Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 07, 2018 | |
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) | 21,560,756 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Cash and cash equivalents | $ 47,858 | $ 85,594 | |
Restricted cash | 70,419 | 51,727 | |
Investment banking fees receivable | 8,233 | 9,567 | |
Marketable securities owned, at fair value | 19,640 | 20,825 | |
Other investments (includes $10,044 and $18,450 measured at fair value at March 31, 2018 and December 31, 2017, respectively) | 17,033 | 27,984 | |
Loans held for investment, net of allowance for loan losses | 145,253 | 83,948 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 754,632 | 765,583 | |
Interest receivable | 2,439 | 2,259 | |
Fixed assets, net | 2,169 | 2,322 | |
Other assets | 34,142 | 26,817 | |
Total assets | 1,101,818 | 1,076,626 | |
Liabilities: | |||
Marketable securities sold, but not yet purchased, at fair value | 6,280 | 7,919 | |
Accrued compensation | 10,064 | 43,131 | |
Asset-backed securities issued (net of debt issuance costs of $6,589 and $7,852 at March 31, 2018 and December 31, 2017, respectively) | 735,058 | 738,248 | |
Interest payable | 6,043 | 6,512 | |
Repurchase agreement | 3,878 | ||
Notes payable | 8,829 | ||
CLO V warehouse credit facility | 112,800 | 61,250 | |
Bond payable (net of debt issuance costs of $2,836 and $2,810 at March 31, 2018 and December 31, 2017, respectively) | 93,069 | 93,103 | |
Other liabilities | 19,661 | 16,284 | |
Total liabilities | 995,682 | 966,447 | |
Commitments and Contingencies (Footnote 13) | |||
Common shares, $0.001 par value, 100,000,000 shares authorized; 22,780,052 shares issued at both March 31, 2018 and December 31, 2017; 21,547,792 and 21,729,079 shares outstanding at March 31, 2018 and December 31, 2017, respectively | 23 | 23 | |
Additional paid-in capital | 135,084 | 134,719 | |
Treasury shares at cost, 1,232,260 and 1,050,973 shares at March 31, 2018 and December 31, 2017, respectively | (6,916) | (5,955) | |
Accumulated deficit | (34,773) | (32,452) | |
Total JMP Group LLC shareholders' equity | 93,418 | 96,335 | |
Nonredeemable Non-controlling Interest | 12,718 | 13,844 | |
Total equity | 106,136 | 110,179 | |
Total liabilities and equity | 1,101,818 | 1,076,626 | |
Restricted cash | 70,419 | 51,727 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 754,632 | 765,583 | |
Interest receivable | 2,439 | 2,259 | |
Other assets | 34,142 | 26,817 | |
Total assets | 1,101,818 | 1,076,626 | |
Total liabilities | 995,682 | 966,447 | |
Variable Interest Entity (VIE) or Potential VIE, Information Unavailability [Member] | |||
Restricted cash | 53,535 | 43,050 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 754,693 | 765,583 | |
Interest receivable | 1,934 | 1,918 | |
Other assets | 316 | 568 | |
Total assets | 810,478 | 811,119 | |
Liabilities: | |||
Asset-backed securities issued (net of debt issuance costs of $6,589 and $7,852 at March 31, 2018 and December 31, 2017, respectively) | [1] | 739,511 | 738,248 |
Interest payable | 4,439 | 5,346 | |
Other liabilities | 2,701 | 1,221 | |
Total liabilities | 746,651 | 744,815 | |
Restricted cash | 53,535 | 43,050 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 754,693 | 765,583 | |
Interest receivable | 1,934 | 1,918 | |
Other assets | 316 | 568 | |
Total assets | 810,478 | 811,119 | |
Total liabilities | $ 746,651 | $ 744,815 | |
[1] | The asset-backed securities issued ("ABS") by the VIE are limited recourse obligations payable solely from cash flows of the loans collateralizing them and related collection and payment accounts pledged as security. Accordingly, only the assets of the VIE can be used to settle the obligations of the VIE. |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Investments fair value | $ 10,044 | $ 18,450 |
Asset-backed securities issud, net of debt issuance costs | 6,589 | 7,852 |
Bond payable, net of debt issuance costs | $ 2,836 | $ 2,810 |
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) | 27,780,052 | 27,780,052 |
Common stock, outstanding (in shares) | 21,547,792 | 21,729,079 |
Treasury shares (in shares) | 1,232,260 | 1,050,973 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues | ||
Brokerage | $ 4,664 | $ 5,286 |
Asset management fees | 6,425 | 5,911 |
Principal transactions | (3,620) | (1,893) |
Gain on sale, payoff and mark-to-market of loans | (182) | 847 |
Net dividend income | 296 | 266 |
Other income | 49 | 445 |
Non-interest revenues | 28,294 | 24,462 |
Interest income | 12,710 | 9,067 |
Interest expense | (9,702) | (8,095) |
Net interest income | 3,008 | 972 |
Gain on repurchase or early retirement of debt | (2,626) | 210 |
Provision for loan losses | (1,465) | (1,266) |
Total net revenues after provision for loan losses | 27,211 | 24,378 |
Non-interest expenses | ||
Compensation and benefits | 24,261 | 21,798 |
Administration | 2,233 | 1,819 |
Brokerage, clearing and exchange fees | 777 | 759 |
Travel and business development | 954 | 915 |
Communications and technology | 1,566 | 1,053 |
Managed Deal Expense | 1,062 | |
Occupancy | 1,117 | 1,111 |
Professional fees | 1,905 | 1,162 |
Depreciation | 264 | 311 |
Other | 387 | 677 |
Total non-interest expenses | 34,526 | 29,605 |
Net loss before income tax expense | (7,315) | (5,227) |
Income tax expense (benefit) | (5,568) | (1,084) |
Net loss | (1,747) | (4,143) |
Less: Net loss attributable to nonredeemable non-controlling interest | (1,464) | 597 |
Net loss attributable to JMP Group LLC | $ (283) | $ (4,740) |
Net loss attributable to JMP Group LLC per common share: | ||
Basic (in dollars per share) | $ (0.01) | $ (0.22) |
Diluted (in dollars per share) | (0.01) | (0.22) |
Distributions declared per common share (in dollars per share) | $ 0.09 | $ 0.09 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 21,666 | 21,573 |
Diluted (in shares) | 21,666 | 21,573 |
Investment Banking [Member] | ||
Revenues | ||
Investment banking | $ 20,662 | $ 13,600 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ 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, 2016 | 22,780 | |||||
Balance at Dec. 31, 2016 | $ 23 | $ (7,792) | $ 135,945 | $ (8,799) | $ 15,917 | $ 135,294 |
Net income (loss) | (4,740) | 597 | (4,143) | |||
Additional paid-in capital - share-based compensation | 301 | 301 | ||||
Distributions and distribution equivalents declared on common shares and restricted share units | (1,948) | (1,948) | ||||
Purchases of shares of common shares for treasury | (184) | (184) | ||||
Reissuance of shares of common shares from treasury | 1,368 | 1,368 | ||||
Distributions to non-controlling interest holders | (2,040) | (2,040) | ||||
Capital contributions from non-controlling interest holders | 92 | 92 | ||||
Balance (in shares) at Mar. 31, 2017 | 22,780 | |||||
Balance at Mar. 31, 2017 | $ 23 | (6,608) | 136,246 | (15,487) | 14,566 | 128,740 |
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 |
Net income (loss) | (283) | (1,464) | (1,747) | |||
Additional paid-in capital - share-based compensation | 365 | 365 | ||||
Distributions and distribution equivalents declared on common shares and restricted share units | (2,038) | (2,038) | ||||
Purchases of shares of common shares for treasury | (1,044) | (1,044) | ||||
Reissuance of shares of common shares from treasury | 83 | 83 | ||||
Distributions to non-controlling interest holders | (108) | (108) | ||||
Capital contributions from non-controlling interest holders | 446 | 446 | ||||
Balance (in shares) at Mar. 31, 2018 | 22,780 | |||||
Balance at Mar. 31, 2018 | $ 23 | $ (6,916) | $ 135,084 | $ (34,773) | $ 12,718 | $ 106,136 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (1,747) | $ (4,143) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Provision for loan losses | 1,465 | 1,266 |
(Gain) loss on sale and payoff of loans and mark-to-market of loans | 182 | (1,027) |
Loss (gain) on repurchase or early retirement of debt | 2,626 | (210) |
Change in other investments: | ||
Income from investments in equity method investees | 2,021 | 690 |
Fair value on other equity investments | 318 | 1,462 |
Realized (gain) loss on other investments | 278 | (371) |
Depreciation and amortization | 251 | 278 |
Share-based compensation expense | 448 | 780 |
Other | (79) | 90 |
Net change in operating assets and liabilities: | ||
Decrease (increase) in interest receivable | (180) | 880 |
Decrease (increase) in receivables | 1,413 | (1,739) |
Decrease (increase) in marketable securities | 1,185 | (1,836) |
Decrease (increase) in deposits and other assets | 1,077 | (9,894) |
Increase (decrease) in marketable securities sold, but not yet purchased | (1,639) | 459 |
Decrease in interest payable | (469) | (548) |
Decrease in accrued compensation | (33,067) | (27,638) |
Increase in other liabilities | 3,535 | 3,120 |
Net cash used in operating activities | (22,382) | (38,381) |
Cash flows from investing activities: | ||
Purchases of fixed assets | (111) | (31) |
Purchases of other investments | (994) | (990) |
Sales of other investments | 768 | 6,612 |
Funding of loans collateralizing asset-backed securities issued | (72,642) | (50,122) |
Funding of loans held for investment | (63,245) | |
Sale, payoff and Principal receipts of loans collateralizing asset-backed securities issued | 82,909 | 128,471 |
Principal payments on loans held for investment | 1,431 | |
Net changes in cash collateral posted for derivative transactions | (940) | |
Net cash provided by (used in) investing activities | (51,884) | 83,000 |
Cash flows from financing activities: | ||
Proceeds from issuance of Repurchase Agreement | 3,878 | |
Proceeds from sale of note to affiliate | 829 | |
Payment of debt issuance costs | (1,837) | |
Repayment of asset-backed securities issued | (332,100) | (206,202) |
Proceeds of issuance from asset-backed securities issued | 327,646 | |
Distributions and distribution equivalents paid on common shares and RSUs | (2,038) | (1,954) |
Capital contributions of nonredeemable non-controlling interest holders | 445 | 92 |
Proceeds from exercise of stock options | 889 | |
Purchase of shares of common shares for treasury | (1,044) | |
Distributions to non-controlling interest shareholders | (108) | (2,040) |
Employee taxes paid on shares withheld for tax-withholding purposes | (184) | |
Net cash provided by (used in) financing activities | 55,222 | (209,399) |
Net decrease in cash, cash equivalents, and restricted cash | (19,044) | (164,780) |
Cash, cash equivalents, and restricted cash, beginning of period | 137,321 | 313,148 |
Cash, cash equivalents, and restricted cash, end of period | 118,277 | 148,368 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | 10,171 | 8,643 |
Cash paid during the period for taxes | 2 | |
Non-cash investing and financing activities: | ||
Reissuance of shares of common share from treasury related to vesting of restricted share units and exercises of share options | 83 | 1,368 |
Distributions declared but not yet paid | 646 | 650 |
Redemption of investments in hedge funds | 8,560 | |
BNP Paribas [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on line of credit | 51,550 | |
CNB [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on line of credit | $ 8,000 |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 3 Months Ended |
Mar. 31, 2018 | |
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”) and 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”). The Company conducts certain principal investment transactions 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 In February 2018, 55 two $2.6 March 31, 2018. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Presentation These condensed consolidated financial statements and related notes are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10 10 X. 10 December 31, 2017 ( not 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 March 31, 2018 December 31, 2017 third See Note 2 Annual Report for the Company's significant accounting policies. For the three March 31, 2018, no No. 2014 09, 606 January 1, 2018 January 1, 2018 not Refer to Note 3, Securities Financing Arrangements Securities sold under agreements to repurchase ("Repurchase Agreement") are reported as financing transactions, and thus the related payables are presented in the accompanying Statements of financial condition at the amounts at which the securities subsequently will be reacquired as specified in the respective agreements. Such amounts include accrued interest. The Company’s agreements with third |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3. ts Accounting Standards to be adopted in Future Periods ASU 2016 13, Measurement of Credit Losses on Financial Instruments (Topic 326 June 2016 December 31, 2019. ASU 2017 08 Receivables-Nonrefundable Fees and Other Costs (Sub-topic 310 20 March 2017 not December 15, 2019, December 15, 2020. ASU 2018 03, 825 10 February 2018 2016 01. December 15, 2017, June 15, 2018. Recently Adopted Accounting Guidance ASU 2014 09, Revenue from Contracts with Customers (Topic 606 ) May 2014, December 15, 2017 . January 1, 2018 January 1, 2018 not not not For the quarter ended March 31, 2018, no (in thousands) Three months ended March 31, 2018 As Reported ASC 606 Impact Pre-Adoption (1) Revenues Investment banking $ 20,662 $ 2,040 $ 18,622 Total non-interest revenues 28,294 2,040 26,254 Total net revenues after loan losses 27,211 2,040 25,171 Expenses Travel and business development 958 346 612 Managed deal expenses 1,566 1,566 - Professional fees 1,905 128 1,777 Total non-comp expenses 10,265 2,040 8,225 Total expenses 34,526 2,040 32,486 ( 1 Amounts reflect each impacted consolidated financial statement line item as they would have been reported under accounting principals generally accepted in the United States of America prior to the adoption of the new revenue standard. 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 15, Classification of Certain Cash Receipts and Cash Payments (Topic 230 August 2016 eight zero December 15, 2017, 2016 15 not ASU 2016 16, Income Taxes (Topic 740 October 2016 December 15, 2017 2016 16 not ASU 2016 18, Statement of Cash Flows (Topic 230 December 15, 2017 2016 18 $0.9 $159.6 March 31, 2017. |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4 . Fair Value Measurement s The following tables provide fair value information related to the Company ’s financial instruments at March 31, 2018 December 31, 2017: At March 31, 2018 (In thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 47,858 $ 47,858 $ - $ - $ 47,858 Restricted cash and deposits 70,419 70,419 - - 70,419 Marketable securities owned 19,640 19,640 - - 19,640 Other investments (1) 1,290 - 1,290 - 1,290 Other investments measured at net asset value (1) 8,754 - - - - Loans held for investment, net of allowance for loan losses 145,253 - 143,756 2,684 146,440 Loans collateralizing asset-backed securities issued, net of allowance for loan losses 754,632 - 759,211 - 759,211 Total assets: $ 1,047,846 $ 137,917 $ 904,257 $ 2,684 $ 1,044,858 Liabilities: Marketable securities sold, but not yet purchased $ 6,280 $ 6,280 $ - $ - $ 6,280 Repurchase agreement 3,878 - 3,878 - 3,878 Notes payable 8,829 - 8,829 - 8,829 Asset-backed securities issued 735,058 - 740,235 - 740,235 Bond payable 93,069 96,148 - - 96,148 CLO V warehouse credit facility 112,800 - 112,800 - 112,800 Total liabilities: $ 959,914 $ 6,280 $ 961,890 $ - $ 968,170 At December 31, 2017 (In thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 85,594 $ 85,594 $ - $ - $ 85,594 Restricted cash and deposits 51,727 51,727 - - 51,727 Marketable securities owned 20,825 20,825 - - 20,825 Receivable from clearing broker 6,801 6,801 - 6,801 Other investments (1) 10,226 - 10,226 - 10,226 Other investments measured at net asset value (1) 8,224 - - - - 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: $ 1,032,928 $ 164,947 $ 857,480 $ 3,342 $ 1,025,769 Liabilities: Marketable securities sold, but not yet purchased $ 7,919 $ 7,919 $ - $ - $ 7,919 Asset-backed securities issued 738,248 - 748,015 - 748,015 Bond payable 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 ( 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 March 31, 2018 December 31, 2017: (In thousands) March 31, 2018 Carrying Value Level 1 Level 2 Level 3 Total Marketable securities owned $ 19,640 $ 19,640 $ - $ - $ 19,640 Other investments: Investments in hedge funds managed by the Company 1,290 - 1,290 - 1,290 Investments in other funds managed by the Company (1) 4,453 - - - - Total investment in funds managed by the Company (1) 5,745 - 1,290 - 1,290 Limited partnership in investments in private equity/ real estate funds (1) 4,301 - - - - Total other investments 10,044 - 1,290 - 1,290 Total assets: $ 29,684 $ 19,640 $ 1,290 $ - $ 20,930 Marketable securities sold, but not yet purchased $ 6,280 $ 6,280 $ - $ - $ 6,280 Total liabilities: $ 6,280 $ 6,280 $ - $ - $ 6,280 (In thousands) December 31, 2017 Carrying Value Level 1 Level 2 Level 3 Total Marketable securities owned $ 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 investments 18,450 - 10,226 - 10,226 Total assets: $ 39,275 $ 20,825 $ 10,226 $ - $ 31,051 Marketable securities sold, but not yet purchased 7,919 7,919 - - 7,919 Total liabilities: $ 7,919 $ 7,919 $ - $ - $ 7,919 ( 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 three March 31, 2018 December 31, 2017. 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. The Company determined the fair value of short-term debt, which includes notes payable, the repurchase agreement, and the CLO V warehouse credit facility, to approximate their carrying values. This was determined as the debt has either ( 1 2 one no 2 The Company determined the fair value of loans collateralizing asset-backed securities and loans held for investments identified as Level 2 3 The Company determined the fair value of asset-backed securities issued based upon pricing from published market research for equivalent-rated CLO notes. Based on the fair value methodology, the Company has identified the asset-backed securities issued as Level 2 As of March 31, 2018 December 31, 2017, $8.8 $7.9 Fair Value at Unfunded Commitments Dollars in thousands Redemption Frequency Redemption Notice Period March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 Limited partner investments in private equity/real estate funds Nonredeemable N/A $ 4,301 $ 3,761 $ 667 $ 1,235 Investment in other funds managed by the Company Nonredeemable N/A $ 4,453 $ 4,173 $ - $ - Non - recurring Fair Value Measurements The Company's asse ts 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 $0.9 $2.0 December 31, 2017 and March 31, 2018, . Loans Held for Investment At March 31, 2018 December 31, 2017, eight March 31, 2018, $139.7 There were no March 31, 2018 March 31, 2017. March 31, 2018 2017 (in thousands) Three months ended March 31, 2018 2017 Impaired Non-impaired Impaired Non-impaired Balance, at beginning of the period $ (2,279 ) $ (494 ) $ (823 ) $ - Provision for loan losses Specific (205 ) - (711 ) - General - (364 ) - - Charge off 2,279 - - - Balance, at the end of the period $ (205 ) $ (858 ) $ (1,534 ) $ - 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. T $ 0.2 1.4 of recorded investment amount of loans issued were individually evaluated for impairment as of March 31, 2017 December 31, 2017, respectively March 31, 2018 December 31, 2017: Recorded Investment Unpaid Principal Related Allowance Average recorded Investment Interest Income Recognized March 31, 2018 Impaired loans with an allowance recorded $ 205 $ 205 $ 205 $ 205 $ - Impaired loans with no related allowance recorded - - - - - Total impaired loans $ 205 $ 205 $ 205 $ 205 $ - Recorded Investment Unpaid Principal Related Allowance Average recorded Investment Interest Income Recognized December 31, 2017 Impaired loans with an allowance recorded $ 1,379 $ 1,448 $ 391 $ 1,411 $ 32 Impaired loans with no related allowance recorded - - - - - Total impaired loans $ 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 March 31, 2018 December 31, 2017: (In thousands) Held for Investment - March 31, December 31, 2018 2017 Moody's rating: Baa1 - Baa3 $ - $ Ba1 - Ba3 25,833 12,174 B1 - B3 113,738 64,170 Caa1 - Caa3 3,868 5,310 Not Rated 2,669 4,595 Total: $ 146,108 $ 86,249 Internal rating (1) 2 $ 139,815 $ 77,525 3 3,491 384 4 - 2,613 5 383 1,379 Not rated 2,419 4,348 Total: $ 146,108 $ 86,249 Performance: Performing $ 146,093 $ 83,161 Non-performing 15 3,088 Total: $ 146,108 $ 86,249 ( 1 Loans with an internal rating of 3 |
Note 5 - Loans Collateralizing
Note 5 - Loans Collateralizing Asset-backed Securities Issued | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Loans Collateralizing Asset Backed Securities Issued and Loans Held for Sale [Text Block] | 5 . Loans Collateralizing Asset-backed Securities Issued Allowance for Loan Losses A summary of the activity in the allowance for loan losses for the three March 31, 2018 2017 (In thousands) Three Months Ended March 31, 2018 2017 Impaired Non-Impaired Impaired Non-Impaired Balance at beginning of period $ (391 ) $ (6,533 ) $ (937 ) $ (5,603 ) Provision for loan losses: Specific reserve (953 ) - (971 ) - General reserve - 41 - 416 Charge off 135 - - - Balance at end of period $ (1,209 ) $ (6,492 ) $ (1,908 ) $ (5,187 ) Impaired Loans, Non-Accru al, 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 March 31, 2018 December 31, 2017, $2.8 $1.4 $759.5 $771.1 March 31, 2018 December 31, 2017, As of March 31, 2018 December 31, 2017, March 31, 2018 December 31, 2017: (In thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized March 31, 2018 Impaired loans with an allowance recorded $ 2,789 $ 2,848 $ 1,209 $ 3,110 $ 9 Impaired loans with no related allowance recorded - - - - - Total Impaired Loans $ 2,789 $ 2,848 $ 1,209 $ 3,110 $ 9 December 31, 2017 Impaired loans with an allowance recorded $ 1,379 $ 1,448 $ 391 $ 1,411 $ 32 Impaired loans with no related allowance recorded - - - - - Total Impaired Loans $ 1,379 $ 1,448 $ 391 $ 1,411 $ 32 Loans are considered past due if the required principal and interest payments have not e. No 31, 2018 December 31, 2017. 2017, two m $2.5 $0.5 2021 2022, ased by 1.30% 3.00% mpany received $0.4 $0.5 no no 31, 2018. 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 March 31, 2018 December 31, 2017: (In thousands) Cash Flow Loans March 31, December 31, 2018 2017 Moody's rating: Baa1 - Baa3 $ 4,492 $ 8,880 Ba1 - Ba3 151,790 134,061 B1 - B3 553,889 579,091 Caa1 - Caa3 50,280 50,475 Ca 1,905 - Total: $ 762,356 $ 772,507 Internal rating: (1) 2 $ 677,045 $ 692,198 3 68,810 70,217 4 11,927 8,713 5 4,574 1,379 Total: $ 762,356 $ 772,507 Performance: Performing $ 759,567 $ 771,128 Non-Performing 2,789 1,379 Total: $ 762,356 $ 772,507 ( 1 Loans with an internal rating of 3 or below are reviewed individually to identify loans to be designated for non-accrual status. |
Note 6 - Debt
Note 6 - Debt | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6 . Debt Bond Payable (In thousands) March 31, 2018 December 31, 2017 $46 million, 8.00%, issued in January 2013, due on January 15, 2023 $ 45,905 $ 45,905 $50 million, 7.25%, issued in November 2017, due on November 15, 2027 50,000 50,000 Total remaining principal $ 95,905 $ 95,905 Less: Debt issuance costs (2,836 ) (2,810 ) Total debt obligations $ 93,069 $ 93,095 The $46 8% $50 7.25% The $46 8% eight $46 8% $46 8% 25% may Senior Notes are JMP Group Inc.’s general unsecured senior obligations, and rank equally with all existing and future senior unsecured indebtedness and are senior to any other indebtedness expressly made subordinate to the notes. At both March 31, 2018 December 31, 2017, The future scheduled principal payments of the debt obligations were as follows: (In thousands) March 31, 2018 2018 $ 2019 2020 2021 2022 Thereafter Total $ Note Payable, Lines of Credit and Credit Facilities (In thousands) Outstanding Balance March 31, 2018 December 31, 2017 $200 million CLO V Warehouse Credit Facility through July 31, 2018 $ 112,800 $ 61,250 $25 million, 4.50% as of March 31, 2018, JMP Holding Credit Agreement through July 1, 2018 8,000 - $3.9 million, 2.99%, Repurchase Agreement through June 14, 2018 3,878 - $20 million, JMP Securities Revolving LOC through June 6, 2018 (1) - - Other 829 - Total Credit Facilities $ 125,507 $ 61,250 (1) The line of credit bears interest at a rate to be agreed upon at the time of advance between the Company and CNB. The Company's Credit Agreement ("the Credit Agreement") dated as of August 3, 2016, not maintenance of certain financial covenants. A violation of any one March 31, 2018 December 31, 2017, March 31, 2018 December 31, 2017, $8.0 . The $25 1, 2018, 3.75% first two 5.00% two JMP Securities holds a $20 The net loans collateralizing asset-backed securities CLO V warehouse facility was $139.7 $76.8 March 31, 2018 and December 31, 2017, respectively. 1 .375% 31, 2018, 10 2.30%. On February 28, 2018, $4.5 March 31, 2018 , $3.9 |
Note 7 - Asset-backed Securitie
Note 7 - Asset-backed Securities Issued | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Asset Backed Securities Issued [Text Block] | 7 . Asset-backed Securities Issued The table below sets forth the outstanding debt obligations of CLO III and CLO IV as of March 31, 2018 December 31, 2017: (In thousands) As of March 31, 2018 As of December 31, 2017 Outstanding Interest Rate Weighted Average Remaining Maturity Outstanding Interest Rate Weighted Average Remaining Maturity Class A Senior Secured Floating Rate Notes $ 513,750 1.37% - 1.53% 10.56 $ 513,750 1.24% - 1.37% 9.22 Class B Senior Secured Floating Rate Notes 95,700 1.90% - 2.05% 10.56 95,700 1.80% - 1.90% 9.26 Class C Senior Secured Deferrable Floating Rate Notes 49,500 2.65% - 2.90% 10.55 49,500 2.60% - 2.65% 9.18 Class D Senior Secured Deferrable Floating Rate Notes 46,350 4.15% - 5.10% 10.53 46,350 3.90% - 4.15% 9.14 Class E Senior Secured Deferrable Floating Rate Notes 40,800 6.80% - 7.35% 10.55 40,800 6.80% - 7.10% 9.21 Total secured notes sold to investors $ 746,100 $ 746,100 Less: Debt issuance cost (6,589 ) (7,852 ) Less: Repurchase of debt (4,453 ) - Total CLOs asset-backed securities issued $ 735,058 $ 738,248 The secured notes and subordinated notes are limited recourse obligations payable solely from cash flows of the CLOs 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 not As of March 31, 2018, (In thousands) As of March 31, 2018 2018 $ - 2019 - 2020 - 2021 - 2022 - Thereafter 741,647 Total $ 741,647 $754.7 $765.6 March 31, 2018 December 31, 2017, |
Note 8 - Shareholders' Equity
Note 8 - Shareholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8 . Share holders’ Equity Share Repurchase Program On February 13, 2017, 1,000,000 December 31, 2017. December 11, 2017, 1,000,000 December 31, 2018. three March 31, 2018, 195,875 at an average price of $5.33 $1.0 The timing and amount of any future open market share repurchases will be determined by the Company’s 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 9 - Share-based Compensati
Note 9 - Share-based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 9 . Share -Based Compensation On January 27, 2015, he 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 three March 31, 2018: Three Months Ended March 31, 2018 Shares Subject Weighted Average to Option Exercise Price Balance, beginning of year 2,515,000 $ 6.55 Balance, end of period 2,515,000 $ 6.55 Options exercisable at end of period 2,515,000 $ 6.55 The following table summarizes the share options outstanding as well as share options vested and exercisable as of March 31, 2018: March 31, 2018 Options Outstanding Options Vested and Exercisable Weighted Weighted Average Weighted Average Weighted Range of Remaining Average Aggregate Remaining Average Aggregate Exercise Number Contractual Exercise Intrinsic Number Contractual Exercise Intrinsic Prices Outstanding Life in Years Price Value Exercisable Life in Years Price Value $6.05 - $7.33 2,515,000 1.27 $ 6.55 $ - 2,515,000 1.27 $ 6.55 - 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 option s of zero $54 three March 31, 2018 2017, As of March 31, 2018, as no There were no three March 31, 20 18. not share options. The Company recognized current income tax benefits of $20 March 31, 2017. The Company uses the 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 6, 2018, 260,000 2017 50% December 1, 2018 50% December 1, 2019, March 15, 2018, 67,000 25% April 1, 2018, July 1, 2018, October 1, 2018, 25% January 1, 2019. The following table summarizes RSU activity for the three March 31, 2018: Three Months Ended March 31, 2018 Restricted Weighted Average Share Units Grant Date Fair Value Balance, beginning of year 277,193 $ 5.60 Granted 327,617 5.19 Vested (14,588 ) 6.00 Forfeited (3,834 ) 5.70 Balance, end of period 586,388 $ 5.36 The aggregate fair value of RSUs vested during both the three March 31, 2018 2017 $88 $535 The income tax benefits realized from the vested RSUs were zero $216 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 three March 31, 2018 2017, $0.4 $0.7 For the quarters ended March 31, 2018 2017, $58 $258 March 31, 2018, $2.0 1.25 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 in additional paid-in capital. Share Appreciation Rights In February 2015, 2,865,000 ’s inde pendent directors. These SARs have a base price of $7.33 five December 31, 2017 2.0 2.54%, 9.60%, 20.00%. twelve The following table summarizes the SARs activity for the three March 31, 2018: Three Months Ended March 31, 2018 Share Appreciation Weighted Average Rights Exercise Price Balance, beginning of year 2,485,000 $ 7.33 Balance, end of period 2,485,000 $ 7.33 The following table summarizes the share options outstanding as well as share options vested and exercisable as of March 31, 2018: March 31, 2018 Options Outstanding Weighted Average Weighted Range of Remaining Average Aggregate Exercise Prices Number Contractual Exercise Intrinsic Outstanding Life in Years Price Value $7.33 - $7.33 2,485,000 1.75 $ 7.33 $ - The Company recognizes compensation expense for SARs over the vesting period, through monthly mark to market of adjustments to the liability award. For the three March 31, 2018 2017, $124 $17 For the three March 31, 2018 2017, zero $6 March 31, 2018, no |
Note 10 - Net Income Per Common
Note 10 - Net Income Per Common Share | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10 . Net Income per 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 for the quarters and three March 31, 2018 2017 (In thousands, except per share data) Three Months Ended March 31, 2018 2017 Numerator: Net income (loss) attributable to JMP Group, LLC $ (283 ) $ (4,740 ) Denominator: Basic weighted average shares outstanding 21,666 21,573 Effect of potential dilutive securities: Restricted share units - - Diluted weighted average shares outstanding 21,666 21,573 Net income (loss) per share Basic $ (0.01 ) $ (0.22 ) Diluted $ (0.01 ) $ (0.22 ) Due to the net loss for both quarters ended March 31, 2018 2017 ptions and restricted share units outstanding, were anti-dilutive and, therefore, were not |
Note 11 - Employee Benefits
Note 11 - Employee Benefits | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 11 . Employee Benefits All salaried employees of the Company are eligible to participate in the JMP Group 401 three may January 1, 2015, he Company contributes a match of 100% 401 3% 50% 3% 5%. 100% 401 $1.0 $0.9 three March 31, 2018 2017, |
Note 12 - Income Taxes
Note 12 - Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. JMP Group LLC qualifies as a publicly traded partnership. The entity is taxed as a partnership for United States federal income tax purposes. The Company owns three not subject to U.S. federal and state corporate income tax. This taxable income is allocated to JMP Group LLCs partners. For the three months ended March 31, 2018 2017, $5.6 millio n and benefit of $1.1 76.12% 20.8% three March 31, 2018 2017, For financial reporting purposes, the Company ’s effective tax rate used for the interim periods is based on the estimated full-year income tax rate. The effective tax rate differs from the statutory rate primarily due to the following: (i) a portion of the reported pre-tax income is attributable to non-controlling third On December 22, 2017, 118 118 740, 740” 118 may 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. |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13 . Commitments and Contingencies The Company leases office space in California, I llinois, Georgia, Massachusetts, Minnesota, Florida, and New York under various operating leases. Occupancy expense was $1.1 March 31, 2018 2017. 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) Minimum Future Lease Year ending December 31, Commitments 2018 $ 4,848 2019 4,237 2020 2,858 2021 2,847 2022 2,717 Thereafter 7,653 Total Lease Commitments $ 25,160 In connection with its underwriting activities, JMP Securities may, March 31, 2018 December 31, 2017, no The marketable securities owned and the restricted cash, as well as the cash held by the clearing broker may $0.3 March 31, 2018 December 31, 2017. 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 $136.7 $49.1 March 31, 2018 December 31, 2017, he Company determined the fair value of the unfunded commitments to be $ 141.7 $49.2 March 31, 2018 and December 31, 2017, respectively. |
Note 14 - Regulatory Requiremen
Note 14 - Regulatory Requirements | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 14 . Regulatory Requirements JMP Securities is subject to the SEC ’s Uniform Net Capital Rule (Rule 15c3 1 not 15 1. f $26.2 $37.3 e $ 25.2 $35.9 $1.0 $1.4 March 31, 2018 December 31, 2017, 0.52 1 0.58 1 March 31, 2018 December 31, 2017, Since all customer transactions are cleared through another broker-dealer on a fully disclosed basis, JMP Securities is not 15c3 3 |
Note 15 - Related Party Transac
Note 15 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 15 . Related Party Transactions The Company earns base management fees and incentive fees from serving as investment advisor for various entities, including corporations, partnerships limited liability companies, and offshore investment companies. The Company also owns an investment in some of such affiliated entities. As of March 31, 2018 December 31, 2017, 15.2 $24.1 $5 .7 million and $14.7 9.5 million and $9.4 $3.1 $4.0 March 31, 2018 2017. 3.4 $1.9 three March 31, 2018 2017. $0.2 $0.4 March 31, 2018 December 31, 2017, On September 19, 2017, $3.4 15% October 2017, 30% $1.0 March 31, 2018 31, 2017, $2.4 $2.4 $2.9 March 31, 2018 2017, On January 9, 2018, $0.8 March 31, 2018 , $0.8 On January 9, 2018, 30% $0.4 $13 March 31, 2018 |
Note 16 - Guarantees
Note 16 - Guarantees | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Guarantees [Text Block] | 16 . 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 March 31, 2018 December 31, 2017 no three March 31, 2018 2017, no no March 31, 2018 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 17 - Litigation
Note 17 - Litigation | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 17 . 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 18 - Financial Instruments
Note 18 - Financial Instruments With Off-balance Sheet Risk, Credit Risk or Market Risk | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 18 . Financial Instruments with Off-Balance Sheet Risk, Credit Risk or Market Risk The majority of the Company ’s transactions, and consequently the concentration of its credit exposure, is with its clearing 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 o f $1.2 $0.2 March 31, 2018 31, 2017, 13 March 31, 2018 December 31, 2017. |
Note 19 - Business Segments
Note 19 - Business Segments | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 19 . 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 may The Company ’s segment information for the quarters and three March 31, 2018 2017 • 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 i s 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) Three Months Ended March 31, 2018 2017 Broker-Dealer Non-interest revenues $ 25,329 $ 18,890 Total net revenues after provision for loan losses $ 25,329 $ 18,890 Non-interest expenses 22,916 18,561 Segment operating pre-tax net income $ 2,413 $ 329 Segment assets $ 59,619 $ 48,498 Asset Management Non-interest revenues $ 3,989 $ 5,311 Total net revenues after provision for loan losses $ 3,989 $ 5,311 Non-interest expenses 5,020 5,095 Segment operating pre-tax net loss $ (1,031 ) $ 216 Segment assets $ 19,004 $ 17,581 Corporate Non-interest revenues $ 2,168 $ 3,289 Net interest income 2,127 15 Gain on repurchase/early retirement of debt - 210 Provision for loan losses (893 ) (1,413 ) Total net revenues after provision for loan losses $ 3,402 $ 2,101 Non-interest expenses 6,447 5,284 Segment operating pre-tax net loss $ (3,045 ) $ (3,183 ) Segment assets $ 1,310,615 1,139,774 Eliminations Non-interest revenues $ (979 ) $ (1,041 ) Total net revenues after provision for loan losses $ (979 ) $ (1,041 ) Non-interest expenses (981 ) (1,041 ) Segment operating pre-tax net income $ 2 $ - Segment assets $ (287,419 ) $ (324,665 ) Consolidating adjustments and reconciling items Non-interest revenues $ (2,213 ) (a) $ (1,987 ) (a) Net interest income 881 (b) 957 (b) Loss on repurchase/early retirement of debt (2,626 ) - (Provision) reversal for loan losses (572 ) 147 Total net revenues after provision for loan losses $ (4,530 ) $ (883 ) Non-interest expenses 1,124 (c) 1,706 (c) Non-controlling interest expense (1,464 ) 597 Segment operating pre-tax net loss $ (4,190 ) (d) $ (3,186 ) (d) Segment assets $ - $ - Total Segments Non-interest revenues $ 28,294 $ 24,462 Net interest income 3,008 972 Gain (loss) repurchase/early retirement of debt (2,626 ) 210 (Provision) reversal for loan losses (1,465 ) (1,266 ) Total net revenues after provision for loan losses $ 27,211 $ 24,378 Non-interest expenses 34,526 29,605 Non-controlling interest expense (1,464 ) 597 Segment operating pre-tax net loss $ (5,851 ) $ (5,824 ) Total assets $ 1,101,818 $ 881,188 (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) Three Months Ended March 31, 2018 2017 Operating net loss $ (1,631 ) $ (2,083 ) Subtract of Segment income tax benefit (30 ) (555 ) Total Segments adjusted operating pre-tax net income $ (1,661 ) $ (2,638 ) Subtract (Add back) Compensation expense - Share options (97 ) 67 Compensation expense - RSUs 160 239 Deferred compensation program accounting adjustment 81 654 Net unrealized loss/ (gain) on strategic equity investments and warrants. 638 419 General loan loss reserve for the CLOs 329 (418 ) Unrealized loss - real estate-related depreciation and amortization 1,628 2,156 CLO refinancing and accelerated expenses 64 - Loss on early debt retirement 1,318 - Gain on loan portfolio acquired 69 69 Total Consolidation Adjustments and Reconciling Items 4,190 3,186 Consolidated pre-tax net loss attributable to JMP Group LLC (5,851 ) (5,824 ) Income tax benefit (5,568 ) (1,084 ) Consolidated Net Loss attributable to JMP Group LLC $ (283 ) $ (4,740 ) |
Note 20 - Nonconsolidated Varia
Note 20 - Nonconsolidated Variable Interest Entities | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 20 . Nonconsolidated Variable Interest Entities not As of (In thousands) March 31, 2018 December 31, 2017 Investment $ 6,125 $ 8,226 Receivables 46 262 Total 6,171 8,488 |
Note 21 - Condensed Consolidati
Note 21 - Condensed Consolidating Financial Statements | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | 21 . Condensed Consolidating Financial Statements JMP Group Inc., a 100% 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 LLC (guarantor subsidiary), and the elimination of 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 March 31, 2018 Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Assets Cash and cash equivalents $ 512 $ 4,660 $ 3,592 $ 39,094 $ - $ 47,858 Restricted cash and deposits - 1,471 - 68,948 - 70,419 Investment banking fees receivable, net of allowance for doubtful accounts - - - 8,233 - 8,233 Marketable securities owned, at fair value - - 9,529 10,206 (95 ) 19,640 Other investments 774 3,509 7,407 9,796 (4,453 ) 17,033 Loans held for investment, net of allowance for loan losses - - 3,097 142,156 - 145,253 Loans collateralizing asset-backed securities issued, net of allowance for loan losses - - - 754,632 - 754,632 Interest receivable - - 180 2,376 (117 ) 2,439 Fixed assets, net - - - 2,169 - 2,169 Other assets (5,667 ) 137,926 (7,356 ) 65,531 (156,292 ) 34,142 Investment in subsidiaries 224,087 71,969 125,267 - (421,323 ) - Total assets $ 219,706 $ 219,535 $ 141,716 $ 1,103,141 $ (582,280 ) $ 1,101,818 Liabilities and Equity Liabilities: Marketable securities sold, but not yet purchased, at fair value $ - $ - $ - $ 6,280 $ - $ 6,280 Accrued compensation 250 658 13 9,143 - 10,064 Asset-backed securities issued - - - 739,511 (4,453 ) 735,058 Interest payable - 1,240 5 4,915 (117 ) 6,043 Repurchase agreement - - 3,878 - - 3,878 Not payable 137,603 - - 25,763 (154,537 ) 8,829 CLO V warehouse credit facility - - - 112,800 - 112,800 Bond payable - 93,164 - - (95 ) 93,069 Other liabilities 3,013 5,575 - 12,722 (1,649 ) 19,661 Total liabilities $ 140,866 $ 100,637 $ 3,896 $ 911,134 $ (160,851 ) $ 995,682 Total members' (deficit) equity 78,840 118,898 124,196 193,126 (421,642 ) 93,418 Nonredeemable Non-controlling Interest $ - $ - $ 13,624 $ (1,119 ) $ 213 $ 12,718 Total equity $ 78,840 $ 118,898 $ 137,820 $ 192,007 $ (421,429 ) $ 106,136 Total liabilities and equity $ 219,706 $ 219,535 $ 141,716 $ 1,103,141 $ (582,280 ) $ 1,101,818 As of December 31, 2017 Parent Company Subsidiary Issuer Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Assets Cash and cash equivalents $ 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 accounts - - - 9,567 - 9,567 Marketable securities owned, at fair value - - 9,464 11,456 (95 ) 20,825 Other investments - 3,101 11,543 13,340 - 27,984 Loans held for investment, net of allowance for loan losses - - 4,233 79,715 - 83,948 Loans collateralizing asset-backed securities issued, net of allowance for loan losses - - - 765,583 - 765,583 Interest receivable - 4 165 2,090 - 2,259 Fixed assets, net - - - 2,322 - 2,322 Other assets (4,603 ) 132,931 (8,787 ) 64,490 (157,214 ) 26,817 Investment in subsidiaries 226,894 70,775 127,325 - (424,994 ) - Total assets $ 223,242 $ 213,101 $ 156,624 $ 1,065,962 $ (582,303 ) $ 1,076,626 Liabilities and Equity Liabilities: Marketable securities sold, but not yet purchased, at fair value $ - $ - $ - $ 7,919 $ - $ 7,919 Accrued compensation - 150 - 42,981 - 43,131 Asset-backed securities issued - - - 738,248 - 738,248 Interest payable - 1,109 - 5,403 - 6,512 CLO V warehouse credit facility - - - 61,250 - 61,250 Bond payable - 93,198 - - (95 ) 93,103 Other liabilities 138,796 5,710 - 28,885 (157,107 ) 16,284 Total liabilities $ 138,796 $ 100,167 $ - $ 884,686 $ (157,202 ) $ 966,447 Total members' (deficit) equity 84,446 112,934 141,955 182,313 (425,313 ) 96,335 Nonredeemable Non-controlling Interest $ - $ - $ 14,669 $ (1,037 ) $ 212 $ 13,844 Total equity $ 84,446 $ 112,934 $ 156,624 $ 181,276 $ (425,101 ) $ 110,179 Total liabilities and equity $ 223,242 $ 213,101 $ 156,624 $ 1,065,962 $ (582,303 ) $ 1,076,626 For the Three Months Ended March 31, 2018 Parent Company Subsidiary Issuer Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Revenues Investment banking $ - $ - $ - $ 20,662 $ - $ 20,662 Brokerage - - - 4,664 - 4,664 Asset management fees - - - 6,604 (179 ) 6,425 Principal transactions (2,044 ) (18 ) (1,132 ) (426 ) - (3,620 ) Loss on sale, payoff and mark-to-market of loans - - - (182 ) - (182 ) Net dividend income 1 3 270 22 - 296 Other income - - - 49 - 49 Equity earnings of subsidiaries 3,807 71 (288 ) - (3,590 ) - Non-interest revenues 1,764 56 (1,150 ) 31,393 (3,769 ) 28,294 Interest income 372 1,141 292 12,974 (2,069 ) 12,710 Interest expense (1,139 ) (2,292 ) (5 ) (8,335 ) 2,069 (9,702 ) Net interest income (767 ) (1,151 ) 287 4,639 - 3,008 Loss on repurchase or early retirement of debt - - - (2,626 ) - (2,626 ) Reversal (provision) for loan losses - - 15 (1,480 ) - (1,465 ) Total net revenues after provision for loan losses 997 (1,095 ) (848 ) 31,926 (3,769 ) 27,211 Non-interest expenses Compensation and benefits 412 841 48 22,960 - 24,261 Administration 131 137 22 2,122 (179 ) 2,233 Brokerage, clearing and exchange fees - - - 777 - 777 Travel and business development 67 15 - 872 - 954 Managed Deal Expense - 2 - 1,060 - 1,062 Communications and technology - - - 1,566 - 1,566 Occupancy - - - 1,117 - 1,117 Professional fees 672 84 - 1,149 - 1,905 Depreciation - - - 264 - 264 Other - - 69 318 - 387 Total non-interest expenses 1,282 1,079 139 32,205 (179 ) 34,526 Net loss before income tax expense (285 ) (2,174 ) (987 ) (279) (3,590 ) (7,315 ) Income tax expense (benefit) - (5,989 ) - 421 - (5,568 ) Net income (loss) (285 ) 3,815 (987 ) (700 ) (3,590 ) (1,747 ) Less: Net loss attributable to nonredeemable non-controlling interest - - (1,045 ) (419 ) - (1,464 ) Net income (loss) attributable to JMP Group LLC $ (285 ) $ 3,815 $ 58 $ (281 ) $ (3,590 ) $ (283 ) For the Three Months Ended March 31, 2017 Parent Company Subsidiary Issuer Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Revenues Investment banking $ - $ - $ - $ 13,600 $ - $ 13,600 Brokerage - - - 5,286 - 5,286 Asset management fees - - - 5,951 (40 ) 5,911 Principal transactions - 8 (396 ) (1,505 ) - (1,893 ) Gain on sale, payoff and mark-to-market of loans - - - 847 - 847 Net dividend income - - 256 10 - 266 Other income - - - 445 - 445 Equity earnings of subsidiaries (2,766 ) (284 ) 583 - 2,467 - Non-interest revenues (2,766 ) (276 ) 443 24,634 2,427 24,462 Interest income 368 1,139 98 9,545 (2,083 ) 9,067 Interest expense (1,139 ) (2,274 ) - (6,765 ) 2,083 (8,095 ) Net interest income (771 ) (1,135 ) 98 2,780 - 972 Gain on repurchase or early retirement of debt 210 - - - - 210 Provision for loan losses - - - (1,266 ) - (1,266 ) Total net revenues after provision for loan losses (3,327 ) (1,411 ) 541 26,148 2,427 24,378 Non-interest expenses Compensation and benefits 535 646 247 20,370 - 21,798 Administration 127 122 26 1,584 (40 ) 1,819 Brokerage, clearing and exchange fees - - - 759 - 759 Travel and business development 78 - - 837 - 915 Communications and technology 1 2 - 1,050 - 1,053 Occupancy - - - 1,111 - 1,111 Professional fees 672 67 - 423 - 1,162 Depreciation - - - 311 - 311 Other - 6 69 602 - 677 Total non-interest expenses 1,413 843 342 27,047 (40 ) 29,605 Net income (loss) before income tax expense (4,740 ) (2,254 ) 199 (899 ) 2,467 (5,227 ) Income tax benefit - (1,020 ) - (64 ) - (1,084 ) Net income (loss) (4,740 ) (1,234 ) 199 (835 ) 2,467 (4,143 ) Less: Net income attributable to nonredeemable non-controlling interest - - 437 160 - 597 Net income (loss) attributable to JMP Group LLC $ (4,740 ) $ (1,234 ) $ (238 ) $ (995 ) $ 2,467 $ (4,740 ) For the Three Months Ended March 31, 2018 Parent Company Subsidiary Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Cash flows from operating activities: Net cash provided by (used in) operating activities $ 5,341 $ (566 ) $ 6,419 $ (29,990 ) $ (3,586 ) $ (22,382 ) Cash flows from investing activities: Purchases of fixed assets - - - (111 ) - (111 ) Investment in subsidiary 2,807 (1,194 ) 2,058 - (3,671 ) - Purchases of other investments - (426 ) (5,021 ) - 4,453 (994 ) Sales of other investments - - 228 540 - 768 Funding of loans collateralizing asset-backed securities issued - - - (72,642 ) - (72,642 ) Funding of loans held for investment - - - (63,245 ) - (63,245 ) Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued - - - 82,909 - 82,909 Principal payments on loans held for investment - - 1,166 265 - 1,431 Net changes in cash collateral posted for derivative transactions - - - - - - Net cash provided by (used in) investing activities $ 2,807 $ (1,620 ) $ (1,569 ) $ (52,284 ) $ 782 $ (51,884 ) Cash flows from financing activities: Proceeds from issuance of note payable - - 3,878 - - 3,878 Proceeds from CLO V credit warehouse - - - 51,550 - 51,550 Proceeds from line of credit - - - 8,000 - 8,000 Proceeds from sale of note payable to affiliate - - - 829 - 829 Payments of debt issuance costs - (122 ) - (1,715 ) - (1,837 ) Repayment of asset-backed securities issued - - - (332,100 ) - (332,100 ) Proceeds of issuance from asset-backed securities issued - - - 332,100 (4,453 ) 327,646 Distributions and dividend equivalents paid on common shares and RSUs (2,038 ) - - - - (2,038 ) Capital contributions of parent (5,505 ) 2,149 (17,817 ) 13,916 7,257 - Capital contributions of nonredeemable non-controlling interest holders - - - 445 - 445 Purchases of common shares for treasury (1,044 ) - - - - (1,044 ) Distributions to non-controlling interest shareholders - - - (108 ) - (108 ) Net cash provided by (used in) financing activities $ (8,587 ) $ 2,027 $ (13,939 ) $ 72,917 $ 2,804 $ 55,222 Net decrease in cash, cash equivalents, and restricted cash (439 ) (159 ) (9,089 ) (9,357 ) - (19,044 ) Cash, cash equivalents, and restricted cash at beginning of period 951 6,290 12,681 117,399 - 137,321 Cash, cash equivalents, and restricted cash at end of period $ 512 $ 6,131 $ 3,592 $ 108,042 $ - $ 118,277 (In thousands) For the Three Months Ended March 31, 2017 Parent Company Subsidiary Issuer Guarantor Subsidiary Non- Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Cash flows from operating activities: Net cash provided by (used in) operating activities $ (4,588 ) $ 652 $ 7,515 $ (22,347 ) $ (19,613 ) $ (38,381 ) Cash flows from investing activities: Purchases of fixed assets - - - (31 ) - (31 ) Investment in subsidiary 14,944 113 18,116 - (33,173 ) - Purchases of other investments (7,000 ) (844 ) (146 ) - 7,000 (990 ) Sales of other investments - 102 214 (8,784 ) 15,080 6,612 Funding of loans collateralizing asset-backed securities issued - - - (50,122 ) - (50,122 ) Sale and payoff of loans collateralizing asset-backed securities issued - - - 111,743 - 111,743 Principal receipts on loans collateralizing asset-backed securities issued - - - 16,728 - 16,728 Cash collateral posted for total return swap - - - (940 ) - (940 ) Net cash provided by (used in) investing activities $ 7,944 $ (629 ) $ 18,184 $ 68,594 $ (11,093 ) $ 83,000 Cash flows from financing activities: Repayment of asset-backed securities issued - - - (206,202 ) - (206,202 ) Distributions and dividend equivalents paid on common shares and RSUs (1,954 ) - - - - (1,954 ) Capital contributions of parent - 351 5,153 (36,210 ) 30,706 - Capital contributions of nonredeemable non-controlling interest holders - - 92 - - 92 Distribution to non-controlling interest shareholders - - (1,841 ) (199 ) - (2,040 ) Proceeds from exercise of share options 889 - - - - 889 Employee taxes paid on shares withheld for tax-withholding purposes (184 ) - - - - (184 ) Net cash provided by (used in) financing activities $ (1,249 ) $ 351 $ 3,404 $ (242,611 ) $ 30,706 (209,399 ) Net increase (decrease) in cash, cash equivalents, and restricted cash 2,107 374 29,103 (196,364 ) - (164,780 ) Cash, cash equivalents, and restricted cash at beginning of period 255 3,234 5,060 304,599 - 313,148 Cash, cash equivalents, and restricted cash at end of period $ 2,362 $ 3,608 $ 34,163 $ 108,235 $ - $ 148,368 |
Note 22 - Subsequent Events
Note 22 - Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 22 . Subsequent Events On April 19, 2018, $0.03 April, May, June. April May 15, 2018, April 30, 2018. May June 15, 2018, May 31, 2018. June July 13, 2018, June 29, 2018. On May 2, 2018, $40 $240 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation These condensed consolidated financial statements and related notes are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10 10 X. 10 December 31, 2017 ( not 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 March 31, 2018 December 31, 2017 third See Note 2 Annual Report for the Company's significant accounting policies. For the three March 31, 2018, no No. 2014 09, 606 January 1, 2018 January 1, 2018 not Refer to Note 3, |
Repurchase and Resale Agreements Policy [Policy Text Block] | Securities Financing Arrangements Securities sold under agreements to repurchase ("Repurchase Agreement") are reported as financing transactions, and thus the related payables are presented in the accompanying Statements of financial condition at the amounts at which the securities subsequently will be reacquired as specified in the respective agreements. Such amounts include accrued interest. The Company’s agreements with third |
Note 3 - Recent Accounting Pr30
Note 3 - Recent Accounting Pronouncements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | (in thousands) Three months ended March 31, 2018 As Reported ASC 606 Impact Pre-Adoption (1) Revenues Investment banking $ 20,662 $ 2,040 $ 18,622 Total non-interest revenues 28,294 2,040 26,254 Total net revenues after loan losses 27,211 2,040 25,171 Expenses Travel and business development 958 346 612 Managed deal expenses 1,566 1,566 - Professional fees 1,905 128 1,777 Total non-comp expenses 10,265 2,040 8,225 Total expenses 34,526 2,040 32,486 |
Note 4 - Fair Value Measureme31
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | At March 31, 2018 (In thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 47,858 $ 47,858 $ - $ - $ 47,858 Restricted cash and deposits 70,419 70,419 - - 70,419 Marketable securities owned 19,640 19,640 - - 19,640 Other investments (1) 1,290 - 1,290 - 1,290 Other investments measured at net asset value (1) 8,754 - - - - Loans held for investment, net of allowance for loan losses 145,253 - 143,756 2,684 146,440 Loans collateralizing asset-backed securities issued, net of allowance for loan losses 754,632 - 759,211 - 759,211 Total assets: $ 1,047,846 $ 137,917 $ 904,257 $ 2,684 $ 1,044,858 Liabilities: Marketable securities sold, but not yet purchased $ 6,280 $ 6,280 $ - $ - $ 6,280 Repurchase agreement 3,878 - 3,878 - 3,878 Notes payable 8,829 - 8,829 - 8,829 Asset-backed securities issued 735,058 - 740,235 - 740,235 Bond payable 93,069 96,148 - - 96,148 CLO V warehouse credit facility 112,800 - 112,800 - 112,800 Total liabilities: $ 959,914 $ 6,280 $ 961,890 $ - $ 968,170 At December 31, 2017 (In thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 85,594 $ 85,594 $ - $ - $ 85,594 Restricted cash and deposits 51,727 51,727 - - 51,727 Marketable securities owned 20,825 20,825 - - 20,825 Receivable from clearing broker 6,801 6,801 - 6,801 Other investments (1) 10,226 - 10,226 - 10,226 Other investments measured at net asset value (1) 8,224 - - - - 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: $ 1,032,928 $ 164,947 $ 857,480 $ 3,342 $ 1,025,769 Liabilities: Marketable securities sold, but not yet purchased $ 7,919 $ 7,919 $ - $ - $ 7,919 Asset-backed securities issued 738,248 - 748,015 - 748,015 Bond payable 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 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | (In thousands) March 31, 2018 Carrying Value Level 1 Level 2 Level 3 Total Marketable securities owned $ 19,640 $ 19,640 $ - $ - $ 19,640 Other investments: Investments in hedge funds managed by the Company 1,290 - 1,290 - 1,290 Investments in other funds managed by the Company (1) 4,453 - - - - Total investment in funds managed by the Company (1) 5,745 - 1,290 - 1,290 Limited partnership in investments in private equity/ real estate funds (1) 4,301 - - - - Total other investments 10,044 - 1,290 - 1,290 Total assets: $ 29,684 $ 19,640 $ 1,290 $ - $ 20,930 Marketable securities sold, but not yet purchased $ 6,280 $ 6,280 $ - $ - $ 6,280 Total liabilities: $ 6,280 $ 6,280 $ - $ - $ 6,280 (In thousands) December 31, 2017 Carrying Value Level 1 Level 2 Level 3 Total Marketable securities owned $ 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 investments 18,450 - 10,226 - 10,226 Total assets: $ 39,275 $ 20,825 $ 10,226 $ - $ 31,051 Marketable securities sold, but not yet purchased 7,919 7,919 - - 7,919 Total liabilities: $ 7,919 $ 7,919 $ - $ - $ 7,919 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Fair Value at Unfunded Commitments Dollars in thousands Redemption Frequency Redemption Notice Period March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 Limited partner investments in private equity/real estate funds Nonredeemable N/A $ 4,301 $ 3,761 $ 667 $ 1,235 Investment in other funds managed by the Company Nonredeemable N/A $ 4,453 $ 4,173 $ - $ - |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (In thousands) Three Months Ended March 31, 2018 2017 Impaired Non-Impaired Impaired Non-Impaired Balance at beginning of period $ (391 ) $ (6,533 ) $ (937 ) $ (5,603 ) Provision for loan losses: Specific reserve (953 ) - (971 ) - General reserve - 41 - 416 Charge off 135 - - - Balance at end of period $ (1,209 ) $ (6,492 ) $ (1,908 ) $ (5,187 ) |
Impaired Financing Receivables [Table Text Block] | (In thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized March 31, 2018 Impaired loans with an allowance recorded $ 2,789 $ 2,848 $ 1,209 $ 3,110 $ 9 Impaired loans with no related allowance recorded - - - - - Total Impaired Loans $ 2,789 $ 2,848 $ 1,209 $ 3,110 $ 9 December 31, 2017 Impaired loans with an allowance recorded $ 1,379 $ 1,448 $ 391 $ 1,411 $ 32 Impaired loans with no related allowance recorded - - - - - Total Impaired Loans $ 1,379 $ 1,448 $ 391 $ 1,411 $ 32 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (In thousands) Cash Flow Loans March 31, December 31, 2018 2017 Moody's rating: Baa1 - Baa3 $ 4,492 $ 8,880 Ba1 - Ba3 151,790 134,061 B1 - B3 553,889 579,091 Caa1 - Caa3 50,280 50,475 Ca 1,905 - Total: $ 762,356 $ 772,507 Internal rating: (1) 2 $ 677,045 $ 692,198 3 68,810 70,217 4 11,927 8,713 5 4,574 1,379 Total: $ 762,356 $ 772,507 Performance: Performing $ 759,567 $ 771,128 Non-Performing 2,789 1,379 Total: $ 762,356 $ 772,507 |
Loans Held for Investment [Member] | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (in thousands) Three months ended March 31, 2018 2017 Impaired Non-impaired Impaired Non-impaired Balance, at beginning of the period $ (2,279 ) $ (494 ) $ (823 ) $ - Provision for loan losses Specific (205 ) - (711 ) - General - (364 ) - - Charge off 2,279 - - - Balance, at the end of the period $ (205 ) $ (858 ) $ (1,534 ) $ - |
Impaired Financing Receivables [Table Text Block] | Recorded Investment Unpaid Principal Related Allowance Average recorded Investment Interest Income Recognized March 31, 2018 Impaired loans with an allowance recorded $ 205 $ 205 $ 205 $ 205 $ - Impaired loans with no related allowance recorded - - - - - Total impaired loans $ 205 $ 205 $ 205 $ 205 $ - Recorded Investment Unpaid Principal Related Allowance Average recorded Investment Interest Income Recognized December 31, 2017 Impaired loans with an allowance recorded $ 1,379 $ 1,448 $ 391 $ 1,411 $ 32 Impaired loans with no related allowance recorded - - - - - Total impaired loans $ 1,379 $ 1,448 $ 391 $ 1,411 $ 32 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (In thousands) Held for Investment - March 31, December 31, 2018 2017 Moody's rating: Baa1 - Baa3 $ - $ Ba1 - Ba3 25,833 12,174 B1 - B3 113,738 64,170 Caa1 - Caa3 3,868 5,310 Not Rated 2,669 4,595 Total: $ 146,108 $ 86,249 Internal rating (1) 2 $ 139,815 $ 77,525 3 3,491 384 4 - 2,613 5 383 1,379 Not rated 2,419 4,348 Total: $ 146,108 $ 86,249 Performance: Performing $ 146,093 $ 83,161 Non-performing 15 3,088 Total: $ 146,108 $ 86,249 |
Note 5 - Loans Collateralizin32
Note 5 - Loans Collateralizing Asset-backed Securities Issued (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (In thousands) Three Months Ended March 31, 2018 2017 Impaired Non-Impaired Impaired Non-Impaired Balance at beginning of period $ (391 ) $ (6,533 ) $ (937 ) $ (5,603 ) Provision for loan losses: Specific reserve (953 ) - (971 ) - General reserve - 41 - 416 Charge off 135 - - - Balance at end of period $ (1,209 ) $ (6,492 ) $ (1,908 ) $ (5,187 ) |
Impaired Financing Receivables [Table Text Block] | (In thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized March 31, 2018 Impaired loans with an allowance recorded $ 2,789 $ 2,848 $ 1,209 $ 3,110 $ 9 Impaired loans with no related allowance recorded - - - - - Total Impaired Loans $ 2,789 $ 2,848 $ 1,209 $ 3,110 $ 9 December 31, 2017 Impaired loans with an allowance recorded $ 1,379 $ 1,448 $ 391 $ 1,411 $ 32 Impaired loans with no related allowance recorded - - - - - Total Impaired Loans $ 1,379 $ 1,448 $ 391 $ 1,411 $ 32 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (In thousands) Cash Flow Loans March 31, December 31, 2018 2017 Moody's rating: Baa1 - Baa3 $ 4,492 $ 8,880 Ba1 - Ba3 151,790 134,061 B1 - B3 553,889 579,091 Caa1 - Caa3 50,280 50,475 Ca 1,905 - Total: $ 762,356 $ 772,507 Internal rating: (1) 2 $ 677,045 $ 692,198 3 68,810 70,217 4 11,927 8,713 5 4,574 1,379 Total: $ 762,356 $ 772,507 Performance: Performing $ 759,567 $ 771,128 Non-Performing 2,789 1,379 Total: $ 762,356 $ 772,507 |
Note 6 - Debt (Tables)
Note 6 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | (In thousands) March 31, 2018 2018 $ 2019 2020 2021 2022 Thereafter Total $ |
Senior Notes [Member] | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | (In thousands) March 31, 2018 December 31, 2017 $46 million, 8.00%, issued in January 2013, due on January 15, 2023 $ 45,905 $ 45,905 $50 million, 7.25%, issued in November 2017, due on November 15, 2027 50,000 50,000 Total remaining principal $ 95,905 $ 95,905 Less: Debt issuance costs (2,836 ) (2,810 ) Total debt obligations $ 93,069 $ 93,095 |
Schedule of Debt [Table Text Block] | (In thousands) Outstanding Balance March 31, 2018 December 31, 2017 $200 million CLO V Warehouse Credit Facility through July 31, 2018 $ 112,800 $ 61,250 $25 million, 4.50% as of March 31, 2018, JMP Holding Credit Agreement through July 1, 2018 8,000 - $3.9 million, 2.99%, Repurchase Agreement through June 14, 2018 3,878 - $20 million, JMP Securities Revolving LOC through June 6, 2018 (1) - - Other 829 - Total Credit Facilities $ 125,507 $ 61,250 (1) The line of credit bears interest at a rate to be agreed upon at the time of advance between the Company and CNB. |
Note 7 - Asset-backed Securit34
Note 7 - Asset-backed Securities Issued (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | (In thousands) March 31, 2018 2018 $ 2019 2020 2021 2022 Thereafter Total $ |
CLO III and CLO IV [Member] | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | (In thousands) As of March 31, 2018 As of December 31, 2017 Outstanding Interest Rate Weighted Average Remaining Maturity Outstanding Interest Rate Weighted Average Remaining Maturity Class A Senior Secured Floating Rate Notes $ 513,750 1.37% - 1.53% 10.56 $ 513,750 1.24% - 1.37% 9.22 Class B Senior Secured Floating Rate Notes 95,700 1.90% - 2.05% 10.56 95,700 1.80% - 1.90% 9.26 Class C Senior Secured Deferrable Floating Rate Notes 49,500 2.65% - 2.90% 10.55 49,500 2.60% - 2.65% 9.18 Class D Senior Secured Deferrable Floating Rate Notes 46,350 4.15% - 5.10% 10.53 46,350 3.90% - 4.15% 9.14 Class E Senior Secured Deferrable Floating Rate Notes 40,800 6.80% - 7.35% 10.55 40,800 6.80% - 7.10% 9.21 Total secured notes sold to investors $ 746,100 $ 746,100 Less: Debt issuance cost (6,589 ) (7,852 ) Less: Repurchase of debt (4,453 ) - Total CLOs asset-backed securities issued $ 735,058 $ 738,248 |
CLO III and CLO IV [Member] | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | (In thousands) As of March 31, 2018 2018 $ - 2019 - 2020 - 2021 - 2022 - Thereafter 741,647 Total $ 741,647 |
Note 9 - Share-based Compensa35
Note 9 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Three Months Ended March 31, 2018 Shares Subject Weighted Average to Option Exercise Price Balance, beginning of year 2,515,000 $ 6.55 Balance, end of period 2,515,000 $ 6.55 Options exercisable at end of period 2,515,000 $ 6.55 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | March 31, 2018 Options Outstanding Options Vested and Exercisable Weighted Weighted Average Weighted Average Weighted Range of Remaining Average Aggregate Remaining Average Aggregate Exercise Number Contractual Exercise Intrinsic Number Contractual Exercise Intrinsic Prices Outstanding Life in Years Price Value Exercisable Life in Years Price Value $6.05 - $7.33 2,515,000 1.27 $ 6.55 $ - 2,515,000 1.27 $ 6.55 - |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Three Months Ended March 31, 2018 Restricted Weighted Average Share Units Grant Date Fair Value Balance, beginning of year 277,193 $ 5.60 Granted 327,617 5.19 Vested (14,588 ) 6.00 Forfeited (3,834 ) 5.70 Balance, end of period 586,388 $ 5.36 |
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity [Table Text Block] | Three Months Ended March 31, 2018 Share Appreciation Weighted Average Rights Exercise Price Balance, beginning of year 2,485,000 $ 7.33 Balance, end of period 2,485,000 $ 7.33 |
Stock Appreciation Rights Outstanding Detail [Table Text Block] | March 31, 2018 Options Outstanding Weighted Average Weighted Range of Remaining Average Aggregate Exercise Prices Number Contractual Exercise Intrinsic Outstanding Life in Years Price Value $7.33 - $7.33 2,485,000 1.75 $ 7.33 $ - |
Note 10 - Net Income Per Comm36
Note 10 - Net Income Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (In thousands, except per share data) Three Months Ended March 31, 2018 2017 Numerator: Net income (loss) attributable to JMP Group, LLC $ (283 ) $ (4,740 ) Denominator: Basic weighted average shares outstanding 21,666 21,573 Effect of potential dilutive securities: Restricted share units - - Diluted weighted average shares outstanding 21,666 21,573 Net income (loss) per share Basic $ (0.01 ) $ (0.22 ) Diluted $ (0.01 ) $ (0.22 ) |
Note 13 - Commitments and Con37
Note 13 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (In thousands) Minimum Future Lease Year ending December 31, Commitments 2018 $ 4,848 2019 4,237 2020 2,858 2021 2,847 2022 2,717 Thereafter 7,653 Total Lease Commitments $ 25,160 |
Note 19 - Business Segments (Ta
Note 19 - Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (In thousands) Three Months Ended March 31, 2018 2017 Broker-Dealer Non-interest revenues $ 25,329 $ 18,890 Total net revenues after provision for loan losses $ 25,329 $ 18,890 Non-interest expenses 22,916 18,561 Segment operating pre-tax net income $ 2,413 $ 329 Segment assets $ 59,619 $ 48,498 Asset Management Non-interest revenues $ 3,989 $ 5,311 Total net revenues after provision for loan losses $ 3,989 $ 5,311 Non-interest expenses 5,020 5,095 Segment operating pre-tax net loss $ (1,031 ) $ 216 Segment assets $ 19,004 $ 17,581 Corporate Non-interest revenues $ 2,168 $ 3,289 Net interest income 2,127 15 Gain on repurchase/early retirement of debt - 210 Provision for loan losses (893 ) (1,413 ) Total net revenues after provision for loan losses $ 3,402 $ 2,101 Non-interest expenses 6,447 5,284 Segment operating pre-tax net loss $ (3,045 ) $ (3,183 ) Segment assets $ 1,310,615 1,139,774 Eliminations Non-interest revenues $ (979 ) $ (1,041 ) Total net revenues after provision for loan losses $ (979 ) $ (1,041 ) Non-interest expenses (981 ) (1,041 ) Segment operating pre-tax net income $ 2 $ - Segment assets $ (287,419 ) $ (324,665 ) Consolidating adjustments and reconciling items Non-interest revenues $ (2,213 ) (a) $ (1,987 ) (a) Net interest income 881 (b) 957 (b) Loss on repurchase/early retirement of debt (2,626 ) - (Provision) reversal for loan losses (572 ) 147 Total net revenues after provision for loan losses $ (4,530 ) $ (883 ) Non-interest expenses 1,124 (c) 1,706 (c) Non-controlling interest expense (1,464 ) 597 Segment operating pre-tax net loss $ (4,190 ) (d) $ (3,186 ) (d) Segment assets $ - $ - Total Segments Non-interest revenues $ 28,294 $ 24,462 Net interest income 3,008 972 Gain (loss) repurchase/early retirement of debt (2,626 ) 210 (Provision) reversal for loan losses (1,465 ) (1,266 ) Total net revenues after provision for loan losses $ 27,211 $ 24,378 Non-interest expenses 34,526 29,605 Non-controlling interest expense (1,464 ) 597 Segment operating pre-tax net loss $ (5,851 ) $ (5,824 ) Total assets $ 1,101,818 $ 881,188 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | (In thousands) Three Months Ended March 31, 2018 2017 Operating net loss $ (1,631 ) $ (2,083 ) Subtract of Segment income tax benefit (30 ) (555 ) Total Segments adjusted operating pre-tax net income $ (1,661 ) $ (2,638 ) Subtract (Add back) Compensation expense - Share options (97 ) 67 Compensation expense - RSUs 160 239 Deferred compensation program accounting adjustment 81 654 Net unrealized loss/ (gain) on strategic equity investments and warrants. 638 419 General loan loss reserve for the CLOs 329 (418 ) Unrealized loss - real estate-related depreciation and amortization 1,628 2,156 CLO refinancing and accelerated expenses 64 - Loss on early debt retirement 1,318 - Gain on loan portfolio acquired 69 69 Total Consolidation Adjustments and Reconciling Items 4,190 3,186 Consolidated pre-tax net loss attributable to JMP Group LLC (5,851 ) (5,824 ) Income tax benefit (5,568 ) (1,084 ) Consolidated Net Loss attributable to JMP Group LLC $ (283 ) $ (4,740 ) |
Note 20 - Nonconsolidated Var39
Note 20 - Nonconsolidated Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | As of (In thousands) March 31, 2018 December 31, 2017 Investment $ 6,125 $ 8,226 Receivables 46 262 Total 6,171 8,488 |
Note 21 - Condensed Consolida40
Note 21 - Condensed Consolidating Financial Statements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | As of March 31, 2018 Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Assets Cash and cash equivalents $ 512 $ 4,660 $ 3,592 $ 39,094 $ - $ 47,858 Restricted cash and deposits - 1,471 - 68,948 - 70,419 Investment banking fees receivable, net of allowance for doubtful accounts - - - 8,233 - 8,233 Marketable securities owned, at fair value - - 9,529 10,206 (95 ) 19,640 Other investments 774 3,509 7,407 9,796 (4,453 ) 17,033 Loans held for investment, net of allowance for loan losses - - 3,097 142,156 - 145,253 Loans collateralizing asset-backed securities issued, net of allowance for loan losses - - - 754,632 - 754,632 Interest receivable - - 180 2,376 (117 ) 2,439 Fixed assets, net - - - 2,169 - 2,169 Other assets (5,667 ) 137,926 (7,356 ) 65,531 (156,292 ) 34,142 Investment in subsidiaries 224,087 71,969 125,267 - (421,323 ) - Total assets $ 219,706 $ 219,535 $ 141,716 $ 1,103,141 $ (582,280 ) $ 1,101,818 Liabilities and Equity Liabilities: Marketable securities sold, but not yet purchased, at fair value $ - $ - $ - $ 6,280 $ - $ 6,280 Accrued compensation 250 658 13 9,143 - 10,064 Asset-backed securities issued - - - 739,511 (4,453 ) 735,058 Interest payable - 1,240 5 4,915 (117 ) 6,043 Repurchase agreement - - 3,878 - - 3,878 Not payable 137,603 - - 25,763 (154,537 ) 8,829 CLO V warehouse credit facility - - - 112,800 - 112,800 Bond payable - 93,164 - - (95 ) 93,069 Other liabilities 3,013 5,575 - 12,722 (1,649 ) 19,661 Total liabilities $ 140,866 $ 100,637 $ 3,896 $ 911,134 $ (160,851 ) $ 995,682 Total members' (deficit) equity 78,840 118,898 124,196 193,126 (421,642 ) 93,418 Nonredeemable Non-controlling Interest $ - $ - $ 13,624 $ (1,119 ) $ 213 $ 12,718 Total equity $ 78,840 $ 118,898 $ 137,820 $ 192,007 $ (421,429 ) $ 106,136 Total liabilities and equity $ 219,706 $ 219,535 $ 141,716 $ 1,103,141 $ (582,280 ) $ 1,101,818 As of December 31, 2017 Parent Company Subsidiary Issuer Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Assets Cash and cash equivalents $ 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 accounts - - - 9,567 - 9,567 Marketable securities owned, at fair value - - 9,464 11,456 (95 ) 20,825 Other investments - 3,101 11,543 13,340 - 27,984 Loans held for investment, net of allowance for loan losses - - 4,233 79,715 - 83,948 Loans collateralizing asset-backed securities issued, net of allowance for loan losses - - - 765,583 - 765,583 Interest receivable - 4 165 2,090 - 2,259 Fixed assets, net - - - 2,322 - 2,322 Other assets (4,603 ) 132,931 (8,787 ) 64,490 (157,214 ) 26,817 Investment in subsidiaries 226,894 70,775 127,325 - (424,994 ) - Total assets $ 223,242 $ 213,101 $ 156,624 $ 1,065,962 $ (582,303 ) $ 1,076,626 Liabilities and Equity Liabilities: Marketable securities sold, but not yet purchased, at fair value $ - $ - $ - $ 7,919 $ - $ 7,919 Accrued compensation - 150 - 42,981 - 43,131 Asset-backed securities issued - - - 738,248 - 738,248 Interest payable - 1,109 - 5,403 - 6,512 CLO V warehouse credit facility - - - 61,250 - 61,250 Bond payable - 93,198 - - (95 ) 93,103 Other liabilities 138,796 5,710 - 28,885 (157,107 ) 16,284 Total liabilities $ 138,796 $ 100,167 $ - $ 884,686 $ (157,202 ) $ 966,447 Total members' (deficit) equity 84,446 112,934 141,955 182,313 (425,313 ) 96,335 Nonredeemable Non-controlling Interest $ - $ - $ 14,669 $ (1,037 ) $ 212 $ 13,844 Total equity $ 84,446 $ 112,934 $ 156,624 $ 181,276 $ (425,101 ) $ 110,179 Total liabilities and equity $ 223,242 $ 213,101 $ 156,624 $ 1,065,962 $ (582,303 ) $ 1,076,626 |
Condensed Income Statement [Table Text Block] | For the Three Months Ended March 31, 2018 Parent Company Subsidiary Issuer Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Revenues Investment banking $ - $ - $ - $ 20,662 $ - $ 20,662 Brokerage - - - 4,664 - 4,664 Asset management fees - - - 6,604 (179 ) 6,425 Principal transactions (2,044 ) (18 ) (1,132 ) (426 ) - (3,620 ) Loss on sale, payoff and mark-to-market of loans - - - (182 ) - (182 ) Net dividend income 1 3 270 22 - 296 Other income - - - 49 - 49 Equity earnings of subsidiaries 3,807 71 (288 ) - (3,590 ) - Non-interest revenues 1,764 56 (1,150 ) 31,393 (3,769 ) 28,294 Interest income 372 1,141 292 12,974 (2,069 ) 12,710 Interest expense (1,139 ) (2,292 ) (5 ) (8,335 ) 2,069 (9,702 ) Net interest income (767 ) (1,151 ) 287 4,639 - 3,008 Loss on repurchase or early retirement of debt - - - (2,626 ) - (2,626 ) Reversal (provision) for loan losses - - 15 (1,480 ) - (1,465 ) Total net revenues after provision for loan losses 997 (1,095 ) (848 ) 31,926 (3,769 ) 27,211 Non-interest expenses Compensation and benefits 412 841 48 22,960 - 24,261 Administration 131 137 22 2,122 (179 ) 2,233 Brokerage, clearing and exchange fees - - - 777 - 777 Travel and business development 67 15 - 872 - 954 Managed Deal Expense - 2 - 1,060 - 1,062 Communications and technology - - - 1,566 - 1,566 Occupancy - - - 1,117 - 1,117 Professional fees 672 84 - 1,149 - 1,905 Depreciation - - - 264 - 264 Other - - 69 318 - 387 Total non-interest expenses 1,282 1,079 139 32,205 (179 ) 34,526 Net loss before income tax expense (285 ) (2,174 ) (987 ) (279) (3,590 ) (7,315 ) Income tax expense (benefit) - (5,989 ) - 421 - (5,568 ) Net income (loss) (285 ) 3,815 (987 ) (700 ) (3,590 ) (1,747 ) Less: Net loss attributable to nonredeemable non-controlling interest - - (1,045 ) (419 ) - (1,464 ) Net income (loss) attributable to JMP Group LLC $ (285 ) $ 3,815 $ 58 $ (281 ) $ (3,590 ) $ (283 ) For the Three Months Ended March 31, 2017 Parent Company Subsidiary Issuer Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Revenues Investment banking $ - $ - $ - $ 13,600 $ - $ 13,600 Brokerage - - - 5,286 - 5,286 Asset management fees - - - 5,951 (40 ) 5,911 Principal transactions - 8 (396 ) (1,505 ) - (1,893 ) Gain on sale, payoff and mark-to-market of loans - - - 847 - 847 Net dividend income - - 256 10 - 266 Other income - - - 445 - 445 Equity earnings of subsidiaries (2,766 ) (284 ) 583 - 2,467 - Non-interest revenues (2,766 ) (276 ) 443 24,634 2,427 24,462 Interest income 368 1,139 98 9,545 (2,083 ) 9,067 Interest expense (1,139 ) (2,274 ) - (6,765 ) 2,083 (8,095 ) Net interest income (771 ) (1,135 ) 98 2,780 - 972 Gain on repurchase or early retirement of debt 210 - - - - 210 Provision for loan losses - - - (1,266 ) - (1,266 ) Total net revenues after provision for loan losses (3,327 ) (1,411 ) 541 26,148 2,427 24,378 Non-interest expenses Compensation and benefits 535 646 247 20,370 - 21,798 Administration 127 122 26 1,584 (40 ) 1,819 Brokerage, clearing and exchange fees - - - 759 - 759 Travel and business development 78 - - 837 - 915 Communications and technology 1 2 - 1,050 - 1,053 Occupancy - - - 1,111 - 1,111 Professional fees 672 67 - 423 - 1,162 Depreciation - - - 311 - 311 Other - 6 69 602 - 677 Total non-interest expenses 1,413 843 342 27,047 (40 ) 29,605 Net income (loss) before income tax expense (4,740 ) (2,254 ) 199 (899 ) 2,467 (5,227 ) Income tax benefit - (1,020 ) - (64 ) - (1,084 ) Net income (loss) (4,740 ) (1,234 ) 199 (835 ) 2,467 (4,143 ) Less: Net income attributable to nonredeemable non-controlling interest - - 437 160 - 597 Net income (loss) attributable to JMP Group LLC $ (4,740 ) $ (1,234 ) $ (238 ) $ (995 ) $ 2,467 $ (4,740 ) |
Condensed Cash Flow Statement [Table Text Block] | For the Three Months Ended March 31, 2018 Parent Company Subsidiary Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Cash flows from operating activities: Net cash provided by (used in) operating activities $ 5,341 $ (566 ) $ 6,419 $ (29,990 ) $ (3,586 ) $ (22,382 ) Cash flows from investing activities: Purchases of fixed assets - - - (111 ) - (111 ) Investment in subsidiary 2,807 (1,194 ) 2,058 - (3,671 ) - Purchases of other investments - (426 ) (5,021 ) - 4,453 (994 ) Sales of other investments - - 228 540 - 768 Funding of loans collateralizing asset-backed securities issued - - - (72,642 ) - (72,642 ) Funding of loans held for investment - - - (63,245 ) - (63,245 ) Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued - - - 82,909 - 82,909 Principal payments on loans held for investment - - 1,166 265 - 1,431 Net changes in cash collateral posted for derivative transactions - - - - - - Net cash provided by (used in) investing activities $ 2,807 $ (1,620 ) $ (1,569 ) $ (52,284 ) $ 782 $ (51,884 ) Cash flows from financing activities: Proceeds from issuance of note payable - - 3,878 - - 3,878 Proceeds from CLO V credit warehouse - - - 51,550 - 51,550 Proceeds from line of credit - - - 8,000 - 8,000 Proceeds from sale of note payable to affiliate - - - 829 - 829 Payments of debt issuance costs - (122 ) - (1,715 ) - (1,837 ) Repayment of asset-backed securities issued - - - (332,100 ) - (332,100 ) Proceeds of issuance from asset-backed securities issued - - - 332,100 (4,453 ) 327,646 Distributions and dividend equivalents paid on common shares and RSUs (2,038 ) - - - - (2,038 ) Capital contributions of parent (5,505 ) 2,149 (17,817 ) 13,916 7,257 - Capital contributions of nonredeemable non-controlling interest holders - - - 445 - 445 Purchases of common shares for treasury (1,044 ) - - - - (1,044 ) Distributions to non-controlling interest shareholders - - - (108 ) - (108 ) Net cash provided by (used in) financing activities $ (8,587 ) $ 2,027 $ (13,939 ) $ 72,917 $ 2,804 $ 55,222 Net decrease in cash, cash equivalents, and restricted cash (439 ) (159 ) (9,089 ) (9,357 ) - (19,044 ) Cash, cash equivalents, and restricted cash at beginning of period 951 6,290 12,681 117,399 - 137,321 Cash, cash equivalents, and restricted cash at end of period $ 512 $ 6,131 $ 3,592 $ 108,042 $ - $ 118,277 (In thousands) For the Three Months Ended March 31, 2017 Parent Company Subsidiary Issuer Guarantor Subsidiary Non- Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Cash flows from operating activities: Net cash provided by (used in) operating activities $ (4,588 ) $ 652 $ 7,515 $ (22,347 ) $ (19,613 ) $ (38,381 ) Cash flows from investing activities: Purchases of fixed assets - - - (31 ) - (31 ) Investment in subsidiary 14,944 113 18,116 - (33,173 ) - Purchases of other investments (7,000 ) (844 ) (146 ) - 7,000 (990 ) Sales of other investments - 102 214 (8,784 ) 15,080 6,612 Funding of loans collateralizing asset-backed securities issued - - - (50,122 ) - (50,122 ) Sale and payoff of loans collateralizing asset-backed securities issued - - - 111,743 - 111,743 Principal receipts on loans collateralizing asset-backed securities issued - - - 16,728 - 16,728 Cash collateral posted for total return swap - - - (940 ) - (940 ) Net cash provided by (used in) investing activities $ 7,944 $ (629 ) $ 18,184 $ 68,594 $ (11,093 ) $ 83,000 Cash flows from financing activities: Repayment of asset-backed securities issued - - - (206,202 ) - (206,202 ) Distributions and dividend equivalents paid on common shares and RSUs (1,954 ) - - - - (1,954 ) Capital contributions of parent - 351 5,153 (36,210 ) 30,706 - Capital contributions of nonredeemable non-controlling interest holders - - 92 - - 92 Distribution to non-controlling interest shareholders - - (1,841 ) (199 ) - (2,040 ) Proceeds from exercise of share options 889 - - - - 889 Employee taxes paid on shares withheld for tax-withholding purposes (184 ) - - - - (184 ) Net cash provided by (used in) financing activities $ (1,249 ) $ 351 $ 3,404 $ (242,611 ) $ 30,706 (209,399 ) Net increase (decrease) in cash, cash equivalents, and restricted cash 2,107 374 29,103 (196,364 ) - (164,780 ) Cash, cash equivalents, and restricted cash at beginning of period 255 3,234 5,060 304,599 - 313,148 Cash, cash equivalents, and restricted cash at end of period $ 2,362 $ 3,608 $ 34,163 $ 108,235 $ - $ 148,368 |
Note 1 - Organization and Des41
Note 1 - Organization and Description of Business (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Feb. 28, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | |
Gain (Loss) on Extinguishment of Debt, Total | $ (2,626) | $ 210 | |
Asset Back Securities Issued by JMP Credit Advisors CLO III Ltd [Member] | |||
Decrease in Weighted Average Cost of Funds | 0.55% | ||
Increase in Reinvestment Period | 2 years | ||
Gain (Loss) on Extinguishment of Debt, Total | $ (2,600) |
Note 3 - Recent Accounting Pr42
Note 3 - Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net Cash Provided by (Used in) Operating Activities, Total | $ (22,382) | $ (38,381) |
Net Cash Provided by (Used in) Investing Activities, Total | $ (51,884) | 83,000 |
Accounting Standards Update 2016-18 [Member] | ||
Net Cash Provided by (Used in) Operating Activities, Total | (900) | |
Net Cash Provided by (Used in) Investing Activities, Total | $ (159,600) |
Note 3 - Recent Accounting Pr43
Note 3 - Recent Accounting Pronouncements - Impact to Revenues and Expenses as Result of Adoption of New Accounting Standard (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Total non-interest revenues | $ 28,294 | $ 24,462 | |
Total net revenues after provision for loan losses | 27,211 | 24,378 | |
Travel and business development | 954 | 915 | |
Managed Deal Expense | 1,062 | ||
Professional fees | 1,905 | 1,162 | |
Total non-comp expenses | 10,265 | ||
Total expenses | 34,526 | 29,605 | |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Total non-interest revenues | 2,040 | ||
Total net revenues after provision for loan losses | 2,040 | ||
Travel and business development | 346 | ||
Managed Deal Expense | 1,566 | ||
Professional fees | 128 | ||
Total non-comp expenses | 2,040 | ||
Total expenses | 2,040 | ||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||
Total non-interest revenues | [1] | 26,254 | |
Total net revenues after provision for loan losses | [1] | 25,171 | |
Travel and business development | [1] | 612 | |
Managed Deal Expense | [1] | ||
Professional fees | [1] | 1,777 | |
Total non-comp expenses | [1] | 8,225 | |
Total expenses | [1] | 32,486 | |
Investment Banking [Member] | |||
Investment banking | 20,662 | $ 13,600 | |
Investment Banking [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Investment banking | 2,040 | ||
Investment Banking [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||
Investment banking | [1] | $ 18,622 | |
[1] | Amounts reflect each impacted consolidated financial statement line item as they would have been reported under accounting principals generally accepted in the United States of America prior to the adoption of the new revenue standard. |
Note 4 - Fair Value Measureme44
Note 4 - Fair Value Measurements (Details Textual) $ in Thousands | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2017USD ($) |
Number of Loans Held for Investment | 8 | ||
Financing Receivable, Net, Total | $ 2,400 | $ 2,400 | |
Financing Receivable, Individually Evaluated for Impairment | $ 1,400 | $ 200 | |
CLO V Warehouse Portfolio [Member] | |||
Financing Receivable, Net, Total | 139,700 | ||
Fair Value, Measurements, Nonrecurring [Member] | |||
Loans Receivable, Fair Value Disclosure | 900 | 2,000 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | $ 8,800 | $ 7,900 |
Note 4 - Fair Value Measureme45
Note 4 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Marketable securities sold, but not yet purchased | $ 6,280 | $ 7,919 | |
Liabilities | |||
Marketable securities sold, but not yet purchased | 6,280 | 7,919 | |
Reported Value Measurement [Member] | |||
Cash and cash equivalents | 47,858 | 85,594 | |
Restricted cash and deposits | 70,419 | 51,727 | |
Marketable securities owned | 19,640 | 20,825 | |
Other investments (1) | [1] | 1,290 | 10,226 |
Other investments measured at net asset value (1) | [1] | 8,754 | 8,224 |
Loans held for investment, net of allowance for loan losses | 145,253 | 83,948 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 754,632 | 765,583 | |
Total assets: | 1,047,846 | 1,032,928 | |
Marketable securities sold, but not yet purchased | 6,280 | 7,919 | |
Repurchase agreement | 3,878 | ||
Notes payable | 8,829 | ||
Asset-backed securities issued | 735,058 | 738,248 | |
Bond payable | 93,069 | 93,103 | |
CLO V warehouse credit facility | 112,800 | 61,250 | |
Total liabilities: | 959,914 | 900,520 | |
Receivable from clearing broker | 6,801 | ||
Liabilities | |||
Marketable securities sold, but not yet purchased | 6,280 | 7,919 | |
Asset-backed securities issued | 735,058 | 738,248 | |
Bond payable | 93,069 | 93,103 | |
CLO V warehouse credit facility | 112,800 | 61,250 | |
Total liabilities: | 959,914 | 900,520 | |
Estimate of Fair Value Measurement [Member] | |||
Cash and cash equivalents | 47,858 | 85,594 | |
Restricted cash and deposits | 70,419 | 51,727 | |
Marketable securities owned | 19,640 | 20,825 | |
Other investments (1) | [1] | 1,290 | 10,226 |
Other investments measured at net asset value (1) | [1] | ||
Loans held for investment, net of allowance for loan losses | 146,440 | 84,298 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 759,211 | 766,298 | |
Total assets: | 1,044,858 | 1,025,769 | |
Marketable securities sold, but not yet purchased | 6,280 | 7,919 | |
Repurchase agreement | 3,878 | ||
Notes payable | 8,829 | ||
Asset-backed securities issued | 740,235 | 748,015 | |
Bond payable | 96,148 | 97,014 | |
CLO V warehouse credit facility | 112,800 | 61,250 | |
Total liabilities: | 968,170 | 914,198 | |
Receivable from clearing broker | 6,801 | ||
Liabilities | |||
Marketable securities sold, but not yet purchased | 6,280 | 7,919 | |
Asset-backed securities issued | 740,235 | 748,015 | |
Bond payable | 96,148 | 97,014 | |
CLO V warehouse credit facility | 112,800 | 61,250 | |
Total liabilities: | 968,170 | 914,198 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and cash equivalents | 47,858 | 85,594 | |
Restricted cash and deposits | 70,419 | 51,727 | |
Marketable securities owned | 19,640 | 20,825 | |
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: | 137,917 | 164,947 | |
Marketable securities sold, but not yet purchased | 6,280 | 7,919 | |
Repurchase agreement | |||
Notes payable | |||
Asset-backed securities issued | |||
Bond payable | 96,148 | ||
CLO V warehouse credit facility | |||
Total liabilities: | 6,280 | 7,919 | |
Receivable from clearing broker | 6,801 | ||
Liabilities | |||
Marketable securities sold, but not yet purchased | 6,280 | 7,919 | |
Asset-backed securities issued | |||
Bond payable | 96,148 | ||
CLO V warehouse credit facility | |||
Total liabilities: | 6,280 | 7,919 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash and cash equivalents | |||
Restricted cash and deposits | |||
Marketable securities owned | |||
Other investments (1) | [1] | 1,290 | 10,226 |
Other investments measured at net asset value (1) | [1] | ||
Loans held for investment, net of allowance for loan losses | 143,756 | 80,956 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 759,211 | 766,298 | |
Total assets: | 904,257 | 857,480 | |
Marketable securities sold, but not yet purchased | |||
Repurchase agreement | 3,878 | ||
Notes payable | 8,829 | ||
Asset-backed securities issued | 740,235 | 748,015 | |
Bond payable | 97,014 | ||
CLO V warehouse credit facility | 112,800 | 61,250 | |
Total liabilities: | 961,890 | 906,279 | |
Receivable from clearing broker | |||
Liabilities | |||
Marketable securities sold, but not yet purchased | |||
Asset-backed securities issued | 740,235 | 748,015 | |
Bond payable | 97,014 | ||
CLO V warehouse credit facility | 112,800 | 61,250 | |
Total liabilities: | 961,890 | 906,279 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash and cash equivalents | |||
Restricted cash and deposits | |||
Marketable securities owned | |||
Other investments (1) | [1] | ||
Other investments measured at net asset value (1) | [1] | ||
Loans held for investment, net of allowance for loan losses | 2,684 | 3,342 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | |||
Total assets: | 2,684 | 3,342 | |
Marketable securities sold, but not yet purchased | |||
Repurchase agreement | |||
Notes payable | |||
Asset-backed securities issued | |||
Bond payable | |||
CLO V warehouse credit facility | |||
Total liabilities: | |||
Receivable from clearing broker | |||
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 Measureme46
Note 4 - Fair Value Measurements - Fair Value of Assets and Liabilities on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | ||
Investments in hedge funds managed by the Company | $ 10,044 | $ 18,450 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Marketable securities owned | 19,640 | 20,825 | ||
Investments in hedge funds managed by the Company | 10,226 | |||
Total assets: | 20,930 | 31,051 | ||
Marketable securities sold, but not yet purchased | 6,280 | 7,919 | ||
Total liabilities: | 6,280 | 7,919 | ||
Fair Value, Measurements, Recurring [Member] | Investments In Hedge Funds Managed By HCS [Member] | ||||
Investments in hedge funds managed by the Company | 1,290 | 10,226 | ||
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] | 1,290 | 10,226 | |
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 | 1,290 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Marketable securities owned | 19,640 | 20,825 | ||
Investments in hedge funds managed by the Company | ||||
Total assets: | 19,640 | 20,825 | ||
Marketable securities sold, but not yet purchased | 6,280 | 7,919 | ||
Total liabilities: | 6,280 | 7,919 | ||
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 | 10,226 | |||
Total assets: | 1,290 | 10,226 | ||
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 | 1,290 | 10,226 | ||
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] | 1,290 | 10,226 | |
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 | 1,290 | |||
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: | 1,047,846 | 1,032,928 | ||
Total liabilities: | 959,914 | 900,520 | ||
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Marketable securities owned | 19,640 | 20,825 | ||
Investments in hedge funds managed by the Company | 18,450 | |||
Total assets: | 29,684 | 39,275 | ||
Marketable securities sold, but not yet purchased | 6,280 | 7,919 | ||
Total liabilities: | 6,280 | 7,919 | ||
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 | 1,290 | 10,226 | ||
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] | 4,453 | 4,463 | |
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] | 5,745 | 14,689 | |
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 | 4,301 | $ 3,761 | [1] | |
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Total Return Swap [Member] | ||||
Investments in hedge funds managed by the Company | $ 10,044 | |||
[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. |
Note 4 - Fair Value Measureme47
Note 4 - Fair Value Measurements - Valuation Techniques With Unobservable Inputs (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Investments fair value | $ 10,044 | $ 18,450 |
Limited Partner Investment in Private Equity Fund [Member] | Nonredeemable Funds [Member] | ||
Investments fair value | 4,301 | 3,761 |
Limited partner investments in private equity/real estate funds | 667 | 1,235 |
Investments in Private Equity Funds Managed by HCS [Member] | Nonredeemable Funds [Member] | ||
Investments fair value | 4,453 | 4,173 |
Limited partner investments in private equity/real estate funds |
Note 4 - Fair Value Measureme48
Note 4 - Fair Value Measurements - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Provision for loan losses | $ (1,465) | $ (1,266) |
Impaired Loans [Member] | ||
Balance, at beginning of the period | (391) | (937) |
Balance, at the end of the period | (1,209) | (1,908) |
Impaired Loans [Member] | Specific Reserve [Member] | ||
Provision for loan losses | (953) | (971) |
Impaired Loans [Member] | General Reserve [Member] | ||
Provision for loan losses | ||
Non Impaired Loans [Member] | ||
Balance, at beginning of the period | (6,533) | (5,603) |
Balance, at the end of the period | (6,492) | (5,187) |
Non Impaired Loans [Member] | Specific Reserve [Member] | ||
Provision for loan losses | ||
Non Impaired Loans [Member] | General Reserve [Member] | ||
Provision for loan losses | 41 | 416 |
Loans Held for Investment [Member] | Impaired Loans [Member] | ||
Balance, at beginning of the period | (2,279) | (823) |
Charge off | 2,279 | |
Balance, at the end of the period | (205) | (1,534) |
Loans Held for Investment [Member] | Impaired Loans [Member] | Specific Reserve [Member] | ||
Provision for loan losses | (205) | (711) |
Loans Held for Investment [Member] | Impaired Loans [Member] | General Reserve [Member] | ||
Provision for loan losses | ||
Loans Held for Investment [Member] | Non Impaired Loans [Member] | ||
Balance, at beginning of the period | (494) | |
Charge off | ||
Balance, at the end of the period | (858) | |
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 | $ (364) |
Note 4 - Fair Value Measureme49
Note 4 - Fair Value Measurements - Schedule of Impaired Financing Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Impaired loans with an allowance recorded, recorded investment | $ 2,789 | $ 1,379 |
Impaired loans with an allowance recorded, unpaid principal balance | 2,848 | 1,448 |
Impaired loans, related allowance | 1,209 | 391 |
Impaired loans with an allowance recorded, average recorded investment | 3,110 | 1,411 |
Impaired loans with an allowance recorded, interest income recognized | 9 | 32 |
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 | 2,789 | 1,379 |
Impaired loans, unpaid principal balance | 2,848 | 1,448 |
Impaired loans, average recorded investment | 3,110 | 1,411 |
Impaired loans, interest income recognized | 9 | 32 |
Impaired Loans [Member] | Loans Held for Investment [Member] | ||
Impaired loans with an allowance recorded, recorded investment | 205 | 1,379 |
Impaired loans with an allowance recorded, unpaid principal balance | 205 | 1,448 |
Impaired loans, related allowance | 205 | 391 |
Impaired loans with an allowance recorded, average recorded investment | 205 | 1,411 |
Impaired loans with an allowance recorded, interest income recognized | 0 | 32 |
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 | 205 | 1,379 |
Impaired loans, unpaid principal balance | 205 | 1,448 |
Impaired loans, average recorded investment | 205 | 1,411 |
Impaired loans, interest income recognized | $ 0 | $ 32 |
Note 4 - Fair Value Measureme50
Note 4 - Fair Value Measurements - Credit Quality of Loans (Details) - Loans Held for Investment [Member] - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Recorded investment | $ 146,108 | $ 86,249 | |
Performing Financial Instruments [Member] | |||
Recorded investment | 146,093 | 83,161 | |
Nonperforming Financial Instruments [Member] | |||
Recorded investment | 15 | 3,088 | |
Two [Member] | |||
Recorded investment | [1] | 139,815 | 77,525 |
Three [Member] | |||
Recorded investment | [1] | 3,491 | 384 |
Four [Member] | |||
Recorded investment | [1] | 2,613 | |
Five [Member] | |||
Recorded investment | [1] | 383 | 1,379 |
Not Rated [Member] | |||
Recorded investment | [1] | 2,419 | 4,348 |
Internal Ratings [Member] | |||
Recorded investment | [1] | 146,108 | 86,249 |
Baa1 - Baa3 [Member] | |||
Recorded investment | |||
Ba1 - Ba3 [Member] | |||
Recorded investment | 25,833 | 12,174 | |
B1 - B3 [Member] | |||
Recorded investment | 113,738 | 64,170 | |
Caa1 - Caa3 [Member] | |||
Recorded investment | 3,868 | 5,310 | |
Not Rated [Member] | |||
Recorded investment | 2,669 | 4,595 | |
Moodys Credit Rating [Member] | |||
Recorded investment | $ 146,108 | $ 86,249 | |
[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 Collateralizin51
Note 5 - Loans Collateralizing Asset-backed Securities Issued (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2017USD ($) | |
Financing Receivable, Individually Evaluated for Impairment | $ 1,400 | $ 200 | |
Financing Receivable, Recorded Investment, Past Due, Total | $ 0 | $ 0 | |
Financing Receivable, Modifications, Number of Contracts | 0 | 2 | |
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 | $ 759,500 | $ 771,100 | |
Loans Collateralizing Asset Backed Securities [Member] | |||
Financing Receivable, Individually Evaluated for Impairment | $ 2,800 | $ 1,400 |
Note 5 - Loans Collateralizin52
Note 5 - Loans Collateralizing Asset-backed Securities Issued - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Provision for loan losses | $ (1,465) | $ (1,266) |
Impaired Loans [Member] | ||
Balance, at beginning of the period | (391) | (937) |
Charge off | 135 | |
Balance, at the end of the period | (1,209) | (1,908) |
Impaired Loans [Member] | Specific Reserve [Member] | ||
Provision for loan losses | (953) | (971) |
Impaired Loans [Member] | General Reserve [Member] | ||
Provision for loan losses | ||
Non Impaired Loans [Member] | ||
Balance, at beginning of the period | (6,533) | (5,603) |
Charge off | ||
Balance, at the end of the period | (6,492) | (5,187) |
Non Impaired Loans [Member] | Specific Reserve [Member] | ||
Provision for loan losses | ||
Non Impaired Loans [Member] | General Reserve [Member] | ||
Provision for loan losses | $ 41 | $ 416 |
Note 5 - Loans Collateralizin53
Note 5 - Loans Collateralizing Asset-backed Securities Issued - Schedule of Impaired Financing Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Impaired loans with an allowance recorded, recorded investment | $ 2,789 | $ 1,379 |
Impaired loans with an allowance recorded, unpaid principal balance | 2,848 | 1,448 |
Impaired loans, related allowance | 1,209 | 391 |
Impaired loans with an allowance recorded, average recorded investment | 3,110 | 1,411 |
Impaired loans with an allowance recorded, interest income recognized | 9 | 32 |
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 | 2,789 | 1,379 |
Impaired loans, unpaid principal balance | 2,848 | 1,448 |
Impaired loans, average recorded investment | 3,110 | 1,411 |
Impaired loans, interest income recognized | $ 9 | $ 32 |
Note 5 - Loans Collateralizin54
Note 5 - Loans Collateralizing Asset-backed Securities Issued - Credit Quality of Loans (Details) - Loans Collateralizing Asset Backed Securities [Member] - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Recorded investment | $ 762,356 | $ 772,507 | |
Performing Financial Instruments [Member] | |||
Recorded investment | 759,567 | 771,128 | |
Nonperforming Financial Instruments [Member] | |||
Recorded investment | 2,789 | 1,379 | |
Two [Member] | |||
Recorded investment | [1] | 677,045 | 692,198 |
Three [Member] | |||
Recorded investment | [1] | 68,810 | 70,217 |
Four [Member] | |||
Recorded investment | [1] | 11,927 | 8,713 |
Five [Member] | |||
Recorded investment | [1] | 4,574 | 1,379 |
Internal Ratings [Member] | |||
Recorded investment | [1] | 762,356 | 772,507 |
Baa1 - Baa3 [Member] | |||
Recorded investment | 4,492 | 8,880 | |
Ba1 - Ba3 [Member] | |||
Recorded investment | 151,790 | 134,061 | |
B1 - B3 [Member] | |||
Recorded investment | 553,889 | 579,091 | |
Caa1 - Caa3 [Member] | |||
Recorded investment | 50,280 | 50,475 | |
Moody's, Ca Rating [Member] | |||
Recorded investment | 1,905 | ||
Moodys Credit Rating [Member] | |||
Recorded investment | $ 762,356 | $ 772,507 | |
[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 - Debt (Details Textual)
Note 6 - Debt (Details Textual) - USD ($) $ in Thousands | Aug. 03, 2016 | Mar. 31, 2018 | Feb. 28, 2018 | Dec. 31, 2017 | Nov. 30, 2017 | Jan. 31, 2014 | Jan. 31, 2013 |
Senior Notes, Total | $ 93,069 | $ 93,103 | |||||
Long-term Line of Credit, Total | 112,800 | 61,250 | |||||
Securities Sold under Agreements to Repurchase, Total | 3,878 | ||||||
BNP Paribas [Member] | |||||||
Securities Sold Under Agreements to Repurchase, Par Value | $ 4,500 | ||||||
Securities Sold under Agreements to Repurchase, Total | 3,900 | 0 | |||||
Revolving Credit Conversion to Term Loan Portion to Be Paid in Next 2 Years Member | CNB [Member] | JMP Securities [Member] | |||||||
Long-term Line of Credit, Total | 8,000 | 0 | |||||
Line of Credit Facility, Revolving Credit Conversion to Term Loan, Repayment, Percent of Funded Debt | 5.00% | ||||||
Revolving Credit Facility [Member] | CNB [Member] | JMP Securities [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | 20,000 | |||||
Revolving Credit Facility [Member] | BNP Paribas [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 139,700 | $ 76,800 | |||||
Debt Instrument, Term | 300 days | ||||||
Revolving Credit Facility [Member] | BNP Paribas [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.30% | ||||||
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% | ||||||
Senior Notes 2013 [Member] | |||||||
Senior Notes, Total | $ 46,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% | 8.00% | ||||
Senior Notes 2017 [Member] | |||||||
Senior Notes, Total | $ 50,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% | 7.25% | ||||
Senior Notes 2013 and 2014 [Member] | |||||||
Debt Instrument, Default, Ownership Percentage | 25.00% |
Note 6 - Debt - Debt Issuance C
Note 6 - Debt - Debt Issuance Costs (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt obligation | $ 95,905 | |
Less: Debt issuance costs | (2,836) | $ (2,810) |
Senior Notes 2013 [Member] | ||
Debt obligation | 45,905 | 45,905 |
Senior Notes 2017 [Member] | ||
Debt obligation | 50,000 | 50,000 |
Senior Notes [Member] | ||
Debt obligation | 95,905 | 95,905 |
Less: Debt issuance costs | (2,836) | (2,810) |
Long-term Debt, Total | $ 93,069 | $ 93,095 |
Note 6 - Debt - Debt Issuance57
Note 6 - Debt - Debt Issuance Costs (Details) (Parentheticals) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2017 | Jan. 31, 2013 |
Senior Notes 2013 [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% | 8.00% | |
Debt obligation, face amount | $ 46,000 | $ 46,000 | ||
Senior Notes 2017 [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% | 7.25% | |
Debt obligation, face amount | $ 50,000 | $ 50,000 |
Note 6 - Debt - Summary of Sche
Note 6 - Debt - Summary of Scheduled Principal Payments of Debt Obligations (Details) $ in Thousands | Mar. 31, 2018USD ($) |
2,018 | |
2,019 | |
2,020 | |
2,021 | |
2,022 | |
Thereafter | 95,905 |
Total | $ 95,905 |
Note 6 - Debt - Notes Payable,
Note 6 - Debt - Notes Payable, Lines of Credit and Credit Facilities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Line of Credit [Member] | |||
Long-term debt | $ 125,507 | $ 61,250 | |
Notes Payable to Banks [Member] | |||
Long-term debt | 3,878 | ||
Notes Payable, Other Payables [Member] | |||
Long-term debt | 829 | ||
BNP Paribas [Member] | Line of Credit [Member] | |||
Long-term debt | 112,800 | 61,250 | |
CNB [Member] | Line of Credit [Member] | |||
Long-term debt | 8,000 | ||
CNB [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | |||
Long-term debt | [1] | ||
[1] | The line of credit bears interest at a rate to be agreed upon at the time of advance between the Company and CNB. |
Note 6 - Debt - Notes Payable60
Note 6 - Debt - Notes Payable, Lines of Credit and Credit Facilities (Details) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
BNP Paribas [Member] | Revolving Credit Facility [Member] | ||
Credit facility, maximum borrowing capacity | $ 139,700 | $ 76,800 |
Line of Credit [Member] | BNP Paribas [Member] | ||
Credit facility, maximum borrowing capacity | 200,000 | 200,000 |
Line of Credit [Member] | CNB [Member] | ||
Credit facility, maximum borrowing capacity | $ 25,000 | $ 25,000 |
Debt instrument, interest rate | 4.50% | 4.50% |
Line of Credit [Member] | CNB [Member] | Revolving Credit Facility [Member] | ||
Credit facility, maximum borrowing capacity | $ 20,000 | $ 20,000 |
Notes Payable to Banks [Member] | ||
Credit facility, maximum borrowing capacity | $ 3,900 | $ 3,900 |
Debt instrument, interest rate | 2.99% | 2.99% |
Note 7 - Asset-backed Securit61
Note 7 - Asset-backed Securities Issued (Details Textual) - CLO III and CLO IV [Member] - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Long-term Debt, Total | $ 741,647 | $ 738,248 |
Total Asset Backed Securities Issued [Member] | ||
Long-term Debt, Total | $ 754,700 | $ 765,600 |
Note 7 - Asset-backed Securit62
Note 7 - Asset-backed Securities Issued - Asset-backed Securities Issued - CLO III and CLO IV (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Notes Originally Issued | $ 95,905 | |
Less: Debt issuance cost | (2,836) | $ (2,810) |
CLO III and CLO IV [Member] | ||
Notes Originally Issued | 746,100 | 746,100 |
Less: Debt issuance cost | (6,589) | (7,852) |
Less: Repurchase of debt | (4,453) | |
Net outstanding balance | 741,647 | 738,248 |
CLO III and CLO IV [Member] | Class A Senior Secured [Member] | ||
Notes Originally Issued | $ 513,750 | $ 513,750 |
Weighted average remaining maturity (Year) | 10 years 204 days | 9 years 80 days |
CLO III and CLO IV [Member] | Class A Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||
Interest Rate Spread to LIBOR | 1.37% | 1.24% |
CLO III and CLO IV [Member] | Class A Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||
Interest Rate Spread to LIBOR | 1.53% | 1.37% |
CLO III and CLO IV [Member] | Class B Senior Secured [Member] | ||
Notes Originally Issued | $ 95,700 | $ 95,700 |
Weighted average remaining maturity (Year) | 10 years 204 days | 9 years 94 days |
CLO III and CLO IV [Member] | Class B Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||
Interest Rate Spread to LIBOR | 1.90% | 1.80% |
CLO III and CLO IV [Member] | Class B Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||
Interest Rate Spread to LIBOR | 2.05% | 1.90% |
CLO III and CLO IV [Member] | Class C Senior Secured [Member] | ||
Notes Originally Issued | $ 49,500 | $ 49,500 |
Weighted average remaining maturity (Year) | 10 years 200 days | 9 years 65 days |
CLO III and CLO IV [Member] | Class C Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||
Interest Rate Spread to LIBOR | 2.65% | 2.60% |
CLO III and CLO IV [Member] | Class C Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||
Interest Rate Spread to LIBOR | 2.90% | 2.65% |
CLO III and CLO IV [Member] | Class D Senior Secured [Member] | ||
Notes Originally Issued | $ 46,350 | $ 46,350 |
Weighted average remaining maturity (Year) | 10 years 193 days | 9 years 51 days |
CLO III and CLO IV [Member] | Class D Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||
Interest Rate Spread to LIBOR | 4.15% | 3.90% |
CLO III and CLO IV [Member] | Class D Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||
Interest Rate Spread to LIBOR | 5.10% | 4.15% |
CLO III and CLO IV [Member] | Class E Senior Secured [Member] | ||
Notes Originally Issued | $ 40,800 | $ 40,800 |
Weighted average remaining maturity (Year) | 10 years 200 days | 9 years 76 days |
CLO III and CLO IV [Member] | Class E Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||
Interest Rate Spread to LIBOR | 6.80% | 6.80% |
CLO III and CLO IV [Member] | Class E Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||
Interest Rate Spread to LIBOR | 7.35% | 7.10% |
Note 7 - Asset-backed Securit63
Note 7 - Asset-backed Securities Issued - Future Scheduled Payments With Respect to the Debt Obligations of CLOs (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
2,018 | ||
2,019 | ||
2,020 | ||
2,021 | ||
2,022 | ||
Thereafter | 95,905 | |
CLO III and CLO IV [Member] | ||
2,018 | ||
2,019 | ||
2,020 | ||
2,021 | ||
2,022 | ||
Thereafter | 741,647 | |
Long-term Debt, Total | $ 741,647 | $ 738,248 |
Note 8 - Shareholders' Equity (
Note 8 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 11, 2017 | Feb. 13, 2017 | |
Stock Repurchase Program Number of Additional Shares Authorized to Be Repurchased | 1,000,000 | 1,000,000 | ||
Treasury Stock, Shares, Acquired | 195,875 | |||
Treasury Stock Acquired, Average Cost Per Share | $ 5.33 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 1,044 | $ 184 |
Note 9 - Share-based Compensa65
Note 9 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Mar. 15, 2018 | Feb. 06, 2018 | Feb. 28, 2015 | Mar. 31, 2018 | Mar. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | ||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 58 | $ 258 | |||
Employee Stock Option [Member] | |||||
Allocated Share-based Compensation Expense, Total | 0 | 54 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | 0 | ||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 0 | 20 | |||
Restricted Stock Units (RSUs) [Member] | |||||
Allocated Share-based Compensation Expense, Total | 400 | 700 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | 2,000 | ||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 0 | 216 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 260,000 | 327,617 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 88 | 535 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 91 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.19 | ||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 67,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting Rights, Quarterly Percentage | 25.00% | ||||
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% | ||||
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% | ||||
Stock Appreciation Rights (SARs) [Member] | |||||
Allocated Share-based Compensation Expense, Total | $ 124 | 17 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | 0 | ||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 0 | $ 6 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,865,000 | ||||
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 | ||||
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 | 2.54% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 9.60% | ||||
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 9 - Share-based Compensa66
Note 9 - Share-based Compensation - Stock Option Activity (Details) | Mar. 31, 2018$ / sharesshares |
Options exercisable at end of period, shares subject to option (in shares) | shares | 2,515,000 |
Options exercisable at end of period, weighted average exercise price (in dollars per share) | $ / shares | $ 6.55 |
Note 9 - Share-based Compensa67
Note 9 - Share-based Compensation - Stock Options Outstanding and Exercisable (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Lower exercise price range (in dollars per share) | $ 6.05 | |
Upper exercise price range (in dollars per share) | $ 7.33 | |
Number of options outstanding (in shares) | 2,515,000 | 2,515,000 |
Options outstanding weighted average remaining contractual life (Year) | 1 year 98 days | |
Options outstanding weighted average exercise price (in dollars per share) | $ 6.55 | $ 6.55 |
Options outstanding aggregate intrinsic value | ||
Number of options vested and exercisable (in shares) | 2,515,000 | |
Options vested and exercisable weighted average remaining contractual life (Year) | 1 year 98 days | |
Options vested and exercisable weighted average exercise price (in dollars per share) | $ 6.55 | |
Options vested and exercisable aggregate intrinsic value |
Note 9 - Share-based Compensa68
Note 9 - Share-based Compensation - Restricted Stock Units Activity (RSUs) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | Feb. 06, 2018 | Mar. 31, 2018 |
Balance, beginning of year (in shares) | 277,193 | |
Balance, beginning of year (in dollars per share) | $ 5.60 | |
Granted Restricted Share Units (in shares) | 260,000 | 327,617 |
Granted Restricted Share Units (in dollars per share) | $ 5.19 | |
Vested Restricted Share Units (in shares) | (14,588) | |
Vested Restricted Share Units (in dollars per share) | $ 6 | |
Forfeited Restricted Share Units (in shares) | (3,834) | |
Forfeited Restricted Share Units (in dollars per share) | $ 5.70 | |
Balance, end of period (in shares) | 586,388 | |
Balance, end of period (in dollars per share) | $ 5.36 |
Note 9 - Share-based Compensa69
Note 9 - Share-based Compensation - SARs Activity (Stock Appreciation Rights (SARs) (Details) - Stock Appreciation Rights (SARs) [Member] | Mar. 31, 2018$ / sharesshares |
Balance, beginning of year (in shares) | shares | 2,485,000 |
Balance, beginning of year (in dollars per share) | $ / shares | $ 7.33 |
Balance, end of period (in shares) | shares | 2,485,000 |
Balance, end of period (in dollars per share) | $ / shares | $ 7.33 |
Note 9 - Share-based Compensa70
Note 9 - Share-based Compensation - SARs Outstanding (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Options outstanding aggregate intrinsic value | ||
Stock Appreciation Rights (SARs) [Member] | ||
Range of exercise prices, lower limit (in dollars per share) | $ 7.33 | |
Range of exercise prices, upper limit (in shares) | 7.33 | |
Number outstanding, options outstanding (in shares) | 2,485,000 | 2,485,000 |
Weighted average exercise price, options outstanding (Year) | 1 year 273 days | |
Weighted average exercise price, options outstanding (in dollars per share) | $ 7.33 | |
Options outstanding aggregate intrinsic value |
Note 10 - Net Income Per Share
Note 10 - 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 | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net income (loss) attributable to JMP Group, LLC | $ (283) | $ (4,740) |
Basic (in shares) | 21,666 | 21,573 |
Restricted share units (in shares) | ||
Diluted weighted average shares outstanding (in shares) | 21,666 | 21,573 |
Basic (in dollars per share) | $ (0.01) | $ (0.22) |
Diluted (in dollars per share) | $ (0.01) | $ (0.22) |
Note 11 - Employee Benefits (De
Note 11 - Employee Benefits (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100.00% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1 | $ 0.9 |
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 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | |
Number of Subsidiaries | 3 | |
Income Tax Expense (Benefit), Total | $ (5,568) | $ (1,084) |
Effective Income Tax Rate Reconciliation, Percent, Total | 76.12% | 20.80% |
Note 13 - Commitments and Con74
Note 13 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Operating Leases, Rent Expense, Total | $ 1.1 | |
Receivables from Clearing Organizations | 0.3 | |
Contractual Obligation, Total | 141.7 | $ 49.2 |
Corporate Credit [Member] | ||
Unfunded Commitments | $ 136.7 | $ 49.1 |
Note 13 - Commitments and Con75
Note 13 - Commitments and Contingencies - Minimum Future Commitments of Leases (Details) $ in Thousands | Mar. 31, 2018USD ($) |
2,018 | $ 4,848 |
2,019 | 4,237 |
2,020 | 2,858 |
2,021 | 2,847 |
2,022 | 2,717 |
Thereafter | 7,653 |
Total Lease Commitments | $ 25,160 |
Note 14 - Regulatory Requirem76
Note 14 - Regulatory Requirements (Details Textual) $ in Millions | Mar. 31, 2018USD ($)Rate | Dec. 31, 2017USD ($)Rate |
Ratio of Indebtedness to Net Capital | Rate | 52.00% | 58.00% |
Net Capital, Total | $ 26.2 | $ 37.3 |
Excess Net Capital at 1500 Percent, Total | 25.2 | 35.9 |
Minimum Net Capital Required, Total | $ 1 | $ 1.4 |
Maximum [Member] | ||
Ratio of Indebtedness to Net Capital | 15 |
Note 15 - Related Party Trans77
Note 15 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | Jan. 09, 2018 | Oct. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Sep. 19, 2017 |
Investments in Related Parties | $ 9,500 | $ 9,400 | ||||
Financing Receivable, Net, Total | 2,400 | $ 2,400 | ||||
Percentage of Loan Sold to Third Party | 30.00% | |||||
Value of Loan Sold to Third Party | $ 1,000 | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 446 | 92 | ||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | (1,464) | 597 | ||||
Incentive Fees Receivable [Member] | ||||||
Related Party Transaction, Due from (to) Related Party, Current, Total | 200 | 400 | ||||
Total Investment [Member] | ||||||
Related Party Transaction, Amounts of Transaction | 15,200 | 24,100 | ||||
General Partner Investments In Hedge And Other Private Funds [Member] | Private Funds [Member] | ||||||
Investments in Related Parties | 5,700 | 14,700 | ||||
Affiliated Entity [Member] | ||||||
Subscription Agreement, Percent Sold | 30.00% | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | $ 400 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | 13 | |||||
Affiliated Entity [Member] | Management Service, Base [Member] | ||||||
Revenue from Related Parties | 3,100 | 4,000 | ||||
Affiliated Entity [Member] | Management Service, Incentive [Member] | ||||||
Revenue from Related Parties | 3,400 | 1,900 | ||||
Registered Investment Adviser [Member] | ||||||
Financing Receivable, Net, Total | $ 3,400 | |||||
Loans Receivable, Interest Rate | 15.00% | |||||
Loans Receivable, Fair Value Disclosure | 2,400 | $ 2,900 | ||||
Consolidated Entity [Member] | ||||||
Loans Receivable, Fair Value Disclosure | $ 800 | $ 0 |
Note 16 - Guarantees (Details T
Note 16 - Guarantees (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Indemnification Agreement [Member] | ||
Guarantor Obligations, Current Carrying Value | $ 0 | $ 0 |
Note 18 - Financial Instrumen79
Note 18 - Financial Instruments With Off-balance Sheet Risk, Credit Risk or Market Risk (Details Textual) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Letters of Credit Outstanding, Amount | $ 1.2 | $ 0.2 |
Note 19 - Business Segments (De
Note 19 - Business Segments (Details Textual) | 3 Months Ended |
Mar. 31, 2018 | |
Number of Reportable Segments | 3 |
Percent Of Deferred Compensation Recognized | 100.00% |
Note 19 - Business Segments - S
Note 19 - Business Segments - Segment Operating Results (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | ||
Non-interest revenues | $ 28,294 | $ 24,462 | ||
Total net revenues after provision for loan losses | 27,211 | 24,378 | ||
Non-interest expenses | 34,526 | 29,605 | ||
Segment operating pre-tax net income | (5,851) | (5,824) | ||
Assets | 1,101,818 | 881,188 | $ 1,076,626 | |
Net interest income | 3,008 | 972 | ||
Gain on repurchase or early retirement of debt | (2,626) | 210 | ||
Provision for loan losses | (1,465) | (1,266) | ||
Non-controlling interest expense | (1,464) | 597 | ||
Intersegment Eliminations [Member] | ||||
Non-interest revenues | (979) | (1,041) | ||
Total net revenues after provision for loan losses | (979) | (1,041) | ||
Non-interest expenses | (981) | (1,041) | ||
Segment operating pre-tax net income | 2 | |||
Assets | (287,419) | (324,665) | ||
Segment Reconciling Items [Member] | ||||
Non-interest revenues | [1] | (2,213) | (1,987) | |
Total net revenues after provision for loan losses | (4,530) | (883) | ||
Non-interest expenses | [2] | 1,124 | 1,706 | |
Segment operating pre-tax net income | [3] | (4,190) | (3,186) | |
Assets | ||||
Net interest income | [4] | 881 | 957 | |
Gain on repurchase or early retirement of debt | 1,318 | |||
Provision for loan losses | (572) | 147 | ||
Non-controlling interest expense | (1,464) | 597 | ||
Broker Dealer [Member] | ||||
Non-interest revenues | 25,329 | 18,890 | ||
Total net revenues after provision for loan losses | 25,329 | 18,890 | ||
Non-interest expenses | 22,916 | 18,561 | ||
Segment operating pre-tax net income | 2,413 | 329 | ||
Assets | 59,619 | 48,498 | ||
Asset Management [Member] | ||||
Non-interest revenues | 3,989 | 5,311 | ||
Total net revenues after provision for loan losses | 3,989 | 5,311 | ||
Non-interest expenses | 5,020 | 5,095 | ||
Segment operating pre-tax net income | (1,031) | 216 | ||
Assets | 19,004 | 17,581 | ||
Corporate Segment [Member] | ||||
Non-interest revenues | 2,168 | 3,289 | ||
Total net revenues after provision for loan losses | 3,402 | 2,101 | ||
Non-interest expenses | 6,447 | 5,284 | ||
Segment operating pre-tax net income | [2] | (3,045) | (3,183) | |
Assets | 1,310,615 | 1,139,774 | ||
Net interest income | 2,127 | 15 | ||
Gain on repurchase or early retirement of debt | 210 | |||
Provision for loan losses | $ (893) | $ (1,413) | ||
[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 19 - Business Segments - R
Note 19 - Business Segments - Reconciling Operating Pre-tax Net Income to Consolidated Net Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Net income (loss) attributable to JMP Group LLC | $ (283) | $ (4,740) | |
Income Tax Expense (Benefit), Total | (5,568) | (1,084) | |
Total Segments adjusted operating pre-tax net income | (5,851) | (5,824) | |
Gain on repurchase or early retirement of debt | (2,626) | 210 | |
Total Consolidation Adjustments and Reconciling Items | 5,851 | 5,824 | |
Operating Segments [Member] | |||
Net income (loss) attributable to JMP Group LLC | (1,631) | (2,083) | |
Income Tax Expense (Benefit), Total | (30) | (555) | |
Total Segments adjusted operating pre-tax net income | (1,661) | (2,638) | |
Total Consolidation Adjustments and Reconciling Items | 1,661 | 2,638 | |
Segment Reconciling Items [Member] | |||
Total Segments adjusted operating pre-tax net income | [1] | (4,190) | (3,186) |
Compensation expense - Share options | (97) | 67 | |
Compensation expense - RSUs | 160 | 239 | |
Deferred compensation program accounting adjustment | 81 | 654 | |
Net unrealized loss/ (gain) on strategic equity investments and warrants. | 638 | 419 | |
General loan loss reserve for the CLOs | 329 | (418) | |
Unrealized loss - real estate-related depreciation and amortization | 1,628 | 2,156 | |
CLO Refinancing and accelerated expenses | 64 | ||
Gain on repurchase or early retirement of debt | 1,318 | ||
Gain on loan portfolio acquired | 69 | 69 | |
Total Consolidation Adjustments and Reconciling Items | [1] | $ 4,190 | $ 3,186 |
[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 20 - Nonconsolidated Var83
Note 20 - Nonconsolidated Variable Interest Entities - VIE Equity Investments and Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Total | $ 6,171 | $ 8,488 |
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | ||
Investment | 6,125 | 8,226 |
Receivables | $ 46 | $ 262 |
Note 21 - Condensed Consolida84
Note 21 - Condensed Consolidating Financial Statements (Details Textual) | 3 Months Ended |
Mar. 31, 2018 | |
JMP Group Inc. [Member] | |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 100.00% |
Note 21 - Condensed Consolida85
Note 21 - Condensed Consolidating Financial Statements - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents | $ 47,858 | $ 85,594 | ||
Restricted cash | 70,419 | 51,727 | ||
Investment banking fees receivable, net of allowance for doubtful accounts | 8,233 | 9,567 | ||
Marketable securities owned, at fair value | 19,640 | 20,825 | ||
Other investments | 17,033 | 27,984 | ||
Loans held for investment, net of allowance for loan losses | 145,253 | 83,948 | ||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 754,632 | 765,583 | ||
Interest receivable | 2,439 | 2,259 | ||
Fixed assets, net | 2,169 | 2,322 | ||
Other assets | (34,142) | (26,817) | ||
Other assets | 34,142 | 26,817 | ||
Investment in subsidiaries | ||||
Total assets | 1,101,818 | 1,076,626 | $ 881,188 | |
Marketable securities sold, but not yet purchased, at fair value | 6,280 | 7,919 | ||
Accrued compensation | 10,064 | 43,131 | ||
Asset-backed securities issued (net of debt issuance costs of $6,589 and $7,852 at March 31, 2018 and December 31, 2017, respectively) | 735,058 | 738,248 | ||
Interest payable | 6,043 | 6,512 | ||
Repurchase agreement | 3,878 | |||
Notes payable | 8,829 | |||
CLO V warehouse credit facility | 112,800 | 61,250 | ||
Senior Notes, Total | 93,069 | 93,103 | ||
Other liabilities | 19,661 | 16,284 | ||
Total liabilities | 995,682 | 966,447 | ||
Total members' (deficit) equity | 93,418 | 96,335 | ||
Nonredeemable Non-controlling Interest | 12,718 | 13,844 | ||
Total equity | 106,136 | 110,179 | $ 128,740 | $ 135,294 |
Total liabilities and equity | 1,101,818 | 1,076,626 | ||
Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Cash and cash equivalents | 512 | 951 | ||
Restricted cash | ||||
Investment banking fees receivable, net of allowance for doubtful accounts | ||||
Marketable securities owned, at fair value | ||||
Other investments | 774 | |||
Loans held for investment, net of allowance for loan losses | ||||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | ||||
Interest receivable | ||||
Fixed assets, net | ||||
Other assets | (5,667) | (4,603) | ||
Other assets | 5,667 | 4,603 | ||
Investment in subsidiaries | 224,087 | 226,894 | ||
Total assets | 219,706 | 223,242 | ||
Marketable securities sold, but not yet purchased, at fair value | ||||
Accrued compensation | 250 | |||
Asset-backed securities issued (net of debt issuance costs of $6,589 and $7,852 at March 31, 2018 and December 31, 2017, respectively) | ||||
Interest payable | ||||
Repurchase agreement | ||||
Notes payable | 137,603 | |||
CLO V warehouse credit facility | ||||
Senior Notes, Total | ||||
Other liabilities | 3,013 | 138,796 | ||
Total liabilities | 140,866 | 138,796 | ||
Total members' (deficit) equity | 78,840 | 84,446 | ||
Nonredeemable Non-controlling Interest | ||||
Total equity | 78,840 | 84,446 | ||
Total liabilities and equity | 219,706 | 223,242 | ||
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||||
Cash and cash equivalents | 4,660 | 4,819 | ||
Restricted cash | 1,471 | 1,471 | ||
Investment banking fees receivable, net of allowance for doubtful accounts | ||||
Marketable securities owned, at fair value | ||||
Other investments | 3,509 | 3,101 | ||
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 | |||
Fixed assets, net | ||||
Other assets | (137,926) | (132,931) | ||
Other assets | 137,926 | 132,931 | ||
Investment in subsidiaries | 71,969 | 70,775 | ||
Total assets | 219,535 | 213,101 | ||
Marketable securities sold, but not yet purchased, at fair value | ||||
Accrued compensation | 658 | 150 | ||
Asset-backed securities issued (net of debt issuance costs of $6,589 and $7,852 at March 31, 2018 and December 31, 2017, respectively) | ||||
Interest payable | 1,240 | 1,109 | ||
Repurchase agreement | ||||
Notes payable | ||||
CLO V warehouse credit facility | ||||
Senior Notes, Total | 93,164 | 93,198 | ||
Other liabilities | 5,575 | 5,710 | ||
Total liabilities | 100,637 | 100,167 | ||
Total members' (deficit) equity | 118,898 | 112,934 | ||
Nonredeemable Non-controlling Interest | ||||
Total equity | 118,898 | 112,934 | ||
Total liabilities and equity | 219,535 | 213,101 | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Cash and cash equivalents | 3,592 | 12,681 | ||
Restricted cash | ||||
Investment banking fees receivable, net of allowance for doubtful accounts | ||||
Marketable securities owned, at fair value | 9,529 | 9,464 | ||
Other investments | 7,407 | 11,543 | ||
Loans held for investment, net of allowance for loan losses | 3,097 | 4,233 | ||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | ||||
Interest receivable | 180 | 165 | ||
Fixed assets, net | ||||
Other assets | (7,356) | (8,787) | ||
Other assets | 7,356 | 8,787 | ||
Investment in subsidiaries | 125,267 | 127,325 | ||
Total assets | 141,716 | 156,624 | ||
Marketable securities sold, but not yet purchased, at fair value | ||||
Accrued compensation | 13 | |||
Asset-backed securities issued (net of debt issuance costs of $6,589 and $7,852 at March 31, 2018 and December 31, 2017, respectively) | ||||
Interest payable | 5 | |||
Repurchase agreement | 3,878 | |||
Notes payable | ||||
CLO V warehouse credit facility | ||||
Senior Notes, Total | ||||
Other liabilities | ||||
Total liabilities | 3,896 | |||
Total members' (deficit) equity | 124,196 | 141,955 | ||
Nonredeemable Non-controlling Interest | 13,624 | 14,669 | ||
Total equity | 137,820 | 156,624 | ||
Total liabilities and equity | 141,716 | 156,624 | ||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Cash and cash equivalents | 39,094 | 67,143 | ||
Restricted cash | 68,948 | 50,256 | ||
Investment banking fees receivable, net of allowance for doubtful accounts | 8,233 | 9,567 | ||
Marketable securities owned, at fair value | 10,206 | 11,456 | ||
Other investments | 9,796 | 13,340 | ||
Loans held for investment, net of allowance for loan losses | 142,156 | 79,715 | ||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 754,632 | 765,583 | ||
Interest receivable | 2,376 | 2,090 | ||
Fixed assets, net | 2,169 | 2,322 | ||
Other assets | (65,531) | (64,490) | ||
Other assets | 65,531 | 64,490 | ||
Investment in subsidiaries | ||||
Total assets | 1,103,141 | 1,065,962 | ||
Marketable securities sold, but not yet purchased, at fair value | 6,280 | 7,919 | ||
Accrued compensation | 9,143 | 42,981 | ||
Asset-backed securities issued (net of debt issuance costs of $6,589 and $7,852 at March 31, 2018 and December 31, 2017, respectively) | 739,511 | 738,248 | ||
Interest payable | 4,915 | 5,403 | ||
Repurchase agreement | ||||
Notes payable | 25,763 | |||
CLO V warehouse credit facility | 112,800 | 61,250 | ||
Senior Notes, Total | ||||
Other liabilities | 12,722 | 28,885 | ||
Total liabilities | 911,134 | 884,686 | ||
Total members' (deficit) equity | 193,126 | 182,313 | ||
Nonredeemable Non-controlling Interest | (1,119) | (1,037) | ||
Total equity | 192,007 | 181,276 | ||
Total liabilities and equity | 1,103,141 | 1,065,962 | ||
Consolidation, Eliminations [Member] | ||||
Cash and cash equivalents | ||||
Restricted cash | ||||
Investment banking fees receivable, net of allowance for doubtful accounts | ||||
Marketable securities owned, at fair value | (95) | (95) | ||
Other investments | (4,453) | |||
Loans held for investment, net of allowance for loan losses | ||||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | ||||
Interest receivable | (117) | |||
Fixed assets, net | ||||
Other assets | 156,292 | 157,214 | ||
Other assets | (156,292) | (157,214) | ||
Investment in subsidiaries | (421,323) | (424,994) | ||
Total assets | (582,280) | (582,303) | ||
Marketable securities sold, but not yet purchased, at fair value | ||||
Accrued compensation | ||||
Asset-backed securities issued (net of debt issuance costs of $6,589 and $7,852 at March 31, 2018 and December 31, 2017, respectively) | (4,453) | |||
Interest payable | (117) | |||
Repurchase agreement | ||||
Notes payable | (154,537) | |||
CLO V warehouse credit facility | ||||
Senior Notes, Total | (95) | (95) | ||
Other liabilities | (1,649) | (157,107) | ||
Total liabilities | (160,851) | (157,202) | ||
Total members' (deficit) equity | (421,642) | (425,313) | ||
Nonredeemable Non-controlling Interest | 213 | 212 | ||
Total equity | (421,429) | (425,101) | ||
Total liabilities and equity | $ (582,280) | $ (582,303) |
Note 21 - Condensed Consolida86
Note 21 - Condensed Consolidating Financial Statements - Condensed Consolidating Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues | ||
Investment banking | $ 20,662 | $ 13,600 |
Brokerage | 4,664 | 5,286 |
Asset management fees | 6,425 | 5,911 |
Principal transactions | (3,620) | (1,893) |
Loss on sale, payoff and mark-to-market of loans | (182) | 847 |
Net dividend income | 296 | 266 |
Other income | 49 | 445 |
Equity earnings of subsidiaries | ||
Non-interest revenues | 28,294 | 24,462 |
Interest income | 12,710 | 9,067 |
Interest expense | (9,702) | (8,095) |
Net interest income | 3,008 | 972 |
Loss on repurchase or early retirement of debt | (2,626) | 210 |
Reversal (provision) for loan losses | 1,465 | 1,266 |
Total net revenues after provision for loan losses | 27,211 | 24,378 |
Gain on sale, payoff and mark-to-market of loans | (182) | 847 |
Gain on repurchase or early retirement of debt | (2,626) | 210 |
Provision for loan losses | (1,465) | (1,266) |
Non-interest expenses | ||
Compensation and benefits | 24,261 | 21,798 |
Administration | 2,233 | 1,819 |
Brokerage, clearing and exchange fees | 777 | 759 |
Travel and business development | 954 | 915 |
Managed Deal Expense | 1,062 | |
Communications and technology | 1,566 | 1,053 |
Occupancy | 1,117 | 1,111 |
Professional fees | 1,905 | 1,162 |
Depreciation | 264 | 311 |
Other | 387 | 677 |
Total non-interest expenses | 34,526 | 29,605 |
Net loss before income tax expense | (7,315) | (5,227) |
Income tax expense (benefit) | (5,568) | (1,084) |
Net income (loss) | (1,747) | (4,143) |
Less: Net loss attributable to nonredeemable non-controlling interest | (1,464) | 597 |
Net income (loss) attributable to JMP Group LLC | (283) | (4,740) |
Net Income (Loss) Attributable to Noncontrolling Interest, Total | (1,464) | 597 |
Reportable Legal Entities [Member] | Parent Company [Member] | ||
Revenues | ||
Investment banking | ||
Brokerage | ||
Asset management fees | ||
Principal transactions | (2,044) | |
Loss on sale, payoff and mark-to-market of loans | ||
Net dividend income | 1 | |
Other income | ||
Equity earnings of subsidiaries | 3,807 | (2,766) |
Non-interest revenues | 1,764 | (2,766) |
Interest income | 372 | 368 |
Interest expense | (1,139) | (1,139) |
Net interest income | (767) | (771) |
Loss on repurchase or early retirement of debt | 210 | |
Reversal (provision) for loan losses | ||
Total net revenues after provision for loan losses | 997 | (3,327) |
Gain on sale, payoff and mark-to-market of loans | ||
Gain on repurchase or early retirement of debt | 210 | |
Provision for loan losses | ||
Non-interest expenses | ||
Compensation and benefits | 412 | 535 |
Administration | 131 | 127 |
Brokerage, clearing and exchange fees | ||
Travel and business development | 67 | 78 |
Managed Deal Expense | ||
Communications and technology | 1 | |
Occupancy | ||
Professional fees | 672 | 672 |
Depreciation | ||
Other | ||
Total non-interest expenses | 1,282 | 1,413 |
Net loss before income tax expense | (285) | (4,740) |
Income tax expense (benefit) | ||
Net income (loss) | (285) | (4,740) |
Less: Net loss attributable to nonredeemable non-controlling interest | ||
Net income (loss) attributable to JMP Group LLC | (285) | (4,740) |
Net Income (Loss) Attributable to Noncontrolling Interest, Total | ||
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||
Revenues | ||
Investment banking | ||
Brokerage | ||
Asset management fees | ||
Principal transactions | (18) | 8 |
Loss on sale, payoff and mark-to-market of loans | ||
Net dividend income | 3 | |
Other income | ||
Equity earnings of subsidiaries | 71 | (284) |
Non-interest revenues | 56 | (276) |
Interest income | 1,141 | 1,139 |
Interest expense | (2,292) | (2,274) |
Net interest income | (1,151) | (1,135) |
Loss on repurchase or early retirement of debt | ||
Reversal (provision) for loan losses | ||
Total net revenues after provision for loan losses | (1,095) | (1,411) |
Gain on sale, payoff and mark-to-market of loans | ||
Gain on repurchase or early retirement of debt | ||
Provision for loan losses | ||
Non-interest expenses | ||
Compensation and benefits | 841 | 646 |
Administration | 137 | 122 |
Brokerage, clearing and exchange fees | ||
Travel and business development | 15 | |
Managed Deal Expense | 2 | |
Communications and technology | 2 | |
Occupancy | ||
Professional fees | 84 | 67 |
Depreciation | ||
Other | 6 | |
Total non-interest expenses | 1,079 | 843 |
Net loss before income tax expense | (2,174) | (2,254) |
Income tax expense (benefit) | (5,989) | (1,020) |
Net income (loss) | 3,815 | (1,234) |
Less: Net loss attributable to nonredeemable non-controlling interest | ||
Net income (loss) attributable to JMP Group LLC | 3,815 | (1,234) |
Net Income (Loss) Attributable to Noncontrolling Interest, Total | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Revenues | ||
Investment banking | ||
Brokerage | ||
Asset management fees | ||
Principal transactions | (1,132) | (396) |
Loss on sale, payoff and mark-to-market of loans | ||
Net dividend income | 270 | 256 |
Other income | ||
Equity earnings of subsidiaries | (288) | 583 |
Non-interest revenues | (1,150) | 443 |
Interest income | 292 | 98 |
Interest expense | (5) | |
Net interest income | 287 | 98 |
Loss on repurchase or early retirement of debt | ||
Reversal (provision) for loan losses | (15) | |
Total net revenues after provision for loan losses | (848) | 541 |
Gain on sale, payoff and mark-to-market of loans | ||
Gain on repurchase or early retirement of debt | ||
Provision for loan losses | 15 | |
Non-interest expenses | ||
Compensation and benefits | 48 | 247 |
Administration | 22 | 26 |
Brokerage, clearing and exchange fees | ||
Travel and business development | ||
Managed Deal Expense | ||
Communications and technology | ||
Occupancy | ||
Professional fees | ||
Depreciation | ||
Other | 69 | 69 |
Total non-interest expenses | 139 | 342 |
Net loss before income tax expense | (987) | 199 |
Income tax expense (benefit) | ||
Net income (loss) | (987) | 199 |
Less: Net loss attributable to nonredeemable non-controlling interest | (1,045) | 437 |
Net income (loss) attributable to JMP Group LLC | 58 | (238) |
Net Income (Loss) Attributable to Noncontrolling Interest, Total | (1,045) | 437 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||
Revenues | ||
Investment banking | 20,662 | 13,600 |
Brokerage | 4,664 | 5,286 |
Asset management fees | 6,604 | 5,951 |
Principal transactions | (426) | (1,505) |
Loss on sale, payoff and mark-to-market of loans | (182) | 847 |
Net dividend income | 22 | 10 |
Other income | 49 | 445 |
Equity earnings of subsidiaries | ||
Non-interest revenues | 31,393 | 24,634 |
Interest income | 12,974 | 9,545 |
Interest expense | (8,335) | (6,765) |
Net interest income | 4,639 | 2,780 |
Loss on repurchase or early retirement of debt | (2,626) | |
Reversal (provision) for loan losses | 1,480 | 1,266 |
Total net revenues after provision for loan losses | 31,926 | 26,148 |
Gain on sale, payoff and mark-to-market of loans | (182) | 847 |
Gain on repurchase or early retirement of debt | (2,626) | |
Provision for loan losses | (1,480) | (1,266) |
Non-interest expenses | ||
Compensation and benefits | 22,960 | 20,370 |
Administration | 2,122 | 1,584 |
Brokerage, clearing and exchange fees | 777 | 759 |
Travel and business development | 872 | 837 |
Managed Deal Expense | 1,060 | |
Communications and technology | 1,566 | 1,050 |
Occupancy | 1,117 | 1,111 |
Professional fees | 1,149 | 423 |
Depreciation | 264 | 311 |
Other | 318 | 602 |
Total non-interest expenses | 32,205 | 27,047 |
Net loss before income tax expense | (279) | (899) |
Income tax expense (benefit) | 421 | (64) |
Net income (loss) | (700) | (835) |
Less: Net loss attributable to nonredeemable non-controlling interest | (419) | 160 |
Net income (loss) attributable to JMP Group LLC | (281) | (995) |
Net Income (Loss) Attributable to Noncontrolling Interest, Total | (419) | 160 |
Consolidation, Eliminations [Member] | ||
Revenues | ||
Investment banking | ||
Brokerage | ||
Asset management fees | (179) | (40) |
Principal transactions | ||
Loss on sale, payoff and mark-to-market of loans | ||
Net dividend income | ||
Other income | ||
Equity earnings of subsidiaries | (3,590) | 2,467 |
Non-interest revenues | (3,769) | 2,427 |
Interest income | (2,069) | (2,083) |
Interest expense | 2,069 | 2,083 |
Net interest income | ||
Loss on repurchase or early retirement of debt | ||
Reversal (provision) for loan losses | ||
Total net revenues after provision for loan losses | (3,769) | 2,427 |
Gain on sale, payoff and mark-to-market of loans | ||
Gain on repurchase or early retirement of debt | ||
Provision for loan losses | ||
Non-interest expenses | ||
Compensation and benefits | ||
Administration | (179) | (40) |
Brokerage, clearing and exchange fees | ||
Travel and business development | ||
Managed Deal Expense | ||
Communications and technology | ||
Occupancy | ||
Professional fees | ||
Depreciation | ||
Other | ||
Total non-interest expenses | (179) | (40) |
Net loss before income tax expense | (3,590) | 2,467 |
Income tax expense (benefit) | ||
Net income (loss) | (3,590) | 2,467 |
Less: Net loss attributable to nonredeemable non-controlling interest | ||
Net income (loss) attributable to JMP Group LLC | (3,590) | 2,467 |
Net Income (Loss) Attributable to Noncontrolling Interest, Total |
Note 21 - Condensed Consolida87
Note 21 - Condensed Consolidating Financial Statements - Condensed Consolidating Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net cash used in operating activities | $ (22,382) | $ (38,381) |
Cash flows from investing activities: | ||
Purchases of fixed assets | (111) | (31) |
Investment in subsidiary | ||
Investment in subsidiary | ||
Purchases of other investments | (994) | (990) |
Sales of other investments | 768 | 6,612 |
Funding of loans collateralizing asset-backed securities issued | (72,642) | (50,122) |
Funding of loans held for investment | (63,245) | |
Sale, payoff and Principal receipts of loans collateralizing asset-backed securities issued | 82,909 | 128,471 |
Principal payments on loans held for investment | 1,431 | |
Net changes in cash collateral posted for derivative transactions | (940) | |
Net cash provided by (used in) investing activities | (51,884) | 83,000 |
Sales of other investments | (768) | (6,612) |
Principal receipts on loans collateralizing asset-backed securities issued | 16,728 | |
Cash flows from financing activities: | ||
Proceeds from issuance of Repurchase Agreement | 3,878 | |
Proceeds from sale of note to affiliate | 829 | |
Payment of debt issuance costs | (1,837) | |
Repayment of asset-backed securities issued | (332,100) | (206,202) |
Proceeds of issuance from asset-backed securities issued | 327,646 | |
Distributions and distribution equivalents paid on common shares and RSUs | (2,038) | (1,954) |
Capital contributions of parent | ||
Capital contributions of parent | ||
Capital contributions of nonredeemable non-controlling interest holders | 445 | 92 |
Purchase of shares of common shares for treasury | (1,044) | |
Distributions to non-controlling interest shareholders | (108) | (2,040) |
Net cash provided by (used in) financing activities | 55,222 | (209,399) |
Net decrease in cash, cash equivalents, and restricted cash | (19,044) | (164,780) |
Cash, cash equivalents, and restricted cash, beginning of period | 137,321 | 313,148 |
Cash, cash equivalents, and restricted cash, end of period | 118,277 | 148,368 |
Proceeds from exercise of stock options | 889 | |
Employee taxes paid on shares withheld for tax-withholding purposes | (184) | |
BNP Paribas [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on line of credit | 51,550 | |
CNB [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on line of credit | 8,000 | |
Reportable Legal Entities [Member] | Parent Company [Member] | ||
Cash flows from operating activities: | ||
Net cash used in operating activities | 5,341 | (4,588) |
Cash flows from investing activities: | ||
Purchases of fixed assets | ||
Investment in subsidiary | 2,807 | 14,944 |
Investment in subsidiary | (2,807) | (14,944) |
Purchases of other investments | (7,000) | |
Sales of other investments | ||
Funding of loans collateralizing asset-backed securities issued | ||
Funding of loans held for investment | ||
Sale, payoff and Principal receipts of loans collateralizing asset-backed securities issued | ||
Principal payments on loans held for investment | ||
Net changes in cash collateral posted for derivative transactions | ||
Net cash provided by (used in) investing activities | 2,807 | 7,944 |
Sales of other investments | ||
Principal receipts on loans collateralizing asset-backed securities issued | ||
Cash flows from financing activities: | ||
Proceeds from issuance of Repurchase Agreement | ||
Proceeds from sale of note to affiliate | ||
Payment of debt issuance costs | ||
Repayment of asset-backed securities issued | ||
Proceeds of issuance from asset-backed securities issued | ||
Distributions and distribution equivalents paid on common shares and RSUs | (2,038) | (1,954) |
Capital contributions of parent | (5,505) | |
Capital contributions of parent | 5,505 | |
Capital contributions of nonredeemable non-controlling interest holders | ||
Purchase of shares of common shares for treasury | (1,044) | |
Distributions to non-controlling interest shareholders | ||
Net cash provided by (used in) financing activities | (8,587) | (1,249) |
Net decrease in cash, cash equivalents, and restricted cash | (439) | 2,107 |
Cash, cash equivalents, and restricted cash, beginning of period | 951 | 255 |
Cash, cash equivalents, and restricted cash, end of period | 512 | 2,362 |
Proceeds from exercise of stock options | 889 | |
Employee taxes paid on shares withheld for tax-withholding purposes | (184) | |
Reportable Legal Entities [Member] | Parent Company [Member] | BNP Paribas [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on line of credit | ||
Reportable Legal Entities [Member] | Parent Company [Member] | CNB [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on line of credit | ||
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||
Cash flows from operating activities: | ||
Net cash used in operating activities | (566) | 652 |
Cash flows from investing activities: | ||
Purchases of fixed assets | ||
Investment in subsidiary | 1,194 | 113 |
Investment in subsidiary | (1,194) | (113) |
Purchases of other investments | (426) | (844) |
Sales of other investments | 102 | |
Funding of loans collateralizing asset-backed securities issued | ||
Funding of loans held for investment | ||
Sale, payoff and Principal receipts of loans collateralizing asset-backed securities issued | ||
Principal payments on loans held for investment | ||
Net changes in cash collateral posted for derivative transactions | ||
Net cash provided by (used in) investing activities | (1,620) | (629) |
Sales of other investments | (102) | |
Principal receipts on loans collateralizing asset-backed securities issued | ||
Cash flows from financing activities: | ||
Proceeds from issuance of Repurchase Agreement | ||
Proceeds from sale of note to affiliate | ||
Payment of debt issuance costs | (122) | |
Repayment of asset-backed securities issued | ||
Proceeds of issuance from asset-backed securities issued | ||
Distributions and distribution equivalents paid on common shares and RSUs | ||
Capital contributions of parent | (2,149) | (351) |
Capital contributions of parent | 2,149 | 351 |
Capital contributions of nonredeemable non-controlling interest holders | ||
Purchase of shares of common shares for treasury | ||
Distributions to non-controlling interest shareholders | ||
Net cash provided by (used in) financing activities | 2,027 | 351 |
Net decrease in cash, cash equivalents, and restricted cash | (159) | 374 |
Cash, cash equivalents, and restricted cash, beginning of period | 6,290 | 3,234 |
Cash, cash equivalents, and restricted cash, end of period | 6,131 | 3,608 |
Proceeds from exercise of stock options | ||
Employee taxes paid on shares withheld for tax-withholding purposes | ||
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | BNP Paribas [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on line of credit | ||
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | CNB [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on line of credit | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net cash used in operating activities | 6,419 | 7,515 |
Cash flows from investing activities: | ||
Purchases of fixed assets | ||
Investment in subsidiary | 2,058 | 18,116 |
Investment in subsidiary | (2,058) | (18,116) |
Purchases of other investments | (5,021) | (146) |
Sales of other investments | 228 | 214 |
Funding of loans collateralizing asset-backed securities issued | ||
Funding of loans held for investment | ||
Sale, payoff and Principal receipts of loans collateralizing asset-backed securities issued | ||
Principal payments on loans held for investment | 1,166 | |
Net changes in cash collateral posted for derivative transactions | ||
Net cash provided by (used in) investing activities | (1,569) | 18,184 |
Sales of other investments | (228) | (214) |
Principal receipts on loans collateralizing asset-backed securities issued | ||
Cash flows from financing activities: | ||
Proceeds from issuance of Repurchase Agreement | 3,878 | |
Proceeds from sale of note to affiliate | ||
Payment of debt issuance costs | ||
Repayment of asset-backed securities issued | ||
Proceeds of issuance from asset-backed securities issued | ||
Distributions and distribution equivalents paid on common shares and RSUs | ||
Capital contributions of parent | (17,817) | (5,153) |
Capital contributions of parent | 17,817 | 5,153 |
Capital contributions of nonredeemable non-controlling interest holders | 92 | |
Purchase of shares of common shares for treasury | ||
Distributions to non-controlling interest shareholders | (1,841) | |
Net cash provided by (used in) financing activities | (13,939) | 3,404 |
Net decrease in cash, cash equivalents, and restricted cash | (9,089) | 29,103 |
Cash, cash equivalents, and restricted cash, beginning of period | 12,681 | 5,060 |
Cash, cash equivalents, and restricted cash, end of period | 3,592 | 34,163 |
Proceeds from exercise of stock options | ||
Employee taxes paid on shares withheld for tax-withholding purposes | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | BNP Paribas [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on line of credit | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | CNB [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on line of credit | ||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net cash used in operating activities | (29,990) | (22,347) |
Cash flows from investing activities: | ||
Purchases of fixed assets | (111) | (31) |
Investment in subsidiary | ||
Investment in subsidiary | ||
Purchases of other investments | ||
Sales of other investments | 540 | 8,784 |
Funding of loans collateralizing asset-backed securities issued | (72,642) | (50,122) |
Funding of loans held for investment | (63,245) | |
Sale, payoff and Principal receipts of loans collateralizing asset-backed securities issued | 82,909 | 111,743 |
Principal payments on loans held for investment | 265 | |
Net changes in cash collateral posted for derivative transactions | (940) | |
Net cash provided by (used in) investing activities | (52,284) | 68,594 |
Sales of other investments | (540) | (8,784) |
Principal receipts on loans collateralizing asset-backed securities issued | 16,728 | |
Cash flows from financing activities: | ||
Proceeds from issuance of Repurchase Agreement | ||
Proceeds from sale of note to affiliate | 829 | |
Payment of debt issuance costs | (1,715) | |
Repayment of asset-backed securities issued | (332,100) | (206,202) |
Proceeds of issuance from asset-backed securities issued | 332,100 | |
Distributions and distribution equivalents paid on common shares and RSUs | ||
Capital contributions of parent | (13,916) | (36,210) |
Capital contributions of parent | 13,916 | 36,210 |
Capital contributions of nonredeemable non-controlling interest holders | 445 | |
Purchase of shares of common shares for treasury | ||
Distributions to non-controlling interest shareholders | (108) | (199) |
Net cash provided by (used in) financing activities | 72,917 | (242,611) |
Net decrease in cash, cash equivalents, and restricted cash | (9,357) | (196,364) |
Cash, cash equivalents, and restricted cash, beginning of period | 117,399 | 304,599 |
Cash, cash equivalents, and restricted cash, end of period | 108,042 | 108,235 |
Proceeds from exercise of stock options | ||
Employee taxes paid on shares withheld for tax-withholding purposes | ||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | BNP Paribas [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on line of credit | 51,550 | |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | CNB [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on line of credit | 8,000 | |
Consolidation, Eliminations [Member] | ||
Cash flows from operating activities: | ||
Net cash used in operating activities | (3,586) | (19,613) |
Cash flows from investing activities: | ||
Purchases of fixed assets | ||
Investment in subsidiary | 3,671 | 33,173 |
Investment in subsidiary | (3,671) | (33,173) |
Purchases of other investments | 4,453 | 7,000 |
Sales of other investments | 15,080 | |
Funding of loans collateralizing asset-backed securities issued | ||
Funding of loans held for investment | ||
Sale, payoff and Principal receipts of loans collateralizing asset-backed securities issued | ||
Principal payments on loans held for investment | ||
Net changes in cash collateral posted for derivative transactions | ||
Net cash provided by (used in) investing activities | 782 | (11,093) |
Sales of other investments | (15,080) | |
Principal receipts on loans collateralizing asset-backed securities issued | ||
Cash flows from financing activities: | ||
Proceeds from issuance of Repurchase Agreement | ||
Proceeds from sale of note to affiliate | ||
Payment of debt issuance costs | ||
Repayment of asset-backed securities issued | ||
Proceeds of issuance from asset-backed securities issued | (4,453) | |
Distributions and distribution equivalents paid on common shares and RSUs | ||
Capital contributions of parent | (7,257) | (30,706) |
Capital contributions of parent | 7,257 | 30,706 |
Capital contributions of nonredeemable non-controlling interest holders | ||
Purchase of shares of common shares for treasury | ||
Distributions to non-controlling interest shareholders | ||
Net cash provided by (used in) financing activities | 2,804 | 30,706 |
Net decrease in cash, cash equivalents, and restricted cash | ||
Cash, cash equivalents, and restricted cash, beginning of period | ||
Cash, cash equivalents, and restricted cash, end of period | ||
Proceeds from exercise of stock options | ||
Employee taxes paid on shares withheld for tax-withholding purposes | ||
Consolidation, Eliminations [Member] | BNP Paribas [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on line of credit | ||
Consolidation, Eliminations [Member] | CNB [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on line of credit |
Note 22 - Subsequent Events (De
Note 22 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Millions | May 02, 2018 | Apr. 19, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Common Stock, Dividends, Per Share, Declared | $ 0.09 | $ 0.09 | ||
Subsequent Event [Member] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.03 | |||
Subsequent Event [Member] | Revolving Credit Facility [Member] | CNB [Member] | ||||
Line of Credit Facility, Increase (Decrease), Net, Total | $ 40 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 240 |