Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 03, 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) | 21,452,249 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | |
Cash and cash equivalents | $ 50,402 | $ 85,594 | |
Restricted cash | 46,693 | 51,727 | |
Investment banking fees receivable (net of allowance for doubtful accounts of $455 and $159 as of June 30, 2018 and December 31, 2017) | 17,540 | 9,567 | |
Marketable securities owned, at fair value | 21,455 | 20,825 | |
Other investments (includes $10,387 and $18,450 measured at fair value at June 30, 2018 and December 31, 2017, respectively) | 16,916 | 27,984 | |
Loans held for investment, net of allowance for loan losses | 285,846 | 83,948 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 784,663 | 765,583 | |
Interest receivable | 2,571 | 2,259 | |
Fixed assets, net | 2,351 | 2,322 | |
Other assets | 22,594 | 26,817 | |
Total assets | 1,251,031 | 1,076,626 | |
Marketable securities sold, but not yet purchased, at fair value | 5,630 | 7,919 | |
Accrued compensation | 25,290 | 43,131 | |
Asset-backed securities issued | 739,912 | 738,248 | |
Interest payable | 8,854 | 6,512 | |
Notes payable | 18,829 | ||
CLO V warehouse credit facility | 238,500 | 61,250 | |
Bond payable (net of debt issuance costs of $2,760 and $2,810 at June 30, 2018 and December 31, 2017, respectively) | 93,145 | 93,103 | |
Other liabilities | 18,602 | 16,284 | |
Total liabilities | 1,148,762 | 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 June 30, 2018 and December 31, 2017; 21,486,361 and 21,729,079 shares outstanding at June 30, 2018 and December 31, 2017, respectively | 23 | 23 | |
Additional paid-in capital | 134,547 | 134,719 | |
Treasury shares at cost, 1,293,691 and 1,050,973 shares at June 30, 2018 and December 31, 2017, respectively | (7,218) | (5,955) | |
Accumulated deficit | (38,698) | (32,452) | |
Total JMP Group LLC shareholders' equity | 88,654 | 96,335 | |
Nonredeemable Non-controlling Interest | 13,615 | 13,844 | |
Total equity | 102,269 | 110,179 | |
Total liabilities and equity | 1,251,031 | 1,076,626 | |
Total assets | 1,251,031 | 1,076,626 | |
Total liabilities | 1,148,762 | 966,447 | |
Variable Interest Entity (VIE) or Potential VIE, Information Unavailability [Member] | |||
Restricted cash | 23,870 | 43,050 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 784,663 | 765,583 | |
Interest receivable | 1,862 | 1,918 | |
Other assets | 1,113 | 568 | |
Total assets | 811,508 | 811,119 | |
Asset-backed securities issued | [1] | 739,912 | 738,248 |
Interest payable | 6,453 | 5,346 | |
Other liabilities | 1,287 | 1,221 | |
Total liabilities | 747,652 | 744,815 | |
Total assets | 811,508 | 811,119 | |
Total liabilities | $ 747,652 | $ 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 | Jun. 30, 2018 | Dec. 31, 2017 |
Allowance for doubtful accounts | $ 455 | $ 159 |
Investments fair value | 10,387 | 18,450 |
Asset-backed securities issud, net of debt issuance costs | 6,188 | 7,852 |
Bond payable, net of debt issuance costs | $ 2,760 | $ 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) | 22,780,052 | 22,780,052 |
Common stock, outstanding (in shares) | 21,486,361 | 21,729,079 |
Treasury shares (in shares) | 1,293,691 | 1,050,973 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues | ||||
Brokerage | $ 5,447 | $ 5,078 | $ 10,111 | $ 10,364 |
Asset management fees | 5,378 | 4,153 | 11,803 | 10,064 |
Principal transactions | 1,684 | (323) | (1,936) | (2,216) |
Gain on sale, payoff and mark-to-market of loans | (150) | 83 | (332) | 930 |
Net dividend income | 319 | 273 | 615 | 539 |
Other income | 311 | 194 | 360 | 639 |
Non-interest revenues | 41,551 | 28,586 | 69,845 | 53,048 |
Interest income | 15,669 | 9,696 | 28,379 | 18,763 |
Interest expense | (11,634) | (7,743) | (21,336) | (15,838) |
Net interest income | 4,035 | 1,953 | 7,043 | 2,925 |
Loss on repurchase, reissuance or early retirement of debt | (42) | (5,542) | (2,668) | (5,332) |
Provision for loan losses | (1,280) | (1,854) | (2,745) | (3,120) |
Total net revenues after provision for loan losses | 44,264 | 23,143 | 71,475 | 47,521 |
Non-interest expenses | ||||
Compensation and benefits | 29,138 | 22,652 | 53,399 | 44,450 |
Administration | 2,711 | 2,721 | 4,944 | 4,540 |
Brokerage, clearing and exchange fees | 788 | 789 | 1,565 | 1,548 |
Travel and business development | 1,202 | 1,111 | 2,156 | 2,026 |
Communications and technology | 1,047 | 1,051 | 2,109 | 2,104 |
Managed deal expense | 2,348 | 3,914 | ||
Occupancy | 1,143 | 1,111 | 2,260 | 2,222 |
Professional fees | 1,138 | 853 | 3,043 | 2,015 |
Depreciation | 287 | 303 | 551 | 614 |
Other | 776 | 950 | 1,163 | 1,627 |
Total non-interest expenses | 40,578 | 31,541 | 75,104 | 61,146 |
Net income (loss) before income tax expense | 3,686 | (8,398) | (3,629) | (13,625) |
Income tax expense | 4,895 | (198) | (673) | (1,282) |
Net loss | (1,209) | (8,200) | (2,956) | (12,343) |
Less: Net income (loss) attributable to nonredeemable non-controlling interest | 779 | 335 | (685) | 932 |
Net loss attributable to JMP Group LLC | $ (1,988) | $ (8,535) | $ (2,271) | $ (13,275) |
Net loss attributable to JMP Group LLC per common share: | ||||
Basic (in dollars per share) | $ (0.09) | $ (0.39) | $ (0.11) | $ (0.61) |
Diluted (in dollars per share) | (0.09) | (0.39) | (0.11) | (0.61) |
Distributions declared per common share (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.18 | $ 0.18 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 21,537 | 21,652 | 21,601 | 21,612 |
Diluted (in shares) | 21,537 | 21,652 | 21,601 | 21,612 |
Investment Banking [Member] | ||||
Revenues | ||||
Investment banking | $ 28,562 | $ 19,128 | $ 49,224 | $ 32,728 |
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) | (13,275) | 932 | (12,343) | |||
Additional paid-in capital - share-based compensation | 1,086 | 1,086 | ||||
Distributions and distribution equivalents declared on common shares and restricted share units | (3,894) | (3,894) | ||||
Purchases of shares of common shares for treasury | (586) | (586) | ||||
Reissuance of shares of common shares from treasury | 1,454 | 1,454 | ||||
Distributions to non-controlling interest holders | (3,071) | (3,071) | ||||
Capital contributions from non-controlling interest holders | 92 | 92 | ||||
Balance (in shares) at Jun. 30, 2017 | 22,780 | |||||
Balance at Jun. 30, 2017 | $ 23 | (6,924) | 137,031 | (25,968) | 13,870 | 118,032 |
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) | (2,271) | (685) | (2,956) | |||
Additional paid-in capital - share-based compensation | 484 | 484 | ||||
Distributions and distribution equivalents declared on common shares and restricted share units | (3,975) | (3,975) | ||||
Purchases of shares of common shares for treasury | (1,556) | (1,556) | ||||
Reissuance of shares of common shares from treasury | 293 | 293 | ||||
Surrender of subsidiary shares by non-controlling interest holders | (656) | 656 | ||||
Distributions to non-controlling interest holders | (649) | (649) | ||||
Capital contributions from non-controlling interest holders | 449 | 449 | ||||
Balance (in shares) at Jun. 30, 2018 | 22,780 | |||||
Balance at Jun. 30, 2018 | $ 23 | $ (7,218) | $ 134,547 | $ (38,698) | $ 13,615 | $ 102,269 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (2,956) | $ (12,343) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Provision for loan losses | 2,745 | 3,120 |
(Gain) loss on sale and payoff of loans and mark-to-market of loans | 332 | (930) |
Loss on repurchase, reissuance or early retirement of debt | 2,668 | 5,332 |
Change in other investments: | ||
Income from investments in equity method investees | 387 | 2,130 |
Fair value on other equity investments | (136) | 39 |
Realized (gain) loss on other investments | 197 | (361) |
Depreciation and amortization | 480 | 556 |
Share-based compensation expense | 778 | 1,304 |
Other | 296 | 90 |
Net change in operating assets and liabilities: | ||
Decrease (increase) in interest receivable | (312) | 1,540 |
Increase in receivables | (8,269) | (5,494) |
Increase in marketable securities | (630) | (2,511) |
Decrease (increase) in deposits and other assets | 5,551 | (891) |
Increase (decrease) in marketable securities sold, but not yet purchased | (2,289) | 1,023 |
(Decrease) increase in interest payable | 2,342 | (2,594) |
Decrease in accrued compensation | (17,842) | (17,419) |
Increase in other liabilities | 2,464 | 716 |
Net cash used in operating activities | (14,194) | (26,693) |
Cash flows from investing activities: | ||
Purchases of fixed assets | (580) | (100) |
Purchases of other investments | (1,219) | (1,528) |
Sales of other investments | 11,172 | 11,076 |
Funding of loans collateralizing asset-backed securities issued | (193,024) | (510,421) |
Funding of loans held for sale | (2,752) | |
Funding of loans held for investment | (225,351) | (256) |
Repayments of loans held for sale | 1,784 | |
Sale, payoff, and principal receipts of loans collateralizing asset-backed securities issued | 172,415 | 400,532 |
Sale, payoff, and principal payments on loans held for investment | 22,106 | 33,951 |
Net changes in cash collateral posted for derivative transactions | 23,460 | |
Net cash used in investing activities | (214,481) | (44,254) |
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 | (1,857) | |
Repayment of asset-backed securities issued | (332,100) | (503,617) |
Repayment of Repurchase Agreement | (3,878) | |
Proceeds of issuance from asset-backed securities issued | 327,605 | 408,394 |
Reissuance of asset-backed securities | 4,453 | |
Distributions and distribution equivalents paid on common shares and RSUs | (3,975) | (3,903) |
Capital contributions of nonredeemable non-controlling interest holders | 449 | 92 |
Proceeds from exercise of stock options | 905 | |
Purchase of common shares for treasury | (1,525) | (402) |
Distributions to non-controlling interest shareholders | (649) | (3,071) |
Employee taxes paid on shares withheld for tax-withholding purposes | (31) | (184) |
Net cash provided by (used in) financing activities | 188,449 | (101,786) |
Net decrease in cash, cash equivalents, and restricted cash | (40,226) | (172,733) |
Cash, cash equivalents, and restricted cash, beginning of period | 137,321 | 313,147 |
Cash, cash equivalents, and restricted cash, end of period | 97,095 | 140,414 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | 18,994 | 18,432 |
Cash paid during the period for taxes | 1,660 | 1,489 |
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 | 293 | 1,454 |
Distributions declared but not yet paid | 646 | 648 |
Sale of other investments | 1,400 | |
Acquisition of equity securities in restructuring of loans | 809 | |
BNP Paribas [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on line of credit | 177,250 | |
CNB [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on line of credit | $ 18,000 |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 6 Months Ended |
Jun. 30, 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 JMPCA currently manages two collateralized loan obligations (“CLO”) vehicles and one CLO warehouse. The Company completed a Reorganization Transaction January 2015 November 2017 Recent Transactions In February 2018, 55 two $2.6 31, 2018. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Presentation These consolidated financial statements and related notes are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to 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 as of June 30 , 2018 December 31, 2017 third See Note 2 Annual Report for the Company's significant accounting policies. For the six June 30, 2018, no No. 2014 09, 606 January 1, 2018 January 1, 2018 not Refer to Note 3, |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 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 02, Topic 842 February 2016 2016 02 December 15, 2018. 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. Recently Adopted Accounting Guidance ASU 2018 03, 825 10 February 2018 2016 01. December 15, 2017, June 15, 2018. 2018 03 not 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 June 30, 2018, no Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 (in thousands) As Reported ASC 606 Impact Pre-Adoption (1) As Reported ASC 606 Impact Pre-Adoption (1) Revenues Investment banking $ 28,562 $ 2,690 $ 25,872 $ 49,224 $ 4,730 $ 44,494 Total non-interest revenues 41,551 2,690 38,861 69,845 4,730 65,115 Total net revenues after provision for loan losses 44,264 2,690 41,574 71,475 4,730 66,745 Expenses Travel and business development 1,202 283 919 2,156 629 1,527 Managed deal expenses 2,348 2,348 - 3,914 3,914 - Professional fees 1,138 59 1,079 3,043 187 2,856 Total non-comp expenses 11,440 2,690 8,750 21,705 4,730 16,975 Total non-interest expenses 40,578 2,690 37,888 75,104 4,730 70,374 ( 1 Amounts reflect each impacted consolidated financial statement line item as they would have been reported under accounting principles 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 (Sub-topic 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 $2.4 $173.6 six June 30, 2017. |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 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 June 30, 2018 December 31, 2017: June 30, 2018 (In thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 50,402 $ 50,402 $ - $ - $ 50,402 Restricted cash and deposits 46,693 46,693 - - 46,693 Marketable securities owned 21,455 21,455 - - 21,455 Other investments (1) 1,250 - 1,250 - 1,250 Other investments measured at net asset value (1) 9,137 - - - - Loans held for investment, net of allowance for loan losses 285,846 - 284,353 2,669 287,022 Loans collateralizing asset-backed securities issued, net of allowance for loan losses 784,663 - 786,482 - 786,482 Total assets: $ 1,199,446 $ 118,550 $ 1,072,085 $ 2,669 $ 1,193,304 Liabilities: Marketable securities sold, but not yet purchased $ 5,630 $ 5,630 $ - $ - $ 5,630 Notes payable 18,829 - 18,829 - 18,829 Asset-backed securities issued 739,912 - 744,162 - 744,162 Bond payable 93,145 96,323 - - 96,323 CLO V warehouse credit facility 238,500 - 238,500 - 238,500 Total liabilities: $ 1,096,016 $ 101,953 $ 1,001,491 $ - $ 1,103,444 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 June 30, 2018 December 31, 2017: (In thousands) June 30, 2018 Carrying Value Level 1 Level 2 Level 3 Total Marketable securities owned $ 21,455 $ 21,455 $ - $ - $ 21,455 Other investments: Investments in hedge funds managed by the Company 1,250 - 1,250 - 1,250 Investments in other funds managed by the Company (1) 4,841 - - - - Total investment in funds managed by the Company (1) 6,091 - 1,250 - 1,250 Limited partnership in investments in private equity/ real estate funds (1) 4,296 - - - - Total other investments 10,387 - 1,250 - 1,250 Total assets: $ 31,842 $ 21,455 $ 1,250 $ - $ 22,705 Marketable securities sold, but not yet purchased $ 5,630 $ 5,630 $ - $ - $ 5,630 Total liabilities: $ 5,630 $ 5,630 $ - $ - $ 5,630 ( 1 In accordance with ASC 820 10, not (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 six June 30, 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 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 investment 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 June 30, 2018 December 31, 2017, $9.1 $7.9 Fair Value at Unfunded Commitments Dollars in thousands Redemption Frequency Redemption Notice Period June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 Limited partner investments in private equity/real estate funds Nonredeemable N/A $ 4,296 $ 3,761 $ 504 $ 1,235 Investment in other funds managed by the Company Nonredeemable N/A $ 4,841 $ 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 and $2.0 million as of June 30, 2018 December 31, 2017 . Loans Held for Investment At June 30, 2018 December 31, 2017, five ten June 30, 2018, $280.7 There were no June 30, 2018 and one loan past due as of December 31, 2017. three six June 30, 2018 2017 (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Impaired Non-impaired Impaired Non-impaired Impaired Non-impaired Impaired Non-impaired Balance, at beginning of the period $ (205 ) $ (858 ) $ (1,534 ) $ - $ (2,279 ) $ (494 ) $ (823 ) $ - Provision for loan losses Specific - - - - (205 ) - (711 ) - General - (914 ) - - - (1,278 ) - - Charge off 205 26 380 - 2,484 26 380 - Transfer for loans collateralizing asset-backed securities - - - (513 ) - - - (513 ) Balance, at end of the period $ - $ (1,746 ) $ (1,154 ) $ (513 ) $ - $ (1,746 ) $ (1,154 ) $ (513 ) 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 no June 30, 2018. $1.4 of recorded investment amount of loans issued were individually evaluated for impairment as of December 31, 2017 December 31, 2017: 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 June 30, 2018 December 31, 2017: (In thousands) Held for Investment - June 30, December 31, 2018 2017 Moody's rating: Baa1 - Baa3 $ - $ - Ba1 - Ba3 57,848 12,174 B1 - B3 222,665 64,170 Caa1 - Caa3 4,452 5,310 Not Rated 2,669 4,595 Total: $ 287,634 $ 86,249 Internal rating (1) 2 $ 277,606 $ 77,525 3 5,110 384 4 2,499 2,613 5 - 1,379 Not rated 2,419 4,348 Total: $ 287,634 $ 86,249 Performance: Performing $ 287,619 $ 83,161 Non-performing 15 3,088 Total: $ 287,634 $ 86,249 ( 1 Loans with an internal rating of 3 |
Note 5 - Loans Collateralizing
Note 5 - Loans Collateralizing Asset-backed Securities Issued | 6 Months Ended |
Jun. 30, 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 six June 30, 2018 2017 (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Impaired Non-Impaired Impaired Non-Impaired Impaired Non-Impaired Impaired Non-Impaired Balance at beginning of period $ (1,209 ) $ (6,492 ) $ (1,908 ) $ (5,187 ) $ (390 ) $ (6,533 ) $ (937 ) $ (5,783 ) Provision for loan losses: Specific reserve - - (542 ) - (953 ) - (1,513 ) - General reserve - (369 ) - (1,290 ) - (328 ) - (874 ) Transfer to loans held for investment - - 1,239 - - - 1,239 - Charge off 1,099 - - - 1,233 - - 180 Balance at end of period $ (110 ) $ (6,861 ) $ (1,211 ) $ (6,477 ) $ (110 ) $ (6,861 ) $ (1,211 ) $ (6,477 ) 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 June 30, 2018 December 31, 2017, $0.9 $1.4 $790.7 mi $771.1 June 30, 2018 December 31, 2017, As of June 30, 2018 December 31, 2017, June 30, 2018 December 31, 2017: (In thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized June 30, 2018 Impaired loans with an allowance recorded $ 864 $ 943 $ 110 $ 1,039 $ - Impaired loans with no related allowance recorded - - - - - Total Impaired Loans $ 864 $ 943 $ 110 $ 1,039 $ - 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 June 30 2018 December 31, 2017. There was no troubled debt restructuring for the three and six months ended June 30, 2017. During the three six June 30, 2018, two two 1.9 $1.0 $0.8 $0.1 June 30, 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 June 30, 2018 December 31, 2017: (In thousands) Cash Flow Loans June 30, December 31, 2018 2017 Moody's rating: Baa1 - Baa3 $ 5,083 $ 8,880 Ba1 - Ba3 172,562 134,061 B1 - B3 556,067 579,091 Caa1 - Caa3 56,099 50,475 Ca 1,823 - Total: $ 791,634 $ 772,507 Internal rating: (1) 2 $ 714,439 $ 692,198 3 62,717 70,217 4 13,614 8,713 5 864 1,379 Total: $ 791,634 $ 772,507 Performance: Performing $ 790,770 $ 771,128 Non-Performing 864 1,379 Total: $ 791,634 $ 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 | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6 . Debt Bond Payable (In thousands) June 30, 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 (2,760 ) (2,802 ) Total debt obligations $ 93,145 $ 93,103 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 June 30, 2018 December 31, 2017, June 29, 2018, $10 8% July 31, 2018 ( 100% $25, 31, 2018, $10 $25. The future scheduled principal payments of the debt obligations were as follows: (In thousands) June 30, 2018 2018 $ 9,979 2019 - 2020 - 2021 - 2022 - Thereafter 85,926 Total $ 95,905 Note Payable, Lines of Credit and Credit Facilities (In thousands) Outstanding Balance June 30, 2018 December 31, 2017 $340.0 million, CLO V Warehouse Credit Facility through July 31, 2018 $ 238,500 $ 61,250 $25 million, JMP Holding Credit Agreement through June 4, 2019 18,000 - $20 million, JMP Securities Revolving LOC through June 6, 2019 (1) - - Other 829 - Total Credit Facilities $ 257,329 $ 61,250 ( 1 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 June 30, 2018 December 31, 2017, June 30, 2018 December 31, 2017, $18.0 $25 225 June 4, 2019 , and 3.75% first two 5.00% two JMP Securities holds a $20 The net loans collateralizing asset-backed securities CLO V warehouse facility was $280.7 $76.8 June 30, 2018 and December 31, 2017, respectively. 1 .375% 31, 2018, 10 2.30%. 26, 2018 $407.8 $368.0 $39.8 26, 2018. On February 28, 2018, $4.5 2018 $42 |
Note 7 - Asset-backed Securitie
Note 7 - Asset-backed Securities Issued | 6 Months Ended |
Jun. 30, 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 June 30, 2018 December 31, 2017: (In thousands) As of June 30, 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 0.85% - 1.37% 10.06 $ 513,750 1.24% - 1.37% 9.22 Class B Senior Secured Floating Rate Notes 95,700 1.30% - 1.90% 10.06 95,700 1.80% - 1.90% 9.26 Class C Senior Secured Deferrable Floating Rate Notes 49,500 1.80% - 2.65% 10.05 49,500 2.60% - 2.65% 9.18 Class D Senior Secured Deferrable Floating Rate Notes 46,350 2.60% - 4.15% 10.03 46,350 3.90% - 4.15% 9.14 Class E Senior Secured Deferrable Floating Rate Notes 40,800 5.70% - 6.80% 10.05 40,800 6.80% - 7.10% 9.21 Total secured notes sold to investors $ 746,100 $ 746,100 Less: Debt issuance cost (6,188 ) (7,852 ) Total CLOs asset-backed securities issued $ 739,912 $ 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 June 30, 2018, (In thousands) As of June 30, 2018 2018 $ - 2019 - 2020 - 2021 - 2022 - Thereafter 746,100 Total $ 746,100 $784.7 $765.6 June 30 2018 31, 2017, |
Note 8 - Shareholders' Equity
Note 8 - Shareholders' Equity | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8 . Share holders’ Equity Share Repurchase Program During the three June 30, 2018 , the Company repurchased 92,922 of the Company’s shares, at an average price of $5.15 per share, for an aggregate purchase price of $0.5 million on the open market. six June 30, 2018 , the Company repurchased 294,909 of the Company’s shares, at an average price of $5.28 per share, for an aggregate purchase price of $1.6 million on the open market. 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 | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 9 . Share -Based Compensation On January 1, 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 six June 30, 2018: Six Months Ended June 30, 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 June 30, 2018: June 30, 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 1.02 $ 6.55 $ - 2,515,000 1.02 $ 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 did not s three June 30, 2018 2017 s of zero $54 six June 30, 2018 2017, As of June 30, 2018, as no There were no share options exercised during the three June 30, 2018 not share options. There were no share options exercised during the six June 30, 2018 not share options. The Company recognized current income tax benefits of zero $20 three six June 30, 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, the Company granted approximately 260,000 RSUs to certain employees of the Company as part of the 2017 deferred compensation program. 50% of these units will vest on December 1, 2018 and the remaining 50% will vest on December 1, 2019, subject to the grantees’ continued employment through such dates. On March 15, 2018, the Company granted approximately 67,000 RSUs to its independent directors. 25% of these units will vest on April 1, 2018, July 1, 2018, October 1, 2018, respectively, and the remaining 25% will vest on January 1, 2019. The Company also granted RSUs for new hires throughout the year. The following table summarizes RSU activity for the six June 30, 2018: Six Months Ended June 30, 2018 Restricted Weighted Average Share Units Grant Date Fair Value Balance, beginning of year 277,193 $ 5.60 Granted 454,974 5.01 Vested (52,191 ) 5.97 Forfeited (128,003 ) 5.32 Balance, end of period 551,973 $ 5.14 The aggregate fair value of RSUs vested during both the three June 30, 2018 2017 $191 $89 six June 30, 2018 2017 $312 $655 $28 $34 three June 30, 2018 2017, $28 $250 six June 30, 2018 2017, 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 June 30, 2018 2017, $0.3 million and $0.9 six June 30, 2018 2017, $0.8 million and $1.6 For the three ended June 30, 2018 2017, $55 thousand and $155 For the six ended June 30, 2018 2017, $113 thousand and $359 June 30, 2018, $1.8 million of unrecognized compensation expense related to RSUs expected to be recognized over a weighted average period of 1.22 years. 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, the Company granted an aggregate of 2,865,000 share appreciation rights (“SARs”) to certain employees and the Company ’s independent directors. These SARs have a base price of $7.33 per share, an exercise period of five years and have vested and became exercisable on December 31, 2017 subject to the terms and conditions of the applicable grant agreements. The fair value of the SARs was determined using a quantitative model, using the following assumptions: expected life of 2.0 years, risk-free interest rate of 2.72%, distribution yield of 9.11 %, and volatility of 20.00%. The risk-free rate was interpolated from the U.S. constant maturity treasuries for a term corresponding to the maturity of the SAR. The volatility was calculated from the historical weekly share prices of the Company as of the grant date for a term corresponding to the maturity of the SAR. The distribution yield was calculated as the sum of the last twelve -month distributions over the share price as of the grant date. The following table summarizes the SARs activity for the six June 30, 2018: Six Months Ended June 30, 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 June 30, 2018: June 30, 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 1.50 $ 7.33 $ - The Company recognizes compensation expense for SARs over the vesting period. All of the outstanding SARs as of June 30, 2018 three June 30, 2018 2017, $25 $348 six June 30, 2018 2017, $99 $331 For the three June 30, 2018 2017, 6 $132 six June 30, 2018 2017, $26 $126 June 30, 2018, no no exercised during the six June 30, 2018 not s. |
Note 10 - Net Income Per Common
Note 10 - Net Income Per Common Share | 6 Months Ended |
Jun. 30, 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 loss per share for the three six June 30, 2018 2017 (In thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Numerator: Net loss attributable to JMP Group, LLC $ (1,988 ) $ (8,535 ) $ (2,271 ) $ (13,275 ) Denominator: Basic weighted average shares outstanding 21,537 21,652 21,601 21,612 Effect of potential dilutive securities: Restricted share units - - - - Diluted weighted average shares outstanding 21,537 21,652 21,601 21,612 Net loss per share Basic $ (0.09 ) $ (0.39 ) $ (0.11 ) $ (0.61 ) Diluted $ (0.09 ) $ (0.39 ) $ (0.11 ) $ (0.61 ) Due to the net loss for the three six June 30, 2017 and June 30, 2018 , all of the share o ptions and restricted share units outstanding, were anti-dilutive and, therefore, were not included in the computation of diluted weighted-average common shares outstanding. |
Note 11 - Employee Benefits
Note 11 - Employee Benefits | 6 Months Ended |
Jun. 30, 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 $0.3 $0.2 three June 30, 2018 2017, 401 $1.2 $1.1 six June 30, 2018 2017, |
Note 12 - Income Taxes
Note 12 - Income Taxes | 6 Months Ended |
Jun. 30, 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 intermediate holding subsidiaries, a few of which are taxable corporate subsidiaries. The taxable income earned by these subsidiaries is subject to U.S. Federal and state income taxation. Taxable income earned by JMP Investment Holdings LLC, a wholly-owned subsidiary, is 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 June 30, 2018 2017, $4.9 millio n and benefit of $0.2 six months ended June 30, 2018 2017, $0.7 millio n and $1.3 57.56 % and - 11.35% for the three June 30, 2018 2017, 18.55 % and 9.41 six June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2018 2017. $2.3 $2.2 six June 30, 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 $ 2,573 2019 4,237 2020 2,858 2021 2,847 2022 2,717 Thereafter 7,653 Total Lease Commitments $ 22,885 In connection with its underwriting activities, JMP Securities may, At both June 30, 2018 and December 31, 2017, JMP Securities h ad no open underwriting c ommitments. The marketable securities owned and the restricted cash, as well as the cash held by the clearing broker may $0.3 m June 30, 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 $132.5 $49.1 June 30, 2018 December 31, 2017, he Company determined the fair value of the unfunded commitments to be $131.1 $49.2 June 30, 2018 and December 31, 2017, respectively. |
Note 14 - Regulatory Requiremen
Note 14 - Regulatory Requirements | 6 Months Ended |
Jun. 30, 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 $23.7 $37.3 e $22.4 $35.9 $1.3 $1.4 June 30, 2018 December 31, 2017, 0.79 1 0.58 1 June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2018 December 31, 2017, $16.6 $24.1 $6.1 million and $14.7 $10.5 $9.4 $3.3 $4.1 three June 30, 2018 2017. $6.3 $8.1 six June 30, 2018 2017. $2.1 $0.1 three June 30, 2018 2017, $5.5 $1.9 six June 30, 2018 2017, zero $0.4 June 30, 2018 December 31, 2017, On September 19, 2017, $3.4 15% October 2017, 30% $1.0 30, 2018 31, 2017, $2.4 $2.4 million and $2.9 June 30, 2018 31, 2017, On January 9, 2018, $0.8 June 30, 2018 , $0.8 On January 9, 2018, 30% $0.5 30, 2018. $15 $28 three six June 30, 2018 |
Note 16 - Guarantees
Note 16 - Guarantees | 6 Months Ended |
Jun. 30, 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 June 30, 2018 December 31, 2017 no three six June 30, 2018 2017, no no June 30, 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 | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 $3.1 $0.2 June 30, 2018 31, 2017, 13 June 30, 2018 December 31, 2017. |
Note 19 - Business Segments
Note 19 - Business Segments | 6 Months Ended |
Jun. 30, 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 three six June 30, 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Broker-Dealer Non-interest revenues $ 34,015 $ 24,206 $ 59,344 $ 43,096 Total net revenues after provision for loan losses $ 34,015 $ 24,206 $ 59,344 $ 43,096 Non-interest expenses 30,410 22,458 53,326 41,019 Segment operating pre-tax net income $ 3,605 $ 1,748 $ 6,018 $ 2,077 Segment assets $ 70,349 $ 57,491 $ 70,349 $ 57,491 Asset Management Non-interest revenues $ 4,572 $ 4,856 $ 8,561 $ 10,167 Total net revenues after provision for loan losses $ 4,572 $ 4,856 $ 8,561 $ 10,167 Non-interest expenses 4,756 5,303 9,776 10,398 Segment operating pre-tax net loss $ (184 ) $ (447 ) $ (1,215 ) $ (231 ) Segment assets $ 20,529 $ 19,324 $ 20,529 $ 19,324 Corporate Non-interest revenues $ 3,556 $ 2,128 $ 5,724 $ 5,417 Net interest income 2,927 940 5,054 955 Gain on repurchase or early retirement of debt (42 ) - (42 ) 210 Provision for loan losses (37 ) (409 ) (930 ) (1,822 ) Total net revenues after provision for loan losses $ 6,404 $ 2,659 $ 9,806 $ 4,760 Non-interest expenses 5,945 3,634 12,392 8,918 Segment operating pre-tax net income (loss) $ 459 $ (975 ) $ (2,586 ) $ (4,158 ) Segment assets $ 1,434,858 $ 1,245,922 $ 1,434,858 $ 1,245,922 Eliminations Non-interest revenues $ (1,168 ) $ (722 ) $ (2,147 ) $ (1,763 ) Total net revenues after provision for loan losses $ (1,168 ) $ (722 ) $ (2,147 ) $ (1,763 ) Non-interest expenses (1,168 ) (722 ) (2,149 ) (1,763 ) Segment operating pre-tax net income $ - $ - $ 2 $ - Segment assets $ (274,705 ) $ (322,760 ) $ (274,705 ) $ (322,760 ) Consolidating adjustments and reconciling items Non-interest revenues $ 576 (a) $ (1,882 ) (a) $ (1,637 ) (a) $ (3,869 ) (a) Net interest income 1,108 (b) 1,013 (b) 1,989 (b) 1,970 (b) Loss on repurchase or early retirement of debt - (5,542 ) (2,626 ) (5,542 ) Provision for loan losses (1,243 ) (1,445 ) (1,815 ) (1,298 ) Total net revenues after provision for loan losses $ 441 $ (7,856 ) $ (4,089 ) $ (8,739 ) Non-interest expenses 635 (c) 868 (c) 1,759 (c) 2,574 (c) Non-controlling interest expense 779 335 (685 ) 932 Segment operating pre-tax net loss $ (973 ) (d) $ (9,059 ) (d) $ (5,163 ) (d) $ (12,245 ) (d) Segment assets $ - $ - $ - $ - Total Segments Non-interest revenues $ 41,551 $ 28,586 $ 69,845 $ 53,048 Net interest income 4,035 1,953 7,043 2,925 Gain (loss) on repurchase or early retirement of debt (42 ) (5,542 ) (2,668 ) (5,332 ) Provision for loan losses (1,280 ) (1,854 ) (2,745 ) (3,120 ) Total net revenues after provision for loan losses $ 44,264 $ 23,143 $ 71,475 $ 47,521 Non-interest expenses 40,578 31,541 75,104 61,146 Non-controlling interest expense 779 335 (685 ) 932 Segment operating pre-tax net income (loss) $ 2,907 $ (8,733 ) $ (2,944 ) $ (14,557 ) Total assets $ 1,251,031 $ 999,978 $ 1,251,031 $ 999,978 (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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Operating net income (loss) $ 3,384 $ 559 $ 1,753 $ (1,524 ) Add back (subtract) of segment income tax expense (benefit) 496 (233 ) 466 (788 ) Total Segments adjusted operating pre-tax net income (loss) $ 3,880 $ 326 $ 2,219 $ (2,312 ) Subtract (Add back) Share-based awards and deferred compensation 69 207 213 1,167 General loan loss provision - collateralized loan obligations 1,164 1,251 1,493 833 Early retirement of debt - 5,432 1,318 5,432 Restructuring costs - CLO portfolios (10 ) 286 54 286 Amortization of intangible asset - CLO III 69 69 138 138 Unrealized (gain) loss - real estate-related depreciation and amortization (24 ) 1,745 1,604 3,901 Unrealized mark-to-market (gain) loss - strategic equity investments (295 ) 69 343 488 Total Consolidation Adjustments and Reconciling Items 973 9,059 5,163 12,245 Consolidated pre-tax net income (loss) attributable to JMP Group LLC $ 2,907 $ (8,733 ) $ (2,944 ) $ (14,557 ) Income tax expense (benefit) 4,895 (198 ) (673 ) (1,282 ) Consolidated net loss attributable to JMP Group LLC $ (1,988 ) $ (8,535 ) $ (2,271 ) $ (13,275 ) |
Note 20 - Nonconsolidated Varia
Note 20 - Nonconsolidated Variable Interest Entities | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 20 . Nonconsolidated Variable Interest Entities not As of (In thousands) June 30, 2018 December 31, 2017 Investment $ 5,307 $ 8,226 Receivables 206 262 Total $ 5,513 $ 8,488 |
Note 21 - Condensed Consolidati
Note 21 - Condensed Consolidating Financial Statements | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | 21 . Consolidating Financial Statements JMP Group Inc., a 100% January 1, 2015, may The following consolidating financial statements present the consolidated statements of financial condition, 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 June 30, 2018 Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Assets Cash and cash equivalents $ 1,265 $ 4,906 $ 1,492 $ 42,739 $ - $ 50,402 Restricted cash and deposits - 1,471 - 45,222 - 46,693 Investment banking fees receivable, net of allowance for doubtful accounts - - - 17,540 - 17,540 Marketable securities owned, at fair value - - 10,558 10,993 (96 ) 21,455 Other investments - 3,272 3,151 10,493 - 16,916 Loans held for investment, net of allowance for loan losses - - 2,695 283,151 - 285,846 Loans collateralizing asset-backed securities issued, net of allowance for loan losses - - - 784,663 - 784,663 Interest receivable - 1 163 2,584 (177 ) 2,571 Fixed assets, net - - - 2,351 - 2,351 Other assets (6,608 ) 135,950 (26,509 ) 75,605 (155,844 ) 22,594 Investment in subsidiaries 219,949 74,689 124,804 - (419,442 ) - Total assets $ 214,606 $ 220,289 $ 116,354 $ 1,275,341 $ (575,559 ) $ 1,251,031 Liabilities and Equity Liabilities: Marketable securities sold, but not yet purchased, at fair value $ - $ - $ - $ 5,630 $ - $ 5,630 Accrued compensation 610 1,524 23 23,133 - 25,290 Asset-backed securities issued - - - 739,912 - 739,912 Interest payable - 1,240 - 7,791 (177 ) 8,854 Notes payable 137,603 - - 35,763 (154,537 ) 18,829 CLO V warehouse credit facility - - - 238,500 - 238,500 Bond payable - 93,241 - - (96 ) 93,145 Other liabilities 2,801 5,645 - 11,358 (1,202 ) 18,602 Total liabilities $ 141,014 $ 101,650 $ 23 $ 1,062,087 $ (156,012 ) $ 1,148,762 Total members' (deficit) equity 73,592 118,639 102,433 213,749 (419,759 ) 88,654 Nonredeemable Non-controlling Interest $ - $ - $ 13,898 $ (495 ) $ 212 $ 13,615 Total equity $ 73,592 $ 118,639 $ 116,331 $ 213,254 $ (419,547 ) $ 102,269 Total liabilities and equity $ 214,606 $ 220,289 $ 116,354 $ 1,275,341 $ (575,559 ) $ 1,251,031 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 June 30, 2018 Parent Company Subsidiary Issuer Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Revenues Investment banking $ - $ - $ - $ 28,562 $ - $ 28,562 Brokerage - - - 5,447 - 5,447 Asset management fees - - - 5,420 (42 ) 5,378 Principal transactions 194 (126 ) 339 1,277 - 1,684 Loss on sale, payoff and mark-to-market of loans - - (15 ) (135 ) - (150 ) Net dividend income - 11 280 28 - 319 Other income - - - 311 - 311 Equity earnings of subsidiaries (103 ) 2,719 3,680 - (6,296 ) - Non-interest revenues 91 2,604 4,284 40,910 (6,338 ) 41,551 Interest income 371 1,141 296 15,921 (2,060 ) 15,669 Interest expense (1,138 ) (2,299 ) (20 ) (10,237 ) 2,060 (11,634 ) Net interest income (767 ) (1,158 ) 276 5,684 - 4,035 Loss on repurchase, reissuance or early retirement of debt - - (42 ) - - (42 ) Provision for loan losses - - - (1,280 ) - (1,280 ) Total net revenues after provision for loan losses (676 ) 1,446 4,518 45,314 (6,338 ) 44,264 Non-interest expenses Compensation and benefits 598 1,235 23 27,282 - 29,138 Administration 159 101 12 2,481 (42 ) 2,711 Brokerage, clearing and exchange fees - - - 788 - 788 Travel and business development (31 ) 4 - 1,229 - 1,202 Communications and technology 1 2 - 1,044 - 1,047 Managed deal expense - - - 2,348 - 2,348 Occupancy - - - 1,143 - 1,143 Professional fees 585 67 5 481 - 1,138 Depreciation - - - 287 - 287 Other - - 69 707 - 776 Total non-interest expenses 1,312 1,409 109 37,790 (42 ) 40,578 Net income (loss) before income tax expense (1,988 ) 37 4,409 7,524 (6,296 ) 3,686 Income tax expense - 3,734 - 1,161 - 4,895 Net income (loss) (1,988 ) (3,697 ) 4,409 6,363 (6,296 ) (1,209 ) Less: Net income (loss) attributable to nonredeemable non-controlling interest - - 815 (36 ) - 779 Net income (loss) attributable to JMP Group LLC $ (1,988 ) $ (3,697 ) $ 3,594 $ 6,399 $ (6,296 ) $ (1,988 ) For the Three Months Ended June 30, 2017 Parent Company Subsidiary Issuer Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Revenues Investment banking $ - $ - $ - $ 19,128 $ - $ 19,128 Brokerage - - - 5,078 - 5,078 Asset management fees - - - 4,192 (39 ) 4,153 Principal transactions - (487 ) 324 (160 ) - (323 ) Gain on sale, payoff and mark-to-market of loans - - - 83 - 83 Net dividend income - 1 256 16 - 273 Other income - - - 194 - 194 Equity earnings of subsidiaries (6,704 ) 1,012 (4,196 ) - 9,888 - Non-interest revenues (6,704 ) 526 (3,616 ) 28,531 9,849 28,586 Interest income 472 1,139 9 10,070 (1,994 ) 9,696 Interest expense (1,139 ) (2,272 ) - (6,326 ) 1,994 (7,743 ) Net interest income (667 ) (1,133 ) 9 3,744 - 1,953 Loss on repurchase, reissuance or early retirement of debt - - - (5,542 ) - (5,542 ) Provision for loan losses - - (20 ) (1,834 ) - (1,854 ) Total net revenues after provision for loan losses (7,371 ) (607 ) (3,627 ) 24,899 9,849 23,143 Non-interest expenses Compensation and benefits 547 749 532 20,824 - 22,652 Administration 143 111 71 2,435 (39 ) 2,721 Brokerage, clearing and exchange fees - - - 789 - 789 Travel and business development 10 - - 1,101 - 1,111 Communications and technology 1 3 - 1,047 - 1,051 Occupancy - - - 1,111 - 1,111 Professional fees 462 87 - 304 - 853 Depreciation - - - 303 - 303 Other - 11 69 870 - 950 Total non-interest expenses 1,163 961 672 28,784 (39 ) 31,541 Net income (loss) before income tax expense (8,534 ) (1,568 ) (4,299 ) (3,885 ) 9,888 (8,398 ) Income tax expense (benefit) - (1,070 ) - 872 - (198 ) Net income (loss) (8,534 ) (498 ) (4,299 ) (4,757 ) 9,888 (8,200 ) Less: Net income attributable to nonredeemable non-controlling interest - - 256 79 - 335 Net income (loss) attributable to JMP Group LLC $ (8,534 ) $ (498 ) $ (4,555 ) $ (4,836 ) $ 9,888 $ (8,535 ) For the Six Months Ended June 30, 2018 Parent Company Subsidiary Issuer Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Revenues Investment banking $ - $ - $ - $ 49,224 $ - $ 49,224 Brokerage - - - 10,111 - 10,111 Asset management fees - - - 12,025 (222 ) 11,803 Principal transactions (1,853 ) (144 ) (793 ) 854 - (1,936 ) Loss on sale, payoff and mark-to-market of loans - - (15 ) (317 ) - (332 ) Net dividend income 2 14 549 50 - 615 Other income - - - 360 - 360 Equity earnings of subsidiaries 3,704 2,791 3,396 - (9,891 ) - Non-interest revenues 1,853 2,661 3,137 72,307 (10,113 ) 69,845 Interest income 744 2,283 587 28,895 (4,130 ) 28,379 Interest expense (2,277 ) (4,592 ) (25 ) (18,571 ) 4,129 (21,336 ) Net interest income (1,533 ) (2,309 ) 562 10,324 (1 ) 7,043 Loss on repurchase, reissuance or early retirement of debt - - (42 ) (2,626 ) - (2,668 ) Reversal (provision) for loan losses - - 15 (2,760 ) - (2,745 ) Total net revenues after provision for loan losses 320 352 3,672 77,245 (10,114 ) 71,475 Non-interest expenses Compensation and benefits 1,009 2,076 72 50,242 - 53,399 Administration 290 238 36 4,602 (222 ) 4,944 Brokerage, clearing and exchange fees - - - 1,565 - 1,565 Travel and business development 35 18 - 2,103 - 2,156 Communications and technology 1 5 - 2,103 - 2,109 Managed deal expense - - - 3,914 - 3,914 Occupancy - - - 2,260 - 2,260 Professional fees 1,256 152 5 1,630 - 3,043 Depreciation - - - 551 - 551 Other - - 138 1,025 - 1,163 Total non-interest expenses 2,591 2,489 251 69,995 (222 ) 75,104 Net income (loss) before income tax expense (2,271 ) (2,137 ) 3,421 7,250 (9,892 ) (3,629 ) Income tax expense (benefit) - (2,255 ) - 1,582 - (673 ) Net income (loss) (2,271 ) 118 3,421 5,668 (9,892 ) (2,956 ) Less: Net loss attributable to nonredeemable non-controlling interest - - (231 ) (454 ) - (685 ) Net income (loss) attributable to JMP Group LLC $ (2,271 ) $ 118 $ 3,652 $ 6,122 $ (9,892 ) $ (2,271 ) For the Six Months Ended June 30, 2017 Parent Company Subsidiary Issuer Guarantor Subsidiary Non- Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Revenues Investment banking $ - $ - $ - $ 32,728 $ - $ 32,728 Brokerage - - - 10,364 - 10,364 Asset management fees - - - 10,143 (79 ) 10,064 Principal transactions - (479 ) (72 ) (1,665 ) - (2,216 ) Gain on sale, payoff and mark-to-market of loans - - - 930 - 930 Net dividend income - 1 512 26 - 539 Other income - - - 639 - 639 Equity earnings of subsidiaries (9,469 ) 728 (3,612 ) - 12,353 - Non-interest revenues (9,469 ) 250 (3,172 ) 53,165 12,274 53,048 Interest income 840 2,278 107 19,615 (4,077 ) 18,763 Interest expense (2,278 ) (4,546 ) - (13,091 ) 4,077 (15,838 ) Net interest income (1,438 ) (2,268 ) 107 6,524 - 2,925 Gain (loss) on repurchase, reissuance or early retirement of debt 210 - - (5,542 ) - (5,332 ) Provision for loan losses - - (20 ) (3,100 ) - (3,120 ) Total net revenues after provision for loan losses (10,697 ) (2,018 ) (3,085 ) 51,047 12,274 47,521 Non-interest expenses Compensation and benefits 1,082 1,395 779 41,194 - 44,450 Administration 270 233 97 4,019 (79 ) 4,540 Brokerage, clearing and exchange fees - - - 1,548 - 1,548 Travel and business development 88 - - 1,938 - 2,026 Communications and technology 2 5 - 2,097 - 2,104 Occupancy - - - 2,222 - 2,222 Professional fees 1,134 154 - 727 - 2,015 Depreciation - - - 614 - 614 Other - 17 138 1,472 - 1,627 Total non-interest expenses 2,576 1,804 1,014 55,831 (79 ) 61,146 Net income (loss) before income tax expense (13,273 ) (3,822 ) (4,099 ) (4,784 ) 12,353 (13,625 ) Income tax expense (benefit) - (2,090 ) - 808 - (1,282 ) Net income (loss) (13,273 ) (1,732 ) (4,099 ) (5,592 ) 12,353 (12,343 ) Less: Net income attributable to nonredeemable non-controlling interest - - 693 239 - 932 Net income (loss) attributable to JMP Group LLC $ (13,273 ) $ (1,732 ) $ (4,792 ) $ (5,831 ) $ 12,353 $ (13,275 ) For the Six Months Ended June 30, 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 $ 2,730 $ (1,130 ) $ 20,513 $ (26,374 ) $ (9,933 ) $ (14,194 ) Cash flows from investing activities: Purchases of fixed assets - - - (580 ) - (580 ) Investment in subsidiary 6,945 (3,914 ) 2,521 - (5,552 ) - Purchases of other investments - (430 ) (5,187 ) (55 ) 4,453 (1,219 ) Sales of other investments - 116 13,161 2,306 (4,411 ) 11,172 Funding of loans collateralizing asset-backed securities issued - - - (193,024 ) - (193,024 ) Funding of loans held for investment - - 14 (225,365 ) - (225,351 ) Sale, payoff, and principal receipts of loans collateralizing asset-backed securities issued - - (15 ) 172,430 - 172,415 Sale, payoff, and principal payments on loans held for investment - - 1,560 20,546 - 22,106 Net changes in cash collateral posted for derivative transactions - - - - - - Net cash provided by (used in) investing activities $ 6,945 $ (4,228 ) $ 12,054 $ (223,742 ) $ (5,510 ) $ (214,481 ) Cash flows from financing activities: Proceeds from issuance of Repurchase Agreement - - 3,878 - - 3,878 Proceeds from drawdowns on CLO V warehouse facility - - - 177,250 - 177,250 Proceeds from drawdowns on line of credit - - - 18,000 - 18,000 Proceeds from sale of note to affiliate - - - 829 - 829 Payments of debt issuance costs - (142 ) - (1,715 ) - (1,857 ) Repayment of asset-backed securities issued - - (4,453 ) (327,647 ) - (332,100 ) Repayment of Repurchase Agreement - - (3,878 ) - - (3,878 ) Proceeds of issuance from asset-backed securities issued - - - 327,605 - 327,605 Reissuance of asset-backed securities - - 4,411 42 - 4,453 Distributions and dividend equivalents paid on common shares and RSUs (3,975 ) - - - - (3,975 ) Capital contributions of parent (3,174 ) 5,587 (43,174 ) 25,318 15,443 - Capital contributions of nonredeemable non-controlling interest holders - - - 449 - 449 Purchases of common shares for treasury (1,525 ) - - - - (1,525 ) Purchase of subsidiary shares from non-controlling interest holders (656 ) - - 656 - - Distributions to non-controlling interest shareholders - - (540 ) (109 ) - (649 ) Employee taxes paid on shares withheld for tax-withholding purposes (31 ) - - - (31 ) Net cash provided by (used in) financing activities $ (9,361 ) $ 5,445 $ (43,756 ) $ 220,678 $ 15,443 $ 188,449 Net increase (decrease) in cash, cash equivalents, and restricted cash 314 87 (11,189 ) (29,438 ) - (40,226 ) 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 $ 1,265 $ 6,377 $ 1,492 $ 87,961 $ - $ 97,095 For the Six Months Ended June 30, 2017 Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Cash flows from operating activities: Net cash used in operating activities $ (11,801 ) $ (536 ) $ (938 ) $ (10,439 ) $ (2,979 ) $ (26,693 ) Cash flows from investing activities: Purchases of fixed assets - - - (100 ) - (100 ) Purchases of other investments - (844 ) (684 ) - - (1,528 ) Sales of other investments - 181 594 (5,029 ) 15,330 11,076 Funding of loans collateralizing asset-backed securities issued - - - (510,421 ) - (510,421 ) Funding of loans held for sale - - - (2,752 ) - (2,752 ) Funding of loans held for investment - - (1,231 ) (4,630 ) 5,605 (256 ) Repayment of loans held for sale - - - 1,784 - 1,784 Sale, payoff, and principal payments on loans held for investment - - - 33,951 - 33,951 Sale, payoff and Principal receipts of loans collateralizing asset-backed securities issued - - - 406,137 (5,605 ) 400,532 Net changes in cash collateral posted for derivative transactions - - - 23,460 23,460 Investment in subsidiary 27,774 3,262 100,765 - (131,801 ) - Net cash provided by (used in) investing activities $ 27,774 $ 2,599 $ 99,444 $ (57,600 ) $ (116,471 ) $ (44,254 ) Cash flows from financing activities: Repayment of asset-backed securities issued - - - (503,617 ) - (503,617 ) Proceeds of issuance from asset-backed securities issued - - - 408,394 - 408,394 Distributions and dividend equivalents paid on common shares and RSUs (3,903 ) - - - - (3,903 ) Capital contributions of nonredeemable non-controlling interest holders - - - 92 - 92 Proceeds from exercises of stock options 905 - - - - 905 Purchases of common shares for treasury (402 ) - - - - (402 ) Distributions to non-controlling interest shareholders - - (2,673 ) (398 ) - (3,071 ) Employee taxes paid on shares withheld for tax-withholding purposes (184 ) - - - - (184 ) Capital contributions of parent (5,003 ) 992 (70,037 ) (45,402 ) 119,450 - Net cash provided by (used in) financing activities $ (8,587 ) $ 992 $ (72,710 ) $ (140,931 ) $ 119,450 $ (101,786 ) Net increase (decrease) in cash and cash equivalents 7,386 3,055 25,796 (208,970 ) - (172,733 ) 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 $ 7,641 $ 6,289 $ 30,856 $ 95,629 $ - $ 140,415 |
Note 22 - Subsequent Events
Note 22 - Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 22 . Subsequent Events On June 29, 2018, $10 July 31, 2018 ( 100% $25, July 31, 2018, $10 $25. On July 18, 2018, $0.03 July August 15, 2018, July 31, 2018. August September 14, 2018, August 31, 2018. September October 15, 2018, September 28, 2018. On July 26, 2018 $407.8 $368.0 $39.8 July 26, 2018. $2,500,000 $29,825,000 On August 6, 2018 $25.0 one June 4, 2019, July 2019, 3.75% first two 5.00% two |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation These consolidated financial statements and related notes are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to 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 as of June 30 , 2018 December 31, 2017 third See Note 2 Annual Report for the Company's significant accounting policies. For the six June 30, 2018, no No. 2014 09, 606 January 1, 2018 January 1, 2018 not Refer to Note 3, |
Note 3 - Recent Accounting Pr30
Note 3 - Recent Accounting Pronouncements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 (in thousands) As Reported ASC 606 Impact Pre-Adoption (1) As Reported ASC 606 Impact Pre-Adoption (1) Revenues Investment banking $ 28,562 $ 2,690 $ 25,872 $ 49,224 $ 4,730 $ 44,494 Total non-interest revenues 41,551 2,690 38,861 69,845 4,730 65,115 Total net revenues after provision for loan losses 44,264 2,690 41,574 71,475 4,730 66,745 Expenses Travel and business development 1,202 283 919 2,156 629 1,527 Managed deal expenses 2,348 2,348 - 3,914 3,914 - Professional fees 1,138 59 1,079 3,043 187 2,856 Total non-comp expenses 11,440 2,690 8,750 21,705 4,730 16,975 Total non-interest expenses 40,578 2,690 37,888 75,104 4,730 70,374 |
Note 4 - Fair Value Measureme31
Note 4 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, 2018 (In thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 50,402 $ 50,402 $ - $ - $ 50,402 Restricted cash and deposits 46,693 46,693 - - 46,693 Marketable securities owned 21,455 21,455 - - 21,455 Other investments (1) 1,250 - 1,250 - 1,250 Other investments measured at net asset value (1) 9,137 - - - - Loans held for investment, net of allowance for loan losses 285,846 - 284,353 2,669 287,022 Loans collateralizing asset-backed securities issued, net of allowance for loan losses 784,663 - 786,482 - 786,482 Total assets: $ 1,199,446 $ 118,550 $ 1,072,085 $ 2,669 $ 1,193,304 Liabilities: Marketable securities sold, but not yet purchased $ 5,630 $ 5,630 $ - $ - $ 5,630 Notes payable 18,829 - 18,829 - 18,829 Asset-backed securities issued 739,912 - 744,162 - 744,162 Bond payable 93,145 96,323 - - 96,323 CLO V warehouse credit facility 238,500 - 238,500 - 238,500 Total liabilities: $ 1,096,016 $ 101,953 $ 1,001,491 $ - $ 1,103,444 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) June 30, 2018 Carrying Value Level 1 Level 2 Level 3 Total Marketable securities owned $ 21,455 $ 21,455 $ - $ - $ 21,455 Other investments: Investments in hedge funds managed by the Company 1,250 - 1,250 - 1,250 Investments in other funds managed by the Company (1) 4,841 - - - - Total investment in funds managed by the Company (1) 6,091 - 1,250 - 1,250 Limited partnership in investments in private equity/ real estate funds (1) 4,296 - - - - Total other investments 10,387 - 1,250 - 1,250 Total assets: $ 31,842 $ 21,455 $ 1,250 $ - $ 22,705 Marketable securities sold, but not yet purchased $ 5,630 $ 5,630 $ - $ - $ 5,630 Total liabilities: $ 5,630 $ 5,630 $ - $ - $ 5,630 (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 June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 Limited partner investments in private equity/real estate funds Nonredeemable N/A $ 4,296 $ 3,761 $ 504 $ 1,235 Investment in other funds managed by the Company Nonredeemable N/A $ 4,841 $ 4,173 $ - $ - |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Impaired Non-Impaired Impaired Non-Impaired Impaired Non-Impaired Impaired Non-Impaired Balance at beginning of period $ (1,209 ) $ (6,492 ) $ (1,908 ) $ (5,187 ) $ (390 ) $ (6,533 ) $ (937 ) $ (5,783 ) Provision for loan losses: Specific reserve - - (542 ) - (953 ) - (1,513 ) - General reserve - (369 ) - (1,290 ) - (328 ) - (874 ) Transfer to loans held for investment - - 1,239 - - - 1,239 - Charge off 1,099 - - - 1,233 - - 180 Balance at end of period $ (110 ) $ (6,861 ) $ (1,211 ) $ (6,477 ) $ (110 ) $ (6,861 ) $ (1,211 ) $ (6,477 ) |
Impaired Financing Receivables [Table Text Block] | (In thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized June 30, 2018 Impaired loans with an allowance recorded $ 864 $ 943 $ 110 $ 1,039 $ - Impaired loans with no related allowance recorded - - - - - Total Impaired Loans $ 864 $ 943 $ 110 $ 1,039 $ - 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] | Cash Flow Loans June 30, December 31, 2018 2017 Moody's rating: Baa1 - Baa3 $ 5,083 $ 8,880 Ba1 - Ba3 172,562 134,061 B1 - B3 556,067 579,091 Caa1 - Caa3 56,099 50,475 Ca 1,823 - Total: $ 791,634 $ 772,507 Internal rating: (1) 2 $ 714,439 $ 692,198 3 62,717 70,217 4 13,614 8,713 5 864 1,379 Total: $ 791,634 $ 772,507 Performance: Performing $ 790,770 $ 771,128 Non-Performing 864 1,379 Total: $ 791,634 $ 772,507 |
Loans Held for Investment [Member] | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Impaired Non-impaired Impaired Non-impaired Impaired Non-impaired Impaired Non-impaired Balance, at beginning of the period $ (205 ) $ (858 ) $ (1,534 ) $ - $ (2,279 ) $ (494 ) $ (823 ) $ - Provision for loan losses Specific - - - - (205 ) - (711 ) - General - (914 ) - - - (1,278 ) - - Charge off 205 26 380 - 2,484 26 380 - Transfer for loans collateralizing asset-backed securities - - - (513 ) - - - (513 ) Balance, at end of the period $ - $ (1,746 ) $ (1,154 ) $ (513 ) $ - $ (1,746 ) $ (1,154 ) $ (513 ) |
Impaired Financing Receivables [Table Text Block] | 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 - June 30, December 31, 2018 2017 Moody's rating: Baa1 - Baa3 $ - $ - Ba1 - Ba3 57,848 12,174 B1 - B3 222,665 64,170 Caa1 - Caa3 4,452 5,310 Not Rated 2,669 4,595 Total: $ 287,634 $ 86,249 Internal rating (1) 2 $ 277,606 $ 77,525 3 5,110 384 4 2,499 2,613 5 - 1,379 Not rated 2,419 4,348 Total: $ 287,634 $ 86,249 Performance: Performing $ 287,619 $ 83,161 Non-performing 15 3,088 Total: $ 287,634 $ 86,249 |
Note 5 - Loans Collateralizin32
Note 5 - Loans Collateralizing Asset-backed Securities Issued (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Impaired Non-Impaired Impaired Non-Impaired Impaired Non-Impaired Impaired Non-Impaired Balance at beginning of period $ (1,209 ) $ (6,492 ) $ (1,908 ) $ (5,187 ) $ (390 ) $ (6,533 ) $ (937 ) $ (5,783 ) Provision for loan losses: Specific reserve - - (542 ) - (953 ) - (1,513 ) - General reserve - (369 ) - (1,290 ) - (328 ) - (874 ) Transfer to loans held for investment - - 1,239 - - - 1,239 - Charge off 1,099 - - - 1,233 - - 180 Balance at end of period $ (110 ) $ (6,861 ) $ (1,211 ) $ (6,477 ) $ (110 ) $ (6,861 ) $ (1,211 ) $ (6,477 ) |
Impaired Financing Receivables [Table Text Block] | (In thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized June 30, 2018 Impaired loans with an allowance recorded $ 864 $ 943 $ 110 $ 1,039 $ - Impaired loans with no related allowance recorded - - - - - Total Impaired Loans $ 864 $ 943 $ 110 $ 1,039 $ - 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] | Cash Flow Loans June 30, December 31, 2018 2017 Moody's rating: Baa1 - Baa3 $ 5,083 $ 8,880 Ba1 - Ba3 172,562 134,061 B1 - B3 556,067 579,091 Caa1 - Caa3 56,099 50,475 Ca 1,823 - Total: $ 791,634 $ 772,507 Internal rating: (1) 2 $ 714,439 $ 692,198 3 62,717 70,217 4 13,614 8,713 5 864 1,379 Total: $ 791,634 $ 772,507 Performance: Performing $ 790,770 $ 771,128 Non-Performing 864 1,379 Total: $ 791,634 $ 772,507 |
Note 6 - Debt (Tables)
Note 6 - Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | (In thousands) June 30, 2018 2018 $ 9,979 2019 - 2020 - 2021 - 2022 - Thereafter 85,926 Total $ 95,905 |
Senior Notes [Member] | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | (In thousands) June 30, 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 (2,760 ) (2,802 ) Total debt obligations $ 93,145 $ 93,103 |
Schedule of Debt [Table Text Block] | (In thousands) Outstanding Balance June 30, 2018 December 31, 2017 $340.0 million, CLO V Warehouse Credit Facility through July 31, 2018 $ 238,500 $ 61,250 $25 million, JMP Holding Credit Agreement through June 4, 2019 18,000 - $20 million, JMP Securities Revolving LOC through June 6, 2019 (1) - - Other 829 - Total Credit Facilities $ 257,329 $ 61,250 |
Note 7 - Asset-backed Securit34
Note 7 - Asset-backed Securities Issued (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | (In thousands) June 30, 2018 2018 $ 9,979 2019 - 2020 - 2021 - 2022 - Thereafter 85,926 Total $ 95,905 |
CLO III and CLO IV [Member] | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | (In thousands) As of June 30, 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 0.85% - 1.37% 10.06 $ 513,750 1.24% - 1.37% 9.22 Class B Senior Secured Floating Rate Notes 95,700 1.30% - 1.90% 10.06 95,700 1.80% - 1.90% 9.26 Class C Senior Secured Deferrable Floating Rate Notes 49,500 1.80% - 2.65% 10.05 49,500 2.60% - 2.65% 9.18 Class D Senior Secured Deferrable Floating Rate Notes 46,350 2.60% - 4.15% 10.03 46,350 3.90% - 4.15% 9.14 Class E Senior Secured Deferrable Floating Rate Notes 40,800 5.70% - 6.80% 10.05 40,800 6.80% - 7.10% 9.21 Total secured notes sold to investors $ 746,100 $ 746,100 Less: Debt issuance cost (6,188 ) (7,852 ) Total CLOs asset-backed securities issued $ 739,912 $ 738,248 |
CLO III and CLO IV [Member] | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | (In thousands) As of June 30, 2018 2018 $ - 2019 - 2020 - 2021 - 2022 - Thereafter 746,100 Total $ 746,100 |
Note 9 - Share-based Compensa35
Note 9 - Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Six Months Ended June 30, 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] | June 30, 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 1.02 $ 6.55 $ - 2,515,000 1.02 $ 6.55 - |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Six Months Ended June 30, 2018 Restricted Weighted Average Share Units Grant Date Fair Value Balance, beginning of year 277,193 $ 5.60 Granted 454,974 5.01 Vested (52,191 ) 5.97 Forfeited (128,003 ) 5.32 Balance, end of period 551,973 $ 5.14 |
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity [Table Text Block] | Six Months Ended June 30, 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] | June 30, 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 1.50 $ 7.33 $ - |
Note 10 - Net Income Per Comm36
Note 10 - Net Income Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (In thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Numerator: Net loss attributable to JMP Group, LLC $ (1,988 ) $ (8,535 ) $ (2,271 ) $ (13,275 ) Denominator: Basic weighted average shares outstanding 21,537 21,652 21,601 21,612 Effect of potential dilutive securities: Restricted share units - - - - Diluted weighted average shares outstanding 21,537 21,652 21,601 21,612 Net loss per share Basic $ (0.09 ) $ (0.39 ) $ (0.11 ) $ (0.61 ) Diluted $ (0.09 ) $ (0.39 ) $ (0.11 ) $ (0.61 ) |
Note 13 - Commitments and Con37
Note 13 - Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 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 $ 2,573 2019 4,237 2020 2,858 2021 2,847 2022 2,717 Thereafter 7,653 Total Lease Commitments $ 22,885 |
Note 19 - Business Segments (Ta
Note 19 - Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Broker-Dealer Non-interest revenues $ 34,015 $ 24,206 $ 59,344 $ 43,096 Total net revenues after provision for loan losses $ 34,015 $ 24,206 $ 59,344 $ 43,096 Non-interest expenses 30,410 22,458 53,326 41,019 Segment operating pre-tax net income $ 3,605 $ 1,748 $ 6,018 $ 2,077 Segment assets $ 70,349 $ 57,491 $ 70,349 $ 57,491 Asset Management Non-interest revenues $ 4,572 $ 4,856 $ 8,561 $ 10,167 Total net revenues after provision for loan losses $ 4,572 $ 4,856 $ 8,561 $ 10,167 Non-interest expenses 4,756 5,303 9,776 10,398 Segment operating pre-tax net loss $ (184 ) $ (447 ) $ (1,215 ) $ (231 ) Segment assets $ 20,529 $ 19,324 $ 20,529 $ 19,324 Corporate Non-interest revenues $ 3,556 $ 2,128 $ 5,724 $ 5,417 Net interest income 2,927 940 5,054 955 Gain on repurchase or early retirement of debt (42 ) - (42 ) 210 Provision for loan losses (37 ) (409 ) (930 ) (1,822 ) Total net revenues after provision for loan losses $ 6,404 $ 2,659 $ 9,806 $ 4,760 Non-interest expenses 5,945 3,634 12,392 8,918 Segment operating pre-tax net income (loss) $ 459 $ (975 ) $ (2,586 ) $ (4,158 ) Segment assets $ 1,434,858 $ 1,245,922 $ 1,434,858 $ 1,245,922 Eliminations Non-interest revenues $ (1,168 ) $ (722 ) $ (2,147 ) $ (1,763 ) Total net revenues after provision for loan losses $ (1,168 ) $ (722 ) $ (2,147 ) $ (1,763 ) Non-interest expenses (1,168 ) (722 ) (2,149 ) (1,763 ) Segment operating pre-tax net income $ - $ - $ 2 $ - Segment assets $ (274,705 ) $ (322,760 ) $ (274,705 ) $ (322,760 ) Consolidating adjustments and reconciling items Non-interest revenues $ 576 (a) $ (1,882 ) (a) $ (1,637 ) (a) $ (3,869 ) (a) Net interest income 1,108 (b) 1,013 (b) 1,989 (b) 1,970 (b) Loss on repurchase or early retirement of debt - (5,542 ) (2,626 ) (5,542 ) Provision for loan losses (1,243 ) (1,445 ) (1,815 ) (1,298 ) Total net revenues after provision for loan losses $ 441 $ (7,856 ) $ (4,089 ) $ (8,739 ) Non-interest expenses 635 (c) 868 (c) 1,759 (c) 2,574 (c) Non-controlling interest expense 779 335 (685 ) 932 Segment operating pre-tax net loss $ (973 ) (d) $ (9,059 ) (d) $ (5,163 ) (d) $ (12,245 ) (d) Segment assets $ - $ - $ - $ - Total Segments Non-interest revenues $ 41,551 $ 28,586 $ 69,845 $ 53,048 Net interest income 4,035 1,953 7,043 2,925 Gain (loss) on repurchase or early retirement of debt (42 ) (5,542 ) (2,668 ) (5,332 ) Provision for loan losses (1,280 ) (1,854 ) (2,745 ) (3,120 ) Total net revenues after provision for loan losses $ 44,264 $ 23,143 $ 71,475 $ 47,521 Non-interest expenses 40,578 31,541 75,104 61,146 Non-controlling interest expense 779 335 (685 ) 932 Segment operating pre-tax net income (loss) $ 2,907 $ (8,733 ) $ (2,944 ) $ (14,557 ) Total assets $ 1,251,031 $ 999,978 $ 1,251,031 $ 999,978 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Operating net income (loss) $ 3,384 $ 559 $ 1,753 $ (1,524 ) Add back (subtract) of segment income tax expense (benefit) 496 (233 ) 466 (788 ) Total Segments adjusted operating pre-tax net income (loss) $ 3,880 $ 326 $ 2,219 $ (2,312 ) Subtract (Add back) Share-based awards and deferred compensation 69 207 213 1,167 General loan loss provision - collateralized loan obligations 1,164 1,251 1,493 833 Early retirement of debt - 5,432 1,318 5,432 Restructuring costs - CLO portfolios (10 ) 286 54 286 Amortization of intangible asset - CLO III 69 69 138 138 Unrealized (gain) loss - real estate-related depreciation and amortization (24 ) 1,745 1,604 3,901 Unrealized mark-to-market (gain) loss - strategic equity investments (295 ) 69 343 488 Total Consolidation Adjustments and Reconciling Items 973 9,059 5,163 12,245 Consolidated pre-tax net income (loss) attributable to JMP Group LLC $ 2,907 $ (8,733 ) $ (2,944 ) $ (14,557 ) Income tax expense (benefit) 4,895 (198 ) (673 ) (1,282 ) Consolidated net loss attributable to JMP Group LLC $ (1,988 ) $ (8,535 ) $ (2,271 ) $ (13,275 ) |
Note 20 - Nonconsolidated Var39
Note 20 - Nonconsolidated Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | As of (In thousands) June 30, 2018 December 31, 2017 Investment $ 5,307 $ 8,226 Receivables 206 262 Total $ 5,513 $ 8,488 |
Note 21 - Condensed Consolida40
Note 21 - Condensed Consolidating Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | As of June 30, 2018 Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Assets Cash and cash equivalents $ 1,265 $ 4,906 $ 1,492 $ 42,739 $ - $ 50,402 Restricted cash and deposits - 1,471 - 45,222 - 46,693 Investment banking fees receivable, net of allowance for doubtful accounts - - - 17,540 - 17,540 Marketable securities owned, at fair value - - 10,558 10,993 (96 ) 21,455 Other investments - 3,272 3,151 10,493 - 16,916 Loans held for investment, net of allowance for loan losses - - 2,695 283,151 - 285,846 Loans collateralizing asset-backed securities issued, net of allowance for loan losses - - - 784,663 - 784,663 Interest receivable - 1 163 2,584 (177 ) 2,571 Fixed assets, net - - - 2,351 - 2,351 Other assets (6,608 ) 135,950 (26,509 ) 75,605 (155,844 ) 22,594 Investment in subsidiaries 219,949 74,689 124,804 - (419,442 ) - Total assets $ 214,606 $ 220,289 $ 116,354 $ 1,275,341 $ (575,559 ) $ 1,251,031 Liabilities and Equity Liabilities: Marketable securities sold, but not yet purchased, at fair value $ - $ - $ - $ 5,630 $ - $ 5,630 Accrued compensation 610 1,524 23 23,133 - 25,290 Asset-backed securities issued - - - 739,912 - 739,912 Interest payable - 1,240 - 7,791 (177 ) 8,854 Notes payable 137,603 - - 35,763 (154,537 ) 18,829 CLO V warehouse credit facility - - - 238,500 - 238,500 Bond payable - 93,241 - - (96 ) 93,145 Other liabilities 2,801 5,645 - 11,358 (1,202 ) 18,602 Total liabilities $ 141,014 $ 101,650 $ 23 $ 1,062,087 $ (156,012 ) $ 1,148,762 Total members' (deficit) equity 73,592 118,639 102,433 213,749 (419,759 ) 88,654 Nonredeemable Non-controlling Interest $ - $ - $ 13,898 $ (495 ) $ 212 $ 13,615 Total equity $ 73,592 $ 118,639 $ 116,331 $ 213,254 $ (419,547 ) $ 102,269 Total liabilities and equity $ 214,606 $ 220,289 $ 116,354 $ 1,275,341 $ (575,559 ) $ 1,251,031 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 June 30, 2018 Parent Company Subsidiary Issuer Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Revenues Investment banking $ - $ - $ - $ 28,562 $ - $ 28,562 Brokerage - - - 5,447 - 5,447 Asset management fees - - - 5,420 (42 ) 5,378 Principal transactions 194 (126 ) 339 1,277 - 1,684 Loss on sale, payoff and mark-to-market of loans - - (15 ) (135 ) - (150 ) Net dividend income - 11 280 28 - 319 Other income - - - 311 - 311 Equity earnings of subsidiaries (103 ) 2,719 3,680 - (6,296 ) - Non-interest revenues 91 2,604 4,284 40,910 (6,338 ) 41,551 Interest income 371 1,141 296 15,921 (2,060 ) 15,669 Interest expense (1,138 ) (2,299 ) (20 ) (10,237 ) 2,060 (11,634 ) Net interest income (767 ) (1,158 ) 276 5,684 - 4,035 Loss on repurchase, reissuance or early retirement of debt - - (42 ) - - (42 ) Provision for loan losses - - - (1,280 ) - (1,280 ) Total net revenues after provision for loan losses (676 ) 1,446 4,518 45,314 (6,338 ) 44,264 Non-interest expenses Compensation and benefits 598 1,235 23 27,282 - 29,138 Administration 159 101 12 2,481 (42 ) 2,711 Brokerage, clearing and exchange fees - - - 788 - 788 Travel and business development (31 ) 4 - 1,229 - 1,202 Communications and technology 1 2 - 1,044 - 1,047 Managed deal expense - - - 2,348 - 2,348 Occupancy - - - 1,143 - 1,143 Professional fees 585 67 5 481 - 1,138 Depreciation - - - 287 - 287 Other - - 69 707 - 776 Total non-interest expenses 1,312 1,409 109 37,790 (42 ) 40,578 Net income (loss) before income tax expense (1,988 ) 37 4,409 7,524 (6,296 ) 3,686 Income tax expense - 3,734 - 1,161 - 4,895 Net income (loss) (1,988 ) (3,697 ) 4,409 6,363 (6,296 ) (1,209 ) Less: Net income (loss) attributable to nonredeemable non-controlling interest - - 815 (36 ) - 779 Net income (loss) attributable to JMP Group LLC $ (1,988 ) $ (3,697 ) $ 3,594 $ 6,399 $ (6,296 ) $ (1,988 ) For the Three Months Ended June 30, 2017 Parent Company Subsidiary Issuer Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Revenues Investment banking $ - $ - $ - $ 19,128 $ - $ 19,128 Brokerage - - - 5,078 - 5,078 Asset management fees - - - 4,192 (39 ) 4,153 Principal transactions - (487 ) 324 (160 ) - (323 ) Gain on sale, payoff and mark-to-market of loans - - - 83 - 83 Net dividend income - 1 256 16 - 273 Other income - - - 194 - 194 Equity earnings of subsidiaries (6,704 ) 1,012 (4,196 ) - 9,888 - Non-interest revenues (6,704 ) 526 (3,616 ) 28,531 9,849 28,586 Interest income 472 1,139 9 10,070 (1,994 ) 9,696 Interest expense (1,139 ) (2,272 ) - (6,326 ) 1,994 (7,743 ) Net interest income (667 ) (1,133 ) 9 3,744 - 1,953 Loss on repurchase, reissuance or early retirement of debt - - - (5,542 ) - (5,542 ) Provision for loan losses - - (20 ) (1,834 ) - (1,854 ) Total net revenues after provision for loan losses (7,371 ) (607 ) (3,627 ) 24,899 9,849 23,143 Non-interest expenses Compensation and benefits 547 749 532 20,824 - 22,652 Administration 143 111 71 2,435 (39 ) 2,721 Brokerage, clearing and exchange fees - - - 789 - 789 Travel and business development 10 - - 1,101 - 1,111 Communications and technology 1 3 - 1,047 - 1,051 Occupancy - - - 1,111 - 1,111 Professional fees 462 87 - 304 - 853 Depreciation - - - 303 - 303 Other - 11 69 870 - 950 Total non-interest expenses 1,163 961 672 28,784 (39 ) 31,541 Net income (loss) before income tax expense (8,534 ) (1,568 ) (4,299 ) (3,885 ) 9,888 (8,398 ) Income tax expense (benefit) - (1,070 ) - 872 - (198 ) Net income (loss) (8,534 ) (498 ) (4,299 ) (4,757 ) 9,888 (8,200 ) Less: Net income attributable to nonredeemable non-controlling interest - - 256 79 - 335 Net income (loss) attributable to JMP Group LLC $ (8,534 ) $ (498 ) $ (4,555 ) $ (4,836 ) $ 9,888 $ (8,535 ) For the Six Months Ended June 30, 2018 Parent Company Subsidiary Issuer Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Revenues Investment banking $ - $ - $ - $ 49,224 $ - $ 49,224 Brokerage - - - 10,111 - 10,111 Asset management fees - - - 12,025 (222 ) 11,803 Principal transactions (1,853 ) (144 ) (793 ) 854 - (1,936 ) Loss on sale, payoff and mark-to-market of loans - - (15 ) (317 ) - (332 ) Net dividend income 2 14 549 50 - 615 Other income - - - 360 - 360 Equity earnings of subsidiaries 3,704 2,791 3,396 - (9,891 ) - Non-interest revenues 1,853 2,661 3,137 72,307 (10,113 ) 69,845 Interest income 744 2,283 587 28,895 (4,130 ) 28,379 Interest expense (2,277 ) (4,592 ) (25 ) (18,571 ) 4,129 (21,336 ) Net interest income (1,533 ) (2,309 ) 562 10,324 (1 ) 7,043 Loss on repurchase, reissuance or early retirement of debt - - (42 ) (2,626 ) - (2,668 ) Reversal (provision) for loan losses - - 15 (2,760 ) - (2,745 ) Total net revenues after provision for loan losses 320 352 3,672 77,245 (10,114 ) 71,475 Non-interest expenses Compensation and benefits 1,009 2,076 72 50,242 - 53,399 Administration 290 238 36 4,602 (222 ) 4,944 Brokerage, clearing and exchange fees - - - 1,565 - 1,565 Travel and business development 35 18 - 2,103 - 2,156 Communications and technology 1 5 - 2,103 - 2,109 Managed deal expense - - - 3,914 - 3,914 Occupancy - - - 2,260 - 2,260 Professional fees 1,256 152 5 1,630 - 3,043 Depreciation - - - 551 - 551 Other - - 138 1,025 - 1,163 Total non-interest expenses 2,591 2,489 251 69,995 (222 ) 75,104 Net income (loss) before income tax expense (2,271 ) (2,137 ) 3,421 7,250 (9,892 ) (3,629 ) Income tax expense (benefit) - (2,255 ) - 1,582 - (673 ) Net income (loss) (2,271 ) 118 3,421 5,668 (9,892 ) (2,956 ) Less: Net loss attributable to nonredeemable non-controlling interest - - (231 ) (454 ) - (685 ) Net income (loss) attributable to JMP Group LLC $ (2,271 ) $ 118 $ 3,652 $ 6,122 $ (9,892 ) $ (2,271 ) For the Six Months Ended June 30, 2017 Parent Company Subsidiary Issuer Guarantor Subsidiary Non- Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Revenues Investment banking $ - $ - $ - $ 32,728 $ - $ 32,728 Brokerage - - - 10,364 - 10,364 Asset management fees - - - 10,143 (79 ) 10,064 Principal transactions - (479 ) (72 ) (1,665 ) - (2,216 ) Gain on sale, payoff and mark-to-market of loans - - - 930 - 930 Net dividend income - 1 512 26 - 539 Other income - - - 639 - 639 Equity earnings of subsidiaries (9,469 ) 728 (3,612 ) - 12,353 - Non-interest revenues (9,469 ) 250 (3,172 ) 53,165 12,274 53,048 Interest income 840 2,278 107 19,615 (4,077 ) 18,763 Interest expense (2,278 ) (4,546 ) - (13,091 ) 4,077 (15,838 ) Net interest income (1,438 ) (2,268 ) 107 6,524 - 2,925 Gain (loss) on repurchase, reissuance or early retirement of debt 210 - - (5,542 ) - (5,332 ) Provision for loan losses - - (20 ) (3,100 ) - (3,120 ) Total net revenues after provision for loan losses (10,697 ) (2,018 ) (3,085 ) 51,047 12,274 47,521 Non-interest expenses Compensation and benefits 1,082 1,395 779 41,194 - 44,450 Administration 270 233 97 4,019 (79 ) 4,540 Brokerage, clearing and exchange fees - - - 1,548 - 1,548 Travel and business development 88 - - 1,938 - 2,026 Communications and technology 2 5 - 2,097 - 2,104 Occupancy - - - 2,222 - 2,222 Professional fees 1,134 154 - 727 - 2,015 Depreciation - - - 614 - 614 Other - 17 138 1,472 - 1,627 Total non-interest expenses 2,576 1,804 1,014 55,831 (79 ) 61,146 Net income (loss) before income tax expense (13,273 ) (3,822 ) (4,099 ) (4,784 ) 12,353 (13,625 ) Income tax expense (benefit) - (2,090 ) - 808 - (1,282 ) Net income (loss) (13,273 ) (1,732 ) (4,099 ) (5,592 ) 12,353 (12,343 ) Less: Net income attributable to nonredeemable non-controlling interest - - 693 239 - 932 Net income (loss) attributable to JMP Group LLC $ (13,273 ) $ (1,732 ) $ (4,792 ) $ (5,831 ) $ 12,353 $ (13,275 ) |
Condensed Cash Flow Statement [Table Text Block] | For the Six Months Ended June 30, 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 $ 2,730 $ (1,130 ) $ 20,513 $ (26,374 ) $ (9,933 ) $ (14,194 ) Cash flows from investing activities: Purchases of fixed assets - - - (580 ) - (580 ) Investment in subsidiary 6,945 (3,914 ) 2,521 - (5,552 ) - Purchases of other investments - (430 ) (5,187 ) (55 ) 4,453 (1,219 ) Sales of other investments - 116 13,161 2,306 (4,411 ) 11,172 Funding of loans collateralizing asset-backed securities issued - - - (193,024 ) - (193,024 ) Funding of loans held for investment - - 14 (225,365 ) - (225,351 ) Sale, payoff, and principal receipts of loans collateralizing asset-backed securities issued - - (15 ) 172,430 - 172,415 Sale, payoff, and principal payments on loans held for investment - - 1,560 20,546 - 22,106 Net changes in cash collateral posted for derivative transactions - - - - - - Net cash provided by (used in) investing activities $ 6,945 $ (4,228 ) $ 12,054 $ (223,742 ) $ (5,510 ) $ (214,481 ) Cash flows from financing activities: Proceeds from issuance of Repurchase Agreement - - 3,878 - - 3,878 Proceeds from drawdowns on CLO V warehouse facility - - - 177,250 - 177,250 Proceeds from drawdowns on line of credit - - - 18,000 - 18,000 Proceeds from sale of note to affiliate - - - 829 - 829 Payments of debt issuance costs - (142 ) - (1,715 ) - (1,857 ) Repayment of asset-backed securities issued - - (4,453 ) (327,647 ) - (332,100 ) Repayment of Repurchase Agreement - - (3,878 ) - - (3,878 ) Proceeds of issuance from asset-backed securities issued - - - 327,605 - 327,605 Reissuance of asset-backed securities - - 4,411 42 - 4,453 Distributions and dividend equivalents paid on common shares and RSUs (3,975 ) - - - - (3,975 ) Capital contributions of parent (3,174 ) 5,587 (43,174 ) 25,318 15,443 - Capital contributions of nonredeemable non-controlling interest holders - - - 449 - 449 Purchases of common shares for treasury (1,525 ) - - - - (1,525 ) Purchase of subsidiary shares from non-controlling interest holders (656 ) - - 656 - - Distributions to non-controlling interest shareholders - - (540 ) (109 ) - (649 ) Employee taxes paid on shares withheld for tax-withholding purposes (31 ) - - - (31 ) Net cash provided by (used in) financing activities $ (9,361 ) $ 5,445 $ (43,756 ) $ 220,678 $ 15,443 $ 188,449 Net increase (decrease) in cash, cash equivalents, and restricted cash 314 87 (11,189 ) (29,438 ) - (40,226 ) 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 $ 1,265 $ 6,377 $ 1,492 $ 87,961 $ - $ 97,095 For the Six Months Ended June 30, 2017 Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Cash flows from operating activities: Net cash used in operating activities $ (11,801 ) $ (536 ) $ (938 ) $ (10,439 ) $ (2,979 ) $ (26,693 ) Cash flows from investing activities: Purchases of fixed assets - - - (100 ) - (100 ) Purchases of other investments - (844 ) (684 ) - - (1,528 ) Sales of other investments - 181 594 (5,029 ) 15,330 11,076 Funding of loans collateralizing asset-backed securities issued - - - (510,421 ) - (510,421 ) Funding of loans held for sale - - - (2,752 ) - (2,752 ) Funding of loans held for investment - - (1,231 ) (4,630 ) 5,605 (256 ) Repayment of loans held for sale - - - 1,784 - 1,784 Sale, payoff, and principal payments on loans held for investment - - - 33,951 - 33,951 Sale, payoff and Principal receipts of loans collateralizing asset-backed securities issued - - - 406,137 (5,605 ) 400,532 Net changes in cash collateral posted for derivative transactions - - - 23,460 23,460 Investment in subsidiary 27,774 3,262 100,765 - (131,801 ) - Net cash provided by (used in) investing activities $ 27,774 $ 2,599 $ 99,444 $ (57,600 ) $ (116,471 ) $ (44,254 ) Cash flows from financing activities: Repayment of asset-backed securities issued - - - (503,617 ) - (503,617 ) Proceeds of issuance from asset-backed securities issued - - - 408,394 - 408,394 Distributions and dividend equivalents paid on common shares and RSUs (3,903 ) - - - - (3,903 ) Capital contributions of nonredeemable non-controlling interest holders - - - 92 - 92 Proceeds from exercises of stock options 905 - - - - 905 Purchases of common shares for treasury (402 ) - - - - (402 ) Distributions to non-controlling interest shareholders - - (2,673 ) (398 ) - (3,071 ) Employee taxes paid on shares withheld for tax-withholding purposes (184 ) - - - - (184 ) Capital contributions of parent (5,003 ) 992 (70,037 ) (45,402 ) 119,450 - Net cash provided by (used in) financing activities $ (8,587 ) $ 992 $ (72,710 ) $ (140,931 ) $ 119,450 $ (101,786 ) Net increase (decrease) in cash and cash equivalents 7,386 3,055 25,796 (208,970 ) - (172,733 ) 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 $ 7,641 $ 6,289 $ 30,856 $ 95,629 $ - $ 140,415 |
Note 1 - Organization and Des41
Note 1 - Organization and Description of Business (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Feb. 28, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Gain (Loss) on Extinguishment of Debt, Total | $ (42) | $ (5,542) | $ (2,668) | $ (5,332) | ||
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 | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Net Cash Provided by (Used in) Operating Activities, Total | $ (14,194) | $ (26,693) |
Net Cash Provided by (Used in) Investing Activities, Total | $ (214,481) | (44,254) |
Accounting Standards Update 2016-18 [Member] | ||
Net Cash Provided by (Used in) Operating Activities, Total | (2,400) | |
Net Cash Provided by (Used in) Investing Activities, Total | $ (173,600) |
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 | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Total non-interest revenues | $ 41,551 | $ 28,586 | $ 69,845 | $ 53,048 | |
Total net revenues after provision for loan losses | 44,264 | 23,143 | 71,475 | 47,521 | |
Travel and business development | 1,202 | 1,111 | 2,156 | 2,026 | |
Managed deal expense | 2,348 | 3,914 | |||
Professional fees | 1,138 | 853 | 3,043 | 2,015 | |
Total non-comp expenses | 11,440 | 21,705 | |||
Total non-interest expenses | 40,578 | 31,541 | 75,104 | 61,146 | |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||||
Total non-interest revenues | 2,690 | 4,730 | |||
Total net revenues after provision for loan losses | 2,690 | 4,730 | |||
Travel and business development | 283 | 629 | |||
Managed deal expense | 2,348 | 3,914 | |||
Professional fees | 59 | 187 | |||
Total non-comp expenses | 2,690 | 4,730 | |||
Total non-interest expenses | 2,690 | 4,730 | |||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||||
Total non-interest revenues | [1] | 38,861 | 65,115 | ||
Total net revenues after provision for loan losses | [1] | 41,574 | 66,745 | ||
Travel and business development | [1] | 919 | 1,527 | ||
Managed deal expense | [1] | ||||
Professional fees | [1] | 1,079 | 2,856 | ||
Total non-comp expenses | [1] | 8,750 | 16,975 | ||
Total non-interest expenses | [1] | 37,888 | 70,374 | ||
Investment Banking [Member] | |||||
Investment banking | 28,562 | $ 19,128 | 49,224 | $ 32,728 | |
Investment Banking [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||||
Investment banking | 2,690 | 4,730 | |||
Investment Banking [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||||
Investment banking | [1] | $ 25,872 | $ 44,494 | ||
[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 | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Number of Loans Held for Investment | 5 | |
Financing Receivable, Net, Total | $ 2,400 | $ 2,400 |
Financing Receivable, Recorded Investment, Past Due, Total | 0 | 0 |
Impaired Financing Receivable, Related Allowance | 110 | 391 |
Financing Receivable, Individually Evaluated for Impairment | 1,400 | |
CLO V Warehouse Portfolio [Member] | ||
Financing Receivable, Net, Total | 280,700 | |
Loans Held for Investment [Member] | ||
Impaired Financing Receivable, Related Allowance | 0 | |
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 | $ 9,100 | $ 7,900 |
Note 4 - Fair Value Measureme45
Note 4 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | |
Marketable securities sold, but not yet purchased | $ 5,630 | $ 7,919 | |
Reported Value Measurement [Member] | |||
Cash and cash equivalents | 50,402 | 85,594 | |
Restricted cash and deposits | 46,693 | 51,727 | |
Marketable securities owned | 21,455 | 20,825 | |
Other investments (1) | [1] | 1,250 | 10,226 |
Other investments measured at net asset value (1) | [1] | 9,137 | 8,224 |
Loans held for investment, net of allowance for loan losses | 285,846 | 83,948 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 784,663 | 765,583 | |
Total assets: | 1,199,446 | 1,032,928 | |
Marketable securities sold, but not yet purchased | 5,630 | 7,919 | |
Notes payable | 18,829 | ||
Asset-backed securities issued | 739,912 | 738,248 | |
Bond payable | 93,145 | 93,103 | |
CLO V warehouse credit facility | 238,500 | 61,250 | |
Total liabilities: | 1,096,016 | 900,520 | |
Receivable from clearing broker | 6,801 | ||
Estimate of Fair Value Measurement [Member] | |||
Cash and cash equivalents | 50,402 | 85,594 | |
Restricted cash and deposits | 46,693 | 51,727 | |
Marketable securities owned | 21,455 | 20,825 | |
Other investments (1) | [1] | 1,250 | 10,226 |
Other investments measured at net asset value (1) | [1] | ||
Loans held for investment, net of allowance for loan losses | 287,022 | 84,298 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 786,482 | 766,298 | |
Total assets: | 1,193,304 | 1,025,769 | |
Marketable securities sold, but not yet purchased | 5,630 | 7,919 | |
Notes payable | 18,829 | ||
Asset-backed securities issued | 744,162 | 748,015 | |
Bond payable | 96,323 | 97,014 | |
CLO V warehouse credit facility | 238,500 | 61,250 | |
Total liabilities: | 1,103,444 | 914,198 | |
Receivable from clearing broker | 6,801 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and cash equivalents | 50,402 | 85,594 | |
Restricted cash and deposits | 46,693 | 51,727 | |
Marketable securities owned | 21,455 | 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: | 118,550 | 164,947 | |
Marketable securities sold, but not yet purchased | 5,630 | 7,919 | |
Notes payable | |||
Asset-backed securities issued | |||
Bond payable | 96,323 | ||
CLO V warehouse credit facility | |||
Total liabilities: | 101,953 | 7,919 | |
Receivable from clearing broker | 6,801 | ||
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] | 1,250 | 10,226 |
Other investments measured at net asset value (1) | [1] | ||
Loans held for investment, net of allowance for loan losses | 284,353 | 80,956 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 786,482 | 766,298 | |
Total assets: | 1,072,085 | 857,480 | |
Marketable securities sold, but not yet purchased | |||
Notes payable | 18,829 | ||
Asset-backed securities issued | 744,162 | 748,015 | |
Bond payable | 97,014 | ||
CLO V warehouse credit facility | 238,500 | 61,250 | |
Total liabilities: | 1,001,491 | 906,279 | |
Receivable from clearing broker | |||
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 | 2,669 | 3,342 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | |||
Total assets: | 2,669 | 3,342 | |
Marketable securities sold, but not yet purchased | |||
Notes payable | |||
Asset-backed securities issued | |||
Bond payable | |||
CLO V warehouse credit facility | |||
Total liabilities: | |||
Receivable from clearing broker | |||
[1] | In accordance with ASC 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The carrying values of these lines reconciles to the parenthetical disclosure of other investments on the 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 | Jun. 30, 2018 | Dec. 31, 2017 | ||
Other investments: | ||||
Investments in hedge funds managed by the Company | $ 10,387 | $ 18,450 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Marketable securities owned | 21,455 | 20,825 | ||
Other investments: | ||||
Investments in hedge funds managed by the Company | 10,226 | |||
Total assets: | 22,705 | 31,051 | ||
Marketable securities sold, but not yet purchased | 5,630 | 7,919 | ||
Total liabilities: | 5,630 | 7,919 | ||
Marketable securities owned | 21,455 | 20,825 | ||
Fair Value, Measurements, Recurring [Member] | Investments In Hedge Funds Managed By HCS [Member] | ||||
Other investments: | ||||
Investments in hedge funds managed by the Company | 1,250 | 10,226 | ||
Fair Value, Measurements, Recurring [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | ||||
Other investments: | ||||
Investments in hedge funds managed by the Company | [1] | |||
Fair Value, Measurements, Recurring [Member] | Investments In Funds Of Funds Managed By HCS [Member] | ||||
Other investments: | ||||
Investments in hedge funds managed by the Company | [1] | 1,250 | 10,226 | |
Fair Value, Measurements, Recurring [Member] | Limited Partner Investment in Private Equity Fund and Real Estate Funds [Member] | ||||
Other investments: | ||||
Investments in hedge funds managed by the Company | [1] | |||
Fair Value, Measurements, Recurring [Member] | Total Return Swap [Member] | ||||
Other investments: | ||||
Investments in hedge funds managed by the Company | 1,250 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Marketable securities owned | 21,455 | 20,825 | ||
Other investments: | ||||
Investments in hedge funds managed by the Company | ||||
Total assets: | 21,455 | 20,825 | ||
Marketable securities sold, but not yet purchased | 5,630 | 7,919 | ||
Total liabilities: | 5,630 | 7,919 | ||
Marketable securities owned | 21,455 | 20,825 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Investments In Hedge Funds Managed By HCS [Member] | ||||
Other investments: | ||||
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] | ||||
Other investments: | ||||
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] | ||||
Other investments: | ||||
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] | ||||
Other investments: | ||||
Investments in hedge funds managed by the Company | [1] | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Total Return Swap [Member] | ||||
Other investments: | ||||
Investments in hedge funds managed by the Company | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Marketable securities owned | ||||
Other investments: | ||||
Investments in hedge funds managed by the Company | 10,226 | |||
Total assets: | 1,250 | 10,226 | ||
Marketable securities sold, but not yet purchased | ||||
Total liabilities: | ||||
Marketable securities owned | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Investments In Hedge Funds Managed By HCS [Member] | ||||
Other investments: | ||||
Investments in hedge funds managed by the Company | 1,250 | 10,226 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | ||||
Other investments: | ||||
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] | ||||
Other investments: | ||||
Investments in hedge funds managed by the Company | [1] | 1,250 | 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] | ||||
Other investments: | ||||
Investments in hedge funds managed by the Company | [1] | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Total Return Swap [Member] | ||||
Other investments: | ||||
Investments in hedge funds managed by the Company | 1,250 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Marketable securities owned | ||||
Other investments: | ||||
Investments in hedge funds managed by the Company | ||||
Total assets: | ||||
Marketable securities sold, but not yet purchased | ||||
Total liabilities: | ||||
Marketable securities owned | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Investments In Hedge Funds Managed By HCS [Member] | ||||
Other investments: | ||||
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] | ||||
Other investments: | ||||
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] | ||||
Other investments: | ||||
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] | ||||
Other investments: | ||||
Investments in hedge funds managed by the Company | [1] | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Total Return Swap [Member] | ||||
Other investments: | ||||
Investments in hedge funds managed by the Company | ||||
Reported Value Measurement [Member] | ||||
Other investments: | ||||
Total assets: | 1,199,446 | 1,032,928 | ||
Total liabilities: | 1,096,016 | 900,520 | ||
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Marketable securities owned | 21,455 | 20,825 | ||
Other investments: | ||||
Investments in hedge funds managed by the Company | 18,450 | |||
Total assets: | 31,842 | 39,275 | ||
Marketable securities sold, but not yet purchased | 5,630 | 7,919 | ||
Total liabilities: | 5,630 | 7,919 | ||
Marketable securities owned | 21,455 | 20,825 | ||
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Investments In Hedge Funds Managed By HCS [Member] | ||||
Other investments: | ||||
Investments in hedge funds managed by the Company | 1,250 | 10,226 | ||
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | ||||
Other investments: | ||||
Investments in hedge funds managed by the Company | [1] | 4,841 | 4,463 | |
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Investments In Funds Of Funds Managed By HCS [Member] | ||||
Other investments: | ||||
Investments in hedge funds managed by the Company | [1] | 6,091 | 14,689 | |
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Limited Partner Investment in Private Equity Fund and Real Estate Funds [Member] | ||||
Other investments: | ||||
Investments in hedge funds managed by the Company | 4,296 | $ 3,761 | [1] | |
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Total Return Swap [Member] | ||||
Other investments: | ||||
Investments in hedge funds managed by the Company | $ 10,387 | |||
[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 | Jun. 30, 2018 | Dec. 31, 2017 |
Investments fair value | $ 10,387 | $ 18,450 |
Limited Partner Investment in Private Equity Fund [Member] | Nonredeemable Funds [Member] | ||
Investments fair value | 4,296 | 3,761 |
Limited partner investments in private equity/real estate funds | 504 | 1,235 |
Investments in Private Equity Funds Managed by HCS [Member] | Nonredeemable Funds [Member] | ||
Investments fair value | 4,841 | 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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Reversal (provision) for loan losses | $ (1,280) | $ (1,854) | $ (2,745) | $ (3,120) |
Impaired Loans [Member] | ||||
Balance, at beginning of the period | (1,209) | (1,908) | (390) | (937) |
Charge off | 1,099 | 1,233 | ||
Balance, at end of the period | (110) | (1,211) | (110) | (1,211) |
Impaired Loans [Member] | Specific Reserve [Member] | ||||
Reversal (provision) for loan losses | (542) | (953) | (1,513) | |
Impaired Loans [Member] | General Reserve [Member] | ||||
Reversal (provision) for loan losses | ||||
Non Impaired Loans [Member] | ||||
Balance, at beginning of the period | (6,492) | (5,187) | (6,533) | (5,783) |
Charge off | 180 | |||
Balance, at end of the period | (6,861) | (6,477) | (6,861) | (6,477) |
Non Impaired Loans [Member] | Specific Reserve [Member] | ||||
Reversal (provision) for loan losses | ||||
Non Impaired Loans [Member] | General Reserve [Member] | ||||
Reversal (provision) for loan losses | (369) | (1,290) | (328) | (874) |
Loans Held for Investment [Member] | Impaired Loans [Member] | ||||
Balance, at beginning of the period | (205) | (1,534) | (2,279) | (823) |
Charge off | 205 | 380 | 2,484 | 380 |
Transfer for loans collateralizing asset-backed securities | ||||
Balance, at end of the period | (1,154) | (1,154) | ||
Loans Held for Investment [Member] | Impaired Loans [Member] | Specific Reserve [Member] | ||||
Reversal (provision) for loan losses | (205) | (711) | ||
Loans Held for Investment [Member] | Impaired Loans [Member] | General Reserve [Member] | ||||
Reversal (provision) for loan losses | ||||
Loans Held for Investment [Member] | Non Impaired Loans [Member] | ||||
Balance, at beginning of the period | (858) | (494) | ||
Charge off | 26 | 26 | ||
Transfer for loans collateralizing asset-backed securities | (513) | (513) | ||
Balance, at end of the period | (1,746) | (513) | (1,746) | (513) |
Loans Held for Investment [Member] | Non Impaired Loans [Member] | Specific Reserve [Member] | ||||
Reversal (provision) for loan losses | ||||
Loans Held for Investment [Member] | Non Impaired Loans [Member] | General Reserve [Member] | ||||
Reversal (provision) for loan losses | $ (914) | $ (1,278) |
Note 4 - Fair Value Measureme49
Note 4 - Fair Value Measurements - Schedule of Impaired Financing Receivable (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Impaired loans with an allowance recorded, recorded investment | $ 864 | $ 1,379 |
Impaired loans with an allowance recorded, unpaid principal balance | 943 | 1,448 |
Impaired loans, related allowance | 110 | 391 |
Impaired loans with an allowance recorded, average recorded investment | 1,039 | 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 | 864 | 1,379 |
Impaired loans, unpaid principal balance | 943 | 1,448 |
Impaired loans, average recorded investment | 1,039 | 1,411 |
Impaired loans, interest income recognized | 0 | 32 |
Loans Held for Investment [Member] | ||
Impaired loans, related allowance | $ 0 | |
Impaired Loans [Member] | Loans Held for Investment [Member] | ||
Impaired loans with an allowance recorded, recorded investment | 1,379 | |
Impaired loans with an allowance recorded, unpaid principal balance | 1,448 | |
Impaired loans, related allowance | 391 | |
Impaired loans with an allowance recorded, average recorded investment | 1,411 | |
Impaired loans with an allowance recorded, interest income recognized | 32 | |
Impaired loans with no related allowance recorded, recorded investment | 0 | |
Impaired loans with no related allowance recorded, unpaid principal balance | 0 | |
Impaired loans with no related allowance recorded, average recorded investment | 0 | |
Impaired loans with no related allowance recorded, interest income recognized | 0 | |
Impaired loans, recorded investment | 1,379 | |
Impaired loans, unpaid principal balance | 1,448 | |
Impaired loans, average recorded investment | 1,411 | |
Impaired loans, interest income recognized | $ 32 |
Note 4 - Fair Value Measureme50
Note 4 - Fair Value Measurements - Credit Quality of Loans (Details) - Loans Held for Investment [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | |
Recorded investment | $ 287,634 | $ 86,249 | |
Performing Financial Instruments [Member] | |||
Recorded investment | 287,619 | 83,161 | |
Nonperforming Financial Instruments [Member] | |||
Recorded investment | 15 | 3,088 | |
Two [Member] | |||
Recorded investment | [1] | 277,606 | 77,525 |
Three [Member] | |||
Recorded investment | [1] | 5,110 | 384 |
Four [Member] | |||
Recorded investment | [1] | 2,499 | 2,613 |
Five [Member] | |||
Recorded investment | [1] | 1,379 | |
Not Rated [Member] | |||
Recorded investment | [1] | 2,419 | 4,348 |
Internal Ratings [Member] | |||
Recorded investment | [1] | 287,634 | 86,249 |
Baa1 - Baa3 [Member] | |||
Recorded investment | |||
Ba1 - Ba3 [Member] | |||
Recorded investment | 57,848 | 12,174 | |
B1 - B3 [Member] | |||
Recorded investment | 222,665 | 64,170 | |
Caa1 - Caa3 [Member] | |||
Recorded investment | 4,452 | 5,310 | |
Not Rated [Member] | |||
Recorded investment | 2,669 | 4,595 | |
Moodys Credit Rating [Member] | |||
Recorded investment | $ 287,634 | $ 86,249 | |
[1] | Loans with an internal rating of 3 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 | |
Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Financing Receivable, Individually Evaluated for Impairment | $ 1,400 | |
Financing Receivable, Recorded Investment, Past Due, Total | $ 0 | 0 |
Financing Receivable, Modifications, Number of Contracts | 2 | |
Equity Received from Troubled Debt Restructuring | $ 800 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 100 | |
Loan One [member] | ||
Financing Receivable, Modifications, Recorded Investment | 1,900 | |
Loan Two [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 1,000 | |
Loans Collateralizing Asset Backed Securities [Member] | ||
Financing Receivable, Collectively Evaluated for Impairment | 790,700 | 771,100 |
Loans Collateralizing Asset Backed Securities [Member] | ||
Financing Receivable, Individually Evaluated for Impairment | $ 900 | $ 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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Provision for loan losses | $ (1,280) | $ (1,854) | $ (2,745) | $ (3,120) |
Impaired Loans [Member] | ||||
Balance, at beginning of the period | (1,209) | (1,908) | (390) | (937) |
Transfer to loans held for investment | 1,239 | 1,239 | ||
Charge off | 1,099 | 1,233 | ||
Balance, at end of the period | (110) | (1,211) | (110) | (1,211) |
Impaired Loans [Member] | Specific Reserve [Member] | ||||
Provision for loan losses | (542) | (953) | (1,513) | |
Impaired Loans [Member] | General Reserve [Member] | ||||
Provision for loan losses | ||||
Non Impaired Loans [Member] | ||||
Balance, at beginning of the period | (6,492) | (5,187) | (6,533) | (5,783) |
Transfer to loans held for investment | ||||
Charge off | 180 | |||
Balance, at end of the period | (6,861) | (6,477) | (6,861) | (6,477) |
Non Impaired Loans [Member] | Specific Reserve [Member] | ||||
Provision for loan losses | ||||
Non Impaired Loans [Member] | General Reserve [Member] | ||||
Provision for loan losses | $ (369) | $ (1,290) | $ (328) | $ (874) |
Note 5 - Loans Collateralizin53
Note 5 - Loans Collateralizing Asset-backed Securities Issued - Schedule of Impaired Financing Receivable (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Impaired loans with an allowance recorded, recorded investment | $ 864 | $ 1,379 |
Impaired loans with an allowance recorded, unpaid principal balance | 943 | 1,448 |
Impaired loans, related allowance | 110 | 391 |
Impaired loans with an allowance recorded, average recorded investment | 1,039 | 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 | 864 | 1,379 |
Impaired loans, unpaid principal balance | 943 | 1,448 |
Impaired loans, average recorded investment | 1,039 | 1,411 |
Impaired loans, interest income recognized | $ 0 | $ 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 | Jun. 30, 2018 | Dec. 31, 2017 | |
Recorded investment | $ 791,634 | $ 772,507 | |
Performing Financial Instruments [Member] | |||
Recorded investment | 790,770 | 771,128 | |
Nonperforming Financial Instruments [Member] | |||
Recorded investment | 864 | 1,379 | |
Two [Member] | |||
Recorded investment | [1] | 714,439 | 692,198 |
Three [Member] | |||
Recorded investment | [1] | 62,717 | 70,217 |
Four [Member] | |||
Recorded investment | [1] | 13,614 | 8,713 |
Five [Member] | |||
Recorded investment | [1] | 864 | 1,379 |
Internal Ratings [Member] | |||
Recorded investment | [1] | 791,634 | 772,507 |
Baa1 - Baa3 [Member] | |||
Recorded investment | 5,083 | 8,880 | |
Ba1 - Ba3 [Member] | |||
Recorded investment | 172,562 | 134,061 | |
B1 - B3 [Member] | |||
Recorded investment | 556,067 | 579,091 | |
Caa1 - Caa3 [Member] | |||
Recorded investment | 56,099 | 50,475 | |
Moody's, Ca Rating [Member] | |||
Recorded investment | 1,823 | ||
Moodys Credit Rating [Member] | |||
Recorded investment | $ 791,634 | $ 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 (Details Textual)
Note 6 - Debt (Details Textual) - USD ($) | Aug. 06, 2018 | Jul. 31, 2018 | Jul. 26, 2018 | Aug. 03, 2016 | May 31, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Feb. 28, 2018 | Dec. 31, 2017 | Nov. 30, 2017 | Jan. 31, 2014 | Jan. 31, 2013 |
Senior Notes, Total | $ 93,145,000 | $ 93,145,000 | $ 93,103,000 | ||||||||||||
Long-term Line of Credit, Total | 238,500,000 | 238,500,000 | 61,250,000 | ||||||||||||
Gain (Loss) on Extinguishment of Debt, Total | (42,000) | $ (5,542,000) | (2,668,000) | $ (5,332,000) | |||||||||||
BNP Paribas [Member] | |||||||||||||||
Securities Sold Under Agreements to Repurchase, Par Value | $ 4,500,000 | ||||||||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ (42,000) | ||||||||||||||
Revolving Credit Facility [Member] | CNB [Member] | JMP Securities [Member] | |||||||||||||||
Long-term Line of Credit, Total | 18,000,000 | 18,000,000 | 0 | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | 20,000,000 | 20,000,000 | ||||||||||||
Revolving Credit Facility [Member] | CNB [Member] | JMP Securities [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||||||||||
Revolving Credit Facility [Member] | BNP Paribas [Member] | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 280,700,000 | $ 280,700,000 | $ 76,800,000 | ||||||||||||
Revolving Credit Facility [Member] | BNP Paribas [Member] | Scenario, Forecast [Member] | |||||||||||||||
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 | 1.375% | ||||||||||||||
Revolving Credit Facility [Member] | BNP Paribas [Member] | London Interbank Offered Rate (LIBOR) [Member] | Scenario, Forecast [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% | ||||||||||||||
Revolving Credit Conversion to Term Loan Portion to Be Paid in Next 2 Years Member | CNB [Member] | JMP Securities [Member] | |||||||||||||||
Line of Credit Facility, Revolving Credit Conversion to Term Loan, Repayment, Percent of Funded Debt | 5.00% | ||||||||||||||
Subsequent Event [Member] | CNB [Member] | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | ||||||||||||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | BNP Paribas [Member] | |||||||||||||||
Proceeds from Issuance of Debt | $ 407,800,000 | ||||||||||||||
Proceeds from Issuance of Secured Debt | 368,000,000 | ||||||||||||||
Proceeds from Issuance of Unsecured Debt | $ 39,800,000 | ||||||||||||||
Subsequent Event [Member] | Revolving Credit Conversion to Term Loan Portion to Be Paid in First 2 Years [Member] | CNB [Member] | |||||||||||||||
Line of Credit Facility, Revolving Credit Conversion to Term Loan, Repayment, Percent of Funded Debt | 3.75% | ||||||||||||||
Subsequent Event [Member] | Revolving Credit Conversion to Term Loan Portion to Be Paid in Next 2 Years Member | CNB [Member] | |||||||||||||||
Line of Credit Facility, Revolving Credit Conversion to Term Loan, Repayment, Percent of Funded Debt | 5.00% | ||||||||||||||
Senior Notes 2013 [Member] | |||||||||||||||
Senior Notes, Total | $ 46,000,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% | 8.00% | 8.00% | |||||||||||
Senior Notes 2013 [Member] | Subsequent Event [Member] | |||||||||||||||
Extinguishment of Debt, Amount | $ 10,000,000 | ||||||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | ||||||||||||||
Extinguishment of Debt, Amount in Addition to Principal | $ 25,000,000 | ||||||||||||||
Senior Notes 2017 [Member] | |||||||||||||||
Senior Notes, Total | $ 50,000,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 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 | Jun. 30, 2018 | Dec. 31, 2017 |
Debt obligation | $ 95,905 | |
Less: Debt issuance costs | (2,760) | $ (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 | (2,760) | (2,802) |
Long-term Debt, Total | $ 93,145 | $ 93,103 |
Note 6 - Debt - Debt Issuance57
Note 6 - Debt - Debt Issuance Costs (Details) (Parentheticals) - USD ($) $ in Billions | Jun. 30, 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 | $ 46 | ||
Senior Notes 2017 [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% | 7.25% | |
Debt obligation, face amount | $ 50 | $ 50 |
Note 6 - Debt - Summary of Sche
Note 6 - Debt - Summary of Scheduled Principal Payments of Debt Obligations (Details) $ in Thousands | Jun. 30, 2018USD ($) |
2,018 | $ 9,979 |
2,019 | |
2,020 | |
2,021 | |
2,022 | |
Thereafter | 85,926 |
Total | $ 95,905 |
Note 6 - Debt - Notes Payable,
Note 6 - Debt - Notes Payable, Lines of Credit and Credit Facilities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | |
Line of Credit [Member] | |||
Long-term debt | $ 257,329 | $ 61,250 | |
Notes Payable, Other Payables [Member] | |||
Long-term debt | 829 | ||
BNP Paribas [Member] | Line of Credit [Member] | |||
Long-term debt | 238,500 | 61,250 | |
CNB [Member] | Line of Credit [Member] | |||
Long-term debt | 18,000 | ||
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 | Jun. 30, 2018 | Dec. 31, 2017 |
BNP Paribas [Member] | Revolving Credit Facility [Member] | ||
Credit facility, maximum borrowing capacity | $ 280,700 | $ 76,800 |
Line of Credit [Member] | BNP Paribas [Member] | ||
Credit facility, maximum borrowing capacity | 340,000 | 340,000 |
Line of Credit [Member] | CNB [Member] | Revolving Credit Facility [Member] | ||
Credit facility, maximum borrowing capacity | $ 20,000 | $ 20,000 |
Note 7 - Asset-backed Securit61
Note 7 - Asset-backed Securities Issued (Details Textual) - CLO III and CLO IV [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Long-term Debt, Total | $ 739,912 | $ 738,248 |
Total Asset Backed Securities Issued [Member] | ||
Long-term Debt, Total | $ 784,700 | $ 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 | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Notes Originally Issued | $ 95,905 | |
Less: Debt issuance cost | (2,760) | $ (2,810) |
CLO III and CLO IV [Member] | ||
Notes Originally Issued | 746,100 | 746,100 |
Less: Debt issuance cost | (6,188) | (7,852) |
Net outstanding balance | 739,912 | 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 21 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 | 0.85% | 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 | 1.37% | 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 21 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 | 1.30% | 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 | 1.90% | 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 18 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 | 1.80% | 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 | 2.65% | 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 10 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 | 2.60% | 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 | 4.15% | 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 18 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 | 5.70% | 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 | 6.80% | 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 | Jun. 30, 2018 | Dec. 31, 2017 |
2,018 | $ 9,979 | |
2,019 | ||
2,020 | ||
2,021 | ||
2,022 | ||
Thereafter | 85,926 | |
Debt obligation | 95,905 | |
CLO III and CLO IV [Member] | ||
2,018 | ||
2,019 | ||
2,020 | ||
2,021 | ||
2,022 | ||
Thereafter | 746,100 | |
Debt obligation | $ 746,100 | $ 746,100 |
Note 8 - Shareholders' Equity (
Note 8 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | |
Treasury Stock, Shares, Acquired | 92,922 | 294,909 | |
Treasury Stock Acquired, Average Cost Per Share | $ 5.15 | $ 5.28 | |
Treasury Stock, Value, Acquired, Cost Method | $ 500 | $ 1,556 | $ 586 |
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 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 55 | $ 155 | $ 113 | $ 359 | |||
Employee Stock Option [Member] | |||||||
Allocated Share-based Compensation Expense, Total | 0 | 0 | 0 | 54 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 0 | $ 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | |||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 0 | 0 | $ 0 | 20 | |||
Restricted Stock Units (RSUs) [Member] | |||||||
Allocated Share-based Compensation Expense, Total | 300 | 900 | 800 | 1,600 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | 1,800 | 1,800 | |||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 28 | 34 | $ 28 | 250 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 260,000 | 454,974 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 191 | 89 | $ 312 | 655 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 80 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.01 | ||||||
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 | 25 | 348 | $ 99 | 331 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | 0 | 0 | |||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 6 | $ 132 | $ 26 | $ 126 | |||
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 | 2.72% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 9.11% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 20.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | 0 | ||||||
Plan2007 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,000,000 | 4,000,000 | |||||
Plan2004 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,960,000 | 2,960,000 |
Note 9 - Share-based Compensa66
Note 9 - Share-based Compensation - Stock Option Activity (Details) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Balance, beginning of year, shares subject to option (in shares) | 2,515,000 | 2,515,000 |
Balance, beginning of year, weighted average exercise price (in dollars per share) | $ 6.55 | $ 6.55 |
Options exercisable at end of period, shares subject to option (in shares) | 2,515,000 | |
Options exercisable at end of period, weighted average exercise price (in dollars per share) | $ 6.55 |
Note 9 - Share-based Compensa67
Note 9 - Share-based Compensation - Stock Options Outstanding and Exercisable (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Lower exercise price range (in dollars per share) | $ 6.05 | |
Upper exercise price range (in dollars per share) | $ 7.33 | |
Balance, beginning of year, shares subject to option (in shares) | 2,515,000 | 2,515,000 |
Options outstanding weighted average remaining contractual life (Year) | 1 year 7 days | |
Balance, beginning of year, 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 7 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 | Jun. 30, 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 | 454,974 |
Granted Restricted Share Units (in dollars per share) | $ 5.01 | |
Vested Restricted Share Units (in shares) | (52,191) | |
Vested Restricted Share Units (in dollars per share) | $ 5.97 | |
Forfeited Restricted Share Units (in shares) | (128,003) | |
Forfeited Restricted Share Units (in dollars per share) | $ 5.32 | |
Balance, end of period (in shares) | 551,973 | |
Balance, end of period (in dollars per share) | $ 5.14 |
Note 9 - Share-based Compensa69
Note 9 - Share-based Compensation - SARs Activity (Stock Appreciation Rights (SARs) (Details) - Stock Appreciation Rights (SARs) [Member] - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Balance, beginning of year (in shares) | 2,485,000 | 2,485,000 |
Balance, beginning of year (in dollars per share) | $ 7.33 | $ 7.33 |
Note 9 - Share-based Compensa70
Note 9 - Share-based Compensation - SARs Outstanding (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 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 182 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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net loss attributable to JMP Group, LLC | $ (1,988) | $ (8,535) | $ (2,271) | $ (13,275) |
Basic (in shares) | 21,537 | 21,652 | 21,601 | 21,612 |
Restricted share units (in shares) | ||||
Diluted weighted average shares outstanding (in shares) | 21,537 | 21,652 | 21,601 | 21,612 |
Basic (in dollars per share) | $ (0.09) | $ (0.39) | $ (0.11) | $ (0.61) |
Diluted (in dollars per share) | $ (0.09) | $ (0.39) | $ (0.11) | $ (0.61) |
Note 11 - Employee Benefits (De
Note 11 - Employee Benefits (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100.00% | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0.3 | $ 0.2 | $ 1.2 | $ 1.1 |
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) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Expense (Benefit), Total | $ 4,895 | $ (198) | $ (673) | $ (1,282) |
Effective Income Tax Rate Reconciliation, Percent, Total | (57.56%) | (11.35%) | 18.55% | 9.41% |
Note 13 - Commitments and Con74
Note 13 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Operating Leases, Rent Expense, Total | $ 1.1 | $ 1.1 | $ 2.3 | $ 2.2 | |
Receivables from Clearing Organizations | 0.3 | 0.3 | $ 0.3 | ||
Contractual Obligation, Total | 131.1 | 131.1 | 49.2 | ||
Corporate Credit [Member] | |||||
Unfunded Commitments | $ 132.5 | $ 132.5 | $ 49.1 |
Note 13 - Commitments and Con75
Note 13 - Commitments and Contingencies - Minimum Future Commitments of Leases (Details) $ in Thousands | Jun. 30, 2018USD ($) |
2,018 | $ 2,573 |
2,019 | 4,237 |
2,020 | 2,858 |
2,021 | 2,847 |
2,022 | 2,717 |
Thereafter | 7,653 |
Total Lease Commitments | $ 22,885 |
Note 14 - Regulatory Requirem76
Note 14 - Regulatory Requirements (Details Textual) $ in Millions | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Ratio of Indebtedness to Net Capital | 0.79 | 0.58 |
Net Capital, Total | $ 23.7 | $ 37.3 |
Excess Net Capital at 1500 Percent, Total | 22.4 | 35.9 |
Minimum Net Capital Required, Total | $ 1.3 | $ 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 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Sep. 19, 2017 |
Investments in Related Parties | $ 10,500 | $ 10,500 | $ 9,400 | |||||
Financing Receivable, Net, Total | 2,400 | 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 | 449 | $ 92 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | 779 | $ 335 | (685) | 932 | ||||
Incentive Fees Receivable [Member] | ||||||||
Related Party Transaction, Due from (to) Related Party, Current, Total | 0 | 0 | 400 | |||||
Total Investment [Member] | ||||||||
Related Party Transaction, Amounts of Transaction | 16,600 | 24,100 | ||||||
General Partner Investments In Hedge And Other Private Funds [Member] | Private Funds [Member] | ||||||||
Investments in Related Parties | 6,100 | 6,100 | 14,700 | |||||
Affiliated Entity [Member] | ||||||||
Subscription Agreement, Percent Sold | 30.00% | |||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 500 | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | 15 | 28 | ||||||
Affiliated Entity [Member] | Management Service, Base [Member] | ||||||||
Revenue from Related Parties | 3,300 | 4,100 | 6,300 | 8,100 | ||||
Affiliated Entity [Member] | Management Service, Incentive [Member] | ||||||||
Revenue from Related Parties | 2,100 | $ 100 | 5,500 | $ 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 | 2,400 | $ 2,900 | |||||
Consolidated Entity [Member] | ||||||||
Loans Receivable, Fair Value Disclosure | $ 800 | $ 800 |
Note 16 - Guarantees (Details T
Note 16 - Guarantees (Details Textual) - USD ($) $ in Thousands | Jun. 30, 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 | Jun. 30, 2018 | Dec. 31, 2017 |
Letters of Credit Outstanding, Amount | $ 3.1 | $ 0.2 |
Note 19 - Business Segments (De
Note 19 - Business Segments (Details Textual) | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | ||
Non-interest revenues | $ 41,551 | $ 28,586 | $ 69,845 | $ 53,048 | ||
Total net revenues after provision for loan losses | 44,264 | 23,143 | 71,475 | 47,521 | ||
Non-interest expenses | 40,578 | 31,541 | 75,104 | 61,146 | ||
Segment operating pre-tax net income (loss) | 2,907 | (8,733) | (2,944) | (14,557) | ||
Assets | 1,251,031 | 999,978 | 1,251,031 | 999,978 | $ 1,076,626 | |
Net interest income | 4,035 | 1,953 | 7,043 | 2,925 | ||
Loss on repurchase, reissuance or early retirement of debt | (42) | (5,542) | (2,668) | (5,332) | ||
Reversal (provision) for loan losses | (1,280) | (1,854) | (2,745) | (3,120) | ||
Non-controlling interest expense | 779 | 335 | (685) | 932 | ||
Intersegment Eliminations [Member] | ||||||
Non-interest revenues | (1,168) | (722) | (2,147) | (1,763) | ||
Total net revenues after provision for loan losses | (1,168) | (722) | (2,147) | (1,763) | ||
Non-interest expenses | (1,168) | (722) | (2,149) | (1,763) | ||
Segment operating pre-tax net income (loss) | 2 | |||||
Assets | (274,705) | (322,760) | (274,705) | (322,760) | ||
Segment Reconciling Items [Member] | ||||||
Non-interest revenues | [1] | 576 | (1,882) | (1,637) | (3,869) | |
Total net revenues after provision for loan losses | 441 | (7,856) | (4,089) | (8,739) | ||
Non-interest expenses | [2] | 635 | 868 | 1,759 | 2,574 | |
Segment operating pre-tax net income (loss) | [2] | (973) | (9,059) | (5,163) | (12,245) | |
Assets | ||||||
Net interest income | [3] | 1,108 | 1,013 | 1,989 | 1,970 | |
Loss on repurchase, reissuance or early retirement of debt | (5,542) | (2,626) | (5,542) | |||
Reversal (provision) for loan losses | (1,243) | (1,445) | (1,815) | (1,298) | ||
Non-controlling interest expense | 779 | 335 | (685) | 932 | ||
Broker Dealer [Member] | ||||||
Non-interest revenues | 34,015 | 24,206 | 59,344 | 43,096 | ||
Total net revenues after provision for loan losses | 34,015 | 24,206 | 59,344 | 43,096 | ||
Non-interest expenses | 30,410 | 22,458 | 53,326 | 41,019 | ||
Segment operating pre-tax net income (loss) | 3,605 | 1,748 | 6,018 | 2,077 | ||
Assets | 70,349 | 57,491 | 70,349 | 57,491 | ||
Asset Management [Member] | ||||||
Non-interest revenues | 4,572 | 4,856 | 8,561 | 10,167 | ||
Total net revenues after provision for loan losses | 4,572 | 4,856 | 8,561 | 10,167 | ||
Non-interest expenses | 4,756 | 5,303 | 9,776 | 10,398 | ||
Segment operating pre-tax net income (loss) | (184) | (447) | (1,215) | (231) | ||
Assets | 20,529 | 19,324 | 20,529 | 19,324 | ||
Corporate Segment [Member] | ||||||
Non-interest revenues | 3,556 | 2,128 | 5,724 | 5,417 | ||
Total net revenues after provision for loan losses | 6,404 | 2,659 | 9,806 | 4,760 | ||
Non-interest expenses | 5,945 | 3,634 | 12,392 | 8,918 | ||
Segment operating pre-tax net income (loss) | 459 | (975) | (2,586) | (4,158) | ||
Assets | 1,434,858 | 1,245,922 | 1,434,858 | 1,245,922 | ||
Net interest income | 2,927 | 940 | 5,054 | 955 | ||
Loss on repurchase, reissuance or early retirement of debt | (42) | (42) | 210 | |||
Reversal (provision) for loan losses | $ (37) | $ (409) | $ (930) | $ (1,822) | ||
[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] | 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 | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Net income (loss) attributable to JMP Group LLC | $ (1,988) | $ (8,535) | $ (2,271) | $ (13,275) | |
Income Tax Expense (Benefit), Total | 4,895 | (198) | (673) | (1,282) | |
Total Segments adjusted operating pre-tax net income (loss) | 2,907 | (8,733) | (2,944) | (14,557) | |
Total Consolidation Adjustments and Reconciling Items | (2,907) | 8,733 | 2,944 | 14,557 | |
Operating Segments [Member] | |||||
Net income (loss) attributable to JMP Group LLC | 3,384 | 559 | 1,753 | (1,524) | |
Income Tax Expense (Benefit), Total | 496 | (233) | 466 | (788) | |
Total Segments adjusted operating pre-tax net income (loss) | 3,880 | 326 | 2,219 | (2,312) | |
Total Consolidation Adjustments and Reconciling Items | (3,880) | (326) | (2,219) | 2,312 | |
Segment Reconciling Items [Member] | |||||
Total Segments adjusted operating pre-tax net income (loss) | [1] | (973) | (9,059) | (5,163) | (12,245) |
Share-based awards and deferred compensation | 69 | 207 | 213 | 1,167 | |
General loan loss provision - collateralized loan obligations | 1,164 | 1,251 | 1,493 | 833 | |
Early retirement of debt | 5,432 | 1,318 | 5,432 | ||
Restructuring costs - CLO portfolios | (10) | 286 | 54 | 286 | |
Amortization of intangible asset - CLO III | 69 | 69 | 138 | 138 | |
Unrealized (gain) loss - real estate-related depreciation and amortization | (24) | 1,745 | 1,604 | 3,901 | |
Unrealized mark-to-market (gain) loss - strategic equity investments | (295) | 69 | 343 | 488 | |
Total Consolidation Adjustments and Reconciling Items | [1] | $ 973 | $ 9,059 | $ 5,163 | $ 12,245 |
[1] | Non-interest expense adjustments relate to reversals of share-based compensation and exclusion of fund-related expenses recognized upon consolidation of certain Harvest Funds. |
Note 20 - Nonconsolidated Var83
Note 20 - Nonconsolidated Variable Interest Entities - VIE Equity Investments and Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Total | $ 5,513 | $ 8,488 |
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | ||
Investment | 5,307 | 8,226 |
Receivables | $ 206 | $ 262 |
Note 21 - Condensed Consolida84
Note 21 - Condensed Consolidating Financial Statements (Details Textual) | 6 Months Ended |
Jun. 30, 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 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Cash and cash equivalents | $ 50,402 | $ 85,594 | ||
Restricted cash | 46,693 | 51,727 | ||
Investment banking fees receivable, net of allowance for doubtful accounts | 17,540 | 9,567 | ||
Marketable securities owned, at fair value | 21,455 | 20,825 | ||
Other investments | 16,916 | 27,984 | ||
Loans held for investment, net of allowance for loan losses | 285,846 | 83,948 | ||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 784,663 | 765,583 | ||
Interest receivable | 2,571 | 2,259 | ||
Fixed assets, net | 2,351 | 2,322 | ||
Other assets | 22,594 | 26,817 | ||
Investment in subsidiaries | ||||
Total assets | 1,251,031 | 1,076,626 | $ 999,978 | |
Marketable securities sold, but not yet purchased, at fair value | 5,630 | 7,919 | ||
Accrued compensation | 25,290 | 43,131 | ||
Asset-backed securities issued | 739,912 | 738,248 | ||
Interest payable | 8,854 | 6,512 | ||
Notes payable | 18,829 | |||
CLO V warehouse credit facility | 238,500 | 61,250 | ||
Senior Notes, Total | 93,145 | 93,103 | ||
Other liabilities | 18,602 | 16,284 | ||
Total liabilities | 1,148,762 | 966,447 | ||
Total members' (deficit) equity | 88,654 | 96,335 | ||
Nonredeemable Non-controlling Interest | 13,615 | 13,844 | ||
Total equity | 102,269 | 110,179 | $ 118,032 | $ 135,294 |
Total liabilities and equity | 1,251,031 | 1,076,626 | ||
Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Cash and cash equivalents | 1,265 | 951 | ||
Restricted cash | ||||
Investment banking fees receivable, net of allowance for doubtful accounts | ||||
Marketable securities owned, at fair value | ||||
Other investments | ||||
Loans held for investment, net of allowance for loan losses | ||||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | ||||
Interest receivable | ||||
Fixed assets, net | ||||
Other assets | (6,608) | (4,603) | ||
Investment in subsidiaries | 219,949 | 226,894 | ||
Total assets | 214,606 | 223,242 | ||
Marketable securities sold, but not yet purchased, at fair value | ||||
Accrued compensation | 610 | |||
Asset-backed securities issued | ||||
Interest payable | ||||
Notes payable | 137,603 | |||
CLO V warehouse credit facility | ||||
Senior Notes, Total | ||||
Other liabilities | 2,801 | 138,796 | ||
Total liabilities | 141,014 | 138,796 | ||
Total members' (deficit) equity | 73,592 | 84,446 | ||
Nonredeemable Non-controlling Interest | ||||
Total equity | 73,592 | 84,446 | ||
Total liabilities and equity | 214,606 | 223,242 | ||
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||||
Cash and cash equivalents | 4,906 | 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 | 3,272 | 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 | 1 | 4 | ||
Fixed assets, net | ||||
Other assets | 135,950 | 132,931 | ||
Investment in subsidiaries | 74,689 | 70,775 | ||
Total assets | 220,289 | 213,101 | ||
Marketable securities sold, but not yet purchased, at fair value | ||||
Accrued compensation | 1,524 | 150 | ||
Asset-backed securities issued | ||||
Interest payable | 1,240 | 1,109 | ||
Notes payable | ||||
CLO V warehouse credit facility | ||||
Senior Notes, Total | 93,241 | 93,198 | ||
Other liabilities | 5,645 | 5,710 | ||
Total liabilities | 101,650 | 100,167 | ||
Total members' (deficit) equity | 118,639 | 112,934 | ||
Nonredeemable Non-controlling Interest | ||||
Total equity | 118,639 | 112,934 | ||
Total liabilities and equity | 220,289 | 213,101 | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Cash and cash equivalents | 1,492 | 12,681 | ||
Restricted cash | ||||
Investment banking fees receivable, net of allowance for doubtful accounts | ||||
Marketable securities owned, at fair value | 10,558 | 9,464 | ||
Other investments | 3,151 | 11,543 | ||
Loans held for investment, net of allowance for loan losses | 2,695 | 4,233 | ||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | ||||
Interest receivable | 163 | 165 | ||
Fixed assets, net | ||||
Other assets | (26,509) | (8,787) | ||
Investment in subsidiaries | 124,804 | 127,325 | ||
Total assets | 116,354 | 156,624 | ||
Marketable securities sold, but not yet purchased, at fair value | ||||
Accrued compensation | 23 | |||
Asset-backed securities issued | ||||
Interest payable | ||||
Notes payable | ||||
CLO V warehouse credit facility | ||||
Senior Notes, Total | ||||
Other liabilities | ||||
Total liabilities | 23 | |||
Total members' (deficit) equity | 102,433 | 141,955 | ||
Nonredeemable Non-controlling Interest | 13,898 | 14,669 | ||
Total equity | 116,331 | 156,624 | ||
Total liabilities and equity | 116,354 | 156,624 | ||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Cash and cash equivalents | 42,739 | 67,143 | ||
Restricted cash | 45,222 | 50,256 | ||
Investment banking fees receivable, net of allowance for doubtful accounts | 17,540 | 9,567 | ||
Marketable securities owned, at fair value | 10,993 | 11,456 | ||
Other investments | 10,493 | 13,340 | ||
Loans held for investment, net of allowance for loan losses | 283,151 | 79,715 | ||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 784,663 | 765,583 | ||
Interest receivable | 2,584 | 2,090 | ||
Fixed assets, net | 2,351 | 2,322 | ||
Other assets | 75,605 | 64,490 | ||
Investment in subsidiaries | ||||
Total assets | 1,275,341 | 1,065,962 | ||
Marketable securities sold, but not yet purchased, at fair value | 5,630 | 7,919 | ||
Accrued compensation | 23,133 | 42,981 | ||
Asset-backed securities issued | 739,912 | 738,248 | ||
Interest payable | 7,791 | 5,403 | ||
Notes payable | 35,763 | |||
CLO V warehouse credit facility | 238,500 | 61,250 | ||
Senior Notes, Total | ||||
Other liabilities | 11,358 | 28,885 | ||
Total liabilities | 1,062,087 | 884,686 | ||
Total members' (deficit) equity | 213,749 | 182,313 | ||
Nonredeemable Non-controlling Interest | (495) | (1,037) | ||
Total equity | 213,254 | 181,276 | ||
Total liabilities and equity | 1,275,341 | 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 | (96) | (95) | ||
Other investments | ||||
Loans held for investment, net of allowance for loan losses | ||||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | ||||
Interest receivable | (177) | |||
Fixed assets, net | ||||
Other assets | (155,844) | (157,214) | ||
Investment in subsidiaries | (419,442) | (424,994) | ||
Total assets | (575,559) | (582,303) | ||
Marketable securities sold, but not yet purchased, at fair value | ||||
Accrued compensation | ||||
Asset-backed securities issued | ||||
Interest payable | (177) | |||
Notes payable | (154,537) | |||
CLO V warehouse credit facility | ||||
Senior Notes, Total | (96) | (95) | ||
Other liabilities | (1,202) | (157,107) | ||
Total liabilities | (156,012) | (157,202) | ||
Total members' (deficit) equity | (419,759) | (425,313) | ||
Nonredeemable Non-controlling Interest | 212 | 212 | ||
Total equity | (419,547) | (425,101) | ||
Total liabilities and equity | $ (575,559) | $ (582,303) |
Note 21 - Condensed Consolida86
Note 21 - Condensed Consolidating Financial Statements - Condensed Consolidating Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues | ||||
Investment banking | $ 28,562 | $ 19,128 | $ 49,224 | $ 32,728 |
Brokerage | 5,447 | 5,078 | 10,111 | 10,364 |
Asset management fees | 5,378 | 4,153 | 11,803 | 10,064 |
Principal transactions | 1,684 | (323) | (1,936) | (2,216) |
Loss on sale, payoff and mark-to-market of loans | (150) | 83 | (332) | 930 |
Net dividend income | 319 | 273 | 615 | 539 |
Other income | 311 | 194 | 360 | 639 |
Equity earnings of subsidiaries | ||||
Non-interest revenues | 41,551 | 28,586 | 69,845 | 53,048 |
Interest income | 15,669 | 9,696 | 28,379 | 18,763 |
Interest expense | (11,634) | (7,743) | (21,336) | (15,838) |
Net interest income | 4,035 | 1,953 | 7,043 | 2,925 |
Loss on repurchase, reissuance or early retirement of debt | (42) | (5,542) | (2,668) | (5,332) |
Reversal (provision) for loan losses | (1,280) | (1,854) | (2,745) | (3,120) |
Total net revenues after provision for loan losses | 44,264 | 23,143 | 71,475 | 47,521 |
Gain on sale, payoff and mark-to-market of loans | (150) | 83 | (332) | 930 |
Reversal (provision) for loan losses | (1,280) | (1,854) | (2,745) | (3,120) |
Non-interest expenses | ||||
Compensation and benefits | 29,138 | 22,652 | 53,399 | 44,450 |
Administration | 2,711 | 2,721 | 4,944 | 4,540 |
Brokerage, clearing and exchange fees | 788 | 789 | 1,565 | 1,548 |
Travel and business development | 1,202 | 1,111 | 2,156 | 2,026 |
Communications and technology | 1,047 | 1,051 | 2,109 | 2,104 |
Managed deal expense | 2,348 | 3,914 | ||
Occupancy | 1,143 | 1,111 | 2,260 | 2,222 |
Professional fees | 1,138 | 853 | 3,043 | 2,015 |
Depreciation | 287 | 303 | 551 | 614 |
Other | 776 | 950 | 1,163 | 1,627 |
Total non-interest expenses | 40,578 | 31,541 | 75,104 | 61,146 |
Net income (loss) before income tax expense | 3,686 | (8,398) | (3,629) | (13,625) |
Income tax expense | 4,895 | (198) | (673) | (1,282) |
Net income (loss) | (1,209) | (8,200) | (2,956) | (12,343) |
Net Income (Loss) Attributable to Noncontrolling Interest, Total | 779 | 335 | (685) | 932 |
Net income (loss) attributable to JMP Group LLC | (1,988) | (8,535) | (2,271) | (13,275) |
Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Revenues | ||||
Investment banking | ||||
Brokerage | ||||
Asset management fees | ||||
Principal transactions | 194 | (1,853) | ||
Loss on sale, payoff and mark-to-market of loans | ||||
Net dividend income | 2 | |||
Other income | ||||
Equity earnings of subsidiaries | (103) | (6,704) | 3,704 | (9,469) |
Non-interest revenues | 91 | (6,704) | 1,853 | (9,469) |
Interest income | 371 | 472 | 744 | 840 |
Interest expense | (1,138) | (1,139) | (2,277) | (2,278) |
Net interest income | (767) | (667) | (1,533) | (1,438) |
Loss on repurchase, reissuance or early retirement of debt | 210 | |||
Reversal (provision) for loan losses | ||||
Total net revenues after provision for loan losses | (676) | (7,371) | 320 | (10,697) |
Gain on sale, payoff and mark-to-market of loans | ||||
Reversal (provision) for loan losses | ||||
Non-interest expenses | ||||
Compensation and benefits | 598 | 547 | 1,009 | 1,082 |
Administration | 159 | 143 | 290 | 270 |
Brokerage, clearing and exchange fees | ||||
Travel and business development | (31) | 10 | 35 | 88 |
Communications and technology | 1 | 1 | 1 | 2 |
Managed deal expense | ||||
Occupancy | ||||
Professional fees | 585 | 462 | 1,256 | 1,134 |
Depreciation | ||||
Other | ||||
Total non-interest expenses | 1,312 | 1,163 | 2,591 | 2,576 |
Net income (loss) before income tax expense | (1,988) | (8,534) | (2,271) | (13,273) |
Income tax expense | ||||
Net income (loss) | (1,988) | (8,534) | (2,271) | (13,273) |
Net Income (Loss) Attributable to Noncontrolling Interest, Total | ||||
Net income (loss) attributable to JMP Group LLC | (1,988) | (8,534) | (2,271) | (13,273) |
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||||
Revenues | ||||
Investment banking | ||||
Brokerage | ||||
Asset management fees | ||||
Principal transactions | (126) | (487) | (144) | (479) |
Loss on sale, payoff and mark-to-market of loans | ||||
Net dividend income | 11 | 1 | 14 | 1 |
Other income | ||||
Equity earnings of subsidiaries | 2,719 | 1,012 | 2,791 | 728 |
Non-interest revenues | 2,604 | 526 | 2,661 | 250 |
Interest income | 1,141 | 1,139 | 2,283 | 2,278 |
Interest expense | (2,299) | (2,272) | (4,592) | (4,546) |
Net interest income | (1,158) | (1,133) | (2,309) | (2,268) |
Loss on repurchase, reissuance or early retirement of debt | ||||
Reversal (provision) for loan losses | ||||
Total net revenues after provision for loan losses | 1,446 | (607) | 352 | (2,018) |
Gain on sale, payoff and mark-to-market of loans | ||||
Reversal (provision) for loan losses | ||||
Non-interest expenses | ||||
Compensation and benefits | 1,235 | 749 | 2,076 | 1,395 |
Administration | 101 | 111 | 238 | 233 |
Brokerage, clearing and exchange fees | ||||
Travel and business development | 4 | 18 | ||
Communications and technology | 2 | 3 | 5 | 5 |
Managed deal expense | ||||
Occupancy | ||||
Professional fees | 67 | 87 | 152 | 154 |
Depreciation | ||||
Other | 11 | 17 | ||
Total non-interest expenses | 1,409 | 961 | 2,489 | 1,804 |
Net income (loss) before income tax expense | 37 | (1,568) | (2,137) | (3,822) |
Income tax expense | 3,734 | (1,070) | (2,255) | (2,090) |
Net income (loss) | (3,697) | (498) | 118 | (1,732) |
Net Income (Loss) Attributable to Noncontrolling Interest, Total | ||||
Net income (loss) attributable to JMP Group LLC | (3,697) | (498) | 118 | (1,732) |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Revenues | ||||
Investment banking | ||||
Brokerage | ||||
Asset management fees | ||||
Principal transactions | 339 | 324 | (793) | (72) |
Loss on sale, payoff and mark-to-market of loans | (15) | (15) | ||
Net dividend income | 280 | 256 | 549 | 512 |
Other income | ||||
Equity earnings of subsidiaries | 3,680 | (4,196) | 3,396 | (3,612) |
Non-interest revenues | 4,284 | (3,616) | 3,137 | (3,172) |
Interest income | 296 | 9 | 587 | 107 |
Interest expense | (20) | (25) | ||
Net interest income | 276 | 9 | 562 | 107 |
Loss on repurchase, reissuance or early retirement of debt | (42) | (42) | ||
Reversal (provision) for loan losses | (20) | 15 | (20) | |
Total net revenues after provision for loan losses | 4,518 | (3,627) | 3,672 | (3,085) |
Gain on sale, payoff and mark-to-market of loans | (15) | (15) | ||
Reversal (provision) for loan losses | (20) | 15 | (20) | |
Non-interest expenses | ||||
Compensation and benefits | 23 | 532 | 72 | 779 |
Administration | 12 | 71 | 36 | 97 |
Brokerage, clearing and exchange fees | ||||
Travel and business development | ||||
Communications and technology | ||||
Managed deal expense | ||||
Occupancy | ||||
Professional fees | 5 | 5 | ||
Depreciation | ||||
Other | 69 | 69 | 138 | 138 |
Total non-interest expenses | 109 | 672 | 251 | 1,014 |
Net income (loss) before income tax expense | 4,409 | (4,299) | 3,421 | (4,099) |
Income tax expense | ||||
Net income (loss) | 4,409 | (4,299) | 3,421 | (4,099) |
Net Income (Loss) Attributable to Noncontrolling Interest, Total | 815 | 256 | (231) | 693 |
Net income (loss) attributable to JMP Group LLC | 3,594 | (4,555) | 3,652 | (4,792) |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Revenues | ||||
Investment banking | 28,562 | 19,128 | 49,224 | 32,728 |
Brokerage | 5,447 | 5,078 | 10,111 | 10,364 |
Asset management fees | 5,420 | 4,192 | 12,025 | 10,143 |
Principal transactions | 1,277 | (160) | 854 | (1,665) |
Loss on sale, payoff and mark-to-market of loans | (135) | 83 | (317) | 930 |
Net dividend income | 28 | 16 | 50 | 26 |
Other income | 311 | 194 | 360 | 639 |
Equity earnings of subsidiaries | ||||
Non-interest revenues | 40,910 | 28,531 | 72,307 | 53,165 |
Interest income | 15,921 | 10,070 | 28,895 | 19,615 |
Interest expense | (10,237) | (6,326) | (18,571) | (13,091) |
Net interest income | 5,684 | 3,744 | 10,324 | 6,524 |
Loss on repurchase, reissuance or early retirement of debt | (5,542) | (2,626) | (5,542) | |
Reversal (provision) for loan losses | (1,280) | (1,834) | (2,760) | (3,100) |
Total net revenues after provision for loan losses | 45,314 | 24,899 | 77,245 | 51,047 |
Gain on sale, payoff and mark-to-market of loans | (135) | 83 | (317) | 930 |
Reversal (provision) for loan losses | (1,280) | (1,834) | (2,760) | (3,100) |
Non-interest expenses | ||||
Compensation and benefits | 27,282 | 20,824 | 50,242 | 41,194 |
Administration | 2,481 | 2,435 | 4,602 | 4,019 |
Brokerage, clearing and exchange fees | 788 | 789 | 1,565 | 1,548 |
Travel and business development | 1,229 | 1,101 | 2,103 | 1,938 |
Communications and technology | 1,044 | 1,047 | 2,103 | 2,097 |
Managed deal expense | 2,348 | 3,914 | ||
Occupancy | 1,143 | 1,111 | 2,260 | 2,222 |
Professional fees | 481 | 304 | 1,630 | 727 |
Depreciation | 287 | 303 | 551 | 614 |
Other | 707 | 870 | 1,025 | 1,472 |
Total non-interest expenses | 37,790 | 28,784 | 69,995 | 55,831 |
Net income (loss) before income tax expense | 7,524 | (3,885) | 7,250 | (4,784) |
Income tax expense | 1,161 | 872 | 1,582 | 808 |
Net income (loss) | 6,363 | (4,757) | 5,668 | (5,592) |
Net Income (Loss) Attributable to Noncontrolling Interest, Total | (36) | 79 | (454) | 239 |
Net income (loss) attributable to JMP Group LLC | 6,399 | (4,836) | 6,122 | (5,831) |
Consolidation, Eliminations [Member] | ||||
Revenues | ||||
Investment banking | ||||
Brokerage | ||||
Asset management fees | (42) | (39) | (222) | (79) |
Principal transactions | ||||
Loss on sale, payoff and mark-to-market of loans | ||||
Net dividend income | ||||
Other income | ||||
Equity earnings of subsidiaries | (6,296) | 9,888 | (9,891) | 12,353 |
Non-interest revenues | (6,338) | 9,849 | (10,113) | 12,274 |
Interest income | (2,060) | (1,994) | (4,130) | (4,077) |
Interest expense | 2,060 | 1,994 | 4,129 | 4,077 |
Net interest income | (1) | |||
Loss on repurchase, reissuance or early retirement of debt | ||||
Reversal (provision) for loan losses | ||||
Total net revenues after provision for loan losses | (6,338) | 9,849 | (10,114) | 12,274 |
Gain on sale, payoff and mark-to-market of loans | ||||
Reversal (provision) for loan losses | ||||
Non-interest expenses | ||||
Compensation and benefits | ||||
Administration | (42) | (39) | (222) | (79) |
Brokerage, clearing and exchange fees | ||||
Travel and business development | ||||
Communications and technology | ||||
Managed deal expense | ||||
Occupancy | ||||
Professional fees | ||||
Depreciation | ||||
Other | ||||
Total non-interest expenses | (42) | (39) | (222) | (79) |
Net income (loss) before income tax expense | (6,296) | 9,888 | (9,892) | 12,353 |
Income tax expense | ||||
Net income (loss) | (6,296) | 9,888 | (9,892) | 12,353 |
Net Income (Loss) Attributable to Noncontrolling Interest, Total | ||||
Net income (loss) attributable to JMP Group LLC | $ (6,296) | $ 9,888 | $ (9,892) | $ 12,353 |
Note 21 - Condensed Consolida87
Note 21 - Condensed Consolidating Financial Statements - Condensed Consolidating Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | $ (14,194) | $ (26,693) |
Cash flows from investing activities: | ||
Purchases of fixed assets | (580) | (100) |
Investment in subsidiary | ||
Purchases of other investments | (1,219) | (1,528) |
Sales of other investments | 11,172 | 11,076 |
Funding of loans collateralizing asset-backed securities issued | (193,024) | (510,421) |
Funding of loans held for investment | (225,351) | (256) |
Sale, payoff, and principal receipts of loans collateralizing asset-backed securities issued | 172,415 | 400,532 |
Sale, payoff, and principal payments on loans held for investment | 22,106 | 33,951 |
Net changes in cash collateral posted for derivative transactions | 23,460 | |
Net cash provided by (used in) investing activities | (214,481) | (44,254) |
Funding of loans held for sale | (2,752) | |
Repayment of loans held for sale | 1,784 | |
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 | (1,857) | |
Repayment of asset-backed securities issued | (332,100) | (503,617) |
Repayment of Repurchase Agreement | (3,878) | |
Proceeds of issuance from asset-backed securities issued | 327,605 | 408,394 |
Reissuance of asset-backed securities | 4,453 | |
Distributions and distribution equivalents paid on common shares and RSUs | (3,975) | (3,903) |
Capital contributions of parent | ||
Capital contributions of nonredeemable non-controlling interest holders | 449 | 92 |
Purchase of common shares for treasury | (1,525) | (402) |
Purchase of subsidiary shares from non-controlling interest holders | ||
Distributions to non-controlling interest shareholders | (649) | (3,071) |
Employee taxes paid on shares withheld for tax-withholding purposes | (31) | (184) |
Net cash provided by (used in) financing activities | 188,449 | (101,786) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (40,226) | (172,733) |
Cash, cash equivalents, and restricted cash, beginning of period | 137,321 | 313,147 |
Cash, cash equivalents, and restricted cash, end of period | 97,095 | 140,414 |
Proceeds from exercise of stock options | 905 | |
BNP Paribas [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on line of credit | 177,250 | |
CNB [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on line of credit | 18,000 | |
Reportable Legal Entities [Member] | Parent Company [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 2,730 | (11,801) |
Cash flows from investing activities: | ||
Purchases of fixed assets | ||
Investment in subsidiary | 6,945 | 27,774 |
Purchases of other investments | ||
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 | ||
Sale, payoff, and principal payments on loans held for investment | ||
Net changes in cash collateral posted for derivative transactions | ||
Net cash provided by (used in) investing activities | 6,945 | 27,774 |
Funding of loans held for sale | ||
Repayment of loans held for sale | ||
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 | ||
Repayment of Repurchase Agreement | ||
Proceeds of issuance from asset-backed securities issued | ||
Reissuance of asset-backed securities | ||
Distributions and distribution equivalents paid on common shares and RSUs | (3,975) | (3,903) |
Capital contributions of parent | (3,174) | (5,003) |
Capital contributions of nonredeemable non-controlling interest holders | ||
Purchase of common shares for treasury | (1,525) | (402) |
Purchase of subsidiary shares from non-controlling interest holders | (656) | |
Distributions to non-controlling interest shareholders | ||
Employee taxes paid on shares withheld for tax-withholding purposes | (31) | (184) |
Net cash provided by (used in) financing activities | (9,361) | (8,587) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 314 | 7,386 |
Cash, cash equivalents, and restricted cash, beginning of period | 951 | 255 |
Cash, cash equivalents, and restricted cash, end of period | 1,265 | 7,641 |
Proceeds from exercise of stock options | 905 | |
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 provided by (used in) operating activities | (1,130) | (536) |
Cash flows from investing activities: | ||
Purchases of fixed assets | ||
Investment in subsidiary | (3,914) | 3,262 |
Purchases of other investments | (430) | (844) |
Sales of other investments | 116 | 181 |
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 | ||
Sale, payoff, and principal payments on loans held for investment | ||
Net changes in cash collateral posted for derivative transactions | ||
Net cash provided by (used in) investing activities | (4,228) | 2,599 |
Funding of loans held for sale | ||
Repayment of loans held for sale | ||
Cash flows from financing activities: | ||
Proceeds from issuance of Repurchase Agreement | ||
Proceeds from sale of note to affiliate | ||
Payment of debt issuance costs | (142) | |
Repayment of asset-backed securities issued | ||
Repayment of Repurchase Agreement | ||
Proceeds of issuance from asset-backed securities issued | ||
Reissuance of asset-backed securities | ||
Distributions and distribution equivalents paid on common shares and RSUs | ||
Capital contributions of parent | 5,587 | 992 |
Capital contributions of nonredeemable non-controlling interest holders | ||
Purchase of common shares for treasury | ||
Purchase of subsidiary shares from non-controlling interest holders | ||
Distributions to non-controlling interest shareholders | ||
Employee taxes paid on shares withheld for tax-withholding purposes | ||
Net cash provided by (used in) financing activities | 5,445 | 992 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 87 | 3,055 |
Cash, cash equivalents, and restricted cash, beginning of period | 6,290 | 3,234 |
Cash, cash equivalents, and restricted cash, end of period | 6,377 | 6,289 |
Proceeds from exercise of stock options | ||
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 provided by (used in) operating activities | 20,513 | (938) |
Cash flows from investing activities: | ||
Purchases of fixed assets | ||
Investment in subsidiary | 2,521 | 100,765 |
Purchases of other investments | (5,187) | (684) |
Sales of other investments | 13,161 | 594 |
Funding of loans collateralizing asset-backed securities issued | ||
Funding of loans held for investment | 14 | (1,231) |
Sale, payoff, and principal receipts of loans collateralizing asset-backed securities issued | (15) | |
Sale, payoff, and principal payments on loans held for investment | 1,560 | |
Net changes in cash collateral posted for derivative transactions | ||
Net cash provided by (used in) investing activities | 12,054 | 99,444 |
Funding of loans held for sale | ||
Repayment of loans held for sale | ||
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 | (4,453) | |
Repayment of Repurchase Agreement | (3,878) | |
Proceeds of issuance from asset-backed securities issued | ||
Reissuance of asset-backed securities | 4,411 | |
Distributions and distribution equivalents paid on common shares and RSUs | ||
Capital contributions of parent | (43,174) | (70,037) |
Capital contributions of nonredeemable non-controlling interest holders | ||
Purchase of common shares for treasury | ||
Purchase of subsidiary shares from non-controlling interest holders | ||
Distributions to non-controlling interest shareholders | (540) | (2,673) |
Employee taxes paid on shares withheld for tax-withholding purposes | ||
Net cash provided by (used in) financing activities | (43,756) | (72,710) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (11,189) | 25,796 |
Cash, cash equivalents, and restricted cash, beginning of period | 12,681 | 5,060 |
Cash, cash equivalents, and restricted cash, end of period | 1,492 | 30,856 |
Proceeds from exercise of stock options | ||
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 provided by (used in) operating activities | (26,374) | (10,439) |
Cash flows from investing activities: | ||
Purchases of fixed assets | (580) | (100) |
Investment in subsidiary | ||
Purchases of other investments | (55) | |
Sales of other investments | 2,306 | (5,029) |
Funding of loans collateralizing asset-backed securities issued | (193,024) | (510,421) |
Funding of loans held for investment | (225,365) | (4,630) |
Sale, payoff, and principal receipts of loans collateralizing asset-backed securities issued | 172,430 | 406,137 |
Sale, payoff, and principal payments on loans held for investment | 20,546 | 33,951 |
Net changes in cash collateral posted for derivative transactions | 23,460 | |
Net cash provided by (used in) investing activities | (223,742) | (57,600) |
Funding of loans held for sale | (2,752) | |
Repayment of loans held for sale | 1,784 | |
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 | (327,647) | (503,617) |
Repayment of Repurchase Agreement | ||
Proceeds of issuance from asset-backed securities issued | 327,605 | 408,394 |
Reissuance of asset-backed securities | 42 | |
Distributions and distribution equivalents paid on common shares and RSUs | ||
Capital contributions of parent | 25,318 | (45,402) |
Capital contributions of nonredeemable non-controlling interest holders | 449 | 92 |
Purchase of common shares for treasury | ||
Purchase of subsidiary shares from non-controlling interest holders | 656 | |
Distributions to non-controlling interest shareholders | (109) | (398) |
Employee taxes paid on shares withheld for tax-withholding purposes | ||
Net cash provided by (used in) financing activities | 220,678 | (140,931) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (29,438) | (208,970) |
Cash, cash equivalents, and restricted cash, beginning of period | 117,399 | 304,599 |
Cash, cash equivalents, and restricted cash, end of period | 87,961 | 95,629 |
Proceeds from exercise of stock options | ||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | BNP Paribas [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on line of credit | 177,250 | |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | CNB [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on line of credit | 18,000 | |
Consolidation, Eliminations [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | (9,933) | (2,979) |
Cash flows from investing activities: | ||
Purchases of fixed assets | ||
Investment in subsidiary | (5,552) | (131,801) |
Purchases of other investments | 4,453 | |
Sales of other investments | (4,411) | 15,330 |
Funding of loans collateralizing asset-backed securities issued | ||
Funding of loans held for investment | 5,605 | |
Sale, payoff, and principal receipts of loans collateralizing asset-backed securities issued | (5,605) | |
Sale, payoff, and principal payments on loans held for investment | ||
Net changes in cash collateral posted for derivative transactions | ||
Net cash provided by (used in) investing activities | (5,510) | (116,471) |
Funding of loans held for sale | ||
Repayment of loans held for sale | ||
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 | ||
Repayment of Repurchase Agreement | ||
Proceeds of issuance from asset-backed securities issued | ||
Reissuance of asset-backed securities | ||
Distributions and distribution equivalents paid on common shares and RSUs | ||
Capital contributions of parent | 15,443 | 119,450 |
Capital contributions of nonredeemable non-controlling interest holders | ||
Purchase of common shares for treasury | ||
Purchase of subsidiary shares from non-controlling interest holders | ||
Distributions to non-controlling interest shareholders | ||
Employee taxes paid on shares withheld for tax-withholding purposes | ||
Net cash provided by (used in) financing activities | 15,443 | 119,450 |
Net increase (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 | ||
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 ($) | Aug. 06, 2018 | Jul. 31, 2018 | Jul. 26, 2018 | Jul. 18, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 |
Common Stock, Dividends, Per Share, Declared | $ 0.09 | $ 0.09 | $ 0.18 | $ 0.18 | |||||
Revolving Credit Facility [Member] | BNP Paribas [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 280,700,000 | $ 280,700,000 | $ 76,800,000 | ||||||
Subsequent Event [Member] | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.03 | ||||||||
Purchase of Senior Subordinated Notes | $ 2,500,000 | ||||||||
Purchase of Junior Subordinated Notes | 29,825,000 | ||||||||
Subsequent Event [Member] | CNB [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | ||||||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | BNP Paribas [Member] | |||||||||
Proceeds from Issuance of Debt | 407,800,000 | ||||||||
Proceeds from Issuance of Secured Debt | 368,000,000 | ||||||||
Proceeds from Issuance of Unsecured Debt | $ 39,800,000 | ||||||||
Subsequent Event [Member] | Revolving Credit Conversion to Term Loan Portion to Be Paid in First 2 Years [Member] | CNB [Member] | |||||||||
Line of Credit Facility, Revolving Credit Conversion to Term Loan, Repayment, Percent of Funded Debt | 3.75% | ||||||||
Subsequent Event [Member] | Revolving Credit Conversion to Term Loan Portion to Be Paid in Next 2 Years Member | CNB [Member] | |||||||||
Line of Credit Facility, Revolving Credit Conversion to Term Loan, Repayment, Percent of Funded Debt | 5.00% | ||||||||
Senior Notes 2013 [Member] | Subsequent Event [Member] | |||||||||
Extinguishment of Debt, Amount | $ 10,000,000 | ||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | ||||||||
Extinguishment of Debt, Amount in Addition to Principal | $ 25,000,000 |