Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 05, 2020 | |
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 Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 19,577,409 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Shares representing limited liability company interests in JMP Group LLC |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | [1] |
Assets | |||
Cash and cash equivalents | $ 38,435 | $ 49,630 | |
Restricted cash | 1,287 | 1,287 | |
Investment banking fees receivable | 5,757 | 9,066 | |
Marketable securities owned at fair value | 56,024 | 73,101 | |
Other investments (includes $13,468 and $14,206 measured at fair value at March 31, 2020 and December 31, 2019, respectively) | 21,987 | 35,309 | |
Loans held for investment, net of allowance for loan losses | 1,181 | 1,210 | |
Interest receivable | 392 | 502 | |
Fixed assets, net | 3,984 | 4,267 | |
Operating lease right-of-use asset | 18,802 | 19,632 | |
Other assets | 41,195 | 36,253 | |
Total assets | 189,044 | 230,257 | |
Liabilities: | |||
Marketable securities sold, but not yet purchased, at fair value | 1,959 | 3,855 | |
Accrued compensation | 5,592 | 30,253 | |
Interest payable | 711 | 520 | |
Note payable | 6,812 | 6,812 | |
Bond payable (net of debt issuance costs of $3,229 and $3,416 at March 31, 2020 and December 31, 2019, respectively) | 80,636 | 82,584 | |
Operating lease liability | 24,359 | 25,394 | |
Other liabilities | 17,763 | 19,478 | |
Total liabilities | 137,832 | 168,896 | |
Commitments and Contingencies (Note 16) | |||
JMP Group LLC Shareholders' Equity | |||
Common shares, $0.001 par value, 100,000,000 shares authorized at March 31, 2020 and December 31, 2019; 22,797,092 shares issued at March 31, 2020 and December 31, 2019; 19,547,006 and 19,509,349 shares outstanding at March 31, 2020 and December 31, 2019, respectively | 23 | 23 | |
Additional paid-in capital | 134,128 | 133,894 | |
Treasury shares at cost, 3,250,086 and 3,287,743 shares at March 31, 2020 and December 31, 2019, respectively | (14,698) | (14,872) | |
Accumulated other comprehensive loss | (3,488) | (4,769) | |
Accumulated deficit | (64,336) | (52,588) | |
Total JMP Group LLC shareholders' equity | 51,629 | 61,688 | |
Non-controlling interest | (417) | (327) | |
Total equity | 51,212 | 61,361 | |
Total liabilities and equity | $ 189,044 | $ 230,257 | |
[1] | The balance sheet as of December 31, 2019 is derived from the audited financial statements as of that date. |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | [1] |
Investments fair value | $ 13,468 | $ 14,206 | |
Bond Payable, issuance costs | $ 3,229 | $ 3,416 | |
Common shares, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Common shares, shares authorized (in shares) | 100,000,000 | 100,000,000 | |
Common shares, shares issued (in shares) | 22,797,092 | 22,797,092 | |
Common shares, shares outstanding (in shares) | 19,547,006 | 19,509,349 | |
Treasury shares, shares (in shares) | 3,250,086 | 3,287,743 | |
[1] | The balance sheet as of December 31, 2019 is derived from the audited financial statements as of that date. |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues | ||
Revenue from Contract with Customer | $ 20,528 | $ 18,117 |
Principal transactions | (17,552) | 5,288 |
Loss on sale, payoff and mark-to-market of loans | (17) | |
Net dividend income | 227 | 296 |
Other income (loss) | 935 | (35) |
Non-interest revenues | 4,138 | 23,649 |
Interest income | 2,214 | 14,291 |
Interest expense | (1,782) | (10,773) |
Net interest income | 432 | 3,518 |
Gain on repurchase, reissuance or early retirement of debt | 697 | |
Total net revenues | 5,267 | 27,167 |
Non-interest expenses | ||
Compensation and benefits | 16,213 | 17,222 |
Administration | 2,222 | 1,929 |
Brokerage, clearing and exchange fees | 634 | 701 |
Travel and business development | 922 | 1,021 |
Managed deal expenses | 588 | 533 |
Communications and technology | 1,129 | 1,053 |
Occupancy | 1,199 | 1,423 |
Professional fees | 890 | 1,456 |
Depreciation | 548 | 297 |
Other | 495 | |
Total non-interest expenses | 24,345 | 26,130 |
Net income (loss) before income taxes | (19,078) | 1,037 |
Income tax benefit | (7,239) | (4,102) |
Net income (loss) | (11,839) | 5,139 |
Less: Net income (loss) attributable to non-controlling interest | (91) | 70 |
Net income (loss) attributable to JMP Group LLC | $ (11,748) | $ 5,069 |
Net income (loss) attributable to JMP Group LLC per common share: | ||
Basic (in dollars per share) | $ (0.60) | $ 0.24 |
Diluted (in dollars per share) | $ (0.60) | $ 0.24 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 19,532 | 21,288 |
Diluted (in shares) | 19,532 | 21,429 |
Total Investment Banking Revenues [Member] | ||
Revenues | ||
Revenue from Contract with Customer | $ 14,625 | $ 11,879 |
Total Brokerage Revenue [Member] | ||
Revenues | ||
Revenue from Contract with Customer | 4,187 | 4,535 |
Total Asset Management Fees [Member] | ||
Revenues | ||
Revenue from Contract with Customer | $ 1,716 | $ 1,703 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net (loss) income | $ (11,839) | $ 5,139 |
Other comprehensive income (loss): | ||
Unrealized loss on available-for-sale securities, net of tax | (8,609) | (782) |
Reclassification adjustments for losses on available-for-sale securities, net of tax | 9,890 | |
Other comprehensive income (loss) | 1,281 | (782) |
Comprehensive income (loss) | (10,558) | 4,357 |
Less: Comprehensive income (loss) attributable to non-controlling interest | (91) | 70 |
Comprehensive income (loss) attributable to JMP Group LLC | $ (10,467) | $ 4,287 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' 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, 2018 | 22,780 | |||||||
Balance at Dec. 31, 2018 | $ 23 | $ (7,932) | $ 134,129 | $ (42,513) | $ 13,499 | $ 97,206 | ||
Net (loss) income | 5,069 | 70 | 5,139 | |||||
Additional paid-in capital - share-based compensation | 144 | 144 | ||||||
Purchases of shares of common shares for treasury | (753) | (753) | ||||||
Reissuance of shares of common shares from treasury | 357 | (39) | 318 | |||||
Other comprehensive income (loss) | (782) | (782) | ||||||
Distributions and distribution equivalents declared on common shares and restricted share units | (1,070) | (1,070) | ||||||
Distributions to non-controlling interest holders | (913) | (913) | ||||||
Derecognition of non-controlling interest due to deconsolidation | (12,842) | (12,842) | ||||||
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 | |
Balance (in shares) at Dec. 31, 2019 | 22,797 | |||||||
Balance at Dec. 31, 2019 | $ 23 | (14,872) | 133,894 | (52,588) | (4,769) | (327) | 61,361 | [1] |
Net (loss) income | (11,748) | (91) | (11,839) | |||||
Additional paid-in capital - share-based compensation | 266 | 266 | ||||||
Purchases of shares of common shares for treasury | (26) | (26) | ||||||
Reissuance of shares of common shares from treasury | 200 | (32) | 168 | |||||
Other comprehensive income (loss) | 1,281 | 1,281 | ||||||
Derecognition of non-controlling interest due to deconsolidation | ||||||||
Balance (in shares) at Mar. 31, 2020 | 22,797 | |||||||
Balance at Mar. 31, 2020 | $ 23 | $ (14,698) | $ 134,128 | $ (64,336) | $ (3,488) | $ (417) | $ 51,212 | |
[1] | The balance sheet as of December 31, 2019 is derived from the audited financial statements as of that date. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (11,839) | $ 5,139 |
Adjustments to reconcile net loss (income) to net cash used in operating activities: | ||
Gain on repurchase, reissuance or early retirement of debt | (697) | |
Change in other investments: | ||
(Income) loss from investments in equity method investees | (297) | 46 |
Gain on other investments | (292) | (1,192) |
Depreciation and amortization | 435 | 1,827 |
Share-based compensation expense | 432 | 462 |
Gain on deconsolidation | (3,520) | |
Distributions of investment income from equity method investments | 256 | |
Other, net | 6 | 76 |
Net change in operating assets and liabilities: | ||
Decrease (increase) in interest receivable | 110 | (4,838) |
Decrease in receivables | 3,309 | 1,039 |
Decrease in marketable securities | 18,828 | 3,563 |
Increase in other assets | (5,940) | (7,978) |
Decrease in marketable securities sold, but not yet purchased | (1,896) | (1,930) |
Increase (decrease) in interest payable | 191 | (3,548) |
Decrease in accrued compensation | (24,661) | (35,695) |
(Decrease) increase in other liabilities | (1,188) | 3,171 |
Net cash used in operating activities | (23,243) | (43,378) |
Cash flows from investing activities: | ||
Purchases of fixed assets | (266) | (637) |
Purchases of other investments | (39) | (844) |
Sales or distributions from other investments | 13,694 | 8,312 |
Funding of loans collateralizing asset-backed securities issued | (35,153) | |
Funding of loans held for investment | (25,102) | |
Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued | 23,806 | |
Sale, payoff and principal receipts on loans held for investment | 34 | 6,876 |
Net decrease in cash and restricted cash due to deconsolidation of subsidiaries | (27,771) | |
Net cash provided by (used in) investing activities | 13,423 | (50,513) |
Cash flows from financing activities: | ||
Proceeds from drawdowns on CLO warehouse facilities | 7,750 | |
Repayment of asset-backed securities issued | (801) | |
Repurchase of bonds payable | (1,349) | |
Distributions and distribution equivalents paid on common shares and RSUs | (1,070) | |
Purchase of common shares for treasury | (669) | |
Distributions to non-controlling interest shareholders | (913) | |
Employee taxes paid on shares withheld for tax-withholding purposes | (26) | (84) |
Net cash (used in) provided by financing activities | (1,375) | 4,213 |
Net decrease in cash, cash equivalents, and restricted cash | (11,195) | (89,678) |
Cash, cash equivalents and restricted cash, beginning of period | 50,917 | 132,808 |
Cash, cash equivalents and restricted cash, end of period | 39,722 | 43,130 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | 1,680 | 14,321 |
Cash paid (received) during the period for taxes, net of refunds | (7) | 89 |
Non-cash investing and financing activities: | ||
Reissuance of common shares from treasury related to vesting of restricted share units | 200 | 357 |
Distributions declared but not yet paid | 640 | |
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 right-of-use 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 |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 3 Months Ended |
Mar. 31, 2020 | |
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 financial services firm headquartered in San Francisco, California. The Company conducts its investment banking and institutional brokerage business through JMP Securities LLC (“JMP Securities”) and its asset management business through Harvest Capital Strategies LLC (“HCS”), HCAP Advisors LLC (“HCAP Advisors”), JMP Asset Management LLC (“JMPAM”) and JMP Credit Advisors LLC (“JMPCA”) (through March 19, 2019). 1934, not not 1940, two one March 19, 2019, January 2015 November 2017 Recent Transactions On January 17, 2019, January 17, 2019. 47% $1.6 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 an equity interest in JMP Credit Advisors Long-Term Warehouse Ltd (“CLO VI”) to finance the acquisition of broadly syndicated corporate loans. On March 19, 2019, 66% $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 the aforementioned March 19, 2019 ( January 17, 2019). 100% $1.8 March 2019 100% 33% December 31, 2019. February 2020, not |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
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 Quarterly Report on Form 10 10 X. 10 December 31, 2019 March 30, 2020 ( 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, 2020 December 31, 2019 third See Note 2 Annual Report for the Company s significant accounting policies. For the three March 31, 2020 no |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 3. Recent Accounting Pronouncemen 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, 2022. ASU 2019 12, Income Taxes (Topic 740 December 2019 December 15, 2020, Recently Adopted Accounting Guidance ASU 2018 13, Fair Value Measurement (Topic 820 ) August 2018 820, December 15, 2019. January 1, 2020; not |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 December 31, 2019 : March 31, 2020 (In thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 38,435 $ 38,435 $ - $ - $ 38,435 Restricted cash and deposits 1,287 1,287 - - 1,287 Marketable securities owned 56,024 9,804 - 46,220 56,024 Other investments 3,267 - - 3,267 3,267 Other investments, measured at net asset value (1) 10,201 - - - - Loans held for sale 2,412 - - 2,412 2,412 Loans held for investment, net of allowance for loan losses 1,181 - - 1,093 1,093 Total assets: $ 112,807 $ 49,526 $ - $ 52,992 $ 102,518 Liabilities: Marketable securities sold, but not yet purchased $ 1,959 $ 1,959 $ - $ - $ 1,959 Notes payable 6,812 - 5,983 829 6,812 Bond payable 80,636 - 54,210 - 54,210 Total liabilities: $ 89,407 $ 1,959 $ 60,193 $ 829 $ 62,981 December 31, 2019 (In thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 49,630 $ 49,630 $ - $ - $ 49,630 Restricted cash and deposits 1,287 1,287 - - 1,287 Marketable securities owned 73,101 15,245 - 57,856 73,101 Other investments 3,956 - - 3,956 3,956 Other investments, measured at net asset value (1) 10,250 - - - - Loans held for sale 2,412 - - 2,476 2,476 Loans held for investment, net of allowance for loan losses 1,210 - - 1,087 1,087 Total assets: $ 141,846 $ 66,162 $ - $ 65,375 $ 131,537 Liabilities: Marketable securities sold, but not yet purchased $ 3,855 $ 3,855 $ - $ - $ 3,855 Notes payable 6,812 - 5,983 829 6,812 Bond payable 82,584 - 84,821 - 84,821 Total liabilities: $ 93,251 $ 3,855 $ 90,804 $ 829 $ 95,488 ( 1 In accordance with ASC 820 10, not The Company determined the fair value of notes payable to approximate their carrying values. This was determined as the debt has a variable interest rate tied to LIBOR and therefore reflects market conditions. Based on the fair value methodology, the Company has identified this debt as Level 2 The fair value of loans held for investment identified as Level 3 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, 2020 December 31, 2019 : (In thousands) March 31, 2020 Carrying Value Level 1 Level 2 Level 3 Total Marketable securities owned $ 56,024 $ 9,804 $ - $ 46,220 $ 56,024 Other investments: Equity investments 3,267 - - 3,267 3,267 Investments in other funds managed by the Company (1) 5,211 - - - - Limited partnership in investments in private equity/ real estate funds (1) 4,990 - - - - Total other investments 13,468 - - 3,267 3,267 Total assets: $ 69,492 $ 9,804 $ - $ 49,487 $ 59,291 Marketable securities sold, but not yet purchased 1,959 1,959 - - 1,959 Total liabilities: $ 1,959 $ 1,959 $ - $ - $ 1,959 (In thousands) December 31, 2019 Carrying Value Level 1 Level 2 Level 3 Total Marketable securities owned $ 73,101 $ 15,245 $ - $ 57,856 $ 73,101 Other investments: Equity investments 3,956 - - 3,956 3,956 Investments in other funds managed by the Company (1) 5,188 - - - - Limited partnership in investments in private equity/ real estate funds (1) 5,062 - - - - Total other investments 14,206 - - 3,956 3,956 Total assets: $ 87,307 $ 15,245 $ - $ 61,812 $ 77,057 Marketable securities sold, but not yet purchased 3,855 3,855 - - 3,855 Total liabilities: $ 3,855 $ 3,855 $ - $ - $ 3,855 ( 1 In accordance with ASC 820 10, not As of March 31, 2020 December 31, 2019, not March 31, 2020 December 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, 2020 December 31, 2019 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’s Level 3 not For the three March 31, 2020 3 (In thousands) CLO junior subordinated notes Equity Investment Total Balance as of December 31, 2019 $ 57,856 $ 3,956 $ 61,812 Accrued interest 2,176 - 2,176 Investment distributions (2,040 ) - (2,040 ) Unrealized gains on investments, recognized in OCI 1,751 - 1,751 Unrealized losses on investments, recognized in earnings (13,523 ) (689 ) (14,212 ) Balance as of March 31, 2020 $ 46,220 $ 3,267 $ 49,487 The Company’s Level 3 three March 31, 2020, $13.5 For assets classified in the Level 3 3 March 31, 2020 December 31, 2019 Significant Unobservable Inputs (In thousands) Range (Weighted-average (1)) Fair value Valuation Technique Description March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 CLO debt securities Discounted cash flows Discount rate 17.5% (N/A) 17.5% (N/A) $ 46,220 $ 57,856 Default rate 2.0%-4.0% (2.8%) 2.0% (N/A) Severity rate 30.0% (N/A) 25.0% (N/A) Prepayment rate 10.0%-25.0% (15.0%) 25.0% (N/A) Collateral liquidation price 98.0%-99.0% (98.7%) 98.0%-99.0% (98.7%) Equity investment Discounted cash flows Credit factor 20% (N/A) 20% (N/A) $ 2,861 $ 3,550 Discount rate 16.5% (N/A) 17.7% (N/A) ( 1 The weighted average was calculated based on the relative collateral balance of each CLO. As of March 31, 2020 December 31, 2019 , $10.2 million an $10.3 Fair Value at Unfunded Commitments Redemption Notice Redemption Notice March 31, December 31, March 31, December 31, Dollars in thousands Frequency Period 2020 2019 2020 2019 Limited partner investments in private equity/ real estate funds Nonredeemable N/A $ 4,990 $ 5,062 $ 2,084 $ 2,123 Investment in other funds managed by the Company Nonredeemable N/A $ 5,211 $ 5,188 $ 1,677 $ 1,677 Non-recurring Fair Value Measurements The Company's assets that are measured at fair value on a non-recurring basis result from the application of lower of cost or market accounting or write-downs of individual assets. The Company held a loan measured at fair value on a non-recurring basis of $2.4 March 31, 2020 December 31, 2019. |
Note 5 - Available-for-sale Sec
Note 5 - Available-for-sale Securities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5. The following table summarizes available-for-sale securities, which have been included in marketable securities on the Consolidated Statements of Financial Condition, in an unrealized position as of March 31, 2020 December 31, 2019: March 31, 2020 December 31, 2019 (In thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Number of positions Amortized cost Gross unrealized gains Gross unrealized losses Fair value Number of positions CLO debt securities $ 50,990 $ - $ (4,770 ) $ 46,220 3 $ 64,377 $ - $ (6,521 ) $ 57,856 3 The following table summarizes the fair value and amortized cost of the available-for-sale securities by contractual maturity as of March 31, 2020 December 31, 2019: March 31, 2020 December 31, 2019 (In thousands) Available-for-sale Available-for-sale Amortized cost Fair value Amortized cost Fair value 5-10 years $ 30,262 26,882 $ 38,451 33,877 10+ years 20,728 19,338 25,926 23,979 Total $ 50,990 $ 46,220 $ 64,377 $ 57,856 During the three March 31, 2020 2019 $13.5 zero |
Note 6 - Loans
Note 6 - Loans | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Loans Collateralizing Asset Backed Securities Issued and Loans Held for Sale [Text Block] | 6. Loans Loans collateralizing Asset-Backed Securities issued (through March 2019) During the period ending March 31, 2019 no March 31, 2019 1 three March 31, 2019 is as follows: (In thousands) Three Months Ended March 31, 2019 Impaired Non-Impaired Balance, at beginning of period $ (836 ) $ (9,751 ) Provision for loan losses: Specific reserve - - General reserve - - Charge off 181 - Derecognition due to deconsolidation 655 9,751 Balance, at end of period $ - $ - Loans Held for Investment As of March 31, 2020 December 31, 2019 four March 19, 2019, no March 31, 2020 December 31, 2019. 1 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. Ther e were no March 31, 2020 December 31, 2019. no three March 31, 2020. three March 31, 2019 (in thousands) Three Months Ended March 31, 2019 Impaired Non-impaired Balance, at beginning of the period $ (218 ) $ (181 ) Provision for loan losses Specific - - General - - Charge off 218 - Derecognition due to deconsolidation - 181 Balance, at end of the period $ - $ - |
Note 7 - Debt
Note 7 - Debt | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Debt Bond Payable (In thousands) March 31, 2020 December 31, 2019 7.25% Senior Notes due 2027 $ 50,000 $ 50,000 6.875% Senior Notes due 2029 36,000 36,000 Total outstanding principal $ 86,000 $ 86,000 Less: Debt issuance costs (3,229 ) (3,416 ) Less: Consolidation elimination (2,135 ) - Total bond payable, net $ 80,636 $ 82,584 On September 26, 2019, $36.0 6.875% “2019 2019 September 30, 2029, may September 30, 2021, 6.875% March 30, June 30, September 30, December 30 December 30, 2019. On September 27, 2019, $25.0 8.00% “2013 October 28, 2019. September 27, 2019. September 27, 2019, 2013 $0.5 $0.2 December 31, 2019. July 18, 2019, $11.0 2013 2023. $25 The 7.25% 2027 “2017 2019 2017 25% may March 31, 2020 December 31, 2019 In March 2020, $1.4 $0.7 2019 2017 $0.7 The future scheduled principal payments of the debt obligations as of March 31, 2020 were as follows: (In thousands) 2020 $ - 2021 - 2021 - 2022 - 2023 - Thereafter 86,000 Total $ 86,000 Note Payable, Lines of Credit and Credit Facilities (In thousands) Outstanding Balance March 31, 2020 December 31, 2019 $25 million, JMP Holding credit agreement through December 31, 2020 5,983 $ 5,983 Note payable to an affiliate (Note 18) 829 829 Total note payable, lines of credit, and credit facilities $ 6,812 $ 6,812 The Company’s Credit Agreement (the “Credit Agreement”) dated as of April 30, 2014, not one $25.0 December 31, 2020. not 12 January 1, 2021, first six 3.75% six 5.0% December 31, 2023; not no 60 225 $6.0 March 31, 2020 December 30, 2019, March 31, 2020 $1.1 The Credit Agreement provides that the Revolver may $5.0 may not three one March 31, 2020 December 31, 2019 JMP Holding's obligations under the Credit Agreement are guaranteed by all of its wholly owned subsidiaries (other than JMP Securities and certain dormant subsidiaries) and are secured by substantially all of its and the guarantors' assets. In addition, we have entered into a limited recourse pledge agreement whereby we have granted a lien on all of our equity interests in JMP Investment Holdings and JMPAM to secure JMP Holding's obligations under the Credit Agreement. Separately, under a Revolving Note and Cash Subordination Agreement, JMP Securities holds a $20.0 0.25% June 6, 2020, no March 31, 2020 or December 31, 2019 |
Note 8 - Other Assets and Other
Note 8 - Other Assets and Other Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Other Assets and Other Liabilities Disclosure [Text Block] | 8. At March 31, 2020 December 31, 2019, (In thousands) March 31, 2020 December 31, 2019 Accounts receivable $ 4,361 $ 7,053 Prepaid expenses 12,469 5,152 Deferred tax asset 21,684 21,406 Loans held for sale 2,412 2,412 Other assets 269 230 Total other assets $ 41,195 $ 36,253 Loans held for sale are carried at the lower of cost or fair value less cost to sell and have been included in other assets in the Consolidated Statement of Financial Condition. (In thousands) March 31, 2020 December 31, 2019 Accounts payable & accrued liabilities $ 6,408 $ 5,015 Deferred compensation liabilities 2,897 2,517 Deferred tax liability 8,118 8,645 Other liabilities 340 3,301 Total other liabilities $ 17,763 $ 19,478 |
Note 9 - Leases
Note 9 - Leases | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 9. Substantially all of the leases in which the Company is the lessee are office space leases with various terms with the maximum duration through 2025. 2016 02, Leases (Topic 842 January 1, 2020 The calculated amount of the ROU asset and 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 842 842. For operating leases existing prior to January 1, 2019, January 1, 2019 March 31, 2020 March 31, 2020 Weighted-average remaining lease term Operating leases 5.07 Weighted-average discount rate Operating leases 6.13 % The Company leases office space in California, I llinois, Massachusetts, Minnesota, Florida, and New York under various operating leases. Occupancy expense were $1.2 $1.4 f March 31, 2020 2019 , respectively. 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, 2020 $ 4,249 2021 5,758 2022 5,714 2023 5,710 2024 4,225 Thereafter 2,458 Total minimum future lease payments 28,114 Amounts representing interest (3,755 ) Present value of net future minimum lease payments $ 24,359 Three Months Ended March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities Cash used in operating activities $ 1,652 Operating leases $ 1,652 |
Note 10 - Shareholders' Equity
Note 10 - Shareholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 10. Self-Tender Offers On May 13, 2019, “2019 3,000,000 14.2% 2019 June 13, 2019. 2019 1,816,732 $3.95 $7.2 2019 On February 24, 2020, second “2020 3,000,000 2020 March 19, 2020 2020 not On February 19, 2020, |
Note 11 - Accumulated Other Com
Note 11 - Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 11. The following tables summarize the unrealized gains and losses on available-for-sale securities included in accumulated other comprehensive income (losses), before tax, tax effect, and net of tax, for the three March 31, 2020 2019: (In thousands) Before Tax Tax Effect Net of Tax Beginning balance, January 1, 2020 $ (6,521 ) $ 1,752 $ (4,769 ) Net unrealized losses on available-for-sale securities during the period (11,772 ) 3,163 (8,609 ) Reclassification adjustment for losses on available-for-sale securities 13,523 (3,633 ) 9,890 Balance as of March 31, 2020 $ (4,770 ) $ 1,282 $ (3,488 ) (In thousands) Before Tax Tax Effect Net of Tax Beginning balance, January 1, 2019 $ - $ - $ - Net unrealized losses on available-for-sale securities during the period (1,055 ) 273 (782 ) Balance as of March 31, 2019 $ (1,055 ) $ 273 $ (782 ) |
Note 12 - Share-based Compensat
Note 12 - Share-based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 12. 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, 2020 : Three Months Ended March 31, 2020 Shares Subject to Option Weighted Average Exercise Price Balance, beginning of year - $ - Granted 2,400,000 3.04 Forfeited (200,000 ) 3.04 Balance, end of period 2,200,000 $ 3.04 Options exercisable at end of period - $ - The following table summarizes the share options outstanding as well as share options vested and exercisable as of March 31, 2020 : March 31, 2020 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 $3.04 2,200,000 4.85 $ 3.04 $ - - - $ - $ - 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. As of March 31, 2020 , a s $1.3 unrecognized compensation expense related to 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 The following table summarizes RSU activity for the three March 31, 2020 : Three Months Ended March 31, 2020 Restricted Share Units Weighted Average Grant Date Fair Value Balance, beginning of year 387,006 $ 3.97 Granted 198,682 2.99 Vested (44,179 ) 3.80 Forfeited (3,894 ) 4.43 Balance, end of period 537,615 $ 3.62 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. As of March 31, 2020 $1.1 1.42 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. |
Note 13 - Net Income Per Common
Note 13 - Net Income Per Common Share | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13 . Net Income per Common Share Basic net income (loss) per share for the Company is calculated by dividing net income (loss) 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 three months ended March 31, 2020 and 2019 are shown in the tables below: (In thousands, except per share data) Three Months Ended March 31, 2020 2019 Numerator: Net income (loss) attributable to JMP Group LLC $ (11,748 ) $ 5,069 Denominator: Basic weighted average shares outstanding 19,532 21,288 Effect of potential dilutive securities: Restricted share units - 141 Diluted weighted average shares outstanding 19,532 21,429 Net income (loss) per share Basic $ (0.60 ) $ 0.24 Diluted $ (0.60 ) $ 0.24 Due to the net loss for three March 31, 2020 ptions and restricted share units outstanding, were anti-dilutive and, therefore, were not |
Note 14 - Revenue from Contract
Note 14 - Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 14. The following tables represent the Company’s total revenues from contracts with customers, disaggregated by major business activity, for the three March 31, 2020 March 31, 2019 (in thousands) Three Months Ended March 31, 2020 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 $ 8,556 $ - $ - $ - $ - $ - $ 8,556 Strategic advisory and private placements 6,069 - - - - - 6,069 Total investment banking revenues 14,625 - - - - - 14,625 Commissions 3,718 - - - - - 3,718 Research payments 1,241 - - - - - 1,241 Net trading losses (772 ) - - - - - (772 ) Total brokerage revenues 4,187 - - - - - 4,187 Base management fees - 1,727 - 1,727 - (25 ) 1,702 Incentive management fees - 275 (261 ) 14 - - 14 Total asset management fees - 2,002 (261 ) 1,741 - (25 ) 1,716 Total revenues from contracts with customers $ 18,812 $ 2,002 $ (261 ) $ 1,741 $ - $ (25 ) $ 20,528 (in thousands) 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 losses 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 |
Note 15 - Income Taxes
Note 15 - Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 15. Income Taxes 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, 2020 2019 $7.2 $4.1 37.95% 424.85% three March 31, 2020 2019 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 net operating loss carryback that was created in prior year which was subsequently carried back to offset years with taxable income that was derived from a different corporate tax rate. On March 27, 2020, 19 may The Company recognizes deferred tax assets and liabilities in accordance with ASC 740, |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 16 . Commitments and Contingencies In connection with its underwriting activities, JMP Securities may, JMP Securities had no March 31, 2020 December 31, 2019 . The marketable securities owned and the restricted cash, as well as the cash held by the clearing broker may $0.3 milli March 31, 2020 December 31, 2019 . may Unfunded commitments are agreements to lend to a borrower, provided that all conditions have been met. The Company had no March 31, 2020 and December 31, 2019 . |
Note 17 - Regulatory Requiremen
Note 17 - Regulatory Requirements | 3 Months Ended |
Mar. 31, 2020 | |
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 $8.6 $16.9 e $1.0 $15.5 of $7.6 $1.4 m March 31, 2020 December 31, 2019 1.23 to 1 and 1.25 1 March 31, 2020 December 31, 2019 , 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, 2020 | |
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, 2020 December 31, 2019 , was $13.5 m $17.3 f $8.6 $4.9 $8.7 $1.7 three March 31, 2020 2019 respectively. 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, 2020 and December 31, 2019 , the Company’s portion of the outstanding loan balance to this entity was $2.4 On January 9, 2018, $0.8 March 31, 2020 , was $0.8 million 12.5% November 20, 2022. |
Note 19 - Guarantees
Note 19 - Guarantees | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 December 31, 2019 no three months ended March 31, 2020 and 2019 no no March 31, 2020 December 31, 2019 . 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, 2020 | |
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 In December 2019, $3.0 March 9, 2020. third March 30, 2020. December 31, 2019, March 2020, no The Company reviews the need for any loss contingency reserves and establishes reserves when, in the opinion of management, it is probable that a matter would result in liability and the amount of loss, if any, can be reasonably estimated. 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, 2020 | |
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 Company may 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 Standby letters of credit are conditional commitments issued by the Company to guarantee the performance by a borrower to a third 16 March 31, 2020 December 31, 2019 . |
Note 22 - Business Segments
Note 22 - Business Segments | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 22. The Company’s business results are categorized into the following four March 31, 2019). Management uses operating net income, a Non-GAAP financial measure, as a key metric when evaluating the performance of the Company's core business strategy and ongoing operations. This measure adjusts the Company’s net income as follows: (i) reverses compensation expense recognized under GAAP related to equity awards, (ii) recognizes 100% March 31, 2019; ( one 26% March 31, 2019) may The Company’s segment information for the three months ended March 31, 2020 and 2019 • 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: Three Months Ended March 31, 2020 (In thousands) Broker-Dealer Asset Management Corporate Costs Eliminations Total Segments Adjustments Consolidated GAAP Asset Management Fee Income Investment Income Total Asset Management Revenues Investment banking $ 14,625 $ - $ - $ - $ - $ - $ 14,625 $ - $ 14,625 Brokerage 4,187 - - - - - 4,187 - 4,187 Asset management related fees 152 1,903 333 2,236 - (45 ) 2,343 (627 ) (a) 1,716 Principal transactions - - 81 81 - - 81 (17,633 ) (b) (17,552 ) Net dividend income - - 256 256 - - 256 (29 ) (c ) 227 Other income - - - - - - - 935 (a) 935 Net interest income - - 458 458 - - 458 (26 ) (c ) 432 Gain on repurchase, reissuance or early retirement of debt - - 786 786 - - 786 (89 ) (d ) 697 Total net revenues 18,964 1,903 1,914 3,817 - (45 ) 22,736 (17,469 ) 5,267 Non-interest expenses Non-interest expenses 19,201 2,362 151 2,513 1,792 (45 ) 23,461 884 (e ) 24,345 Operating income (loss) before taxes (237 ) (459 ) 1,763 1,304 (1,792 ) - (725 ) (18,353 ) (19,078 ) Income tax expense (benefit) (62 ) (120 ) 459 339 (465 ) - (188 ) (7,051 ) (f ) (7,239 ) Net loss attributable to non-controlling interest - - - - - - - (91 ) (a), (c ), (e ) (91 ) Operating net income (loss) $ (175 ) $ (339 ) $ 1,304 $ 965 $ (1,327 ) $ - $ (537 ) $ (11,211 ) (g ) $ (11,748 ) Segment assets $ 34,685 $ 9,873 $ 78,236 $ 88,109 $ 228,197 $ (161,947 ) $ 189,044 $ - $ 189,044 (a) Total segment asset management-related fees include income from fee sharing arrangements with, and fees earned to raise capital for, third (b) Total segment principal transaction revenues exclude certain unrealized mark-to-market gains or losses, including those related to impairment of CLO debt securities and the Company's investment in Harvest Capital Credit Corporation, as well as unrealized losses derived from depreciation and amortization of real estate investment properties. (c) Total segment net dividend income and net interest income exclude those attributable to non-controlling interests. (d) Total segment gain/(loss) repurchase/early retirement of debt excludes losses on write offs of debt issuance costs related to early retirement or repurchase of debt. (e) Total segment non-interest expenses exclude compensation expense recognized under GAAP related to equity awards and expenses attributable to non-controlling interests. (f) Total segment income tax expense (benefit) assumes a combined federal, state and local income tax rate of 26%. (g) Operating net income (loss) is reconciled to GAAP net income (loss) attributable to JMP Group LLC. Three Months Ended March 31, 2019 (In thousands) Broker-Dealer Asset Management Corporate Costs Eliminations Total Segments Adjustments Consolidated GAAP Asset Management Fee Income Investment Income Total Asset Management Revenues Investment banking $ 11,879 $ - $ - $ - $ - $ - $ 11,879 $ - $ 11,879 Brokerage 4,535 - - - - - 4,535 - 4,535 Asset management related fees 6 2,361 46 2,407 - (1,014 ) 1,399 304 (a) 1,703 Principal transactions - - 5,387 5,387 - - 5,387 (99 ) (b) 5,288 Loss on sale, payoff, and mark-to-market of loans - - (17 ) (17 ) - - (17 ) - (17 ) Net dividend income - - 335 335 - - 335 (39 ) (c ) 296 Other income - - - - - - - (35 ) (a) (35 ) Net interest income - - 3,322 3,322 - - 3,322 196 (c ) 3,518 - Total net revenues 16,420 2,361 9,073 11,434 - (1,014 ) 26,840 327 27,167 Non-interest expenses Non-interest expenses 17,900 3,090 2,549 5,639 2,060 (1,014 ) 24,585 1,545 (d) 26,130 Operating income (loss) before taxes (1,480 ) (729 ) 6,524 5,795 (2,060 ) - 2,255 (1,218 ) 1,037 Income tax expense (benefit) (385 ) (191 ) 1,697 1,506 (535 ) - 586 (4,688 ) (e ) (4,102 ) Net income attributable to non-controlling interest - - - - - - - 70 (a), (c ), (d) 70 Operating net income (loss) $ (1,095 ) $ (538 ) $ 4,827 $ 4,289 $ (1,525 ) $ - $ 1,669 $ 3,470 (f ) $ 5,069 Segment assets $ 46,764 $ 11,053 $ 116,358 $ 127,411 $ 304,719 $ (257,129 ) $ 221,765 $ - $ 221,765 (a) Total segment asset management-related fees include income from fee sharing arrangements with, and fees earned to raise capital for, third (b) Total segment principal transaction revenues exclude certain unrealized mark-to-market gains or losses, including those related to impairment of CLO debt securities and the Company's investment in Harvest Capital Credit Corporation, as well as unrealized losses derived from depreciation and amortization of real estate investment properties. (c) Total segment net dividend income and net interest income exclude those attributable to non-controlling interests. (d) Total segment non-interest expenses exclude compensation expense recognized under GAAP related to equity awards, expenses attributable to non-controlling interests and amortization of an intangible asset related to CLO III prior to March 31, 2019. (e) Total segment income tax expense (benefit) assumes a combined federal, state and local income tax rate of 26%. (f) Operating net income (loss) is reconciled to GAAP net income (loss) attributable to JMP Group LLC. |
Note 23 - Nonconsolidated Varia
Note 23 - Nonconsolidated Variable Interest Entities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 23 . Nonconsolidated Variable Interest Entities not The Company (In thousands) As of March 31, 2020 December 31, 2019 Financial Statement Maximum Financial Statement Maximum Carrying Amount Exposure to Carrying Amount Exposure to Assets Liabilities Loss VIE Assets Assets Liabilities Loss VIE Assets CLOs $ 49,019 $ - $ 49,019 $ 1,500,459 $ 73,266 $ - $ 73,266 $ 1,439,442 Fund investments 10,203 233 13,964 355,483 10,396 207 14,196 346,206 Other investments 4,121 17 4,121 1,176,114 4,424 95 4,424 1,140,128 Total $ 63,343 $ 250 $ 67,104 $ 3,032,056 $ 88,086 $ 302 $ 91,886 $ 2,925,776 |
Note 24 - Subsequent Events
Note 24 - Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 24 . Subsequent Events On January 30, 2020, 19” March 11, 2020, 19 The Company began seeing the impact of the global COVID- 19 March 2020 The Company will continue to monitor the impact of COVID- 19, may |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
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 Quarterly Report on Form 10 10 X. 10 December 31, 2019 March 30, 2020 ( 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, 2020 December 31, 2019 third See Note 2 Annual Report for the Company s significant accounting policies. For the three March 31, 2020 no |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2020 (In thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 38,435 $ 38,435 $ - $ - $ 38,435 Restricted cash and deposits 1,287 1,287 - - 1,287 Marketable securities owned 56,024 9,804 - 46,220 56,024 Other investments 3,267 - - 3,267 3,267 Other investments, measured at net asset value (1) 10,201 - - - - Loans held for sale 2,412 - - 2,412 2,412 Loans held for investment, net of allowance for loan losses 1,181 - - 1,093 1,093 Total assets: $ 112,807 $ 49,526 $ - $ 52,992 $ 102,518 Liabilities: Marketable securities sold, but not yet purchased $ 1,959 $ 1,959 $ - $ - $ 1,959 Notes payable 6,812 - 5,983 829 6,812 Bond payable 80,636 - 54,210 - 54,210 Total liabilities: $ 89,407 $ 1,959 $ 60,193 $ 829 $ 62,981 December 31, 2019 (In thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 49,630 $ 49,630 $ - $ - $ 49,630 Restricted cash and deposits 1,287 1,287 - - 1,287 Marketable securities owned 73,101 15,245 - 57,856 73,101 Other investments 3,956 - - 3,956 3,956 Other investments, measured at net asset value (1) 10,250 - - - - Loans held for sale 2,412 - - 2,476 2,476 Loans held for investment, net of allowance for loan losses 1,210 - - 1,087 1,087 Total assets: $ 141,846 $ 66,162 $ - $ 65,375 $ 131,537 Liabilities: Marketable securities sold, but not yet purchased $ 3,855 $ 3,855 $ - $ - $ 3,855 Notes payable 6,812 - 5,983 829 6,812 Bond payable 82,584 - 84,821 - 84,821 Total liabilities: $ 93,251 $ 3,855 $ 90,804 $ 829 $ 95,488 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | (In thousands) March 31, 2020 Carrying Value Level 1 Level 2 Level 3 Total Marketable securities owned $ 56,024 $ 9,804 $ - $ 46,220 $ 56,024 Other investments: Equity investments 3,267 - - 3,267 3,267 Investments in other funds managed by the Company (1) 5,211 - - - - Limited partnership in investments in private equity/ real estate funds (1) 4,990 - - - - Total other investments 13,468 - - 3,267 3,267 Total assets: $ 69,492 $ 9,804 $ - $ 49,487 $ 59,291 Marketable securities sold, but not yet purchased 1,959 1,959 - - 1,959 Total liabilities: $ 1,959 $ 1,959 $ - $ - $ 1,959 (In thousands) December 31, 2019 Carrying Value Level 1 Level 2 Level 3 Total Marketable securities owned $ 73,101 $ 15,245 $ - $ 57,856 $ 73,101 Other investments: Equity investments 3,956 - - 3,956 3,956 Investments in other funds managed by the Company (1) 5,188 - - - - Limited partnership in investments in private equity/ real estate funds (1) 5,062 - - - - Total other investments 14,206 - - 3,956 3,956 Total assets: $ 87,307 $ 15,245 $ - $ 61,812 $ 77,057 Marketable securities sold, but not yet purchased 3,855 3,855 - - 3,855 Total liabilities: $ 3,855 $ 3,855 $ - $ - $ 3,855 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | (In thousands) CLO junior subordinated notes Equity Investment Total Balance as of December 31, 2019 $ 57,856 $ 3,956 $ 61,812 Accrued interest 2,176 - 2,176 Investment distributions (2,040 ) - (2,040 ) Unrealized gains on investments, recognized in OCI 1,751 - 1,751 Unrealized losses on investments, recognized in earnings (13,523 ) (689 ) (14,212 ) Balance as of March 31, 2020 $ 46,220 $ 3,267 $ 49,487 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Significant Unobservable Inputs (In thousands) Range (Weighted-average (1)) Fair value Valuation Technique Description March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 CLO debt securities Discounted cash flows Discount rate 17.5% (N/A) 17.5% (N/A) $ 46,220 $ 57,856 Default rate 2.0%-4.0% (2.8%) 2.0% (N/A) Severity rate 30.0% (N/A) 25.0% (N/A) Prepayment rate 10.0%-25.0% (15.0%) 25.0% (N/A) Collateral liquidation price 98.0%-99.0% (98.7%) 98.0%-99.0% (98.7%) Equity investment Discounted cash flows Credit factor 20% (N/A) 20% (N/A) $ 2,861 $ 3,550 Discount rate 16.5% (N/A) 17.7% (N/A) Fair Value at Unfunded Commitments Redemption Notice Redemption Notice March 31, December 31, March 31, December 31, Dollars in thousands Frequency Period 2020 2019 2020 2019 Limited partner investments in private equity/ real estate funds Nonredeemable N/A $ 4,990 $ 5,062 $ 2,084 $ 2,123 Investment in other funds managed by the Company Nonredeemable N/A $ 5,211 $ 5,188 $ 1,677 $ 1,677 |
Note 5 - Available-for-sale S_2
Note 5 - Available-for-sale Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Debt Securities, Available-for-sale [Table Text Block] | March 31, 2020 December 31, 2019 (In thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Number of positions Amortized cost Gross unrealized gains Gross unrealized losses Fair value Number of positions CLO debt securities $ 50,990 $ - $ (4,770 ) $ 46,220 3 $ 64,377 $ - $ (6,521 ) $ 57,856 3 |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31, 2020 December 31, 2019 (In thousands) Available-for-sale Available-for-sale Amortized cost Fair value Amortized cost Fair value 5-10 years $ 30,262 26,882 $ 38,451 33,877 10+ years 20,728 19,338 25,926 23,979 Total $ 50,990 $ 46,220 $ 64,377 $ 57,856 |
Note 6 - Loans (Tables)
Note 6 - Loans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (In thousands) Three Months Ended March 31, 2019 Impaired Non-Impaired Balance, at beginning of period $ (836 ) $ (9,751 ) Provision for loan losses: Specific reserve - - General reserve - - Charge off 181 - Derecognition due to deconsolidation 655 9,751 Balance, at end of period $ - $ - |
Loans Held for Investment [Member] | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (in thousands) Three Months Ended March 31, 2019 Impaired Non-impaired Balance, at beginning of the period $ (218 ) $ (181 ) Provision for loan losses Specific - - General - - Charge off 218 - Derecognition due to deconsolidation - 181 Balance, at end of the period $ - $ - |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | (In thousands) 2020 $ - 2021 - 2021 - 2022 - 2023 - Thereafter 86,000 Total $ 86,000 |
Senior Notes [Member] | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | (In thousands) March 31, 2020 December 31, 2019 7.25% Senior Notes due 2027 $ 50,000 $ 50,000 6.875% Senior Notes due 2029 36,000 36,000 Total outstanding principal $ 86,000 $ 86,000 Less: Debt issuance costs (3,229 ) (3,416 ) Less: Consolidation elimination (2,135 ) - Total bond payable, net $ 80,636 $ 82,584 |
Schedule of Debt [Table Text Block] | (In thousands) Outstanding Balance March 31, 2020 December 31, 2019 $25 million, JMP Holding credit agreement through December 31, 2020 5,983 $ 5,983 Note payable to an affiliate (Note 18) 829 829 Total note payable, lines of credit, and credit facilities $ 6,812 $ 6,812 |
Note 8 - Other Assets and Oth_2
Note 8 - Other Assets and Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | (In thousands) March 31, 2020 December 31, 2019 Accounts receivable $ 4,361 $ 7,053 Prepaid expenses 12,469 5,152 Deferred tax asset 21,684 21,406 Loans held for sale 2,412 2,412 Other assets 269 230 Total other assets $ 41,195 $ 36,253 |
Other Liabilities [Table Text Block] | (In thousands) March 31, 2020 December 31, 2019 Accounts payable & accrued liabilities $ 6,408 $ 5,015 Deferred compensation liabilities 2,897 2,517 Deferred tax liability 8,118 8,645 Other liabilities 340 3,301 Total other liabilities $ 17,763 $ 19,478 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | March 31, 2020 Weighted-average remaining lease term Operating leases 5.07 Weighted-average discount rate Operating leases 6.13 % Three Months Ended March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities Cash used in operating activities $ 1,652 Operating leases $ 1,652 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (In thousands) Minimum Future Lease Payments Year Ending December 31, 2020 $ 4,249 2021 5,758 2022 5,714 2023 5,710 2024 4,225 Thereafter 2,458 Total minimum future lease payments 28,114 Amounts representing interest (3,755 ) Present value of net future minimum lease payments $ 24,359 |
Note 11 - Accumulated Other C_2
Note 11 - Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (In thousands) Before Tax Tax Effect Net of Tax Beginning balance, January 1, 2020 $ (6,521 ) $ 1,752 $ (4,769 ) Net unrealized losses on available-for-sale securities during the period (11,772 ) 3,163 (8,609 ) Reclassification adjustment for losses on available-for-sale securities 13,523 (3,633 ) 9,890 Balance as of March 31, 2020 $ (4,770 ) $ 1,282 $ (3,488 ) (In thousands) Before Tax Tax Effect Net of Tax Beginning balance, January 1, 2019 $ - $ - $ - Net unrealized losses on available-for-sale securities during the period (1,055 ) 273 (782 ) Balance as of March 31, 2019 $ (1,055 ) $ 273 $ (782 ) |
Note 12 - Share-based Compens_2
Note 12 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Three Months Ended March 31, 2020 Shares Subject to Option Weighted Average Exercise Price Balance, beginning of year - $ - Granted 2,400,000 3.04 Forfeited (200,000 ) 3.04 Balance, end of period 2,200,000 $ 3.04 Options exercisable at end of period - $ - |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | March 31, 2020 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 $3.04 2,200,000 4.85 $ 3.04 $ - - - $ - $ - |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Three Months Ended March 31, 2020 Restricted Share Units Weighted Average Grant Date Fair Value Balance, beginning of year 387,006 $ 3.97 Granted 198,682 2.99 Vested (44,179 ) 3.80 Forfeited (3,894 ) 4.43 Balance, end of period 537,615 $ 3.62 |
Note 13 - Net Income Per Comm_2
Note 13 - Net Income Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (In thousands, except per share data) Three Months Ended March 31, 2020 2019 Numerator: Net income (loss) attributable to JMP Group LLC $ (11,748 ) $ 5,069 Denominator: Basic weighted average shares outstanding 19,532 21,288 Effect of potential dilutive securities: Restricted share units - 141 Diluted weighted average shares outstanding 19,532 21,429 Net income (loss) per share Basic $ (0.60 ) $ 0.24 Diluted $ (0.60 ) $ 0.24 |
Note 14 - Revenue from Contra_2
Note 14 - Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | (in thousands) Three Months Ended March 31, 2020 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 $ 8,556 $ - $ - $ - $ - $ - $ 8,556 Strategic advisory and private placements 6,069 - - - - - 6,069 Total investment banking revenues 14,625 - - - - - 14,625 Commissions 3,718 - - - - - 3,718 Research payments 1,241 - - - - - 1,241 Net trading losses (772 ) - - - - - (772 ) Total brokerage revenues 4,187 - - - - - 4,187 Base management fees - 1,727 - 1,727 - (25 ) 1,702 Incentive management fees - 275 (261 ) 14 - - 14 Total asset management fees - 2,002 (261 ) 1,741 - (25 ) 1,716 Total revenues from contracts with customers $ 18,812 $ 2,002 $ (261 ) $ 1,741 $ - $ (25 ) $ 20,528 (in thousands) 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 losses 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 |
Note 22 - Business Segments (Ta
Note 22 - Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2020 (In thousands) Broker-Dealer Asset Management Corporate Costs Eliminations Total Segments Adjustments Consolidated GAAP Asset Management Fee Income Investment Income Total Asset Management Revenues Investment banking $ 14,625 $ - $ - $ - $ - $ - $ 14,625 $ - $ 14,625 Brokerage 4,187 - - - - - 4,187 - 4,187 Asset management related fees 152 1,903 333 2,236 - (45 ) 2,343 (627 ) (a) 1,716 Principal transactions - - 81 81 - - 81 (17,633 ) (b) (17,552 ) Net dividend income - - 256 256 - - 256 (29 ) (c ) 227 Other income - - - - - - - 935 (a) 935 Net interest income - - 458 458 - - 458 (26 ) (c ) 432 Gain on repurchase, reissuance or early retirement of debt - - 786 786 - - 786 (89 ) (d ) 697 Total net revenues 18,964 1,903 1,914 3,817 - (45 ) 22,736 (17,469 ) 5,267 Non-interest expenses Non-interest expenses 19,201 2,362 151 2,513 1,792 (45 ) 23,461 884 (e ) 24,345 Operating income (loss) before taxes (237 ) (459 ) 1,763 1,304 (1,792 ) - (725 ) (18,353 ) (19,078 ) Income tax expense (benefit) (62 ) (120 ) 459 339 (465 ) - (188 ) (7,051 ) (f ) (7,239 ) Net loss attributable to non-controlling interest - - - - - - - (91 ) (a), (c ), (e ) (91 ) Operating net income (loss) $ (175 ) $ (339 ) $ 1,304 $ 965 $ (1,327 ) $ - $ (537 ) $ (11,211 ) (g ) $ (11,748 ) Segment assets $ 34,685 $ 9,873 $ 78,236 $ 88,109 $ 228,197 $ (161,947 ) $ 189,044 $ - $ 189,044 Three Months Ended March 31, 2019 (In thousands) Broker-Dealer Asset Management Corporate Costs Eliminations Total Segments Adjustments Consolidated GAAP Asset Management Fee Income Investment Income Total Asset Management Revenues Investment banking $ 11,879 $ - $ - $ - $ - $ - $ 11,879 $ - $ 11,879 Brokerage 4,535 - - - - - 4,535 - 4,535 Asset management related fees 6 2,361 46 2,407 - (1,014 ) 1,399 304 (a) 1,703 Principal transactions - - 5,387 5,387 - - 5,387 (99 ) (b) 5,288 Loss on sale, payoff, and mark-to-market of loans - - (17 ) (17 ) - - (17 ) - (17 ) Net dividend income - - 335 335 - - 335 (39 ) (c ) 296 Other income - - - - - - - (35 ) (a) (35 ) Net interest income - - 3,322 3,322 - - 3,322 196 (c ) 3,518 - Total net revenues 16,420 2,361 9,073 11,434 - (1,014 ) 26,840 327 27,167 Non-interest expenses Non-interest expenses 17,900 3,090 2,549 5,639 2,060 (1,014 ) 24,585 1,545 (d) 26,130 Operating income (loss) before taxes (1,480 ) (729 ) 6,524 5,795 (2,060 ) - 2,255 (1,218 ) 1,037 Income tax expense (benefit) (385 ) (191 ) 1,697 1,506 (535 ) - 586 (4,688 ) (e ) (4,102 ) Net income attributable to non-controlling interest - - - - - - - 70 (a), (c ), (d) 70 Operating net income (loss) $ (1,095 ) $ (538 ) $ 4,827 $ 4,289 $ (1,525 ) $ - $ 1,669 $ 3,470 (f ) $ 5,069 Segment assets $ 46,764 $ 11,053 $ 116,358 $ 127,411 $ 304,719 $ (257,129 ) $ 221,765 $ - $ 221,765 |
Note 23 - Nonconsolidated Var_2
Note 23 - Nonconsolidated Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | (In thousands) As of March 31, 2020 December 31, 2019 Financial Statement Maximum Financial Statement Maximum Carrying Amount Exposure to Carrying Amount Exposure to Assets Liabilities Loss VIE Assets Assets Liabilities Loss VIE Assets CLOs $ 49,019 $ - $ 49,019 $ 1,500,459 $ 73,266 $ - $ 73,266 $ 1,439,442 Fund investments 10,203 233 13,964 355,483 10,396 207 14,196 346,206 Other investments 4,121 17 4,121 1,176,114 4,424 95 4,424 1,140,128 Total $ 63,343 $ 250 $ 67,104 $ 3,032,056 $ 88,086 $ 302 $ 91,886 $ 2,925,776 |
Note 1 - Organization and Des_2
Note 1 - Organization and Description of Business (Details Textual) - USD ($) $ in Thousands | Mar. 19, 2019 | Mar. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Jan. 17, 2019 |
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, CLO V, and CLO VI [Member] | ||||||
Deconsolidation, Gain (Loss), Amount | $ 1,800 | |||||
CLO IV [Member] | ||||||
Ownership Percentage of Junior Subordinated Notes | 100.00% | |||||
CLO VI [Member] | ||||||
Ownership Percentage of Junior Subordinated Notes | 33.00% |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | $ 49,487 | $ 61,812 |
Fair Value, Nonrecurring [Member] | ||
Loans Receivable, Fair Value Disclosure | 2,400 | 2,400 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 10,200 | $ 10,300 |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | ||
Other than Temporary Impairment Losses, Investments, Total | $ 13,500 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | ||
Marketable securities sold, but not yet purchased | $ 1,959 | $ 3,855 | [1] | |
Reported Value Measurement [Member] | ||||
Cash and cash equivalents | 38,435 | 49,630 | ||
Restricted cash and deposits | 1,287 | 1,287 | ||
Marketable securities owned | 56,024 | 73,101 | ||
Other investments | 3,267 | 3,956 | ||
Other investments, measured at net asset value (1) | [2] | 10,201 | 10,250 | |
Loans held for sale | 2,412 | 2,412 | ||
Loans held for investment, net of allowance for loan losses | 1,181 | 1,210 | ||
Total assets: | 112,807 | 141,846 | ||
Marketable securities sold, but not yet purchased | 1,959 | 3,855 | ||
Notes payable | 6,812 | 6,812 | ||
Bond payable | 80,636 | 82,584 | ||
Total liabilities: | 89,407 | 93,251 | ||
Estimate of Fair Value Measurement [Member] | ||||
Cash and cash equivalents | 38,435 | 49,630 | ||
Restricted cash and deposits | 1,287 | 1,287 | ||
Marketable securities owned | 56,024 | 73,101 | ||
Other investments | 3,267 | 3,956 | ||
Other investments, measured at net asset value (1) | [2] | |||
Loans held for sale | 2,412 | 2,476 | ||
Loans held for investment, net of allowance for loan losses | 1,093 | 1,087 | ||
Total assets: | 102,518 | 131,537 | ||
Marketable securities sold, but not yet purchased | 1,959 | 3,855 | ||
Notes payable | 6,812 | 6,812 | ||
Bond payable | 54,210 | 84,821 | ||
Total liabilities: | 62,981 | 95,488 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Cash and cash equivalents | 38,435 | 49,630 | ||
Restricted cash and deposits | 1,287 | 1,287 | ||
Marketable securities owned | 9,804 | 15,245 | ||
Other investments | ||||
Other investments, measured at net asset value (1) | [2] | |||
Loans held for sale | ||||
Loans held for investment, net of allowance for loan losses | ||||
Total assets: | 49,526 | 66,162 | ||
Marketable securities sold, but not yet purchased | 1,959 | 3,855 | ||
Notes payable | ||||
Bond payable | ||||
Total liabilities: | 1,959 | 3,855 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Cash and cash equivalents | ||||
Restricted cash and deposits | ||||
Marketable securities owned | ||||
Other investments | ||||
Other investments, measured at net asset value (1) | [2] | |||
Loans held for sale | ||||
Loans held for investment, net of allowance for loan losses | ||||
Total assets: | ||||
Marketable securities sold, but not yet purchased | ||||
Notes payable | 5,983 | 5,983 | ||
Bond payable | 54,210 | 84,821 | ||
Total liabilities: | 60,193 | 90,804 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Cash and cash equivalents | ||||
Restricted cash and deposits | ||||
Marketable securities owned | 46,220 | 57,856 | ||
Other investments | 3,267 | 3,956 | ||
Other investments, measured at net asset value (1) | [2] | |||
Loans held for sale | 2,412 | 2,476 | ||
Loans held for investment, net of allowance for loan losses | 1,093 | 1,087 | ||
Total assets: | 52,992 | 65,375 | ||
Marketable securities sold, but not yet purchased | ||||
Notes payable | 829 | 829 | ||
Bond payable | ||||
Total liabilities: | $ 829 | $ 829 | ||
[1] | The balance sheet as of December 31, 2019 is derived from the audited financial statements as of that date. | |||
[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_5
Note 4 - Fair Value Measurements - Fair Value of Assets and Liabilities on a Recurring Basis (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | ||
Marketable securities owned | $ 56,024,000 | $ 73,101,000 | [1] | |
Other investments | 13,468,000 | 14,206,000 | [2] | |
Fair Value, Recurring [Member] | ||||
Marketable securities owned | 56,024,000 | 73,101,000 | ||
Equity investments | 3,267,000 | 3,956 | ||
Other investments | 3,956,000 | |||
Total assets: | 59,291,000 | 77,057,000 | ||
Marketable securities sold, but not yet purchased | 1,959,000 | 3,855,000 | ||
Total liabilities: | 1,959,000 | 3,855,000 | ||
Fair Value, Recurring [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | ||||
Other investments | [3] | |||
Fair Value, Recurring [Member] | Limited Partner Investment in Private Equity Fund and Real Estate Funds [Member] | ||||
Other investments | [3] | |||
Fair Value, Recurring [Member] | Total Return Swap [Member] | ||||
Other investments | 3,267,000 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Marketable securities owned | 9,804,000 | 15,245,000 | ||
Equity investments | ||||
Other investments | ||||
Total assets: | 9,804,000 | 15,245,000 | ||
Marketable securities sold, but not yet purchased | 1,959,000 | 3,855,000 | ||
Total liabilities: | 1,959,000 | 3,855,000 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | ||||
Other investments | [3] | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Limited Partner Investment in Private Equity Fund and Real Estate Funds [Member] | ||||
Other investments | [3] | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Total Return Swap [Member] | ||||
Other investments | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Marketable securities owned | ||||
Equity investments | ||||
Other investments | ||||
Total assets: | ||||
Marketable securities sold, but not yet purchased | ||||
Total liabilities: | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | ||||
Other investments | [3] | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Limited Partner Investment in Private Equity Fund and Real Estate Funds [Member] | ||||
Other investments | [3] | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Total Return Swap [Member] | ||||
Other investments | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Marketable securities owned | 46,220,000 | 57,856,000 | ||
Equity investments | 3,267,000 | 3,956 | ||
Other investments | 3,956,000 | |||
Total assets: | 49,487,000 | 61,812,000 | ||
Marketable securities sold, but not yet purchased | ||||
Total liabilities: | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | ||||
Other investments | [3] | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Limited Partner Investment in Private Equity Fund and Real Estate Funds [Member] | ||||
Other investments | [3] | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Total Return Swap [Member] | ||||
Other investments | 3,267,000 | |||
Reported Value Measurement [Member] | ||||
Total assets: | 112,807,000 | 141,846,000 | ||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | ||||
Marketable securities owned | 56,024,000 | 73,101,000 | ||
Equity investments | 3,267,000 | 3,956 | ||
Other investments | 14,206,000 | |||
Total assets: | 69,492,000 | 87,307,000 | ||
Marketable securities sold, but not yet purchased | 1,959,000 | 3,855,000 | ||
Total liabilities: | 1,959,000 | 3,855,000 | ||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | ||||
Other investments | [3] | 5,211,000 | 5,188,000 | |
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Limited Partner Investment in Private Equity Fund and Real Estate Funds [Member] | ||||
Other investments | [3] | 4,990,000 | $ 5,062,000 | |
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Total Return Swap [Member] | ||||
Other investments | $ 13,468,000 | |||
[1] | The balance sheet as of December 31, 2019 is derived from the audited financial statements as of that date. | |||
[2] | The balance sheet as of December 31, 2019 is derived from the audited financial statements as of that date. | |||
[3] | 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 - Changes in Level 3 Assets Measured at Fair Value (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Balance | $ 61,812 |
Accrued interest | 2,176 |
Investment distributions | (2,040) |
Unrealized gains on investments, recognized in OCI | 1,751 |
Unrealized losses on investments, recognized in earnings | (14,212) |
Balance | 49,487 |
CLO Junior Subordinated Notes [Member] | |
Balance | 57,856 |
Accrued interest | 2,176 |
Investment distributions | (2,040) |
Unrealized gains on investments, recognized in OCI | 1,751 |
Unrealized losses on investments, recognized in earnings | (13,523) |
Balance | 46,220 |
Equity Securities [Member] | |
Balance | 3,956 |
Accrued interest | |
Investment distributions | |
Unrealized gains on investments, recognized in OCI | |
Unrealized losses on investments, recognized in earnings | (689) |
Balance | $ 3,267 |
Note 4 - Fair Value Measureme_7
Note 4 - Fair Value Measurements - Significant Unobservable Inputs Used in Fair Value Measurements (Details) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | ||
Investments fair value | $ 13,468,000 | $ 14,206,000 | [1] | |
Limited Partner Investment in Private Equity Fund [Member] | Nonredeemable Funds [Member] | ||||
Investments fair value | 4,990,000 | 5,062,000 | ||
Unfunded Commitments | 2,084,000 | 2,123,000 | ||
Investments in Private Equity Funds Managed by HCS [Member] | Nonredeemable Funds [Member] | ||||
Investments fair value | 5,211,000 | 5,188,000 | ||
Unfunded Commitments | 1,677,000 | 1,677,000 | ||
Fair Value, Recurring [Member] | ||||
Equity investment | 3,267,000 | 3,956 | ||
Investments fair value | 3,956,000 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||
Equity investment | 3,267,000 | 3,956 | ||
Investments fair value | 3,956,000 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||||
CLO debt securities | $ 46,220,000 | $ 57,856,000 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||
CLO debt security, measurement input | [2] | 0.175 | 0.175 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | ||||
CLO debt security, measurement input | [2] | 0.02 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Minimum [Member] | ||||
CLO debt security, measurement input | [2] | 0.02 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Maximum [Member] | ||||
CLO debt security, measurement input | [2] | 0.04 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Weighted Average [Member] | ||||
CLO debt security, measurement input | [2] | 0.028 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Loss Severity [Member] | ||||
CLO debt security, measurement input | [2] | 0.3 | 0.25 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | ||||
CLO debt security, measurement input | [2] | 0.25 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Minimum [Member] | ||||
CLO debt security, measurement input | [2] | 0.1 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Maximum [Member] | ||||
CLO debt security, measurement input | [2] | 0.25 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Weighted Average [Member] | ||||
CLO debt security, measurement input | [2] | 0.15 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Liquidation Price [Member] | Minimum [Member] | ||||
CLO debt security, measurement input | [2] | 0.98 | 0.98 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Liquidation Price [Member] | Maximum [Member] | ||||
CLO debt security, measurement input | [2] | 0.99 | 0.99 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Liquidation Price [Member] | Weighted Average [Member] | ||||
CLO debt security, measurement input | [2] | 0.987 | 0.987 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Equity Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||||
Equity investment | $ 2,861,000 | $ 3,550,000 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Equity Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||
Equity investment, measurement input | [2] | 0.165 | 0.177 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Equity Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Factor [Member] | ||||
Equity investment, measurement input | [2] | 0.2 | 0.2 | |
[1] | The balance sheet as of December 31, 2019 is derived from the audited financial statements as of that date. | |||
[2] | The weighted average was calculated based on the relative collateral balance of each CLO. |
Note 5 - Available-for-sale S_3
Note 5 - Available-for-sale Securities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CLO Debt Securities [Member] | ||
Debt Securities, Unrealized Gain (Loss), Total | $ 13,500 | $ 0 |
Note 5 - Available-for-sale S_4
Note 5 - Available-for-sale Securities - Available-for-sale Securities (Details) $ in Thousands | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt Securities, Available-for-sale, Amortized Cost | $ 50,990 | $ 64,377 |
Debt Securities, Available-for-sale | 46,220 | 57,856 |
CLO Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 50,990 | 64,377 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (4,770) | (6,521) |
Debt Securities, Available-for-sale | $ 46,220 | $ 57,856 |
Debt Securities, Number of Positions | 3 | 3 |
Note 5 - Available-for-sale S_5
Note 5 - Available-for-sale Securities - Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | $ 30,262 | $ 38,451 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | 26,882 | 33,877 |
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost | 20,728 | 25,926 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value | 19,338 | 23,979 |
Debt Securities, Available-for-sale, Amortized Cost, Total | 50,990 | 64,377 |
Debt Securities, Available-for-sale, Total | $ 46,220 | $ 57,856 |
Note 6 - Loans (Details Textual
Note 6 - Loans (Details Textual) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Financing Receivable, Past Due | $ 0 | $ 0 |
Financing Receivable, Nonaccrual | 0 | 0 |
Impaired Financing Receivable, Recorded Investment, Total | $ 0 | $ 0 |
Number of Loans Held for Investment | 4 | 4 |
CLO VI Warehouse Portfolio [Member] | ||
Financing Receivable, after Allowance for Credit Loss, Total | $ 0 | $ 0 |
Loans Held for Investment [Member] | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 |
Note 6 - Loans - Loans Collater
Note 6 - Loans - Loans Collateralizing Asset-Backed Securities Issued, Allowance for Loan Losses (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Impaired Loans [Member] | |
Balance, at beginning of period | $ (836) |
Charge off | 181 |
Derecognition due to deconsolidation | 655 |
Balance, at end of period | |
Impaired Loans [Member] | Specific Reserve [Member] | |
Provision for loan losses | |
Impaired Loans [Member] | General Reserve [Member] | |
Reversal (provision) for loan losses | |
Non Impaired Loans [Member] | |
Balance, at beginning of period | (9,751) |
Charge off | |
Derecognition due to deconsolidation | 9,751 |
Balance, at end of period | |
Non Impaired Loans [Member] | Specific Reserve [Member] | |
Provision for loan losses | |
Non Impaired Loans [Member] | General Reserve [Member] | |
Reversal (provision) for loan losses |
Note 6 - Loans - Loans Held for
Note 6 - Loans - Loans Held for Investment, Allowance for Loan Losses (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Impaired Loans [Member] | |
Balance, at beginning of period | $ (836) |
Charge off | 181 |
Derecognition due to deconsolidation | 655 |
Balance, at end of period | |
Impaired Loans [Member] | Specific Reserve [Member] | |
Provision for loan losses | |
Non Impaired Loans [Member] | |
Balance, at beginning of period | (9,751) |
Charge off | |
Derecognition due to deconsolidation | 9,751 |
Balance, at end of period | |
Non Impaired Loans [Member] | Specific Reserve [Member] | |
Provision for loan losses | |
Loans Held for Investment [Member] | Impaired Loans [Member] | |
Balance, at beginning of period | (218) |
Charge off | 218 |
Derecognition due to deconsolidation | |
Balance, at end of period | |
Loans Held for Investment [Member] | Impaired Loans [Member] | Specific Reserve [Member] | |
Provision for loan losses | |
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) |
Charge off | |
Derecognition due to deconsolidation | 181 |
Balance, at end of period | |
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 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Sep. 27, 2019 | Sep. 26, 2019 | Jul. 18, 2019 | Apr. 30, 2014 | Mar. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Repayments of Senior Debt, Total | $ 1,349 | |||||||
Revolving Credit Conversion to Term Loan Portion to Be Paid in First 2 Years [Member] | CNB [Member] | ||||||||
Letters of Credit Outstanding, Amount | $ 1,100 | 1,100 | ||||||
Revolving Credit Conversion to Term Loan Portion to Be Paid in First 2 Years [Member] | CNB [Member] | JMP Securities [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | |||||||
Line of Credit Facility, Revolving Credit Conversion to Term Loan, Repayment, Percent of Funded Debt | 3.75% | |||||||
Long-term Line of Credit, Total | 6,000 | 6,000 | $ 6,000 | |||||
Revolving Credit Conversion to Term Loan Portion to Be Paid in First 2 Years [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 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% | |||||||
Revolving Credit Facility [Member] | CNB [Member] | JMP Securities [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000 | 20,000 | ||||||
Long-term Line of Credit, Total | 0 | $ 0 | 0 | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||||||
The 2019 Senior Notes [Member] | ||||||||
Proceeds From Bonds | $ 36,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | |||||||
Repayments of Senior Debt, Total | $ 1,400 | |||||||
Senior Notes 2013 [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||
Extinguishment of Debt, Amount | $ 25,000 | |||||||
Gain (Loss) on Extinguishment of Debt, Total | 500 | |||||||
Interest Expense, Debt, Total | $ 200 | |||||||
Debt Instrument, Principal Amount Redeemed | $ 11,000 | |||||||
Debt Instrument, Redemption Price (in dollars per share) | $ 25 | |||||||
Senior Notes 2017 [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% | ||||||
Repayments of Senior Debt, Total | $ 700 | |||||||
Senior Notes 2017 and 2019 [Member] | ||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 700 | |||||||
Debt Instrument, Default, Ownership Percentage | 25.00% | 25.00% | ||||||
Funding Of Permitted Investments Acquisitions And Working Capital [Member] | Revolving Credit Conversion to Term Loan Portion to Be Paid in First 2 Years [Member] | CNB [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 | $ 5,000 |
Note 7 - Debt - Debt Issuance C
Note 7 - Debt - Debt Issuance Costs (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Debt obligation | $ 86,000 | ||
Less: Debt issuance costs | (3,229) | $ (3,416) | [1] |
Debt obligations | 6,812 | 6,812 | |
Consolidation, Eliminations [Member] | |||
Debt obligations | (2,135) | ||
Senior Notes 2027 [Member] | |||
Debt obligation | 50,000 | 50,000 | |
Senior Notes 2029 [Member] | |||
Debt obligation | 36,000 | 36,000 | |
Senior Notes [Member] | |||
Debt obligation | 86,000 | 86,000 | |
Less: Debt issuance costs | (3,229) | (3,416) | |
Debt obligations | $ 80,636 | $ 82,584 | |
[1] | The balance sheet as of December 31, 2019 is derived from the audited financial statements as of that date. |
Note 7 - Debt - Debt Issuance_2
Note 7 - Debt - Debt Issuance Costs (Details) (Parentheticals) | Mar. 31, 2020 | Dec. 31, 2019 |
Senior Notes 2027 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% |
Senior Notes 2029 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% |
Note 7 - Debt - Summary of Sche
Note 7 - Debt - Summary of Scheduled Principal Payments of Debt Obligations (Details) $ in Millions | Mar. 31, 2020USD ($) |
2020 | |
2021 | |
2022 | |
2023 | |
Thereafter | 86 |
Total | $ 86 |
Note 7 - Debt - Notes Payable,
Note 7 - Debt - Notes Payable, Lines of Credit and Credit Facilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Long-term debt | $ 6,812 | $ 6,812 |
Notes Payable, Other Payables [Member] | ||
Long-term debt | 829 | 829 |
CNB [Member] | Line of Credit [Member] | ||
Long-term debt | $ 5,983 | $ 5,983 |
Note 7 - Debt - Notes Payable_2
Note 7 - Debt - Notes Payable, Lines of Credit and Credit Facilities (Details) (Parentheticals) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Line of Credit [Member] | CNB [Member] | ||
Credit facility, maximum borrowing capacity | $ 25 | $ 25 |
Note 8 - Other Assets and Oth_3
Note 8 - Other Assets and Other Liabilities - Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Accounts receivable | $ 4,361 | $ 7,053 | |
Prepaid expenses | 12,469 | 5,152 | |
Deferred tax asset | 21,684 | 21,406 | |
Loans held for sale | 2,412 | 2,412 | |
Other assets | 269 | 230 | |
Total other assets | $ 41,195 | $ 36,253 | [1] |
[1] | The balance sheet as of December 31, 2019 is derived from the audited financial statements as of that date. |
Note 8 - Other Assets and Oth_4
Note 8 - Other Assets and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Accounts payable & accrued liabilities | $ 6,408 | $ 5,015 | |
Deferred compensation liabilities | 2,897 | 2,517 | |
Deferred tax liability | 8,118 | 8,645 | |
Other liabilities | 340 | 3,301 | |
Total other liabilities | $ 17,763 | $ 19,478 | [1] |
[1] | The balance sheet as of December 31, 2019 is derived from the audited financial statements as of that date. |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Occupancy, Net | $ 1,199 | $ 1,423 |
Note 9 - Leases - Lease Informa
Note 9 - Leases - Lease Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Weighted -average remaining lease term, operating leases (Year) | 5 years 25 days |
Weighted-average discount rate, operating leases | 6.13% |
Cash used in operating activities | $ 1,652 |
Note 9 - Leases - Minimum Futur
Note 9 - Leases - Minimum Future Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | [1] |
2020 | $ 4,249 | ||
2021 | 5,758 | ||
2022 | 5,714 | ||
2023 | 5,710 | ||
2024 | 4,225 | ||
Thereafter | 2,458 | ||
Total minimum future lease payments | 28,114 | ||
Amounts representing interest | (3,755) | ||
Present value of net future minimum lease payments | $ 24,359 | $ 25,394 | |
[1] | The balance sheet as of December 31, 2019 is derived from the audited financial statements as of that date. |
Note 10 - Shareholders' Equity
Note 10 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jun. 13, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Feb. 24, 2020 | May 13, 2019 |
Treasury Stock, Value, Acquired, Cost Method | $ 26 | $ 753 | |||
The 2019 Tender Offer [Member] | |||||
Tender Offer to Repurchase Shares for Cash, Number of Shares (in shares) | 3,000,000 | ||||
Tender Offer to Repurchase Shares for Cash, Number of Shares, Percentage | 14.20% | ||||
Treasury Stock, Shares, Acquired (in shares) | 1,816,732 | ||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 3.95 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 7,200 | ||||
The 2020 Tender Offer [Member] | |||||
Tender Offer to Repurchase Shares for Cash, Number of Shares (in shares) | 3,000,000 |
Note 11 - Accumulated Other C_3
Note 11 - Accumulated Other Comprehensive Income (Loss) - Unrealized Gains (Losses) of Accumulated Other Comprehensive Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Before tax | $ (6,521) | ||
Tax effect | 1,752 | ||
Net of tax | (4,769) | [1] | |
Net unrealized losses on available-for-sale securities during the period, before tax | (11,772) | (1,055) | |
Net unrealized losses on available-for-sale securities during the period, tax effect | (3,163) | (273) | |
Net unrealized losses on available-for-sale securities during the period, net of tax | (8,609) | (782) | |
Reclassification adjustment for losses on available-for-sale securities, before tax | 13,523 | ||
Reclassification adjustment for losses on available-for-sale securities, tax effect | 3,633 | ||
Reclassification adjustment for losses on available-for-sale securities, net of tax | 9,890 | ||
Before tax | (4,770) | (1,055) | |
Tax effect | 1,282 | 273 | |
Net of tax | $ (3,488) | $ (782) | |
[1] | The balance sheet as of December 31, 2019 is derived from the audited financial statements as of that date. |
Note 12 - Share-based Compens_3
Note 12 - Share-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Jan. 27, 2015 | |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1.3 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1.1 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 153 days | |
Plan2007 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 4,000,000 |
Note 12 - Share-based Compens_4
Note 12 - Share-based Compensation - Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Balance, beginning of year, shares subject to option (in shares) | shares | |
Balance, beginning of year, weighted average exercise price (in dollars per share) | $ / shares | |
Granted, shares subject to option (in shares) | shares | 2,400,000 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 3.04 |
Forfeited, shares subject to option (in shares) | shares | (200,000) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 3.04 |
Balance, end of period, shares subject to option (in shares) | shares | 2,200,000 |
Balance, end of period, weighted average exercise price (in dollars per share) | $ / shares | $ 3.04 |
Options exercisable at end of period, shares subject to option (in shares) | shares | |
Options exercisable at end of period, weighted average exercise price (in dollars per share) | $ / shares |
Note 12 - Share-based Compens_5
Note 12 - Share-based Compensation - Stock Options Outstanding and Exercisable (Details) | 3 Months Ended |
Mar. 31, 2020USD ($)$ / sharesshares | |
Options outstanding, number outstanding (in shares) | shares | 2,200,000 |
Options outstanding, weighted average remaining contractual life (Year) | 4 years 310 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 3.04 |
Options outstanding, aggregate intrinsic value | $ | |
Options vested and exercisable, number exercisable (in shares) | shares | |
Options vested and exercisable, weighted average remaining contractual life (Year) | |
Options vested and exercisable, weighted average exercise price (in dollars per share) | $ / shares | |
Options vested and exercisable, aggregate intrinsic value | $ |
Note 12 - Share-based Compens_6
Note 12 - Share-based Compensation - Restricted Stock Units Activity (RSUs) (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Balance, restricted share units (in shares) | shares | 387,006 |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.97 |
Granted, restricted share units (in shares) | shares | 198,682 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.99 |
Vested, restricted share units (in shares) | shares | (44,179) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.80 |
Forfeited, restricted share units (in shares) | shares | (3,894) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.43 |
Balance, restricted share units (in shares) | shares | 537,615 |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.62 |
Note 13 - Net Income Per Comm_3
Note 13 - 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, 2020 | Mar. 31, 2019 | |
Net income (loss) attributable to JMP Group LLC | $ (11,748) | $ 5,069 |
Basic (in shares) | 19,532 | 21,288 |
Restricted share units (in shares) | 141 | |
Diluted weighted average shares outstanding (in shares) | 19,532 | 21,429 |
Basic (in dollars per share) | $ (0.60) | $ 0.24 |
Diluted (in dollars per share) | $ (0.60) | $ 0.24 |
Note 14 - Revenue from Contra_3
Note 14 - Revenue from Contracts with Customers - Disaggregation of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue from Contract with Customer | $ 20,528 | $ 18,117 |
Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer | (25) | (1,007) |
Equity and Debt Origination [Member] | ||
Revenue from Contract with Customer | 8,556 | 6,789 |
Equity and Debt Origination [Member] | Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer | ||
Strategic Advisory and Private Placements [Member] | ||
Revenue from Contract with Customer | 6,069 | 5,090 |
Strategic Advisory and Private Placements [Member] | Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer | ||
Total Investment Banking Revenues [Member] | ||
Revenue from Contract with Customer | 14,625 | 11,879 |
Total Investment Banking Revenues [Member] | Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer | ||
Brokerage Commissions [Member] | ||
Revenue from Contract with Customer | 3,718 | 3,299 |
Brokerage Commissions [Member] | Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer | ||
Research Payments [Member] | ||
Revenue from Contract with Customer | 1,241 | 1,209 |
Research Payments [Member] | Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer | ||
Trading Losses [Member] | ||
Revenue from Contract with Customer | (772) | 27 |
Trading Losses [Member] | Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer | ||
Total Brokerage Revenue [Member] | ||
Revenue from Contract with Customer | 4,187 | 4,535 |
Total Brokerage Revenue [Member] | Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer | ||
Management Service, Base [Member] | ||
Revenue from Contract with Customer | 1,702 | 1,697 |
Management Service, Base [Member] | Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer | (25) | (1,007) |
Management Service, Incentive [Member] | ||
Revenue from Contract with Customer | 14 | 6 |
Management Service, Incentive [Member] | Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer | ||
Total Asset Management Fees [Member] | ||
Revenue from Contract with Customer | 1,716 | 1,703 |
Total Asset Management Fees [Member] | Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer | (25) | (1,007) |
Broker Dealer [Member] | ||
Revenue from Contract with Customer | 18,812 | 16,414 |
Broker Dealer [Member] | Equity and Debt Origination [Member] | ||
Revenue from Contract with Customer | 8,556 | 6,789 |
Broker Dealer [Member] | Strategic Advisory and Private Placements [Member] | ||
Revenue from Contract with Customer | 6,069 | 5,090 |
Broker Dealer [Member] | Total Investment Banking Revenues [Member] | ||
Revenue from Contract with Customer | 14,625 | 11,879 |
Broker Dealer [Member] | Brokerage Commissions [Member] | ||
Revenue from Contract with Customer | 3,718 | 3,299 |
Broker Dealer [Member] | Research Payments [Member] | ||
Revenue from Contract with Customer | 1,241 | 1,209 |
Broker Dealer [Member] | Trading Losses [Member] | ||
Revenue from Contract with Customer | (772) | 27 |
Broker Dealer [Member] | Total Brokerage Revenue [Member] | ||
Revenue from Contract with Customer | 4,187 | 4,535 |
Broker Dealer [Member] | Management Service, Base [Member] | ||
Revenue from Contract with Customer | ||
Broker Dealer [Member] | Management Service, Incentive [Member] | ||
Revenue from Contract with Customer | ||
Broker Dealer [Member] | Total Asset Management Fees [Member] | ||
Revenue from Contract with Customer | ||
Asset Management Fee Income [Member] | ||
Revenue from Contract with Customer | 2,002 | 2,710 |
Asset Management Fee Income [Member] | Equity and Debt Origination [Member] | ||
Revenue from Contract with Customer | ||
Asset Management Fee Income [Member] | Strategic Advisory and Private Placements [Member] | ||
Revenue from Contract with Customer | ||
Asset Management Fee Income [Member] | Total Investment Banking Revenues [Member] | ||
Revenue from Contract with Customer | ||
Asset Management Fee Income [Member] | Brokerage Commissions [Member] | ||
Revenue from Contract with Customer | ||
Asset Management Fee Income [Member] | Research Payments [Member] | ||
Revenue from Contract with Customer | ||
Asset Management Fee Income [Member] | Trading Losses [Member] | ||
Revenue from Contract with Customer | ||
Asset Management Fee Income [Member] | Total Brokerage Revenue [Member] | ||
Revenue from Contract with Customer | ||
Asset Management Fee Income [Member] | Management Service, Base [Member] | ||
Revenue from Contract with Customer | 1,727 | 2,704 |
Asset Management Fee Income [Member] | Management Service, Incentive [Member] | ||
Revenue from Contract with Customer | 275 | 6 |
Asset Management Fee Income [Member] | Total Asset Management Fees [Member] | ||
Revenue from Contract with Customer | 2,002 | 2,710 |
Asset Management Investment Income [Member] | ||
Revenue from Contract with Customer | (261) | |
Asset Management Investment Income [Member] | Equity and Debt Origination [Member] | ||
Revenue from Contract with Customer | ||
Asset Management Investment Income [Member] | Strategic Advisory and Private Placements [Member] | ||
Revenue from Contract with Customer | ||
Asset Management Investment Income [Member] | Total Investment Banking Revenues [Member] | ||
Revenue from Contract with Customer | ||
Asset Management Investment Income [Member] | Brokerage Commissions [Member] | ||
Revenue from Contract with Customer | ||
Asset Management Investment Income [Member] | Research Payments [Member] | ||
Revenue from Contract with Customer | ||
Asset Management Investment Income [Member] | Trading Losses [Member] | ||
Revenue from Contract with Customer | ||
Asset Management Investment Income [Member] | Total Brokerage Revenue [Member] | ||
Revenue from Contract with Customer | ||
Asset Management Investment Income [Member] | Management Service, Base [Member] | ||
Revenue from Contract with Customer | ||
Asset Management Investment Income [Member] | Management Service, Incentive [Member] | ||
Revenue from Contract with Customer | (261) | |
Asset Management Investment Income [Member] | Total Asset Management Fees [Member] | ||
Revenue from Contract with Customer | (261) | |
Asset Management [Member] | ||
Revenue from Contract with Customer | 1,741 | 2,710 |
Asset Management [Member] | Equity and Debt Origination [Member] | ||
Revenue from Contract with Customer | ||
Asset Management [Member] | Strategic Advisory and Private Placements [Member] | ||
Revenue from Contract with Customer | ||
Asset Management [Member] | Total Investment Banking Revenues [Member] | ||
Revenue from Contract with Customer | ||
Asset Management [Member] | Brokerage Commissions [Member] | ||
Revenue from Contract with Customer | ||
Asset Management [Member] | Research Payments [Member] | ||
Revenue from Contract with Customer | ||
Asset Management [Member] | Trading Losses [Member] | ||
Revenue from Contract with Customer | ||
Asset Management [Member] | Total Brokerage Revenue [Member] | ||
Revenue from Contract with Customer | ||
Asset Management [Member] | Management Service, Base [Member] | ||
Revenue from Contract with Customer | 1,727 | 2,704 |
Asset Management [Member] | Management Service, Incentive [Member] | ||
Revenue from Contract with Customer | 14 | 6 |
Asset Management [Member] | Total Asset Management Fees [Member] | ||
Revenue from Contract with Customer | 1,741 | 2,710 |
Corporate Segment [Member] | ||
Revenue from Contract with Customer | ||
Corporate Segment [Member] | Equity and Debt Origination [Member] | ||
Revenue from Contract with Customer | ||
Corporate Segment [Member] | Strategic Advisory and Private Placements [Member] | ||
Revenue from Contract with Customer | ||
Corporate Segment [Member] | Total Investment Banking Revenues [Member] | ||
Revenue from Contract with Customer | ||
Corporate Segment [Member] | Brokerage Commissions [Member] | ||
Revenue from Contract with Customer | ||
Corporate Segment [Member] | Research Payments [Member] | ||
Revenue from Contract with Customer | ||
Corporate Segment [Member] | Trading Losses [Member] | ||
Revenue from Contract with Customer | ||
Corporate Segment [Member] | Total Brokerage Revenue [Member] | ||
Revenue from Contract with Customer | ||
Corporate Segment [Member] | Management Service, Base [Member] | ||
Revenue from Contract with Customer | ||
Corporate Segment [Member] | Management Service, Incentive [Member] | ||
Revenue from Contract with Customer | ||
Corporate Segment [Member] | Total Asset Management Fees [Member] | ||
Revenue from Contract with Customer |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Expense (Benefit), Total | $ (7,239) | $ (4,102) |
Effective Income Tax Rate Reconciliation, Percent, Total | 37.95% | 424.85% |
Note 16 - Commitments and Con_2
Note 16 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Receivables from Clearing Organizations | $ 300 | $ 300 |
Contractual Obligation, Total | $ 0 | $ 0 |
Note 17 - Regulatory Requirem_2
Note 17 - Regulatory Requirements (Details Textual) $ in Millions | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Ratio of Indebtedness to Net Capital | 1.23 | 1.25 |
Broker-Dealer, Net Capital, Total | $ 8.6 | $ 16.9 |
Broker-Dealer, Excess Net Capital, 1500 Percent, Aggregate Indebtedness Standard, Total | 1 | 15.5 |
Broker-Dealer, Minimum Net Capital Required, Aggregate Indebtedness Standard, Total | $ 7.6 | $ 1.4 |
Maximum [Member] | ||
Ratio of Indebtedness to Net Capital | 15 |
Note 18 - Related Party Trans_2
Note 18 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||||
Oct. 31, 2017 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Jan. 09, 2018 | Sep. 19, 2017 | |
Total Investment [Member] | ||||||
Investments in Related Parties | $ 13.5 | $ 17.3 | ||||
General Partner Investments In Hedge And Other Private Funds [Member] | Private Funds [Member] | ||||||
Investments in Related Parties | 8.6 | 8.6 | ||||
Harvest Capital Credit Corporation [Member] | ||||||
Investments in Related Parties | 4.9 | 8.7 | ||||
Affiliated Entity [Member] | Management Service, Base [Member] | ||||||
Revenue from Related Parties | 1.7 | $ 1.7 | ||||
Registered Investment Adviser [Member] | ||||||
Financing Receivable, after Allowance for Credit Loss, Total | 2.4 | $ 2.4 | $ 3.4 | |||
Loans Receivable, Interest Rate | 15.00% | |||||
Percentage of Loan Sold to Third Party | 30.00% | |||||
Value of Loan Sold to Third Party | $ 1 | |||||
Consolidated Entity [Member] | ||||||
Loans Receivable, Fair Value Disclosure | $ 0.8 | $ 0.8 | ||||
Notes Receivable, Interest Rate | 12.50% |
Note 19 - Guarantees (Details T
Note 19 - Guarantees (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Indemnification Agreement [Member] | ||
Guarantor Obligations, Current Carrying Value | $ 0 | $ 0 |
Note 20 - Litigation (Details T
Note 20 - Litigation (Details Textual) $ in Millions | 1 Months Ended |
Dec. 31, 2019USD ($) | |
Litigation Settlement, Amount Awarded to Other Party | $ 3 |
Note 22 - Business Segments (De
Note 22 - Business Segments (Details Textual) | 3 Months Ended |
Mar. 31, 2020 | |
Number of Reportable Segments | 4 |
Percent Of Deferred Compensation Recognized | 100.00% |
Parent Company [Member] | |
Effective Income Tax Rate Reconciliation, Combined Federal, State and Local Statutory Income Tax Rate, Percent | 26.00% |
Note 22 - Business Segments - S
Note 22 - Business Segments - Segment Operating Results (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | [1] | ||||
Revenue from Contract with Customer | $ 20,528 | $ 18,117 | |||||
Principal transactions | (17,552) | 5,288 | |||||
Net dividend income | 227 | 296 | |||||
Other income | 935 | (35) | |||||
Net interest income | 432 | 3,518 | |||||
Gain on repurchase, reissuance or early retirement of debt | 697 | ||||||
Total net revenues | 5,267 | 27,167 | |||||
Non-interest expenses | 24,345 | 26,130 | |||||
Operating income (loss) before taxes | (19,078) | 1,037 | |||||
Income tax expense (benefit) | (7,239) | (4,102) | |||||
Net income (loss) attributable to non-controlling interest | (91) | 70 | |||||
Operating net income (loss) | (11,748) | 5,069 | |||||
Segment assets | 189,044 | 221,765 | $ 230,257 | ||||
Loss on sale, payoff, and mark-to-market of loans | (17) | ||||||
Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | 14,625 | 11,879 | |||||
Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | 4,187 | 4,535 | |||||
Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | 1,716 | 1,703 | |||||
Operating Segments [Member] | |||||||
Principal transactions | 81 | 5,387 | |||||
Net dividend income | 256 | 335 | |||||
Other income | |||||||
Net interest income | 458 | 3,322 | |||||
Gain on repurchase, reissuance or early retirement of debt | 786 | ||||||
Total net revenues | 22,736 | 26,840 | |||||
Non-interest expenses | 23,461 | 24,585 | |||||
Operating income (loss) before taxes | (725) | 2,255 | |||||
Income tax expense (benefit) | (188) | 586 | |||||
Net income (loss) attributable to non-controlling interest | |||||||
Operating net income (loss) | (537) | 1,669 | |||||
Segment assets | 189,044 | 221,765 | |||||
Loss on sale, payoff, and mark-to-market of loans | (17) | ||||||
Operating Segments [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | 14,625 | 11,879 | |||||
Operating Segments [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | 4,187 | 4,535 | |||||
Operating Segments [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | 2,343 | 1,399 | |||||
Consolidation, Eliminations [Member] | |||||||
Principal transactions | |||||||
Net dividend income | |||||||
Other income | |||||||
Net interest income | |||||||
Gain on repurchase, reissuance or early retirement of debt | |||||||
Total net revenues | (45) | (1,014) | |||||
Non-interest expenses | (45) | (1,014) | |||||
Operating income (loss) before taxes | |||||||
Income tax expense (benefit) | |||||||
Net income (loss) attributable to non-controlling interest | |||||||
Operating net income (loss) | |||||||
Segment assets | (161,947) | (257,129) | |||||
Consolidation, Eliminations [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | |||||||
Consolidation, Eliminations [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | |||||||
Consolidation, Eliminations [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | (45) | (1,014) | |||||
Segment Reconciling Items [Member] | |||||||
Principal transactions | [2] | (17,633) | (99) | ||||
Net dividend income | [3] | (29) | (39) | ||||
Other income | [4] | 935 | (35) | ||||
Net interest income | [3] | (26) | 196 | ||||
Gain on repurchase, reissuance or early retirement of debt | [5] | (89) | |||||
Total net revenues | (17,469) | 327 | |||||
Non-interest expenses | 884 | [6] | 1,545 | [7] | |||
Operating income (loss) before taxes | (18,353) | (1,218) | |||||
Income tax expense (benefit) | [8] | (7,051) | (4,688) | ||||
Net income (loss) attributable to non-controlling interest | [3],[4] | (91) | [6] | 70 | [7] | ||
Operating net income (loss) | [9] | (11,211) | 3,470 | ||||
Segment assets | |||||||
Loss on sale, payoff, and mark-to-market of loans | |||||||
Segment Reconciling Items [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | |||||||
Segment Reconciling Items [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | |||||||
Segment Reconciling Items [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | [4] | (627) | 304 | ||||
Intersegment Eliminations [Member] | |||||||
Revenue from Contract with Customer | (25) | (1,007) | |||||
Net income (loss) attributable to non-controlling interest | |||||||
Loss on sale, payoff, and mark-to-market of loans | |||||||
Intersegment Eliminations [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | |||||||
Intersegment Eliminations [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | |||||||
Intersegment Eliminations [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | (25) | (1,007) | |||||
Broker Dealer [Member] | |||||||
Revenue from Contract with Customer | 18,812 | 16,414 | |||||
Broker Dealer [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | 14,625 | 11,879 | |||||
Broker Dealer [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | 4,187 | 4,535 | |||||
Broker Dealer [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | |||||||
Broker Dealer [Member] | Operating Segments [Member] | |||||||
Principal transactions | |||||||
Net dividend income | |||||||
Other income | |||||||
Net interest income | |||||||
Gain on repurchase, reissuance or early retirement of debt | |||||||
Total net revenues | 18,964 | 16,420 | |||||
Non-interest expenses | 19,201 | 17,900 | |||||
Operating income (loss) before taxes | (237) | (1,480) | |||||
Income tax expense (benefit) | (62) | (385) | |||||
Net income (loss) attributable to non-controlling interest | |||||||
Operating net income (loss) | (175) | (1,095) | |||||
Segment assets | 34,685 | 46,764 | |||||
Broker Dealer [Member] | Operating Segments [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | 14,625 | 11,879 | |||||
Broker Dealer [Member] | Operating Segments [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | 4,187 | 4,535 | |||||
Broker Dealer [Member] | Operating Segments [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | 152 | 6 | |||||
Broker Dealer [Member] | Segment Reconciling Items [Member] | |||||||
Loss on sale, payoff, and mark-to-market of loans | |||||||
Asset Management Fee Income [Member] | |||||||
Revenue from Contract with Customer | 2,002 | 2,710 | |||||
Asset Management Fee Income [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | |||||||
Asset Management Fee Income [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | |||||||
Asset Management Fee Income [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | 2,002 | 2,710 | |||||
Asset Management Fee Income [Member] | Operating Segments [Member] | |||||||
Principal transactions | |||||||
Net dividend income | |||||||
Other income | |||||||
Net interest income | |||||||
Gain on repurchase, reissuance or early retirement of debt | |||||||
Total net revenues | 1,903 | 2,361 | |||||
Non-interest expenses | 2,362 | 3,090 | |||||
Operating income (loss) before taxes | (459) | (729) | |||||
Income tax expense (benefit) | (120) | (191) | |||||
Net income (loss) attributable to non-controlling interest | |||||||
Operating net income (loss) | (339) | (538) | |||||
Segment assets | 9,873 | 11,053 | |||||
Asset Management Fee Income [Member] | Operating Segments [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | |||||||
Asset Management Fee Income [Member] | Operating Segments [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | |||||||
Asset Management Fee Income [Member] | Operating Segments [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | 1,903 | 2,361 | |||||
Asset Management Fee Income [Member] | Segment Reconciling Items [Member] | |||||||
Net income (loss) attributable to non-controlling interest | |||||||
Loss on sale, payoff, and mark-to-market of loans | |||||||
Asset Management Investment Income [Member] | |||||||
Revenue from Contract with Customer | (261) | ||||||
Asset Management Investment Income [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | |||||||
Asset Management Investment Income [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | |||||||
Asset Management Investment Income [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | (261) | ||||||
Asset Management Investment Income [Member] | Operating Segments [Member] | |||||||
Principal transactions | 81 | 5,387 | |||||
Net dividend income | 256 | 335 | |||||
Other income | |||||||
Net interest income | 458 | 3,322 | |||||
Gain on repurchase, reissuance or early retirement of debt | 786 | ||||||
Total net revenues | 1,914 | 9,073 | |||||
Non-interest expenses | 151 | 2,549 | |||||
Operating income (loss) before taxes | 1,763 | 6,524 | |||||
Income tax expense (benefit) | 459 | 1,697 | |||||
Net income (loss) attributable to non-controlling interest | |||||||
Operating net income (loss) | 1,304 | 4,827 | |||||
Segment assets | 78,236 | 116,358 | |||||
Asset Management Investment Income [Member] | Operating Segments [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | |||||||
Asset Management Investment Income [Member] | Operating Segments [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | |||||||
Asset Management Investment Income [Member] | Operating Segments [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | 333 | 46 | |||||
Asset Management Investment Income [Member] | Segment Reconciling Items [Member] | |||||||
Net income (loss) attributable to non-controlling interest | |||||||
Loss on sale, payoff, and mark-to-market of loans | (17) | ||||||
Asset Management [Member] | |||||||
Revenue from Contract with Customer | 1,741 | 2,710 | |||||
Asset Management [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | |||||||
Asset Management [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | |||||||
Asset Management [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | 1,741 | 2,710 | |||||
Asset Management [Member] | Operating Segments [Member] | |||||||
Principal transactions | 81 | 5,387 | |||||
Net dividend income | 256 | 335 | |||||
Other income | |||||||
Net interest income | 458 | 3,322 | |||||
Gain on repurchase, reissuance or early retirement of debt | 786 | ||||||
Total net revenues | 3,817 | 11,434 | |||||
Non-interest expenses | 2,513 | 5,639 | |||||
Operating income (loss) before taxes | 1,304 | 5,795 | |||||
Income tax expense (benefit) | 339 | 1,506 | |||||
Net income (loss) attributable to non-controlling interest | |||||||
Operating net income (loss) | 965 | 4,289 | |||||
Segment assets | 88,109 | 127,411 | |||||
Asset Management [Member] | Operating Segments [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | |||||||
Asset Management [Member] | Operating Segments [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | |||||||
Asset Management [Member] | Operating Segments [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | 2,236 | 2,407 | |||||
Asset Management [Member] | Segment Reconciling Items [Member] | |||||||
Net income (loss) attributable to non-controlling interest | |||||||
Loss on sale, payoff, and mark-to-market of loans | (17) | ||||||
Corporate Segment [Member] | |||||||
Revenue from Contract with Customer | |||||||
Corporate Segment [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | |||||||
Corporate Segment [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | |||||||
Corporate Segment [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | |||||||
Corporate Segment [Member] | Operating Segments [Member] | |||||||
Principal transactions | |||||||
Net dividend income | |||||||
Other income | |||||||
Net interest income | |||||||
Gain on repurchase, reissuance or early retirement of debt | |||||||
Total net revenues | |||||||
Non-interest expenses | 1,792 | 2,060 | |||||
Operating income (loss) before taxes | (1,792) | (2,060) | |||||
Income tax expense (benefit) | (465) | (535) | |||||
Net income (loss) attributable to non-controlling interest | |||||||
Operating net income (loss) | (1,327) | (1,525) | |||||
Segment assets | 228,197 | 304,719 | |||||
Corporate Segment [Member] | Operating Segments [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | |||||||
Corporate Segment [Member] | Operating Segments [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | |||||||
Corporate Segment [Member] | Operating Segments [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | |||||||
Corporate Segment [Member] | Segment Reconciling Items [Member] | |||||||
Net income (loss) attributable to non-controlling interest | |||||||
Loss on sale, payoff, and mark-to-market of loans | |||||||
[1] | The balance sheet as of December 31, 2019 is derived from the audited financial statements as of that date. | ||||||
[2] | Total segment principal transaction revenues exclude certain unrealized mark-to-market gains or losses, including those related to impairment of CLO debt securities and the Company's investment in Harvest Capital Credit Corporation, as well as unrealized losses derived from depreciation and amortization of real estate investment properties. | ||||||
[3] | Total segment net dividend income and net interest income exclude those attributable to non-controlling interests. | ||||||
[4] | Total segment asset management-related fees include income from fee sharing arrangements with, and fees earned to raise capital for, third-party or equity-method investment partnerships or funds, which are reported as other income under GAAP. In addition, total segment asset management-related fees exclude base management fees and incentive fees attributable to non-controlling interests. | ||||||
[5] | Total segment gain/(loss) repurchase/early retirement of debt excludes losses on write offs of debt issuance costs related to early retirement or repurchase of debt. | ||||||
[6] | Total segment non-interest expenses exclude compensation expense recognized under GAAP related to equity awards and expenses attributable to non-controlling interests. | ||||||
[7] | Total segment non-interest expenses exclude compensation expense recognized under GAAP related to equity awards, expenses attributable to non-controlling interests and amortization of an intangible asset related to CLO III prior to March 31, 2019. | ||||||
[8] | Total segment income tax expense (benefit) assumes a combined federal, state and local income tax rate of 26%. | ||||||
[9] | Operating net income (loss) is reconciled to GAAP net income (loss) attributable to JMP Group LLC. |
Note 23 - Nonconsolidated Var_3
Note 23 - Nonconsolidated Variable Interest Entities - VIE Equity Investments and Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Segment assets | $ 189,044 | $ 230,257 | [1] | $ 221,765 |
Carrying amount, liabilities | 137,832 | 168,896 | [1] | |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Segment assets | 63,343 | 88,086 | ||
Carrying amount, liabilities | 250 | 302 | ||
Maximum exposure to loss | 67,104 | 91,886 | ||
VIE assets | 3,032,056 | 2,925,776 | ||
Collateralized Loan Obligations [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Segment assets | 49,019 | 73,266 | ||
Carrying amount, liabilities | ||||
Maximum exposure to loss | 49,019 | 73,266 | ||
VIE assets | 1,500,459 | 1,439,442 | ||
Private Equity Funds [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Segment assets | 10,203 | 10,396 | ||
Carrying amount, liabilities | 233 | 207 | ||
Maximum exposure to loss | 13,964 | 14,196 | ||
VIE assets | 355,483 | 346,206 | ||
Other Equity Interests [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Segment assets | 4,121 | 4,424 | ||
Carrying amount, liabilities | 17 | 95 | ||
Maximum exposure to loss | 4,121 | 4,424 | ||
VIE assets | $ 1,176,114 | $ 1,140,128 | ||
[1] | The balance sheet as of December 31, 2019 is derived from the audited financial statements as of that date. |