||||||||||
Compensation and benefits | ||||||||||||
Administration | (163) | (394) | ||||||||||
Brokerage, clearing and exchange fees | ||||||||||||
Travel and business development | ||||||||||||
Communications and technology | ||||||||||||
Occupancy | ||||||||||||
Professional fees | ||||||||||||
Depreciation | ||||||||||||
Other | ||||||||||||
Total non-interest expenses | (163) | (394) | ||||||||||
Net income (loss) before income tax expense | (81) | (26,596) | ||||||||||
Income tax expense (benefit) | ||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (81) | (26,596) | ||||||||||
Less: Net income (loss) attributable to nonredeemable non-controlling interest | ||||||||||||
Net income (loss) attributable to JMP Group LLC | $ (81) | $ (26,596) |
Note 23 - Condensed Consolid107
Note 23 - Condensed Consolidating Financial Statements - Condensed Consolidating Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (576) | $ (455) | $ (8,199) | $ (4,141) | $ 1,296 | $ 1,602 | $ 1,332 | $ 3,232 | $ (13,371) | $ 7,462 | $ 6,791 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Provision for doubtful accounts | 176 | (7) | |||||||||
Provision for loan losses | 4,363 | 1,586 | 1,090 | ||||||||
Accretion of deferred loan fees | (2,281) | (2,351) | (1,827) | ||||||||
Amortization of liquidity discount, net | 886 | (146) | (131) | ||||||||
Amortization of debt issuance costs | 421 | 433 | 423 | ||||||||
Amortization of original issue discount, related to CLO II and CLO III | 1,133 | 2,431 | |||||||||
Loss (gain) on sale and payoff of loans | (797) | 1,918 | |||||||||
(Gain) loss on repurchase of asset-backed securities and bonds issued | 6,107 | (87) | |||||||||
(Gain) loss from principal transactions | 6,360 | (2,200) | (159) | ||||||||
Unrealized gain (loss) on other equity investments | (1,893) | 1,061 | (3,573) | ||||||||
Change in TRS | 412 | (3,064) | 1,950 | ||||||||
Realized gain (loss) on other investments | 446 | (8,003) | (3,395) | ||||||||
Depreciation and amortization of fixed assets | 1,162 | 1,280 | 1,177 | ||||||||
Stock-based compensation expense | 2,955 | 5,761 | 8,345 | ||||||||
Interest paid in kind | (53) | (198) | |||||||||
Deferred income taxes | (10,448) | ||||||||||
Net change in operating assets and liabilities: | |||||||||||
Decrease (increase) in interest receivable | 1,170 | 191 | (735) | ||||||||
Decrease (increase) in receivables | (3,976) | 11,261 | 10,064 | ||||||||
Decrease (increase) in marketable securities | (2,103) | 9,771 | 973 | ||||||||
Increase in restricted cash (excluding restricted cash reserved for lending activities) | (2,594) | 1,050 | 814 | ||||||||
Decrease (increase) in other assets | (723) | 2,618 | 9,232 | ||||||||
(Decrease) increase in marketable securities sold, but not yet purchased | 3,172 | (8,537) | (1,764) | ||||||||
Increase (decrease) in interest payable | 195 | 940 | (191) | ||||||||
Increase (decrease) in accrued compensation and other liabilities | (733) | (3,996) | (32,136) | ||||||||
Net cash used in operating activities | 487 | 8,878 | (3,810) | ||||||||
(Decrease) increase in marketable securities sold, but not yet purchased | 3,172 | (8,537) | (1,764) | ||||||||
Cash flows from investing activities: | |||||||||||
Purchases of fixed assets | (341) | (494) | (2,873) | ||||||||
Investment in subsidiary | |||||||||||
Purchases of other investments | (6,362) | (7,555) | (22,727) | ||||||||
Sales or distributions of other investments | 14,584 | 46,582 | 46,952 | ||||||||
Funding of loans collateralizing asset-backed securities issued | (507,556) | (304,606) | (291,660) | ||||||||
Funding of loans held for investment | (81,972) | (640) | |||||||||
Sale of loans collateralizing asset-backed securities issued | 348,574 | 519,063 | 289,720 | ||||||||
Sale of loans held for investment | 1,000 | ||||||||||
Sale of participating interest in loans held for investment | 1,030 | ||||||||||
Sale of loans held for sale | 31,199 | ||||||||||
Principal receipts on loans collateralizing asset-backed securities issued | 41,001 | 68,030 | 70,387 | ||||||||
Principal receipts on loans held for investment | 1,701 | 274 | 240 | ||||||||
Principal receipts on loans held for sale | 1,784 | ||||||||||
Net changes in cash collateral posted for total return swap | 25,000 | (25,000) | |||||||||
Net change in restricted cash reserved for lending activities | 178,523 | (176,134) | (1,552) | ||||||||
Net cash provided by (used in) investing activities | 48,165 | 145,160 | 62,587 | ||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from drawdowns of CLO V warehouse facility | 61,250 | ||||||||||
Proceeds from bond issuance | 50,000 | ||||||||||
Proceeds from asset-backed securities issued | 408,394 | ||||||||||
Payments of debt issuance costs | (1,964) | ||||||||||
Repayment of note payable | |||||||||||
Redemption/repurchase of bonds payable | (47,914) | (385) | |||||||||
Repayment of asset-backed securities issued | (503,617) | (106,800) | (68,202) | ||||||||
Distribution and distribution equivalents paid on common shares and RSUs | (7,770) | (8,362) | (10,182) | ||||||||
Purchases of common shares for treasury | (2,084) | (4,155) | (1,214) | ||||||||
Capital contributions of parent | |||||||||||
Capital contributions of nonredeemable non-controlling interest holders | 92 | 464 | |||||||||
Distributions to non-controlling interest shareholders | (4,677) | (7,077) | (9,079) | ||||||||
Employee taxes paid on shares withheld for tax-withholding purposes | (1,478) | (2,109) | (3,375) | ||||||||
Proceeds from exercise of share options | 1,218 | ||||||||||
Net cash provided by (used in) financing activities | (48,550) | (137,097) | (91,588) | ||||||||
Net increase (decrease) in cash and cash equivalents | 102 | 16,941 | (32,811) | ||||||||
Cash and cash equivalents, beginning of period | 85,492 | 68,551 | 85,492 | 68,551 | 101,362 | ||||||
Cash and cash equivalents, end of period | 85,594 | 85,492 | 85,594 | 85,492 | 68,551 | ||||||
Purchase of subsidiary shares from non-controlling interest holders | (8,209) | ||||||||||
Reportable Legal Entities [Member] | Parent Company [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (15,876) | 2,927 | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Provision for doubtful accounts | |||||||||||
Provision for loan losses | |||||||||||
Accretion of deferred loan fees | |||||||||||
Amortization of liquidity discount, net | |||||||||||
Amortization of debt issuance costs | |||||||||||
Amortization of original issue discount, related to CLO II and CLO III | |||||||||||
Loss (gain) on sale and payoff of loans | |||||||||||
(Gain) loss on repurchase of asset-backed securities and bonds issued | |||||||||||
(Gain) loss from principal transactions | |||||||||||
Unrealized gain (loss) on other equity investments | |||||||||||
Change in TRS | |||||||||||
Realized gain (loss) on other investments | |||||||||||
Depreciation and amortization of fixed assets | |||||||||||
Stock-based compensation expense | 2,955 | ||||||||||
Interest paid in kind | |||||||||||
Deferred income taxes | |||||||||||
Net change in operating assets and liabilities: | |||||||||||
Decrease (increase) in interest receivable | |||||||||||
Decrease (increase) in receivables | |||||||||||
Decrease (increase) in marketable securities | |||||||||||
Increase in restricted cash (excluding restricted cash reserved for lending activities) | |||||||||||
Decrease (increase) in other assets | 3,556 | (92) | |||||||||
(Decrease) increase in marketable securities sold, but not yet purchased | |||||||||||
Increase (decrease) in interest payable | |||||||||||
Increase (decrease) in accrued compensation and other liabilities | (407) | 310 | |||||||||
Net cash used in operating activities | (9,772) | 3,145 | |||||||||
(Decrease) increase in marketable securities sold, but not yet purchased | |||||||||||
Cash flows from investing activities: | |||||||||||
Purchases of fixed assets | |||||||||||
Investment in subsidiary | 25,592 | (7,687) | |||||||||
Purchases of other investments | |||||||||||
Sales or distributions of other investments | |||||||||||
Funding of loans collateralizing asset-backed securities issued | |||||||||||
Funding of loans held for investment | |||||||||||
Sale of loans collateralizing asset-backed securities issued | |||||||||||
Sale of loans held for investment | |||||||||||
Sale of participating interest in loans held for investment | |||||||||||
Sale of loans held for sale | |||||||||||
Principal receipts on loans collateralizing asset-backed securities issued | |||||||||||
Principal receipts on loans held for investment | |||||||||||
Principal receipts on loans held for sale | |||||||||||
Net changes in cash collateral posted for total return swap | |||||||||||
Net change in restricted cash reserved for lending activities | |||||||||||
Net cash provided by (used in) investing activities | 25,592 | (7,687) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from drawdowns of CLO V warehouse facility | |||||||||||
Proceeds from bond issuance | |||||||||||
Proceeds from asset-backed securities issued | |||||||||||
Payments of debt issuance costs | |||||||||||
Repayment of note payable | |||||||||||
Redemption/repurchase of bonds payable | |||||||||||
Repayment of asset-backed securities issued | |||||||||||
Distribution and distribution equivalents paid on common shares and RSUs | (7,770) | (8,362) | |||||||||
Purchases of common shares for treasury | (2,084) | (4,155) | |||||||||
Capital contributions of parent | (5,010) | 19,343 | |||||||||
Capital contributions of nonredeemable non-controlling interest holders | |||||||||||
Distributions to non-controlling interest shareholders | |||||||||||
Employee taxes paid on shares withheld for tax-withholding purposes | (1,478) | (2,109) | |||||||||
Proceeds from exercise of share options | 1,218 | ||||||||||
Net cash provided by (used in) financing activities | (15,124) | 4,717 | |||||||||
Net increase (decrease) in cash and cash equivalents | 696 | 175 | |||||||||
Cash and cash equivalents, beginning of period | 255 | 80 | 255 | 80 | |||||||
Cash and cash equivalents, end of period | 951 | 255 | 951 | 255 | 80 | ||||||
Purchase of subsidiary shares from non-controlling interest holders | |||||||||||
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (1,451) | (7,815) | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Provision for doubtful accounts | |||||||||||
Provision for loan losses | |||||||||||
Accretion of deferred loan fees | |||||||||||
Amortization of liquidity discount, net | |||||||||||
Amortization of debt issuance costs | 421 | 433 | |||||||||
Amortization of original issue discount, related to CLO II and CLO III | |||||||||||
Loss (gain) on sale and payoff of loans | |||||||||||
(Gain) loss on repurchase of asset-backed securities and bonds issued | 775 | ||||||||||
(Gain) loss from principal transactions | 409 | ||||||||||
Unrealized gain (loss) on other equity investments | 32 | (1,337) | |||||||||
Change in TRS | |||||||||||
Realized gain (loss) on other investments | |||||||||||
Depreciation and amortization of fixed assets | |||||||||||
Stock-based compensation expense | |||||||||||
Interest paid in kind | |||||||||||
Deferred income taxes | (10,128) | ||||||||||
Net change in operating assets and liabilities: | |||||||||||
Decrease (increase) in interest receivable | (4) | ||||||||||
Decrease (increase) in receivables | |||||||||||
Decrease (increase) in marketable securities | |||||||||||
Increase in restricted cash (excluding restricted cash reserved for lending activities) | (348) | ||||||||||
Decrease (increase) in other assets | 15,674 | 4,741 | |||||||||
(Decrease) increase in marketable securities sold, but not yet purchased | |||||||||||
Increase (decrease) in interest payable | (397) | ||||||||||
Increase (decrease) in accrued compensation and other liabilities | (18,986) | 2,021 | |||||||||
Net cash used in operating activities | (3,527) | (12,433) | |||||||||
(Decrease) increase in marketable securities sold, but not yet purchased | |||||||||||
Cash flows from investing activities: | |||||||||||
Purchases of fixed assets | |||||||||||
Investment in subsidiary | 3,391 | (2,627) | |||||||||
Purchases of other investments | (861) | (3,642) | |||||||||
Sales or distributions of other investments | 2,445 | 6,556 | |||||||||
Funding of loans collateralizing asset-backed securities issued | |||||||||||
Funding of loans held for investment | |||||||||||
Sale of loans collateralizing asset-backed securities issued | |||||||||||
Sale of loans held for investment | |||||||||||
Sale of participating interest in loans held for investment | |||||||||||
Sale of loans held for sale | |||||||||||
Principal receipts on loans collateralizing asset-backed securities issued | |||||||||||
Principal receipts on loans held for investment | |||||||||||
Principal receipts on loans held for sale | |||||||||||
Net changes in cash collateral posted for total return swap | |||||||||||
Net change in restricted cash reserved for lending activities | |||||||||||
Net cash provided by (used in) investing activities | 4,975 | 287 | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from drawdowns of CLO V warehouse facility | |||||||||||
Proceeds from bond issuance | 50,000 | ||||||||||
Proceeds from asset-backed securities issued | |||||||||||
Payments of debt issuance costs | (1,964) | ||||||||||
Repayment of note payable | |||||||||||
Redemption/repurchase of bonds payable | (48,292) | ||||||||||
Repayment of asset-backed securities issued | |||||||||||
Distribution and distribution equivalents paid on common shares and RSUs | |||||||||||
Purchases of common shares for treasury | |||||||||||
Capital contributions of parent | 1,864 | 2,649 | |||||||||
Capital contributions of nonredeemable non-controlling interest holders | |||||||||||
Distributions to non-controlling interest shareholders | |||||||||||
Employee taxes paid on shares withheld for tax-withholding purposes | |||||||||||
Proceeds from exercise of share options | |||||||||||
Net cash provided by (used in) financing activities | 1,608 | 2,649 | |||||||||
Net increase (decrease) in cash and cash equivalents | 3,056 | (9,497) | |||||||||
Cash and cash equivalents, beginning of period | 1,763 | 11,260 | 1,763 | 11,260 | |||||||
Cash and cash equivalents, end of period | 4,819 | 1,763 | 4,819 | 1,763 | 11,260 | ||||||
Purchase of subsidiary shares from non-controlling interest holders | |||||||||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 2,646 | 22,792 | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Provision for doubtful accounts | |||||||||||
Provision for loan losses | |||||||||||
Accretion of deferred loan fees | |||||||||||
Amortization of liquidity discount, net | (19) | ||||||||||
Amortization of debt issuance costs | |||||||||||
Amortization of original issue discount, related to CLO II and CLO III | |||||||||||
Loss (gain) on sale and payoff of loans | |||||||||||
(Gain) loss on repurchase of asset-backed securities and bonds issued | (87) | ||||||||||
(Gain) loss from principal transactions | |||||||||||
Unrealized gain (loss) on other equity investments | (995) | 397 | |||||||||
Change in TRS | |||||||||||
Realized gain (loss) on other investments | (4,425) | ||||||||||
Depreciation and amortization of fixed assets | |||||||||||
Stock-based compensation expense | |||||||||||
Interest paid in kind | |||||||||||
Deferred income taxes | |||||||||||
Net change in operating assets and liabilities: | |||||||||||
Decrease (increase) in interest receivable | (93) | (6) | |||||||||
Decrease (increase) in receivables | 60 | ||||||||||
Decrease (increase) in marketable securities | 1,413 | (2,496) | |||||||||
Increase in restricted cash (excluding restricted cash reserved for lending activities) | |||||||||||
Decrease (increase) in other assets | (7,831) | 8,235 | |||||||||
(Decrease) increase in marketable securities sold, but not yet purchased | |||||||||||
Increase (decrease) in interest payable | |||||||||||
Increase (decrease) in accrued compensation and other liabilities | (313) | 313 | |||||||||
Net cash used in operating activities | (5,132) | 24,723 | |||||||||
(Decrease) increase in marketable securities sold, but not yet purchased | |||||||||||
Cash flows from investing activities: | |||||||||||
Purchases of fixed assets | |||||||||||
Investment in subsidiary | (9,788) | (8,392) | |||||||||
Purchases of other investments | (1,251) | (3,105) | |||||||||
Sales or distributions of other investments | 8,711 | 29,768 | |||||||||
Funding of loans collateralizing asset-backed securities issued | |||||||||||
Funding of loans held for investment | (5,855) | ||||||||||
Sale of loans collateralizing asset-backed securities issued | |||||||||||
Sale of loans held for investment | |||||||||||
Sale of participating interest in loans held for investment | |||||||||||
Sale of loans held for sale | |||||||||||
Principal receipts on loans collateralizing asset-backed securities issued | |||||||||||
Principal receipts on loans held for investment | 1,071 | ||||||||||
Principal receipts on loans held for sale | |||||||||||
Net changes in cash collateral posted for total return swap | |||||||||||
Net change in restricted cash reserved for lending activities | |||||||||||
Net cash provided by (used in) investing activities | (7,112) | 18,271 | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from drawdowns of CLO V warehouse facility | |||||||||||
Proceeds from bond issuance | |||||||||||
Proceeds from asset-backed securities issued | |||||||||||
Payments of debt issuance costs | |||||||||||
Repayment of note payable | |||||||||||
Redemption/repurchase of bonds payable | |||||||||||
Repayment of asset-backed securities issued | |||||||||||
Distribution and distribution equivalents paid on common shares and RSUs | |||||||||||
Purchases of common shares for treasury | |||||||||||
Capital contributions of parent | 24,095 | (25,039) | |||||||||
Capital contributions of nonredeemable non-controlling interest holders | |||||||||||
Distributions to non-controlling interest shareholders | (4,230) | (5,911) | |||||||||
Employee taxes paid on shares withheld for tax-withholding purposes | |||||||||||
Proceeds from exercise of share options | |||||||||||
Net cash provided by (used in) financing activities | 19,865 | (39,159) | |||||||||
Net increase (decrease) in cash and cash equivalents | 7,621 | 3,835 | |||||||||
Cash and cash equivalents, beginning of period | 5,060 | 1,225 | 5,060 | 1,225 | |||||||
Cash and cash equivalents, end of period | 12,681 | 5,060 | 12,681 | 5,060 | 1,225 | ||||||
Purchase of subsidiary shares from non-controlling interest holders | (8,209) | ||||||||||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 1,391 | 16,154 | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Provision for doubtful accounts | 176 | ||||||||||
Provision for loan losses | 4,363 | 1,586 | |||||||||
Accretion of deferred loan fees | (2,281) | (2,351) | |||||||||
Amortization of liquidity discount, net | 905 | (146) | |||||||||
Amortization of debt issuance costs | |||||||||||
Amortization of original issue discount, related to CLO II and CLO III | 1,133 | 2,431 | |||||||||
Loss (gain) on sale and payoff of loans | (797) | 1,918 | |||||||||
(Gain) loss on repurchase of asset-backed securities and bonds issued | 5,332 | ||||||||||
(Gain) loss from principal transactions | 5,951 | (2,200) | |||||||||
Unrealized gain (loss) on other equity investments | (930) | 2,001 | |||||||||
Change in TRS | 412 | (3,064) | |||||||||
Realized gain (loss) on other investments | 446 | (3,578) | |||||||||
Depreciation and amortization of fixed assets | 1,162 | 1,280 | |||||||||
Stock-based compensation expense | 5,761 | ||||||||||
Interest paid in kind | (53) | ||||||||||
Deferred income taxes | (320) | ||||||||||
Net change in operating assets and liabilities: | |||||||||||
Decrease (increase) in interest receivable | 1,336 | 59 | |||||||||
Decrease (increase) in receivables | (4,036) | 11,311 | |||||||||
Decrease (increase) in marketable securities | (3,139) | 11,882 | |||||||||
Increase in restricted cash (excluding restricted cash reserved for lending activities) | (2,594) | 1,398 | |||||||||
Decrease (increase) in other assets | (15,114) | (26,790) | |||||||||
(Decrease) increase in marketable securities sold, but not yet purchased | 3,172 | (8,537) | |||||||||
Increase (decrease) in interest payable | 592 | 1,006 | |||||||||
Increase (decrease) in accrued compensation and other liabilities | 19,051 | (4,775) | |||||||||
Net cash used in operating activities | 16,531 | 4,973 | |||||||||
(Decrease) increase in marketable securities sold, but not yet purchased | 3,172 | (8,537) | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of fixed assets | (341) | (494) | |||||||||
Investment in subsidiary | |||||||||||
Purchases of other investments | (4,250) | (2,881) | |||||||||
Sales or distributions of other investments | 3,428 | 12,331 | |||||||||
Funding of loans collateralizing asset-backed securities issued | (507,556) | (304,606) | |||||||||
Funding of loans held for investment | (81,972) | ||||||||||
Sale of loans collateralizing asset-backed securities issued | 354,441 | 519,063 | |||||||||
Sale of loans held for investment | 1,000 | ||||||||||
Sale of participating interest in loans held for investment | 1,030 | ||||||||||
Sale of loans held for sale | 31,199 | ||||||||||
Principal receipts on loans collateralizing asset-backed securities issued | 41,001 | 68,030 | |||||||||
Principal receipts on loans held for investment | 630 | 274 | |||||||||
Principal receipts on loans held for sale | 1,784 | ||||||||||
Net changes in cash collateral posted for total return swap | 25,000 | ||||||||||
Net change in restricted cash reserved for lending activities | 178,523 | (176,134) | |||||||||
Net cash provided by (used in) investing activities | 43,917 | 115,583 | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from drawdowns of CLO V warehouse facility | 61,250 | ||||||||||
Proceeds from bond issuance | |||||||||||
Proceeds from asset-backed securities issued | 408,394 | ||||||||||
Payments of debt issuance costs | |||||||||||
Repayment of note payable | 2,762 | 15,000 | |||||||||
Redemption/repurchase of bonds payable | |||||||||||
Repayment of asset-backed securities issued | (503,617) | (106,800) | |||||||||
Distribution and distribution equivalents paid on common shares and RSUs | |||||||||||
Purchases of common shares for treasury | |||||||||||
Capital contributions of parent | (40,153) | (5,162) | |||||||||
Capital contributions of nonredeemable non-controlling interest holders | 92 | ||||||||||
Distributions to non-controlling interest shareholders | (447) | (1,166) | |||||||||
Employee taxes paid on shares withheld for tax-withholding purposes | |||||||||||
Proceeds from exercise of share options | |||||||||||
Net cash provided by (used in) financing activities | (71,719) | (98,128) | |||||||||
Net increase (decrease) in cash and cash equivalents | (11,271) | 22,428 | |||||||||
Cash and cash equivalents, beginning of period | 78,414 | 55,986 | 78,414 | 55,986 | |||||||
Cash and cash equivalents, end of period | 67,143 | 78,414 | 67,143 | 78,414 | 55,986 | ||||||
Purchase of subsidiary shares from non-controlling interest holders | |||||||||||
Consolidation, Eliminations [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (81) | (26,596) | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Provision for doubtful accounts | |||||||||||
Provision for loan losses | |||||||||||
Accretion of deferred loan fees | |||||||||||
Amortization of liquidity discount, net | |||||||||||
Amortization of debt issuance costs | |||||||||||
Amortization of original issue discount, related to CLO II and CLO III | |||||||||||
Loss (gain) on sale and payoff of loans | |||||||||||
(Gain) loss on repurchase of asset-backed securities and bonds issued | |||||||||||
(Gain) loss from principal transactions | |||||||||||
Unrealized gain (loss) on other equity investments | |||||||||||
Change in TRS | |||||||||||
Realized gain (loss) on other investments | |||||||||||
Depreciation and amortization of fixed assets | |||||||||||
Stock-based compensation expense | |||||||||||
Interest paid in kind | |||||||||||
Deferred income taxes | |||||||||||
Net change in operating assets and liabilities: | |||||||||||
Decrease (increase) in interest receivable | (69) | 138 | |||||||||
Decrease (increase) in receivables | (50) | ||||||||||
Decrease (increase) in marketable securities | (377) | 385 | |||||||||
Increase in restricted cash (excluding restricted cash reserved for lending activities) | |||||||||||
Decrease (increase) in other assets | 2,992 | 16,524 | |||||||||
(Decrease) increase in marketable securities sold, but not yet purchased | |||||||||||
Increase (decrease) in interest payable | (66) | ||||||||||
Increase (decrease) in accrued compensation and other liabilities | (78) | (1,865) | |||||||||
Net cash used in operating activities | 2,387 | (11,530) | |||||||||
(Decrease) increase in marketable securities sold, but not yet purchased | |||||||||||
Cash flows from investing activities: | |||||||||||
Purchases of fixed assets | |||||||||||
Investment in subsidiary | (19,195) | 18,706 | |||||||||
Purchases of other investments | 2,073 | ||||||||||
Sales or distributions of other investments | (2,073) | ||||||||||
Funding of loans collateralizing asset-backed securities issued | |||||||||||
Funding of loans held for investment | 5,855 | ||||||||||
Sale of loans collateralizing asset-backed securities issued | (5,867) | ||||||||||
Sale of loans held for investment | |||||||||||
Sale of participating interest in loans held for investment | |||||||||||
Sale of loans held for sale | |||||||||||
Principal receipts on loans collateralizing asset-backed securities issued | |||||||||||
Principal receipts on loans held for investment | |||||||||||
Principal receipts on loans held for sale | |||||||||||
Net changes in cash collateral posted for total return swap | |||||||||||
Net change in restricted cash reserved for lending activities | |||||||||||
Net cash provided by (used in) investing activities | (19,207) | 18,706 | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from drawdowns of CLO V warehouse facility | |||||||||||
Proceeds from bond issuance | |||||||||||
Proceeds from asset-backed securities issued | |||||||||||
Payments of debt issuance costs | |||||||||||
Repayment of note payable | (2,762) | (15,000) | |||||||||
Redemption/repurchase of bonds payable | 378 | (385) | |||||||||
Repayment of asset-backed securities issued | |||||||||||
Distribution and distribution equivalents paid on common shares and RSUs | |||||||||||
Purchases of common shares for treasury | |||||||||||
Capital contributions of parent | 19,204 | 8,209 | |||||||||
Capital contributions of nonredeemable non-controlling interest holders | |||||||||||
Distributions to non-controlling interest shareholders | |||||||||||
Employee taxes paid on shares withheld for tax-withholding purposes | |||||||||||
Proceeds from exercise of share options | |||||||||||
Net cash provided by (used in) financing activities | 16,820 | (7,176) | |||||||||
Net increase (decrease) in cash and cash equivalents | |||||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents, end of period | |||||||||||
Purchase of subsidiary shares from non-controlling interest holders |
Note 24 - Subsequent Events (De
Note 24 - Subsequent Events (Details Textual) - $ / shares | Feb. 06, 2018 | Jan. 18, 2018 | Feb. 07, 2017 | Feb. 04, 2015 | Feb. 29, 2016 | Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Common Stock, Dividends, Per Share, Declared | $ 0.36 | $ 0.39 | $ 0.486 | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 117,000 | 380,000 | 231,000 | 470,000 | 389,915 | 945,308 | 488,505 | ||
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | 50.00% | 50.00% | 50.00% | |||||
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | 50.00% | 50.00% | 50.00% | |||||
Subsequent Event [Member] | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.03 | ||||||||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 260,000 | ||||||||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||||||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% |
Note 25 - Selected Quarterly109
Note 25 - Selected Quarterly Financial Data (Unaudited) - Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 22, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Total net revenues after provision for loan losses | $ 30,833 | $ 32,029 | $ 23,144 | $ 24,380 | $ 36,024 | $ 30,675 | $ 29,723 | $ 38,555 | ||||
Compensation and benefits | 21,588 | 24,563 | 22,652 | 21,798 | 30,960 | 22,167 | 20,681 | 27,425 | ||||
Other | 7,908 | 6,808 | 8,889 | 7,807 | 7,623 | 7,503 | 7,956 | 7,848 | $ 2,410 | $ 2,273 | $ 2,243 | |
Total non-interest expenses | 29,496 | 31,371 | 31,541 | 29,605 | 38,583 | 29,670 | 28,637 | 35,273 | (122,013) | (132,163) | (134,232) | |
Income (loss) before income tax expense | 1,337 | 658 | (8,397) | (5,225) | (2,559) | 1,005 | 1,086 | 3,282 | (11,627) | 2,814 | 7,012 | |
Income tax expense (benefit) | $ 1,400 | 1,913 | 1,113 | (198) | (1,084) | (3,855) | (597) | (246) | 50 | 1,744 | (4,648) | 221 |
Net income (loss) | (576) | (455) | (8,199) | (4,141) | 1,296 | 1,602 | 1,332 | 3,232 | (13,371) | 7,462 | 6,791 | |
Less: Net income attributable to nonredeemable non-controlling interest | 800 | 780 | 335 | 597 | 507 | 941 | 1,659 | 1,429 | 2,512 | 4,536 | 6,999 | |
Net income (loss) attributable to JMP Group LLC | $ (1,376) | $ (1,235) | $ (8,534) | $ (4,738) | $ 789 | $ 661 | $ (327) | $ 1,803 | $ (15,883) | $ 2,926 | $ (208) | |
Basic (in dollars per share) | $ (0.07) | $ (0.06) | $ (0.39) | $ (0.22) | $ 0.04 | $ 0.03 | $ (0.02) | $ 0.08 | $ (0.74) | $ 0.14 | $ (0.01) | |
Diluted (in dollars per share) | $ (0.07) | $ (0.06) | $ (0.39) | $ (0.22) | $ 0.04 | $ 0.03 | $ (0.02) | $ 0.08 | $ (0.74) | $ 0.13 | $ (0.01) |