Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 14, 2019 | |
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 Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 21,102,170 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Asset | |||
Cash and cash equivalents | $ 41,909 | $ 70,927 | |
Restricted cash | 1,221 | 61,881 | |
Investment banking fees receivable | 5,608 | 6,647 | |
Marketable securities owned (includes $78,557 and $18,484 at fair value at March 31, 2019 and December 31, 2018, respectively) | 92,190 | 18,874 | |
Other investments | 23,447 | 16,124 | |
Loans held for investment, net of allowance for loan losses | 4,962 | 29,608 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 1,161,463 | ||
Interest receivable | 311 | 3,004 | |
Fixed assets, net | 2,575 | 2,351 | |
Operating lease right-of-use asset | 22,104 | ||
Other assets | 27,438 | 20,363 | |
Total assets | 221,765 | 1,391,242 | |
Liabilities: | |||
Marketable securities sold, but not yet purchased, at fair value | 2,696 | 4,626 | |
Accrued compensation | 5,647 | 41,609 | |
Asset-backed securities issued, net of debt issuance costs | 1,112,342 | ||
Interest payable | 1,035 | 11,210 | |
Note payable | 829 | 829 | |
CLO warehouse credit facilities | 22,500 | ||
Bond payable (net of debt issuance costs of $2,325 and $2,428 at March 31, 2019 and December 31, 2018, respectively) | 83,600 | 83,497 | |
Operating lease liability | 27,470 | ||
Other liabilities | 14,041 | 17,423 | |
Total liabilities | 135,318 | 1,294,036 | |
Commitments and Contingencies (Note 16) | |||
JMP Group LLC Shareholders' Equity | |||
Common shares, $0.001 par value, 100,000,000 shares authorized; 22,780,052 shares issued at both March 31, 2019 and December 31, 2018; 21,210,107 and 21,319,720 shares outstanding at March 31, 2019 and December 31, 2018, respectively | 23 | 23 | |
Additional paid-in capital | 134,234 | 134,129 | |
Treasury shares at cost, 1,569,945 and 1,460,332 shares at March 31, 2019 and December 31, 2018, respectively | (8,328) | (7,932) | |
Accumulated other comprehensive loss | (782) | ||
Accumulated deficit | (38,514) | (42,513) | |
Total JMP Group LLC shareholders' equity | 86,633 | 83,707 | |
Non-controlling interest, at carrying value | (186) | 13,499 | |
Total equity | 86,447 | 97,206 | |
Total liabilities and equity | 221,765 | 1,391,242 | |
Restricted cash | 1,221 | 61,881 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 1,161,463 | ||
Interest receivable | 311 | 3,004 | |
Other investments | 23,447 | 16,124 | |
Other assets | 27,438 | 20,363 | |
Total assets | 221,765 | 1,391,242 | |
Asset-backed securities issued, net of debt issuance costs | 1,112,342 | ||
Interest payable | 1,035 | 11,210 | |
Other liabilities | 14,041 | 17,423 | |
Total liabilities | 135,318 | 1,294,036 | |
Variable Interest Entity (VIE) or Potential VIE, Information Unavailability [Member] | |||
Asset | |||
Restricted cash | 50,456 | ||
Other investments | 821 | ||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 1,161,463 | ||
Interest receivable | 2,711 | ||
Other assets | 67 | ||
Total assets | 1,215,518 | ||
Liabilities: | |||
Asset-backed securities issued, net of debt issuance costs | [1] | 1,122,187 | |
Interest payable | 10,132 | ||
Other liabilities | 1,877 | ||
Total liabilities | 1,134,196 | ||
JMP Group LLC Shareholders' Equity | |||
Restricted cash | 50,456 | ||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 1,161,463 | ||
Interest receivable | 2,711 | ||
Other investments | 821 | ||
Other assets | 67 | ||
Total assets | 1,215,518 | ||
Asset-backed securities issued, net of debt issuance costs | [1] | 1,122,187 | |
Interest payable | 10,132 | ||
Other liabilities | 1,877 | ||
Total liabilities | $ 1,134,196 | ||
[1] | Includes $9.8 million of debt held by the Company which is eliminated on the Consolidated Statements of Financial Condition. |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Marketable securities fair value | $ 78,557 | $ 18,484 |
Investments fair value | 13,530 | 9,913 |
Asset-backed securities issud, net of debt issuance costs | 0 | 8,979 |
Bond payable, net of debt issuance costs | $ 2,325 | $ 2,428 |
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) | 21,210,107 | 21,319,720 |
Treasury shares (in shares) | 1,569,945 | 1,460,332 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues | ||
Investment banking | $ 18,117 | $ 31,751 |
Brokerage | 4,535 | 4,664 |
Asset management fees | 1,703 | 6,425 |
Principal transactions | 5,288 | (3,620) |
Gain (loss) on sale, payoff and mark-to-market of loans | (17) | (182) |
Net dividend income | 296 | 296 |
Other income (loss) | (35) | 49 |
Non-interest revenues | 23,649 | 28,294 |
Interest income | 14,291 | 12,710 |
Interest expense | (10,773) | (9,702) |
Net interest income | 3,518 | 3,008 |
Loss on repurchase, reissuance or early retirement of debt | (2,626) | |
Provision for loan losses | (1,465) | |
Total net revenues after provision for loan losses | 27,167 | 27,211 |
Non-interest expenses | ||
Compensation and benefits | 17,222 | 24,261 |
Administration | 1,929 | 2,233 |
Brokerage, clearing and exchange fees | 701 | 777 |
Travel and business development | 1,021 | 954 |
Managed deal expense | 533 | 1,566 |
Communications and technology | 1,053 | 1,062 |
Occupancy | 1,423 | 1,117 |
Professional fees | 1,456 | 1,905 |
Depreciation | 297 | 264 |
Other | 495 | 387 |
Total non-interest expenses | 26,130 | 34,526 |
Net income (loss) before income tax expense | 1,037 | (7,315) |
Income tax expense (benefit) | (4,102) | (5,568) |
Net income (loss) | 5,139 | (1,747) |
Less: Net income (loss) attributable to nonredeemable non-controlling interest | 70 | (1,464) |
Net income (loss) attributable to JMP Group LLC | $ 5,069 | $ (283) |
Net income (loss) attributable to JMP Group LLC per common share: | ||
Basic (in dollars per share) | $ 0.24 | $ (0.01) |
Diluted (in dollars per share) | $ 0.24 | $ (0.01) |
Weighted average common shares outstanding: | ||
Basic (in shares) | 21,288 | 21,666 |
Diluted (in shares) | 21,429 | 21,666 |
Investment Banking [Member] | ||
Revenues | ||
Investment banking | $ 11,879 | $ 20,662 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net income (loss) | $ 5,139 | $ (1,747) |
Other comprehensive loss: | ||
Unrealized loss on available-for-sale securities, net of tax | (782) | |
Comprehensive income (loss) attributable to JMP Group LLC | 4,357 | (1,747) |
Less: Comprehensive income (loss) attributable to non-controlling interest | 70 | (1,464) |
Comprehensive income (loss) attributable to JMP Group LLC | $ 4,287 | $ (283) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total | |
Balance (in shares) at Dec. 31, 2017 | 22,780 | |||||||
Balance at Dec. 31, 2017 | $ 23 | $ (5,955) | $ 134,719 | $ (32,452) | $ 13,844 | $ 110,179 | ||
Net income (loss) | (283) | (1,464) | (1,747) | |||||
Additional paid-in capital - share-based compensation | 365 | 365 | ||||||
Distributions and distribution equivalents declared on common shares and restricted share units | [1] | (2,038) | (2,038) | |||||
Purchases of shares of common shares for treasury | (1,044) | (1,044) | ||||||
Reissuance of shares of common shares from treasury | 83 | 83 | ||||||
Distributions to non-controlling interest holders | (108) | (108) | ||||||
Derecognition of non-controlling interest due to deconsolidation | ||||||||
Unrealized loss on available-for-sale securities, net of tax | ||||||||
Capital contributions from non-controlling interest holders | 446 | 446 | ||||||
Balance (in shares) at Mar. 31, 2018 | 22,780 | |||||||
Balance at Mar. 31, 2018 | $ 23 | (6,916) | 135,084 | (34,773) | 12,718 | 106,136 | ||
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 | ||
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 | ||
Net income (loss) | 5,069 | 70 | 5,139 | |||||
Additional paid-in capital - share-based compensation | 144 | 144 | ||||||
Distributions and distribution equivalents declared on common shares and restricted share units | [1] | (1,070) | (1,070) | |||||
Purchases of shares of common shares for treasury | (753) | (753) | ||||||
Reissuance of shares of common shares from treasury | 357 | (39) | 318 | |||||
Distributions to non-controlling interest holders | (913) | (913) | ||||||
Derecognition of non-controlling interest due to deconsolidation | (12,842) | (12,842) | ||||||
Unrealized loss on available-for-sale securities, net of tax | (782) | (782) | ||||||
Balance (in shares) at Mar. 31, 2019 | 22,780 | |||||||
Balance at Mar. 31, 2019 | $ 23 | $ (8,328) | $ 134,234 | $ (38,514) | $ (782) | $ (186) | $ 86,447 | |
[1] | $7.7 million of distributions were dividends paid to shareholders at $0.36 per share. $0.2 million of distributions were dividend equivalents paid on restricted share units. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 5,139 | $ (1,747) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||
Provision for loan losses | 1,465 | |
Loss on sale and payoff of loans and mark-to-market of loans | 182 | |
Loss on repurchase, reissuance or early retirement of debt | 2,626 | |
Change in other investments: | ||
Income from investments in equity method investees | 46 | 2,021 |
Unrealized loss (gain) on other equity investments | 318 | |
Unrealized (gain) loss on other investments | (1,192) | 278 |
Depreciation and amortization | 1,827 | 251 |
Share-based compensation expense | 462 | 448 |
Gain on deconsolidation | (3,520) | |
Other, net | 76 | (79) |
Net change in operating assets and liabilities: | ||
Increase in interest receivable | (4,838) | (180) |
Decrease in receivables | 1,039 | 1,413 |
Decrease in marketable securities | 3,563 | 1,185 |
Decrease (increase) in deposits and other assets | (7,978) | 1,077 |
Decrease in marketable securities sold, but not yet purchased | (1,930) | (1,639) |
Decrease in interest payable | (3,548) | (469) |
Decrease in accrued compensation | (35,695) | (33,067) |
Increase in other liabilities | 3,171 | 3,535 |
Net cash used in operating activities | (43,378) | (22,382) |
Cash flows from investing activities: | ||
Purchases of fixed assets | (637) | (111) |
Purchases of other investments | (844) | (994) |
Sales or distributions from other investments | 8,312 | 768 |
Funding of loans collateralizing asset-backed securities issued | (35,153) | (72,642) |
Funding of loans held for investment | (25,102) | (63,245) |
Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued | 23,806 | 82,909 |
Sale, payoff and principal receipts of loans held for investment | 6,876 | 1,431 |
Net decrease in cash and restricted cash due to deconsolidation of subsidiaries | (27,771) | |
Net cash used in investing activities | (50,513) | (51,884) |
Cash flows from financing activities: | ||
Proceeds from issuance of repurchase agreement | 3,878 | |
Proceeds from sale of note payable to affiliate | 829 | |
Payment of debt issuance costs | (1,837) | |
Repayment of asset-backed securities issued | (801) | (332,100) |
Proceeds of issuance from asset-backed securities issued | 327,646 | |
Distributions and distribution equivalents paid on common shares and RSUs | (1,070) | (2,038) |
Capital contributions of nonredeemable non-controlling interest holders | 445 | |
Purchase of common shares for treasury | (669) | (1,044) |
Distributions to non-controlling interest shareholders | (913) | (108) |
Employee taxes paid on shares withheld for tax-withholding purposes | (84) | |
Net cash provided by financing activities | 4,213 | 55,222 |
Net decrease in cash, cash equivalents, and restricted cash | (89,678) | (19,044) |
Cash, cash equivalents and restricted cash, beginning of period | 132,808 | 137,321 |
Cash, cash equivalents and restricted cash, end of period | 43,130 | 118,277 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | 14,321 | 10,171 |
Cash paid during the period for taxes | 89 | |
Non-cash investing and financing activities: | ||
Reissuance of shares of common share from treasury related to vesting of restricted share units | 357 | 83 |
Distributions declared but not yet paid | 640 | 646 |
Acquisition of equity securities in restructuring of loans | 259 | |
Initial recognition of operating lease right-of-use assets | 23,604 | |
Initial recognition of operating lease liabilities | 29,278 | |
Carrying value of noncash assets derecognized on deconsolidation of subsidiaries | 1,226,848 | |
Carrying value of noncash liabilities derecognized on deconsolidation of subsidiaries | 1,161,933 | |
Carrying value of non-controlling interest derecognized on deconsolidation of subsidiaries | 12,842 | |
Fair value of marketable securities recognized on deconsolidation of subsidiaries | 76,879 | |
Fair value of other investments recognized on deconsolidation of subsidiaries | 7,516 | |
CNB [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on line of credit | 8,000 | |
BNP Paribas [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on line of credit | $ 7,750 | $ 51,550 |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 3 Months Ended |
Mar. 31, 2019 | |
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”) JMP Credit Advisors LLC ("JMPCA") (through March 19, 2019). 1934, not not 1940, two one four January 2015 November 2017 Recent Transactions On January 17, 2019, January 17, 2019. 47% $1.6 three March 31, 2019 On March 19, 2019, 50.1% 4.9% 45.0% 810, Consolidation not not not 45.0% $0.3 $3.4 The sale of JMPCA also required Medalist to provide additional capital to purchase preference shares in JMP Credit Advisors Long-Term Warehouse Ltd (“CLO VI”) to finance the acquisition of broadly syndicated corporate loans. On March 19, 2019, 66% March 19, 2019 $7.6 no After the sale of JMPCA, the Company lost the ability to direct the most significant activities of the following VIEs: JMP Credit Advisors CLO IV Ltd (“CLO IV”), JMP Credit Advisors CLO V Ltd (“CLO V”), and CLO VI (collectively with CLO III the “CLOs”) and as a result, deconsolidated those CLOs as of March 19, 2019. 100% 100 100% 25% 33% March 31, 2019. $1.9 three March 31, 2019 The deconsolidation of the CLOs and JMPCA was accounted for based on the guidance in ASC 810, Consolidation Cash received: $ 7,942 Retained interest, at fair value (1) 74,989 Non-controlling interest, at carrying value 12,842 Total of consideration received, retained interest, and non-controlling interest $ 95,773 Less: Net assets of deconsolidated subsidiaries at carrying value (2) 92,581 Gain on deconsolidation $ 3,192 ( 1 The fair value of the Company's retained interest in CLO III, CLO IV, CLO V, CLO VI, and JMPCA as of the deconsolidation date was $13.3 $27.8 $26.5 $3.8 $3.6 ( 2 The book value of the net assets of CLO III, CLO IV, CLO V, CLO VI, and JMPCA as of the deconsolidation date was $24.5 $30.2 $25.8 $11.6 $0.5 See Item 5 10 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Presentation These consolidated financial statements and related notes are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10 10 X. 10 December 31, 2018 ( not The consolidated accounts of the Company include the wholly-owned subsidiaries and the partially-owned subsidiaries of which we are the majority owner or the primary beneficiary. All material intercompany accounts and transactions have been eliminated in consolidation. Non-controlling interests on the Consolidated Statements of Financial Condition at March 31, 2019 December 31, 2018 third See Note 2 Annual Report for the Company's significant accounting policies. For the three March 31, 2019, no No. 2016 02, 842 January 1, 2019 January 1, 2019 not Refer to Note 3 CLO debt securities: Investments in CLO debt securities are accounted for according to their purpose and holding period. CLO debt security investments that are classified as trading securities are those that are bought and held principally for the purpose of selling them in the near term. The Company had $9.3 zero March 31, 2019 December 31, 2018, may $53.5 zero March 31, 2019 December 31, 2018, $13.6 zero March 31, 2019 December 31, 2018, The Company evaluates the available-for-sale and held-to-maturity investments in debt securities for other than temporary impairment ("OTTI") quarterly. Impairment would be recorded if the net present value of the cash flows of the investment is below amortized cost and the Company does not no three March 31, 2019 2018. |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3. ts Accounting Standards to be adopted in Future Periods ASU 2016 13, Measurement of Credit Losses on Financial Instruments (Topic 326 ), June 2016 December 15, 2019. ASU 2017 - 08, Receivables-Nonrefundable Fees and Other Costs (Sub-topic 310 - 20 ): Premium Amortization on Purchased Callable Debt Securities, 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 2016 02, Leases (Topic 842 ) February 2016, January 1, 2019 January 1, 2019 not not January 1, 2019, $23.6 $29.3 March 31, 2019, $22.1 a $27.5 |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4 . Fair Value Measurement s The following tables provide fair value information related to the Company ’s financial instruments at March 31, 2019 December 31, 2018: March 31, 2019 (In thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 41,909 $ 41,909 $ - $ - $ 41,909 Restricted cash and deposits 1,221 1,221 - - 1,221 Marketable securities owned 92,190 15,717 - 75,962 91,679 Other investments 8,349 - - 8,349 8,349 Other investments measured at net asset value (1) 9,763 - - - - Loans held for investment, net of allowance for loan losses 4,962 - 2,318 2,668 4,986 Total assets: $ 158,394 $ 58,847 $ 2,318 $ 86,979 $ 148,144 Liabilities: Marketable securities sold, but not yet purchased $ 2,696 $ 2,696 $ - $ - $ 2,696 Notes payable 829 - - 829 829 Bond payable 83,600 - 86,659 - 86,659 Total liabilities: $ 87,125 $ 2,696 $ 86,659 $ 829 $ 90,184 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 ( 1 In accordance with ASC 820 10, not Recurring Fair Value Measurement The following tables provide information related to the Company ’s assets and liabilities carried at fair value on a recurring basis at March 31, 2019 December 31, 2018: (In thousands) March 31, 2019 Carrying Value Level 1 Level 2 Level 3 Total Marketable securities owned $ 78,557 $ 15,717 $ - $ 62,840 $ 78,557 Other investments: Equity investments 3,568 - - 3,568 3,568 Investments in hedge funds managed by the Company 199 - 199 - 199 Investments in other funds managed by the Company (1) 5,045 - - - - Total investment in funds managed by the Company (1) 5,244 - 199 - 199 Limited partnership in investments in private equity/ real estate funds (1) 4,718 - - - - Total other investments 13,530 - 199 3,568 3,767 Total assets: $ 92,087 $ 15,717 $ 199 $ 66,408 $ 82,324 Marketable securities sold, but not yet purchased 2,696 2,696 - - 2,696 Total liabilities: $ 2,696 $ 2,696 $ - $ - $ 2,696 (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 The following table summarizes available-for-sale securities in an unrealized position. (In thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Total OTTI in OCI Number of positions CLO IV junior subordinated notes $ 27,922 $ - $ (660 ) $ 27,262 $ - 1 CLO V junior subordinated notes 26,651 - (395 ) 26,256 - 1 Total $ 54,573 $ - $ (1,055 ) $ 53,518 $ - The following table summarizes the held-to-maturity securities in an unrealized position. (In thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Number of positions CLO III subordinated notes $ 13,633 $ - $ (511 ) $ 13,122 1 Total $ 13,633 $ - $ (511 ) $ 13,122 The following table summarizes the fair value and amortized cost of the available-for-sale and held-to-maturity securities by contractual maturity. (In thousands) Available-for-sale Held-to-maturity Amortized cost Fair value Amortized cost Fair value 5-10 years $ 27,922 27,262 13,633 13,122 10+ years 26,651 26,256 - - Total $ 54,573 $ 53,518 $ 13,633 $ 13,122 The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in a continuous unrealized loss position. (In thousands) Less than 12 months Greater than 12 months Total Fair value Gross unrealized loss Fair value Gross unrealized loss Fair value Gross unrealized loss CLO III subordinated notes $ 13,122 $ (511 ) $ - $ - $ 13,122 $ (511 ) CLO IV junior subordinated notes 27,262 (660 ) - - 27,262 (660 ) CLO V junior subordinated notes 26,256 (395 ) - - 26,256 (395 ) Total $ 66,640 $ (1,566 ) $ - $ - $ 66,640 $ (1,566 ) As of December 31, 2018, not March 31, 2019, not March 31, 2019, 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. The Company’s policy is to recognize the fair value of transfers among Levels 1, 2 3 no 1, 2 3 three March 31, 2019 December 31, 2018. 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's level 3 three twelve may March 31, 2022. twelve not The Company’s level 3 three March 31, 2019, not For the three March 31, 2019, 3 (In thousands) CLO junior subordinated notes CLO senior subordinated notes Equity Investment Total Balance as of December 31, 2018 $ - $ - $ - $ - Fair value at recognition date 54,279 9,289 3,568 67,136 Accrued interest 294 34 - 328 Unrealized loss on investments, recognized in OCI (1,055 ) - - (1,055 ) Balance as of March 31, 2019 $ 53,518 $ 9,323 $ 3,568 $ 66,409 For assets classified in the level 3 3 March 31, 2019 December 31, 2018, (In thousands) Significant Unobservable Inputs Range (Weighted-average) Fair value Valuation Technique Description March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 CLO debt security Discounted cash flows Risk adjusted discounting factor 10 - 15% (11.5%) N/A $ 66,640 $ - Default rate 0 - 2% (1.3%) N/A Severity rate 25% N/A Equity investment Discounted cash flows Non-performance rate 20% N/A $ 3,568 $ - Discount rate 18% N/A 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 March 31, 2019 December 31, 2018, $9.8 $9.4 Fair Value at Unfunded Commitments Dollars in thousands Redemption Frequency Redemption Notice Period March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Limited partner investments in private equity/ real estate funds Nonredeemable N/A $ 4,718 $ 3,920 $ 68 $ 68 Investment in other funds managed by the Company Nonredeemable N/A $ 5,045 $ 5,503 $ 1,945 $ 1,945 Non - recurring Fair Value Measurements The Company's asse ts that are measured at fair value on a non-recurring basis result from the application of lower of cost or market accounting or write-downs of individual assets. The Company held loans measured at fair value on a non-recurring basis of $0.1 and $1.3 31, 2019 December 31, 2018 . The Company had marketable securities that were measured at fair value on a non-recurring basis as the Company has the intent and ability to hold these securities until maturity. The Company held marketable securities measured at fair-value on a non-recurring basis of $13.7 million as of March 31, 2019. |
Note 5 - Loans
Note 5 - Loans | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Loans Collateralizing Asset Backed Securities Issued and Loans Held for Sale [Text Block] | 5 . Loans Allowance for Loan Losses During the period ending March 31, 2019, no March 31, 2019. 1 three March 31, 2019 2018 (In thousands) Three Months Ended March 31, 2019 2018 Impaired Non-Impaired Impaired Non-Impaired Balance, at beginning of period $ (836 ) $ (9,751 ) $ (391 ) $ (6,533 ) Reversal (provision) for loan losses: Specific reserve - - (953 ) - General reserve - - - 41 Charge off 181 - 135 - Derecognition due to deconsolidation 655 9,751 - - Balance, at end of period $ - $ - $ (1,209 ) $ (6,492 ) 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, $1.8 $1,170.2 December 31, 2018. As of December 31, 2018 December 31, 2018: (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 Loans are considered past due if the required principal and interest payments have not e. No loans were past due a 31, 2019 December 31, 2018. December 31, 2018, two ied in a troubled debt res $1.9 $1.0 $0.8 $0.1 December 31, 2018. The Company had one three 31, 2019. $0.5 $0.2 $0.2 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. These loans were deconsolidated as of March 31, 2019. (In thousands) Cash Flow Loans March 31, December 31, 2019 2018 Moody's rating: Baa1 - Baa3 $ - $ 7,300 Ba1 - Ba3 - 247,686 B1 - B3 - 856,204 Caa1 - Caa3 - 59,046 Ca - 1,813 Total: $ - $ 1,172,049 Internal rating: (1) 2 $ - $ 1,018,261 3 - 132,169 4 - 19,806 5 - 1,813 Total: $ - $ 1,172,049 Performance: Performing $ - $ 1,170,236 Non-Performing - 1,813 Total: $ - $ 1,172,049 ( 1 Loans with an internal rating of 3 Loans Held for Investment At March 31, 2019 December 31, 2018, seven December 31, 2018, $26.0 three March 31, 2019, no March 31, 2019. 1 Ther e were no March 31, 2019 March 31, 2018. three March 31, 2019 2018 (in thousands) Three Months Ended March 31, 2019 2018 Impaired Non-impaired Impaired Non-impaired Balance, at beginning of the period $ (218 ) $ (181 ) $ (2,279 ) $ (494 ) Provision for loan losses Specific - - (205 ) - General - - - (364 ) Charge off 218 - 2,279 - Derecognition due to deconsolidation - 181 - - Balance, at end of the period $ - $ - $ (205 ) $ (858 ) A loan is considered to be impaired when, based on current information, it is probable that the Company will be unable to collect all amounts due in accordance with the contractual terms of the original loan agreement, including scheduled principal and interest payments. As of March 31, 2019 December 31, 2018, zero $0.5 The Company had one three 31, 2019. $0.5 $0.2 $0.2 As of December 31, 2018, no March 31, 2019. December 31, 2018: Recorded Investment Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized December 31, 2018 Impaired loans with an allowance recorded $ 462 $ 484 $ 218 $ 462 $ 34 Impaired loans with no related allowance recorded - - - - - Total impaired loans $ 462 $ 484 $ 218 $ 462 $ 34 The Company's management, at least on a quarterly basis, reviews each loan and evaluates the credit quality of the loan. The review primarily includes the following credit quality indicators with regard to each loan: 1 2 3 4 March 31, 2019 December 31, 2018: (In thousands) Cash Flow Loans March 31, December 31, 2019 2018 Moody's rating: Baa1 - Baa3 $ - $ - Ba1 - Ba3 - 7,459 B1 - B3 - 18,342 Caa1 - Caa3 - 419 Ca - 463 Not Rated 4,853 3,326 Total: $ 4,853 $ 30,009 Internal rating (1) 2 $ 1,539 $ 26,208 3 885 909 4 - - 5 - 462 Not rated 2,429 2,430 Total: $ 4,853 $ 30,009 Performance: Performing $ 4,853 $ 29,547 Non-performing - 462 Total: $ 4,853 $ 30,009 ( 1 4 |
Note 6 - Debt
Note 6 - Debt | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6 . Debt Bond Payable (In thousands) March 31, 2019 December 31, 2018 8.00% Senior Notes due 2023 $ 36,000 $ 36,000 7.25% Senior Notes due 2027 50,000 50,000 Total outstanding principal $ 86,000 $ 86,000 Less: Debt issuance costs (2,325 ) (2,428 ) Less: Consolidation elimination (75 ) (75 ) Total bond payable, net $ 83,600 $ 83,497 The 8.00% 2023 7.25% 2027 8.00% eight 8.00% $36 8.00% 25% may March 31, 2019 December 31, 2018, The future scheduled principal payments of the debt obligations as of March 31, 2019 (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 March 31, 2019 December 31, 2018 $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 829 829 Total credit facilities and note payable $ 829 $ 23,329 The Company's Credit Agreement ("the Credit Agreement") dated as of April 30, 2014, not maintenance of certain financial covenants. A violation of any one March 31, 2019 December 31, 2018, March 31, 2019 December 31, 2018, s both zero, res . $25 225 June 4, 2019, 3.75% first two 5.00% two JMP Securities holds a $20 The net loans collateralizing the CLO VI warehouse facility was zero $26.0 March 31, 2019 December 31, 2018, 1.250% October 11, 2021, 12 three March 31, 2019, no March 31, 2019. 1 On January 9, 2018, $0.8 12.5% November 20, 2022. March 31, 2019, was $0.8 |
Note 7 - Asset-backed Securitie
Note 7 - Asset-backed Securities Issued | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Asset Backed Securities Issued [Text Block] | 7 . Asset-backed Securities Issued The table below sets forth the outstanding debt obligations of CLO III, CLO IV, and CLO V as of December 31, 2018: (In thousands) As of December 31, 2018 Outstanding Interest Rate Weighted Average Remaining Maturity Class A Senior Secured Floating Rate Notes $ 769,750 0.85%-1.37 % 10.04 Class B Senior Secured Floating Rate Notes 143,700 1.30%-1.90 % 10.04 Class C Senior Secured Deferrable Floating Rate Notes 71,500 1.80%-2.65 % 9.99 Class D Senior Secured Deferrable Floating Rate Notes 68,350 2.60%-4.15 % 10.01 Class E Senior Secured Deferrable Floating Rate Notes 60,800 5.70%-6.80 % 10.03 Total secured notes sold to investors $ 1,114,100 Senior Subordinated Notes 7,221 6.90 % 11.00 Less: Debt issuance costs (8,979 ) Total asset-backed securities issued $ 1,112,342 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 During the three March 31, 2019, no March 31, 2019. 1 $1,161.5 31, 2018. |
Note 8 - Leases
Note 8 - Leases | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 8. Substantially all of the leases in which the Company is the lessee are office space leases with various terms with maximum duration through 2026. not 2016 02, Leases (Topic 842 The calculated amount of the ROU asset and ROU lease liability are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. Regarding the discount rate, Topic 842 January 1, 2019, January 1, 2019 March 31, 2019 Weighted-average remaining lease term Operating leases 6.30 years Weighted-average discount rate Operating leases 6.12 % The Company leases office space in California, I llinois, Georgia, Massachusetts, Minnesota, Florida, and New York under various operating leases. Occupancy expense was $1.4 $1.1 million f March 31, 2019 2018, 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 lease payments of these leases are: (In thousands) Minimum Future Lease Payments Year Ending December 31, 2019 $ 3,530 2020 5,621 2021 5,693 2022 5,649 2023 5,643 Thereafter 6,562 Total minimum future lease payments 32,698 Amounts representing interest (5,228 ) Present value of net future minimum lease payments $ 27,470 Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Cash used in operating leases $ 1,653 Total cash paid for amounts included in the measurement of lease liabilities $ 1,653 |
Note 9 - Shareholders' Equity
Note 9 - Shareholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. Share holders’ Equity Share Repurchase Program On December 3, 2018, April 30, 2019. three March 31, 2019, 157,255 at an average price of $4.23 $0.7 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 - Accumulated Other Com
Note 10 - Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 10. The following table summarizes the unrealized gains and losses on securities of accumulated other comprehensive losses, before tax, tax effect, and net of tax, for the three March 31, 2019: (In thousands) Before Tax Tax Effect Net of Tax Three Months Ended March 31, 2019 Net unrealized loss on available-for sale securities: Net unrealized loss during the period $ (1,055 ) $ 273 $ (782 ) Other comprehensive loss $ (1,055 ) $ 273 $ (782 ) |
Note 11 - Share-based Compensat
Note 11 - Share-based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 11. Share -Based Compensation On January 27, 2015, he 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 three March 31, 2019: Three Months Ended March 31, 2019 Shares Subject Weighted Average to Option Exercise Price Balance, beginning of year 1,300,000 $ 6.85 Balance, end of period 1,300,000 $ 6.85 Options exercisable at end of period 1,300,000 $ 6.85 The following table summarizes the share options outstanding as well as share options vested and exercisable as of March 31, 2019: March 31, 2019 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 0.75 $ 6.85 $ - 1,300,000 0.75 $ 6.85 $ - share-based compensation expense for share options over the vesting period using the accelerated attribution method when they are subject to graded vesting and on a straight-line basis when they are subject to cliff vesting. The Company recognized compensation expense related to share option s of zero three March 31, 2019 2018, As of March 31, 2019, a s no unrecognized compensation expense related to share options. There were no share options exercis three March 31, 20 19 March 31, 2018 not share options. 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 Share On February 6, 2019 280,000 2018 50% December 1, 2019 50% December 1, 2020, The following table summarizes RSU activity for the three March 31, 2019: Three Months Ended March 31, 2019 Restricted Weighted Average Share Units Grant Date Fair Value Balance, beginning of year 297,639 $ 4.79 Granted 465,519 4.23 Vested (66,067 ) 4.84 Balance, end of period 697,091 $ 4.41 The aggregate fair value of RSUs vested during both the three March 31, 2019 2018 $320 $88 ousand, respectively. The income tax benefits realized from the vested RSUs were $80 and zero , respectively. The Company recognizes compensation expense for RSUs over the vesting period using the accelerated attribution method when they are subject to graded vesting and on a straight-line basis when they are subject to cliff vesting. For the three March 31, 2019 2018, 0.3 $0.4 respectively. For the three March 31, 2019 2018, $120 $58 March 31, 2019, $2.2 1.48 The Company pays cash distribution equivalents on certain RSUs upon vesting. Distribution equivalents paid on RSUs are generally charged to retained earnings. The Company accounts for the tax benefit related to distribution equivalents paid on RSUs as an increase in additional paid-in capital. Share Appreciation Rights In February 2015, 2,865,000 ’s inde pendent directors. These SARs have a base price of $7.33 per share, an exercise period of five December 31, 2017 2.0 2.54%, distribution yield of 18.77 %, and volatility of 2 0.00%. twelve The following table summarizes the SARs activity for the three March 31, 2019: Three Months Ended March 31, 2019 Share Appreciation Weighted Average Rights Exercise Price Balance, beginning of year 2,485,000 $ 7.33 Balance, end of period 2,485,000 $ 7.33 The following table summarizes the share options outstanding as well as share options vested and exercisable as of March 31, 2019: March 31, 2019 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 0.75 $ 7.33 $ - three March 31, 2019 2018, zero and $124 thousand, respect For both the three March 31, 2019 2018, of z ero March 31, 2019, no |
Note 12 - Net Income Per Common
Note 12 - Net Income Per Common Share | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12 . Net Income per Common Share Basic net income per share for the Company is calculated by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted net income (loss) per share is calculated by adjusting the weighted average number of outstanding shares to reflect the potential dilutive impact as if all potentially dilutive share options or RSUs were exercised or converted under the treasury share method. However, for periods that the Company has a net loss, the effect of outstanding share options or RSUs is anti-dilutive and, accordingly, is excluded from the calculation of diluted loss per share. The computations of basic and diluted net income per share for the quarters and three March 31, 2019 2018 (In thousands, except per share data) Three Months Ended March 31, 2019 2018 Numerator: Net income (loss) attributable to JMP Group LLC $ 5,069 $ (283 ) Denominator: Basic weighted average shares outstanding 21,288 21,666 Effect of potential dilutive securities: Restricted share units 141 - Diluted weighted average shares outstanding 21,429 21,666 Net income (loss) per share Basic $ 0.24 $ (0.01 ) Diluted $ 0.24 $ (0.01 ) Due to the net loss for three March 31, 201 8 ptions and restricted share units outstanding, were anti-dilutive and, therefore, were not |
Note 13 - ASC 606 Revenue from
Note 13 - ASC 606 Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 13. 606 The following tables represent the Company's total revenues from contracts with customers, disaggregated by major business activity, for the three March 31, 2019 March 31, 2018, Three Months Ended March 31, 2019 Broker -Dealer Asset Management Total Asset Management Corporate Costs Eliminations Total Asset Management Fee Income Investment Income Total revenues from contracts with customers Equity and debt origination $ 6,789 $ - $ - $ - $ - $ - $ 6,789 Strategic advisory and private placements 5,090 - - - - - 5,090 Total investment banking revenues 11,879 - - - - - 11,879 Commissions 3,299 - - - - - 3,299 Research payments 1,209 - - - - - 1,209 Net trading gains 27 - - - - - 27 Total brokerage revenues 4,535 - - - - - 4,535 Base management fees - 2,704 - 2,704 - (1,007 ) 1,697 Incentive management fees - 6 - 6 - - 6 Total asset management fees - 2,710 - 2,710 - (1,007 ) 1,703 Total revenues from contracts with customers $ 16,414 $ 2,710 $ - $ 2,710 $ - $ (1,007 ) $ 18,117 Three Months Ended March 31, 2018 Broker -Dealer Asset Management Total Asset Management Corporate Costs Eliminations Total Asset Management Fee Income Investment Income Total revenues from contracts with customers Equity and debt origination $ 11,862 $ - $ - $ - $ - $ - $ 11,862 Strategic advisory and private placements 8,800 - - - - - 8,800 Total investment banking revenues 20,662 - - - - - 20,662 Commissions 3,892 - - - - - 3,892 Research payments 985 - - - - - 985 Net trading losses (213 ) - - - - - (213 ) Total brokerage revenues 4,664 - - - - - 4,664 Base management fees - 4,006 - 4,006 - (946 ) 3,060 Incentive management fees - 80 3,285 3,365 - - 3,365 Total asset management fees - 4,086 3,285 7,371 - (946 ) 6,425 Total revenues from contracts with customers $ 25,326 $ 4,086 $ 3,285 $ 7,371 $ - $ (946 ) $ 31,751 |
Note 14 - Employee Benefits
Note 14 - Employee Benefits | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 14 . Employee Benefits All salaried employees of the Company are eligible to participate in the JMP Group 401 three may January 1, 2015, he Company contributes a match of 100% 401 3% 50% 3% 5%. 100% 401 $0.9 m $1.0 three March 31, 2019 2018, |
Note 15 - Income Taxes
Note 15 - Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 15. JMP Group LLC’s election to be taxed as a corporation for United States federal income tax purposes was approved by the Internal Revenue Service with an effective date of January 1, 2019. For the three March 31, 2019 2018, $4.1 $5.6 424.85% 76.12% three March 31, 2019 2018, For financial reporting purposes, the Company’s effective tax rate used for the interim periods is based on the estimated full-year income tax rate. The effective tax rate differs from the statutory rate primarily due to the following: (i) a change in tax status from non-taxable to taxable which resulted in recognizing the initial temporary differences between book bases and tax bases of assets and liabilities, and (ii) the executive remuneration limitation related to covered employees. The Company recognizes deferred tax assets and liabilities in accordance with ASC 740, ’s assets and liabilities using the tax rates and laws in effect when the differences are expected to reverse. |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 16 . Commitments and Contingencies In connection with its underwriting activities, JMP Securities may, March 31, 2019 December 31, 2018, o open underwriting commitments. The marketable securities owned and the restricted cash, as well as the cash held by the clearing broker may $0.3 milli March 31, 2019 December 31, 2018. 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 $1.9 $28.7 31, 2019 December 31, 2018 he Company determined the fair value of the unfunded commitments to be $1.9 $27.0 March 31, 2019 December 31, 2018. |
Note 17 - Regulatory Requiremen
Note 17 - Regulatory Requirements | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 17 . Regulatory Requirements JMP Securities is subject to the SEC ’s Uniform Net Capital Rule (Rule 15c3 1 not 15 1. f $22.5 $29.8 e $21.5 $28.7 of $1.0 m $1.1 March 31, 2019 December 31, 2018, 0.48 to 1 and 0.57 1 March 31, 2019 December 31, 2018, Since all customer transactions are cleared through another broker-dealer on a fully disclosed basis, JMP Securities is not 15c3 3 |
Note 18 - Related Party Transac
Note 18 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 18 . Related Party Transactions The Company earns base management fees and incentive fees from serving as investment advisor for various entities, including corporations, partnerships limited liability companies, and offshore investment companies. The Company also owns an investment in some of such affiliated entities. As of March 31, 2019 December 31, 2018, $22.5 $18.6 $12.2 million and $8.6 $10.3 $10.0 $1.7 $3.1 March 31, 2019 2018. zero $3.4 three March 31, 2019 2018. On September 19, 2017, the Company made a loan to a registered investment adviser of $3.4 million, at an interest rate of 15% per year. In October 2017, the Company sold 30% of the loan, or $1.0 March 31, 2019 and December 31, 2018, the Company’s portion of the outstanding loan balance to this entity was both $ 2.4 million. $2.4 March 31, 2019 $2.3 December 31, 2018 On January 9, 2018, $0.8 March 31, 2019 , was $0.8 million On January 9, 2018, 30% $0.5 31, 2018. $57 December 31, 2018 $15 three March 31, 2019. |
Note 19 - Guarantees
Note 19 - Guarantees | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Guarantees [Text Block] | 19. JMP Securities has agreed to indemnify its clearing broker for losses that the clearing broker may not may ’ obligation under the indemnification has no March 31, 2019 December 31, 2018 no three March 31, 2019 2018, no no March 31, 2019 December 31, 2018. 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 20 - Litigation
Note 20 - Litigation | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 20. The Company may the business. The outcome of such matters the Company has been and/or currently is involved in cannot be determined at this time, and the results cannot be predicted with certainty. There can be no not The Company reviews the need for any loss contingency reserves and establish reserves when, in the opinion of management, it is probable that a matter would result in liability and the amount of loss, if any, can be reasonably estimated. Generally, given the inherent difficulty of predicting the outcome of matters the Company is involved in, particularly cases in which claimants seek substantial or indeterminate damages, it is not no not |
Note 21 - Financial Instruments
Note 21 - Financial Instruments With Off-balance Sheet Risk, Credit Risk or Market Risk | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 21. 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 Unfunded commitments are agreements to lend to a borrower, provided that all conditions have been met. Commitments generally have fixed expiration dates or other termination clauses and may may not ’s creditworthiness on a case by case basis. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance by a borrower to a third ’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on balance sheet instruments. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to borrowers. In connection with the CLOs, the Company had standby letters of credit of zero a $1.4 March 31, 2019 31, 2018, 18 March 31, 2019 December 31, 2018. |
Note 22 - Business Segments
Note 22 - Business Segments | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 22. 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 may The Company’s segment information for the quarters and three March 31, 2019 2018 • 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 is 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) Three Months Ended March 31, 2019 2018 Broker-Dealer Non-interest revenues $ 16,420 $ 25,329 Total net revenues after provision for loan losses $ 16,420 $ 25,329 Non-interest expenses 17,900 22,916 Segment operating pre-tax net income (loss) $ (1,480 ) $ 2,413 Segment assets $ 46,764 $ 59,619 Asset Management Fee Income Non-interest revenues $ 2,361 $ 3,989 Total net revenues after provision for loan losses $ 2,361 $ 3,989 Non-interest expenses 3,090 5,020 Segment operating pre-tax net loss $ (729 ) $ (1,031 ) Segment assets $ 11,053 $ 19,004 Investment Income Non-interest revenues $ 5,751 $ 2,168 Net interest income 3,322 2,127 Provision for loan losses - (893 ) Total net revenues after provision for loan losses $ 9,073 $ 3,402 Non-interest expenses 2,549 4,189 Segment operating pre-tax net income (loss) $ 6,524 $ (787 ) Segment assets $ 116,358 1,017,558 Corporate Costs Non-interest expenses $ 2,060 $ 2,258 Segment operating pre-tax net loss $ (2,060 ) $ (2,258 ) Segment assets $ 304,719 $ 293,057 Eliminations Non-interest revenues $ (1,014 ) $ (979 ) Total net revenues after provision for loan losses $ (1,014 ) $ (979 ) Non-interest expenses (1,014 ) (981 ) Segment operating pre-tax net income $ - $ 2 Segment assets $ (257,129 ) $ (287,419 ) Consolidating adjustments and reconciling items Non-interest revenues $ 132 (a) $ (2,213 ) (a) Net interest income 195 (b) 881 (b) Loss on repurchase or early retirement of debt - (2,626 ) Provision for loan losses - (572 ) Total net revenues after provision for loan losses $ 327 $ (4,530 ) Non-interest expenses 1,545 (c) 1,124 (c) Non-controlling interest expense 70 (1,464 ) Segment operating pre-tax net loss $ (1,288 ) $ (4,190 ) Segment assets - - Total Segments Non-interest revenues 23,649 28,294 Net interest income 3,518 3,008 Loss on repurchase, reissuance or early retirement of debt - (2,626 ) Provision for loan losses - (1,465 ) Total net revenues after provision for loan losses $ 27,167 $ 27,211 Non-interest expenses 26,130 34,526 Non-controlling interest expense 70 (1,464 ) Consolidated net income (loss) attributable to JMP Group LLC $ 967 $ (5,851 ) Total assets $ 221,765 $ 1,101,818 (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) Three Months Ended March 31, 2019 2018 Operating net income (loss) $ 1,669 $ (1,631 ) Addback (subtract) of segment income tax expense (benefit) 586 (30 ) Total segments adjusted operating pre-tax net income (loss) $ 2,255 $ (1,661 ) Subtract (add back) Share-based awards and deferred compensation 844 144 General loan loss provision – CLOs, CLO warehouse - 329 Early debt retirement/reissuance - 1,318 Restructuring costs – CLOs - 64 Amortization of intangible asset – CLO III 277 69 Unrealized loss – real estate-related depreciation and amortization 557 1,628 Unrealized mark-to-market (gain) loss - strategic equity investments (390 ) 638 Total consolidation adjustments and reconciling items 1,288 4,190 Consolidated pre-tax net income (loss) attributable to JMP Group LLC $ 967 $ (5,851 ) Income tax benefit (4,102 ) (5,568 ) Consolidated net income (loss) attributable to JMP Group LLC $ 5,069 $ (283 ) |
Note 23 - Nonconsolidated Varia
Note 23 - Nonconsolidated Variable Interest Entities | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 23 . Nonconsolidated Variable Interest Entities not first 2019, 31, 2019. 1 (In thousands) As of March 31, 2019 December 31, 2018 Financial Statement Financial Statement Carrying Amount Maximum Carrying Amount Maximum Assets Liabilities Exposure to Loss VIE Assets Assets Liabilities Exposure to Loss VIE Assets CLOs $ 81,329 $ - $ 83,581 $ 1,173,722 $ - $ - $ - $ - Fund investments 4,705 - 6,609 180,435 5,083 - 7,028 204,646 Other investments 3,967 - 3,967 1,238,337 933 - 933 1,235,146 Total $ 90,001 $ - $ 94,157 $ 2,592,494 $ 6,016 $ - $ 7,961 $ 1,439,792 |
Note 24 - Consolidating Financi
Note 24 - Consolidating Financial Statements | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | 24 . 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 6 January 1, 2015, may The following condensed consolidating financial statements present the condensed consolidated statements of financial condition, condensed consolidated statements of operations, condensed consolidated statements of comprehensive income and condensed consolidated statements of cash flows of JMP Group LLC (parent company and guarantor), JMP Group Inc. (issuer), JMP Investment Holdings LLC (guarantor subsidiary), and the elimination of entries necessary to consolidate or combine the issuer with the guarantor and non-guarantor subsidiaries. These statements are presented in accordance with the disclosure requirements under SEC Regulation S- X 3 10. As of March 31, 2019 Parent Companies and Guarantors Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Assets Cash and cash equivalents $ 2,963 $ 6,103 $ 32,843 $ - $ 41,909 Restricted cash and deposits - 1,221 - - 1,221 Investment banking fees receivable, net of allowance for doubtful accounts - - 5,608 - 5,608 Marketable securities owned 48,088 666 43,510 (74 ) 92,190 Other investments 4,391 1,497 17,559 - 23,447 Loans held for investment, net of allowance for loan losses 1,648 885 2,429 - 4,962 Interest receivable 27 7 636 (359 ) 311 Fixed assets, net - - 2,575 - 2,575 Operating lease right-of-use asset - 22,104 - - 22,104 Other assets (13,531 ) 143,239 42,306 (144,576 ) 27,438 Investment in subsidiaries 288,388 76,688 - (365,076 ) - Total assets $ 331,974 $ 252,410 $ 147,466 $ (510,085 ) $ 221,765 Liabilities and Equity Liabilities: Marketable securities sold, but not yet purchased, at fair value $ - $ - $ 2,696 $ - $ 2,696 Accrued compensation 407 575 4,665 - 5,647 Interest payable - 1,071 323 (359 ) 1,035 Notes payable 127,603 - 17,763 (144,537 ) 829 Bond payable, net of debt issuance costs - 83,675 - (75 ) 83,600 Operating lease liability - 27,470 - - 27,470 Other liabilities 3,348 2,233 8,393 67 14,041 Total liabilities $ 131,358 $ 115,024 $ 33,840 $ (144,904 ) $ 135,318 Total shareholders' equity 200,616 137,386 114,024 (365,393 ) 86,633 Nonredeemable Non-controlling Interest $ - $ - $ (398 ) $ 212 $ (186 ) Total equity $ 200,616 $ 137,386 $ 113,626 $ (365,181 ) $ 86,447 Total liabilities and equity $ 331,974 $ 252,410 $ 147,466 $ (510,085 ) $ 221,765 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 For the Three Months Ended March 31, 2019 Parent Companies and Guarantors Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Revenues Investment banking $ - $ - $ 11,879 $ - $ 11,879 Brokerage - - 4,535 - 4,535 Asset management fees - - 1,742 (39 ) 1,703 Principal transactions 418 62 4,808 - 5,288 Loss on sale, payoff and mark-to-market of loans - - (17 ) - (17 ) Net dividend income 102 13 181 - 296 Other income (loss) 29 - (64 ) - (35 ) Equity earnings (losses) of subsidiaries 10,889 (735 ) - (10,154 ) - Non-interest revenues 11,438 (660 ) 23,064 (10,193 ) 23,649 Interest income 950 1,089 14,428 (2,176 ) 14,291 Interest expense (1,056 ) (2,066 ) (9,827 ) 2,176 (10,773 ) Net interest income (expense) (106 ) (977 ) 4,601 - 3,518 Total net revenues (losses) after provision for loan losses 11,332 (1,637 ) 27,665 (10,193 ) 27,167 Non-interest expenses Compensation and benefits 581 1,044 15,597 - 17,222 Administration 146 109 1,713 (39 ) 1,929 Brokerage, clearing and exchange fees - - 701 - 701 Travel and business development 38 8 975 - 1,021 Managed deal expense - - 533 - 533 Communications and technology 1 - 1,052 - 1,053 Occupancy - - 1,423 - 1,423 Professional fees 570 64 822 - 1,456 Depreciation - - 297 - 297 Other 278 - 217 - 495 Total non-interest expenses 1,614 1,225 23,330 (39 ) 26,130 Net income (loss) before income tax expense 9,718 (2,862 ) 4,335 (10,154 ) 1,037 Income tax expense (benefit) 313 (4,899 ) 484 - (4,102 ) Net income 9,405 2,037 3,851 (10,154 ) 5,139 Less: Net income (loss) attributable to nonredeemable non-controlling interest 167 - (97 ) - 70 Net income attributable to JMP Group LLC $ 9,238 $ 2,037 $ 3,948 $ (10,154 ) $ 5,069 For the Three Months Ended March 31, 2018 Parent Companies and Guarantors Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Revenues Investment banking $ - $ - $ 20,662 $ - $ 20,662 Brokerage - - 4,664 - 4,664 Asset management fees - - 6,604 (179 ) 6,425 Principal transactions (3,176 ) (18 ) (426 ) - (3,620 ) Loss on sale, payoff and mark-to-market of loans - - (182 ) - (182 ) Net dividend income 271 3 22 - 296 Other income - - 49 - 49 Equity earnings of subsidiaries 3,519 71 - (3,590 ) - Non-interest revenues 614 56 31,393 (3,769 ) 28,294 Interest income (expense) 664 1,141 12,974 (2,069 ) 12,710 Interest expense (1,144 ) (2,292 ) (8,335 ) 2,069 (9,702 ) Net interest income (480 ) (1,151 ) 4,639 - 3,008 Loss on repurchase, reissuance or early retirement of debt - - (2,626 ) - (2,626 ) Reversal (provision) for loan losses 15 - (1,480 ) - (1,465 ) Total net revenues after provision for loan losses 149 (1,095 ) 31,926 (3,769 ) 27,211 Non-interest expenses Compensation and benefits 460 841 22,960 - 24,261 Administration 153 137 2,122 (179 ) 2,233 Brokerage, clearing and exchange fees - - 777 - 777 Travel and business development 67 15 872 - 954 Managed deal expense - - 1,566 - 1,566 Communications and technology - 2 1,060 - 1,062 Occupancy - - 1,117 - 1,117 Professional fees 672 84 1,149 - 1,905 Depreciation - - 264 - 264 Other 69 - 318 - 387 Total non-interest expenses 1,421 1,079 32,205 (179 ) 34,526 Net loss before income tax expense (1,272 ) (2,174 ) (279 ) (3,590 ) (7,315 ) Income tax expense (benefit) - (5,989 ) 421 - (5,568 ) Net income (loss) (1,272 ) 3,815 (700 ) (3,590 ) (1,747 ) Less: Net loss attributable to nonredeemable non-controlling interest $ (1,045 ) - (419 ) - (1,464 ) Net income (loss) attributable to JMP Group LLC (227 ) $ 3,815 $ (281 ) $ (3,590 ) $ (283 ) For the Three Months Ended March 31, 2019 Parent Companies and Guarantors Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Cash flows from operating activities: Net cash provided by (used in) operating activities $ 15,198 $ (19,139 ) $ (29,283 ) $ (10,154 ) $ (43,378 ) Cash flows from investing activities: Purchases of fixed assets - - (637 ) - (637 ) Purchases of other investments (11 ) - (833 ) - (844 ) Sales or distributions from other investments 625 - 8,565 (878 ) 8,312 Funding of loans collateralizing asset-backed securities issued - - (35,153 ) - (35,153 ) Funding of loans held for investment (646 ) (876 ) (23,580 ) - (25,102 ) Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued - - 23,806 - 23,806 Sale, payoff and principal receipts on loans held for investment 4 - 6,872 - 6,876 Net decrease in cash and restricted cash due to deconsolidation of subsidiaries - - (27,771 ) - (27,771 ) Investment in subsidiary (13,228 ) 739 - 12,489 - Net cash provided by (used in) investing activities $ (13,256 ) $ (137 ) $ (48,731 ) $ 11,611 $ (50,513 ) Cash flows from financing activities: Proceeds from drawdowns on CLO warehouse facilities - - 7,750 - 7,750 Repayment of asset-backed securities issued - - (1,679 ) 878 (801 ) Distributions and distribution equivalents paid on common shares and RSUs (1,070 ) - - - (1,070 ) Purchases of common shares for treasury (669 ) - - - (669 ) Distributions to non-controlling interest shareholders (913 ) - - - (913 ) Employee taxes paid on shares withheld for tax-withholding purposes (84 ) - - - (84 ) Capital contributions of parent (1,111 ) 16,624 (13,182 ) (2,331 ) - Net cash provided by (used in) financing activities $ (3,847 ) $ 16,624 $ (7,111 ) $ (1,453 ) $ 4,213 Net increase (decrease) in cash and cash equivalents (1,905 ) (2,652 ) (85,125 ) 4 (89,678 ) Cash, cash equivalents and restricted cash, beginning of period 4,863 9,976 117,969 - 132,808 Cash, cash equivalents and restricted cash, end of period $ 2,958 $ 7,324 $ 32,844 $ 4 $ 43,130 For the Three Months Ended March 31, 2018 Parent Companies and Guarantors Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Cash flows from operating activities: Net cash provided by (used in) operating activities $ 11,760 $ (566 ) $ (29,990 ) $ (3,586 ) $ (22,382 ) Cash flows from investing activities: Purchases of fixed assets - - (111 ) - (111 ) Purchases of other investments (5,021 ) (426 ) - 4,453 (994 ) Sales or distributions from other investments 228 - 540 - 768 Funding of loans collateralizing asset-backed securities issued - - (72,642 ) - (72,642 ) Funding of loans held for investment - - (63,245 ) - (63,245 ) Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued - - 82,909 - 82,909 Sale, payoff and principal receipts on loans held for investment 1,166 - 265 - 1,431 Investment in subsidiary 4,865 (1,194 ) - (3,671 ) - Net cash provided by (used in) investing activities 1,238 $ (1,620 ) $ (52,284 ) $ 782 $ (51,884 ) Cash flows from financing activities: Proceeds from issuance of repurchase agreement $ 3,878 - - - 3,878 Proceeds from drawdowns on line of credit - - 8,000 - 8,000 Proceeds from drawdowns of CLO warehouse facility - - 51,550 - 51,550 Proceeds from sale of note payable to affiliate - - 829 - 829 Payment of debt issuance costs - (122 ) (1,715 ) - (1,837 ) Repayment of asset-backed securities issued - - (332,100 ) - (332,100 ) Proceeds of issuance from asset-backed securities issued - - 332,100 (4,453 ) 327,647 Distributions and distribution equivalents paid on common shares and RSUs (2,038 ) - - - (2,038 ) Capital contributions of nonredeemable non-controlling interest holders - - 445 - 445 Purchases of common shares for treasury (1,044 ) - - - (1,044 ) Distributions to non-controlling interest shareholders - - (108 ) - (108 ) Capital contributions of parent (23,322 ) 2,149.00 13,916 7,257 - Net cash provided by (used in) financing activities $ (22,526 ) $ 2,027 $ 72,917 $ 2,804 $ 55,222 Net decrease in cash and cash equivalents (9,528 ) (159 ) (9,357 ) - (19,044 ) 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 $ 4,104 $ 6,131 $ 108,042 $ - $ 118,277 |
Note 25 - Subsequent Events
Note 25 - Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 25 . Subsequent Events On April 22, 2019, June 30, 2019. December 13, 2017 one million April 20, 2019. March 31, 2019, 212,986 On April 29, 2019, $0.04 first 2019 . May 31, 2019, May 17, 2019. On May 13, 2019, 3,000,000 May 16, 2019 June 13, 2019. $3.95 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation These consolidated financial statements and related notes are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10 10 X. 10 December 31, 2018 ( not The consolidated accounts of the Company include the wholly-owned subsidiaries and the partially-owned subsidiaries of which we are the majority owner or the primary beneficiary. All material intercompany accounts and transactions have been eliminated in consolidation. Non-controlling interests on the Consolidated Statements of Financial Condition at March 31, 2019 December 31, 2018 third See Note 2 Annual Report for the Company's significant accounting policies. For the three March 31, 2019, no No. 2016 02, 842 January 1, 2019 January 1, 2019 not Refer to Note 3 |
Marketable Securities, Policy [Policy Text Block] | CLO debt securities: Investments in CLO debt securities are accounted for according to their purpose and holding period. CLO debt security investments that are classified as trading securities are those that are bought and held principally for the purpose of selling them in the near term. The Company had $9.3 zero March 31, 2019 December 31, 2018, may $53.5 zero March 31, 2019 December 31, 2018, $13.6 zero March 31, 2019 December 31, 2018, The Company evaluates the available-for-sale and held-to-maturity investments in debt securities for other than temporary impairment ("OTTI") quarterly. Impairment would be recorded if the net present value of the cash flows of the investment is below amortized cost and the Company does not no three March 31, 2019 2018. |
Note 1 - Organization and Des_2
Note 1 - Organization and Description of Business (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Deconsolidation [Table Text Block] | Cash received: $ 7,942 Retained interest, at fair value (1) 74,989 Non-controlling interest, at carrying value 12,842 Total of consideration received, retained interest, and non-controlling interest $ 95,773 Less: Net assets of deconsolidated subsidiaries at carrying value (2) 92,581 Gain on deconsolidation $ 3,192 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2019 (In thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 41,909 $ 41,909 $ - $ - $ 41,909 Restricted cash and deposits 1,221 1,221 - - 1,221 Marketable securities owned 92,190 15,717 - 75,962 91,679 Other investments 8,349 - - 8,349 8,349 Other investments measured at net asset value (1) 9,763 - - - - Loans held for investment, net of allowance for loan losses 4,962 - 2,318 2,668 4,986 Total assets: $ 158,394 $ 58,847 $ 2,318 $ 86,979 $ 148,144 Liabilities: Marketable securities sold, but not yet purchased $ 2,696 $ 2,696 $ - $ - $ 2,696 Notes payable 829 - - 829 829 Bond payable 83,600 - 86,659 - 86,659 Total liabilities: $ 87,125 $ 2,696 $ 86,659 $ 829 $ 90,184 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 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | (In thousands) March 31, 2019 Carrying Value Level 1 Level 2 Level 3 Total Marketable securities owned $ 78,557 $ 15,717 $ - $ 62,840 $ 78,557 Other investments: Equity investments 3,568 - - 3,568 3,568 Investments in hedge funds managed by the Company 199 - 199 - 199 Investments in other funds managed by the Company (1) 5,045 - - - - Total investment in funds managed by the Company (1) 5,244 - 199 - 199 Limited partnership in investments in private equity/ real estate funds (1) 4,718 - - - - Total other investments 13,530 - 199 3,568 3,767 Total assets: $ 92,087 $ 15,717 $ 199 $ 66,408 $ 82,324 Marketable securities sold, but not yet purchased 2,696 2,696 - - 2,696 Total liabilities: $ 2,696 $ 2,696 $ - $ - $ 2,696 (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 |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | (In thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Total OTTI in OCI Number of positions CLO IV junior subordinated notes $ 27,922 $ - $ (660 ) $ 27,262 $ - 1 CLO V junior subordinated notes 26,651 - (395 ) 26,256 - 1 Total $ 54,573 $ - $ (1,055 ) $ 53,518 $ - |
Debt Securities, Held-to-maturity [Table Text Block] | (In thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Number of positions CLO III subordinated notes $ 13,633 $ - $ (511 ) $ 13,122 1 Total $ 13,633 $ - $ (511 ) $ 13,122 |
Investments Classified by Contractual Maturity Date [Table Text Block] | (In thousands) Available-for-sale Held-to-maturity Amortized cost Fair value Amortized cost Fair value 5-10 years $ 27,922 27,262 13,633 13,122 10+ years 26,651 26,256 - - Total $ 54,573 $ 53,518 $ 13,633 $ 13,122 |
Debt Securities, Available-for-sale and Held-to-maturity, Unrealized Loss Position [Table Text Block] | (In thousands) Less than 12 months Greater than 12 months Total Fair value Gross unrealized loss Fair value Gross unrealized loss Fair value Gross unrealized loss CLO III subordinated notes $ 13,122 $ (511 ) $ - $ - $ 13,122 $ (511 ) CLO IV junior subordinated notes 27,262 (660 ) - - 27,262 (660 ) CLO V junior subordinated notes 26,256 (395 ) - - 26,256 (395 ) Total $ 66,640 $ (1,566 ) $ - $ - $ 66,640 $ (1,566 ) |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | (In thousands) CLO junior subordinated notes CLO senior subordinated notes Equity Investment Total Balance as of December 31, 2018 $ - $ - $ - $ - Fair value at recognition date 54,279 9,289 3,568 67,136 Accrued interest 294 34 - 328 Unrealized loss on investments, recognized in OCI (1,055 ) - - (1,055 ) Balance as of March 31, 2019 $ 53,518 $ 9,323 $ 3,568 $ 66,409 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | (In thousands) Significant Unobservable Inputs Range (Weighted-average) Fair value Valuation Technique Description March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 CLO debt security Discounted cash flows Risk adjusted discounting factor 10 - 15% (11.5%) N/A $ 66,640 $ - Default rate 0 - 2% (1.3%) N/A Severity rate 25% N/A Equity investment Discounted cash flows Non-performance rate 20% N/A $ 3,568 $ - Discount rate 18% N/A Fair Value at Unfunded Commitments Dollars in thousands Redemption Frequency Redemption Notice Period March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Limited partner investments in private equity/ real estate funds Nonredeemable N/A $ 4,718 $ 3,920 $ 68 $ 68 Investment in other funds managed by the Company Nonredeemable N/A $ 5,045 $ 5,503 $ 1,945 $ 1,945 |
Note 5 - Loans (Tables)
Note 5 - Loans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (In thousands) Three Months Ended March 31, 2019 2018 Impaired Non-Impaired Impaired Non-Impaired Balance, at beginning of period $ (836 ) $ (9,751 ) $ (391 ) $ (6,533 ) Reversal (provision) for loan losses: Specific reserve - - (953 ) - General reserve - - - 41 Charge off 181 - 135 - Derecognition due to deconsolidation 655 9,751 - - Balance, at end of period $ - $ - $ (1,209 ) $ (6,492 ) |
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 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (In thousands) Cash Flow Loans March 31, December 31, 2019 2018 Moody's rating: Baa1 - Baa3 $ - $ 7,300 Ba1 - Ba3 - 247,686 B1 - B3 - 856,204 Caa1 - Caa3 - 59,046 Ca - 1,813 Total: $ - $ 1,172,049 Internal rating: (1) 2 $ - $ 1,018,261 3 - 132,169 4 - 19,806 5 - 1,813 Total: $ - $ 1,172,049 Performance: Performing $ - $ 1,170,236 Non-Performing - 1,813 Total: $ - $ 1,172,049 |
Loans Held for Investment [Member] | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (in thousands) Three Months Ended March 31, 2019 2018 Impaired Non-impaired Impaired Non-impaired Balance, at beginning of the period $ (218 ) $ (181 ) $ (2,279 ) $ (494 ) Provision for loan losses Specific - - (205 ) - General - - - (364 ) Charge off 218 - 2,279 - Derecognition due to deconsolidation - 181 - - Balance, at end of the period $ - $ - $ (205 ) $ (858 ) |
Impaired Financing Receivables [Table Text Block] | Recorded Investment Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized December 31, 2018 Impaired loans with an allowance recorded $ 462 $ 484 $ 218 $ 462 $ 34 Impaired loans with no related allowance recorded - - - - - Total impaired loans $ 462 $ 484 $ 218 $ 462 $ 34 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (In thousands) Cash Flow Loans March 31, December 31, 2019 2018 Moody's rating: Baa1 - Baa3 $ - $ - Ba1 - Ba3 - 7,459 B1 - B3 - 18,342 Caa1 - Caa3 - 419 Ca - 463 Not Rated 4,853 3,326 Total: $ 4,853 $ 30,009 Internal rating (1) 2 $ 1,539 $ 26,208 3 885 909 4 - - 5 - 462 Not rated 2,429 2,430 Total: $ 4,853 $ 30,009 Performance: Performing $ 4,853 $ 29,547 Non-performing - 462 Total: $ 4,853 $ 30,009 |
Note 6 - Debt (Tables)
Note 6 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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) March 31, 2019 December 31, 2018 8.00% Senior Notes due 2023 $ 36,000 $ 36,000 7.25% Senior Notes due 2027 50,000 50,000 Total outstanding principal $ 86,000 $ 86,000 Less: Debt issuance costs (2,325 ) (2,428 ) Less: Consolidation elimination (75 ) (75 ) Total bond payable, net $ 83,600 $ 83,497 |
Schedule of Debt [Table Text Block] | (In thousands) Outstanding Balance March 31, 2019 December 31, 2018 $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 829 829 Total credit facilities and note payable $ 829 $ 23,329 |
Note 7 - Asset-backed Securit_2
Note 7 - Asset-backed Securities Issued (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 Outstanding Interest Rate Weighted Average Remaining Maturity Class A Senior Secured Floating Rate Notes $ 769,750 0.85%-1.37 % 10.04 Class B Senior Secured Floating Rate Notes 143,700 1.30%-1.90 % 10.04 Class C Senior Secured Deferrable Floating Rate Notes 71,500 1.80%-2.65 % 9.99 Class D Senior Secured Deferrable Floating Rate Notes 68,350 2.60%-4.15 % 10.01 Class E Senior Secured Deferrable Floating Rate Notes 60,800 5.70%-6.80 % 10.03 Total secured notes sold to investors $ 1,114,100 Senior Subordinated Notes 7,221 6.90 % 11.00 Less: Debt issuance costs (8,979 ) Total asset-backed securities issued $ 1,112,342 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | March 31, 2019 Weighted-average remaining lease term Operating leases 6.30 years Weighted-average discount rate Operating leases 6.12 % Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Cash used in operating leases $ 1,653 Total cash paid for amounts included in the measurement of lease liabilities $ 1,653 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (In thousands) Minimum Future Lease Payments Year Ending December 31, 2019 $ 3,530 2020 5,621 2021 5,693 2022 5,649 2023 5,643 Thereafter 6,562 Total minimum future lease payments 32,698 Amounts representing interest (5,228 ) Present value of net future minimum lease payments $ 27,470 |
Note 10 - Accumulated Other C_2
Note 10 - Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (In thousands) Before Tax Tax Effect Net of Tax Three Months Ended March 31, 2019 Net unrealized loss on available-for sale securities: Net unrealized loss during the period $ (1,055 ) $ 273 $ (782 ) Other comprehensive loss $ (1,055 ) $ 273 $ (782 ) |
Note 11 - Share-based Compens_2
Note 11 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Three Months Ended March 31, 2019 Shares Subject Weighted Average to Option Exercise Price Balance, beginning of year 1,300,000 $ 6.85 Balance, end of period 1,300,000 $ 6.85 Options exercisable at end of period 1,300,000 $ 6.85 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | March 31, 2019 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 0.75 $ 6.85 $ - 1,300,000 0.75 $ 6.85 $ - |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Three Months Ended March 31, 2019 Restricted Weighted Average Share Units Grant Date Fair Value Balance, beginning of year 297,639 $ 4.79 Granted 465,519 4.23 Vested (66,067 ) 4.84 Balance, end of period 697,091 $ 4.41 |
Share-based Payment Arrangement, Stock Appreciation Right, Activity [Table Text Block] | Three Months Ended March 31, 2019 Share Appreciation Weighted Average Rights Exercise Price Balance, beginning of year 2,485,000 $ 7.33 Balance, end of period 2,485,000 $ 7.33 |
Stock Appreciation Rights Outstanding Detail [Table Text Block] | March 31, 2019 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 0.75 $ 7.33 $ - |
Note 12 - Net Income Per Comm_2
Note 12 - Net Income Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (In thousands, except per share data) Three Months Ended March 31, 2019 2018 Numerator: Net income (loss) attributable to JMP Group LLC $ 5,069 $ (283 ) Denominator: Basic weighted average shares outstanding 21,288 21,666 Effect of potential dilutive securities: Restricted share units 141 - Diluted weighted average shares outstanding 21,429 21,666 Net income (loss) per share Basic $ 0.24 $ (0.01 ) Diluted $ 0.24 $ (0.01 ) |
Note 13 - ASC 606 Revenue fro_2
Note 13 - ASC 606 Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2019 Broker -Dealer Asset Management Total Asset Management Corporate Costs Eliminations Total Asset Management Fee Income Investment Income Total revenues from contracts with customers Equity and debt origination $ 6,789 $ - $ - $ - $ - $ - $ 6,789 Strategic advisory and private placements 5,090 - - - - - 5,090 Total investment banking revenues 11,879 - - - - - 11,879 Commissions 3,299 - - - - - 3,299 Research payments 1,209 - - - - - 1,209 Net trading gains 27 - - - - - 27 Total brokerage revenues 4,535 - - - - - 4,535 Base management fees - 2,704 - 2,704 - (1,007 ) 1,697 Incentive management fees - 6 - 6 - - 6 Total asset management fees - 2,710 - 2,710 - (1,007 ) 1,703 Total revenues from contracts with customers $ 16,414 $ 2,710 $ - $ 2,710 $ - $ (1,007 ) $ 18,117 Three Months Ended March 31, 2018 Broker -Dealer Asset Management Total Asset Management Corporate Costs Eliminations Total Asset Management Fee Income Investment Income Total revenues from contracts with customers Equity and debt origination $ 11,862 $ - $ - $ - $ - $ - $ 11,862 Strategic advisory and private placements 8,800 - - - - - 8,800 Total investment banking revenues 20,662 - - - - - 20,662 Commissions 3,892 - - - - - 3,892 Research payments 985 - - - - - 985 Net trading losses (213 ) - - - - - (213 ) Total brokerage revenues 4,664 - - - - - 4,664 Base management fees - 4,006 - 4,006 - (946 ) 3,060 Incentive management fees - 80 3,285 3,365 - - 3,365 Total asset management fees - 4,086 3,285 7,371 - (946 ) 6,425 Total revenues from contracts with customers $ 25,326 $ 4,086 $ 3,285 $ 7,371 $ - $ (946 ) $ 31,751 |
Note 22 - Business Segments (Ta
Note 22 - Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (In thousands) Three Months Ended March 31, 2019 2018 Broker-Dealer Non-interest revenues $ 16,420 $ 25,329 Total net revenues after provision for loan losses $ 16,420 $ 25,329 Non-interest expenses 17,900 22,916 Segment operating pre-tax net income (loss) $ (1,480 ) $ 2,413 Segment assets $ 46,764 $ 59,619 Asset Management Fee Income Non-interest revenues $ 2,361 $ 3,989 Total net revenues after provision for loan losses $ 2,361 $ 3,989 Non-interest expenses 3,090 5,020 Segment operating pre-tax net loss $ (729 ) $ (1,031 ) Segment assets $ 11,053 $ 19,004 Investment Income Non-interest revenues $ 5,751 $ 2,168 Net interest income 3,322 2,127 Provision for loan losses - (893 ) Total net revenues after provision for loan losses $ 9,073 $ 3,402 Non-interest expenses 2,549 4,189 Segment operating pre-tax net income (loss) $ 6,524 $ (787 ) Segment assets $ 116,358 1,017,558 Corporate Costs Non-interest expenses $ 2,060 $ 2,258 Segment operating pre-tax net loss $ (2,060 ) $ (2,258 ) Segment assets $ 304,719 $ 293,057 Eliminations Non-interest revenues $ (1,014 ) $ (979 ) Total net revenues after provision for loan losses $ (1,014 ) $ (979 ) Non-interest expenses (1,014 ) (981 ) Segment operating pre-tax net income $ - $ 2 Segment assets $ (257,129 ) $ (287,419 ) Consolidating adjustments and reconciling items Non-interest revenues $ 132 (a) $ (2,213 ) (a) Net interest income 195 (b) 881 (b) Loss on repurchase or early retirement of debt - (2,626 ) Provision for loan losses - (572 ) Total net revenues after provision for loan losses $ 327 $ (4,530 ) Non-interest expenses 1,545 (c) 1,124 (c) Non-controlling interest expense 70 (1,464 ) Segment operating pre-tax net loss $ (1,288 ) $ (4,190 ) Segment assets - - Total Segments Non-interest revenues 23,649 28,294 Net interest income 3,518 3,008 Loss on repurchase, reissuance or early retirement of debt - (2,626 ) Provision for loan losses - (1,465 ) Total net revenues after provision for loan losses $ 27,167 $ 27,211 Non-interest expenses 26,130 34,526 Non-controlling interest expense 70 (1,464 ) Consolidated net income (loss) attributable to JMP Group LLC $ 967 $ (5,851 ) Total assets $ 221,765 $ 1,101,818 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | (In thousands) Three Months Ended March 31, 2019 2018 Operating net income (loss) $ 1,669 $ (1,631 ) Addback (subtract) of segment income tax expense (benefit) 586 (30 ) Total segments adjusted operating pre-tax net income (loss) $ 2,255 $ (1,661 ) Subtract (add back) Share-based awards and deferred compensation 844 144 General loan loss provision – CLOs, CLO warehouse - 329 Early debt retirement/reissuance - 1,318 Restructuring costs – CLOs - 64 Amortization of intangible asset – CLO III 277 69 Unrealized loss – real estate-related depreciation and amortization 557 1,628 Unrealized mark-to-market (gain) loss - strategic equity investments (390 ) 638 Total consolidation adjustments and reconciling items 1,288 4,190 Consolidated pre-tax net income (loss) attributable to JMP Group LLC $ 967 $ (5,851 ) Income tax benefit (4,102 ) (5,568 ) Consolidated net income (loss) attributable to JMP Group LLC $ 5,069 $ (283 ) |
Note 23 - Nonconsolidated Var_2
Note 23 - Nonconsolidated Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | (In thousands) As of March 31, 2019 December 31, 2018 Financial Statement Financial Statement Carrying Amount Maximum Carrying Amount Maximum Assets Liabilities Exposure to Loss VIE Assets Assets Liabilities Exposure to Loss VIE Assets CLOs $ 81,329 $ - $ 83,581 $ 1,173,722 $ - $ - $ - $ - Fund investments 4,705 - 6,609 180,435 5,083 - 7,028 204,646 Other investments 3,967 - 3,967 1,238,337 933 - 933 1,235,146 Total $ 90,001 $ - $ 94,157 $ 2,592,494 $ 6,016 $ - $ 7,961 $ 1,439,792 |
Note 24 - Consolidating Finan_2
Note 24 - Consolidating Financial Statements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | As of March 31, 2019 Parent Companies and Guarantors Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Assets Cash and cash equivalents $ 2,963 $ 6,103 $ 32,843 $ - $ 41,909 Restricted cash and deposits - 1,221 - - 1,221 Investment banking fees receivable, net of allowance for doubtful accounts - - 5,608 - 5,608 Marketable securities owned 48,088 666 43,510 (74 ) 92,190 Other investments 4,391 1,497 17,559 - 23,447 Loans held for investment, net of allowance for loan losses 1,648 885 2,429 - 4,962 Interest receivable 27 7 636 (359 ) 311 Fixed assets, net - - 2,575 - 2,575 Operating lease right-of-use asset - 22,104 - - 22,104 Other assets (13,531 ) 143,239 42,306 (144,576 ) 27,438 Investment in subsidiaries 288,388 76,688 - (365,076 ) - Total assets $ 331,974 $ 252,410 $ 147,466 $ (510,085 ) $ 221,765 Liabilities and Equity Liabilities: Marketable securities sold, but not yet purchased, at fair value $ - $ - $ 2,696 $ - $ 2,696 Accrued compensation 407 575 4,665 - 5,647 Interest payable - 1,071 323 (359 ) 1,035 Notes payable 127,603 - 17,763 (144,537 ) 829 Bond payable, net of debt issuance costs - 83,675 - (75 ) 83,600 Operating lease liability - 27,470 - - 27,470 Other liabilities 3,348 2,233 8,393 67 14,041 Total liabilities $ 131,358 $ 115,024 $ 33,840 $ (144,904 ) $ 135,318 Total shareholders' equity 200,616 137,386 114,024 (365,393 ) 86,633 Nonredeemable Non-controlling Interest $ - $ - $ (398 ) $ 212 $ (186 ) Total equity $ 200,616 $ 137,386 $ 113,626 $ (365,181 ) $ 86,447 Total liabilities and equity $ 331,974 $ 252,410 $ 147,466 $ (510,085 ) $ 221,765 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 |
Condensed Income Statement [Table Text Block] | For the Three Months Ended March 31, 2019 Parent Companies and Guarantors Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Revenues Investment banking $ - $ - $ 11,879 $ - $ 11,879 Brokerage - - 4,535 - 4,535 Asset management fees - - 1,742 (39 ) 1,703 Principal transactions 418 62 4,808 - 5,288 Loss on sale, payoff and mark-to-market of loans - - (17 ) - (17 ) Net dividend income 102 13 181 - 296 Other income (loss) 29 - (64 ) - (35 ) Equity earnings (losses) of subsidiaries 10,889 (735 ) - (10,154 ) - Non-interest revenues 11,438 (660 ) 23,064 (10,193 ) 23,649 Interest income 950 1,089 14,428 (2,176 ) 14,291 Interest expense (1,056 ) (2,066 ) (9,827 ) 2,176 (10,773 ) Net interest income (expense) (106 ) (977 ) 4,601 - 3,518 Total net revenues (losses) after provision for loan losses 11,332 (1,637 ) 27,665 (10,193 ) 27,167 Non-interest expenses Compensation and benefits 581 1,044 15,597 - 17,222 Administration 146 109 1,713 (39 ) 1,929 Brokerage, clearing and exchange fees - - 701 - 701 Travel and business development 38 8 975 - 1,021 Managed deal expense - - 533 - 533 Communications and technology 1 - 1,052 - 1,053 Occupancy - - 1,423 - 1,423 Professional fees 570 64 822 - 1,456 Depreciation - - 297 - 297 Other 278 - 217 - 495 Total non-interest expenses 1,614 1,225 23,330 (39 ) 26,130 Net income (loss) before income tax expense 9,718 (2,862 ) 4,335 (10,154 ) 1,037 Income tax expense (benefit) 313 (4,899 ) 484 - (4,102 ) Net income 9,405 2,037 3,851 (10,154 ) 5,139 Less: Net income (loss) attributable to nonredeemable non-controlling interest 167 - (97 ) - 70 Net income attributable to JMP Group LLC $ 9,238 $ 2,037 $ 3,948 $ (10,154 ) $ 5,069 For the Three Months Ended March 31, 2018 Parent Companies and Guarantors Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Revenues Investment banking $ - $ - $ 20,662 $ - $ 20,662 Brokerage - - 4,664 - 4,664 Asset management fees - - 6,604 (179 ) 6,425 Principal transactions (3,176 ) (18 ) (426 ) - (3,620 ) Loss on sale, payoff and mark-to-market of loans - - (182 ) - (182 ) Net dividend income 271 3 22 - 296 Other income - - 49 - 49 Equity earnings of subsidiaries 3,519 71 - (3,590 ) - Non-interest revenues 614 56 31,393 (3,769 ) 28,294 Interest income (expense) 664 1,141 12,974 (2,069 ) 12,710 Interest expense (1,144 ) (2,292 ) (8,335 ) 2,069 (9,702 ) Net interest income (480 ) (1,151 ) 4,639 - 3,008 Loss on repurchase, reissuance or early retirement of debt - - (2,626 ) - (2,626 ) Reversal (provision) for loan losses 15 - (1,480 ) - (1,465 ) Total net revenues after provision for loan losses 149 (1,095 ) 31,926 (3,769 ) 27,211 Non-interest expenses Compensation and benefits 460 841 22,960 - 24,261 Administration 153 137 2,122 (179 ) 2,233 Brokerage, clearing and exchange fees - - 777 - 777 Travel and business development 67 15 872 - 954 Managed deal expense - - 1,566 - 1,566 Communications and technology - 2 1,060 - 1,062 Occupancy - - 1,117 - 1,117 Professional fees 672 84 1,149 - 1,905 Depreciation - - 264 - 264 Other 69 - 318 - 387 Total non-interest expenses 1,421 1,079 32,205 (179 ) 34,526 Net loss before income tax expense (1,272 ) (2,174 ) (279 ) (3,590 ) (7,315 ) Income tax expense (benefit) - (5,989 ) 421 - (5,568 ) Net income (loss) (1,272 ) 3,815 (700 ) (3,590 ) (1,747 ) Less: Net loss attributable to nonredeemable non-controlling interest $ (1,045 ) - (419 ) - (1,464 ) Net income (loss) attributable to JMP Group LLC (227 ) $ 3,815 $ (281 ) $ (3,590 ) $ (283 ) |
Condensed Cash Flow Statement [Table Text Block] | For the Three Months Ended March 31, 2019 Parent Companies and Guarantors Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Cash flows from operating activities: Net cash provided by (used in) operating activities $ 15,198 $ (19,139 ) $ (29,283 ) $ (10,154 ) $ (43,378 ) Cash flows from investing activities: Purchases of fixed assets - - (637 ) - (637 ) Purchases of other investments (11 ) - (833 ) - (844 ) Sales or distributions from other investments 625 - 8,565 (878 ) 8,312 Funding of loans collateralizing asset-backed securities issued - - (35,153 ) - (35,153 ) Funding of loans held for investment (646 ) (876 ) (23,580 ) - (25,102 ) Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued - - 23,806 - 23,806 Sale, payoff and principal receipts on loans held for investment 4 - 6,872 - 6,876 Net decrease in cash and restricted cash due to deconsolidation of subsidiaries - - (27,771 ) - (27,771 ) Investment in subsidiary (13,228 ) 739 - 12,489 - Net cash provided by (used in) investing activities $ (13,256 ) $ (137 ) $ (48,731 ) $ 11,611 $ (50,513 ) Cash flows from financing activities: Proceeds from drawdowns on CLO warehouse facilities - - 7,750 - 7,750 Repayment of asset-backed securities issued - - (1,679 ) 878 (801 ) Distributions and distribution equivalents paid on common shares and RSUs (1,070 ) - - - (1,070 ) Purchases of common shares for treasury (669 ) - - - (669 ) Distributions to non-controlling interest shareholders (913 ) - - - (913 ) Employee taxes paid on shares withheld for tax-withholding purposes (84 ) - - - (84 ) Capital contributions of parent (1,111 ) 16,624 (13,182 ) (2,331 ) - Net cash provided by (used in) financing activities $ (3,847 ) $ 16,624 $ (7,111 ) $ (1,453 ) $ 4,213 Net increase (decrease) in cash and cash equivalents (1,905 ) (2,652 ) (85,125 ) 4 (89,678 ) Cash, cash equivalents and restricted cash, beginning of period 4,863 9,976 117,969 - 132,808 Cash, cash equivalents and restricted cash, end of period $ 2,958 $ 7,324 $ 32,844 $ 4 $ 43,130 For the Three Months Ended March 31, 2018 Parent Companies and Guarantors Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated JMP Group LLC Cash flows from operating activities: Net cash provided by (used in) operating activities $ 11,760 $ (566 ) $ (29,990 ) $ (3,586 ) $ (22,382 ) Cash flows from investing activities: Purchases of fixed assets - - (111 ) - (111 ) Purchases of other investments (5,021 ) (426 ) - 4,453 (994 ) Sales or distributions from other investments 228 - 540 - 768 Funding of loans collateralizing asset-backed securities issued - - (72,642 ) - (72,642 ) Funding of loans held for investment - - (63,245 ) - (63,245 ) Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued - - 82,909 - 82,909 Sale, payoff and principal receipts on loans held for investment 1,166 - 265 - 1,431 Investment in subsidiary 4,865 (1,194 ) - (3,671 ) - Net cash provided by (used in) investing activities 1,238 $ (1,620 ) $ (52,284 ) $ 782 $ (51,884 ) Cash flows from financing activities: Proceeds from issuance of repurchase agreement $ 3,878 - - - 3,878 Proceeds from drawdowns on line of credit - - 8,000 - 8,000 Proceeds from drawdowns of CLO warehouse facility - - 51,550 - 51,550 Proceeds from sale of note payable to affiliate - - 829 - 829 Payment of debt issuance costs - (122 ) (1,715 ) - (1,837 ) Repayment of asset-backed securities issued - - (332,100 ) - (332,100 ) Proceeds of issuance from asset-backed securities issued - - 332,100 (4,453 ) 327,647 Distributions and distribution equivalents paid on common shares and RSUs (2,038 ) - - - (2,038 ) Capital contributions of nonredeemable non-controlling interest holders - - 445 - 445 Purchases of common shares for treasury (1,044 ) - - - (1,044 ) Distributions to non-controlling interest shareholders - - (108 ) - (108 ) Capital contributions of parent (23,322 ) 2,149.00 13,916 7,257 - Net cash provided by (used in) financing activities $ (22,526 ) $ 2,027 $ 72,917 $ 2,804 $ 55,222 Net decrease in cash and cash equivalents (9,528 ) (159 ) (9,357 ) - (19,044 ) 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 $ 4,104 $ 6,131 $ 108,042 $ - $ 118,277 |
Note 1 - Organization and Des_3
Note 1 - Organization and Description of Business (Details Textual) - USD ($) $ in Thousands | Mar. 19, 2019 | Mar. 31, 2019 | Mar. 18, 2019 | Jan. 17, 2019 | Dec. 31, 2018 | |
Deconsolidation, Gain (Loss), Amount | $ 3,192 | |||||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | 7,942 | |||||
Investments, Fair Value Disclosure, Total | 74,989 | [1] | $ 13,530 | $ 9,913 | ||
CLO III [Member] | ||||||
Net Assets, Ending Balance | 24,500 | |||||
CLO IV [Member] | ||||||
Net Assets, Ending Balance | 30,200 | |||||
CLO V [Member] | ||||||
Net Assets, Ending Balance | 25,800 | |||||
CLO VI [Member] | ||||||
Net Assets, Ending Balance | 11,600 | |||||
JMPCA [Member] | ||||||
Net Assets, Ending Balance | 500 | |||||
CLO III [Member] | ||||||
Investments, Fair Value Disclosure, Total | 13,300 | |||||
CLO IV [Member] | ||||||
Investments, Fair Value Disclosure, Total | 27,800 | |||||
CLO V [Member] | ||||||
Investments, Fair Value Disclosure, Total | 26,500 | |||||
CLO VI [Member] | ||||||
Investments, Fair Value Disclosure, Total | 3,800 | |||||
JMPCA [Member] | ||||||
Investments, Fair Value Disclosure, Total | $ 3,600 | |||||
Medalist Partners LP [Member] | ||||||
Percentage of Outstanding Preference Shares Sold | 66.00% | |||||
Proceeds from Sale of Preference shares | $ 7,600 | |||||
Gain (Loss) on Sale of Preference Shares | 0 | |||||
CLO III [Member] | ||||||
Ownership Percentage of Junior Subordinated Notes | 47.00% | |||||
Deconsolidation, Gain (Loss), Amount | 1,600 | |||||
JMPCA [Member] | ||||||
Deconsolidation, Gain (Loss), Amount | $ 3,400 | |||||
Ownership Percentage | 45.00% | |||||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | $ 300 | |||||
JMPCA [Member] | Medalist Partners LP [Member] | ||||||
Ownership Interest, Sold | 50.10% | |||||
JMPCA [Member] | Management Employees of JMPCA [Member] | ||||||
Ownership Interest, Sold | 4.90% | |||||
CLO's [Member] | ||||||
Ownership Percentage | 100.00% | |||||
CLO IV [Member] | ||||||
Ownership Percentage of Junior Subordinated Notes | 100.00% | |||||
Ownership Percentage of Senior Subordinated Notes | 100.00% | |||||
CLO V [Member] | ||||||
Ownership Percentage of Junior Subordinated Notes | 100.00% | |||||
Ownership Percentage of Senior Subordinated Notes | 25.00% | |||||
CLO VI [Member] | ||||||
Ownership Percentage of Outstanding Preference Shares | 33.00% | |||||
CLO IV, CLO V, and CLO VI [Member] | ||||||
Deconsolidation, Gain (Loss), Amount | $ (1,900) | |||||
[1] | The fair value of the Company's retained interest in CLO III, CLO IV, CLO V, CLO VI, and JMPCA as of the deconsolidation date was $13.3 million, $27.8 million, $26.5 million, $3.8 million, and $3.6 million, respectively |
Note 1 - Organization and Des_4
Note 1 - Organization and Description of Business - Deconsolidation of the CLO's and JMPCA (Details) - USD ($) $ in Thousands | Mar. 19, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | ||
Cash received: | $ 7,942 | ||||
Investments fair value | 74,989 | [1] | $ 13,530 | $ 9,913 | |
Non-controlling interest, at carrying value | 12,842 | $ (186) | $ 13,499 | ||
Total of consideration received, retained interest, and non-controlling interest | 95,773 | ||||
Gain on deconsolidation | 3,192 | ||||
CLO's and JMPCA [Member] | |||||
Net assets of deconsolidated subsidiaries at carrying value | [2] | $ 92,581 | |||
[1] | The fair value of the Company's retained interest in CLO III, CLO IV, CLO V, CLO VI, and JMPCA as of the deconsolidation date was $13.3 million, $27.8 million, $26.5 million, $3.8 million, and $3.6 million, respectively | ||||
[2] | The book value of the net assets of CLO III, CLO IV, CLO V, CLO VI, and JMPCA as of the deconsolidation date was $24.5 million, $30.2 million, $25.8 million, $11.6 million, and $0.5 million, respectively |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale, Total | $ 53,518 | ||
Debt Securities, Held-to-maturity, Total | 13,633 | ||
Collateralized Loan Obligations [Member] | |||
Debt Securities, Trading | 9,300 | $ 0 | |
Debt Securities, Available-for-sale, Total | 53,500 | 0 | |
Debt Securities, Held-to-maturity, Total | 13,600 | $ 0 | |
Other than Temporary Impairment Losses, Investments, Total | $ 0 | $ 0 |
Note 3 - Recent Accounting Pr_2
Note 3 - Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating Lease, Right-of-Use Asset | $ 22,104 | ||
Operating Lease, Liability, Total | $ 27,470 | ||
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 23,600 | ||
Operating Lease, Liability, Total | $ 29,300 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | $ 66,409 | |
Fair Value, Nonrecurring [Member] | ||
Loans Receivable, Fair Value Disclosure | 100 | 1,300 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | $ 9,800 | $ 9,400 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Assets: | |||
Marketable securities owned | $ 78,557 | $ 18,484 | |
Liabilities | |||
Marketable securities sold, but not yet purchased | 2,696 | 4,626 | |
Reported Value Measurement [Member] | |||
Assets: | |||
Cash and cash equivalents | 41,909 | 70,927 | |
Restricted cash and deposits | 1,221 | 61,881 | |
Marketable securities owned | 92,190 | 18,874 | |
Other investments | 8,349 | 490 | |
Other investments measured at net asset value | [1] | 9,763 | 9,423 |
Loans held for investment, net of allowance for loan losses | 4,962 | 29,608 | |
Total assets: | 158,394 | 1,352,666 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 1,161,463 | ||
Liabilities | |||
Marketable securities sold, but not yet purchased | 2,696 | 4,626 | |
Notes payable | 829 | 829 | |
Bond payable | 83,600 | 83,497 | |
Total liabilities: | 87,125 | 1,223,794 | |
Asset-backed securities issued, net of debt issuance costs | 1,112,342 | ||
CLO VI warehouse credit facility | 22,500 | ||
Estimate of Fair Value Measurement [Member] | |||
Assets: | |||
Cash and cash equivalents | 41,909 | 70,927 | |
Restricted cash and deposits | 1,221 | 61,881 | |
Marketable securities owned | 91,679 | 18,874 | |
Other investments | 8,349 | 490 | |
Other investments measured at net asset value | [1] | ||
Loans held for investment, net of allowance for loan losses | 4,986 | 28,764 | |
Total assets: | 148,144 | 1,307,419 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 1,126,483 | ||
Liabilities | |||
Marketable securities sold, but not yet purchased | 2,696 | 4,626 | |
Notes payable | 829 | 829 | |
Bond payable | 86,659 | 78,642 | |
Total liabilities: | 90,184 | 1,198,274 | |
Asset-backed securities issued, net of debt issuance costs | 1,091,677 | ||
CLO VI warehouse credit facility | 22,500 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets: | |||
Cash and cash equivalents | 41,909 | 70,927 | |
Restricted cash and deposits | 1,221 | 61,881 | |
Marketable securities owned | 15,717 | 18,874 | |
Other investments | |||
Other investments measured at net asset value | [1] | ||
Loans held for investment, net of allowance for loan losses | |||
Total assets: | 58,847 | 151,682 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | |||
Liabilities | |||
Marketable securities sold, but not yet purchased | 2,696 | 4,626 | |
Notes payable | |||
Bond payable | |||
Total liabilities: | 2,696 | 4,626 | |
Asset-backed securities issued, net of debt issuance costs | |||
CLO VI warehouse credit facility | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets: | |||
Cash and cash equivalents | |||
Restricted cash and deposits | |||
Marketable securities owned | |||
Other investments | 490 | ||
Other investments measured at net asset value | [1] | ||
Loans held for investment, net of allowance for loan losses | 2,318 | 26,188 | |
Total assets: | 2,318 | 1,151,988 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 1,125,310 | ||
Liabilities | |||
Marketable securities sold, but not yet purchased | |||
Notes payable | |||
Bond payable | 86,659 | 78,642 | |
Total liabilities: | 86,659 | 1,192,819 | |
Asset-backed securities issued, net of debt issuance costs | 1,091,677 | ||
CLO VI warehouse credit facility | 22,500 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets: | |||
Cash and cash equivalents | |||
Restricted cash and deposits | |||
Marketable securities owned | 75,962 | ||
Other investments | 8,349 | ||
Other investments measured at net asset value | [1] | ||
Loans held for investment, net of allowance for loan losses | 2,668 | 2,576 | |
Total assets: | 86,979 | 3,749 | |
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 1,173 | ||
Liabilities | |||
Marketable securities sold, but not yet purchased | |||
Notes payable | 829 | 829 | |
Bond payable | |||
Total liabilities: | $ 829 | 829 | |
Asset-backed securities issued, net of debt issuance costs | |||
CLO VI warehouse credit facility | |||
[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 ($) $ in Thousands | Mar. 31, 2019 | Mar. 19, 2019 | [1] | Dec. 31, 2018 | |
Marketable securities owned | $ 92,190 | $ 18,874 | |||
Other investments: | |||||
Other investments | 13,530 | $ 74,989 | 9,913 | ||
Marketable securities owned | 92,190 | 18,874 | |||
Fair Value, Recurring [Member] | |||||
Marketable securities owned | 78,557 | 18,874 | |||
Other investments: | |||||
Equity investments | 3,568 | ||||
Other investments | 490 | ||||
Total assets: | 82,324 | 19,364 | |||
Marketable securities sold, but not yet purchased | 2,696 | 4,626 | |||
Total liabilities: | 2,696 | 4,626 | |||
Marketable securities owned | 78,557 | 18,874 | |||
Fair Value, Recurring [Member] | Investments In Hedge Funds Managed By HCS [Member] | |||||
Other investments: | |||||
Other investments | 199 | 490 | |||
Fair Value, Recurring [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | |||||
Other investments: | |||||
Other investments | [2] | ||||
Fair Value, Recurring [Member] | Investments In Funds Of Funds Managed By HCS [Member] | |||||
Other investments: | |||||
Other investments | [2] | 199 | 490 | ||
Fair Value, Recurring [Member] | Limited Partner Investment in Private Equity Fund and Real Estate Funds [Member] | |||||
Other investments: | |||||
Other investments | [2] | ||||
Fair Value, Recurring [Member] | Total Return Swap [Member] | |||||
Other investments: | |||||
Other investments | 3,767 | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Marketable securities owned | 15,717 | 18,874 | |||
Other investments: | |||||
Equity investments | |||||
Other investments | |||||
Total assets: | 15,717 | 18,874 | |||
Marketable securities sold, but not yet purchased | 2,696 | 4,626 | |||
Total liabilities: | 2,696 | 4,626 | |||
Marketable securities owned | 15,717 | 18,874 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Investments In Hedge Funds Managed By HCS [Member] | |||||
Other investments: | |||||
Other investments | |||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | |||||
Other investments: | |||||
Other investments | [2] | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Investments In Funds Of Funds Managed By HCS [Member] | |||||
Other investments: | |||||
Other investments | [2] | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Limited Partner Investment in Private Equity Fund and Real Estate Funds [Member] | |||||
Other investments: | |||||
Other investments | [2] | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Total Return Swap [Member] | |||||
Other investments: | |||||
Other investments | |||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Marketable securities owned | |||||
Other investments: | |||||
Equity investments | |||||
Other investments | 490 | ||||
Total assets: | 199 | 490 | |||
Marketable securities sold, but not yet purchased | |||||
Total liabilities: | |||||
Marketable securities owned | |||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Investments In Hedge Funds Managed By HCS [Member] | |||||
Other investments: | |||||
Other investments | 199 | 490 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | |||||
Other investments: | |||||
Other investments | [2] | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Investments In Funds Of Funds Managed By HCS [Member] | |||||
Other investments: | |||||
Other investments | [2] | 199 | 490 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Limited Partner Investment in Private Equity Fund and Real Estate Funds [Member] | |||||
Other investments: | |||||
Other investments | [2] | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Total Return Swap [Member] | |||||
Other investments: | |||||
Other investments | 199 | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Marketable securities owned | 62,840 | ||||
Other investments: | |||||
Equity investments | 3,568 | ||||
Other investments | |||||
Total assets: | 66,408 | ||||
Marketable securities sold, but not yet purchased | |||||
Total liabilities: | |||||
Marketable securities owned | 62,840 | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Investments In Hedge Funds Managed By HCS [Member] | |||||
Other investments: | |||||
Other investments | |||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | |||||
Other investments: | |||||
Other investments | [2] | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Investments In Funds Of Funds Managed By HCS [Member] | |||||
Other investments: | |||||
Other investments | [2] | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Limited Partner Investment in Private Equity Fund and Real Estate Funds [Member] | |||||
Other investments: | |||||
Other investments | [2] | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Total Return Swap [Member] | |||||
Other investments: | |||||
Other investments | 3,568 | ||||
Reported Value Measurement [Member] | |||||
Other investments: | |||||
Total assets: | 158,394 | 1,352,666 | |||
Total liabilities: | 87,125 | 1,223,794 | |||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | |||||
Marketable securities owned | 78,557 | 18,874 | |||
Other investments: | |||||
Equity investments | 3,568 | ||||
Other investments | 9,913 | ||||
Total assets: | 92,087 | 28,787 | |||
Marketable securities sold, but not yet purchased | 2,696 | 4,626 | |||
Total liabilities: | 2,696 | 4,626 | |||
Marketable securities owned | 78,557 | 18,874 | |||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Investments In Hedge Funds Managed By HCS [Member] | |||||
Other investments: | |||||
Other investments | 199 | 490 | |||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | |||||
Other investments: | |||||
Other investments | [2] | 5,045 | 5,503 | ||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Investments In Funds Of Funds Managed By HCS [Member] | |||||
Other investments: | |||||
Other investments | [2] | 5,244 | 5,993 | ||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Limited Partner Investment in Private Equity Fund and Real Estate Funds [Member] | |||||
Other investments: | |||||
Other investments | [2] | 4,718 | $ 3,920 | ||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Total Return Swap [Member] | |||||
Other investments: | |||||
Other investments | $ 13,530 | ||||
[1] | The fair value of the Company's retained interest in CLO III, CLO IV, CLO V, CLO VI, and JMPCA as of the deconsolidation date was $13.3 million, $27.8 million, $26.5 million, $3.8 million, and $3.6 million, respectively | ||||
[2] | 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 - Available-for-sale Securities (Details) xbrli-pure in Thousands, $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Available-for-sale securities, amortized cost | $ 54,573 |
Available-for-sale securities, gross unrealized gains | |
Available-for-sale securities, gross unrealized losses | (1,055) |
Available-for-sale securities, fair value | 53,518 |
Available-for-sale securities, OTTI in OCI | |
CLO IV [Member] | |
Available-for-sale securities, amortized cost | 27,922 |
Available-for-sale securities, gross unrealized gains | |
Available-for-sale securities, gross unrealized losses | (660) |
Available-for-sale securities, fair value | 27,262 |
Available-for-sale securities, OTTI in OCI | |
Available-for-sale securities, number of positions | 1 |
CLO V [Member] | |
Available-for-sale securities, amortized cost | $ 26,651 |
Available-for-sale securities, gross unrealized gains | |
Available-for-sale securities, gross unrealized losses | (395) |
Available-for-sale securities, fair value | 26,256 |
Available-for-sale securities, OTTI in OCI | |
Available-for-sale securities, number of positions | 1 |
Note 4 - Fair Value Measureme_7
Note 4 - Fair Value Measurements - Held-to-maturity Securities (Details) xbrli-pure in Thousands, $ in Thousands | Mar. 31, 2019USD ($) |
Held-to-maturity, amortized cost | $ 13,633 |
Held-to-maturity, gross unrealized gains | |
Held-to-maturity, gross unrealized losses | (511) |
Held-to-maturity, fair value | 13,122 |
CLO III [Member] | |
Held-to-maturity, amortized cost | 13,633 |
Held-to-maturity, gross unrealized gains | |
Held-to-maturity, gross unrealized losses | (511) |
Held-to-maturity, fair value | $ 13,122 |
Held-to-maturity, number of positions | 1 |
Note 4 - Fair Value Measureme_8
Note 4 - Fair Value Measurements - Securities By Contractual Maturity (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Available-for-sale, 5-10 years, amortized cost | $ 27,922 |
Available-for-sale, 5-10 years, fair value | 27,262 |
Held-to-maturity, 5-10 years, amortized cost | 13,633 |
Held-to-maturity, 5-10 years, fair value | 13,122 |
Available-for-sale, 10+ years, amortized cost | 26,651 |
Available-for-sale, 10+ years, fair value | 26,256 |
Held-to-maturity, 10+ years, amortized cost | |
Held-to-maturity, 10+ years, fair value | |
Available-for-sale, total, amortized cost | 54,573 |
Available-for-sale, total, fair value | 53,518 |
Held-to-maturity, total, amortized cost | 13,633 |
Held-to-maturity, total, fair value | $ 13,122 |
Note 4 - Fair Value Measureme_9
Note 4 - Fair Value Measurements - Continuous Unrealized Loss Positions (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Held-to-maturity and available-for-sale, fair value, less than 12 months | $ 66,640 |
Held-to-maturity and available-for-sale, gross unrealized loss, less than 12 months | (1,566) |
Held-to-maturity and available-for-sale, fair value, greater than 12 months | |
Held-to-maturity and available-for-sale, gross unrealized loss, greater than 12 months | |
Held-to-maturity and available-for-sale, fair value | 66,640 |
Held-to-maturity and available-for-sale, gross unrealized loss | (1,566) |
CLO III [Member] | |
Held-to-maturity, fair value, less than 12 months | 13,122 |
Held-to-maturity, gross unrealized loss, less than 12 months | (511) |
Held-to-maturity, fair value, greater than 12 months | |
Held-to-maturity, gross unrealized loss, greater than 12 months | |
Held-to-maturity, fair value | 13,122 |
Held-to-maturity, gross unrealized loss | (511) |
CLO IV [Member] | |
Available-for-sale, fair value, less than 12 months | 27,262 |
Available-for-sale, gross unrealized loss, less than 12 months | (660) |
Available-for-sale, fair value, greater than 12 months | |
Available-for-sale, gross unrealized loss, greater than 12 months | |
Available-for-sale, fair value | 27,262 |
Available-for-sale, gross unrealized loss | (660) |
CLO V [Member] | |
Available-for-sale, fair value, less than 12 months | 26,256 |
Available-for-sale, gross unrealized loss, less than 12 months | (395) |
Available-for-sale, fair value, greater than 12 months | |
Available-for-sale, gross unrealized loss, greater than 12 months | |
Available-for-sale, fair value | 26,256 |
Available-for-sale, gross unrealized loss | $ (395) |
Note 4 - Fair Value Measurem_10
Note 4 - Fair Value Measurements - Changes in Level 3 Assets Measured at Fair Value (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Balance | |
Fair value at recognition date | 67,136 |
Accrued interest | 328 |
Unrealized loss on investments, recognized in OCI | (1,055) |
Balance | 66,409 |
CLO Junior Subordinated Notes [Member] | |
Balance | |
Fair value at recognition date | 54,279 |
Accrued interest | 294 |
Unrealized loss on investments, recognized in OCI | (1,055) |
Balance | 53,518 |
CLO Senior Subordinated Notes [Member] | |
Balance | |
Fair value at recognition date | 9,289 |
Accrued interest | 34 |
Unrealized loss on investments, recognized in OCI | |
Balance | 9,323 |
Equity Securities [Member] | |
Balance | |
Fair value at recognition date | 3,568 |
Accrued interest | |
Unrealized loss on investments, recognized in OCI | |
Balance | $ 3,568 |
Note 4 - Fair Value Measurem_11
Note 4 - Fair Value Measurements - Significant Unobservable Inputs Used in Fair Value Measurements (Details) $ in Thousands | Mar. 31, 2019USD ($) | Mar. 19, 2019USD ($) | [1] | Dec. 31, 2018USD ($) |
Investments fair value | $ 13,530 | $ 74,989 | $ 9,913 | |
Fair Value, Recurring [Member] | ||||
Equity investment | 3,568 | |||
Investments fair value | 490 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||
Equity investment | 3,568 | |||
Investments fair value | ||||
Collateralized Loan Obligations [Member] | Valuation, Income Approach [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||
CLO debt security | $ 66,640 | |||
Collateralized Loan Obligations [Member] | Valuation, Income Approach [Member] | Measurement Input, Risk Free Interest Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Minimum [Member] | ||||
CLO debt security, measurement input | 0.1 | |||
Collateralized Loan Obligations [Member] | Valuation, Income Approach [Member] | Measurement Input, Risk Free Interest Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Maximum [Member] | ||||
CLO debt security, measurement input | 0.15 | |||
Collateralized Loan Obligations [Member] | Valuation, Income Approach [Member] | Measurement Input, Risk Free Interest Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Weighted Average [Member] | ||||
CLO debt security, measurement input | 0.115 | |||
Collateralized Loan Obligations [Member] | Valuation, Income Approach [Member] | Measurement Input, Default Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Minimum [Member] | ||||
CLO debt security, measurement input | 0 | |||
Collateralized Loan Obligations [Member] | Valuation, Income Approach [Member] | Measurement Input, Default Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Maximum [Member] | ||||
CLO debt security, measurement input | 0.02 | |||
Collateralized Loan Obligations [Member] | Valuation, Income Approach [Member] | Measurement Input, Default Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Weighted Average [Member] | ||||
CLO debt security, measurement input | 0.013 | |||
Collateralized Loan Obligations [Member] | Valuation, Income Approach [Member] | Measurement Input, Loss Severity [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||
CLO debt security, measurement input | 0.25 | |||
Limited Partner Investment in Private Equity Fund [Member] | Nonredeemable Funds [Member] | ||||
Investments fair value | $ 4,718 | 3,920 | ||
Unfunded Commitments | 68 | 68 | ||
Investments in Private Equity Funds Managed by HCS [Member] | Nonredeemable Funds [Member] | ||||
Investments fair value | 5,045 | 5,503 | ||
Unfunded Commitments | $ 1,945 | $ 1,945 | ||
Equity Securities [Member] | Valuation, Income Approach [Member] | Measurement Input, Credit Factor [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||
Equity investment, measurement input | 0.2 | |||
Equity Securities [Member] | Valuation, Income Approach [Member] | Measurement Input, Discount Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||
Equity investment, measurement input | 0.18 | |||
[1] | The fair value of the Company's retained interest in CLO III, CLO IV, CLO V, CLO VI, and JMPCA as of the deconsolidation date was $13.3 million, $27.8 million, $26.5 million, $3.8 million, and $3.6 million, respectively |
Note 5 - Loans (Details Textual
Note 5 - Loans (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Financing Receivable, Individually Evaluated for Impairment | $ 0 | $ 500 |
Financing Receivable, Past Due | $ 0 | $ 0 |
Financing Receivable, Modifications, Number of Contracts | 1 | 2 |
Equity Received from Troubled Debt Restructuring | $ 200 | $ 800 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 100 | |
Number of Loans Held for Investment | 7 | 5 |
Impaired Financing Receivable, Recorded Investment, Total | $ 0 | $ 1,813 |
Extended Maturity [Member] | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | 500 | 1,900 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 200 | 1,000 |
Loans Collateralizing Asset Backed Securities [Member] | ||
Financing Receivable, Individually Evaluated for Impairment | 1,800 | |
Financing Receivable, Collectively Evaluated for Impairment | 1,170,200 | |
CLO VI Warehouse Portfolio [Member] | ||
Financing Receivable, after Allowance for Credit Loss, Total | 0 | 26,000 |
Loans Held for Investment [Member] | ||
Financing Receivable, Past Due | $ 0 | $ 0 |
Note 5 - Loans - Loans Collater
Note 5 - Loans - Loans Collateralizing Asset-Backed Securities Issued, Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Provision for loan losses | $ (1,465) | |
Impaired Loans [Member] | ||
Balance, at beginning of period | (836) | (391) |
Charge off | 181 | 135 |
Derecognition due to deconsolidation | 655 | |
Balance, at end of period | (1,209) | |
Impaired Loans [Member] | Specific Reserve [Member] | ||
Provision for loan losses | (953) | |
Impaired Loans [Member] | General Reserve [Member] | ||
Provision for loan losses | ||
Non Impaired Loans [Member] | ||
Balance, at beginning of period | (9,751) | (6,533) |
Charge off | ||
Derecognition due to deconsolidation | 9,751 | |
Balance, at end of period | (6,492) | |
Non Impaired Loans [Member] | Specific Reserve [Member] | ||
Provision for loan losses | ||
Non Impaired Loans [Member] | General Reserve [Member] | ||
Provision for loan losses | $ 41 |
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 | Mar. 31, 2019 | |
Impaired loans with an allowance recorded, recorded investment | $ 1,813 | |
Impaired loans with an allowance recorded, unpaid principal balance | 1,951 | |
Impaired loans, related allowance | 838 | |
Impaired loans with an allowance recorded, average recorded investment | 1,817 | |
Impaired loans with an allowance recorded, interest income recognized | 119 | |
Impaired loans with no related allowance recorded, recorded investment | 0 | |
Impaired loans with no related allowance recorded, unpaid principal balance | 0 | |
Impaired loans with no related allowance recorded, average recorded investment | 0 | |
Impaired loans with no related allowance recorded, interest income recognized | 0 | |
Impaired loans, recorded investment | 1,813 | $ 0 |
Impaired loans, unpaid principal balance | 1,951 | |
Impaired loans, average recorded investment | 1,817 | |
Impaired loans, interest income recognized | $ 119 |
Note 5 - Loans - Credit Quality
Note 5 - Loans - Credit Quality of Loans (Details) - Loans Collateralizing Asset Backed Securities [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Recorded investment | $ 1,172,049 | ||
Performing Financial Instruments [Member] | |||
Recorded investment | 1,170,236 | ||
Nonperforming Financial Instruments [Member] | |||
Recorded investment | 1,813 | ||
Two [Member] | |||
Recorded investment | [1] | 1,018,261 | |
Three [Member] | |||
Recorded investment | [1] | 132,169 | |
Four [Member] | |||
Recorded investment | [1] | 19,806 | |
Five [Member] | |||
Recorded investment | [1] | 1,813 | |
Internal Ratings [Member] | |||
Recorded investment | [1] | 1,172,049 | |
Baa1 - Baa3 [Member] | |||
Recorded investment | 7,300 | ||
Ba1 - Ba3 [Member] | |||
Recorded investment | 247,686 | ||
B1 - B3 [Member] | |||
Recorded investment | 856,204 | ||
Caa1 - Caa3 [Member] | |||
Recorded investment | 59,046 | ||
Moody's, Ca Rating [Member] | |||
Recorded investment | 1,813 | ||
Moodys Credit Rating [Member] | |||
Recorded investment | $ 1,172,049 | ||
[1] | Loans with an internal rating of 4 or below are reviewed individually to identify loans to be designated for non-accrual status. |
Note 5 - Loans - Loans Held for
Note 5 - Loans - Loans Held for Investment, Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Provision for loan losses | $ (1,465) | |
Impaired Loans [Member] | ||
Balance, at beginning of period | (836) | (391) |
Charge off | 181 | 135 |
Derecognition due to deconsolidation | 655 | |
Balance, at end of period | (1,209) | |
Impaired Loans [Member] | Specific Reserve [Member] | ||
Provision for loan losses | (953) | |
Impaired Loans [Member] | General Reserve [Member] | ||
Provision for loan losses | ||
Non Impaired Loans [Member] | ||
Balance, at beginning of period | (9,751) | (6,533) |
Charge off | ||
Derecognition due to deconsolidation | 9,751 | |
Balance, at end of period | (6,492) | |
Non Impaired Loans [Member] | Specific Reserve [Member] | ||
Provision for loan losses | ||
Non Impaired Loans [Member] | General Reserve [Member] | ||
Provision for loan losses | 41 | |
Loans Held for Investment [Member] | Impaired Loans [Member] | ||
Balance, at beginning of period | (218) | (2,279) |
Charge off | 218 | 2,279 |
Derecognition due to deconsolidation | ||
Balance, at end of period | (205) | |
Loans Held for Investment [Member] | Impaired Loans [Member] | Specific Reserve [Member] | ||
Provision for loan losses | (205) | |
Loans Held for Investment [Member] | Impaired Loans [Member] | General Reserve [Member] | ||
Provision for loan losses | ||
Loans Held for Investment [Member] | Non Impaired Loans [Member] | ||
Balance, at beginning of period | (181) | (494) |
Charge off | ||
Derecognition due to deconsolidation | 181 | |
Balance, at end of period | (858) | |
Loans Held for Investment [Member] | Non Impaired Loans [Member] | Specific Reserve [Member] | ||
Provision for loan losses | ||
Loans Held for Investment [Member] | Non Impaired Loans [Member] | General Reserve [Member] | ||
Provision for loan losses | $ (364) |
Note 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 | Mar. 31, 2019 | |
Impaired loans with an allowance recorded, recorded investment | $ 1,813 | |
Impaired loans with an allowance recorded, unpaid principal balance | 1,951 | |
Impaired loans, related allowance | 838 | |
Impaired loans with an allowance recorded, average recorded investment | 1,817 | |
Impaired loans with an allowance recorded, interest income recognized | 119 | |
Impaired loans with no related allowance recorded, recorded investment | 0 | |
Impaired loans with no related allowance recorded, unpaid principal balance | 0 | |
Impaired loans with no related allowance recorded, average recorded investment | 0 | |
Impaired loans with no related allowance recorded, interest income recognized | 0 | |
Impaired loans, recorded investment | 1,813 | $ 0 |
Impaired loans, unpaid principal balance | 1,951 | |
Impaired loans, average recorded investment | 1,817 | |
Impaired loans, interest income recognized | 119 | |
Impaired Loans [Member] | Loans Held for Investment [Member] | ||
Impaired loans with an allowance recorded, recorded investment | 462 | |
Impaired loans with an allowance recorded, unpaid principal balance | 484 | |
Impaired loans, related allowance | 218 | |
Impaired loans with an allowance recorded, average recorded investment | 462 | |
Impaired loans with an allowance recorded, interest income recognized | 34 | |
Impaired loans with no related allowance recorded, recorded investment | 0 | |
Impaired loans with no related allowance recorded, unpaid principal balance | 0 | |
Impaired loans with no related allowance recorded, average recorded investment | 0 | |
Impaired loans with no related allowance recorded, interest income recognized | 0 | |
Impaired loans, recorded investment | 462 | |
Impaired loans, unpaid principal balance | 484 | |
Impaired loans, average recorded investment | 462 | |
Impaired loans, interest income recognized | $ 34 |
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 | Mar. 31, 2019 | Dec. 31, 2018 | |
Recorded investment | $ 4,853 | $ 30,009 | |
Performing Financial Instruments [Member] | |||
Recorded investment | 4,853 | 29,547 | |
Nonperforming Financial Instruments [Member] | |||
Recorded investment | 462 | ||
Two [Member] | |||
Recorded investment | [1] | 1,539 | 26,208 |
Three [Member] | |||
Recorded investment | [1] | 885 | 909 |
Four [Member] | |||
Recorded investment | [1] | ||
Five [Member] | |||
Recorded investment | [1] | 462 | |
Not Rated [Member] | |||
Recorded investment | [1] | 2,429 | 2,430 |
Internal Ratings [Member] | |||
Recorded investment | [1] | 4,853 | 30,009 |
Baa1 - Baa3 [Member] | |||
Recorded investment | |||
Ba1 - Ba3 [Member] | |||
Recorded investment | 7,459 | ||
B1 - B3 [Member] | |||
Recorded investment | 18,342 | ||
Caa1 - Caa3 [Member] | |||
Recorded investment | 419 | ||
Ca [Member] | |||
Recorded investment | 463 | ||
Not Rated [Member] | |||
Recorded investment | 4,853 | 3,326 | |
Moodys Credit Rating [Member] | |||
Recorded investment | $ 4,853 | $ 30,009 | |
[1] | Loans with an internal rating of 4 or below are reviewed individually to identify loans to be designated for non-accrual status. |
Note 6 - Debt (Details Textual)
Note 6 - Debt (Details Textual) - USD ($) $ in Thousands | Aug. 03, 2016 | Mar. 31, 2019 | Dec. 31, 2018 | Jan. 09, 2018 |
Senior Notes, Total | $ 83,600 | $ 83,497 | ||
Long-term Line of Credit, Total | 22,500 | |||
Notes Payable, Total | 829 | 829 | ||
Consolidated Entity [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 12.50% | |||
Loans Receivable, Fair Value Disclosure | 800 | $ 800 | ||
Notes Payable, Total | $ 800 | |||
Revolving Credit Facility [Member] | CNB [Member] | JMP Securities [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | 20,000 | ||
Revolving Credit Facility [Member] | CNB [Member] | JMP Securities [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||
Revolving Credit 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 2023 [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||
Senior Notes, Total | $ 36,000 | |||
Senior Notes 2027 [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | |||
Senior Notes 2023 and 2027 [Member] | ||||
Debt Instrument, Default, Ownership Percentage | 25.00% | |||
CLO VI Warehouse Facility [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument, Collateral Amount | $ 0 | $ 26,000 | ||
Long-term Line of Credit, Total | $ 0 | |||
CLO VI Warehouse Portfolio [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% |
Note 6 - Debt - Debt Issuance C
Note 6 - Debt - Debt Issuance Costs (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt obligation | $ 86,000 | |
Less: Debt issuance costs | (2,325) | $ (2,428) |
Long-term Debt, Total | 1,112,342 | |
Consolidation, Eliminations [Member] | ||
Long-term Debt, Total | (75) | (75) |
Senior Notes 2023 [Member] | ||
Debt obligation | 36,000 | 36,000 |
Senior Notes 2027 [Member] | ||
Debt obligation | 50,000 | 50,000 |
Senior Notes [Member] | ||
Debt obligation | 86,000 | 86,000 |
Less: Debt issuance costs | (2,325) | (2,428) |
Long-term Debt, Total | $ 83,600 | $ 83,497 |
Note 6 - Debt - Debt Issuance_2
Note 6 - Debt - Debt Issuance Costs (Details) (Parentheticals) | Mar. 31, 2019 | Dec. 31, 2018 |
Senior Notes 2023 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% |
Senior Notes 2027 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% |
Note 6 - Debt - Summary of Sche
Note 6 - Debt - Summary of Scheduled Principal Payments of Debt Obligations (Details) $ in Millions | Mar. 31, 2019USD ($) |
2019 | |
2020 | |
2021 | |
2022 | |
2023 | 36 |
Thereafter | 50 |
Total | $ 86 |
Note 6 - Debt - Notes Payable,
Note 6 - Debt - Notes Payable, Lines of Credit and Credit Facilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Long-term debt | $ 1,112,342 | |
Line of Credit [Member] | ||
Long-term debt | $ 829 | 23,329 |
Line of Credit [Member] | Facility to Finance Acquisition of Portfolio [Member] | ||
Long-term debt | 22,500 | |
Line of Credit [Member] | CNB [Member] | ||
Long-term debt | ||
Line of Credit [Member] | CNB [Member] | Revolving Credit Facility [Member] | ||
Long-term debt | ||
Notes Payable, Other Payables [Member] | ||
Long-term debt | $ 829 | $ 829 |
Note 6 - Debt - Notes Payable_2
Note 6 - Debt - Notes Payable, Lines of Credit and Credit Facilities (Details) (Parentheticals) - Line of Credit [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Facility to Finance Acquisition of Portfolio [Member] | ||
Credit facility, maximum borrowing capacity | $ 0 | |
CNB [Member] | ||
Credit facility, maximum borrowing capacity | 0 | 25,000 |
CNB [Member] | Revolving Credit Facility [Member] | ||
Credit facility, maximum borrowing capacity | $ 0 | $ 20,000 |
Note 7 - Asset-backed Securit_3
Note 7 - Asset-backed Securities Issued (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Long-term Debt, Total | $ 1,112,342 | |
CLO III and CLO IV [Member] | Total Asset Backed Securities Issued [Member] | ||
Long-term Debt, Total | $ 0 | $ 1,161,500 |
Note 7 - Asset-backed Securit_4
Note 7 - 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 | Mar. 31, 2019 | |
Notes Originally Issued | $ 86,000 | |
Less: Debt issuance costs | $ (2,428) | $ (2,325) |
Total asset-backed securities issued | 1,112,342 | |
Unsecured Subordinated Notes [Member] | ||
Notes Originally Issued | $ 7,221 | |
Weighted average remaining maturity (Year) | 11 years | |
Unsecured Subordinated Notes [Member] | Minimum [Member] | ||
Interest Rate Spread to LIBOR | 6.90% | |
Unsecured Subordinated Notes [Member] | Maximum [Member] | ||
Interest Rate Spread to LIBOR | 11.00% | |
CLO III, CLO IV, and CLOV [Member] | ||
Notes Originally Issued | $ 1,114,100 | |
Less: Debt issuance costs | (8,979) | |
CLO III, CLO IV, and CLOV [Member] | Class A Senior Secured [Member] | ||
Notes Originally Issued | $ 769,750 | |
CLO III, CLO IV, and CLOV [Member] | Class A Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Weighted average remaining maturity (Year) | 10 years 14 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% | |
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% | |
CLO III, CLO IV, and CLOV [Member] | Class B Senior Secured [Member] | ||
Notes Originally Issued | $ 143,700 | |
CLO III, CLO IV, and CLOV [Member] | Class B Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Weighted average remaining maturity (Year) | 10 years 14 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% | |
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% | |
CLO III, CLO IV, and CLOV [Member] | Class C Senior Secured [Member] | ||
Notes Originally Issued | $ 71,500 | |
CLO III, CLO IV, and CLOV [Member] | Class C Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Weighted average remaining maturity (Year) | 9 years 361 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% | |
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% | |
CLO III, CLO IV, and CLOV [Member] | Class D Senior Secured [Member] | ||
Notes Originally Issued | $ 68,350 | |
CLO III, CLO IV, and CLOV [Member] | Class D Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Weighted average remaining maturity (Year) | 10 years 3 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% | |
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% | |
CLO III, CLO IV, and CLOV [Member] | Class E Senior Secured [Member] | ||
Notes Originally Issued | $ 60,800 | |
CLO III, CLO IV, and CLOV [Member] | Class E Senior Secured [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Weighted average remaining maturity (Year) | 10 years 10 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% | |
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% |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Occupancy, Net | $ 1,423 | $ 1,117 |
Note 8 - Leases - Lease Informa
Note 8 - Leases - Lease Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Weighted -average remaining lease term, operating leases (Year) | 6 years 109 days |
Weighted-average discount rate, operating leases | 6.12% |
Cash used in operating leases | $ 1,653 |
Note 8 - Leases - Minimum Futur
Note 8 - Leases - Minimum Future Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
2019 | $ 3,530 | |
2020 | 5,621 | |
2021 | 5,693 | |
2022 | 5,649 | |
2023 | 5,643 | |
Thereafter | 6,562 | |
Total minimum future lease payments | 32,698 | |
Amounts representing interest | (5,228) | |
Operating Lease, Liability, Total | $ 27,470 |
Note 9 - Shareholders' Equity (
Note 9 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Treasury Stock, Value, Acquired, Cost Method | $ 753 | $ 1,044 |
Share Repurchase Program [Member] | ||
Treasury Stock, Shares, Acquired | 157,255 | |
Treasury Stock Acquired, Average Cost Per Share | $ 4.23 | |
Treasury Stock, Value, Acquired, Cost Method | $ 700 |
Note 10 - Accumulated Other C_3
Note 10 - Accumulated Other Comprehensive Income - Unrealized Gains (Losses) of Accumulated Other Comprehensive Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net unrealized loss during the period, before tax | $ (1,055) | |
Net unrealized loss during the period, tax | 273 | |
Unrealized loss on available-for-sale securities, net of tax | (782) | |
Other comprehensive income loss, before tax | (1,055) | |
Other comprehensive income loss, tax | 273 | |
Other comprehensive income loss, net of tax | $ (782) |
Note 11 - Share-based Compens_3
Note 11 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Feb. 06, 2019 | Feb. 28, 2015 | Mar. 31, 2019 | Mar. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | ||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 120 | $ 58 | ||
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Payment Arrangement, Expense | 0 | 0 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 0 | |||
Share-based Payment Arrangement, Expense, Tax Benefit | 0 | 0 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Payment Arrangement, Expense | 300 | 400 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 2,200 | |||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 80 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 280,000 | 465,519 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 320 | 88 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 175 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 4.23 | |||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Payment Arrangement, Expense | $ 0 | 124 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 0 | |||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 0 | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,865,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 7.33 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.54% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 18.77% | |||
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 11 - Share-based Compens_4
Note 11 - Share-based Compensation - Stock Option Activity (Details) | Mar. 31, 2019$ / sharesshares |
Options exercisable at end of period, shares subject to option (in shares) | shares | 1,300,000 |
Options exercisable at end of period, weighted average exercise price (in dollars per share) | $ / shares | $ 6.85 |
Note 11 - Share-based Compens_5
Note 11 - Share-based Compensation - Stock Options Outstanding and Exercisable (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Lower exercise price range (in dollars per share) | $ 6.79 | |
Upper exercise price range (in dollars per share) | $ 7.33 | |
Number of options outstanding (in shares) | 1,300,000 | 1,300,000 |
Options outstanding weighted average remaining contractual life (Year) | 273 days | |
Options outstanding weighted average exercise price (in dollars per share) | $ 6.85 | $ 6.85 |
Options outstanding aggregate intrinsic value | ||
Number of options vested and exercisable (in shares) | 1,300,000 | |
Options vested and exercisable weighted average remaining contractual life (Year) | 273 days | |
Options vested and exercisable weighted average exercise price (in dollars per share) | $ 6.85 | |
Options vested and exercisable aggregate intrinsic value |
Note 11 - Share-based Compens_6
Note 11 - Share-based Compensation - Restricted Stock Units Activity (RSUs) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | Feb. 06, 2019 | Mar. 31, 2019 |
Balance, restricted share units (in shares) | 297,639 | |
Balance, weighted average grant date fair value (in dollars per share) | $ 4.79 | |
Granted, restricted share units (in shares) | 280,000 | 465,519 |
Granted, weighted average grant date fair value (in dollars per share) | $ 4.23 | |
Vested, restricted share units (in shares) | (66,067) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 4.84 | |
Balance, restricted share units (in shares) | 697,091 | |
Balance, weighted average grant date fair value (in dollars per share) | $ 4.41 |
Note 11 - Share-based Compens_7
Note 11 - Share-based Compensation - SARs Activity (Stock Appreciation Rights (SARs) (Details) - Stock Appreciation Rights (SARs) [Member] | Mar. 31, 2019$ / sharesshares |
Balance, restricted share units (in shares) | shares | 2,485,000 |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 7.33 |
Balance, restricted share units (in shares) | shares | 2,485,000 |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 7.33 |
Note 11 - Share-based Compens_8
Note 11 - Share-based Compensation - SARs Outstanding (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Options outstanding aggregate intrinsic value | ||
Stock Appreciation Rights (SARs) [Member] | ||
Number outstanding, options outstanding (in shares) | 2,485,000 | 2,485,000 |
Weighted average remaining contractual life, options outstanding (Year) | 273 days | |
Weighted average exercise price, options outstanding (in dollars per share) | $ 7.33 | |
Options outstanding aggregate intrinsic value |
Note 12 - Net Income Per Comm_3
Note 12 - Net Income Per Common Share - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net income (loss) attributable to JMP Group LLC | $ 5,069 | $ (283) |
Basic (in shares) | 21,288 | 21,666 |
Restricted share units (in shares) | 141 | |
Diluted weighted average shares outstanding (in shares) | 21,429 | 21,666 |
Basic (in dollars per share) | $ 0.24 | $ (0.01) |
Diluted (in dollars per share) | $ 0.24 | $ (0.01) |
Note 13 - ASC 606 Revenue fro_3
Note 13 - ASC 606 Revenue from contracts with customers - Disaggregation of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Investment banking | $ 18,117 | $ 31,751 |
Intersegment Eliminations [Member] | ||
Investment banking | (1,007) | (946) |
Equity and Debt Origination [Member] | ||
Investment banking | 6,789 | 11,862 |
Equity and Debt Origination [Member] | Intersegment Eliminations [Member] | ||
Investment banking | ||
Strategic Advisory and Private Placements [Member] | ||
Investment banking | 5,090 | 8,800 |
Strategic Advisory and Private Placements [Member] | Intersegment Eliminations [Member] | ||
Investment banking | ||
Total Investment Banking Revenues [Member] | ||
Investment banking | 11,879 | 20,662 |
Total Investment Banking Revenues [Member] | Intersegment Eliminations [Member] | ||
Investment banking | ||
Brokerage Commissions [Member] | ||
Investment banking | 3,299 | 3,892 |
Brokerage Commissions [Member] | Intersegment Eliminations [Member] | ||
Investment banking | ||
Research Payments [Member] | ||
Investment banking | 1,209 | 985 |
Research Payments [Member] | Intersegment Eliminations [Member] | ||
Investment banking | ||
Trading Losses [Member] | ||
Investment banking | 27 | (213) |
Trading Losses [Member] | Intersegment Eliminations [Member] | ||
Investment banking | ||
Total Brokerage Revenue [Member] | ||
Investment banking | 4,535 | 4,664 |
Total Brokerage Revenue [Member] | Intersegment Eliminations [Member] | ||
Investment banking | ||
Management Service, Base [Member] | ||
Investment banking | 1,697 | 3,060 |
Management Service, Base [Member] | Intersegment Eliminations [Member] | ||
Investment banking | (1,007) | (946) |
Management Service, Incentive [Member] | ||
Investment banking | 6 | 3,365 |
Management Service, Incentive [Member] | Intersegment Eliminations [Member] | ||
Investment banking | ||
Total Asset Management Fees [Member] | ||
Investment banking | 1,703 | 6,425 |
Total Asset Management Fees [Member] | Intersegment Eliminations [Member] | ||
Investment banking | (1,007) | (946) |
Broker Dealer [Member] | ||
Investment banking | 16,414 | 25,326 |
Broker Dealer [Member] | Equity and Debt Origination [Member] | ||
Investment banking | 6,789 | 11,862 |
Broker Dealer [Member] | Strategic Advisory and Private Placements [Member] | ||
Investment banking | 5,090 | 8,800 |
Broker Dealer [Member] | Total Investment Banking Revenues [Member] | ||
Investment banking | 11,879 | 20,662 |
Broker Dealer [Member] | Brokerage Commissions [Member] | ||
Investment banking | 3,299 | 3,892 |
Broker Dealer [Member] | Research Payments [Member] | ||
Investment banking | 1,209 | 985 |
Broker Dealer [Member] | Trading Losses [Member] | ||
Investment banking | 27 | (213) |
Broker Dealer [Member] | Total Brokerage Revenue [Member] | ||
Investment banking | 4,535 | 4,664 |
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 | 2,710 | 4,086 |
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 | 2,704 | 4,006 |
Asset Management Fee Income [Member] | Management Service, Incentive [Member] | ||
Investment banking | 6 | 80 |
Asset Management Fee Income [Member] | Total Asset Management Fees [Member] | ||
Investment banking | 2,710 | 4,086 |
Asset Management Investment Income [Member] | ||
Investment banking | 3,285 | |
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 | 3,285 | |
Asset Management Investment Income [Member] | Total Asset Management Fees [Member] | ||
Investment banking | 3,285 | |
Asset Management [Member] | ||
Investment banking | 2,710 | 7,371 |
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 | 2,704 | 4,006 |
Asset Management [Member] | Management Service, Incentive [Member] | ||
Investment banking | 6 | 3,365 |
Asset Management [Member] | Total Asset Management Fees [Member] | ||
Investment banking | 2,710 | 7,371 |
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 14 - Employee Benefits (De
Note 14 - Employee Benefits (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100.00% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0.9 | $ 1 |
Elective Deferrals Under 3 [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | |
Elective Deferrals Between 3 and 5 [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | |
Elective Deferrals Between 3 and 5 [Member] | Minimum [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | |
Elective Deferrals Between 3 and 5 [Member] | Maximum [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Expense (Benefit), Total | $ (4,102) | $ (5,568) |
Effective Income Tax Rate Reconciliation, Percent, Total | 424.85% | 76.12% |
Note 16 - Commitments and Con_2
Note 16 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Receivables from Clearing Organizations | $ 0.3 | $ 0.3 |
Contractual Obligation, Total | 1.9 | 27 |
Corporate Credit [Member] | ||
Unfunded Commitments | $ 1.9 | $ 28.7 |
Note 17 - Regulatory Requirem_2
Note 17 - Regulatory Requirements (Details Textual) $ in Millions | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Ratio of Indebtedness to Net Capital | 0.48 | 0.57 |
Broker-Dealer, Net Capital, Total | $ 22.5 | $ 29.8 |
Broker-Dealer, Excess Net Capital, 1500 Percent, Aggregate Indebtedness Standard, Total | 21.5 | 28.7 |
Broker-Dealer, Minimum Net Capital Required, Aggregate Indebtedness Standard, Total | $ 1 | $ 1.1 |
Maximum [Member] | ||
Ratio of Indebtedness to Net Capital | 15 |
Note 18 - Related Party Trans_2
Note 18 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | Jan. 09, 2018 | Oct. 31, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Sep. 19, 2017 |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | $ 446 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | $ 70 | (1,464) | ||||
Total Investment [Member] | ||||||
Investments in Related Parties | 22,500 | $ 18,600 | ||||
General Partner Investments In Hedge And Other Private Funds [Member] | Private Funds [Member] | ||||||
Investments in Related Parties | 12,200 | 8,600 | ||||
Harvest Capital Credit Corporation [Member] | ||||||
Investments in Related Parties | 10,300 | 10,000 | ||||
Affiliated Entity [Member] | ||||||
Subscription Agreement, Percent Sold | 30.00% | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 500 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | 15 | 57 | ||||
Affiliated Entity [Member] | Management Service, Base [Member] | ||||||
Revenue from Related Parties | 1,700 | 3,100 | ||||
Affiliated Entity [Member] | Management Service, Incentive [Member] | ||||||
Revenue from Related Parties | 0 | $ 3,400 | ||||
Registered Investment Adviser [Member] | ||||||
Financing Receivable, after Allowance for Credit Loss, Total | 2,400 | 2,400 | $ 3,400 | |||
Loans Receivable, Interest Rate | 15.00% | |||||
Percentage of Loan Sold to Third Party | 30.00% | |||||
Value of Loan Sold to Third Party | $ 1,000 | |||||
Loans Receivable, Fair Value Disclosure | 2,400 | $ 2,300 | ||||
Consolidated Entity [Member] | ||||||
Loans Receivable, Fair Value Disclosure | $ 800 | $ 800 |
Note 19 - Guarantees (Details T
Note 19 - Guarantees (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Indemnification Agreement [Member] | ||
Guarantor Obligations, Current Carrying Value | $ 0 | $ 0 |
Note 21 - Financial Instrumen_2
Note 21 - Financial Instruments With Off-balance Sheet Risk, Credit Risk or Market Risk (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Letters of Credit Outstanding, Amount | $ 0 | $ 1,400 |
Note 22 - Business Segments (De
Note 22 - Business Segments (Details Textual) | 3 Months Ended |
Mar. 31, 2019 | |
Number of Reportable Segments | 4 |
Percent Of Deferred Compensation Recognized | 100.00% |
Note 22 - Business Segments - S
Note 22 - Business Segments - Segment Operating Results (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | ||
Non-interest revenues | $ 23,649 | $ 28,294 | ||
Total net revenues after provision for loan losses | 27,167 | 27,211 | ||
Non-interest expenses | 26,130 | 34,526 | ||
Segment operating pre-tax net income (loss) | 967 | (5,851) | ||
Assets | 221,765 | 1,101,818 | $ 1,391,242 | |
Net interest income (expense) | 3,518 | 3,008 | ||
Provision for loan losses | (1,465) | |||
Loss on repurchase, reissuance or early retirement of debt | (2,626) | |||
Non-controlling interest expense | 70 | (1,464) | ||
Intersegment Eliminations [Member] | ||||
Non-interest revenues | (1,014) | (979) | ||
Total net revenues after provision for loan losses | (1,014) | (979) | ||
Non-interest expenses | [1] | (1,014) | (981) | |
Segment operating pre-tax net income (loss) | 2 | |||
Assets | (257,129) | (287,419) | ||
Segment Reconciling Items [Member] | ||||
Non-interest revenues | [2] | 132 | (2,213) | |
Total net revenues after provision for loan losses | 327 | (4,530) | ||
Non-interest expenses | [1] | 1,545 | 1,124 | |
Segment operating pre-tax net income (loss) | (1,288) | (4,190) | ||
Assets | ||||
Net interest income (expense) | [3] | 195 | 881 | |
Provision for loan losses | (572) | |||
Loss on repurchase, reissuance or early retirement of debt | (2,626) | |||
Non-controlling interest expense | 70 | (1,464) | ||
Broker Dealer [Member] | ||||
Non-interest revenues | 16,420 | 25,329 | ||
Total net revenues after provision for loan losses | 16,420 | 25,329 | ||
Non-interest expenses | 17,900 | 22,916 | ||
Segment operating pre-tax net income (loss) | (1,480) | 2,413 | ||
Assets | 46,764 | 59,619 | ||
Asset Management [Member] | ||||
Non-interest revenues | 2,361 | 3,989 | ||
Total net revenues after provision for loan losses | 2,361 | 3,989 | ||
Non-interest expenses | 3,090 | 5,020 | ||
Segment operating pre-tax net income (loss) | (729) | (1,031) | ||
Assets | 11,053 | 19,004 | ||
Investment Income Segment [Member] | ||||
Non-interest revenues | 5,751 | 2,168 | ||
Total net revenues after provision for loan losses | 9,073 | 3,402 | ||
Non-interest expenses | 2,549 | 4,189 | ||
Segment operating pre-tax net income (loss) | 6,524 | (787) | ||
Assets | 116,358 | 1,017,558 | ||
Net interest income (expense) | 3,322 | 2,127 | ||
Provision for loan losses | (893) | |||
Corporate Segment [Member] | ||||
Non-interest expenses | 2,060 | 2,258 | ||
Segment operating pre-tax net income (loss) | (2,060) | (2,258) | ||
Assets | $ 304,719 | $ 293,057 | ||
[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 22 - Business Segments - R
Note 22 - Business Segments - Reconciling Operating Pre-tax Net Income to Consolidated Net Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net income attributable to JMP Group LLC | $ 5,069 | $ (283) |
Income Tax Expense (Benefit), Total | (4,102) | (5,568) |
Pre-tax net income | 967 | (5,851) |
Unrealized loss (gain) on other equity investments | 318 | |
Pre-tax net income | (967) | 5,851 |
Income tax benefit | (4,102) | (5,568) |
Operating Segments [Member] | ||
Net income attributable to JMP Group LLC | 1,669 | (1,631) |
Income Tax Expense (Benefit), Total | 586 | (30) |
Pre-tax net income | 2,255 | (1,661) |
Pre-tax net income | (2,255) | 1,661 |
Income tax benefit | 586 | (30) |
Segment Reconciling Items [Member] | ||
Pre-tax net income | (1,288) | (4,190) |
Share-based awards and deferred compensation | 844 | 144 |
General loan loss provision – CLOs, CLO warehouse | 329 | |
Early debt retirement/reissuance | 1,318 | |
Restructuring costs – CLOs | 64 | |
Amortization of intangible asset – CLO III | 277 | 69 |
Unrealized loss – real estate-related depreciation and amortization | 557 | 1,628 |
Unrealized loss (gain) on other equity investments | (390) | 638 |
Pre-tax net income | $ 1,288 | $ 4,190 |
Note 23 - Nonconsolidated Var_3
Note 23 - Nonconsolidated Variable Interest Entities - VIE Equity Investments and Receivables (Details) - Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Carrying amount, assets | $ 90,001 | $ 6,016 |
Carrying amount, liabilities | ||
Maximum exposure to loss | 94,157 | 7,961 |
VIE assets | 2,592,494 | 1,439,792 |
Collateralized Loan Obligations [Member] | ||
Carrying amount, assets | 81,329 | |
Carrying amount, liabilities | ||
Maximum exposure to loss | 83,581 | |
VIE assets | 1,173,722 | |
Private Equity Funds [Member] | ||
Carrying amount, assets | 4,705 | 5,083 |
Carrying amount, liabilities | ||
Maximum exposure to loss | 6,609 | 7,028 |
VIE assets | 180,435 | 204,646 |
Other Equity Interests [Member] | ||
Carrying amount, assets | 3,967 | 933 |
Carrying amount, liabilities | ||
Maximum exposure to loss | 3,967 | 933 |
VIE assets | $ 1,238,337 | $ 1,235,146 |
Note 24 - Consolidating Finan_3
Note 24 - Consolidating Financial Statements - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 19, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Asset | |||||
Cash and cash equivalents | $ 41,909 | $ 70,927 | |||
Restricted cash | 1,221 | 61,881 | |||
Investment banking fees receivable, net of allowance for doubtful accounts | 5,608 | 6,647 | |||
Marketable securities owned | 92,190 | 18,874 | |||
Other investments | 23,447 | 16,124 | |||
Loans held for investment, net of allowance for loan losses | 4,962 | 29,608 | |||
Interest receivable | 311 | 3,004 | |||
Fixed assets, net | 2,575 | 2,351 | |||
Operating Lease, Right-of-Use Asset | 22,104 | ||||
Other assets | 27,438 | 20,363 | |||
Investment in subsidiaries | |||||
Total assets | 221,765 | 1,391,242 | $ 1,101,818 | ||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 1,161,463 | ||||
Liabilities and Equity | |||||
Marketable securities sold, but not yet purchased, at fair value | 2,696 | 4,626 | |||
Accrued compensation | 5,647 | 41,609 | |||
Interest payable | 1,035 | 11,210 | |||
Note payable | 829 | 829 | |||
Bond payable, net of debt issuance costs | 83,600 | 83,497 | |||
Operating Lease, Liability, Total | 27,470 | ||||
Other liabilities | 14,041 | 17,423 | |||
Total liabilities | 135,318 | 1,294,036 | |||
Total shareholders' equity | 86,633 | 83,707 | |||
Non-controlling interest, at carrying value | (186) | $ 12,842 | 13,499 | ||
Total equity | 86,447 | 97,206 | $ 106,136 | $ 110,179 | |
Total liabilities and equity | 221,765 | 1,391,242 | |||
Asset-backed securities issued, net of debt issuance costs | 1,112,342 | ||||
CLO warehouse credit facilities | 22,500 | ||||
Reportable Legal Entities [Member] | Parent Company [Member] | |||||
Asset | |||||
Cash and cash equivalents | 2,963 | 4,863 | |||
Restricted cash | |||||
Investment banking fees receivable, net of allowance for doubtful accounts | |||||
Marketable securities owned | 48,088 | 10,027 | |||
Other investments | 4,391 | 10,922 | |||
Loans held for investment, net of allowance for loan losses | 1,648 | 1,139 | |||
Interest receivable | 27 | 137 | |||
Fixed assets, net | |||||
Operating Lease, Right-of-Use Asset | |||||
Other assets | (13,531) | (18,812) | |||
Investment in subsidiaries | 288,388 | 317,113 | |||
Total assets | 331,974 | 325,389 | |||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | |||||
Liabilities and Equity | |||||
Marketable securities sold, but not yet purchased, at fair value | |||||
Accrued compensation | 407 | ||||
Interest payable | |||||
Note payable | 127,603 | 127,603 | |||
Bond payable, net of debt issuance costs | |||||
Operating Lease, Liability, Total | |||||
Other liabilities | 3,348 | 2,700 | |||
Total liabilities | 131,358 | 130,303 | |||
Total shareholders' equity | 200,616 | 181,497 | |||
Non-controlling interest, at carrying value | 13,589 | ||||
Total equity | 200,616 | 195,086 | |||
Total liabilities and equity | 331,974 | 325,389 | |||
Asset-backed securities issued, net of debt issuance costs | |||||
CLO warehouse credit facilities | |||||
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||||
Asset | |||||
Cash and cash equivalents | 6,103 | 8,755 | |||
Restricted cash | 1,221 | 1,221 | |||
Investment banking fees receivable, net of allowance for doubtful accounts | |||||
Marketable securities owned | 666 | ||||
Other investments | 1,497 | 1,785 | |||
Loans held for investment, net of allowance for loan losses | 885 | ||||
Interest receivable | 7 | 1 | |||
Fixed assets, net | |||||
Operating Lease, Right-of-Use Asset | 22,104 | ||||
Other assets | 143,239 | 121,932 | |||
Investment in subsidiaries | 76,688 | 77,427 | |||
Total assets | 252,410 | 211,121 | |||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | |||||
Liabilities and Equity | |||||
Marketable securities sold, but not yet purchased, at fair value | |||||
Accrued compensation | 575 | 150 | |||
Interest payable | 1,071 | 1,071 | |||
Note payable | |||||
Bond payable, net of debt issuance costs | 83,675 | 83,572 | |||
Operating Lease, Liability, Total | 27,470 | ||||
Other liabilities | 2,233 | 7,603 | |||
Total liabilities | 115,024 | 92,396 | |||
Total shareholders' equity | 137,386 | 118,725 | |||
Non-controlling interest, at carrying value | |||||
Total equity | 137,386 | 118,725 | |||
Total liabilities and equity | 252,410 | 211,121 | |||
Asset-backed securities issued, net of debt issuance costs | |||||
CLO warehouse credit facilities | |||||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Asset | |||||
Cash and cash equivalents | 32,843 | 57,309 | |||
Restricted cash | 60,660 | ||||
Investment banking fees receivable, net of allowance for doubtful accounts | 5,608 | 6,647 | |||
Marketable securities owned | 43,510 | 8,921 | |||
Other investments | 17,559 | 13,262 | |||
Loans held for investment, net of allowance for loan losses | 2,429 | 28,469 | |||
Interest receivable | 636 | 3,345 | |||
Fixed assets, net | 2,575 | 2,351 | |||
Operating Lease, Right-of-Use Asset | |||||
Other assets | 42,306 | 63,386 | |||
Investment in subsidiaries | |||||
Total assets | 147,466 | 1,405,813 | |||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | 1,161,463 | ||||
Liabilities and Equity | |||||
Marketable securities sold, but not yet purchased, at fair value | 2,696 | 4,626 | |||
Accrued compensation | 4,665 | 41,459 | |||
Interest payable | 323 | 10,614 | |||
Note payable | 17,763 | 17,763 | |||
Bond payable, net of debt issuance costs | |||||
Operating Lease, Liability, Total | |||||
Other liabilities | 8,393 | 8,620 | |||
Total liabilities | 33,840 | 1,227,769 | |||
Total shareholders' equity | 114,024 | 178,346 | |||
Non-controlling interest, at carrying value | (398) | (302) | |||
Total equity | 113,626 | 178,044 | |||
Total liabilities and equity | 147,466 | 1,405,813 | |||
Asset-backed securities issued, net of debt issuance costs | 1,122,187 | ||||
CLO warehouse credit facilities | 22,500 | ||||
Consolidation, Eliminations [Member] | |||||
Asset | |||||
Cash and cash equivalents | |||||
Restricted cash | |||||
Investment banking fees receivable, net of allowance for doubtful accounts | |||||
Marketable securities owned | (74) | (74) | |||
Other investments | (9,845) | ||||
Loans held for investment, net of allowance for loan losses | |||||
Interest receivable | (359) | (479) | |||
Fixed assets, net | |||||
Operating Lease, Right-of-Use Asset | |||||
Other assets | (144,576) | (146,143) | |||
Investment in subsidiaries | (365,076) | (394,540) | |||
Total assets | (510,085) | (551,081) | |||
Loans collateralizing asset-backed securities issued, net of allowance for loan losses | |||||
Liabilities and Equity | |||||
Marketable securities sold, but not yet purchased, at fair value | |||||
Accrued compensation | |||||
Interest payable | (359) | (475) | |||
Note payable | (144,537) | (144,537) | |||
Bond payable, net of debt issuance costs | (75) | (75) | |||
Operating Lease, Liability, Total | |||||
Other liabilities | 67 | (1,500) | |||
Total liabilities | (144,904) | (156,432) | |||
Total shareholders' equity | (365,393) | (394,861) | |||
Non-controlling interest, at carrying value | 212 | 212 | |||
Total equity | (365,181) | (394,649) | |||
Total liabilities and equity | $ (510,085) | (551,081) | |||
Asset-backed securities issued, net of debt issuance costs | (9,845) | ||||
CLO warehouse credit facilities |
Note 24 - Consolidating Finan_4
Note 24 - Consolidating Financial Statements - Condensed Consolidating Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues | ||
Investment banking | $ 11,879 | $ 20,662 |
Brokerage | 4,535 | 4,664 |
Asset management fees | 1,703 | 6,425 |
Principal transactions | 5,288 | (3,620) |
Loss on sale, payoff and mark-to-market of loans | (17) | (182) |
Net dividend income | 296 | 296 |
Other income (loss) | (35) | 49 |
Equity earnings (losses) of subsidiaries | ||
Non-interest revenues | 23,649 | 28,294 |
Interest income | 14,291 | 12,710 |
Interest expense | (10,773) | (9,702) |
Net interest income (expense) | 3,518 | 3,008 |
Total net revenues (losses) after provision for loan losses | 27,167 | 27,211 |
Gain (loss) on sale, payoff and mark-to-market of loans | (17) | (182) |
Loss on repurchase, reissuance or early retirement of debt | (2,626) | |
Reversal (provision) for loan losses | (1,465) | |
Non-interest expenses | ||
Compensation and benefits | 17,222 | 24,261 |
Administration | 1,929 | 2,233 |
Brokerage, clearing and exchange fees | 701 | 777 |
Travel and business development | 1,021 | 954 |
Managed deal expense | 533 | 1,566 |
Communications and technology | 1,053 | 1,062 |
Occupancy | 1,423 | 1,117 |
Professional fees | 1,456 | 1,905 |
Depreciation | 297 | 264 |
Other | 495 | 387 |
Total non-interest expenses | 26,130 | 34,526 |
Net income (loss) before income tax expense | 1,037 | (7,315) |
Income tax expense (benefit) | (4,102) | (5,568) |
Net income | 5,139 | (1,747) |
Net Income (Loss) Attributable to Noncontrolling Interest, Total | 70 | (1,464) |
Net income attributable to JMP Group LLC | 5,069 | (283) |
Reportable Legal Entities [Member] | Parent Company [Member] | ||
Revenues | ||
Investment banking | ||
Brokerage | ||
Asset management fees | ||
Principal transactions | 418 | (3,176) |
Loss on sale, payoff and mark-to-market of loans | ||
Net dividend income | 102 | 271 |
Other income (loss) | 29 | |
Equity earnings (losses) of subsidiaries | 10,889 | 3,519 |
Non-interest revenues | 11,438 | 614 |
Interest income | 950 | 664 |
Interest expense | (1,056) | (1,144) |
Net interest income (expense) | (106) | (480) |
Total net revenues (losses) after provision for loan losses | 11,332 | 149 |
Gain (loss) on sale, payoff and mark-to-market of loans | ||
Loss on repurchase, reissuance or early retirement of debt | ||
Reversal (provision) for loan losses | 15 | |
Non-interest expenses | ||
Compensation and benefits | 581 | 460 |
Administration | 146 | 153 |
Brokerage, clearing and exchange fees | ||
Travel and business development | 38 | 67 |
Managed deal expense | ||
Communications and technology | 1 | |
Occupancy | ||
Professional fees | 570 | 672 |
Depreciation | ||
Other | 278 | 69 |
Total non-interest expenses | 1,614 | 1,421 |
Net income (loss) before income tax expense | 9,718 | (1,272) |
Income tax expense (benefit) | 313 | |
Net income | 9,405 | (1,272) |
Net Income (Loss) Attributable to Noncontrolling Interest, Total | 167 | (1,045) |
Net income attributable to JMP Group LLC | 9,238 | (227) |
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||
Revenues | ||
Investment banking | ||
Brokerage | ||
Asset management fees | ||
Principal transactions | 62 | (18) |
Loss on sale, payoff and mark-to-market of loans | ||
Net dividend income | 13 | 3 |
Other income (loss) | ||
Equity earnings (losses) of subsidiaries | (735) | 71 |
Non-interest revenues | (660) | 56 |
Interest income | 1,089 | 1,141 |
Interest expense | (2,066) | (2,292) |
Net interest income (expense) | (977) | (1,151) |
Total net revenues (losses) after provision for loan losses | (1,637) | (1,095) |
Gain (loss) on sale, payoff and mark-to-market of loans | ||
Loss on repurchase, reissuance or early retirement of debt | ||
Reversal (provision) for loan losses | ||
Non-interest expenses | ||
Compensation and benefits | 1,044 | 841 |
Administration | 109 | 137 |
Brokerage, clearing and exchange fees | ||
Travel and business development | 8 | 15 |
Managed deal expense | ||
Communications and technology | 2 | |
Occupancy | ||
Professional fees | 64 | 84 |
Depreciation | ||
Other | ||
Total non-interest expenses | 1,225 | 1,079 |
Net income (loss) before income tax expense | (2,862) | (2,174) |
Income tax expense (benefit) | (4,899) | (5,989) |
Net income | 2,037 | 3,815 |
Net Income (Loss) Attributable to Noncontrolling Interest, Total | ||
Net income attributable to JMP Group LLC | 2,037 | 3,815 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||
Revenues | ||
Investment banking | 11,879 | 20,662 |
Brokerage | 4,535 | 4,664 |
Asset management fees | 1,742 | 6,604 |
Principal transactions | 4,808 | (426) |
Loss on sale, payoff and mark-to-market of loans | (17) | (182) |
Net dividend income | 181 | 22 |
Other income (loss) | (64) | 49 |
Equity earnings (losses) of subsidiaries | ||
Non-interest revenues | 23,064 | 31,393 |
Interest income | 14,428 | 12,974 |
Interest expense | (9,827) | (8,335) |
Net interest income (expense) | 4,601 | 4,639 |
Total net revenues (losses) after provision for loan losses | 27,665 | 31,926 |
Gain (loss) on sale, payoff and mark-to-market of loans | (17) | (182) |
Loss on repurchase, reissuance or early retirement of debt | (2,626) | |
Reversal (provision) for loan losses | (1,480) | |
Non-interest expenses | ||
Compensation and benefits | 15,597 | 22,960 |
Administration | 1,713 | 2,122 |
Brokerage, clearing and exchange fees | 701 | 777 |
Travel and business development | 975 | 872 |
Managed deal expense | 533 | 1,566 |
Communications and technology | 1,052 | 1,060 |
Occupancy | 1,423 | 1,117 |
Professional fees | 822 | 1,149 |
Depreciation | 297 | 264 |
Other | 217 | 318 |
Total non-interest expenses | 23,330 | 32,205 |
Net income (loss) before income tax expense | 4,335 | (279) |
Income tax expense (benefit) | 484 | 421 |
Net income | 3,851 | (700) |
Net Income (Loss) Attributable to Noncontrolling Interest, Total | (97) | (419) |
Net income attributable to JMP Group LLC | 3,948 | (281) |
Consolidation, Eliminations [Member] | ||
Revenues | ||
Investment banking | ||
Brokerage | ||
Asset management fees | (39) | (179) |
Principal transactions | ||
Loss on sale, payoff and mark-to-market of loans | ||
Net dividend income | ||
Other income (loss) | ||
Equity earnings (losses) of subsidiaries | (10,154) | (3,590) |
Non-interest revenues | (10,193) | (3,769) |
Interest income | (2,176) | (2,069) |
Interest expense | 2,176 | 2,069 |
Net interest income (expense) | ||
Total net revenues (losses) after provision for loan losses | (10,193) | (3,769) |
Gain (loss) on sale, payoff and mark-to-market of loans | ||
Loss on repurchase, reissuance or early retirement of debt | ||
Reversal (provision) for loan losses | ||
Non-interest expenses | ||
Compensation and benefits | ||
Administration | (39) | (179) |
Brokerage, clearing and exchange fees | ||
Travel and business development | ||
Managed deal expense | ||
Communications and technology | ||
Occupancy | ||
Professional fees | ||
Depreciation | ||
Other | ||
Total non-interest expenses | (39) | (179) |
Net income (loss) before income tax expense | (10,154) | (3,590) |
Income tax expense (benefit) | ||
Net income | (10,154) | (3,590) |
Net Income (Loss) Attributable to Noncontrolling Interest, Total | ||
Net income attributable to JMP Group LLC | $ (10,154) | $ (3,590) |
Note 24 - Consolidating Finan_5
Note 24 - Consolidating Financial Statements - Condensed Consolidating Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | $ (43,378) | $ (22,382) |
Cash flows from investing activities: | ||
Purchases of fixed assets | (637) | (111) |
Purchases of other investments | (844) | (994) |
Sales or distributions from other investments | 8,312 | 768 |
Funding of loans collateralizing asset-backed securities issued | (35,153) | (72,642) |
Funding of loans held for investment | (25,102) | (63,245) |
Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued | 23,806 | 82,909 |
Sale, payoff and principal receipts of loans held for investment | 6,876 | 1,431 |
Net decrease in cash and restricted cash due to deconsolidation of subsidiaries | (27,771) | |
Investment in subsidiary | ||
Net cash provided by (used in) investing activities | (50,513) | (51,884) |
Cash flows from financing activities: | ||
Repayment of asset-backed securities issued | (801) | (332,100) |
Distributions and distribution equivalents paid on common shares and RSUs | (1,070) | (2,038) |
Purchase of common shares for treasury | (669) | (1,044) |
Distributions to non-controlling interest shareholders | (913) | (108) |
Employee taxes paid on shares withheld for tax-withholding purposes | (84) | |
Capital contributions of parent | 445 | |
Net cash provided by financing activities | 4,213 | 55,222 |
Net increase (decrease) in cash and cash equivalents | (89,678) | (19,044) |
Cash, cash equivalents and restricted cash, beginning of period | 132,808 | 137,321 |
Cash, cash equivalents and restricted cash, end of period | 43,130 | 118,277 |
Proceeds from issuance of repurchase agreement | 3,878 | |
Proceeds from sale of note payable to affiliate | 829 | |
Payment of debt issuance costs | (1,837) | |
Proceeds of issuance from asset-backed securities issued | 327,646 | |
Capital contributions of nonredeemable non-controlling interest holders | 445 | |
Capital contributions of parent | ||
BNP Paribas [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on CLO warehouse facilities | 7,750 | 51,550 |
Proceeds from drawdowns on line of credit | 7,750 | 51,550 |
CNB [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on CLO warehouse facilities | 8,000 | |
Proceeds from drawdowns on line of credit | 8,000 | |
Reportable Legal Entities [Member] | Parent Company [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 15,198 | 11,760 |
Cash flows from investing activities: | ||
Purchases of fixed assets | ||
Purchases of other investments | (11) | (5,021) |
Sales or distributions from other investments | 625 | 228 |
Funding of loans collateralizing asset-backed securities issued | ||
Funding of loans held for investment | (646) | |
Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued | ||
Sale, payoff and principal receipts of loans held for investment | 4 | 1,166 |
Net decrease in cash and restricted cash due to deconsolidation of subsidiaries | ||
Investment in subsidiary | (13,228) | 4,865 |
Net cash provided by (used in) investing activities | (13,256) | 1,238 |
Cash flows from financing activities: | ||
Repayment of asset-backed securities issued | ||
Distributions and distribution equivalents paid on common shares and RSUs | (1,070) | (2,038) |
Purchase of common shares for treasury | (669) | (1,044) |
Distributions to non-controlling interest shareholders | (913) | |
Employee taxes paid on shares withheld for tax-withholding purposes | (84) | |
Capital contributions of parent | (1,111) | |
Net cash provided by financing activities | (3,847) | (22,526) |
Net increase (decrease) in cash and cash equivalents | (1,905) | (9,528) |
Cash, cash equivalents and restricted cash, beginning of period | 4,863 | 13,632 |
Cash, cash equivalents and restricted cash, end of period | 2,958 | 4,104 |
Proceeds from issuance of repurchase agreement | 3,878 | |
Proceeds from sale of note payable to affiliate | ||
Payment of debt issuance costs | ||
Proceeds of issuance from asset-backed securities issued | ||
Capital contributions of nonredeemable non-controlling interest holders | (1,111) | |
Capital contributions of parent | (23,322) | |
Reportable Legal Entities [Member] | Parent Company [Member] | BNP Paribas [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on CLO warehouse facilities | ||
Proceeds from drawdowns on line of credit | ||
Reportable Legal Entities [Member] | Parent Company [Member] | CNB [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on CLO warehouse facilities | ||
Proceeds from drawdowns on line of credit | ||
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | (19,139) | (566) |
Cash flows from investing activities: | ||
Purchases of fixed assets | ||
Purchases of other investments | (426) | |
Sales or distributions from other investments | ||
Funding of loans collateralizing asset-backed securities issued | ||
Funding of loans held for investment | (876) | |
Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued | ||
Sale, payoff and principal receipts of loans held for investment | ||
Net decrease in cash and restricted cash due to deconsolidation of subsidiaries | ||
Investment in subsidiary | 739 | (1,194) |
Net cash provided by (used in) investing activities | (137) | (1,620) |
Cash flows from financing activities: | ||
Repayment of asset-backed securities issued | ||
Distributions and distribution equivalents paid on common shares and RSUs | ||
Purchase of common shares for treasury | ||
Distributions to non-controlling interest shareholders | ||
Employee taxes paid on shares withheld for tax-withholding purposes | ||
Capital contributions of parent | 16,624 | |
Net cash provided by financing activities | 16,624 | 2,027 |
Net increase (decrease) in cash and cash equivalents | (2,652) | (159) |
Cash, cash equivalents and restricted cash, beginning of period | 9,976 | 6,290 |
Cash, cash equivalents and restricted cash, end of period | 7,324 | 6,131 |
Proceeds from issuance of repurchase agreement | ||
Proceeds from sale of note payable to affiliate | ||
Payment of debt issuance costs | (122) | |
Proceeds of issuance from asset-backed securities issued | ||
Capital contributions of nonredeemable non-controlling interest holders | 16,624 | |
Capital contributions of parent | 2,149 | |
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | BNP Paribas [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on CLO warehouse facilities | ||
Proceeds from drawdowns on line of credit | ||
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | CNB [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on CLO warehouse facilities | ||
Proceeds from drawdowns on line of credit | ||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | (29,283) | (29,990) |
Cash flows from investing activities: | ||
Purchases of fixed assets | (637) | (111) |
Purchases of other investments | (833) | |
Sales or distributions from other investments | 8,565 | 540 |
Funding of loans collateralizing asset-backed securities issued | (35,153) | (72,642) |
Funding of loans held for investment | (23,580) | (63,245) |
Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued | 23,806 | 82,909 |
Sale, payoff and principal receipts of loans held for investment | 6,872 | 265 |
Net decrease in cash and restricted cash due to deconsolidation of subsidiaries | (27,771) | |
Investment in subsidiary | ||
Net cash provided by (used in) investing activities | (48,731) | (52,284) |
Cash flows from financing activities: | ||
Repayment of asset-backed securities issued | (1,679) | (332,100) |
Distributions and distribution equivalents paid on common shares and RSUs | ||
Purchase of common shares for treasury | ||
Distributions to non-controlling interest shareholders | (108) | |
Employee taxes paid on shares withheld for tax-withholding purposes | ||
Capital contributions of parent | (13,182) | 445 |
Net cash provided by financing activities | (7,111) | 72,917 |
Net increase (decrease) in cash and cash equivalents | (85,125) | (9,357) |
Cash, cash equivalents and restricted cash, beginning of period | 117,969 | 117,399 |
Cash, cash equivalents and restricted cash, end of period | 32,844 | 108,042 |
Proceeds from issuance of repurchase agreement | ||
Proceeds from sale of note payable to affiliate | 829 | |
Payment of debt issuance costs | (1,715) | |
Proceeds of issuance from asset-backed securities issued | 332,100 | |
Capital contributions of nonredeemable non-controlling interest holders | (13,182) | 445 |
Capital contributions of parent | 13,916 | |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | BNP Paribas [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on CLO warehouse facilities | 7,750 | 51,550 |
Proceeds from drawdowns on line of credit | 7,750 | 51,550 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | CNB [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on CLO warehouse facilities | 8,000 | |
Proceeds from drawdowns on line of credit | 8,000 | |
Consolidation, Eliminations [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | (10,154) | (3,586) |
Cash flows from investing activities: | ||
Purchases of fixed assets | ||
Purchases of other investments | 4,453 | |
Sales or distributions from other investments | (878) | |
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 of loans held for investment | ||
Net decrease in cash and restricted cash due to deconsolidation of subsidiaries | ||
Investment in subsidiary | 12,489 | (3,671) |
Net cash provided by (used in) investing activities | 11,611 | 782 |
Cash flows from financing activities: | ||
Repayment of asset-backed securities issued | 878 | |
Distributions and distribution equivalents paid on common shares and RSUs | ||
Purchase of common shares for treasury | ||
Distributions to non-controlling interest shareholders | ||
Employee taxes paid on shares withheld for tax-withholding purposes | ||
Capital contributions of parent | (2,331) | |
Net cash provided by financing activities | (1,453) | 2,804 |
Net increase (decrease) in cash and cash equivalents | 4 | |
Cash, cash equivalents and restricted cash, beginning of period | ||
Cash, cash equivalents and restricted cash, end of period | 4 | |
Proceeds from issuance of repurchase agreement | ||
Proceeds from sale of note payable to affiliate | ||
Payment of debt issuance costs | ||
Proceeds of issuance from asset-backed securities issued | (4,453) | |
Capital contributions of nonredeemable non-controlling interest holders | (2,331) | |
Capital contributions of parent | 7,257 | |
Consolidation, Eliminations [Member] | BNP Paribas [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on CLO warehouse facilities | ||
Proceeds from drawdowns on line of credit | ||
Consolidation, Eliminations [Member] | CNB [Member] | ||
Cash flows from financing activities: | ||
Proceeds from drawdowns on CLO warehouse facilities | ||
Proceeds from drawdowns on line of credit |
Note 25 - Subsequent Events (De
Note 25 - Subsequent Events (Details Textual) - $ / shares | Apr. 29, 2019 | May 13, 2019 | Mar. 31, 2019 | Dec. 13, 2017 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,000,000 | |||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 212,986 | |||
Subsequent Event [Member] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.04 | |||
Tender Offer to Repurchase Shares for Cash, Number of Shares | 3,000,000 | |||
Tender Offer to Repurchase Shares for Cash, Purchase Price Per Share | $ 3.95 | |||
Dividends Payable, Date Declared | Apr. 29, 2019 | |||
Dividends Payable, Date to be Paid | May 31, 2019 | |||
Dividends Payable, Date of Record | May 17, 2019 |