Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 25, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | JMP GROUP LLC | ||
Entity Central Index Key | 0001302350 | ||
Trading Symbol | jmp | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 21,258,983 | ||
Entity Public Float | $ 57,366,229 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Asset | |||
Cash and cash equivalents | $ 70,927 | $ 85,594 | |
Restricted cash | 61,881 | 51,727 | |
Investment banking fees receivable | 6,647 | 9,567 | |
Marketable securities owned, at fair value | 18,874 | 20,825 | |
Other investments (includes $9,913 and $18,450 measured at fair value at December 31, 2018 and 2017, respectively) | 16,124 | 27,984 | |
Loans held for investment, net of allowance for loan losses | 29,608 | 83,948 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 1,161,463 | 765,583 | |
Interest receivable | 3,004 | 2,259 | |
Fixed assets, net | 2,351 | 2,322 | |
Other assets | 20,363 | 26,817 | |
Total assets | 1,391,242 | 1,076,626 | |
Liabilities: | |||
Marketable securities sold, but not yet purchased, at fair value | 4,626 | 7,919 | |
Accrued compensation | 41,609 | 43,131 | |
Asset-backed securities issued, net of debt issuance costs | 1,112,342 | 738,248 | |
Interest payable | 11,210 | 6,512 | |
Note payable | 829 | ||
CLO warehouse credit facilities | 22,500 | 61,250 | |
Bond payable (net of debt issuance costs of $2,428 and $2,810 at December 31, 2018 and 2017, respectively) | 83,497 | 93,103 | |
Other liabilities | 17,423 | 16,284 | |
Total liabilities | 1,294,036 | 966,447 | |
Commitments and Contingencies (Footnote 14) | |||
JMP Group LLC Shareholders' Equity | |||
Common shares, $0.001 par value, 100,000,000 shares authorized; 22,780,052 shares issued at both December 31, 2018 and 2017; 21,319,720 and 21,729,079 shares outstanding at December 31, 2018 and 2017, respectively | 23 | 23 | |
Additional paid-in capital | 134,129 | 134,719 | |
Treasury shares at cost, 1,460,332 and 1,050,973 shares at December 31, 2018 and 2017, respectively | (7,932) | (5,955) | |
Accumulated deficit | (42,513) | (32,452) | |
Total JMP Group LLC shareholders' equity | 83,707 | 96,335 | |
Nonredeemable Non-controlling Interest | 13,499 | 13,844 | |
Total equity | 97,206 | 110,179 | |
Total liabilities and equity | 1,391,242 | 1,076,626 | |
Restricted cash | 61,881 | 51,727 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 1,161,463 | 765,583 | |
Interest receivable | 3,004 | 2,259 | |
Other investments | 16,124 | 27,984 | |
Other assets | 20,363 | 26,817 | |
Total assets | 1,391,242 | 1,076,626 | |
Asset-backed securities issued, net of debt issuance costs | 1,112,342 | 738,248 | |
Interest payable | 11,210 | 6,512 | |
Other liabilities | 17,423 | 16,284 | |
Total liabilities | 1,294,036 | 966,447 | |
Variable Interest Entity (VIE) or Potential VIE, Information Unavailability [Member] | |||
Asset | |||
Restricted cash | 50,456 | 43,050 | |
Other investments (includes $9,913 and $18,450 measured at fair value at December 31, 2018 and 2017, respectively) | 821 | 492 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 1,161,463 | 765,583 | |
Interest receivable | 2,711 | 1,918 | |
Other assets | 67 | 76 | |
Total assets | 1,215,518 | 811,119 | |
Liabilities: | |||
Asset-backed securities issued, net of debt issuance costs | 1,122,187 | [1] | 738,248 |
Interest payable | 10,132 | 5,346 | |
Other liabilities | 1,877 | 1,221 | |
Total liabilities | 1,134,196 | 744,815 | |
JMP Group LLC Shareholders' Equity | |||
Restricted cash | 50,456 | 43,050 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 1,161,463 | 765,583 | |
Interest receivable | 2,711 | 1,918 | |
Other investments | 821 | 492 | |
Other assets | 67 | 76 | |
Total assets | 1,215,518 | 811,119 | |
Asset-backed securities issued, net of debt issuance costs | 1,122,187 | [1] | 738,248 |
Interest payable | 10,132 | 5,346 | |
Other liabilities | 1,877 | 1,221 | |
Total liabilities | $ 1,134,196 | $ 744,815 | |
[1] | Includes $9.8 million of debt held by the Company which is eliminated on the Consolidated Statements of Financial Condition. |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investments fair value | $ 9,913 | $ 18,450 |
Asset-backed securities issud, net of debt issuance costs | 8,979 | 7,852 |
Bond payable, net of debt issuance costs | $ 2,428 | $ 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) | 21,319,720 | 21,729,079 |
Treasury shares (in shares) | 1,460,332 | 1,050,973 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | ||
Investment banking | $ 127,965 | |
Brokerage | 20,710 | $ 21,129 |
Asset management fees | 19,148 | 18,049 |
Principal transactions | (2,287) | (6,437) |
Loss (gain) on sale, payoff and mark-to-market of loans | (532) | 797 |
Net dividend income | 1,281 | 1,188 |
Other income | 1,017 | 1,351 |
Non-interest revenues | 127,444 | 113,399 |
Interest income | 66,494 | 41,159 |
Interest expense | (49,552) | (33,702) |
Net interest income | 16,942 | 7,457 |
Loss on repurchase, reissuance or early retirement of debt | (2,838) | (6,107) |
Provision for loan losses | (5,124) | (4,363) |
Total net revenues after provision for loan losses | 136,424 | 110,386 |
Non-interest expenses | ||
Compensation and benefits | 97,359 | 90,601 |
Administration | 8,904 | 7,464 |
Brokerage, clearing and exchange fees | 3,097 | 3,209 |
Travel and business development | 4,830 | 4,034 |
Managed deal expense | 4,849 | |
Communications and technology | 4,107 | 4,308 |
Occupancy | 4,770 | 4,418 |
Professional fees | 5,446 | 4,407 |
Depreciation | 1,124 | 1,162 |
Other | 1,994 | 2,410 |
Total non-interest expenses | 136,480 | 122,013 |
Net loss before income tax expense | (56) | (11,627) |
Income tax expense (benefit) | 1,167 | 1,744 |
Net loss | (1,223) | (13,371) |
Less: Net income attributable to nonredeemable non-controlling interest | 964 | 2,512 |
Net loss attributable to JMP Group LLC | $ (2,187) | $ (15,883) |
Net loss attributable to JMP Group LLC per common share: | ||
Basic (in dollars per share) | $ (0.10) | $ (0.74) |
Diluted (in dollars per share) | $ (0.10) | $ (0.74) |
Weighted average common shares outstanding: | ||
Basic (in shares) | 21,490 | 21,579 |
Diluted (in shares) | 21,490 | 21,579 |
Investment Banking [Member] | ||
Revenues | ||
Investment banking | $ 88,107 | $ 77,322 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net loss | $ (1,223) | $ (13,371) |
Comprehensive loss | (1,223) | (13,371) |
Less: Comprehensive income attributable to non-controlling interest | 964 | 2,512 |
Comprehensive loss attributable to JMP Group LLC | $ (2,187) | $ (15,883) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - 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) | (15,883) | 2,512 | (13,371) | ||||
Additional paid-in capital - share-based compensation | (1,448) | (1,448) | |||||
Distributions and distribution equivalents declared on common shares and restricted share units (1) | [1] | (7,770) | (7,770) | ||||
Purchases of shares of common shares for treasury | (3,562) | (3,562) | |||||
Reissuance of shares of common shares from treasury | 5,399 | 222 | 5,621 | ||||
Distributions to non-controlling interest holders | (4,677) | (4,677) | |||||
Capital contributions from non-controlling interest holders | 92 | 92 | |||||
Balance (in shares) at Dec. 31, 2017 | 22,780 | ||||||
Balance at Dec. 31, 2017 | $ 23 | (5,955) | 134,719 | (32,452) | 13,844 | 110,179 | |
Net income (loss) | (2,187) | 964 | (1,223) | ||||
Additional paid-in capital - share-based compensation | 43 | 43 | |||||
Distributions and distribution equivalents declared on common shares and restricted share units (1) | [2] | (7,874) | (7,874) | ||||
Purchases of shares of common shares for treasury | (3,655) | (3,655) | |||||
Reissuance of shares of common shares from treasury | 1,678 | 23 | 1,701 | ||||
Purchase of subsidiary shares from non-controlling interest holders | (656) | 656 | |||||
Distributions to non-controlling interest holders | (2,414) | (2,414) | |||||
Capital contributions from non-controlling interest holders | 449 | 449 | |||||
Balance (in shares) at Dec. 31, 2018 | 22,780 | ||||||
Balance at Dec. 31, 2018 | $ 23 | $ (7,932) | $ 134,129 | $ (42,513) | $ 13,499 | $ 97,206 | |
[1] | $7.8 million of distributions were dividends paid to shareholders at $0.36 per share. | ||||||
[2] | $7.7 million of distributions were dividends paid to shareholders at $0.36 per share. $0.2 million of distributions were dividend equivalents paid on restricted share units. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (1,223) | $ (13,371) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Provision for loan losses | 5,124 | 4,363 |
(Gain) loss on sale and payoff of loans and mark-to-market of loans | 532 | (797) |
Loss on repurchase, reissuance or early retirement of debt | 2,838 | 6,107 |
Change in other investments: | ||
(Income) loss from investments in equity method investees | (259) | 6,360 |
Unrealized gain on other equity investments | (672) | (1,893) |
Realized loss on other investments | 473 | 446 |
Depreciation and amortization | 1,482 | 1,322 |
Share-based compensation expense | 1,549 | 2,955 |
Change in fair value of total return swap | 412 | |
Distributions of investment income from equity method investments | 1,139 | 155 |
Other, net | 296 | 176 |
Net change in operating assets and liabilities: | ||
Increase (decrease) in interest receivable | (745) | 1,170 |
Decrease (increase) in receivables | 2,624 | (3,976) |
Decrease (increase) in marketable securities | 1,951 | (2,103) |
Decrease (increase) in deposits and other assets | 6,138 | (723) |
Decrease (increase) in marketable securities sold, but not yet purchased | (3,293) | 3,172 |
Increase in interest payable | 4,698 | 195 |
Decrease (increase) in accrued compensation | (1,522) | 6,973 |
Increase (decrease) in other liabilities | 1,517 | (7,706) |
Net cash provided by operating activities | 22,647 | 3,237 |
Cash flows from investing activities: | ||
Purchases of fixed assets | (1,153) | (341) |
Purchases of other investments | (1,921) | (6,362) |
Sales or distributions from other investments | 14,042 | 14,429 |
Funding of loans collateralizing asset-backed securities issued | (434,820) | (507,557) |
Funding of loans held for investment | (339,874) | (81,972) |
Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued | 399,161 | 389,575 |
Sale, payoff and principal receipts of loans held for sale | 32,983 | |
Sale, payoff and principal receipts on loans held for investment | 29,516 | 2,701 |
Sale of participating interest in loans held for investment | 1,030 | |
Net changes in cash collateral posted for derivative transactions | 25,000 | |
Net cash used in investing activities | (335,049) | (130,514) |
Cash flows from financing activities: | ||
Redemption/repurchase of bonds payable | (9,980) | (47,914) |
Proceeds from bond issuance | 50,000 | |
Proceeds from issuance of repurchase agreement | 3,878 | |
Repayment of repurchase agreement | (3,878) | |
Proceeds from drawdowns on CLO warehouse facilities | 286,250 | 61,250 |
Repayments on CLO V warehouse facility | (325,000) | |
Proceeds from sale of note payable to affiliate | 829 | |
Payment of debt issuance costs | (1,897) | (1,964) |
Repayment of asset-backed securities issued | (332,379) | (503,617) |
Proceeds of issuance from asset-backed securities issued | 699,107 | 408,394 |
Reissuance of asset-back securities | 4,453 | |
Distributions and distribution equivalents paid on common shares and RSUs | (7,874) | (7,770) |
Capital contributions of nonredeemable non-controlling interest holders | 449 | 92 |
Proceeds from exercises of share options | 1,218 | |
Purchase of common shares for treasury | (3,250) | (2,084) |
Distributions to non-controlling interest shareholders | (2,414) | (4,677) |
Employee taxes paid on shares withheld for tax-withholding purposes | (405) | (1,478) |
Net cash provided by (used in) financing activities | 307,889 | (48,550) |
Net decrease in cash, cash equivalents, and restricted cash | (4,513) | (175,827) |
Cash, cash equivalents and restricted cash, beginning of period | 137,321 | 313,148 |
Cash, cash equivalents and restricted cash, end of period | 132,808 | 137,321 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | 44,854 | 33,508 |
Cash paid during the period for taxes | 2,399 | 2,420 |
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 | 1,678 | 5,399 |
Distributions declared but not yet paid | 640 | 652 |
Acquisition of equity securities in restructuring of loans | 809 | 1,023 |
Transfer of loans held for investment to loans collateralizing asset-backed securities issued upon securitization of CLO V | $ 362,213 |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. JMP Group LLC, together with its subsidiaries (collectively, the “Company”), is a diversified capital markets firm headquartered in San Francisco, California. The Company conducts its investment banking and institutional 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 four collateralized loan obligations (“CLO”) vehicles . The Company completed a Reorganization Transaction January 2015 November 2017 Recent Transactions On February 20, 2018, 55 two $2.6 31, 2018. On July 26, 2018, $407.8 100% 25% not On October 11, 2018, $100 may three October 11, 2021, twelve |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Basis of Presentation The consolidated accounts of the Company include the wholly-owned subsidiaries and the partially-owned subsidiaries of which we are the majority owner or the primary beneficiary. All material intercompany accounts and transactions have been eliminated in consolidation. Non-controlling interests on the Consolidated Statements of Financial Condition at December 31, 2018 2017 third The Company performs consolidation analyses on entities to identify variable interest entities (“VIEs”) and determine the appropriate accounting treatment. An entity is considered a VIE and, therefore, would be subject to the consolidation provisions of ASC 810 10 15 not not 2015 2, February 2015, 810, JMPCA managed JMP Credit Advisors CLO I Ltd. (“CLO I”), JMP Credit Advisors CLO II Ltd. (“CLO II”), through the first second 2017, not December 31, 2016, 94% 98%, third first second 2017, Upon the securitization of the CLO III loan portfolio on September 30, 2014, September 30, 2014, 13.5% third September 27, 2016, $12.8 third 13.5% 46.7%, not Upon the securitization of the CLO IV loan portfolio on June 29, 2017, June 29, 2017 100% third Upon the securitization of the CLO V loan portfolio on July 26, 2018, July 26, 2018 100% third Upon the formation of the CLO VI warehouse, the Company performed a consolidation analysis and concluded the CLO VI warehouse was not 100% HCS currently manages several asset management funds and JMPAM manages one 810 10 15 14, not may not not JMPAM also manages a capital debt fund which is structured as a limited liability company. The Company performed a consolidation analysis of the capital debt fund and concluded that the capital debt fund was a VIE; however the Company was not not The Company performed the consolidation analysis for HCAP Advisors, and concluded it was a VIE, based on insufficient equity at risk. The Company was identified as the primary beneficiary through its role as the manager of HCAP Advisors and its ownership of all of the issued and outstanding Class A units. As a result, the Company consolidates the assets and liabilities of HCAP Advisors. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the use of estimates and assumptions that affect both the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results may Revenue Recognition On January 1, 2018, 2014 09, 606 not not not December 31, 2018 2017. 3. Investment banking revenues Investment banking revenues consist of underwriting revenues, strategic advisory revenues and private placement fees. The Company generally does not December 31, 2018, not Underwriting revenues arise from securities offerings in which the Company acts as an underwriter and include management fees, selling concessions and underwriting fees, gross of the Company’s share of allocated syndicate expenses. Underwriting fees, management fees, and selling concessions, gross of the Company’s share of allocated syndicated expenses, are recorded on the trade date, which is typically the day of pricing an offering (or the following day). The Company has determined that its performance obligations are completed and the related income is reasonably determinable on the trade date. For these transactions, management estimates the Company’s share of the transaction-related expenses incurred by the syndicate, and recognizes revenues gross of such expense. Expenses associated with such transactions are generally expensed as incurred, rather than being deferred, as the Company is unable to determine that collection of any reimbursement is reasonably assured until the trade date. On final settlement, typically 90 may Strategic advisory revenues primarily include success fees on closed merger and acquisition transactions, as well as retainer fees, earned in connection with advising on both buyers’ and sellers’ transactions. Fees are also earned for related advisory work and other services such as providing fairness opinions, valuation analyses, due diligence, and pre-transaction structuring advice. Depending on the nature of the engagement letter and the agreed upon services, customers may may not not Private placement fees are related to non-underwritten transactions such as private placements of equity securities, private investments in public equity (“PIPE”), Rule 144A Prior to adoption of ASU 2014 09, Revenue from Contracts with Customers (Topic 606 ), January 1, 2018, not Investment banking revenues – For the year ended December 31, 2017 Investment banking revenues consist of underwriting revenues, strategic advisory revenues and private placement fees, and are recorded when the underlying transaction is completed under the terms of the relevant agreement. Underwriting revenues arise from securities offerings in which the Company acts as an underwriter and include management fees, selling concessions and underwriting fees, net of related syndicate expenses. Management fees and selling concessions are recorded on the trade date, which is typically the day of pricing an offering (or the following day) and underwriting fees, net of related syndicate expenses, at the time the underwriting is completed and the related income is reasonably determinable. For these transactions, management estimates the Company’s share of the transaction-related expenses incurred by the syndicate, and recognizes revenues net of such expense. On final settlement, typically 90 not may Strategic advisory revenues primarily include success fees on closed merger and acquisition transactions, as well as retainer fees, earned in connection with advising on both buyers’ and sellers’ transactions. Fees are also earned for related advisory work and other services such as providing fairness opinions and valuation analyses. Strategic advisory revenues are recorded when the transactions or the services (or, if applicable, separate components thereof) to be performed are substantially complete, the fees are determinable and collection is reasonably assured. Private placement fees are related to non-underwritten transactions such as private placements of equity securities, PIPE, Rule 144A Brokerage revenues Brokerage revenues consist of (i) commissions resulting from equity securities transactions executed as agent or principal, (ii) related net trading gains and losses from market making activities and from the commitment of capital to facilitate customer orders and (iii) fees paid for equity research. Commissions resulting from equity securities transactions executed on behalf of customers are recorded on a trade date basis. The Company believes that the performance obligation is satisfied on the trade date because that is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon and the risks and rewards of ownership have been transferred to/from the customer. For the years ended December 31, 2018 2017, $0.6 $0.8 three may may second third None not third second third The Company generally does not December 31, 2018, not Asset Management Fees Asset management fees for hedge funds, hedge funds of funds, private equity funds, and capital and private debt include base management fees and incentive fees earned from managing families of investment partnerships and a publicly-traded specialty finance company. The Company recognizes base management fees on a monthly basis over the period in which the investment management services are performed. Base management fees earned by the Company are generally based on the fair value of assets under management (“AUM”) or aggregate capital commitments and the fee schedule for each fund and account. Base management fees for hedge funds and hedge funds of funds are calculated at the investor level using their quarter-beginning capital balance adjusted for any contributions or withdrawals. Base management fees for private equity funds are calculated at the investor level using their aggregate capital commitments during the commitment period, which is generally three first not not not Asset management fees for the CLOs the Company manages include senior and subordinated base management fees. We recognize base management fees for the CLOs on a monthly basis over the period in which the collateral management services are performed. The base management fees for the CLOs are calculated as a percentage of the average aggregate collateral balances for a specified period. As the Company consolidates the CLOs, the management fees earned at JMPCA from the CLOs are eliminated upon consolidation. The contractual senior and subordinated base management fees earned from CLO III were 0.35% 0.33% December 31, 2018 2017, 0.50% 1.0% 0.50% 1.0% Asset management fees for the CLOs the Company manages include senior and subordinated base management fees. We recognize base management fees for the CLOs on a monthly basis over the period in which the collateral management services are performed. The base management fees for the CLOs are calculated as a percentage of the average aggregate collateral balances for a specified period. As the Company consolidates the CLOs, the management fees earned at JMPCA from the CLOs are eliminated upon consolidation. For the year ended December 31, 2017, 0.50% 0.35% 0.33% December 31, 2017. 0.50% 1.0% Principal transactions Principal transaction revenues include realized and unrealized net gains and losses resulting from our principal investments in equity and other securities for the Company’s account and in equity-linked warrants received from certain investment banking clients, limited partner investments in private funds managed by third The Company’s principal transaction revenues for these categories for the years ended December 31, 2018 2017 (In thousands) Year Ended December 31, 2018 2017 Equity and other securities excluding non-controlling interest $ (604 ) $ (431 ) Warrants and other investments (1,341 ) (6,885 ) Investment partnerships (342 ) 879 Total principal transaction revenues $ (2,287 ) $ (6,437 ) The Company has included revenues from certain other investments of $0.9 $1.2 December 31, 2018 2017, Gain and Loss on Sale, Payoff and Mark-to-market of Loans Gain and loss on sale, payoff and mark-to-market of loans consists of gains from the sale and payoff of loans collateralizing asset-backed securities and loans held for investment. Gains are recorded when the proceeds exceed the carrying value of the loan. Interest Income Interest income primarily relates to income earned on loans. Interest income on loans comprises the stated coupon as a percentage of the face amount receivable as well as accretion of purchase discounts and deferred fees. Interest income is recorded on the accrual basis in accordance with the terms of the respective loans unless such loans are placed on non-accrual status. Interest Expense Interest expense primarily consists of interest expense incurred on asset-backed securities issued, notes payable, CLO warehouse credit facilities, lines of credit, bonds payable, and the amortization of bond issuance costs. Interest expense on asset-backed securities issued is the stated coupon as a percentage of the principal amount payable adjusted for amortization of any discounts. See Asset-Backed Securities Issued Revenue From Contracts With Customers The following table presents the Company’s total revenues from contract with customers, disaggregated by major business activity, for the year ended December 31, 2018: Broker -Dealer Asset Management Total Asset Management Corporate Costs Eliminations Total Asset Management Fee Income Investment Income Equity and debt origination $ 54,660 $ - $ - $ - $ - $ - $ 54,660 Strategic advisory and private placements 33,447 - - - - - 33,447 Total investment banking revenues 88,107 - - - - - 88,107 Commissions 15,578 - - - - - 15,578 Research payments 5,741 - - - - - 5,741 Net trading losses (609 ) - - - - - (609 ) Total brokerage revenues 20,710 - - - - - 20,710 Base management fees - 17,534 - 17,534 - (4,785 ) 12,749 Incentive management fees - 1,327 5,318 6,645 - (246 ) 6,399 Total asset management fees - 18,861 5,318 24,179 - (5,031 ) 19,148 Total revenues from contracts with customers $ 108,817 $ 18,861 $ 5,318 $ 24,179 $ - $ (5,031 ) $ 127,965 Cash and Cash Equivalents The Company considers highly liquid investments with original maturities or remaining maturities upon purchase of three Restricted Cash and Deposits Restricted cash and deposits include principal and interest payments that are collateral for the asset-backed securities issued by CLOs. They also include cash collateral supporting standby letters of credit issued by JMPCA and cash on deposit for certain operating leases. Restricted cash consisted of the following at December 31, 2018 2017: As of December 31, (in thousands) 2018 2017 Principal and interest payments held as collateral for asset-backed securities issued $ 50,455 $ 43,050 Principal and interest payments held to secure borrowing under credit facilities 7,903 5,301 Cash collateral supporting standby letters of credit 2,302 1,905 Deposits for operating leases 1,221 1,471 Total restricted cash $ 61,881 $ 51,727 Receivable from Clearing Broker The Company clears customer transactions through another broker-dealer on a fully disclosed basis. At both December 31, 2018 December 31, 2017, Investment Banking Fees Receivable Investment banking fees receivable includes receivables relating to the Company’s investment banking or advisory engagements. The Company records an allowance for doubtful accounts on these receivables on a specific identification basis. Investment banking fees receivable which are deemed to be uncollectible are charged off and deducted from the allowance. The allowance for doubtful accounts related to investment banking fees receivable was $380 $159 December 31, 2018 2017, Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 4 Most of the Company’s financial instruments, other than loans collateralizing asset-backed securities issued, loans held for investment, asset-backed securities issued, and notes payable are recorded at fair value or amounts that approximate fair value. Marketable securities owned, other investments at fair value, and marketable securities sold, but not Fair value of the Company’s financial instruments is generally obtained from quoted market prices, third not For disclosure purposes, the fair values for each of the loans held in the CLOs were calculated using third third three December 31, 2018. third four December 31, 2017. third Marketable securities owned and securities sold, but not third not may not may not The Company uses the fair value option which allows an entity to report selected financial assets and financial liabilities at fair value. The fair value of those assets and liabilities for which the fair value option has been chosen is reflected on the face of the balance sheet. Subsequent changes in fair value are recorded in the Consolidated Statements of Operations. The Company elected to apply the fair value option to the investments in HCC common stock, its investments in real estate funds, its investment in private debt, and its investment in Harvest Growth Capital LLC (“HGC”) and Harvest Growth Capital II LLC (“HGC II”). The primary reason for electing the fair value option was to measure these gains on our investments on the same basis as our other equity securities, all of which are stated at fair value. The gains/losses on the investments that result from the election of the fair value option are reported in Principal Transactions in the Consolidated Statements of Operations. In 2018 2017, $0.9 $2.1 $1.1 2018 2017, $229 $86 2018 2017, $0.5 $0.4 2018 2017, $1.2 $0.5 Fair Value Hierarchy In determining fair value, the Company uses various methods including market, income and cost approaches. Based on these approaches, the Company often utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable firm inputs. The Company generally utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of the inputs used in the valuation techniques, the Company provides the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial instrument assets and liabilities carried at fair value have been classified and disclosed in one three Level 1 Quoted market prices in active markets for identical assets or liabilities. Level 2 Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3 Unobservable inputs that are not Level 1 Level 2 Level 3 At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as “Level 3.” Loans Accounting guidance requires that the Company present and disclose certain information about its financing receivables by portfolio segment and/or by class of receivables. A portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine the allowance for credit losses. A class of financing receivables is defined as the level of information (below a portfolio segment) that enables a reader to understand the nature and extent of exposure to credit risk arising from financing receivables. The Company’s portfolio segments are small business loans and loans collateralizing asset-backed securities issued. The Company has treated the loans held for investment as a single class given the small size of the respective loan portfolios as of December 31, 2018 2017. Loans Held for Investment Loans held for investment are carried at their unpaid principal balance, net of any allowance for credit losses and deferred loan origination, commitment and other fees. For loans held for investment, the Company establishes and maintains an allowance for credit losses based on management’s estimate of credit losses in our loans as of each reporting date. The Company records the allowance against loans held for investment on a specific identification basis, or reviews its loan portfolio at the end of each quarter to record losses inherent in the homogenous loan portfolio. Loans are charged off against the reserve for credit losses if the principal is deemed not not 90 may not not Loans Collateralizing Asset-Backed Securities Issued Loans collateralizing asset-backed securities issued are recorded at their fair value as of the acquisition date, which then becomes the new basis of the loans. For those loans acquired with evidence of deterioration of credit quality since origination, the total discount from unpaid principal balance to fair value consists of a non-accretable credit discount and an accretable liquidity discount. The accretable portion of the discount is recognized into interest income as an adjustment to the yield of the loan over the contractual life of the loan using the effective interest method. For those loans without evidence of deterioration in credit quality since origination, any difference between the Company’s initial investment in the loan and its par value is recorded as a premium or discount, which is amortized or accreted into interest income as a yield adjustment over the contractual life of the loan using the effective interest method, in accordance with ASC 310 - 20, Nonrefundable Fees and Other Costs The Company reviews its loan portfolio at the end of each quarter to identify specific loss reserves on impaired loans or to record losses inherent in the homogenous loan portfolio. As loans collateralizing asset-backed securities issued are considered similar in nature, given the loan terms, ratings and average life expectancy, they are reviewed collectively in the quarterly assessment of loan loss reserves. Even when there are no For loans acquired at a discount that are not 310 30, 450. No 450, Refer to “Allowance for Loan Losses” section below for the Company’s quarterly assessment process. The accrual of interest on loans is discontinued when principal or interest payments are 90 not may may Restructured loans are considered a troubled debt restructuring (“TDR”) if the Company, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not may Allowance for Loan Losses The Company maintains an allowance for loan losses that is intended to estimate loan losses inherent in its loan portfolio. A provision for loan losses is charged to expense to establish the allowance for loan losses. The allowance for loan losses consists of two third A loan is considered impaired when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The Company measures impairment of a loan based upon either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of the collateral securing the loan if the loan is collateral dependent, depending on the circumstances and the Company’s collection strategy. Loans or positions of loans that are deemed to be uncollectible are charged off and any allowance amount related to these loans is deducted from the allowance. In determining the required allowance for loan losses inherent in the portfolio, the following factors are considered: 1 2 3 4 5 • Expected loss severity rate for each class of loans: The Company’s loans are classified as either ABL, ABL – stretch, Cash Flow or Enterprise Value. The loss severity given a default is expected to be lowest on a conforming ABL loan, because the value of the collateral is typically sufficient to satisfy most of the amount owed. For ABL – stretch loans, the loss severity given a default is expected to be higher than for a conforming ABL loan because of less collateral coverage. For Cash Flow loans, the loss severity given a default is expected to be higher than ABL stretch loans, since generally less collateral coverage is provided for this class of loans. For Enterprise Value loans, the loss severity given a default is expected to be the highest, assuming that if the obligor defaults there has probably been a significant loss of enterprise value in the business. Loss severity estimates take into consideration current economic conditions such as overall macroeconomic trends, the amount of liquidity in the market and the condition of the CLO market. All loans in the CLOs are Cash Flow loans in 2018, 2017. • Moody’s rating and related probability of default: Moody uses factors such as, but not one not not • Internal loan ratings for Loans collateralizing asset-backed securities issued and Loans held for sale: The Internal Rating System is an internal portfolio monitoring mechanism allowing the Company to proactively manage portfolio risk and minimize losses. In evaluating these loans, the Company uses five 1 5. 1 2 3 5 1 Investment exceeding expectations and/or a capital gain is expected. 2 Investment generally performing in accordance with expectations. 3 Investment performing below expectations and requires closer monitoring. 4 Investment performing below expectations where a higher risk of loss exists. 5 Investment performing significantly below expectations where the Company expects to experience a loss. • Performance ratings: Performing Non-impaired loans Non-performing Impaired loans Asset-Backed Securities Issued Asset-backed securities issued (“ABS”) represent securities issued to third Fixed Assets Fixed assets represent furniture and fixtures, computer and office equipment, certain software costs, and leasehold improvements, which are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the respective assets, ranging from three five Leasehold improvements, including landlord funded assets, are capitalized and amortized over the shorter of the respective lease terms or the estimated useful lives of the improvements. The Company capitalizes certain costs of computer software developed or obtained for internal use and amortizes the amount over the estimated useful life of the software, generally not three Income Taxes The Company recognizes deferred tax assets and liabilities in accordance with ASC 740, not not The Company records uncertain tax positions using a two not not fifty The Company’s policy for recording interest and penalties associated with the tax audits or unrecognized tax benefits, if any, is to record such items as a component of income tax. Share-Based Compensation The Company recognizes compensation cost for share-based awards at their fair value on the date of grant and records compensation expense over the service period for awards expected to vest. Such grants are recognized as expense, net of estimated forfeitures. Share-based compensation includes restricted share units ("RSUs"), share appreciation rights, and share options granted under the Company’s 2007 In accordance with generally accepted valuation practices for share-based awards issued as compensation, the Company uses the Black-Scholes option-pricing model or other quantitative models to calculate the fair value of option awards. The quantitative models require subjective assumptions regarding variables such as future share price volatility, dividend yield and expected time to exercise, which greatly affect the calculated values. The fair value of RSUs is determined based on the closing price of the underlying share on the grant date, discounted for future distributions not Treasury Shares The Company accounts for its treasury shares under the cost method, using an average cost assumption, and includes treasury shares as a component of shareholders’ equity. |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3. Recent Accounting Pronouncemen ts Accounting Standards to be Adopted in Future Periods ASU 2016 02, Leases (Topic 842 February 2016, with subsequent amendments, 2016 02 December 15, 2018. January 1, 2019, $23.6 $29.3 ASU 2016 13, Measurement of Credit Losses on Financial Instruments (Topic 326 June 2016 December 15, 2019. ASU 2017 08 Receivables-Nonrefundable Fees and Other Costs (Sub-topic 310 20 March 2017 not December 15, 2019, December 15, 2020. ASU 2018 13, Fair Value Measurement (Topic 820 August 2018 820, December 15, 2019. 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 year ended December 31, 2018, t Year Ended December 31, 2018 (in thousands) As Reported ASC 606 Impact Pre-Adoption (1) Revenues Investment banking $ 88,107 $ 6,486 $ 81,621 Total non-interest revenues 127,444 6,486 120,958 Total net revenues after provision for loan losses 136,424 6,486 129,938 Expenses Travel and business development 4,830 1,218 3,612 Managed deal expenses 4,849 4,849 - Professional fees 5,446 419 5,027 Total non-comp expenses 39,121 6,486 32,635 Total non-interest expenses 136,480 6,486 129,994 ( 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 $2.6 $178.5 31, 2017 . |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4 . Fair Value Measurement s The following tables provide fair value information related to the Company ’s financial instruments at December 31, 2018 2017: December 31, 2018 (In thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 70,927 $ 70,927 $ - $ - $ 70,927 Restricted cash and deposits 61,881 61,881 - - 61,881 Marketable securities owned 18,874 18,874 - - 18,874 Other investments 490 - 490 - 490 Other investments measured at net asset value (1) 9,423 - - - - Loans held for investment, net of allowance for loan losses 29,608 - 26,188 2,576 28,764 Loans collateralizing asset-backed securities issued, net of allowance for loan losses 1,161,463 - 1,125,310 1,173 1,126,483 Total assets: $ 1,352,666 $ 151,682 $ 1,151,988 $ 3,749 $ 1,307,419 Liabilities: Marketable securities sold, but not yet purchased $ 4,626 $ 4,626 $ - $ - $ 4,626 Notes payable 829 - - 829 829 Asset-backed securities issued, net of debt issuance costs 1,112,342 - 1,091,677 - 1,091,677 Bond payable 83,497 - 78,642 - 78,642 CLO VI warehouse credit facility 22,500 - 22,500 - 22,500 Total liabilities: $ 1,223,794 $ 4,626 $ 1,192,819 $ 829 $ 1,198,274 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 Other investments 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: $ 1,026,127 $ 158,146 $ 857,480 $ 3,342 $ 1,018,968 Liabilities: Marketable securities sold, but not yet purchased $ 7,919 $ 7,919 $ - $ - $ 7,919 Asset-backed securities issued, net of debt issuance costs 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 December 31, 2018 2017: (In thousands) December 31, 2018 Carrying Value Level 1 Level 2 Level 3 Total Marketable securities owned $ 18,874 $ 18,874 $ - $ - $ 18,874 Other investments: Investments in hedge funds managed by the Company 490 - 490 - 490 Investments in other funds managed by the Company (1) 5,503 - - - - Total investment in funds managed by the Company (1) 5,993 - 490 - 490 Limited partnership in investments in private equity/ real estate funds (1) 3,920 - - - - Total other investments 9,913 - 490 - 490 Total assets: $ 28,787 $ 18,874 $ 490 $ - $ 19,364 Marketable securities sold, but not yet purchased 4,626 4,626 - - 4,626 Total liabilities: $ 4,626 $ 4,626 $ - $ - $ 4,626 ( 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 As of December 31, 2018 2017, not Transfers between levels of the fair value hierarchy result from changes in the observability of fair value inputs used in determining fair values for different types of financial assets and are recognized at the beginning of the reporting period in which the event or change in circumstances that caused the transfer occurs. ’s policy is to recognize the fair value of transfers among Levels 1, 2 3 no 1, 2 3 December 31, 2018 and 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 CLO credit facilities, 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 both December 31, 2018 and 2017, $9.4 million and $8.2 Fair Value at Unfunded Commitments Dollars in thousands Redemption Frequency Redemption Notice Period December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Limited partner investments in private equity/ real estate funds Nonredeemable N/A $ 3,920 $ 3,761 $ 68 $ 1,235 Investment in other funds managed by the Company Nonredeemable N/A $ 5,503 $ 4,463 $ 1,945 $ 2,044 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 $1.3 $2.0 million as of December 31, 2018 2017 . |
Note 5 - Loans
Note 5 - Loans | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Loans Collateralizing Asset Backed Securities Issued and Loans Held for Sale [Text Block] | 5 . Loans Loans Collateralizing Asset-Backed Securities issued A summary of the activity in the allowance for loan losses for the years ended December 31 , 2018 2017 (In thousands) Year Ended December 31, 2018 2017 Impaired Non-Impaired Impaired Non-Impaired Balance at beginning of period $ (389 ) $ (6,535 ) $ (937 ) $ (5,783 ) Reversal (provision) for loan losses: Specific reserve (1,645 ) - (1,641 ) 26 General reserve - (1,470 ) - (958 ) Charge off 1,198 - 950 180 Transfer to (from) loans held for investment - (1,746 ) 1,239 - Balance at end of period $ (836 ) $ (9,751 ) $ (389 ) $ (6,535 ) A loan is considered to be impaired when, based on current information, it is probable that the Company will be unable to collect all amounts due in accordance with the contractual terms of the original loan agreement, including scheduled principal and interest payments. As of December 31 , 2018 2017, $1.8 $1.4 $1,170.2 mi $771.1 December 31 , 2018 2017, As of December 31 , 2018 2017, December 31 , 2018 2017: (In thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized December 31, 2018 Impaired loans with an allowance recorded $ 1,813 $ 1,951 $ 838 $ 1,817 $ 119 Impaired loans with no related allowance recorded - - - - - Total impaired loans $ 1,813 $ 1,951 $ 838 $ 1,817 $ 119 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 December 31, 2018 31, 2017. December 31 , 2018, y had two loans, which were modified in a troubled debt restructuring 1.9 $1.0 $0.8 $0.1 31 , 2018. During the year ended December 31 , 2017, two $2.5 $0.5 2021 2022, 1.30% 3.00% $0.4 $0.5 no The Company ’s management, at least on a quarterly basis, reviews each loan and evaluates the credit quality of the loan. The review primarily includes the following credit quality indicators with regard to each loan: 1 2 3 4 December 31 , 2018 2017: (In thousands) Cash Flow Loans December 31, 2018 2017 Moody's rating: Baa1 - Baa3 $ 7,300 $ 8,880 Ba1 - Ba3 247,686 134,061 B1 - B3 856,204 579,091 Caa1 - Caa3 59,046 50,475 Ca 1,813 - Total: $ 1,172,049 $ 772,507 Internal rating: (1) 2 $ 1,018,261 $ 692,198 3 132,169 70,217 4 19,806 8,713 5 1,813 1,379 Total: $ 1,172,049 $ 772,507 Performance: Performing $ 1,170,236 $ 771,128 Non-Performing 1,813 1,379 Total: $ 1,172,049 $ 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. Loans Held for Investment At December 31 , 2018 2017, five 31, 2018, $26.0 31, 2017, $76.8 5 There were no December 31 , 2018 and 2017. December 31 , 2018 2017 (in thousands) Year Ended December 31, 2018 2017 Impaired Non-impaired Impaired Non-impaired Balance, at beginning of the period $ (2,279 ) $ (468 ) $ (823 ) $ - Provision for loan losses Specific (422 ) - (1,593 ) - General - (1,459 ) - (468 ) Charge off 2,483 - 1,376 - Transfers to (from) loans collateralizing asset-backed securities - 1,746 (1,239 ) - Balance, at end of the period $ (218 ) $ (181 ) $ (2,279 ) $ (468 ) 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. s of December 31 , 2018 2017, $0.5 $3.5 of recorded investment amount of loans issued were individually evaluated for impairment , respectively As of December 31 , 2018 2017, December 31 , 2018 2017: (in thousands) Recorded Investment Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized December 31, 2018 Impaired loans with an allowance recorded $ 462 $ 484 $ 219 $ 462 $ 34 Impaired loans with no related allowance recorded - - - - - Total impaired loans $ 462 $ 484 $ 219 $ 462 $ 34 Recorded Investment Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized December 31, 2017 Impaired loans with an allowance recorded $ 3,534 $ 3,603 $ 2,279 $ 3,566 $ 32 Impaired loans with no related allowance recorded - - - - - Total impaired loans $ 3,534 $ 3,603 $ 2,279 $ 3,566 $ 32 The Company's management, at least on a quarterly basis, reviews each loan and evaluates the credit quality of the loan. The review primarily includes the following credit quality indicators with regard to each loan: 1 2 3 4 December 31 , 2018 2017: (In thousands) Cash Flow Loans December 31, 2018 2017 Moody's rating: Baa1 - Baa3 $ - $ - Ba1 - Ba3 7,459 12,174 B1 - B3 18,342 64,170 Caa1 - Caa3 419 5,310 Ca 463 - Not Rated 3,326 4,595 Total: $ 30,009 $ 86,249 Internal rating (1) : 2 $ 26,208 $ 77,525 3 909 384 4 - 2,613 5 462 1,379 Not rated 2,430 4,348 Total: $ 30,009 $ 86,249 Performance: Performing $ 29,547 $ 83,161 Non-performing 462 3,088 Total: $ 30,009 $ 86,249 ( 1 Loans with an internal rating of 3 |
Note 6 - Fixed Assets
Note 6 - Fixed Assets | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6 . Fixed Assets At December 31, 2018 2017, (In thousands) As of December 31, 2018 2017 Furniture and fixtures $ 2,546 $ 2,599 Computer and office equipment 6,485 6,081 Leasehold improvements 7,617 7,195 Software 708 646 Less: accumulated depreciation (15,005 ) (14,199 ) Total fixed assets, net $ 2,351 $ 2,322 Depreciation expense was $1.1 $1.2 December 31, 2018 2017, |
Note 7 - Debt
Note 7 - Debt | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Debt Bond Payable (In thousands) December 31, 2018 December 31, 2017 8.00% Senior Notes due 2023 $ 36,000 $ 46,000 7.25% Senior Notes due 2027 50,000 50,000 Total outstanding principal $ 86,000 $ 96,000 Less: Debt issuance costs (2,428 ) (2,810 ) Less: Consolidation elimination (75 ) (87 ) Total bond payable, net $ 83,497 $ 93,103 The 8% 2023 7.25% 2027 The 8% e on the next eight scheduled quarterly interest payments on the 8% Senior Notes, or (ii) the aggregate amount due on all remaining scheduled quarterly interest payments on the $36 million 8% Senior Notes until the maturity of the Senior Notes. The Senior Notes indenture also contains customary event of default and cure provisions. If an uncured default occurs and is continuing, the trustee or the holders of at least 25% in principal amount of the Senior Notes may declare the Senior Notes immediately due and payable. The 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 December 31 , 2018 and 2017, the Company was in compliance with the debt covenants in the indentures. On July 31, 2018, the Company redeemed $10 million of the 8% S $0.2 The future scheduled principal payments of the debt obligations as of December 31, 2018 (In thousands) 2019 $ - 2020 - 2021 - 2022 - 2023 36,000 Thereafter 50,000 Total $ 86,000 Note Payable, Lines of Credit and Credit Facilities (In thousands) Outstanding Balance December 31, 2018 December 31, 2017 $340 million, CLO V warehouse credit facility through July 31, 2018 $ - $ 61,250 $100 million, CLO VI warehouse credit facility through October 11, 2021 22,500 - $25 million, JMP Holding credit agreement through June 4, 2019 - - $20 million, JMP Securities revolving line of credit through June 6, 2019 - - Note payable 829 - Total credit facilities and note payable $ 23,329 $ 61,250 The Company's Second Amended and Restated Credit Agreement (the "Credit Agreement") dated as of April 30, 2014, not maintenance of certain financial covenants. A violation of any one December 31 , 2018 2017, December 31 , 2018 2017, $25 225 June 4, 2019 , and 3.75% first two 5.00% two JMP Securities holds a $20 The net loans collateralizing the CLO V warehouse facility was $76.8 million as of December 31, 2017. The CLO V warehouse facility had a market standard advance rate and the outstanding balances bore interest at LIBOR plus 1 .375% until July 31, 2018, which marked the end of the revolving period on the facility. If not July 31, 2018, 10 month amortization period after the revolving period in which the outstanding balances would bear interest rate at LIBOR plus 2.30%. $26.0 December 31, 2018. 1.250% October 11, 2021, a 12 On July 26, 2018 $407.8 $368.0 $39.8 July 26, 2018. On February 28, 2018, $4.5 2018 $42 On January 9, 2018, $0.8 12.5% 20, 2022. December 31 , 2018 , as $0.8 |
Note 8 - Asset-backed Securitie
Note 8 - Asset-backed Securities Issued | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Asset Backed Securities Issued [Text Block] | 8. The table below sets forth the outstanding debt obligations of CLO III, CLO IV, and CLO V as of December 31 , 2018 2017: (In thousands) As of December 31, 2018 As of December 31, 2017 Outstanding Interest Rate Weighted Average Remaining Maturity Outstanding Interest Rate Weighted Average Remaining Maturity Class A Senior Secured Floating Rate Notes $ 769,750 0.85%-1.37% 10.04 $ 513,750 1.24%-1.37% 9.22 Class B Senior Secured Floating Rate Notes 143,700 1.30%-1.90% 10.04 95,700 1.80%-1.90% 9.26 Class C Senior Secured Deferrable Floating Rate Notes 71,500 1.80%-2.65% 9.99 49,500 2.60%-2.65% 9.18 Class D Senior Secured Deferrable Floating Rate Notes 68,350 2.60%-4.15% 10.01 46,350 3.90%-4.15% 9.14 Class E Senior Secured Deferrable Floating Rate Notes 60,800 5.70%-6.80% 10.03 40,800 6.80%-7.10% 9.21 Total secured notes sold to investors $ 1,114,100 $ 746,100 Senior Subordinated Notes 7,221 6.90% 11.00 - Less: Debt issuance costs (8,979 ) (7,852 ) Total asset-backed securities issued $ 1,112,342 $ 738,248 The secured notes and subordinated notes are limited recourse obligations payable solely from cash flows of the CLOs loan portfolios 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. Payment of interest on the Class C, Class D, Class E, and senior subordinated notes is payable only to the extent proceeds are available under the applicable payment priority provisions. To the extent proceeds are not As of December 31 , 2018, December 31, 2018 (In thousands) 2019 $ - 2020 - 2021 - 2022 - 2023 - Thereafter 1,121,321 Total $ 1,121,321 The net loans collateralizing asset-backed securities for CLO III, CLO IV, and CLO V is $1,161.5 $765.6 31 2018 2017, |
Note 9 - Shareholders' Equity
Note 9 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. Share holders’ Equity Common Share The Company's board of directors declared the following distributions in the year ended December 31, 2018: Distribution Record Total Payable Declaration Date Per Share Date Amount Date January 18, 2018 $ 0.030 January 31, 2018 $ 652,310 February 15, 2018 January 18, 2018 $ 0.030 February 28, 2018 $ 649,622 March 15, 2018 January 18, 2018 $ 0.030 March 29, 2018 $ 646,434 April 13, 2018 April 19, 2018 $ 0.030 April 30, 2018 $ 646,939 May 15, 2018 April 19, 2018 $ 0.030 May 31, 2018 $ 645,717 June 15, 2018 April 19, 2018 $ 0.030 June 29, 2018 $ 644,802 July 13, 2018 July 18, 2018 $ 0.030 July 31, 2018 $ 643,653 August 15, 2018 July 18, 2018 $ 0.030 August 31, 2018 $ 642,886 September 14, 2018 July 18, 2018 $ 0.030 September 28, 2018 $ 640,859 October 15, 2018 October 18, 2018 $ 0.030 October 31, 2018 $ 639,611 November 15, 2018 October 18, 2018 $ 0.030 November 30, 2018 $ 637,673 December 14, 2018 October 18, 2018 $ 0.030 December 31, 2018 $ 639,964 January 15, 2019 Share Repurchase Program On February 13, 2017, 1,000,000 December 31, 2017. December 11, 2017, 1,000,000 December 31, 2018. December 3, 2018, April 30, 2019. December 31 , 2018 and 2017 , the Company repurchased 629 ,759 658,547 shares of the Company’s shares, respectively, of the Company's common shares at an average price of $5.14 per share and $5.41 $3.2 million and $3.6 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 10 - Share-based Compensat
Note 10 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 10. Share -Based Compensation On January 1, 2015, he JMP Group Plan maintains authorization of the issuance of 4,000,000 April 12, 2007 June 6, 2011. Share Options The following table summarizes the share option activity for the years ended December 31 , 2018 and 2017: Year Ended December 31, 2018 2017 Shares Subject Weighted Average Shares Subject Weighted Average to Option Exercise Price to Option Exercise Price Balance, beginning of year 2,515,000 $ 6.55 2,710,000 $ 6.55 Exercised - - (195,000 ) 6.24 Cancelled (1,215,000 ) 6.23 - - Balance, end of period 1,300,000 $ 6.85 2,515,000 $ 6.55 Options exercisable at end of period 1,300,000 $ 6.85 2,515,000 $ 6.55 The following table summarizes the share options outstanding as well as share options vested and exercisable as of December 31 , 2018 and 2017: December 31, 2018 Options Outstanding Options Vested and Exercisable Weighted Weighted Average Weighted Average Weighted Range of Remaining Average Aggregate Remaining Average Aggregate Exercise Number Contractual Exercise Intrinsic Number Contractual Exercise Intrinsic Prices Outstanding Life in Years Price Value Exercisable Life in Years Price Value $6.79 - $7.33 1,300,000 1.00 $ 6.85 $ - 1,300,000 1.00 $ 6.85 $ - December 31, 2017 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 1.52 $ 6.55 $ - 2,515,000 1.52 $ 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 recognize a s December 31 , 2018. The Company recognized compensation expense related to share options of $54 thousand for the year ended December 31, 2017 As of December 31 , 2018 and 2017, there was no u There were no s December 31 , 2018 not share options. The Company recognized current income tax benefits of $20 31 , 2017. The Company uses the Black-Scholes option-pricing model or other quantitative models to calculate the fair value of option awards. Restricted Share Units and Restricted Shares On February 6, 2018, 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 vested 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 vested 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. On February 7, 2017, 117,000 2016 50% December 1, 2017 50% December 1, 2018. 153,000 50% December 1, 2017, 50% December 1, 2018. December 1, 2019. March 16, 2017, 58,000 2017 January 1, 2018. The following table summarizes RSU activity for the years ended December 31 , 2018 and 2017: Year Ended December 31, 2018 2017 Restricted Weighted Average Restricted Weighted Average Share Units Grant Date Fair Value Share Units Grant Date Fair Value Balance, beginning of year 277,193 $ 5.60 646,558 $ 5.14 Granted 454,974 5.01 389,915 5.89 Vested (302,691 ) 5.62 (728,209 ) 5.40 Forfeited (131,837 ) 5.33 (31,071 ) 4.25 Balance, end of period 297,639 $ 4.79 277,193 $ 5.60 The aggregate fair value of RSUs vested during the years ended December 31 , 2018 2017 $1.7 $3.9 $0.3 a $1.6 31 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 years ended December 31 , 2018 2017, $1.7 and $2.9 For the years ended December 31 , 2018 2017, $0.3 and $0.8 As of both December 31 , 2018 and 2017, $0.7 million of unrecognized compensation expense related to RSUs expected to be recognized over a weighted average period of 1.03 years and 1.13 years, respectively. 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 2.73% , distribution yield of 13 .67% , 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 estimated 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 years ended December 31 , 2018 and 2017: Year Ended December 31, 2018 2017 Share Appreciation Weighted Average Share Appreciation Weighted Average Rights Exercise Price Rights Exercise Price Balance, beginning of year 2,485,000 $ 7.33 2,655,000 $ 7.33 Forfeited - - (170,000 ) 7.33 Balance, end of period 2,485,000 $ 7.33 2,485,000 $ 7.33 The following table summarizes the SAR s outstanding as well as SARs vested and exercisable as of Decembe r 31, 2018 2017: December 31, 2018 Options Outstanding Weighted Average Weighted Remaining Average Aggregate Exercise Number Contractual Exercise Intrinsic Price Outstanding Life in Years Price Value $7.33 2,485,000 1.00 $ 7.33 $ - December 31, 2017 Options Outstanding Weighted Average Weighted Remaining Average Aggregate Exercise Number Contractual Exercise Intrinsic Price Outstanding Life in Years Price Value $7.33 2,485,000 2.00 $ 7.33 $ - The Company recognizes compensation expense for SARs over the vesting period. All of the outstanding SARs as of December 31 , 2018 December 31 , 2018 2017, $0.2 $0.5 For the years ended December 31 , 2018 2017, $0.1 $0.2 December 31 , 2018 and 2017, no not s. |
Note 11 - Net Income Per Common
Note 11 - Net Income Per Common Share | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11 . 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 years ended December 31 , 2018 2017 (In thousands, except per share data) Year Ended December 31, 2018 2017 Numerator: Net loss attributable to JMP Group LLC $ (2,187 ) $ (15,883 ) Denominator: Basic weighted average shares outstanding 21,490 21,579 Effect of potential dilutive securities: Restricted share units - - Diluted weighted average shares outstanding 21,490 21,579 Net loss per share Basic $ (0.10 ) $ (0.74 ) Diluted $ (0.10 ) $ (0.74 ) Share options to purchase 2,515,000 and 2,561,820 December 31, 2018 2017, not RSUs for 179,357 54,145 December 31, 2018 2017, not Due to the net loss for the years ended December 31 , 2018 and 2017 , all of the share o ptions and RSUs outstanding, were anti-dilutive and, therefore, were not included in the computation of diluted weighted-average common shares outstanding. |
Note 12 - Employee Benefits
Note 12 - Employee Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 12 . Employee Benefits All salaried employees of the Company are eligible to participate in the JMP Group 401 three may January 1, 2015, he Company contributes a match of 100% 401 3% 50% 3% 5%. 100% 401 $1.6 December 31 , 2018 2017, |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. Income Taxes As of December 31, 2018, 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. The components of the Company’s income tax expense (benefit) for the years ended December 31, 2018 2017 (In thousands) Year Ended December 31, 2018 2017 Federal $ 1,044 $ 1,303 State 246 158 Total current income tax expense 1,290 1,461 Federal (233 ) 539 State 110 (256 ) Total deferred income tax expense (benefit) (123 ) 283 Total income tax expense $ 1,167 $ 1,744 As of December 31, 2018 2017, (In thousands) As of December 31, 2018 2017 Deferred tax assets: Equity based compensation $ 846 $ 1,516 Interest expense limitation 1,169 - Reserves and allowances 1,556 994 California Enterprise Zone credit 304 - Federal and other state net operating loss 161 202 Accrued compensation and related expenses - 1,592 Deferred compensation 847 740 Other 1,012 910 Total deferred tax assets 5,895 5,954 Deferred tax liabilities: Investment in partnerships (1,376 ) (1,186 ) Repurchase of the Company's debt at market discount - (198 ) Net unrealized gains on investments (629 ) (804 ) Total deferred tax liabilities (2,005 ) (2,188 ) Net deferred tax asset before valuation allowance 3,890 3,766 Valuation allowance - - Net deferred tax assets $ 3,890 $ 3,766 As of December 31, 2018, $0.5 $0.3 2023 2026. $1.2 On December 22, 2017, 118 118" 740, 118 A reconciliation of the statutory U.S. federal income tax rate to the effective tax rate for the years ended December 31, 2018 2017 Year Ended December 31, 2018 2017 Tax at federal statutory tax rate 21.00 % 34.00 % State income tax, net of federal tax benefit -684.88 % 1.11 % Non-CLO non-controlling interest -97.55 % -35.34 % Adjustment for permanent items (Other) -147.19 % -0.99 % PTP investment income 338.13 % 0.00 % Adjustment for prior year taxes -487.11 % 0.00 % Change in corporate tax rate 0.00 % -13.80 % Equity compensation shortfall -904.88 % 0.00 % Effective tax rate -1962.48 % -15.00 % The difference between the statutory tax rate and the effective tax rate for the year ended December 31, 2018 not not Since the cons The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates; with the limited exception of certain jurisdictions which do not not” 2018. no December 31, 2018. |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14 . 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 $4.8 $4.4 December 31 , 2018 2017, The California, Illinois, Minnesota, and New York leases included a period of free rent at the start of the lease. Rent expense is recognized over the entire lease period. The aggregate minimum future commitments of these leases are: (In thousands) Minimum Future Lease Commitments Year Ending December 31, 2019 $ 5,045 2020 5,753 2021 5,828 2022 5,788 2023 5,786 Thereafter 6,914 Total lease commitments $ 35,114 In connection with its underwriting activities, JMP Securities may, At both December 31 , 2018 and 2017, JMP Securities had no open underwriting commitments. The marketable securities owned and the restricted cash, as well as the cash held by the clearing broker may $0.3 m December 31, 2018 and 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 $28.7 $49.1 December 31, 2018 and 2017, $27.0 $49.2 31, 2018 and 2017, |
Note 15 - Regulatory Requiremen
Note 15 - Regulatory Requirements | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 15 . Regulatory Requirements JMP Securities is subject to the SEC ’s Uniform Net Capital Rule (Rule 15c3 1 not 15 1. f $29.8 $37.3 e $28.7 $35.9 $1.1 $1.4 December 31 , 2018 2017, 0.57 1 0.58 1 December 31 , 2018 2017, Since all customer transactions are cleared through another broker-dealer on a fully disclosed basis, JMP Securities is not 15c3 3 |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 16 . 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 December 31 , 2018 2017, $18.6 $25.6 $8.6 million and $16.2 $10.0 $9.4 $12.7 $15.5 December 31 , 2018 2017. $6.4 2.5 million, from these affiliated entities for the years ended December 31 , 2018 and 2017, On September 19, 2017, $3.4 15% October 2017, 30% $1.0 December 31 , 2018 31, 2017, $2.4 e $2.3 million and $2.9 December 31 , 2018 31, 2017, On January 9, 2018, $0.8 December 31 , 2018 , as $0.8 On January 9, 2018, 30% $0.5 m December 31 , 2018. $57 t December 31 , 2018. |
Note 17 - Guarantees
Note 17 - Guarantees | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Guarantees [Text Block] | 17 . Guarantees JMP Securities has agreed to indemnify its clearing broker for losses that the clearing broker may not may ’ obligation under the indemnification has no December 31 , 2018 2017 no December 31 , 2018 2017, no no December 31 , 2018 2017. The Company is engaged in various investment banking and brokerage activities whose counterparties primarily include broker-dealers, banks and other financial institutions. In the event counterparties do not may ’s policy to review, as necessary, the credit standing of each counterparty with which it conducts business. |
Note 18 - Litigation
Note 18 - Litigation | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 18 . Litigation The Company is involved in a number of judicial, regulatory and arbitration matters arising in connection with our business. The outcome of matters the Company has been and currently is involved in cannot be determined at this time, and the results cannot be predicted with certainty. There can be no not may The Company reviews the need for any loss contingency reserves and establishes 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. Management, after consultation with legal counsel, believes that the currently known actions or threats will not |
Note 19 - Financial Instruments
Note 19 - Financial Instruments With Off-balance Sheet Risk, Credit Risk or Market Risk | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 19 . Financial Instruments with Off-Balance Sheet Risk, Credit Risk or Market Risk The majority of the Company ’s transactions, and consequently the concentration of its credit exposure, is with its clearing broker. The clearing broker is also a significant source of short-term financing for the Company, which is collateralized by cash and securities owned by the Company and held by the clearing broker. The Company’s securities owned may The Company is also exposed to credit risk from other brokers, dealers and other financial institutions with which it transacts business. In the event that counterparties do not may The Company ’s trading activities include providing securities brokerage services to institutional clients. To facilitate these customer transactions, the Company purchases proprietary securities positions (“long positions”) in equity securities. The Company also enters into transactions to sell securities not not may In connection with the CLOs, the Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include unfunded commitments to lend and standby letters of credit. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheet of the Company. Unfunded commitments are agreements to lend to a borrower, provided that all conditions have been met. Commitments generally have fixed expiration dates or other termination clauses and may may not ’s creditworthiness on a case by case basis. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance by a borrower to a third ’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on balance sheet instruments. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to borrowers. In connection with the CLOs, the Company had standby letters of credit o f $1.4 $0.2 December 31 2018 2017, 14 December 31 , 2018 2017. |
Note 20 - Business Segments
Note 20 - Business Segments | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 20 . Business Segments The Company’s business results are categorized into the following four During the year ended 2018, 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 share-based compensation expense related to historical equity awards granted in prior periods, (ii) recognizes 100% one one the CLOs . These charges may The Company ’s segment information for the years ended December 31 , 2018 2017 • Revenues and expenses directly associated with each segment are included in determining segment operating income. • Revenues and expenses not • Each segment ’s operating expenses include: a) compensation and benefits expenses that are incurred directly in support of the segments and b) other operating expenses, which include expenses for premises and occupancy, professional fees, travel and entertainment, communications and information services, equipment and indirect support costs (including compensation and other operating expenses related thereto) for administrative services. • Assets directly associated with each segment are allocated to the respective segment. One exception i s depreciable assets, which are held at the Corporate segment. The associated depreciation is allocated to the related segment. • Investment Income segment assets are presented net of an intercompany loan. Segment Operating Results Management believes that the following information provides a reasonable representation of each segment ’s contribution to revenues, income and assets: (In thousands) Year Ended December 31, 2018 2017 Broker-Dealer Non-interest revenues $ 108,841 $ 98,469 Total net revenues after provision for loan losses $ 108,841 $ 98,469 Non-interest expenses 97,910 87,572 Segment operating pre-tax net income $ 10,931 $ 10,897 Segment assets $ 67,594 $ 82,790 Asset Management Fee Income Non-interest revenues $ 18,471 $ 19,888 Total net revenues after provision for loan losses $ 18,471 $ 19,888 Non-interest expenses 19,422 19,699 Segment operating pre-tax net (loss) income $ (951 ) $ 189 Segment assets $ 23,897 $ 29,729 Investment Income Non-interest revenues $ 7,021 $ 7,456 Net interest income 12,681 3,466 Gain (loss) on repurchase, reissuance or early retirement of debt (42 ) 210 Provision for loan losses (1,638 ) (2,543 ) Total net revenues after provision for loan losses $ 18,022 $ 8,589 Non-interest expenses 11,006 5,102 Segment operating pre-tax net income $ 7,016 $ 3,487 Segment assets $ 1,294,864 967,751 Corporate Costs Non-interest expenses $ 10,069 $ 9,403 Segment operating pre-tax net loss $ (10,069 ) $ (9,403 ) Segment assets $ 250,402 $ 301,029 Eliminations Non-interest revenues $ (4,674 ) $ (3,436 ) Total net revenues after provision for loan losses $ (4,674 ) $ (3,436 ) Non-interest expenses (4,676 ) (3,429 ) Segment operating pre-tax net income (loss) $ 2 $ (7 ) Segment assets $ (245,515 ) $ (304,673 ) Consolidating adjustments and reconciling items Non-interest revenues $ (2,215 ) (a) $ (8,978 ) (a) Net interest income 4,261 (b) 3,991 (b) Loss on repurchase or early retirement of debt (2,796 ) (6,317 ) Provision for loan losses (3,486 ) (1,820 ) Total net revenues after provision for loan losses $ (4,236 ) $ (13,124 ) Non-interest expenses 2,749 (c) 3,666 (c) Non-controlling interest expense 964 2,512 Segment operating pre-tax net loss $ (7,949 ) $ (19,302 ) Segment assets - - Total Segments Non-interest revenues $ 127,444 $ 113,399 Net interest income 16,942 7,457 Loss on repurchase, reissuance or early retirement of debt (2,838 ) (6,107 ) Provision for loan losses (5,124 ) (4,363 ) Total net revenues after provision for loan losses $ 136,424 $ 110,386 Non-interest expenses 136,480 122,013 Non-controlling interest expense 964 2,512 Loss before income taxes $ (1,020 ) $ (14,139 ) Total assets $ 1,391,242 $ 1,076,626 (a) Non-interest revenue adjustments are comprised of mark-to-market gains/losses on strategic equity investments and warrants, deferred compensation invested in funds, and unrealized gains or losses on commercial real estate investments, adjusted for non-cash expenditures, included depreciation and amortization. (b) The net interest income adjustment is comprised of costs related to refinancing and early retirement of debt. (c) Non-interest expense adjustments relate to reversals of share-based and deferred compensation and the amortization expense related to an intangible asset. (In thousands) Year Ended December 31, 2018 2017 Operating net income $ 6,018 $ 4,358 Addback of segment income tax expense 911 805 Total segments adjusted operating pre-tax net income $ 6,929 $ 5,163 Subtract Share-based awards and deferred compensation 167 1,077 General loan loss provision – CLOs, CLO warehouse 2,878 1,377 Early debt retirement/reissuance 1,488 6,499 Restructuring costs – CLOs 54 315 Amortization of intangible asset – CLO III 276 276 Unrealized loss – real estate-related depreciation and amortization 2,233 7,645 Unrealized mark-to-market loss – strategic equity investments 853 2,113 Total consolidation adjustments and reconciling items 7,949 19,302 Consolidated pre-tax net loss attributable to JMP Group LLC $ (1,020 ) $ (14,139 ) Income tax expense 1,167 1,744 Consolidated net loss attributable to JMP Group LLC $ (2,187 ) $ (15,883 ) |
Note 21 - Summarized Financial
Note 21 - Summarized Financial Information for Equity Method Investments | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 21. The Company had a significant investment in real estate entities as of December 31, 2018 2017. December 31, 2018 2017, As of December 31, (In thousands) 2018 2017 Real estate properties, net $ 1,017,203 $ 1,039,116 Total assets 1,176,148 1,213,077 Mortgage and other loan payables, net 1,275,985 1,033,122 Redeemable preferred equity, net - 109,269 Total liabilities 1,312,062 1,199,878 Total (deficit) equity (135,914 ) 13,199 Total liabilities and (deficit) equity $ 1,176,148 $ 1,213,077 Total revenues $ 189,742 $ 188,092 Net loss $ (109,217 ) $ (71,730 ) |
Note 22 - Nonconsolidated Varia
Note 22 - Nonconsolidated Variable Interest Entities | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 22 . Nonconsolidated Variable Interest Entities not (In thousands) As of December 31, 2018 December 31, 2017 Investments $ 6,016 $ 8,226 Receivables 35 262 Total $ 6,051 $ 8,488 |
Note 23 - Consolidating Financi
Note 23 - Consolidating Financial Statements | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | 23 . Consolidating Financial Statements JMP Group Inc., a wholly-owned subsidiary of JMP Group LLC, is the primary obligor of the Company’s Senior Notes (Note 7 January 1, 2015, may The following consolidating financial statements present the financial condition, results of operations, and cash flows of JMP Group LLC and JMP Investment Holdings LLC (collectively, "Parent Companies and Guarantors"), JMP Group Inc. ("Subsidiary Issuer"), and all other consolidated subsidiaries (collectively, "Non-Guarantor Subsidiaries") in accordance with the disclosure requirements under SEC Regulation S- X 3 10. As of December 31, 2018 Parent Companies and Guarantors Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Assets Cash and cash equivalents $ 4,863 $ 8,755 $ 57,309 $ - $ 70,927 Restricted cash and deposits - 1,221 60,660 - 61,881 Investment banking fees receivable, net of allowance for doubtful accounts - - 6,647 - 6,647 Marketable securities owned, at fair value 10,027 - 8,921 (74 ) 18,874 Other investments 10,922 1,785 13,262 (9,845 ) 16,124 Loans held for investment, net of allowance for loan losses 1,139 - 28,469 - 29,608 Loans collateralizing asset-backed securities issued, net of allowance for loan losses - - 1,161,463 - 1,161,463 Interest receivable 137 1 3,345 (479 ) 3,004 Fixed assets, net - - 2,351 - 2,351 Other assets (18,812 ) 121,932 63,386 (146,143 ) 20,363 Investment in subsidiaries 317,113 77,427 - (394,540 ) - Total assets $ 325,389 $ 211,121 $ 1,405,813 $ (551,081 ) $ 1,391,242 Liabilities and Equity Liabilities: Marketable securities sold, but not yet purchased, at fair value $ - $ - $ 4,626 $ - $ 4,626 Accrued compensation - 150 41,459 - 41,609 Asset-backed securities issued, net of debt issuance costs - - 1,122,187 (9,845 ) 1,112,342 Interest payable - 1,071 10,614 (475 ) 11,210 Notes payable 127,603 - 17,763 (144,537 ) 829 CLO warehouse credit facilities - - 22,500 - 22,500 Bond payable, net of debt issuance costs - 83,572 - (75 ) 83,497 Other liabilities 2,700 7,603 8,620 (1,500 ) 17,423 Total liabilities $ 130,303 $ 92,396 $ 1,227,769 $ (156,432 ) $ 1,294,036 Total shareholders' (deficit) equity 181,497 118,725 178,346 (394,861 ) 83,707 Nonredeemable Non-controlling Interest $ 13,589 $ - $ (302 ) $ 212 $ 13,499 Total equity $ 195,086 $ 118,725 $ 178,044 $ (394,649 ) $ 97,206 Total liabilities and equity $ 325,389 $ 211,121 $ 1,405,813 $ (551,081 ) $ 1,391,242 As of December 31, 2017 Parent Companies and Guarantors Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Assets Cash and cash equivalents $ 13,632 $ 4,819 $ 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 11,543 3,101 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 165 4 2,090 - 2,259 Fixed assets, net - - 2,322 - 2,322 Other assets (13,390 ) 132,931 64,490 (157,214 ) 26,817 Investment in subsidiaries 354,219 70,775 - (424,994 ) - Total assets $ 379,866 $ 213,101 $ 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, net of debt issuance costs - - 738,248 - 738,248 Interest payable - 1,109 5,403 - 6,512 Notes payable 137,603 - 17,762 (155,365 ) - CLO warehouse credit facilities - - 61,250 - 61,250 Bond payable, net of debt issuance costs - 93,198 - (95 ) 93,103 Other liabilities 1,193 5,710 11,123 (1,742 ) 16,284 Total liabilities $ 138,796 $ 100,167 $ 884,686 $ (157,202 ) $ 966,447 Total shareholders' (deficit) equity 226,401 112,934 182,313 (425,313 ) 96,335 Nonredeemable Non-controlling Interest $ 14,669 $ - $ (1,037 ) $ 212 $ 13,844 Total equity $ 241,070 $ 112,934 $ 181,276 $ (425,101 ) $ 110,179 Total liabilities and equity $ 379,866 $ 213,101 $ 1,065,962 $ (582,303 ) $ 1,076,626 For the Year Ended December 31, 2018 Parent Companies and Guarantors Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Revenues Investment banking $ - $ - $ 88,107 $ - $ 88,107 Brokerage - - 20,710 - 20,710 Asset management fees - - 19,449 (301 ) 19,148 Principal transactions (2,707 ) (558 ) 978 - (2,287 ) Gain (loss) on sale, payoff and mark-to-market of loans (771 ) - 239 - (532 ) Net dividend income 1,123 39 119 - 1,281 Other income - - 1,017 - 1,017 Equity earnings of subsidiaries 19,309 5,528 - (24,837 ) - Non-interest revenues 16,954 5,009 130,619 (25,138 ) 127,444 Interest income 2,746 4,426 68,470 (9,148 ) 66,494 Interest expense (4,438 ) (8,805 ) (45,452 ) 9,143 (49,552 ) Net interest income (1,692 ) (4,379 ) 23,018 (5 ) 16,942 Loss on repurchase, reissuance or early retirement of debt (42 ) (170 ) (2,626 ) - (2,838 ) Provision for loan losses (204 ) - (4,920 ) - (5,124 ) Total net revenues after provision for loan losses 15,016 460 146,091 (25,143 ) 136,424 Non-interest expenses Compensation and benefits 2,893 4,034 90,432 - 97,359 Administration 620 464 8,121 (301 ) 8,904 Brokerage, clearing and exchange fees - - 3,097 - 3,097 Travel and business development 75 39 4,716 - 4,830 Managed deal expense - - 4,849 - 4,849 Communications and technology 3 6 4,098 - 4,107 Occupancy - - 4,770 - 4,770 Professional fees 2,437 354 2,655 - 5,446 Depreciation - - 1,124 - 1,124 Other 277 - 1,717 - 1,994 Total non-interest expenses 6,305 4,897 125,579 (301 ) 136,480 Net income (loss) before income tax expense 8,711 (4,437 ) 20,512 (24,842 ) (56 ) Income tax expense (benefit) - (2,529 ) 3,696 - 1,167 Net income (loss) 8,711 (1,908 ) 16,816 (24,842 ) (1,223 ) Less: Net income (loss) attributable to nonredeemable non-controlling interest 1,224 - (260 ) - 964 Net income (loss) attributable to JMP Group LLC $ 7,487 $ (1,908 ) $ 17,076 $ (24,842 ) $ (2,187 ) For the Year Ended December 31, 2017 Parent Companies and Guarantors Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Revenues Investment banking $ - $ - $ 77,322 $ - $ 77,322 Brokerage - - 21,129 - 21,129 Asset management fees - - 18,212 (163 ) 18,049 Principal transactions (710 ) (440 ) (5,287 ) - (6,437 ) Gain on sale, payoff and mark-to-market of loans - - 797 - 797 Net dividend income 1,116 4 68 - 1,188 Other income - - 1,351 - 1,351 Equity earnings of subsidiaries (6,305 ) 6,386 - (81 ) - Non-interest revenues (5,899 ) 5,950 113,592 (244 ) 113,399 Interest income 2,286 4,561 42,418 (8,106 ) 41,159 Interest expense (4,555 ) (9,464 ) (27,789 ) 8,106 (33,702 ) Net interest income (2,269 ) (4,903 ) 14,629 - 7,457 Gain (loss) on repurchase, reissuance or early retirement of debt 210 (775 ) (5,542 ) - (6,107 ) Provision for loan losses - - (4,363 ) - (4,363 ) Total net revenues after provision for loan losses (7,958 ) 272 118,316 (244 ) 110,386 Non-interest expenses Compensation and benefits 1,807 4,096 84,698 - 90,601 Administration 687 460 6,480 (163 ) 7,464 Brokerage, clearing and exchange fees - - 3,209 - 3,209 Travel and business development 107 - 3,927 - 4,034 Communications and technology 2 9 4,297 - 4,308 Occupancy - - 4,418 - 4,418 Professional fees 2,249 329 1,829 - 4,407 Depreciation - - 1,162 - 1,162 Other 420 76 1,914 - 2,410 Total non-interest expenses 5,272 4,970 111,934 (163 ) 122,013 Net income (loss) before income tax expense (13,230 ) (4,698 ) 6,382 (81 ) (11,627 ) Income tax expense (benefit) - (3,247 ) 4,991 - 1,744 Net income (loss) (13,230 ) (1,451 ) 1,391 (81 ) (13,371 ) Less: Net income attributable to nonredeemable non-controlling interest 2,318 - 194 - 2,512 Net income (loss) attributable to JMP Group LLC $ (15,548 ) $ (1,451 ) $ 1,197 $ (81 ) $ (15,883 ) For the Year Ended December 31, 2018 Parent Companies and Guarantors Subsidiary Non-Guarantor Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 10,905 $ 12,064 $ 34,578 $ (34,900 ) $ 22,647 Cash flows from investing activities: Purchases of fixed assets - - (1,153 ) - (1,153 ) Purchases of other investments (5,896 ) (431 ) (47 ) 4,453 (1,921 ) Sales or distributions from other investments 13,394 1,189 3,870 (4,411 ) 14,042 Funding of loans collateralizing asset-backed securities issued - - (434,820 ) - (434,820 ) Funding of loans held for investment (678 ) - (339,196 ) - (339,874 ) Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued - - 399,161 - 399,161 Sale, payoff and principal receipts on loans held for investment 2,881 - 26,635 - 29,516 Investment in subsidiary 37,106 (6,652 ) - (30,454 ) - Net cash provided by (used in) investing activities $ 46,807 $ (5,894 ) $ (345,550 ) $ (30,412 ) $ (335,049 ) Cash flows from financing activities: Redemption/repurchase of bonds payable - (9,980 ) - - (9,980 ) Proceeds from issuance of repurchase agreement 3,878 - - - 3,878 Proceeds from drawdowns on CLO warehouse facilities - - 286,250 - 286,250 Repayments on CLO V warehouse facility - - (325,000 ) - (325,000 ) Proceeds from sale of note payable to affiliate - - 829 - 829 Payments of debt issuance costs - (203 ) (1,715 ) 21 (1,897 ) Repayment of asset-backed securities issued (4,453 ) - (327,926 ) - (332,379 ) Repayment of notes payable (10,000 ) - - 10,000 - Repayment of repurchase agreement (3,878 ) - - - (3,878 ) Proceeds from issuance of asset-backed securities issued - - 699,107 - 699,107 Reissuance of asset-back securities 4,411 - 42 - 4,453 Distributions and distribution equivalents paid on common shares and RSUs (7,874 ) - - - (7,874 ) Capital contributions of nonredeemable non-controlling interest holders - - 449 - 449 Purchases of common shares for treasury (3,250 ) - - - (3,250 ) Purchase of subsidiary shares from non-controlling interest holders (656 ) - 656 - - Distributions to non-controlling interest shareholders (2,304 ) - (110 ) - (2,414 ) Employee taxes paid on shares withheld for tax-withholding purposes (405 ) - - - (405 ) Capital contributions of parent (41,950 ) 7,699 (21,040 ) 55,291 - Net cash provided by (used in) financing activities $ (66,481 ) $ (2,484 ) $ 311,542 $ 65,312 $ 307,889 Net increase (decrease) in cash and cash equivalents (8,769 ) 3,686 570 - (4,513 ) Cash, cash equivalents and restricted cash, beginning of period 13,632 6,290 117,399 - 137,321 Cash, cash equivalents and restricted cash, end of period $ 4,863 $ 9,976 $ 117,969 $ - $ 132,808 For the Year Ended December 31, 2017 Parent Companies and Guarantors Subsidiary Non-Guarantor Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ (14,904 ) $ (3,527 ) $ 19,281 $ 2,387 $ 3,237 Cash flows from investing activities: Purchases of fixed assets - - (341 ) - (341 ) Purchases of other investments (1,251 ) (861 ) (4,250 ) - (6,362 ) Sales or distributions from other investments 8,711 2,445 3,273 - 14,429 Funding of loans collateralizing asset-backed securities issued - - (507,557 ) - (507,557 ) Funding of loans held for investment (5,855 ) - (81,972 ) 5,855 (81,972 ) Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued - - 395,442 (5,867 ) 389,575 Sale, payoff and principal receipts of loans held for sale - - 32,983 - 32,983 Sale, payoff and principal payments on loans held for investment 1,071 - 1,630 - 2,701 Sale of participating interest in loan held for investment - - 1,030 - 1,030 Net changes in cash collateral posted for derivative transactions - - 25,000 - 25,000 Investment in subsidiary 15,804 3,391 - (19,195 ) - Net cash provided by (used in) investing activities $ 18,480 $ 4,975 $ (134,762 ) $ (19,207 ) $ (130,514 ) Cash flows from financing activities: Redemption/repurchase of bonds payable - (48,291 ) - 377 (47,914 ) Proceeds from bond issuance - 50,000 - - 50,000 Proceeds from drawdowns of CLO V warehouse facility - - 61,250 - 61,250 Payment of debt issuance costs - (1,964 ) - - (1,964 ) Repayment of asset-backed securities issued - - (503,617 ) - (503,617 ) Proceeds from issuance of asset-backed securities issued - - 408,394 - 408,394 Repayment of note payable - - 2,762 (2,762 ) - Distributions and distribution equivalents paid on common shares and RSUs (7,770 ) - - - (7,770 ) Capital contributions of nonredeemable non-controlling interest holders - - 92 - 92 Proceeds from exercises of share options 1,218 - - - 1,218 Purchases of common shares for treasury (2,084 ) - - - (2,084 ) Distributions to non-controlling interest shareholders (4,230 ) - (447 ) - (4,677 ) Employee taxes paid on shares withheld for tax-withholding purposes (1,478 ) - - - (1,478 ) Capital contributions of parent 19,084 1,864 (40,153 ) 19,205 - Net cash provided by (used in) financing activities $ 4,740 $ 1,609 $ (71,719 ) $ 16,820 $ (48,550 ) Net increase (decrease) in cash and cash equivalents 8,316 3,057 (187,200 ) - (175,827 ) Cash, cash equivalents and restricted cash, beginning of period 5,315 3,234 304,599 - 313,148 Cash, cash equivalents and restricted cash, end of period $ 13,631 $ 6,291 $ 117,399 $ - $ 137,321 |
Note 24 - Subsequent Events
Note 24 - Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 24 . Subsequent Events On January 17, 2019 $0.05 February 15, 2019, January 31, 2019. On January 31, 2019, January 1, 2019. February 6, 2019 280,000 2018 50% December 1, 2019 50% December 1, 2020, On March 19, 2019 third 50.1% 4.9% |
Note 25 - Selected Quarterly Fi
Note 25 - Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 25. The following represents the Company's unaudited quarterly results for the years ended December 31, 2018, 2017. JMP Group LLC Selected Consolidated Financial Data Three Months Ended (In thousands, except per share data) December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Total net revenues after provision for loan losses $ 31,698 $ 33,251 $ 44,264 $ 27,211 Non-interest expenses: Compensation and benefits 21,289 22,671 29,138 24,261 Other expenses 8,474 8,942 11,440 10,265 Total non-interest expenses 29,763 31,613 40,578 34,526 Income (loss) before income tax expense 1,935 1,638 3,686 (7,315 ) Income tax expense (benefit) 1,313 527 4,895 (5,568 ) Net income (loss) 622 1,111 (1,209 ) (1,747 ) Less: Net income (loss) attributable to the non-controlling interest 825 823 779 (1,464 ) Net income (loss) attributable to JMP Group LLC (203 ) 288 (1,988 ) (283 ) Net income (loss) attributable to JMP Group LLC per common share: Basic $ (0.01 ) $ 0.01 $ (0.09 ) $ (0.01 ) Diluted $ (0.01 ) $ 0.01 $ (0.09 ) $ (0.01 ) JMP Group LLC Selected Consolidated Financial Data Three Months Ended (In thousands, except per share data) December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Total net revenues after provision for loan losses $ 30,833 $ 32,029 $ 23,144 $ 24,380 Non-interest expenses: Compensation and benefits 21,588 24,563 22,652 21,798 Other expenses 7,908 6,808 8,889 7,807 Total non-interest expenses 29,496 31,371 31,541 29,605 Income (loss) before income tax expense 1,337 658 (8,397 ) (5,225 ) Income tax expense (benefit) 1,913 1,113 (198 ) (1,084 ) Net loss (576 ) (455 ) (8,199 ) (4,141 ) Less: Net income attributable to the non-controlling interest 800 780 335 597 Net loss attributable to JMP Group LLC (1,376 ) (1,235 ) (8,534 ) (4,738 ) Net loss attributable to JMP Group LLC per common share: Basic $ (0.07 ) $ (0.06 ) $ (0.39 ) $ (0.22 ) Diluted $ (0.07 ) $ (0.06 ) $ (0.39 ) $ (0.22 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated accounts of the Company include the wholly-owned subsidiaries and the partially-owned subsidiaries of which we are the majority owner or the primary beneficiary. All material intercompany accounts and transactions have been eliminated in consolidation. Non-controlling interests on the Consolidated Statements of Financial Condition at December 31, 2018 2017 third The Company performs consolidation analyses on entities to identify variable interest entities (“VIEs”) and determine the appropriate accounting treatment. An entity is considered a VIE and, therefore, would be subject to the consolidation provisions of ASC 810 10 15 not not 2015 2, February 2015, 810, JMPCA managed JMP Credit Advisors CLO I Ltd. (“CLO I”), JMP Credit Advisors CLO II Ltd. (“CLO II”), through the first second 2017, not December 31, 2016, 94% 98%, third first second 2017, Upon the securitization of the CLO III loan portfolio on September 30, 2014, September 30, 2014, 13.5% third September 27, 2016, $12.8 third 13.5% 46.7%, not Upon the securitization of the CLO IV loan portfolio on June 29, 2017, June 29, 2017 100% third Upon the securitization of the CLO V loan portfolio on July 26, 2018, July 26, 2018 100% third Upon the formation of the CLO VI warehouse, the Company performed a consolidation analysis and concluded the CLO VI warehouse was not 100% HCS currently manages several asset management funds and JMPAM manages one 810 10 15 14, not may not not JMPAM also manages a capital debt fund which is structured as a limited liability company. The Company performed a consolidation analysis of the capital debt fund and concluded that the capital debt fund was a VIE; however the Company was not not The Company performed the consolidation analysis for HCAP Advisors, and concluded it was a VIE, based on insufficient equity at risk. The Company was identified as the primary beneficiary through its role as the manager of HCAP Advisors and its ownership of all of the issued and outstanding Class A units. As a result, the Company consolidates the assets and liabilities of HCAP Advisors. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the use of estimates and assumptions that affect both the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results may |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition On January 1, 2018, 2014 09, 606 not not not December 31, 2018 2017. 3. Investment banking revenues Investment banking revenues consist of underwriting revenues, strategic advisory revenues and private placement fees. The Company generally does not December 31, 2018, not Underwriting revenues arise from securities offerings in which the Company acts as an underwriter and include management fees, selling concessions and underwriting fees, gross of the Company’s share of allocated syndicate expenses. Underwriting fees, management fees, and selling concessions, gross of the Company’s share of allocated syndicated expenses, are recorded on the trade date, which is typically the day of pricing an offering (or the following day). The Company has determined that its performance obligations are completed and the related income is reasonably determinable on the trade date. For these transactions, management estimates the Company’s share of the transaction-related expenses incurred by the syndicate, and recognizes revenues gross of such expense. Expenses associated with such transactions are generally expensed as incurred, rather than being deferred, as the Company is unable to determine that collection of any reimbursement is reasonably assured until the trade date. On final settlement, typically 90 may Strategic advisory revenues primarily include success fees on closed merger and acquisition transactions, as well as retainer fees, earned in connection with advising on both buyers’ and sellers’ transactions. Fees are also earned for related advisory work and other services such as providing fairness opinions, valuation analyses, due diligence, and pre-transaction structuring advice. Depending on the nature of the engagement letter and the agreed upon services, customers may may not not Private placement fees are related to non-underwritten transactions such as private placements of equity securities, private investments in public equity (“PIPE”), Rule 144A Prior to adoption of ASU 2014 09, Revenue from Contracts with Customers (Topic 606 ), January 1, 2018, not Investment banking revenues – For the year ended December 31, 2017 Investment banking revenues consist of underwriting revenues, strategic advisory revenues and private placement fees, and are recorded when the underlying transaction is completed under the terms of the relevant agreement. Underwriting revenues arise from securities offerings in which the Company acts as an underwriter and include management fees, selling concessions and underwriting fees, net of related syndicate expenses. Management fees and selling concessions are recorded on the trade date, which is typically the day of pricing an offering (or the following day) and underwriting fees, net of related syndicate expenses, at the time the underwriting is completed and the related income is reasonably determinable. For these transactions, management estimates the Company’s share of the transaction-related expenses incurred by the syndicate, and recognizes revenues net of such expense. On final settlement, typically 90 not may Strategic advisory revenues primarily include success fees on closed merger and acquisition transactions, as well as retainer fees, earned in connection with advising on both buyers’ and sellers’ transactions. Fees are also earned for related advisory work and other services such as providing fairness opinions and valuation analyses. Strategic advisory revenues are recorded when the transactions or the services (or, if applicable, separate components thereof) to be performed are substantially complete, the fees are determinable and collection is reasonably assured. Private placement fees are related to non-underwritten transactions such as private placements of equity securities, PIPE, Rule 144A Brokerage revenues Brokerage revenues consist of (i) commissions resulting from equity securities transactions executed as agent or principal, (ii) related net trading gains and losses from market making activities and from the commitment of capital to facilitate customer orders and (iii) fees paid for equity research. Commissions resulting from equity securities transactions executed on behalf of customers are recorded on a trade date basis. The Company believes that the performance obligation is satisfied on the trade date because that is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon and the risks and rewards of ownership have been transferred to/from the customer. For the years ended December 31, 2018 2017, $0.6 $0.8 three may may second third None not third second third The Company generally does not December 31, 2018, not Asset Management Fees Asset management fees for hedge funds, hedge funds of funds, private equity funds, and capital and private debt include base management fees and incentive fees earned from managing families of investment partnerships and a publicly-traded specialty finance company. The Company recognizes base management fees on a monthly basis over the period in which the investment management services are performed. Base management fees earned by the Company are generally based on the fair value of assets under management (“AUM”) or aggregate capital commitments and the fee schedule for each fund and account. Base management fees for hedge funds and hedge funds of funds are calculated at the investor level using their quarter-beginning capital balance adjusted for any contributions or withdrawals. Base management fees for private equity funds are calculated at the investor level using their aggregate capital commitments during the commitment period, which is generally three first not not not Asset management fees for the CLOs the Company manages include senior and subordinated base management fees. We recognize base management fees for the CLOs on a monthly basis over the period in which the collateral management services are performed. The base management fees for the CLOs are calculated as a percentage of the average aggregate collateral balances for a specified period. As the Company consolidates the CLOs, the management fees earned at JMPCA from the CLOs are eliminated upon consolidation. The contractual senior and subordinated base management fees earned from CLO III were 0.35% 0.33% December 31, 2018 2017, 0.50% 1.0% 0.50% 1.0% Asset management fees for the CLOs the Company manages include senior and subordinated base management fees. We recognize base management fees for the CLOs on a monthly basis over the period in which the collateral management services are performed. The base management fees for the CLOs are calculated as a percentage of the average aggregate collateral balances for a specified period. As the Company consolidates the CLOs, the management fees earned at JMPCA from the CLOs are eliminated upon consolidation. For the year ended December 31, 2017, 0.50% 0.35% 0.33% December 31, 2017. 0.50% 1.0% Principal transactions Principal transaction revenues include realized and unrealized net gains and losses resulting from our principal investments in equity and other securities for the Company’s account and in equity-linked warrants received from certain investment banking clients, limited partner investments in private funds managed by third The Company’s principal transaction revenues for these categories for the years ended December 31, 2018 2017 (In thousands) Year Ended December 31, 2018 2017 Equity and other securities excluding non-controlling interest $ (604 ) $ (431 ) Warrants and other investments (1,341 ) (6,885 ) Investment partnerships (342 ) 879 Total principal transaction revenues $ (2,287 ) $ (6,437 ) The Company has included revenues from certain other investments of $0.9 $1.2 December 31, 2018 2017, |
Gain on Sale and Payoff of Loans [Policy Text Block] | Gain and Loss on Sale, Payoff and Mark-to-market of Loans Gain and loss on sale, payoff and mark-to-market of loans consists of gains from the sale and payoff of loans collateralizing asset-backed securities and loans held for investment. Gains are recorded when the proceeds exceed the carrying value of the loan. |
Revenue Recognition, Interest [Policy Text Block] | Interest Income Interest income primarily relates to income earned on loans. Interest income on loans comprises the stated coupon as a percentage of the face amount receivable as well as accretion of purchase discounts and deferred fees. Interest income is recorded on the accrual basis in accordance with the terms of the respective loans unless such loans are placed on non-accrual status. |
Interest Expense, Policy [Policy Text Block] | Interest Expense Interest expense primarily consists of interest expense incurred on asset-backed securities issued, notes payable, CLO warehouse credit facilities, lines of credit, bonds payable, and the amortization of bond issuance costs. Interest expense on asset-backed securities issued is the stated coupon as a percentage of the principal amount payable adjusted for amortization of any discounts. See Asset-Backed Securities Issued |
Revenue from Contract with Customer [Policy Text Block] | Revenue From Contracts With Customers The following table presents the Company’s total revenues from contract with customers, disaggregated by major business activity, for the year ended December 31, 2018: Broker -Dealer Asset Management Total Asset Management Corporate Costs Eliminations Total Asset Management Fee Income Investment Income Equity and debt origination $ 54,660 $ - $ - $ - $ - $ - $ 54,660 Strategic advisory and private placements 33,447 - - - - - 33,447 Total investment banking revenues 88,107 - - - - - 88,107 Commissions 15,578 - - - - - 15,578 Research payments 5,741 - - - - - 5,741 Net trading losses (609 ) - - - - - (609 ) Total brokerage revenues 20,710 - - - - - 20,710 Base management fees - 17,534 - 17,534 - (4,785 ) 12,749 Incentive management fees - 1,327 5,318 6,645 - (246 ) 6,399 Total asset management fees - 18,861 5,318 24,179 - (5,031 ) 19,148 Total revenues from contracts with customers $ 108,817 $ 18,861 $ 5,318 $ 24,179 $ - $ (5,031 ) $ 127,965 |
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers highly liquid investments with original maturities or remaining maturities upon purchase of three |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash and Deposits Restricted cash and deposits include principal and interest payments that are collateral for the asset-backed securities issued by CLOs. They also include cash collateral supporting standby letters of credit issued by JMPCA and cash on deposit for certain operating leases. Restricted cash consisted of the following at December 31, 2018 2017: As of December 31, (in thousands) 2018 2017 Principal and interest payments held as collateral for asset-backed securities issued $ 50,455 $ 43,050 Principal and interest payments held to secure borrowing under credit facilities 7,903 5,301 Cash collateral supporting standby letters of credit 2,302 1,905 Deposits for operating leases 1,221 1,471 Total restricted cash $ 61,881 $ 51,727 |
Receivables, Policy [Policy Text Block] | Receivable from Clearing Broker The Company clears customer transactions through another broker-dealer on a fully disclosed basis. At both December 31, 2018 December 31, 2017, |
Investment Banking, Fees Receivable [Policy Text Block] | Investment Banking Fees Receivable Investment banking fees receivable includes receivables relating to the Company’s investment banking or advisory engagements. The Company records an allowance for doubtful accounts on these receivables on a specific identification basis. Investment banking fees receivable which are deemed to be uncollectible are charged off and deducted from the allowance. The allowance for doubtful accounts related to investment banking fees receivable was $380 $159 December 31, 2018 2017, |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 4 Most of the Company’s financial instruments, other than loans collateralizing asset-backed securities issued, loans held for investment, asset-backed securities issued, and notes payable are recorded at fair value or amounts that approximate fair value. Marketable securities owned, other investments at fair value, and marketable securities sold, but not Fair value of the Company’s financial instruments is generally obtained from quoted market prices, third not For disclosure purposes, the fair values for each of the loans held in the CLOs were calculated using third third three December 31, 2018. third four December 31, 2017. third Marketable securities owned and securities sold, but not third not may not may not The Company uses the fair value option which allows an entity to report selected financial assets and financial liabilities at fair value. The fair value of those assets and liabilities for which the fair value option has been chosen is reflected on the face of the balance sheet. Subsequent changes in fair value are recorded in the Consolidated Statements of Operations. The Company elected to apply the fair value option to the investments in HCC common stock, its investments in real estate funds, its investment in private debt, and its investment in Harvest Growth Capital LLC (“HGC”) and Harvest Growth Capital II LLC (“HGC II”). The primary reason for electing the fair value option was to measure these gains on our investments on the same basis as our other equity securities, all of which are stated at fair value. The gains/losses on the investments that result from the election of the fair value option are reported in Principal Transactions in the Consolidated Statements of Operations. In 2018 2017, $0.9 $2.1 $1.1 2018 2017, $229 $86 2018 2017, $0.5 $0.4 2018 2017, $1.2 $0.5 |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Hierarchy In determining fair value, the Company uses various methods including market, income and cost approaches. Based on these approaches, the Company often utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable firm inputs. The Company generally utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of the inputs used in the valuation techniques, the Company provides the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial instrument assets and liabilities carried at fair value have been classified and disclosed in one three Level 1 Quoted market prices in active markets for identical assets or liabilities. Level 2 Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3 Unobservable inputs that are not Level 1 Level 2 Level 3 At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as “Level 3.” |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans Accounting guidance requires that the Company present and disclose certain information about its financing receivables by portfolio segment and/or by class of receivables. A portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine the allowance for credit losses. A class of financing receivables is defined as the level of information (below a portfolio segment) that enables a reader to understand the nature and extent of exposure to credit risk arising from financing receivables. The Company’s portfolio segments are small business loans and loans collateralizing asset-backed securities issued. The Company has treated the loans held for investment as a single class given the small size of the respective loan portfolios as of December 31, 2018 2017. |
Finance, Loan and Lease Receivables, Held-for-investment, Policy [Policy Text Block] | Loans Held for Investment Loans held for investment are carried at their unpaid principal balance, net of any allowance for credit losses and deferred loan origination, commitment and other fees. For loans held for investment, the Company establishes and maintains an allowance for credit losses based on management’s estimate of credit losses in our loans as of each reporting date. The Company records the allowance against loans held for investment on a specific identification basis, or reviews its loan portfolio at the end of each quarter to record losses inherent in the homogenous loan portfolio. Loans are charged off against the reserve for credit losses if the principal is deemed not not 90 may not not |
Loans Collateralizing, Assetbacked Securities Issued [Policy Text Block] | Loans Collateralizing Asset-Backed Securities Issued Loans collateralizing asset-backed securities issued are recorded at their fair value as of the acquisition date, which then becomes the new basis of the loans. For those loans acquired with evidence of deterioration of credit quality since origination, the total discount from unpaid principal balance to fair value consists of a non-accretable credit discount and an accretable liquidity discount. The accretable portion of the discount is recognized into interest income as an adjustment to the yield of the loan over the contractual life of the loan using the effective interest method. For those loans without evidence of deterioration in credit quality since origination, any difference between the Company’s initial investment in the loan and its par value is recorded as a premium or discount, which is amortized or accreted into interest income as a yield adjustment over the contractual life of the loan using the effective interest method, in accordance with ASC 310 - 20, Nonrefundable Fees and Other Costs The Company reviews its loan portfolio at the end of each quarter to identify specific loss reserves on impaired loans or to record losses inherent in the homogenous loan portfolio. As loans collateralizing asset-backed securities issued are considered similar in nature, given the loan terms, ratings and average life expectancy, they are reviewed collectively in the quarterly assessment of loan loss reserves. Even when there are no For loans acquired at a discount that are not 310 30, 450. No 450, Refer to “Allowance for Loan Losses” section below for the Company’s quarterly assessment process. The accrual of interest on loans is discontinued when principal or interest payments are 90 not may may Restructured loans are considered a troubled debt restructuring (“TDR”) if the Company, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not may |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The Company maintains an allowance for loan losses that is intended to estimate loan losses inherent in its loan portfolio. A provision for loan losses is charged to expense to establish the allowance for loan losses. The allowance for loan losses consists of two third A loan is considered impaired when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The Company measures impairment of a loan based upon either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of the collateral securing the loan if the loan is collateral dependent, depending on the circumstances and the Company’s collection strategy. Loans or positions of loans that are deemed to be uncollectible are charged off and any allowance amount related to these loans is deducted from the allowance. In determining the required allowance for loan losses inherent in the portfolio, the following factors are considered: 1 2 3 4 5 • Expected loss severity rate for each class of loans: The Company’s loans are classified as either ABL, ABL – stretch, Cash Flow or Enterprise Value. The loss severity given a default is expected to be lowest on a conforming ABL loan, because the value of the collateral is typically sufficient to satisfy most of the amount owed. For ABL – stretch loans, the loss severity given a default is expected to be higher than for a conforming ABL loan because of less collateral coverage. For Cash Flow loans, the loss severity given a default is expected to be higher than ABL stretch loans, since generally less collateral coverage is provided for this class of loans. For Enterprise Value loans, the loss severity given a default is expected to be the highest, assuming that if the obligor defaults there has probably been a significant loss of enterprise value in the business. Loss severity estimates take into consideration current economic conditions such as overall macroeconomic trends, the amount of liquidity in the market and the condition of the CLO market. All loans in the CLOs are Cash Flow loans in 2018, 2017. • Moody’s rating and related probability of default: Moody uses factors such as, but not one not not • Internal loan ratings for Loans collateralizing asset-backed securities issued and Loans held for sale: The Internal Rating System is an internal portfolio monitoring mechanism allowing the Company to proactively manage portfolio risk and minimize losses. In evaluating these loans, the Company uses five 1 5. 1 2 3 5 1 Investment exceeding expectations and/or a capital gain is expected. 2 Investment generally performing in accordance with expectations. 3 Investment performing below expectations and requires closer monitoring. 4 Investment performing below expectations where a higher risk of loss exists. 5 Investment performing significantly below expectations where the Company expects to experience a loss. • Performance ratings: Performing Non-impaired loans Non-performing Impaired loans |
Assets or Liabilities that Relate to Transferor's Continuing Involvement in Securitized or Asset-backed Financing Assets, Policy [Policy Text Block] | Asset-Backed Securities Issued Asset-backed securities issued (“ABS”) represent securities issued to third |
Property, Plant and Equipment, Policy [Policy Text Block] | Fixed Assets Fixed assets represent furniture and fixtures, computer and office equipment, certain software costs, and leasehold improvements, which are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the respective assets, ranging from three five Leasehold improvements, including landlord funded assets, are capitalized and amortized over the shorter of the respective lease terms or the estimated useful lives of the improvements. The Company capitalizes certain costs of computer software developed or obtained for internal use and amortizes the amount over the estimated useful life of the software, generally not three |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company recognizes deferred tax assets and liabilities in accordance with ASC 740, not not The Company records uncertain tax positions using a two not not fifty The Company’s policy for recording interest and penalties associated with the tax audits or unrecognized tax benefits, if any, is to record such items as a component of income tax. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Compensation The Company recognizes compensation cost for share-based awards at their fair value on the date of grant and records compensation expense over the service period for awards expected to vest. Such grants are recognized as expense, net of estimated forfeitures. Share-based compensation includes restricted share units ("RSUs"), share appreciation rights, and share options granted under the Company’s 2007 In accordance with generally accepted valuation practices for share-based awards issued as compensation, the Company uses the Black-Scholes option-pricing model or other quantitative models to calculate the fair value of option awards. The quantitative models require subjective assumptions regarding variables such as future share price volatility, dividend yield and expected time to exercise, which greatly affect the calculated values. The fair value of RSUs is determined based on the closing price of the underlying share on the grant date, discounted for future distributions not |
Treasury Shares [Policy Text Block] | Treasury Shares The Company accounts for its treasury shares under the cost method, using an average cost assumption, and includes treasury shares as a component of shareholders’ equity. |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Principal Transactions Revenue [Table Text Block] | (In thousands) Year Ended December 31, 2018 2017 Equity and other securities excluding non-controlling interest $ (604 ) $ (431 ) Warrants and other investments (1,341 ) (6,885 ) Investment partnerships (342 ) 879 Total principal transaction revenues $ (2,287 ) $ (6,437 ) |
Disaggregation of Revenue [Table Text Block] | Broker -Dealer Asset Management Total Asset Management Corporate Costs Eliminations Total Asset Management Fee Income Investment Income Equity and debt origination $ 54,660 $ - $ - $ - $ - $ - $ 54,660 Strategic advisory and private placements 33,447 - - - - - 33,447 Total investment banking revenues 88,107 - - - - - 88,107 Commissions 15,578 - - - - - 15,578 Research payments 5,741 - - - - - 5,741 Net trading losses (609 ) - - - - - (609 ) Total brokerage revenues 20,710 - - - - - 20,710 Base management fees - 17,534 - 17,534 - (4,785 ) 12,749 Incentive management fees - 1,327 5,318 6,645 - (246 ) 6,399 Total asset management fees - 18,861 5,318 24,179 - (5,031 ) 19,148 Total revenues from contracts with customers $ 108,817 $ 18,861 $ 5,318 $ 24,179 $ - $ (5,031 ) $ 127,965 |
Restrictions on Cash and Cash Equivalents [Table Text Block] | As of December 31, (in thousands) 2018 2017 Principal and interest payments held as collateral for asset-backed securities issued $ 50,455 $ 43,050 Principal and interest payments held to secure borrowing under credit facilities 7,903 5,301 Cash collateral supporting standby letters of credit 2,302 1,905 Deposits for operating leases 1,221 1,471 Total restricted cash $ 61,881 $ 51,727 |
Note 3 - Recent Accounting Pr_2
Note 3 - Recent Accounting Pronouncements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Year Ended December 31, 2018 (in thousands) As Reported ASC 606 Impact Pre-Adoption (1) Revenues Investment banking $ 88,107 $ 6,486 $ 81,621 Total non-interest revenues 127,444 6,486 120,958 Total net revenues after provision for loan losses 136,424 6,486 129,938 Expenses Travel and business development 4,830 1,218 3,612 Managed deal expenses 4,849 4,849 - Professional fees 5,446 419 5,027 Total non-comp expenses 39,121 6,486 32,635 Total non-interest expenses 136,480 6,486 129,994 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2018 (In thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 70,927 $ 70,927 $ - $ - $ 70,927 Restricted cash and deposits 61,881 61,881 - - 61,881 Marketable securities owned 18,874 18,874 - - 18,874 Other investments 490 - 490 - 490 Other investments measured at net asset value (1) 9,423 - - - - Loans held for investment, net of allowance for loan losses 29,608 - 26,188 2,576 28,764 Loans collateralizing asset-backed securities issued, net of allowance for loan losses 1,161,463 - 1,125,310 1,173 1,126,483 Total assets: $ 1,352,666 $ 151,682 $ 1,151,988 $ 3,749 $ 1,307,419 Liabilities: Marketable securities sold, but not yet purchased $ 4,626 $ 4,626 $ - $ - $ 4,626 Notes payable 829 - - 829 829 Asset-backed securities issued, net of debt issuance costs 1,112,342 - 1,091,677 - 1,091,677 Bond payable 83,497 - 78,642 - 78,642 CLO VI warehouse credit facility 22,500 - 22,500 - 22,500 Total liabilities: $ 1,223,794 $ 4,626 $ 1,192,819 $ 829 $ 1,198,274 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 Other investments 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: $ 1,026,127 $ 158,146 $ 857,480 $ 3,342 $ 1,018,968 Liabilities: Marketable securities sold, but not yet purchased $ 7,919 $ 7,919 $ - $ - $ 7,919 Asset-backed securities issued, net of debt issuance costs 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) December 31, 2018 Carrying Value Level 1 Level 2 Level 3 Total Marketable securities owned $ 18,874 $ 18,874 $ - $ - $ 18,874 Other investments: Investments in hedge funds managed by the Company 490 - 490 - 490 Investments in other funds managed by the Company (1) 5,503 - - - - Total investment in funds managed by the Company (1) 5,993 - 490 - 490 Limited partnership in investments in private equity/ real estate funds (1) 3,920 - - - - Total other investments 9,913 - 490 - 490 Total assets: $ 28,787 $ 18,874 $ 490 $ - $ 19,364 Marketable securities sold, but not yet purchased 4,626 4,626 - - 4,626 Total liabilities: $ 4,626 $ 4,626 $ - $ - $ 4,626 (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 December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Limited partner investments in private equity/ real estate funds Nonredeemable N/A $ 3,920 $ 3,761 $ 68 $ 1,235 Investment in other funds managed by the Company Nonredeemable N/A $ 5,503 $ 4,463 $ 1,945 $ 2,044 |
Note 5 - Loans (Tables)
Note 5 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (In thousands) Year Ended December 31, 2018 2017 Impaired Non-Impaired Impaired Non-Impaired Balance at beginning of period $ (389 ) $ (6,535 ) $ (937 ) $ (5,783 ) Reversal (provision) for loan losses: Specific reserve (1,645 ) - (1,641 ) 26 General reserve - (1,470 ) - (958 ) Charge off 1,198 - 950 180 Transfer to (from) loans held for investment - (1,746 ) 1,239 - Balance at end of period $ (836 ) $ (9,751 ) $ (389 ) $ (6,535 ) |
Impaired Financing Receivables [Table Text Block] | (In thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized December 31, 2018 Impaired loans with an allowance recorded $ 1,813 $ 1,951 $ 838 $ 1,817 $ 119 Impaired loans with no related allowance recorded - - - - - Total impaired loans $ 1,813 $ 1,951 $ 838 $ 1,817 $ 119 December 31, 2017 Impaired loans with an allowance recorded $ 1,379 $ 1,448 $ 391 $ 1,411 $ 32 Impaired loans with no related allowance recorded - - - - - Total impaired loans $ 1,379 $ 1,448 $ 391 $ 1,411 $ 32 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (In thousands) Cash Flow Loans December 31, 2018 2017 Moody's rating: Baa1 - Baa3 $ 7,300 $ 8,880 Ba1 - Ba3 247,686 134,061 B1 - B3 856,204 579,091 Caa1 - Caa3 59,046 50,475 Ca 1,813 - Total: $ 1,172,049 $ 772,507 Internal rating: (1) 2 $ 1,018,261 $ 692,198 3 132,169 70,217 4 19,806 8,713 5 1,813 1,379 Total: $ 1,172,049 $ 772,507 Performance: Performing $ 1,170,236 $ 771,128 Non-Performing 1,813 1,379 Total: $ 1,172,049 $ 772,507 |
Loans Held for Investment [Member] | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (in thousands) Year Ended December 31, 2018 2017 Impaired Non-impaired Impaired Non-impaired Balance, at beginning of the period $ (2,279 ) $ (468 ) $ (823 ) $ - Provision for loan losses Specific (422 ) - (1,593 ) - General - (1,459 ) - (468 ) Charge off 2,483 - 1,376 - Transfers to (from) loans collateralizing asset-backed securities - 1,746 (1,239 ) - Balance, at end of the period $ (218 ) $ (181 ) $ (2,279 ) $ (468 ) |
Impaired Financing Receivables [Table Text Block] | (in thousands) Recorded Investment Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized December 31, 2018 Impaired loans with an allowance recorded $ 462 $ 484 $ 219 $ 462 $ 34 Impaired loans with no related allowance recorded - - - - - Total impaired loans $ 462 $ 484 $ 219 $ 462 $ 34 Recorded Investment Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized December 31, 2017 Impaired loans with an allowance recorded $ 3,534 $ 3,603 $ 2,279 $ 3,566 $ 32 Impaired loans with no related allowance recorded - - - - - Total impaired loans $ 3,534 $ 3,603 $ 2,279 $ 3,566 $ 32 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (In thousands) Cash Flow Loans December 31, 2018 2017 Moody's rating: Baa1 - Baa3 $ - $ - Ba1 - Ba3 7,459 12,174 B1 - B3 18,342 64,170 Caa1 - Caa3 419 5,310 Ca 463 - Not Rated 3,326 4,595 Total: $ 30,009 $ 86,249 Internal rating (1) : 2 $ 26,208 $ 77,525 3 909 384 4 - 2,613 5 462 1,379 Not rated 2,430 4,348 Total: $ 30,009 $ 86,249 Performance: Performing $ 29,547 $ 83,161 Non-performing 462 3,088 Total: $ 30,009 $ 86,249 |
Note 6 - Fixed Assets (Tables)
Note 6 - Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (In thousands) As of December 31, 2018 2017 Furniture and fixtures $ 2,546 $ 2,599 Computer and office equipment 6,485 6,081 Leasehold improvements 7,617 7,195 Software 708 646 Less: accumulated depreciation (15,005 ) (14,199 ) Total fixed assets, net $ 2,351 $ 2,322 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | (In thousands) 2019 $ - 2020 - 2021 - 2022 - 2023 36,000 Thereafter 50,000 Total $ 86,000 |
Senior Notes [Member] | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | (In thousands) December 31, 2018 December 31, 2017 8.00% Senior Notes due 2023 $ 36,000 $ 46,000 7.25% Senior Notes due 2027 50,000 50,000 Total outstanding principal $ 86,000 $ 96,000 Less: Debt issuance costs (2,428 ) (2,810 ) Less: Consolidation elimination (75 ) (87 ) Total bond payable, net $ 83,497 $ 93,103 |
Schedule of Debt [Table Text Block] | (In thousands) Outstanding Balance December 31, 2018 December 31, 2017 $340 million, CLO V warehouse credit facility through July 31, 2018 $ - $ 61,250 $100 million, CLO VI warehouse credit facility through October 11, 2021 22,500 - $25 million, JMP Holding credit agreement through June 4, 2019 - - $20 million, JMP Securities revolving line of credit through June 6, 2019 - - Note payable 829 - Total credit facilities and note payable $ 23,329 $ 61,250 |
Note 8 - Asset-backed Securit_2
Note 8 - Asset-backed Securities Issued (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | (In thousands) 2019 $ - 2020 - 2021 - 2022 - 2023 36,000 Thereafter 50,000 Total $ 86,000 |
CLO III, CLO IV, and CLOV [Member] | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | (In thousands) As of December 31, 2018 As of December 31, 2017 Outstanding Interest Rate Weighted Average Remaining Maturity Outstanding Interest Rate Weighted Average Remaining Maturity Class A Senior Secured Floating Rate Notes $ 769,750 0.85%-1.37% 10.04 $ 513,750 1.24%-1.37% 9.22 Class B Senior Secured Floating Rate Notes 143,700 1.30%-1.90% 10.04 95,700 1.80%-1.90% 9.26 Class C Senior Secured Deferrable Floating Rate Notes 71,500 1.80%-2.65% 9.99 49,500 2.60%-2.65% 9.18 Class D Senior Secured Deferrable Floating Rate Notes 68,350 2.60%-4.15% 10.01 46,350 3.90%-4.15% 9.14 Class E Senior Secured Deferrable Floating Rate Notes 60,800 5.70%-6.80% 10.03 40,800 6.80%-7.10% 9.21 Total secured notes sold to investors $ 1,114,100 $ 746,100 Senior Subordinated Notes 7,221 6.90% 11.00 - Less: Debt issuance costs (8,979 ) (7,852 ) Total asset-backed securities issued $ 1,112,342 $ 738,248 |
Schedule of Maturities of Long-term Debt [Table Text Block] | (In thousands) 2019 $ - 2020 - 2021 - 2022 - 2023 - Thereafter 1,121,321 Total $ 1,121,321 |
Note 9 - Shareholders' Equity (
Note 9 - Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Distribution Record Total Payable Declaration Date Per Share Date Amount Date January 18, 2018 $ 0.030 January 31, 2018 $ 652,310 February 15, 2018 January 18, 2018 $ 0.030 February 28, 2018 $ 649,622 March 15, 2018 January 18, 2018 $ 0.030 March 29, 2018 $ 646,434 April 13, 2018 April 19, 2018 $ 0.030 April 30, 2018 $ 646,939 May 15, 2018 April 19, 2018 $ 0.030 May 31, 2018 $ 645,717 June 15, 2018 April 19, 2018 $ 0.030 June 29, 2018 $ 644,802 July 13, 2018 July 18, 2018 $ 0.030 July 31, 2018 $ 643,653 August 15, 2018 July 18, 2018 $ 0.030 August 31, 2018 $ 642,886 September 14, 2018 July 18, 2018 $ 0.030 September 28, 2018 $ 640,859 October 15, 2018 October 18, 2018 $ 0.030 October 31, 2018 $ 639,611 November 15, 2018 October 18, 2018 $ 0.030 November 30, 2018 $ 637,673 December 14, 2018 October 18, 2018 $ 0.030 December 31, 2018 $ 639,964 January 15, 2019 |
Note 10 - Share-based Compens_2
Note 10 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Year Ended December 31, 2018 2017 Shares Subject Weighted Average Shares Subject Weighted Average to Option Exercise Price to Option Exercise Price Balance, beginning of year 2,515,000 $ 6.55 2,710,000 $ 6.55 Exercised - - (195,000 ) 6.24 Cancelled (1,215,000 ) 6.23 - - Balance, end of period 1,300,000 $ 6.85 2,515,000 $ 6.55 Options exercisable at end of period 1,300,000 $ 6.85 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] | December 31, 2018 Options Outstanding Options Vested and Exercisable Weighted Weighted Average Weighted Average Weighted Range of Remaining Average Aggregate Remaining Average Aggregate Exercise Number Contractual Exercise Intrinsic Number Contractual Exercise Intrinsic Prices Outstanding Life in Years Price Value Exercisable Life in Years Price Value $6.79 - $7.33 1,300,000 1.00 $ 6.85 $ - 1,300,000 1.00 $ 6.85 $ - December 31, 2017 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 1.52 $ 6.55 $ - 2,515,000 1.52 $ 6.55 $ - |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Year Ended December 31, 2018 2017 Restricted Weighted Average Restricted Weighted Average Share Units Grant Date Fair Value Share Units Grant Date Fair Value Balance, beginning of year 277,193 $ 5.60 646,558 $ 5.14 Granted 454,974 5.01 389,915 5.89 Vested (302,691 ) 5.62 (728,209 ) 5.40 Forfeited (131,837 ) 5.33 (31,071 ) 4.25 Balance, end of period 297,639 $ 4.79 277,193 $ 5.60 |
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity [Table Text Block] | Year Ended December 31, 2018 2017 Share Appreciation Weighted Average Share Appreciation Weighted Average Rights Exercise Price Rights Exercise Price Balance, beginning of year 2,485,000 $ 7.33 2,655,000 $ 7.33 Forfeited - - (170,000 ) 7.33 Balance, end of period 2,485,000 $ 7.33 2,485,000 $ 7.33 |
Stock Appreciation Rights Outstanding Detail [Table Text Block] | December 31, 2018 Options Outstanding Weighted Average Weighted Remaining Average Aggregate Exercise Number Contractual Exercise Intrinsic Price Outstanding Life in Years Price Value $7.33 2,485,000 1.00 $ 7.33 $ - December 31, 2017 Options Outstanding Weighted Average Weighted Remaining Average Aggregate Exercise Number Contractual Exercise Intrinsic Price Outstanding Life in Years Price Value $7.33 2,485,000 2.00 $ 7.33 $ - |
Note 11 - Net Income Per Comm_2
Note 11 - Net Income Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (In thousands, except per share data) Year Ended December 31, 2018 2017 Numerator: Net loss attributable to JMP Group LLC $ (2,187 ) $ (15,883 ) Denominator: Basic weighted average shares outstanding 21,490 21,579 Effect of potential dilutive securities: Restricted share units - - Diluted weighted average shares outstanding 21,490 21,579 Net loss per share Basic $ (0.10 ) $ (0.74 ) Diluted $ (0.10 ) $ (0.74 ) |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (In thousands) Year Ended December 31, 2018 2017 Federal $ 1,044 $ 1,303 State 246 158 Total current income tax expense 1,290 1,461 Federal (233 ) 539 State 110 (256 ) Total deferred income tax expense (benefit) (123 ) 283 Total income tax expense $ 1,167 $ 1,744 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (In thousands) As of December 31, 2018 2017 Deferred tax assets: Equity based compensation $ 846 $ 1,516 Interest expense limitation 1,169 - Reserves and allowances 1,556 994 California Enterprise Zone credit 304 - Federal and other state net operating loss 161 202 Accrued compensation and related expenses - 1,592 Deferred compensation 847 740 Other 1,012 910 Total deferred tax assets 5,895 5,954 Deferred tax liabilities: Investment in partnerships (1,376 ) (1,186 ) Repurchase of the Company's debt at market discount - (198 ) Net unrealized gains on investments (629 ) (804 ) Total deferred tax liabilities (2,005 ) (2,188 ) Net deferred tax asset before valuation allowance 3,890 3,766 Valuation allowance - - Net deferred tax assets $ 3,890 $ 3,766 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2018 2017 Tax at federal statutory tax rate 21.00 % 34.00 % State income tax, net of federal tax benefit -684.88 % 1.11 % Non-CLO non-controlling interest -97.55 % -35.34 % Adjustment for permanent items (Other) -147.19 % -0.99 % PTP investment income 338.13 % 0.00 % Adjustment for prior year taxes -487.11 % 0.00 % Change in corporate tax rate 0.00 % -13.80 % Equity compensation shortfall -904.88 % 0.00 % Effective tax rate -1962.48 % -15.00 % |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (In thousands) Minimum Future Lease Commitments Year Ending December 31, 2019 $ 5,045 2020 5,753 2021 5,828 2022 5,788 2023 5,786 Thereafter 6,914 Total lease commitments $ 35,114 |
Note 20 - Business Segments (Ta
Note 20 - Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (In thousands) Year Ended December 31, 2018 2017 Broker-Dealer Non-interest revenues $ 108,841 $ 98,469 Total net revenues after provision for loan losses $ 108,841 $ 98,469 Non-interest expenses 97,910 87,572 Segment operating pre-tax net income $ 10,931 $ 10,897 Segment assets $ 67,594 $ 82,790 Asset Management Fee Income Non-interest revenues $ 18,471 $ 19,888 Total net revenues after provision for loan losses $ 18,471 $ 19,888 Non-interest expenses 19,422 19,699 Segment operating pre-tax net (loss) income $ (951 ) $ 189 Segment assets $ 23,897 $ 29,729 Investment Income Non-interest revenues $ 7,021 $ 7,456 Net interest income 12,681 3,466 Gain (loss) on repurchase, reissuance or early retirement of debt (42 ) 210 Provision for loan losses (1,638 ) (2,543 ) Total net revenues after provision for loan losses $ 18,022 $ 8,589 Non-interest expenses 11,006 5,102 Segment operating pre-tax net income $ 7,016 $ 3,487 Segment assets $ 1,294,864 967,751 Corporate Costs Non-interest expenses $ 10,069 $ 9,403 Segment operating pre-tax net loss $ (10,069 ) $ (9,403 ) Segment assets $ 250,402 $ 301,029 Eliminations Non-interest revenues $ (4,674 ) $ (3,436 ) Total net revenues after provision for loan losses $ (4,674 ) $ (3,436 ) Non-interest expenses (4,676 ) (3,429 ) Segment operating pre-tax net income (loss) $ 2 $ (7 ) Segment assets $ (245,515 ) $ (304,673 ) Consolidating adjustments and reconciling items Non-interest revenues $ (2,215 ) (a) $ (8,978 ) (a) Net interest income 4,261 (b) 3,991 (b) Loss on repurchase or early retirement of debt (2,796 ) (6,317 ) Provision for loan losses (3,486 ) (1,820 ) Total net revenues after provision for loan losses $ (4,236 ) $ (13,124 ) Non-interest expenses 2,749 (c) 3,666 (c) Non-controlling interest expense 964 2,512 Segment operating pre-tax net loss $ (7,949 ) $ (19,302 ) Segment assets - - Total Segments Non-interest revenues $ 127,444 $ 113,399 Net interest income 16,942 7,457 Loss on repurchase, reissuance or early retirement of debt (2,838 ) (6,107 ) Provision for loan losses (5,124 ) (4,363 ) Total net revenues after provision for loan losses $ 136,424 $ 110,386 Non-interest expenses 136,480 122,013 Non-controlling interest expense 964 2,512 Loss before income taxes $ (1,020 ) $ (14,139 ) Total assets $ 1,391,242 $ 1,076,626 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | (In thousands) Year Ended December 31, 2018 2017 Operating net income $ 6,018 $ 4,358 Addback of segment income tax expense 911 805 Total segments adjusted operating pre-tax net income $ 6,929 $ 5,163 Subtract Share-based awards and deferred compensation 167 1,077 General loan loss provision – CLOs, CLO warehouse 2,878 1,377 Early debt retirement/reissuance 1,488 6,499 Restructuring costs – CLOs 54 315 Amortization of intangible asset – CLO III 276 276 Unrealized loss – real estate-related depreciation and amortization 2,233 7,645 Unrealized mark-to-market loss – strategic equity investments 853 2,113 Total consolidation adjustments and reconciling items 7,949 19,302 Consolidated pre-tax net loss attributable to JMP Group LLC $ (1,020 ) $ (14,139 ) Income tax expense 1,167 1,744 Consolidated net loss attributable to JMP Group LLC $ (2,187 ) $ (15,883 ) |
Note 21 - Summarized Financia_2
Note 21 - Summarized Financial Information for Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | As of December 31, (In thousands) 2018 2017 Real estate properties, net $ 1,017,203 $ 1,039,116 Total assets 1,176,148 1,213,077 Mortgage and other loan payables, net 1,275,985 1,033,122 Redeemable preferred equity, net - 109,269 Total liabilities 1,312,062 1,199,878 Total (deficit) equity (135,914 ) 13,199 Total liabilities and (deficit) equity $ 1,176,148 $ 1,213,077 Total revenues $ 189,742 $ 188,092 Net loss $ (109,217 ) $ (71,730 ) |
Note 22 - Nonconsolidated Var_2
Note 22 - Nonconsolidated Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | (In thousands) As of December 31, 2018 December 31, 2017 Investments $ 6,016 $ 8,226 Receivables 35 262 Total $ 6,051 $ 8,488 |
Note 23 - Consolidating Finan_2
Note 23 - Consolidating Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | As of December 31, 2018 Parent Companies and Guarantors Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Assets Cash and cash equivalents $ 4,863 $ 8,755 $ 57,309 $ - $ 70,927 Restricted cash and deposits - 1,221 60,660 - 61,881 Investment banking fees receivable, net of allowance for doubtful accounts - - 6,647 - 6,647 Marketable securities owned, at fair value 10,027 - 8,921 (74 ) 18,874 Other investments 10,922 1,785 13,262 (9,845 ) 16,124 Loans held for investment, net of allowance for loan losses 1,139 - 28,469 - 29,608 Loans collateralizing asset-backed securities issued, net of allowance for loan losses - - 1,161,463 - 1,161,463 Interest receivable 137 1 3,345 (479 ) 3,004 Fixed assets, net - - 2,351 - 2,351 Other assets (18,812 ) 121,932 63,386 (146,143 ) 20,363 Investment in subsidiaries 317,113 77,427 - (394,540 ) - Total assets $ 325,389 $ 211,121 $ 1,405,813 $ (551,081 ) $ 1,391,242 Liabilities and Equity Liabilities: Marketable securities sold, but not yet purchased, at fair value $ - $ - $ 4,626 $ - $ 4,626 Accrued compensation - 150 41,459 - 41,609 Asset-backed securities issued, net of debt issuance costs - - 1,122,187 (9,845 ) 1,112,342 Interest payable - 1,071 10,614 (475 ) 11,210 Notes payable 127,603 - 17,763 (144,537 ) 829 CLO warehouse credit facilities - - 22,500 - 22,500 Bond payable, net of debt issuance costs - 83,572 - (75 ) 83,497 Other liabilities 2,700 7,603 8,620 (1,500 ) 17,423 Total liabilities $ 130,303 $ 92,396 $ 1,227,769 $ (156,432 ) $ 1,294,036 Total shareholders' (deficit) equity 181,497 118,725 178,346 (394,861 ) 83,707 Nonredeemable Non-controlling Interest $ 13,589 $ - $ (302 ) $ 212 $ 13,499 Total equity $ 195,086 $ 118,725 $ 178,044 $ (394,649 ) $ 97,206 Total liabilities and equity $ 325,389 $ 211,121 $ 1,405,813 $ (551,081 ) $ 1,391,242 As of December 31, 2017 Parent Companies and Guarantors Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Assets Cash and cash equivalents $ 13,632 $ 4,819 $ 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 11,543 3,101 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 165 4 2,090 - 2,259 Fixed assets, net - - 2,322 - 2,322 Other assets (13,390 ) 132,931 64,490 (157,214 ) 26,817 Investment in subsidiaries 354,219 70,775 - (424,994 ) - Total assets $ 379,866 $ 213,101 $ 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, net of debt issuance costs - - 738,248 - 738,248 Interest payable - 1,109 5,403 - 6,512 Notes payable 137,603 - 17,762 (155,365 ) - CLO warehouse credit facilities - - 61,250 - 61,250 Bond payable, net of debt issuance costs - 93,198 - (95 ) 93,103 Other liabilities 1,193 5,710 11,123 (1,742 ) 16,284 Total liabilities $ 138,796 $ 100,167 $ 884,686 $ (157,202 ) $ 966,447 Total shareholders' (deficit) equity 226,401 112,934 182,313 (425,313 ) 96,335 Nonredeemable Non-controlling Interest $ 14,669 $ - $ (1,037 ) $ 212 $ 13,844 Total equity $ 241,070 $ 112,934 $ 181,276 $ (425,101 ) $ 110,179 Total liabilities and equity $ 379,866 $ 213,101 $ 1,065,962 $ (582,303 ) $ 1,076,626 |
Condensed Income Statement [Table Text Block] | For the Year Ended December 31, 2018 Parent Companies and Guarantors Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Revenues Investment banking $ - $ - $ 88,107 $ - $ 88,107 Brokerage - - 20,710 - 20,710 Asset management fees - - 19,449 (301 ) 19,148 Principal transactions (2,707 ) (558 ) 978 - (2,287 ) Gain (loss) on sale, payoff and mark-to-market of loans (771 ) - 239 - (532 ) Net dividend income 1,123 39 119 - 1,281 Other income - - 1,017 - 1,017 Equity earnings of subsidiaries 19,309 5,528 - (24,837 ) - Non-interest revenues 16,954 5,009 130,619 (25,138 ) 127,444 Interest income 2,746 4,426 68,470 (9,148 ) 66,494 Interest expense (4,438 ) (8,805 ) (45,452 ) 9,143 (49,552 ) Net interest income (1,692 ) (4,379 ) 23,018 (5 ) 16,942 Loss on repurchase, reissuance or early retirement of debt (42 ) (170 ) (2,626 ) - (2,838 ) Provision for loan losses (204 ) - (4,920 ) - (5,124 ) Total net revenues after provision for loan losses 15,016 460 146,091 (25,143 ) 136,424 Non-interest expenses Compensation and benefits 2,893 4,034 90,432 - 97,359 Administration 620 464 8,121 (301 ) 8,904 Brokerage, clearing and exchange fees - - 3,097 - 3,097 Travel and business development 75 39 4,716 - 4,830 Managed deal expense - - 4,849 - 4,849 Communications and technology 3 6 4,098 - 4,107 Occupancy - - 4,770 - 4,770 Professional fees 2,437 354 2,655 - 5,446 Depreciation - - 1,124 - 1,124 Other 277 - 1,717 - 1,994 Total non-interest expenses 6,305 4,897 125,579 (301 ) 136,480 Net income (loss) before income tax expense 8,711 (4,437 ) 20,512 (24,842 ) (56 ) Income tax expense (benefit) - (2,529 ) 3,696 - 1,167 Net income (loss) 8,711 (1,908 ) 16,816 (24,842 ) (1,223 ) Less: Net income (loss) attributable to nonredeemable non-controlling interest 1,224 - (260 ) - 964 Net income (loss) attributable to JMP Group LLC $ 7,487 $ (1,908 ) $ 17,076 $ (24,842 ) $ (2,187 ) For the Year Ended December 31, 2017 Parent Companies and Guarantors Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Revenues Investment banking $ - $ - $ 77,322 $ - $ 77,322 Brokerage - - 21,129 - 21,129 Asset management fees - - 18,212 (163 ) 18,049 Principal transactions (710 ) (440 ) (5,287 ) - (6,437 ) Gain on sale, payoff and mark-to-market of loans - - 797 - 797 Net dividend income 1,116 4 68 - 1,188 Other income - - 1,351 - 1,351 Equity earnings of subsidiaries (6,305 ) 6,386 - (81 ) - Non-interest revenues (5,899 ) 5,950 113,592 (244 ) 113,399 Interest income 2,286 4,561 42,418 (8,106 ) 41,159 Interest expense (4,555 ) (9,464 ) (27,789 ) 8,106 (33,702 ) Net interest income (2,269 ) (4,903 ) 14,629 - 7,457 Gain (loss) on repurchase, reissuance or early retirement of debt 210 (775 ) (5,542 ) - (6,107 ) Provision for loan losses - - (4,363 ) - (4,363 ) Total net revenues after provision for loan losses (7,958 ) 272 118,316 (244 ) 110,386 Non-interest expenses Compensation and benefits 1,807 4,096 84,698 - 90,601 Administration 687 460 6,480 (163 ) 7,464 Brokerage, clearing and exchange fees - - 3,209 - 3,209 Travel and business development 107 - 3,927 - 4,034 Communications and technology 2 9 4,297 - 4,308 Occupancy - - 4,418 - 4,418 Professional fees 2,249 329 1,829 - 4,407 Depreciation - - 1,162 - 1,162 Other 420 76 1,914 - 2,410 Total non-interest expenses 5,272 4,970 111,934 (163 ) 122,013 Net income (loss) before income tax expense (13,230 ) (4,698 ) 6,382 (81 ) (11,627 ) Income tax expense (benefit) - (3,247 ) 4,991 - 1,744 Net income (loss) (13,230 ) (1,451 ) 1,391 (81 ) (13,371 ) Less: Net income attributable to nonredeemable non-controlling interest 2,318 - 194 - 2,512 Net income (loss) attributable to JMP Group LLC $ (15,548 ) $ (1,451 ) $ 1,197 $ (81 ) $ (15,883 ) |
Condensed Cash Flow Statement [Table Text Block] | For the Year Ended December 31, 2018 Parent Companies and Guarantors Subsidiary Non-Guarantor Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 10,905 $ 12,064 $ 34,578 $ (34,900 ) $ 22,647 Cash flows from investing activities: Purchases of fixed assets - - (1,153 ) - (1,153 ) Purchases of other investments (5,896 ) (431 ) (47 ) 4,453 (1,921 ) Sales or distributions from other investments 13,394 1,189 3,870 (4,411 ) 14,042 Funding of loans collateralizing asset-backed securities issued - - (434,820 ) - (434,820 ) Funding of loans held for investment (678 ) - (339,196 ) - (339,874 ) Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued - - 399,161 - 399,161 Sale, payoff and principal receipts on loans held for investment 2,881 - 26,635 - 29,516 Investment in subsidiary 37,106 (6,652 ) - (30,454 ) - Net cash provided by (used in) investing activities $ 46,807 $ (5,894 ) $ (345,550 ) $ (30,412 ) $ (335,049 ) Cash flows from financing activities: Redemption/repurchase of bonds payable - (9,980 ) - - (9,980 ) Proceeds from issuance of repurchase agreement 3,878 - - - 3,878 Proceeds from drawdowns on CLO warehouse facilities - - 286,250 - 286,250 Repayments on CLO V warehouse facility - - (325,000 ) - (325,000 ) Proceeds from sale of note payable to affiliate - - 829 - 829 Payments of debt issuance costs - (203 ) (1,715 ) 21 (1,897 ) Repayment of asset-backed securities issued (4,453 ) - (327,926 ) - (332,379 ) Repayment of notes payable (10,000 ) - - 10,000 - Repayment of repurchase agreement (3,878 ) - - - (3,878 ) Proceeds from issuance of asset-backed securities issued - - 699,107 - 699,107 Reissuance of asset-back securities 4,411 - 42 - 4,453 Distributions and distribution equivalents paid on common shares and RSUs (7,874 ) - - - (7,874 ) Capital contributions of nonredeemable non-controlling interest holders - - 449 - 449 Purchases of common shares for treasury (3,250 ) - - - (3,250 ) Purchase of subsidiary shares from non-controlling interest holders (656 ) - 656 - - Distributions to non-controlling interest shareholders (2,304 ) - (110 ) - (2,414 ) Employee taxes paid on shares withheld for tax-withholding purposes (405 ) - - - (405 ) Capital contributions of parent (41,950 ) 7,699 (21,040 ) 55,291 - Net cash provided by (used in) financing activities $ (66,481 ) $ (2,484 ) $ 311,542 $ 65,312 $ 307,889 Net increase (decrease) in cash and cash equivalents (8,769 ) 3,686 570 - (4,513 ) Cash, cash equivalents and restricted cash, beginning of period 13,632 6,290 117,399 - 137,321 Cash, cash equivalents and restricted cash, end of period $ 4,863 $ 9,976 $ 117,969 $ - $ 132,808 For the Year Ended December 31, 2017 Parent Companies and Guarantors Subsidiary Non-Guarantor Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ (14,904 ) $ (3,527 ) $ 19,281 $ 2,387 $ 3,237 Cash flows from investing activities: Purchases of fixed assets - - (341 ) - (341 ) Purchases of other investments (1,251 ) (861 ) (4,250 ) - (6,362 ) Sales or distributions from other investments 8,711 2,445 3,273 - 14,429 Funding of loans collateralizing asset-backed securities issued - - (507,557 ) - (507,557 ) Funding of loans held for investment (5,855 ) - (81,972 ) 5,855 (81,972 ) Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued - - 395,442 (5,867 ) 389,575 Sale, payoff and principal receipts of loans held for sale - - 32,983 - 32,983 Sale, payoff and principal payments on loans held for investment 1,071 - 1,630 - 2,701 Sale of participating interest in loan held for investment - - 1,030 - 1,030 Net changes in cash collateral posted for derivative transactions - - 25,000 - 25,000 Investment in subsidiary 15,804 3,391 - (19,195 ) - Net cash provided by (used in) investing activities $ 18,480 $ 4,975 $ (134,762 ) $ (19,207 ) $ (130,514 ) Cash flows from financing activities: Redemption/repurchase of bonds payable - (48,291 ) - 377 (47,914 ) Proceeds from bond issuance - 50,000 - - 50,000 Proceeds from drawdowns of CLO V warehouse facility - - 61,250 - 61,250 Payment of debt issuance costs - (1,964 ) - - (1,964 ) Repayment of asset-backed securities issued - - (503,617 ) - (503,617 ) Proceeds from issuance of asset-backed securities issued - - 408,394 - 408,394 Repayment of note payable - - 2,762 (2,762 ) - Distributions and distribution equivalents paid on common shares and RSUs (7,770 ) - - - (7,770 ) Capital contributions of nonredeemable non-controlling interest holders - - 92 - 92 Proceeds from exercises of share options 1,218 - - - 1,218 Purchases of common shares for treasury (2,084 ) - - - (2,084 ) Distributions to non-controlling interest shareholders (4,230 ) - (447 ) - (4,677 ) Employee taxes paid on shares withheld for tax-withholding purposes (1,478 ) - - - (1,478 ) Capital contributions of parent 19,084 1,864 (40,153 ) 19,205 - Net cash provided by (used in) financing activities $ 4,740 $ 1,609 $ (71,719 ) $ 16,820 $ (48,550 ) Net increase (decrease) in cash and cash equivalents 8,316 3,057 (187,200 ) - (175,827 ) Cash, cash equivalents and restricted cash, beginning of period 5,315 3,234 304,599 - 313,148 Cash, cash equivalents and restricted cash, end of period $ 13,631 $ 6,291 $ 117,399 $ - $ 137,321 |
Note 25 - Selected Quarterly _2
Note 25 - Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | JMP Group LLC Selected Consolidated Financial Data Three Months Ended (In thousands, except per share data) December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Total net revenues after provision for loan losses $ 31,698 $ 33,251 $ 44,264 $ 27,211 Non-interest expenses: Compensation and benefits 21,289 22,671 29,138 24,261 Other expenses 8,474 8,942 11,440 10,265 Total non-interest expenses 29,763 31,613 40,578 34,526 Income (loss) before income tax expense 1,935 1,638 3,686 (7,315 ) Income tax expense (benefit) 1,313 527 4,895 (5,568 ) Net income (loss) 622 1,111 (1,209 ) (1,747 ) Less: Net income (loss) attributable to the non-controlling interest 825 823 779 (1,464 ) Net income (loss) attributable to JMP Group LLC (203 ) 288 (1,988 ) (283 ) Net income (loss) attributable to JMP Group LLC per common share: Basic $ (0.01 ) $ 0.01 $ (0.09 ) $ (0.01 ) Diluted $ (0.01 ) $ 0.01 $ (0.09 ) $ (0.01 ) JMP Group LLC Selected Consolidated Financial Data Three Months Ended (In thousands, except per share data) December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Total net revenues after provision for loan losses $ 30,833 $ 32,029 $ 23,144 $ 24,380 Non-interest expenses: Compensation and benefits 21,588 24,563 22,652 21,798 Other expenses 7,908 6,808 8,889 7,807 Total non-interest expenses 29,496 31,371 31,541 29,605 Income (loss) before income tax expense 1,337 658 (8,397 ) (5,225 ) Income tax expense (benefit) 1,913 1,113 (198 ) (1,084 ) Net loss (576 ) (455 ) (8,199 ) (4,141 ) Less: Net income attributable to the non-controlling interest 800 780 335 597 Net loss attributable to JMP Group LLC (1,376 ) (1,235 ) (8,534 ) (4,738 ) Net loss attributable to JMP Group LLC per common share: Basic $ (0.07 ) $ (0.06 ) $ (0.39 ) $ (0.22 ) Diluted $ (0.07 ) $ (0.06 ) $ (0.39 ) $ (0.22 ) |
Note 1 - Organization and Des_2
Note 1 - Organization and Description of Business (Details Textual) - USD ($) $ in Thousands | Oct. 11, 2018 | Jul. 26, 2018 | Feb. 20, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Gain (Loss) on Extinguishment of Debt, Total | $ (2,838) | $ (6,107) | |||
Revolving Credit Facility [Member] | BNP Paribas [Member] | |||||
Proceeds from Issuance of Debt | $ 407,800 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 76,800 | ||||
Debt Instrument, Term | 300 days | ||||
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) | ||||
Facility to Finance Acquisition of Portfolio [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | $ 26,000 | |||
Debt Instrument, Term | 3 years | ||||
Line of Credit Facility, Amortization Period | 1 year |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | Jun. 26, 2018 | Jun. 29, 2017 | Sep. 27, 2016USD ($) | Sep. 30, 2014 | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016 |
Allowance For Doubtful Accounts Investment Banking Fees Receivable | $ 380 | $ 159 | |||||
Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||
Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life | 5 years | ||||||
Maximum [Member] | Computer Software, Intangible Asset [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||||
Real Estate Funds [Member] | |||||||
Unrealized Gain (Loss) on Investments, Total | $ 229 | 86 | |||||
Private Equity Funds [Member] | |||||||
Unrealized Gain (Loss) on Investments, Total | $ 500 | $ 400 | |||||
CLO III [Member] | |||||||
Contractual Senior and Subordinated Management Fees Earned, Percent | 0.35% | 0.33% | |||||
Contractual Senior Fees Earned, Percent | 0.35% | ||||||
Subordinated Management Fees Earned, Percent | 0.33% | ||||||
CLO IV [Member] | |||||||
Contractual Senior and Subordinated Management Fees Earned, Percent | 0.50% | 0.50% | |||||
CLO V [Member] | |||||||
Contractual Senior and Subordinated Management Fees Earned, Percent | 0.50% | ||||||
Contractual Senior and Subordinated Management Fees Earned, Percent, Before Securitization | 1.00% | 1.00% | |||||
CLO VI [Member] | |||||||
Contractual Senior and Subordinated Management Fees Earned, Percent | 1.00% | ||||||
CLO I and CLO II [Member] | |||||||
Contractual Senior and Subordinated Management Fees Earned, Percent | 0.50% | ||||||
CLO [Member] | |||||||
Number of Third Party Pricing Quotes | 3 | 4 | |||||
HCC LCC [Member] | |||||||
Unrealized Gain (Loss) on Investments, Total | $ 900 | $ 2,100 | |||||
Investment Income, Dividend | 1,100 | 1,100 | |||||
HGC and HGC II [Member] | |||||||
Unrealized Gain (Loss) on Investments, Total | 1,200 | 500 | |||||
Brokerage Revenue [Member] | |||||||
Trading Gain (Loss), Total | (600) | (800) | |||||
Other Income [Member] | |||||||
Revenues, Total | $ 900 | $ 1,200 | |||||
CLO I [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 94.00% | ||||||
CLO II [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 98.00% | ||||||
CLO III [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 46.70% | 13.50% | |||||
Purchase of Senior Subordinated Notes | $ 12,800 | ||||||
CLO IV [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 100.00% | ||||||
CLO V [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 100.00% |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Principal Transaction Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Principal transactions | $ (2,287) | $ (6,437) |
Equity Securities [Member] | ||
Principal transactions | (604) | (431) |
Warrants and Other Investments [Member] | ||
Principal transactions | (1,341) | (6,885) |
Investment Partnerships [Member] | ||
Principal transactions | $ (342) | $ 879 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Disaggregation of Revenues (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Investment banking | $ 127,965 |
Intersegment Eliminations [Member] | |
Investment banking | (5,031) |
Equity and Debt Origination [Member] | |
Investment banking | 54,660 |
Equity and Debt Origination [Member] | Intersegment Eliminations [Member] | |
Investment banking | |
Strategic Advisory and Private Placements [Member] | |
Investment banking | 33,447 |
Strategic Advisory and Private Placements [Member] | Intersegment Eliminations [Member] | |
Investment banking | |
Total Investment Banking Revenues [Member] | |
Investment banking | 88,107 |
Total Investment Banking Revenues [Member] | Intersegment Eliminations [Member] | |
Investment banking | |
Brokerage Commissions [Member] | |
Investment banking | 15,578 |
Brokerage Commissions [Member] | Intersegment Eliminations [Member] | |
Investment banking | |
Research Payments [Member] | |
Investment banking | 5,741 |
Research Payments [Member] | Intersegment Eliminations [Member] | |
Investment banking | |
Trading Losses [Member] | |
Investment banking | (609) |
Trading Losses [Member] | Intersegment Eliminations [Member] | |
Investment banking | |
Total Brokerage Revenue [Member] | |
Investment banking | 20,710 |
Total Brokerage Revenue [Member] | Intersegment Eliminations [Member] | |
Investment banking | |
Management Service, Base [Member] | |
Investment banking | 12,749 |
Management Service, Base [Member] | Intersegment Eliminations [Member] | |
Investment banking | (4,785) |
Management Service, Incentive [Member] | |
Investment banking | 6,399 |
Management Service, Incentive [Member] | Intersegment Eliminations [Member] | |
Investment banking | (246) |
Total Asset Management Fees [Member] | |
Investment banking | 19,148 |
Total Asset Management Fees [Member] | Intersegment Eliminations [Member] | |
Investment banking | (5,031) |
Broker Dealer [Member] | |
Investment banking | 108,817 |
Broker Dealer [Member] | Equity and Debt Origination [Member] | |
Investment banking | 54,660 |
Broker Dealer [Member] | Strategic Advisory and Private Placements [Member] | |
Investment banking | 33,447 |
Broker Dealer [Member] | Total Investment Banking Revenues [Member] | |
Investment banking | 88,107 |
Broker Dealer [Member] | Brokerage Commissions [Member] | |
Investment banking | 15,578 |
Broker Dealer [Member] | Research Payments [Member] | |
Investment banking | 5,741 |
Broker Dealer [Member] | Trading Losses [Member] | |
Investment banking | (609) |
Broker Dealer [Member] | Total Brokerage Revenue [Member] | |
Investment banking | 20,710 |
Broker Dealer [Member] | Management Service, Base [Member] | |
Investment banking | |
Broker Dealer [Member] | Management Service, Incentive [Member] | |
Investment banking | |
Broker Dealer [Member] | Total Asset Management Fees [Member] | |
Investment banking | |
Asset Management Fee Income [Member] | |
Investment banking | 18,861 |
Asset Management Fee Income [Member] | Equity and Debt Origination [Member] | |
Investment banking | |
Asset Management Fee Income [Member] | Strategic Advisory and Private Placements [Member] | |
Investment banking | |
Asset Management Fee Income [Member] | Total Investment Banking Revenues [Member] | |
Investment banking | |
Asset Management Fee Income [Member] | Brokerage Commissions [Member] | |
Investment banking | |
Asset Management Fee Income [Member] | Research Payments [Member] | |
Investment banking | |
Asset Management Fee Income [Member] | Trading Losses [Member] | |
Investment banking | |
Asset Management Fee Income [Member] | Total Brokerage Revenue [Member] | |
Investment banking | |
Asset Management Fee Income [Member] | Management Service, Base [Member] | |
Investment banking | 17,534 |
Asset Management Fee Income [Member] | Management Service, Incentive [Member] | |
Investment banking | 1,327 |
Asset Management Fee Income [Member] | Total Asset Management Fees [Member] | |
Investment banking | 18,861 |
Asset Management Investment Income [Member] | |
Investment banking | 5,318 |
Asset Management Investment Income [Member] | Equity and Debt Origination [Member] | |
Investment banking | |
Asset Management Investment Income [Member] | Strategic Advisory and Private Placements [Member] | |
Investment banking | |
Asset Management Investment Income [Member] | Total Investment Banking Revenues [Member] | |
Investment banking | |
Asset Management Investment Income [Member] | Brokerage Commissions [Member] | |
Investment banking | |
Asset Management Investment Income [Member] | Research Payments [Member] | |
Investment banking | |
Asset Management Investment Income [Member] | Trading Losses [Member] | |
Investment banking | |
Asset Management Investment Income [Member] | Total Brokerage Revenue [Member] | |
Investment banking | |
Asset Management Investment Income [Member] | Management Service, Base [Member] | |
Investment banking | |
Asset Management Investment Income [Member] | Management Service, Incentive [Member] | |
Investment banking | 5,318 |
Asset Management Investment Income [Member] | Total Asset Management Fees [Member] | |
Investment banking | 5,318 |
Asset Management [Member] | |
Investment banking | 24,179 |
Asset Management [Member] | Equity and Debt Origination [Member] | |
Investment banking | |
Asset Management [Member] | Strategic Advisory and Private Placements [Member] | |
Investment banking | |
Asset Management [Member] | Total Investment Banking Revenues [Member] | |
Investment banking | |
Asset Management [Member] | Brokerage Commissions [Member] | |
Investment banking | |
Asset Management [Member] | Research Payments [Member] | |
Investment banking | |
Asset Management [Member] | Trading Losses [Member] | |
Investment banking | |
Asset Management [Member] | Total Brokerage Revenue [Member] | |
Investment banking | |
Asset Management [Member] | Management Service, Base [Member] | |
Investment banking | 17,534 |
Asset Management [Member] | Management Service, Incentive [Member] | |
Investment banking | 6,645 |
Asset Management [Member] | Total Asset Management Fees [Member] | |
Investment banking | 24,179 |
Corporate Segment [Member] | |
Investment banking | |
Corporate Segment [Member] | Equity and Debt Origination [Member] | |
Investment banking | |
Corporate Segment [Member] | Strategic Advisory and Private Placements [Member] | |
Investment banking | |
Corporate Segment [Member] | Total Investment Banking Revenues [Member] | |
Investment banking | |
Corporate Segment [Member] | Brokerage Commissions [Member] | |
Investment banking | |
Corporate Segment [Member] | Research Payments [Member] | |
Investment banking | |
Corporate Segment [Member] | Trading Losses [Member] | |
Investment banking | |
Corporate Segment [Member] | Total Brokerage Revenue [Member] | |
Investment banking | |
Corporate Segment [Member] | Management Service, Base [Member] | |
Investment banking | |
Corporate Segment [Member] | Management Service, Incentive [Member] | |
Investment banking | |
Corporate Segment [Member] | Total Asset Management Fees [Member] | |
Investment banking |
Note 2 - Summary of Significa_6
Note 2 - Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Total restricted cash | $ 61,881 | $ 51,727 |
Principal and Interest Payments Held as Collateral For Asset-Backed Securities Issued [Member] | ||
Cash collateral for borrowed securities | 50,455 | 43,050 |
Principal and Interest Payments Held to Secure Borrowings Under Credit Facilities [Member] | ||
Cash collateral for borrowed securities | 7,903 | 5,301 |
Cash Collateral Supporting Standby Letters of Credit [Member] | ||
Cash collateral for borrowed securities | 2,302 | 1,905 |
Deposits for Operating Leases [Member] | ||
Deposits for operating leases | $ 1,221 | $ 1,471 |
Note 3 - Recent Accounting Pr_3
Note 3 - Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Net Cash Provided by (Used in) Operating Activities, Total | $ 22,647 | $ 3,237 | |
Net Cash Provided by (Used in) Investing Activities, Total | $ (335,049) | (130,514) | |
Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member] | |||
Operating Lease, Right-of-Use Asset | $ 23,600 | ||
Operating Lease, Liability, Total | $ 29,300 | ||
Accounting Standards Update 2016-18 [Member] | |||
Net Cash Provided by (Used in) Operating Activities, Total | 2,600 | ||
Net Cash Provided by (Used in) Investing Activities, Total | $ 178,500 |
Note 3 - Recent Accounting Pr_4
Note 3 - Recent Accounting Pronouncements - Impact to Revenues and Expenses as Result of Adoption of New Accounting Standard (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Investment banking | $ 127,965 | ||
Total non-interest revenues | 127,444 | $ 113,399 | |
Total net revenues after provision for loan losses | 136,424 | 110,386 | |
Travel and business development | 4,830 | 4,034 | |
Managed deal expense | 4,849 | ||
Professional fees | 5,446 | 4,407 | |
Total non-comp expenses | 39,121 | ||
Total non-interest expenses | 136,480 | 122,013 | |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Total non-interest revenues | 6,486 | ||
Total net revenues after provision for loan losses | 6,486 | ||
Travel and business development | 1,218 | ||
Managed deal expense | 4,849 | ||
Professional fees | 419 | ||
Total non-comp expenses | 6,486 | ||
Total non-interest expenses | 6,486 | ||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||
Total non-interest revenues | [1] | 120,958 | |
Total net revenues after provision for loan losses | 129,938 | ||
Travel and business development | [1] | 3,612 | |
Managed deal expense | [1] | ||
Professional fees | [1] | 5,027 | |
Total non-comp expenses | [1] | 32,635 | |
Total non-interest expenses | [1] | 129,994 | |
Investment Banking [Member] | |||
Investment banking | 88,107 | $ 77,322 | |
Investment Banking [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Investment banking | 6,486 | ||
Investment Banking [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||
Investment banking | [1] | $ 81,621 | |
[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. |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Loans Receivable, Fair Value Disclosure | $ 1.3 | $ 2 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | $ 9.4 | $ 8.2 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | |
Marketable securities sold, but not yet purchased | $ 4,626,000 | $ 7,919,000 | |
Reported Value Measurement [Member] | |||
Cash and cash equivalents | 70,927,000 | 85,594,000 | |
Restricted cash and deposits | 61,881,000 | 51,727,000 | |
Marketable securities owned | 18,874,000 | 20,825,000 | |
Other investments | [1] | 490,000 | 10,226,000 |
Other investments measured at net asset value (1) | [1] | 9,423,000 | 8,224,000 |
Loans held for investment, net of allowance for loan losses | 29,608,000 | 83,948,000 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 1,161,463,000 | 765,583,000 | |
Total assets: | 1,352,666,000 | 1,026,127,000 | |
Marketable securities sold, but not yet purchased | 4,626,000 | 7,919,000 | |
Notes payable | 829,000 | ||
Asset-backed securities issued, net of debt issuance costs | 1,112,342,000 | 738,248,000 | |
Bond payable | 83,497,000 | 93,103,000 | |
CLO VI warehouse credit facility | 22,500 | 61,250,000 | |
Total liabilities: | 1,223,794,000 | 900,520,000 | |
Estimate of Fair Value Measurement [Member] | |||
Cash and cash equivalents | 70,927,000 | 85,594,000 | |
Restricted cash and deposits | 61,881,000 | 51,727,000 | |
Marketable securities owned | 18,874,000 | 20,825,000 | |
Other investments | [1] | 490,000 | 10,226,000 |
Other investments measured at net asset value (1) | [1] | ||
Loans held for investment, net of allowance for loan losses | 28,764,000 | 84,298,000 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 1,126,483,000 | 766,298,000 | |
Total assets: | 1,307,419,000 | 1,018,968,000 | |
Marketable securities sold, but not yet purchased | 4,626,000 | 7,919,000 | |
Notes payable | 829,000 | ||
Asset-backed securities issued, net of debt issuance costs | 1,091,677,000 | 748,015,000 | |
Bond payable | 78,642,000 | 97,014,000 | |
CLO VI warehouse credit facility | 22,500 | 61,250,000 | |
Total liabilities: | 1,198,274,000 | 914,198,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and cash equivalents | 70,927,000 | 85,594,000 | |
Restricted cash and deposits | 61,881,000 | 51,727,000 | |
Marketable securities owned | 18,874,000 | 20,825,000 | |
Other investments | [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: | 151,682,000 | 158,146,000 | |
Marketable securities sold, but not yet purchased | 4,626,000 | 7,919,000 | |
Notes payable | |||
Asset-backed securities issued, net of debt issuance costs | |||
Bond payable | |||
CLO VI warehouse credit facility | |||
Total liabilities: | 4,626,000 | 7,919,000 | |
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] | 490,000 | 10,226,000 |
Other investments measured at net asset value (1) | [1] | ||
Loans held for investment, net of allowance for loan losses | 26,188,000 | 80,956,000 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 1,125,310,000 | 766,298,000 | |
Total assets: | 1,151,988,000 | 857,480,000 | |
Marketable securities sold, but not yet purchased | |||
Notes payable | |||
Asset-backed securities issued, net of debt issuance costs | 1,091,677,000 | 748,015,000 | |
Bond payable | 78,642,000 | 97,014,000 | |
CLO VI warehouse credit facility | 22,500 | 61,250,000 | |
Total liabilities: | 1,192,819,000 | 906,279,000 | |
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] | ||
Other investments measured at net asset value (1) | [1] | ||
Loans held for investment, net of allowance for loan losses | 2,576,000 | 3,342,000 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 1,173,000 | ||
Total assets: | 3,749,000 | 3,342,000 | |
Marketable securities sold, but not yet purchased | |||
Notes payable | 829,000 | ||
Asset-backed securities issued, net of debt issuance costs | |||
Bond payable | |||
CLO VI warehouse credit facility | |||
Total liabilities: | $ 829,000 | ||
[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 Consolidated Statements of Financial Condition. |
Note 4 - Fair Value Measureme_5
Note 4 - Fair Value Measurements - Fair Value of Assets and Liabilities on a Recurring Basis (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | |
Other investments | $ 9,913,000 | $ 18,450,000 | |
Fair Value, Measurements, Recurring [Member] | |||
Marketable securities owned | 18,874,000 | 20,825,000 | |
Other investments | 10,226,000 | ||
Total assets: | 19,364,000 | 31,051,000 | |
Marketable securities sold, but not yet purchased | 4,626,000 | 7,919,000 | |
Total liabilities: | 4,626,000 | 7,919,000 | |
Fair Value, Measurements, Recurring [Member] | Investments In Hedge Funds Managed By HCS [Member] | |||
Other investments | 490,000 | 10,226,000 | |
Fair Value, Measurements, Recurring [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | |||
Other investments | [1] | ||
Fair Value, Measurements, Recurring [Member] | Investments In Funds Of Funds Managed By HCS [Member] | |||
Other investments | [1] | 490,000 | 10,226,000 |
Fair Value, Measurements, Recurring [Member] | Limited Partner Investment in Private Equity Fund and Real Estate Funds [Member] | |||
Other investments | [1] | ||
Fair Value, Measurements, Recurring [Member] | Total Return Swap [Member] | |||
Other investments | 490,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Marketable securities owned | 18,874,000 | 20,825,000 | |
Other investments | |||
Total assets: | 18,874,000 | 20,825,000 | |
Marketable securities sold, but not yet purchased | 4,626,000 | 7,919,000 | |
Total liabilities: | 4,626,000 | 7,919,000 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Investments In Hedge Funds Managed By HCS [Member] | |||
Other investments | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | |||
Other investments | [1] | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Investments In Funds Of Funds Managed By HCS [Member] | |||
Other investments | [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 | [1] | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Total Return Swap [Member] | |||
Other investments | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Marketable securities owned | |||
Other investments | 10,226,000 | ||
Total assets: | 490,000 | 10,226,000 | |
Marketable securities sold, but not yet purchased | |||
Total liabilities: | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Investments In Hedge Funds Managed By HCS [Member] | |||
Other investments | 490,000 | 10,226,000 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | |||
Other investments | [1] | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Investments In Funds Of Funds Managed By HCS [Member] | |||
Other investments | [1] | 490,000 | 10,226,000 |
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 | [1] | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Total Return Swap [Member] | |||
Other investments | 490,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Marketable securities owned | |||
Other investments | |||
Total assets: | |||
Marketable securities sold, but not yet purchased | |||
Total liabilities: | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Investments In Hedge Funds Managed By HCS [Member] | |||
Other investments | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | |||
Other investments | [1] | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Investments In Funds Of Funds Managed By HCS [Member] | |||
Other investments | [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 | [1] | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Total Return Swap [Member] | |||
Other investments | |||
Reported Value Measurement [Member] | |||
Total assets: | 1,352,666,000 | 1,026,127,000 | |
Total liabilities: | 1,223,794,000 | 900,520,000 | |
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | |||
Marketable securities owned | 18,874,000 | 20,825,000 | |
Other investments | 18,450,000 | ||
Total assets: | 28,787,000 | 39,275,000 | |
Marketable securities sold, but not yet purchased | 4,626,000 | 7,919,000 | |
Total liabilities: | 4,626,000 | 7,919,000 | |
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Investments In Hedge Funds Managed By HCS [Member] | |||
Other investments | 490,000 | 10,226,000 | |
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | |||
Other investments | [1] | 5,503,000 | 4,463,000 |
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Investments In Funds Of Funds Managed By HCS [Member] | |||
Other investments | [1] | 5,993,000 | 14,689,000 |
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Limited Partner Investment in Private Equity Fund and Real Estate Funds [Member] | |||
Other investments | [1] | 3,920,000 | $ 3,761,000 |
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Total Return Swap [Member] | |||
Other investments | $ 9,913,000 | ||
[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 Consolidated Statements of Financial Condition. |
Note 4 - Fair Value Measureme_6
Note 4 - Fair Value Measurements - Valuation Techniques With Unobservable Inputs (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investments fair value | $ 9,913 | $ 18,450 |
Limited Partner Investment in Private Equity Fund [Member] | Nonredeemable Funds [Member] | ||
Investments fair value | 3,920 | 3,761 |
Unfunded Commitments | 68 | 1,235 |
Investments in Private Equity Funds Managed by HCS [Member] | Nonredeemable Funds [Member] | ||
Investments fair value | 5,503 | 4,463 |
Unfunded Commitments | $ 1,945 | $ 2,044 |
Note 5 - Loans (Details Textual
Note 5 - Loans (Details Textual) | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Financing Receivable, Individually Evaluated for Impairment | $ 0.50 | $ 3.50 |
Financing Receivable, Recorded Investment, Past Due, Total | $ 0 | $ 0 |
Financing Receivable, Modifications, Number of Contracts | 2 | 2 |
Equity Received from Troubled Debt Restructuring | $ 800,000 | $ 500,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 100,000 | |
Proceeds from Troubled Debt Restructurings | $ 400,000 | |
Number of Loans Held for Investment | 5 | 10 |
Financing Receivable, Net, Total | $ 2,400,000 | $ 2,400,000 |
Extended Maturity [Member] | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 1,900,000 | 2,500,000 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 1,000,000 | $ 500,000 |
Extended Maturity [Member] | Loan One [member] | ||
Financing Receivable, Increase in Interest Rate | 1.30% | |
Extended Maturity [Member] | Loan Two [Member] | ||
Financing Receivable, Increase in Interest Rate | 3.00% | |
Loans Collateralizing Asset Backed Securities [Member] | ||
Financing Receivable, Collectively Evaluated for Impairment | 1,170,200,000 | $ 771,100,000 |
Loans Collateralizing Asset Backed Securities [Member] | ||
Financing Receivable, Individually Evaluated for Impairment | 1,800,000 | 1,400,000 |
CLO VI Warehouse Portfolio [Member] | ||
Financing Receivable, Net, Total | 26,000,000 | |
CLO V Warehouse Portfolio [Member] | ||
Financing Receivable, Net, Total | 76,800,000 | |
Loans Held for Investment [Member] | ||
Financing Receivable, Recorded Investment, Past Due, Total | $ 0 | $ 0 |
Note 5 - Loans - Loans Collater
Note 5 - Loans - Loans Collateralizing Asset-Backed Securities Issued, Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Provision for loan losses | $ (5,124) | $ (4,363) |
Impaired Loans [Member] | ||
Balance at beginning of period | (389) | (937) |
Charge off | 1,198 | 950 |
Transfer to (from) loans held for investment | 1,239 | |
Balance at end of period | (836) | (389) |
Impaired Loans [Member] | Specific Reserve [Member] | ||
Provision for loan losses | (1,645) | (1,641) |
Impaired Loans [Member] | General Reserve [Member] | ||
Provision for loan losses | ||
Non Impaired Loans [Member] | ||
Balance at beginning of period | (6,535) | (5,783) |
Charge off | 180 | |
Transfer to (from) loans held for investment | (1,746) | |
Balance at end of period | (9,751) | (6,535) |
Non Impaired Loans [Member] | Specific Reserve [Member] | ||
Provision for loan losses | 26 | |
Non Impaired Loans [Member] | General Reserve [Member] | ||
Provision for loan losses | $ (1,470) | $ (958) |
Note 5 - Loans - Loans Collat_2
Note 5 - Loans - Loans Collateralizing Asset-Backed Securities Issued, Schedule of Impaired Financing Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Impaired loans with an allowance recorded, recorded investment | $ 1,813 | $ 1,379 |
Impaired loans with an allowance recorded, unpaid principal balance | 1,951 | 1,448 |
Impaired loans, related allowance | 838 | 391 |
Impaired loans with an allowance recorded, average recorded investment | 1,817 | 1,411 |
Impaired loans with an allowance recorded, interest income recognized | 119 | 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 | 1,813 | 1,379 |
Impaired loans, unpaid principal balance | 1,951 | 1,448 |
Impaired loans, average recorded investment | 1,817 | 1,411 |
Impaired loans, interest income recognized | $ 119 | $ 32 |
Note 5 - Loans - Credit Quality
Note 5 - Loans - Credit Quality of Loans (Details) - Loans Collateralizing Asset Backed Securities [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Recorded investment | $ 1,172,049 | $ 772,507 | |
Performing Financial Instruments [Member] | |||
Recorded investment | 1,170,236 | 771,128 | |
Nonperforming Financial Instruments [Member] | |||
Recorded investment | 1,813 | 1,379 | |
Two [Member] | |||
Recorded investment | [1] | 1,018,261 | 692,198 |
Three [Member] | |||
Recorded investment | [1] | 132,169 | 70,217 |
Four [Member] | |||
Recorded investment | [1] | 19,806 | 8,713 |
Five [Member] | |||
Recorded investment | [1] | 1,813 | 1,379 |
Internal Ratings [Member] | |||
Recorded investment | [1] | 1,172,049 | 772,507 |
Baa1 - Baa3 [Member] | |||
Recorded investment | 7,300 | 8,880 | |
Ba1 - Ba3 [Member] | |||
Recorded investment | 247,686 | 134,061 | |
B1 - B3 [Member] | |||
Recorded investment | 856,204 | 579,091 | |
Caa1 - Caa3 [Member] | |||
Recorded investment | 59,046 | 50,475 | |
Moody's, Ca Rating [Member] | |||
Recorded investment | 1,813 | ||
Moodys Credit Rating [Member] | |||
Recorded investment | $ 1,172,049 | $ 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 5 - Loans - Loans Held for
Note 5 - Loans - Loans Held for Investment, Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reversal (provision) for loan losses | $ (5,124) | $ (4,363) |
Impaired Loans [Member] | ||
Balance at beginning of period | (389) | (937) |
Charge off | 1,198 | 950 |
Balance at end of period | (836) | (389) |
Impaired Loans [Member] | Specific Reserve [Member] | ||
Reversal (provision) for loan losses | (1,645) | (1,641) |
Impaired Loans [Member] | General Reserve [Member] | ||
Reversal (provision) for loan losses | ||
Non Impaired Loans [Member] | ||
Balance at beginning of period | (6,535) | (5,783) |
Charge off | 180 | |
Balance at end of period | (9,751) | (6,535) |
Non Impaired Loans [Member] | Specific Reserve [Member] | ||
Reversal (provision) for loan losses | 26 | |
Non Impaired Loans [Member] | General Reserve [Member] | ||
Reversal (provision) for loan losses | (1,470) | (958) |
Loans Held for Investment [Member] | Impaired Loans [Member] | ||
Balance at beginning of period | (2,279) | (823) |
Charge off | 2,483 | 1,376 |
Transfers to (from) loans collateralizing asset-backed securities | (1,239) | |
Balance at end of period | (218) | (2,279) |
Loans Held for Investment [Member] | Impaired Loans [Member] | Specific Reserve [Member] | ||
Reversal (provision) for loan losses | (422) | (1,593) |
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 period | (468) | |
Charge off | ||
Transfers to (from) loans collateralizing asset-backed securities | 1,746 | |
Balance at end of period | (181) | (468) |
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 | $ (1,459) | $ (468) |
Note 5 - Loans - Loans Held f_2
Note 5 - Loans - Loans Held for Investment, Schedule of Impaired Financing Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Impaired loans with an allowance recorded, recorded investment | $ 1,813 | $ 1,379 |
Impaired loans with an allowance recorded, unpaid principal balance | 1,951 | 1,448 |
Impaired loans, related allowance | 838 | 391 |
Impaired loans with an allowance recorded, average recorded investment | 1,817 | 1,411 |
Impaired loans with an allowance recorded, interest income recognized | 119 | 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 | 1,813 | 1,379 |
Impaired loans, unpaid principal balance | 1,951 | 1,448 |
Impaired loans, average recorded investment | 1,817 | 1,411 |
Impaired loans, interest income recognized | 119 | 32 |
Impaired Loans [Member] | Loans Held for Investment [Member] | ||
Impaired loans with an allowance recorded, recorded investment | 462 | 3,534 |
Impaired loans with an allowance recorded, unpaid principal balance | 484 | 3,603 |
Impaired loans, related allowance | 219 | 2,279 |
Impaired loans with an allowance recorded, average recorded investment | 462 | 3,566 |
Impaired loans with an allowance recorded, interest income recognized | 34 | 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 | 462 | 3,534 |
Impaired loans, unpaid principal balance | 484 | 3,603 |
Impaired loans, average recorded investment | 462 | 3,566 |
Impaired loans, interest income recognized | $ 34 | $ 32 |
Note 5 - Loans - Loans Held f_3
Note 5 - Loans - Loans Held for Investment, Credit Quality of Loans (Details) - Loans Held for Investment [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Recorded investment | $ 30,009 | $ 86,249 | |
Performing Financial Instruments [Member] | |||
Recorded investment | 29,547 | 83,161 | |
Nonperforming Financial Instruments [Member] | |||
Recorded investment | 462 | 3,088 | |
Two [Member] | |||
Recorded investment | [1] | 26,208 | 77,525 |
Three [Member] | |||
Recorded investment | [1] | 909 | 384 |
Four [Member] | |||
Recorded investment | [1] | 2,613 | |
Five [Member] | |||
Recorded investment | [1] | 462 | 1,379 |
Not Rated [Member] | |||
Recorded investment | [1] | 2,430 | 4,348 |
Internal Ratings [Member] | |||
Recorded investment | [1] | 30,009 | 86,249 |
Baa1 - Baa3 [Member] | |||
Recorded investment | |||
Ba1 - Ba3 [Member] | |||
Recorded investment | 7,459 | 12,174 | |
B1 - B3 [Member] | |||
Recorded investment | 18,342 | 64,170 | |
Caa1 - Caa3 [Member] | |||
Recorded investment | 419 | 5,310 | |
Ca [Member] | |||
Recorded investment | 463 | ||
Not Rated [Member] | |||
Recorded investment | 3,326 | 4,595 | |
Moodys Credit Rating [Member] | |||
Recorded investment | $ 30,009 | $ 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 6 - Fixed Assets (Details
Note 6 - Fixed Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Depreciation, Total | $ 1.1 | $ 1.2 |
Note 6 - Fixed Assets - Summary
Note 6 - Fixed Assets - Summary of Fixed Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Furniture and fixtures | $ 2,546 | $ 2,599 |
Computer and office equipment | 6,485 | 6,081 |
Leasehold improvements | 7,617 | 7,195 |
Software | 708 | 646 |
Less: accumulated depreciation | (15,005) | (14,199) |
Total fixed assets, net | $ 2,351 | $ 2,322 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) - USD ($) $ in Thousands | Oct. 11, 2018 | Jul. 31, 2018 | Jul. 26, 2018 | Aug. 03, 2016 | May 31, 2018 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Feb. 28, 2018 | Jan. 09, 2018 |
Senior Notes, Total | $ 83,497 | $ 83,497 | $ 93,103 | |||||||||
Gain (Loss) on Extinguishment of Debt, Total | (2,838) | (6,107) | ||||||||||
Notes Payable, Total | 829 | 829 | ||||||||||
Long-term Line of Credit, Total | $ 22,500 | $ 22,500 | 61,250 | |||||||||
Consolidated Entity [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.50% | 12.50% | ||||||||||
Loans Receivable, Fair Value Disclosure | $ 800 | $ 800 | ||||||||||
Notes Payable, Total | $ 800 | $ 800 | ||||||||||
BNP Paribas [Member] | ||||||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ (42) | |||||||||||
Securities Sold Under Agreements to Repurchase, Par Value | $ 4,500 | |||||||||||
Revolving Credit Facility [Member] | Facility to Finance Acquisition of Portfolio [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | $ 26,000 | 26,000 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||||||
Debt Instrument, Term | 3 years | |||||||||||
Revolving Credit Facility [Member] | CNB [Member] | JMP Securities [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | $ 20,000 | 20,000 | |||||||||
Long-term Line of Credit, Total | $ 0 | $ 0 | 0 | |||||||||
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 | $ 76,800 | |||||||||||
Debt Instrument, Term | 300 days | |||||||||||
Proceeds from Issuance of Debt | $ 407,800 | |||||||||||
Proceeds from Issuance of Secured Debt | 368,000 | |||||||||||
Proceeds from Issuance of Unsecured Debt | $ 39,800 | |||||||||||
Revolving Credit Facility [Member] | BNP Paribas [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.375% | 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% | |||||||||||
Senior Notes 2013 [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% | 8.00% | |||||||||
Senior Notes, Total | $ 36,000 | $ 36,000 | ||||||||||
Extinguishment of Debt, Amount | $ 10,000 | |||||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ (200) | |||||||||||
Senior Notes 2017 [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% | 7.25% | |||||||||
Senior Notes 2013 and 2014 [Member] | ||||||||||||
Debt Instrument, Default, Ownership Percentage | 25.00% | 25.00% |
Note 7 - Debt - Debt Issuance C
Note 7 - Debt - Debt Issuance Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt obligation | $ 86,000 | |
Less: Debt issuance costs | (2,428) | $ (2,810) |
Long-term Debt, Total | 1,112,342 | 738,248 |
Consolidation, Eliminations [Member] | ||
Long-term Debt, Total | (75) | (87) |
Senior Notes 2013 [Member] | ||
Debt obligation | 36,000 | 46,000 |
Senior Notes 2017 [Member] | ||
Debt obligation | 50,000 | 50,000 |
Senior Notes [Member] | ||
Debt obligation | 86,000 | 96,000 |
Less: Debt issuance costs | (2,428) | (2,810) |
Long-term Debt, Total | $ 83,497 | $ 93,103 |
Note 7 - Debt - Debt Issuance_2
Note 7 - Debt - Debt Issuance Costs (Details) (Parentheticals) | Dec. 31, 2018 | Dec. 31, 2017 |
Senior Notes 2013 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% |
Senior Notes 2017 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% |
Note 7 - Debt - Summary of Sche
Note 7 - Debt - Summary of Scheduled Principal Payments of Debt Obligations (Details) $ in Millions | Dec. 31, 2018USD ($) |
2019 | |
2020 | |
2021 | |
2022 | |
2023 | 36 |
Thereafter | 50 |
Total | $ 86 |
Note 7 - Debt - Notes Payable,
Note 7 - Debt - Notes Payable, Lines of Credit and Credit Facilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Long-term debt | $ 1,112,342 | $ 738,248 |
Line of Credit [Member] | ||
Long-term debt | 23,329 | 61,250 |
Notes Payable, Other Payables [Member] | ||
Long-term debt | 829 | |
BNP Paribas [Member] | Line of Credit [Member] | ||
Long-term debt | 61,250 | |
Facility to Finance Acquisition of Portfolio [Member] | Line of Credit [Member] | ||
Long-term debt | 22,500 | |
CNB [Member] | Line of Credit [Member] | ||
Long-term debt | ||
CNB [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | ||
Long-term debt |
Note 7 - Debt - Notes Payable_2
Note 7 - Debt - Notes Payable, Lines of Credit and Credit Facilities (Details) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
BNP Paribas [Member] | Revolving Credit Facility [Member] | ||
Credit facility, maximum borrowing capacity | $ 76,800 | |
Line of Credit [Member] | BNP Paribas [Member] | ||
Credit facility, maximum borrowing capacity | $ 340,000 | 340,000 |
Line of Credit [Member] | Facility to Finance Acquisition of Portfolio [Member] | ||
Credit facility, maximum borrowing capacity | 100,000 | |
Line of Credit [Member] | CNB [Member] | ||
Credit facility, maximum borrowing capacity | 25,000 | 25,000 |
Line of Credit [Member] | CNB [Member] | Revolving Credit Facility [Member] | ||
Credit facility, maximum borrowing capacity | $ 20,000 | $ 20,000 |
Note 8 - Asset-backed Securit_3
Note 8 - Asset-backed Securities Issued (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Long-term Debt, Total | $ 1,112,342 | $ 738,248 |
CLO III and CLO IV [Member] | Total Asset Backed Securities Issued [Member] | ||
Long-term Debt, Total | $ 1,161,500 | $ 765,600 |
Note 8 - Asset-backed Securit_4
Note 8 - Asset-backed Securities Issued - Asset-backed Securities Issued - CLO III, CLO IV, and CLO V (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Notes Originally Issued | $ 86,000 | |
Less: Debt issuance costs | (2,428) | $ (2,810) |
Total asset-backed securities issued | 1,112,342 | 738,248 |
Unsecured Subordinated Notes [Member] | ||
Notes Originally Issued | $ 7,221 | |
Interest Rate Spread to LIBOR | 6.90% | |
Weighted average remaining maturity (Year) | 11 years | |
CLO III, CLO IV, and CLOV [Member] | ||
Notes Originally Issued | $ 1,114,100 | 746,100 |
Less: Debt issuance costs | (8,979) | (7,852) |
Total asset-backed securities issued | 1,121,321 | |
CLO III, CLO IV, and CLOV [Member] | Class A Senior Secured [Member] | ||
Notes Originally Issued | $ 769,750 | $ 513,750 |
Weighted average remaining maturity (Year) | 10 years 14 days | 9 years 80 days |
CLO III, CLO IV, and CLOV [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, CLO IV, and CLOV [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, CLO IV, and CLOV [Member] | Class B Senior Secured [Member] | ||
Notes Originally Issued | $ 143,700 | $ 95,700 |
Weighted average remaining maturity (Year) | 10 years 14 days | 9 years 94 days |
CLO III, CLO IV, and CLOV [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, CLO IV, and CLOV [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, CLO IV, and CLOV [Member] | Class C Senior Secured [Member] | ||
Notes Originally Issued | $ 71,500 | $ 49,500 |
Weighted average remaining maturity (Year) | 9 years 361 days | 9 years 65 days |
CLO III, CLO IV, and CLOV [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, CLO IV, and CLOV [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, CLO IV, and CLOV [Member] | Class D Senior Secured [Member] | ||
Notes Originally Issued | $ 68,350 | $ 46,350 |
Weighted average remaining maturity (Year) | 10 years 3 days | 9 years 51 days |
CLO III, CLO IV, and CLOV [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, CLO IV, and CLOV [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, CLO IV, and CLOV [Member] | Class E Senior Secured [Member] | ||
Notes Originally Issued | $ 60,800 | $ 40,800 |
Weighted average remaining maturity (Year) | 10 years 10 days | 9 years 76 days |
CLO III, CLO IV, and CLOV [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, CLO IV, and CLOV [Member] | Class E Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||
Interest Rate Spread to LIBOR | 6.80% | 7.10% |
Note 8 - Asset-backed Securit_5
Note 8 - Asset-backed Securities Issued - Future Scheduled Payments With Respect to the Debt Obligations of CLOs (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
2019 | ||
2020 | ||
2021 | ||
2022 | ||
2023 | 36,000 | |
Thereafter | 50,000 | |
Long-term Debt, Total | 1,112,342 | $ 738,248 |
CLO III, CLO IV, and CLOV [Member] | ||
2019 | ||
2020 | ||
2021 | ||
2022 | ||
2023 | ||
Thereafter | 1,121,321 | |
Long-term Debt, Total | $ 1,121,321 |
Note 9 - Shareholders' Equity_2
Note 9 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 11, 2017 | Feb. 13, 2017 | |
Treasury Stock, Value, Acquired, Cost Method | $ 3,655 | $ 3,562 | ||
Share Repurchase Program [Member] | ||||
Stock Repurchase Program Number of Additional Shares Authorized to Be Repurchased | 1,000,000 | 1,000,000 | ||
Treasury Stock, Shares, Acquired | 629,759 | 658,547 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 5.14 | $ 5.41 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 3,200 | $ 3,600 |
Note 9 - Shareholders' Equity -
Note 9 - Shareholders' Equity - Dividends Declared (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)$ / shares | |
Dividends Declared 1 [Member] | |
Declaration Date | Jan. 18, 2018 |
Distribution Per Share (in dollars per share) | $ / shares | $ 0.03 |
Record Date | Jan. 31, 2018 |
Total Amount | $ | $ 652,310 |
Payment Date | Feb. 15, 2018 |
Dividends Declared 2 [Member] | |
Declaration Date | Jan. 18, 2018 |
Distribution Per Share (in dollars per share) | $ / shares | $ 0.03 |
Record Date | Feb. 28, 2018 |
Total Amount | $ | $ 649,622 |
Payment Date | Mar. 15, 2018 |
Dividends Declared 3 [Member] | |
Declaration Date | Jan. 18, 2018 |
Distribution Per Share (in dollars per share) | $ / shares | $ 0.03 |
Record Date | Mar. 29, 2018 |
Total Amount | $ | $ 646,434 |
Payment Date | Apr. 13, 2018 |
Dividends Declared 4 [Member] | |
Declaration Date | Apr. 19, 2018 |
Distribution Per Share (in dollars per share) | $ / shares | $ 0.03 |
Record Date | Apr. 30, 2018 |
Total Amount | $ | $ 646,939 |
Payment Date | May 15, 2018 |
Dividends Declared 5 [Member] | |
Declaration Date | Apr. 19, 2018 |
Distribution Per Share (in dollars per share) | $ / shares | $ 0.03 |
Record Date | May 31, 2018 |
Total Amount | $ | $ 645,717 |
Payment Date | Jun. 15, 2018 |
Dividends Declared 6 [Member] | |
Declaration Date | Apr. 19, 2018 |
Distribution Per Share (in dollars per share) | $ / shares | $ 0.03 |
Record Date | Jun. 29, 2018 |
Total Amount | $ | $ 644,802 |
Payment Date | Jul. 13, 2018 |
Dividends Declared 7 [Member] | |
Declaration Date | Jul. 18, 2018 |
Distribution Per Share (in dollars per share) | $ / shares | $ 0.03 |
Record Date | Jul. 31, 2018 |
Total Amount | $ | $ 643,653 |
Payment Date | Aug. 15, 2018 |
Dividends Declared 8 [Member] | |
Declaration Date | Jul. 18, 2018 |
Distribution Per Share (in dollars per share) | $ / shares | $ 0.03 |
Record Date | Aug. 31, 2018 |
Total Amount | $ | $ 642,886 |
Payment Date | Sep. 14, 2018 |
Dividends Declared 9 [Member] | |
Declaration Date | Jul. 18, 2018 |
Distribution Per Share (in dollars per share) | $ / shares | $ 0.03 |
Record Date | Sep. 28, 2018 |
Total Amount | $ | $ 640,859 |
Payment Date | Oct. 15, 2018 |
Dividends Declared 10 [Member] | |
Declaration Date | Oct. 18, 2018 |
Distribution Per Share (in dollars per share) | $ / shares | $ 0.03 |
Record Date | Oct. 31, 2018 |
Total Amount | $ | $ 639,611 |
Payment Date | Nov. 15, 2018 |
Dividends Declared 11 [Member] | |
Declaration Date | Oct. 18, 2018 |
Distribution Per Share (in dollars per share) | $ / shares | $ 0.03 |
Record Date | Nov. 30, 2018 |
Total Amount | $ | $ 637,673 |
Payment Date | Dec. 14, 2018 |
Dividends Declared 12 [Member] | |
Declaration Date | Oct. 18, 2018 |
Distribution Per Share (in dollars per share) | $ / shares | $ 0.03 |
Record Date | Dec. 31, 2018 |
Total Amount | $ | $ 639,964 |
Payment Date | Jan. 15, 2019 |
Note 10 - Share-based Compens_3
Note 10 - Share-based Compensation (Details Textual) - USD ($) | Mar. 15, 2018 | Feb. 06, 2018 | Mar. 16, 2017 | Feb. 07, 2017 | Feb. 11, 2015 | Feb. 04, 2015 | Feb. 28, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 195,000 | 0 | |||||||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 300,000 | $ 800,000 | |||||||||
Employee Stock Option [Member] | |||||||||||
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 | 20,000 | $ 0 | |||||||||
Allocated Share-based Compensation Expense, Total | 0 | 54,000 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 700,000 | ||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | 700,000 | ||||||||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 300,000 | $ 1,600,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 260,000 | 117,000 | 454,974 | 389,915 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1,700,000 | $ 3,900,000 | |||||||||
Allocated Share-based Compensation Expense, Total | $ 1,700,000 | $ 2,900,000 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 10 days | 1 year 47 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 | $ 5.89 | |||||||||
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 | 58,000 | |||||||||
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% | 50.00% | |||||||||
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | 50.00% | |||||||||
RSUs for Long Term Incentive Purposes [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 153,000 | ||||||||||
RSUs for Long Term Incentive Purposes [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||||||||
RSUs for Long Term Incentive Purposes [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||||||||
Stock Appreciation Rights (SARs) [Member] | |||||||||||
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 | 100,000 | 200,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,865,000 | ||||||||||
Allocated Share-based Compensation Expense, Total | $ 200,000 | $ 500,000 | |||||||||
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 | 2.73% | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 13.67% | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 20.00% | ||||||||||
Plan2007 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,000,000 |
Note 10 - Share-based Compens_4
Note 10 - Share-based Compensation - Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Balance, beginning of year, shares subject to option (in shares) | 2,515,000 | 2,710,000 | |
Balance, beginning of year, weighted average exercise price (in dollars per share) | $ 6.55 | $ 6.55 | |
Exercised, shares subject to option (in shares) | (195,000) | 0 | |
Exercised, weighted average exercise price (in dollars per share) | $ 6.24 | ||
Cancelled, shares subject to option (in shares) | (1,215,000) | ||
Cancelled, weighted average exercise price (in dollars per share) | $ 6.23 | ||
Balance, end of period, shares subject to option (in shares) | 1,300,000 | 2,515,000 | 2,710,000 |
Balance, end of period, weighted average exercise price (in dollars per share) | $ 6.85 | $ 6.55 | $ 6.55 |
Options exercisable at end of period, shares subject to option (in shares) | 1,300,000 | 2,515,000 | |
Options exercisable at end of period, weighted average exercise price (in dollars per share) | $ 6.85 | $ 6.55 |
Note 10 - Share-based Compens_5
Note 10 - Share-based Compensation - Stock Options Outstanding and Exercisable (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Lower exercise price range (in dollars per share) | $ 6.79 | $ 6.05 | |
Upper exercise price range (in dollars per share) | $ 7.33 | $ 7.33 | |
Number of options outstanding (in shares) | 1,300,000 | 2,515,000 | 2,710,000 |
Options outstanding weighted average remaining contractual life (Year) | 1 year | 1 year 189 days | |
Options outstanding weighted average exercise price (in dollars per share) | $ 6.85 | $ 6.55 | $ 6.55 |
Options outstanding aggregate intrinsic value | |||
Number of options vested and exercisable (in shares) | 1,300,000 | 2,515,000 | |
Options vested and exercisable weighted average remaining contractual life (Year) | 1 year | 1 year 189 days | |
Options vested and exercisable weighted average exercise price (in dollars per share) | $ 6.85 | $ 6.55 | |
Options vested and exercisable aggregate intrinsic value |
Note 10 - Share-based Compens_6
Note 10 - Share-based Compensation - Restricted Stock Units Activity (RSUs) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | Feb. 06, 2018 | Feb. 07, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Balance, restricted share units (in shares) | 277,193 | 646,558 | ||
Balance, weighted average grant date fair value (in dollars per share) | $ 5.60 | $ 5.14 | ||
Granted, restricted share units (in shares) | 260,000 | 117,000 | 454,974 | 389,915 |
Granted, weighted average grant date fair value (in dollars per share) | $ 5.01 | $ 5.89 | ||
Vested, restricted share units (in shares) | (302,691) | (728,209) | ||
Vested, weighted average grant date fair value (in dollars per share) | $ 5.62 | $ 5.40 | ||
Forfeited, restricted share units (in shares) | (131,837) | (31,071) | ||
Forfeited, weighted average grant date fair value (in dollars per share) | $ 5.33 | $ 4.25 | ||
Balance, restricted share units (in shares) | 297,639 | 277,193 | ||
Balance, weighted average grant date fair value (in dollars per share) | $ 4.79 | $ 5.60 |
Note 10 - Share-based Compens_7
Note 10 - Share-based Compensation - SARs Activity (Stock Appreciation Rights (SARs) (Details) - Stock Appreciation Rights (SARs) [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Balance, restricted share units (in shares) | 2,485,000 | 2,655,000 |
Balance, weighted average grant date fair value (in dollars per share) | $ 7.33 | $ 7.33 |
Forfeited (in shares) | (170,000) | |
Forfeited (in dollars per share) | $ 7.33 | |
Balance, restricted share units (in shares) | 2,485,000 | 2,485,000 |
Balance, weighted average grant date fair value (in dollars per share) | $ 7.33 | $ 7.33 |
Note 10 - Share-based Compens_8
Note 10 - Share-based Compensation - SARs Outstanding (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Options outstanding aggregate intrinsic value | |||
Stock Appreciation Rights (SARs) [Member] | |||
Number outstanding, options outstanding (in shares) | 2,485,000 | 2,485,000 | 2,655,000 |
Weighted average remaining contractual life, options outstanding (Year) | 1 year | 2 years | |
Weighted average exercise price, options outstanding (in dollars per share) | $ 7.33 | $ 7.33 | |
Options outstanding aggregate intrinsic value |
Note 11 - Net Income Per Comm_3
Note 11 - Net Income Per Common Share (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,515,000 | 2,561,820 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 179,357 | 54,145 |
Note 11 - Net Income Per Comm_4
Note 11 - Net Income Per Common Share - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income (loss) attributable to JMP Group LLC | $ (203) | $ 288 | $ (1,988) | $ (283) | $ (1,376) | $ (1,235) | $ (8,534) | $ (4,738) | $ (2,187) | $ (15,883) |
Basic (in shares) | 21,490 | 21,579 | ||||||||
Restricted share units (in shares) | ||||||||||
Diluted weighted average shares outstanding (in shares) | 21,490 | 21,579 | ||||||||
Basic (in dollars per share) | $ (0.01) | $ 0.01 | $ (0.09) | $ (0.01) | $ (0.07) | $ (0.06) | $ (0.39) | $ (0.22) | $ (0.10) | $ (0.74) |
Diluted (in dollars per share) | $ (0.01) | $ 0.01 | $ (0.09) | $ (0.01) | $ (0.07) | $ (0.06) | $ (0.39) | $ (0.22) | $ (0.10) | $ (0.74) |
Note 12 - Employee Benefits (De
Note 12 - Employee Benefits (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100.00% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1.6 | $ 1.6 |
Elective Deferrals Under 3 [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | |
Elective Deferrals Between 3 and 5 [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | |
Elective Deferrals Between 3 and 5 [Member] | Minimum [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | |
Elective Deferrals Between 3 and 5 [Member] | Maximum [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Operating Loss Carryforwards, Total | $ 500 | |
Deferred Tax Assets, California Enterprise Zone Credit | 304 | |
Deferred Tax Assets, Interest Expense Limitation | $ 1,169 |
Note 13 - Income Taxes - Income
Note 13 - Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Federal | $ 1,044 | $ 1,303 | ||||||||
State | 246 | 158 | ||||||||
Total current income tax expense | 1,290 | 1,461 | ||||||||
Federal | (233) | 539 | ||||||||
State | 110 | (256) | ||||||||
Total deferred income tax expense (benefit) | (123) | 283 | ||||||||
Total income tax expense | $ 1,313 | $ 527 | $ 4,895 | $ (5,568) | $ 1,913 | $ 1,113 | $ (198) | $ (1,084) | $ 1,167 | $ 1,744 |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Equity based compensation | $ 846 | $ 1,516 |
Interest expense limitation | 1,169 | |
Reserves and allowances | 1,556 | 994 |
California Enterprise Zone credit | 304 | |
Accrued compensation and related expenses | 1,592 | |
Deferred compensation | 847 | 740 |
Other | 1,012 | 910 |
Total deferred tax assets | 5,895 | 5,954 |
Investment in partnerships | (1,376) | (1,186) |
Repurchase of the Company's debt at market discount | (198) | |
Net unrealized gains on investments | (629) | (804) |
Total deferred tax liabilities | (2,005) | (2,188) |
Net deferred tax asset before valuation allowance | 3,890 | 3,766 |
Valuation allowance | ||
Net deferred tax assets | 3,890 | 3,766 |
Other States [Member] | ||
Federal and other state net operating loss | $ 161 | $ 202 |
Note 13 - Income Taxes - Inco_2
Note 13 - Income Taxes - Income Tax Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Tax at federal statutory tax rate | 21.00% | 34.00% |
State income tax, net of federal tax benefit | (684.88%) | 1.11% |
Non-CLO non-controlling interest | (97.55%) | (35.34%) |
PTP investment income | 338.13% | 0.00% |
Adjustment for prior year taxes | (487.11%) | 0.00% |
Change in corporate tax rate | 0.00% | (13.80%) |
Equity compensation shortfall | (904.88%) | 0.00% |
Effective tax rate | (1962.48%) | (15.00%) |
Permanent Items HGC And HGCII [Member] | ||
Adjustment for permanent items (Other) | (147.19%) | (0.99%) |
Note 14 - Commitments and Con_3
Note 14 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Leases, Rent Expense, Total | $ 4.8 | $ 4.4 |
Receivables from Clearing Organizations | 0.3 | 0.3 |
Contractual Obligation, Total | 27 | 49.2 |
Corporate Credit [Member] | ||
Unfunded Commitments | $ 28.7 | $ 49.1 |
Note 14 - Commitments and Con_4
Note 14 - Commitments and Contingencies - Minimum Future Commitments of Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2019 | $ 5,045 |
2020 | 5,753 |
2021 | 5,828 |
2022 | 5,788 |
2023 | 5,786 |
Thereafter | 6,914 |
Total lease commitments | $ 35,114 |
Note 15 - Regulatory Requirem_2
Note 15 - Regulatory Requirements (Details Textual) $ in Millions | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Ratio of Indebtedness to Net Capital | 0.57 | 0.58 |
Net Capital, Total | $ 29.8 | $ 37.3 |
Excess Net Capital at 1500 Percent, Total | 28.7 | 35.9 |
Minimum Net Capital Required, Total | $ 1.1 | $ 1.4 |
Maximum [Member] | ||
Ratio of Indebtedness to Net Capital | 15 |
Note 16 - Related Party Trans_2
Note 16 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | Jan. 09, 2018 | Oct. 31, 2017 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 19, 2017 |
Financing Receivable, Net, Total | $ 2,400 | $ 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 | 825 | $ 823 | $ 779 | $ (1,464) | 800 | $ 780 | $ 335 | $ 597 | 964 | 2,512 | |||
Total Investment [Member] | |||||||||||||
Investments in Related Parties | 18,600 | 25,600 | 18,600 | 25,600 | |||||||||
General Partner Investments In Hedge And Other Private Funds [Member] | Private Funds [Member] | |||||||||||||
Investments in Related Parties | 8,600 | 16,200 | 8,600 | 16,200 | |||||||||
Harvest Capital Credit Corporation [Member] | |||||||||||||
Investments in Related Parties | 10,000 | 9,400 | 10,000 | 9,400 | |||||||||
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 | 57 | ||||||||||||
Affiliated Entity [Member] | Management Service, Base [Member] | |||||||||||||
Revenue from Related Parties | 12,700 | 15,500 | |||||||||||
Affiliated Entity [Member] | Management Service, Incentive [Member] | |||||||||||||
Revenue from Related Parties | 6,400 | 2,500 | |||||||||||
Registered Investment Adviser [Member] | |||||||||||||
Financing Receivable, Net, Total | $ 3,400 | ||||||||||||
Loans Receivable, Interest Rate | 15.00% | ||||||||||||
Loans Receivable, Fair Value Disclosure | $ 2,300 | $ 2,900 | $ 2,300 | $ 2,900 | |||||||||
Consolidated Entity [Member] | |||||||||||||
Loans Receivable, Fair Value Disclosure | $ 800 | $ 800 |
Note 17 - Guarantees (Details T
Note 17 - Guarantees (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Indemnification Agreement [Member] | ||
Guarantor Obligations, Current Carrying Value | $ 0 | $ 0 |
Note 19 - Financial Instrumen_2
Note 19 - Financial Instruments With Off-balance Sheet Risk, Credit Risk or Market Risk (Details Textual) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Letters of Credit Outstanding, Amount | $ 1.4 | $ 0.2 |
Note 20 - Business Segments (De
Note 20 - Business Segments (Details Textual) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2018 | |
Number of Reportable Segments | 4 | |
Percent Of Deferred Compensation Recognized | 100.00% |
Note 20 - Business Segments - S
Note 20 - Business Segments - Segment Operating Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Non-interest revenues | $ 127,444 | $ 113,399 | ||||||||||
Total net revenues after provision for loan losses | 136,424 | 110,386 | ||||||||||
Non-interest expenses | $ (29,763) | $ (31,613) | $ (40,578) | $ (34,526) | $ (29,496) | $ (31,371) | $ (31,541) | $ (29,605) | 136,480 | 122,013 | ||
Segment operating pre-tax net income (loss) | (1,020) | (14,139) | ||||||||||
Assets | 1,391,242 | 1,076,626 | 1,391,242 | 1,076,626 | ||||||||
Net interest income | 16,942 | 7,457 | ||||||||||
Gain (loss) on repurchase, reissuance or early retirement of debt | (2,838) | (6,107) | ||||||||||
Reversal (provision) for loan losses | (5,124) | (4,363) | ||||||||||
Non-controlling interest expense | 964 | 2,512 | ||||||||||
Intersegment Eliminations [Member] | ||||||||||||
Non-interest revenues | (4,674) | (3,436) | ||||||||||
Total net revenues after provision for loan losses | (4,674) | (3,436) | ||||||||||
Non-interest expenses | [1] | (4,676) | (3,429) | |||||||||
Segment operating pre-tax net income (loss) | 2 | (7) | ||||||||||
Assets | (245,515) | (304,673) | (245,515) | (304,673) | ||||||||
Segment Reconciling Items [Member] | ||||||||||||
Non-interest revenues | [2] | (2,215) | (8,978) | |||||||||
Total net revenues after provision for loan losses | (4,236) | (13,124) | ||||||||||
Non-interest expenses | 2,749 | 3,666 | ||||||||||
Segment operating pre-tax net income (loss) | (7,949) | (19,302) | [1] | |||||||||
Assets | ||||||||||||
Net interest income | [3] | 4,261 | 3,991 | |||||||||
Gain (loss) on repurchase, reissuance or early retirement of debt | (2,796) | (6,317) | ||||||||||
Reversal (provision) for loan losses | (3,486) | (1,820) | ||||||||||
Non-controlling interest expense | 964 | 2,512 | ||||||||||
Broker Dealer [Member] | ||||||||||||
Non-interest revenues | 108,841 | 98,469 | ||||||||||
Total net revenues after provision for loan losses | 108,841 | 98,469 | ||||||||||
Non-interest expenses | 97,910 | 87,572 | ||||||||||
Segment operating pre-tax net income (loss) | 10,931 | 10,897 | ||||||||||
Assets | 67,594 | 82,790 | 67,594 | 82,790 | ||||||||
Asset Management [Member] | ||||||||||||
Non-interest revenues | 18,471 | 19,888 | ||||||||||
Total net revenues after provision for loan losses | 18,471 | 19,888 | ||||||||||
Non-interest expenses | 19,422 | 19,699 | ||||||||||
Segment operating pre-tax net income (loss) | (951) | 189 | ||||||||||
Assets | 23,897 | 29,729 | 23,897 | 29,729 | ||||||||
Investment Income Segment [Member] | ||||||||||||
Non-interest revenues | 7,021 | 7,456 | ||||||||||
Total net revenues after provision for loan losses | 18,022 | 8,589 | ||||||||||
Non-interest expenses | 11,006 | 5,102 | ||||||||||
Segment operating pre-tax net income (loss) | 7,016 | 3,487 | ||||||||||
Assets | 1,294,864 | 967,751 | 1,294,864 | 967,751 | ||||||||
Net interest income | 12,681 | 3,466 | ||||||||||
Gain (loss) on repurchase, reissuance or early retirement of debt | (42) | 210 | ||||||||||
Reversal (provision) for loan losses | (1,638) | (2,543) | ||||||||||
Corporate Segment [Member] | ||||||||||||
Non-interest expenses | 10,069 | 9,403 | ||||||||||
Segment operating pre-tax net income (loss) | (10,069) | (9,403) | ||||||||||
Assets | $ 250,402 | $ 301,029 | $ 250,402 | $ 301,029 | ||||||||
[1] | Non-interest expense adjustments relate to reversals of share-based and deferred compensation and the amortization expense related to an intangible asset. | |||||||||||
[2] | Non-interest revenue adjustments are comprised of mark-to-market gains/losses on strategic equity investments and warrants, deferred compensation invested in funds, and unrealized gains or losses on commercial real estate investments, adjusted for non-cash expenditures, included depreciation and amortization. | |||||||||||
[3] | The net interest income adjustment is comprised of costs related to refinancing and early retirement of debt. |
Note 20 - Business Segments - R
Note 20 - Business Segments - Reconciling Operating Pre-tax Net Income to Consolidated Net Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Net income (loss) attributable to JMP Group LLC | $ (203) | $ 288 | $ (1,988) | $ (283) | $ (1,376) | $ (1,235) | $ (8,534) | $ (4,738) | $ (2,187) | $ (15,883) | |
Addback of segment income tax expense | $ 1,313 | $ 527 | $ 4,895 | $ (5,568) | $ 1,913 | $ 1,113 | $ (198) | $ (1,084) | 1,167 | 1,744 | |
Pre-tax net income | (1,020) | (14,139) | |||||||||
Pre-tax net income | 1,020 | 14,139 | |||||||||
Operating Segments [Member] | |||||||||||
Net income (loss) attributable to JMP Group LLC | 6,018 | 4,358 | |||||||||
Addback of segment income tax expense | 911 | 805 | |||||||||
Pre-tax net income | 6,929 | 5,163 | |||||||||
Pre-tax net income | (6,929) | (5,163) | |||||||||
Segment Reconciling Items [Member] | |||||||||||
Pre-tax net income | (7,949) | (19,302) | [1] | ||||||||
Share-based awards and deferred compensation | 167 | 1,077 | |||||||||
General loan loss provision – CLOs, CLO warehouse | 2,878 | 1,377 | |||||||||
Early debt retirement/reissuance | 1,488 | 6,499 | |||||||||
Restructuring costs – CLOs | 54 | 315 | |||||||||
Amortization of intangible asset – CLO III | 276 | 276 | |||||||||
Unrealized loss – real estate-related depreciation and amortization | 2,233 | 7,645 | |||||||||
Unrealized mark-to-market loss – strategic equity investments | 853 | 2,113 | |||||||||
Pre-tax net income | $ 7,949 | $ 19,302 | [1] | ||||||||
[1] | Non-interest expense adjustments relate to reversals of share-based and deferred compensation and the amortization expense related to an intangible asset. |
Note 21 - Summarized Financia_3
Note 21 - Summarized Financial Information for Equity Method Investments - Equity Method Investments (Details) - Real Estate Funds [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Real estate properties, net | $ 1,017,203 | $ 1,039,116 |
Total assets | 1,176,148 | 1,213,077 |
Mortgage and other loan payables, net | 1,275,985 | 1,033,122 |
Redeemable preferred equity, net | 109,269 | |
Total liabilities | 1,312,062 | 1,199,878 |
Total (deficit) equity | (135,914) | 13,199 |
Total liabilities and (deficit) equity | 1,176,148 | 1,213,077 |
Total revenues | 189,742 | 188,092 |
Net loss | $ (109,217) | $ (71,730) |
Note 22 - Nonconsolidated Var_3
Note 22 - Nonconsolidated Variable Interest Entities - VIE Equity Investments and Receivables (Details) - Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investments | $ 6,016 | $ 8,226 |
Receivables | 35 | 262 |
Total | $ 6,051 | $ 8,488 |
Note 23 - Consolidating Finan_3
Note 23 - Consolidating Financial Statements - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Asset | |||
Cash and cash equivalents | $ 70,927 | $ 85,594 | |
Restricted cash | 61,881 | 51,727 | |
Investment banking fees receivable, net of allowance for doubtful accounts | 6,647 | 9,567 | |
Marketable securities owned, at fair value | 18,874 | 20,825 | |
Other investments | 16,124 | 27,984 | |
Loans held for investment, net of allowance for loan losses | 29,608 | 83,948 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 1,161,463 | 765,583 | |
Interest receivable | 3,004 | 2,259 | |
Fixed assets, net | 2,351 | 2,322 | |
Other assets | 20,363 | 26,817 | |
Investment in subsidiaries | |||
Total assets | 1,391,242 | 1,076,626 | |
Liabilities and Equity | |||
Marketable securities sold, but not yet purchased, at fair value | 4,626 | 7,919 | |
Accrued compensation | 41,609 | 43,131 | |
Asset-backed securities issued, net of debt issuance costs | 1,112,342 | 738,248 | |
Interest payable | 11,210 | 6,512 | |
Note payable | 829 | ||
CLO warehouse credit facilities | 22,500 | 61,250 | |
Bond payable, net of debt issuance costs | 83,497 | 93,103 | |
Other liabilities | 17,423 | 16,284 | |
Total liabilities | 1,294,036 | 966,447 | |
Total shareholders' (deficit) equity | 83,707 | 96,335 | |
Nonredeemable Non-controlling Interest | 13,499 | 13,844 | |
Total equity | 97,206 | 110,179 | $ 135,294 |
Total liabilities and equity | 1,391,242 | 1,076,626 | |
Reportable Legal Entities [Member] | Parent Company [Member] | |||
Asset | |||
Cash and cash equivalents | 4,863 | 13,632 | |
Restricted cash | |||
Investment banking fees receivable, net of allowance for doubtful accounts | |||
Marketable securities owned, at fair value | 10,027 | 9,464 | |
Other investments | 10,922 | 11,543 | |
Loans held for investment, net of allowance for loan losses | 1,139 | 4,233 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | |||
Interest receivable | 137 | 165 | |
Fixed assets, net | |||
Other assets | (18,812) | (13,390) | |
Investment in subsidiaries | 317,113 | 354,219 | |
Total assets | 325,389 | 379,866 | |
Liabilities and Equity | |||
Marketable securities sold, but not yet purchased, at fair value | |||
Accrued compensation | |||
Asset-backed securities issued, net of debt issuance costs | |||
Interest payable | |||
Note payable | 127,603 | 137,603 | |
CLO warehouse credit facilities | |||
Bond payable, net of debt issuance costs | |||
Other liabilities | 2,700 | 1,193 | |
Total liabilities | 130,303 | 138,796 | |
Total shareholders' (deficit) equity | 181,497 | 226,401 | |
Nonredeemable Non-controlling Interest | 13,589 | 14,669 | |
Total equity | 195,086 | 241,070 | |
Total liabilities and equity | 325,389 | 379,866 | |
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||
Asset | |||
Cash and cash equivalents | 8,755 | 4,819 | |
Restricted cash | 1,221 | 1,471 | |
Investment banking fees receivable, net of allowance for doubtful accounts | |||
Marketable securities owned, at fair value | |||
Other investments | 1,785 | 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 | 121,932 | 132,931 | |
Investment in subsidiaries | 77,427 | 70,775 | |
Total assets | 211,121 | 213,101 | |
Liabilities and Equity | |||
Marketable securities sold, but not yet purchased, at fair value | |||
Accrued compensation | 150 | 150 | |
Asset-backed securities issued, net of debt issuance costs | |||
Interest payable | 1,071 | 1,109 | |
Note payable | |||
CLO warehouse credit facilities | |||
Bond payable, net of debt issuance costs | 83,572 | 93,198 | |
Other liabilities | 7,603 | 5,710 | |
Total liabilities | 92,396 | 100,167 | |
Total shareholders' (deficit) equity | 118,725 | 112,934 | |
Nonredeemable Non-controlling Interest | |||
Total equity | 118,725 | 112,934 | |
Total liabilities and equity | 211,121 | 213,101 | |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||
Asset | |||
Cash and cash equivalents | 57,309 | 67,143 | |
Restricted cash | 60,660 | 50,256 | |
Investment banking fees receivable, net of allowance for doubtful accounts | 6,647 | 9,567 | |
Marketable securities owned, at fair value | 8,921 | 11,456 | |
Other investments | 13,262 | 13,340 | |
Loans held for investment, net of allowance for loan losses | 28,469 | 79,715 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 1,161,463 | 765,583 | |
Interest receivable | 3,345 | 2,090 | |
Fixed assets, net | 2,351 | 2,322 | |
Other assets | 63,386 | 64,490 | |
Investment in subsidiaries | |||
Total assets | 1,405,813 | 1,065,962 | |
Liabilities and Equity | |||
Marketable securities sold, but not yet purchased, at fair value | 4,626 | 7,919 | |
Accrued compensation | 41,459 | 42,981 | |
Asset-backed securities issued, net of debt issuance costs | 1,122,187 | 738,248 | |
Interest payable | 10,614 | 5,403 | |
Note payable | 17,763 | 17,762 | |
CLO warehouse credit facilities | 22,500 | 61,250 | |
Bond payable, net of debt issuance costs | |||
Other liabilities | 8,620 | 11,123 | |
Total liabilities | 1,227,769 | 884,686 | |
Total shareholders' (deficit) equity | 178,346 | 182,313 | |
Nonredeemable Non-controlling Interest | (302) | (1,037) | |
Total equity | 178,044 | 181,276 | |
Total liabilities and equity | 1,405,813 | 1,065,962 | |
Consolidation, Eliminations [Member] | |||
Asset | |||
Cash and cash equivalents | |||
Restricted cash | |||
Investment banking fees receivable, net of allowance for doubtful accounts | |||
Marketable securities owned, at fair value | (74) | (95) | |
Other investments | (9,845) | ||
Loans held for investment, net of allowance for loan losses | |||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | |||
Interest receivable | (479) | ||
Fixed assets, net | |||
Other assets | (146,143) | (157,214) | |
Investment in subsidiaries | (394,540) | (424,994) | |
Total assets | (551,081) | (582,303) | |
Liabilities and Equity | |||
Marketable securities sold, but not yet purchased, at fair value | |||
Accrued compensation | |||
Asset-backed securities issued, net of debt issuance costs | (9,845) | ||
Interest payable | (475) | ||
Note payable | (144,537) | (155,365) | |
CLO warehouse credit facilities | |||
Bond payable, net of debt issuance costs | (75) | (95) | |
Other liabilities | (1,500) | (1,742) | |
Total liabilities | (156,432) | (157,202) | |
Total shareholders' (deficit) equity | (394,861) | (425,313) | |
Nonredeemable Non-controlling Interest | 212 | 212 | |
Total equity | (394,649) | (425,101) | |
Total liabilities and equity | $ (551,081) | $ (582,303) |
Note 23 - Consolidating Finan_4
Note 23 - Consolidating Financial Statements - Condensed Consolidating Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | ||||||||||
Investment banking | $ 88,107 | $ 77,322 | ||||||||
Brokerage | 20,710 | 21,129 | ||||||||
Asset management fees | 19,148 | 18,049 | ||||||||
Principal transactions | (2,287) | (6,437) | ||||||||
Gain (loss) on sale, payoff and mark-to-market of loans | (532) | 797 | ||||||||
Net dividend income | 1,281 | 1,188 | ||||||||
Other income | 1,017 | 1,351 | ||||||||
Equity earnings of subsidiaries | ||||||||||
Non-interest revenues | 127,444 | 113,399 | ||||||||
Interest income | 66,494 | 41,159 | ||||||||
Interest expense | (49,552) | (33,702) | ||||||||
Net interest income | 16,942 | 7,457 | ||||||||
Gain (loss) on repurchase, reissuance or early retirement of debt | (2,838) | (6,107) | ||||||||
Reversal (provision) for loan losses | (5,124) | (4,363) | ||||||||
Total net revenues after provision for loan losses | 136,424 | 110,386 | ||||||||
Reversal (provision) for loan losses | (5,124) | (4,363) | ||||||||
Non-interest expenses | ||||||||||
Compensation and benefits | 97,359 | 90,601 | ||||||||
Administration | 8,904 | 7,464 | ||||||||
Brokerage, clearing and exchange fees | 3,097 | 3,209 | ||||||||
Travel and business development | 4,830 | 4,034 | ||||||||
Managed deal expense | 4,849 | |||||||||
Communications and technology | 4,107 | 4,308 | ||||||||
Occupancy | 4,770 | 4,418 | ||||||||
Professional fees | 5,446 | 4,407 | ||||||||
Depreciation | 1,124 | 1,162 | ||||||||
Other | $ 8,474 | $ 8,942 | $ 11,440 | $ 10,265 | $ 7,908 | $ 6,808 | $ 8,889 | $ 7,807 | 1,994 | 2,410 |
Total non-interest expenses | 136,480 | 122,013 | ||||||||
Net income (loss) before income tax expense | 1,935 | 1,638 | 3,686 | (7,315) | 1,337 | 658 | (8,397) | (5,225) | (56) | (11,627) |
Income tax expense (benefit) | 1,313 | 527 | 4,895 | (5,568) | 1,913 | 1,113 | (198) | (1,084) | 1,167 | 1,744 |
Net income (loss) | 622 | 1,111 | (1,209) | (1,747) | (576) | (455) | (8,199) | (4,141) | (1,223) | (13,371) |
Net Income (Loss) Attributable to Noncontrolling Interest, Total | 825 | 823 | 779 | (1,464) | 800 | 780 | 335 | 597 | 964 | 2,512 |
Net income (loss) attributable to JMP Group LLC | $ (203) | $ 288 | $ (1,988) | $ (283) | $ (1,376) | $ (1,235) | $ (8,534) | $ (4,738) | (2,187) | (15,883) |
Reportable Legal Entities [Member] | Parent Company [Member] | ||||||||||
Revenues | ||||||||||
Investment banking | ||||||||||
Brokerage | ||||||||||
Asset management fees | ||||||||||
Principal transactions | (2,707) | (710) | ||||||||
Gain (loss) on sale, payoff and mark-to-market of loans | (771) | |||||||||
Net dividend income | 1,123 | 1,116 | ||||||||
Other income | ||||||||||
Equity earnings of subsidiaries | 19,309 | (6,305) | ||||||||
Non-interest revenues | 16,954 | (5,899) | ||||||||
Interest income | 2,746 | 2,286 | ||||||||
Interest expense | (4,438) | (4,555) | ||||||||
Net interest income | (1,692) | (2,269) | ||||||||
Gain (loss) on repurchase, reissuance or early retirement of debt | (42) | 210 | ||||||||
Reversal (provision) for loan losses | (204) | |||||||||
Total net revenues after provision for loan losses | 15,016 | (7,958) | ||||||||
Reversal (provision) for loan losses | (204) | |||||||||
Non-interest expenses | ||||||||||
Compensation and benefits | 2,893 | 1,807 | ||||||||
Administration | 620 | 687 | ||||||||
Brokerage, clearing and exchange fees | ||||||||||
Travel and business development | 75 | 107 | ||||||||
Managed deal expense | ||||||||||
Communications and technology | 3 | 2 | ||||||||
Occupancy | ||||||||||
Professional fees | 2,437 | 2,249 | ||||||||
Depreciation | ||||||||||
Other | 277 | 420 | ||||||||
Total non-interest expenses | 6,305 | 5,272 | ||||||||
Net income (loss) before income tax expense | 8,711 | (13,230) | ||||||||
Income tax expense (benefit) | ||||||||||
Net income (loss) | 8,711 | (13,230) | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | 1,224 | 2,318 | ||||||||
Net income (loss) attributable to JMP Group LLC | 7,487 | (15,548) | ||||||||
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||||||||||
Revenues | ||||||||||
Investment banking | ||||||||||
Brokerage | ||||||||||
Asset management fees | ||||||||||
Principal transactions | (558) | (440) | ||||||||
Gain (loss) on sale, payoff and mark-to-market of loans | ||||||||||
Net dividend income | 39 | 4 | ||||||||
Other income | ||||||||||
Equity earnings of subsidiaries | 5,528 | 6,386 | ||||||||
Non-interest revenues | 5,009 | 5,950 | ||||||||
Interest income | 4,426 | 4,561 | ||||||||
Interest expense | (8,805) | (9,464) | ||||||||
Net interest income | (4,379) | (4,903) | ||||||||
Gain (loss) on repurchase, reissuance or early retirement of debt | (170) | (775) | ||||||||
Reversal (provision) for loan losses | ||||||||||
Total net revenues after provision for loan losses | 460 | 272 | ||||||||
Reversal (provision) for loan losses | ||||||||||
Non-interest expenses | ||||||||||
Compensation and benefits | 4,034 | 4,096 | ||||||||
Administration | 464 | 460 | ||||||||
Brokerage, clearing and exchange fees | ||||||||||
Travel and business development | 39 | |||||||||
Managed deal expense | ||||||||||
Communications and technology | 6 | 9 | ||||||||
Occupancy | ||||||||||
Professional fees | 354 | 329 | ||||||||
Depreciation | ||||||||||
Other | 76 | |||||||||
Total non-interest expenses | 4,897 | 4,970 | ||||||||
Net income (loss) before income tax expense | (4,437) | (4,698) | ||||||||
Income tax expense (benefit) | (2,529) | (3,247) | ||||||||
Net income (loss) | (1,908) | (1,451) | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | ||||||||||
Net income (loss) attributable to JMP Group LLC | (1,908) | (1,451) | ||||||||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||||||||
Revenues | ||||||||||
Investment banking | 88,107 | 77,322 | ||||||||
Brokerage | 20,710 | 21,129 | ||||||||
Asset management fees | 19,449 | 18,212 | ||||||||
Principal transactions | 978 | (5,287) | ||||||||
Gain (loss) on sale, payoff and mark-to-market of loans | 239 | 797 | ||||||||
Net dividend income | 119 | 68 | ||||||||
Other income | 1,017 | 1,351 | ||||||||
Equity earnings of subsidiaries | ||||||||||
Non-interest revenues | 130,619 | 113,592 | ||||||||
Interest income | 68,470 | 42,418 | ||||||||
Interest expense | (45,452) | (27,789) | ||||||||
Net interest income | 23,018 | 14,629 | ||||||||
Gain (loss) on repurchase, reissuance or early retirement of debt | (2,626) | (5,542) | ||||||||
Reversal (provision) for loan losses | (4,920) | (4,363) | ||||||||
Total net revenues after provision for loan losses | 146,091 | 118,316 | ||||||||
Reversal (provision) for loan losses | (4,920) | (4,363) | ||||||||
Non-interest expenses | ||||||||||
Compensation and benefits | 90,432 | 84,698 | ||||||||
Administration | 8,121 | 6,480 | ||||||||
Brokerage, clearing and exchange fees | 3,097 | 3,209 | ||||||||
Travel and business development | 4,716 | 3,927 | ||||||||
Managed deal expense | 4,849 | |||||||||
Communications and technology | 4,098 | 4,297 | ||||||||
Occupancy | 4,770 | 4,418 | ||||||||
Professional fees | 2,655 | 1,829 | ||||||||
Depreciation | 1,124 | 1,162 | ||||||||
Other | 1,717 | 1,914 | ||||||||
Total non-interest expenses | 125,579 | 111,934 | ||||||||
Net income (loss) before income tax expense | 20,512 | 6,382 | ||||||||
Income tax expense (benefit) | 3,696 | 4,991 | ||||||||
Net income (loss) | 16,816 | 1,391 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | (260) | 194 | ||||||||
Net income (loss) attributable to JMP Group LLC | 17,076 | 1,197 | ||||||||
Consolidation, Eliminations [Member] | ||||||||||
Revenues | ||||||||||
Investment banking | ||||||||||
Brokerage | ||||||||||
Asset management fees | (301) | (163) | ||||||||
Principal transactions | ||||||||||
Gain (loss) on sale, payoff and mark-to-market of loans | ||||||||||
Net dividend income | ||||||||||
Other income | ||||||||||
Equity earnings of subsidiaries | (24,837) | (81) | ||||||||
Non-interest revenues | (25,138) | (244) | ||||||||
Interest income | (9,148) | (8,106) | ||||||||
Interest expense | 9,143 | 8,106 | ||||||||
Net interest income | (5) | |||||||||
Gain (loss) on repurchase, reissuance or early retirement of debt | ||||||||||
Reversal (provision) for loan losses | ||||||||||
Total net revenues after provision for loan losses | (25,143) | (244) | ||||||||
Reversal (provision) for loan losses | ||||||||||
Non-interest expenses | ||||||||||
Compensation and benefits | ||||||||||
Administration | (301) | (163) | ||||||||
Brokerage, clearing and exchange fees | ||||||||||
Travel and business development | ||||||||||
Managed deal expense | ||||||||||
Communications and technology | ||||||||||
Occupancy | ||||||||||
Professional fees | ||||||||||
Depreciation | ||||||||||
Other | ||||||||||
Total non-interest expenses | (301) | (163) | ||||||||
Net income (loss) before income tax expense | (24,842) | (81) | ||||||||
Income tax expense (benefit) | ||||||||||
Net income (loss) | (24,842) | (81) | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | ||||||||||
Net income (loss) attributable to JMP Group LLC | $ (24,842) | $ (81) |
Note 23 - Consolidating Finan_5
Note 23 - Consolidating Financial Statements - Condensed Consolidating Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | $ 22,647 | $ 3,237 |
Cash flows from investing activities: | ||
Purchases of fixed assets | (1,153) | (341) |
Purchases of other investments | (1,921) | (6,362) |
Sales or distributions from other investments | 14,042 | 14,429 |
Funding of loans collateralizing asset-backed securities issued | (434,820) | (507,557) |
Funding of loans held for investment | (339,874) | (81,972) |
Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued | 399,161 | 389,575 |
Sale, payoff and principal receipts on loans held for investment | 29,516 | 2,701 |
Investment in subsidiary | ||
Net cash provided by (used in) investing activities | (335,049) | (130,514) |
Sale, payoff and principal receipts of loans held for sale | 32,983 | |
Sale of participating interest in loans held for investment | 1,030 | |
Net changes in cash collateral posted for derivative transactions | 25,000 | |
Cash flows from financing activities: | ||
Redemption/repurchase of bonds payable | (9,980) | (47,914) |
Proceeds from issuance of repurchase agreement | 3,878 | |
Proceeds from drawdowns on CLO warehouse facilities | 286,250 | 61,250 |
Repayments on CLO V warehouse facility | (325,000) | |
Proceeds from sale of note payable to affiliate | 829 | |
Payment of debt issuance costs | (1,897) | (1,964) |
Repayment of asset-backed securities issued | (332,379) | (503,617) |
Repayment of notes payable | ||
Repayment of repurchase agreement | (3,878) | |
Proceeds of issuance from asset-backed securities issued | 699,107 | 408,394 |
Reissuance of asset-back securities | 4,453 | |
Distributions and distribution equivalents paid on common shares and RSUs | (7,874) | (7,770) |
Capital contributions of nonredeemable non-controlling interest holders | 449 | 92 |
Purchase of common shares for treasury | (3,250) | (2,084) |
Purchase of subsidiary shares from non-controlling interest holders | ||
Distributions to non-controlling interest shareholders | (2,414) | (4,677) |
Employee taxes paid on shares withheld for tax-withholding purposes | (405) | (1,478) |
Capital contributions of parent | ||
Net cash provided by (used in) financing activities | 307,889 | (48,550) |
Net increase (decrease) in cash and cash equivalents | (4,513) | (175,827) |
Cash, cash equivalents and restricted cash, beginning of period | 137,321 | 313,148 |
Cash, cash equivalents and restricted cash, end of period | 132,808 | 137,321 |
Proceeds from bond issuance | 50,000 | |
Proceeds from drawdowns of CLO V warehouse facility | 61,250 | |
Proceeds from exercises of share options | 1,218 | |
Non-Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 34,578 | |
Cash flows from investing activities: | ||
Purchases of fixed assets | (1,153) | |
Purchases of other investments | (47) | |
Sales or distributions from other investments | 3,870 | |
Funding of loans collateralizing asset-backed securities issued | (434,820) | |
Funding of loans held for investment | (339,196) | |
Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued | 399,161 | |
Sale, payoff and principal receipts on loans held for investment | 26,635 | |
Investment in subsidiary | ||
Net cash provided by (used in) investing activities | (345,550) | |
Cash flows from financing activities: | ||
Redemption/repurchase of bonds payable | ||
Proceeds from issuance of repurchase agreement | ||
Proceeds from drawdowns on CLO warehouse facilities | 286,250 | |
Repayments on CLO V warehouse facility | (325,000) | |
Proceeds from sale of note payable to affiliate | 829 | |
Payment of debt issuance costs | (1,715) | |
Repayment of asset-backed securities issued | (327,926) | |
Repayment of notes payable | ||
Repayment of repurchase agreement | ||
Proceeds of issuance from asset-backed securities issued | 699,107 | |
Reissuance of asset-back securities | 42 | |
Distributions and distribution equivalents paid on common shares and RSUs | ||
Capital contributions of nonredeemable non-controlling interest holders | 449 | |
Purchase of common shares for treasury | ||
Purchase of subsidiary shares from non-controlling interest holders | 656 | |
Distributions to non-controlling interest shareholders | (110) | |
Employee taxes paid on shares withheld for tax-withholding purposes | ||
Capital contributions of parent | (21,040) | |
Net cash provided by (used in) financing activities | 311,542 | |
Net increase (decrease) in cash and cash equivalents | 570 | |
Cash, cash equivalents and restricted cash, beginning of period | 117,399 | |
Cash, cash equivalents and restricted cash, end of period | 117,969 | 117,399 |
Reportable Legal Entities [Member] | Parent Company [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 10,905 | (14,904) |
Cash flows from investing activities: | ||
Purchases of fixed assets | ||
Purchases of other investments | (5,896) | (1,251) |
Sales or distributions from other investments | 13,394 | 8,711 |
Funding of loans collateralizing asset-backed securities issued | ||
Funding of loans held for investment | (678) | (5,855) |
Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued | ||
Sale, payoff and principal receipts on loans held for investment | 2,881 | 1,071 |
Investment in subsidiary | 37,106 | 15,804 |
Net cash provided by (used in) investing activities | 46,807 | 18,480 |
Sale, payoff and principal receipts of loans held for sale | ||
Sale of participating interest in loans held for investment | ||
Net changes in cash collateral posted for derivative transactions | ||
Cash flows from financing activities: | ||
Redemption/repurchase of bonds payable | ||
Proceeds from issuance of repurchase agreement | 3,878 | |
Proceeds from drawdowns on CLO warehouse facilities | ||
Repayments on CLO V warehouse facility | ||
Proceeds from sale of note payable to affiliate | ||
Payment of debt issuance costs | ||
Repayment of asset-backed securities issued | (4,453) | |
Repayment of notes payable | (10,000) | |
Repayment of repurchase agreement | (3,878) | |
Proceeds of issuance from asset-backed securities issued | ||
Reissuance of asset-back securities | 4,411 | |
Distributions and distribution equivalents paid on common shares and RSUs | (7,874) | (7,770) |
Capital contributions of nonredeemable non-controlling interest holders | ||
Purchase of common shares for treasury | (3,250) | (2,084) |
Purchase of subsidiary shares from non-controlling interest holders | (656) | |
Distributions to non-controlling interest shareholders | (2,304) | (4,230) |
Employee taxes paid on shares withheld for tax-withholding purposes | (405) | (1,478) |
Capital contributions of parent | (41,950) | 19,084 |
Net cash provided by (used in) financing activities | (66,481) | 4,740 |
Net increase (decrease) in cash and cash equivalents | (8,769) | 8,316 |
Cash, cash equivalents and restricted cash, beginning of period | 13,632 | 5,315 |
Cash, cash equivalents and restricted cash, end of period | 4,863 | 13,632 |
Proceeds from bond issuance | ||
Proceeds from drawdowns of CLO V warehouse facility | ||
Proceeds from exercises of share options | 1,218 | |
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 12,064 | (3,527) |
Cash flows from investing activities: | ||
Purchases of fixed assets | ||
Purchases of other investments | (431) | (861) |
Sales or distributions from other investments | 1,189 | 2,445 |
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 receipts on loans held for investment | ||
Investment in subsidiary | (6,652) | 3,391 |
Net cash provided by (used in) investing activities | (5,894) | 4,975 |
Sale, payoff and principal receipts of loans held for sale | ||
Sale of participating interest in loans held for investment | ||
Net changes in cash collateral posted for derivative transactions | ||
Cash flows from financing activities: | ||
Redemption/repurchase of bonds payable | (9,980) | (48,291) |
Proceeds from issuance of repurchase agreement | ||
Proceeds from drawdowns on CLO warehouse facilities | ||
Repayments on CLO V warehouse facility | ||
Proceeds from sale of note payable to affiliate | ||
Payment of debt issuance costs | (203) | (1,964) |
Repayment of asset-backed securities issued | ||
Repayment of notes payable | ||
Repayment of repurchase agreement | ||
Proceeds of issuance from asset-backed securities issued | ||
Reissuance of asset-back securities | ||
Distributions and distribution equivalents paid on common shares and RSUs | ||
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 | ||
Capital contributions of parent | 7,699 | 1,864 |
Net cash provided by (used in) financing activities | (2,484) | 1,609 |
Net increase (decrease) in cash and cash equivalents | 3,686 | 3,057 |
Cash, cash equivalents and restricted cash, beginning of period | 6,291 | 3,234 |
Cash, cash equivalents and restricted cash, end of period | 9,976 | 6,291 |
Proceeds from bond issuance | 50,000 | |
Proceeds from drawdowns of CLO V warehouse facility | ||
Proceeds from exercises of share options | ||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 19,281 | |
Cash flows from investing activities: | ||
Purchases of fixed assets | (341) | |
Purchases of other investments | (4,250) | |
Sales or distributions from other investments | 3,273 | |
Funding of loans collateralizing asset-backed securities issued | (507,557) | |
Funding of loans held for investment | (81,972) | |
Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued | 395,442 | |
Sale, payoff and principal receipts on loans held for investment | 1,630 | |
Investment in subsidiary | ||
Net cash provided by (used in) investing activities | (134,762) | |
Sale, payoff and principal receipts of loans held for sale | 32,983 | |
Sale of participating interest in loans held for investment | 1,030 | |
Net changes in cash collateral posted for derivative transactions | 25,000 | |
Cash flows from financing activities: | ||
Redemption/repurchase of bonds payable | ||
Payment of debt issuance costs | ||
Repayment of asset-backed securities issued | (503,617) | |
Repayment of notes payable | 2,762 | |
Proceeds of issuance from asset-backed securities issued | 408,394 | |
Distributions and distribution equivalents paid on common shares and RSUs | ||
Capital contributions of nonredeemable non-controlling interest holders | 92 | |
Purchase of common shares for treasury | ||
Distributions to non-controlling interest shareholders | (447) | |
Employee taxes paid on shares withheld for tax-withholding purposes | ||
Capital contributions of parent | (40,153) | |
Net cash provided by (used in) financing activities | (71,719) | |
Net increase (decrease) in cash and cash equivalents | (187,200) | |
Cash, cash equivalents and restricted cash, beginning of period | 117,399 | 304,599 |
Cash, cash equivalents and restricted cash, end of period | 117,399 | |
Proceeds from bond issuance | ||
Proceeds from drawdowns of CLO V warehouse facility | 61,250 | |
Proceeds from exercises of share options | ||
Consolidation, Eliminations [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | (34,900) | 2,387 |
Cash flows from investing activities: | ||
Purchases of fixed assets | ||
Purchases of other investments | 4,453 | |
Sales or distributions from other investments | (4,411) | |
Funding of loans collateralizing asset-backed securities issued | ||
Funding of loans held for investment | 5,855 | |
Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued | (5,867) | |
Sale, payoff and principal receipts on loans held for investment | ||
Investment in subsidiary | (30,454) | (19,195) |
Net cash provided by (used in) investing activities | (30,412) | (19,207) |
Sale, payoff and principal receipts of loans held for sale | ||
Sale of participating interest in loans held for investment | ||
Net changes in cash collateral posted for derivative transactions | ||
Cash flows from financing activities: | ||
Redemption/repurchase of bonds payable | 377 | |
Proceeds from issuance of repurchase agreement | ||
Proceeds from drawdowns on CLO warehouse facilities | ||
Repayments on CLO V warehouse facility | ||
Proceeds from sale of note payable to affiliate | ||
Payment of debt issuance costs | 21 | |
Repayment of asset-backed securities issued | ||
Repayment of notes payable | 10,000 | (2,762) |
Repayment of repurchase agreement | ||
Proceeds of issuance from asset-backed securities issued | ||
Reissuance of asset-back securities | ||
Distributions and distribution equivalents paid on common shares and RSUs | ||
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 | ||
Capital contributions of parent | 55,291 | 19,205 |
Net cash provided by (used in) financing activities | 65,312 | 16,820 |
Net increase (decrease) in cash and cash equivalents | ||
Cash, cash equivalents and restricted cash, beginning of period | ||
Cash, cash equivalents and restricted cash, end of period | ||
Proceeds from bond issuance | ||
Proceeds from drawdowns of CLO V warehouse facility | ||
Proceeds from exercises of share options |
Note 24 - Subsequent Events (De
Note 24 - Subsequent Events (Details Textual) - $ / shares | Mar. 19, 2019 | Feb. 06, 2019 | Jan. 17, 2019 | Feb. 06, 2018 | Feb. 07, 2017 | Feb. 04, 2015 | Dec. 31, 2018 | Dec. 31, 2017 |
Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 260,000 | 117,000 | 454,974 | 389,915 | ||||
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | 50.00% | ||||||
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | 50.00% | ||||||
Subsequent Event [Member] | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.05 | |||||||
Subsequent Event [Member] | JMPCA [Member] | ||||||||
Ownership Interest, Sold | 50.10% | |||||||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 280,000 | |||||||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% |
Note 25 - Selected Quarterly _3
Note 25 - Selected Quarterly Financial Data (Unaudited) - Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total net revenues after provision for loan losses | $ 31,698 | $ 33,251 | $ 44,264 | $ 27,211 | $ 30,833 | $ 32,029 | $ 23,144 | $ 24,380 | ||
Compensation and benefits | 21,289 | 22,671 | 29,138 | 24,261 | 21,588 | 24,563 | 22,652 | 21,798 | ||
Other | 8,474 | 8,942 | 11,440 | 10,265 | 7,908 | 6,808 | 8,889 | 7,807 | $ 1,994 | $ 2,410 |
Total non-interest expenses | 29,763 | 31,613 | 40,578 | 34,526 | 29,496 | 31,371 | 31,541 | 29,605 | (136,480) | (122,013) |
Income (loss) before income tax expense | 1,935 | 1,638 | 3,686 | (7,315) | 1,337 | 658 | (8,397) | (5,225) | (56) | (11,627) |
Income tax expense (benefit) | 1,313 | 527 | 4,895 | (5,568) | 1,913 | 1,113 | (198) | (1,084) | 1,167 | 1,744 |
Net loss | 622 | 1,111 | (1,209) | (1,747) | (576) | (455) | (8,199) | (4,141) | (1,223) | (13,371) |
Less: Net income attributable to nonredeemable non-controlling interest | 825 | 823 | 779 | (1,464) | 800 | 780 | 335 | 597 | 964 | 2,512 |
Net income (loss) attributable to JMP Group LLC | $ (203) | $ 288 | $ (1,988) | $ (283) | $ (1,376) | $ (1,235) | $ (8,534) | $ (4,738) | $ (2,187) | $ (15,883) |
Basic (in dollars per share) | $ (0.01) | $ 0.01 | $ (0.09) | $ (0.01) | $ (0.07) | $ (0.06) | $ (0.39) | $ (0.22) | $ (0.10) | $ (0.74) |
Diluted (in dollars per share) | $ (0.01) | $ 0.01 | $ (0.09) | $ (0.01) | $ (0.07) | $ (0.06) | $ (0.39) | $ (0.22) | $ (0.10) | $ (0.74) |