Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 19, 2021 | Jun. 30, 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 Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 19,823,354 | ||
Entity Public Float | $ 22.2 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
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 - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Assets | |||
Cash and cash equivalents | $ 91,444 | $ 49,630 | |
Restricted cash | 1,287 | 1,287 | |
Investment banking fees receivable | 13,676 | 9,066 | |
Marketable securities owned (includes $5,696 and $0 pledged as collateral at December 31, 2020 and 2019, respectively) | 55,494 | 73,101 | |
Other investments (includes $17,611 and $14,206 measured at fair value at December 31, 2020 and 2019, respectively) | 26,821 | 35,309 | |
Loans held for investment, net of allowance for loan losses | 994 | 1,210 | |
Interest receivable | 336 | 502 | |
Fixed assets, net | 3,118 | 4,267 | |
Operating lease right-of-use asset | 16,244 | 19,632 | |
Deferred tax asset | 17,895 | 21,406 | [1] |
Other assets | 14,022 | 36,253 | |
Total assets | 241,331 | 230,257 | |
Liabilities: | |||
Marketable securities sold, but not yet purchased, at fair value | 3,855 | ||
Accrued compensation | 46,353 | 30,253 | |
Interest payable | 706 | 520 | |
Note payable | 10,610 | 6,812 | |
Bond payable (net of debt issuance costs of $2,953 and $3,416 at December 31, 2020 and 2019, respectively) | 80,912 | 82,584 | |
Operating lease liability | 21,130 | 25,394 | |
Deferred tax liability | 8,482 | 8,645 | [2] |
Other liabilities | 10,730 | 19,478 | |
Total liabilities | 178,923 | 168,896 | |
Commitments and Contingencies (Note 17) | |||
JMP Group LLC Shareholders' Equity | |||
Common shares, $0.001 par value, 100,000,000 shares authorized; 22,797,092 shares issued at December 31, 2020 and 2019; 19,789,821 and 19,509,349 shares outstanding at December 31, 2020 and 2019, respectively | 23 | 23 | |
Additional paid-in capital | 134,065 | 133,894 | |
Treasury shares at cost, 3,007,271 and 3,287,743 shares at December 31, 2020 and 2019, respectively | (13,478) | (14,872) | |
Accumulated other comprehensive loss | (369) | (4,769) | |
Accumulated deficit | (57,301) | (52,588) | |
Total JMP Group LLC shareholders' equity | 62,940 | 61,688 | |
Non-controlling Interest | (532) | (327) | |
Total equity | 62,408 | 61,361 | |
Total liabilities and equity | $ 241,331 | $ 230,257 | |
[1] | Deferred tax asset and liability have been presented as their own caption on the balance sheet and are therefore not included in other assets and other liabilities as of December 31, 2020. | ||
[2] | Deferred tax asset and liability have been presented as their own caption on the balance sheet and are therefore not included in other assets and other liabilities as of December 31, 2020. |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Marketable securities, fair value | $ 5,696 | $ 0 |
Investments fair value | 17,611 | 14,206 |
Bond Payable, issuance costs | $ 2,953 | $ 3,416 |
Common shares, par value (in dollars per share) (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) | 19,789,821 | 19,509,349 |
Treasury shares, shares (in shares) | 3,007,271 | 3,287,743 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | ||
Revenue from Contract with Customer | $ 127,630 | $ 90,771 |
Principal transactions | (18,528) | 1,344 |
Loss on sale, payoff and mark-to-market of loans | (38) | |
Net dividend income | 400 | 1,184 |
Other income | 3,735 | 2,373 |
Non-interest revenues | 113,237 | 95,634 |
Interest income | 8,654 | 21,801 |
Interest expense | (6,977) | (16,458) |
Net interest income | 1,677 | 5,343 |
Gain (loss) on repurchase, reissuance or early retirement of debt | 697 | (458) |
Provision for loan losses | (112) | (438) |
Total net revenues after provision for loan losses | 115,499 | 100,081 |
Non-interest expenses | ||
Compensation and benefits | 95,138 | 77,314 |
Administration | 6,590 | 9,387 |
Brokerage, clearing and exchange fees | 2,610 | 2,706 |
Travel and business development | 1,252 | 5,240 |
Managed deal expenses | 3,605 | 3,136 |
Communication and technology | 4,394 | 4,390 |
Occupancy | 4,785 | 5,229 |
Professional fees | 3,658 | 4,359 |
Depreciation | 1,500 | 1,203 |
Other | 42 | 500 |
Total non-interest expenses | 123,574 | 113,464 |
Net loss before income taxes | (8,075) | (13,383) |
Income tax expense (benefit) | (3,284) | (6,827) |
Net loss | (4,791) | (6,556) |
Less: Net loss attributable to non-controlling interest | (94) | (7) |
Net loss attributable to JMP Group LLC | $ (4,697) | $ (6,549) |
Net loss attributable to JMP Group LLC per common share: | ||
Basic (in dollars per share) | $ (0.24) | $ (0.32) |
Diluted (in dollars per share) | $ (0.24) | $ (0.32) |
Weighted average common shares outstanding: | ||
Basic (in shares) | 19,613 | 20,189 |
Diluted (in shares) | 19,613 | 20,189 |
Total Investment Banking Revenues [Member] | ||
Revenues | ||
Revenue from Contract with Customer | $ 100,384 | $ 65,716 |
Total Brokerage Revenue [Member] | ||
Revenues | ||
Revenue from Contract with Customer | 18,926 | 17,628 |
Total Asset Management Fees [Member] | ||
Revenues | ||
Revenue from Contract with Customer | $ 8,320 | $ 7,427 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net income (loss) | $ (4,791) | $ (6,556) |
Other comprehensive income (loss): | ||
Net unrealized gains (losses) on available-for-sale securities, during the period, net of income tax provision (benefit) of ($4,165) and ($2,882) | (11,517) | (7,843) |
Less: Reclassification adjustments for net (gains) losses on available-for-sale securities, net of income tax provision (benefit) of $5,784 and $1,130 | 15,917 | 3,074 |
Net other comprehensive income (loss), net of income tax provision (benefit) of $1,619 and ($1,752) | 4,400 | (4,769) |
Comprehensive income (loss) | (391) | (11,325) |
Less: Comprehensive income (loss) attributable to non-controlling interest | (94) | (7) |
Comprehensive income (loss) attributable to JMP Group LLC | $ (297) | $ (11,318) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net unrealized gains (losses) on available-for-sale securities, tax | $ (4,165) | $ (2,882) |
Reclassification adjustments for net (gains) losses on available-for-sale securities, tax | 5,784 | 1,130 |
Net other comprehensive income (loss), tax | $ 1,619 | $ (1,752) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | 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 income (loss) | (6,549) | (7) | (6,556) | |||||
Additional paid-in capital - share-based compensation | (216) | (216) | ||||||
Distribution | [1] | (3,526) | (3,526) | |||||
Purchases of shares of common shares for treasury | 9,134 | 9,134 | ||||||
Distributions to non-controlling interest holders | (977) | (977) | ||||||
Unrealized gain (loss) on available-for-sale securities, net of tax | (4,769) | (4,769) | ||||||
Purchases of shares of common shares for treasury | (9,134) | (9,134) | ||||||
Reissuance of shares of common shares from treasury | 2,194 | (112) | 2,082 | |||||
Common shares issued (in shares) | 17 | |||||||
Common shares issued | 93 | 93 | ||||||
Derecognition of non-controlling interest due to deconsolidation | (12,842) | (12,842) | ||||||
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 | |
Net income (loss) | (4,697) | (94) | (4,791) | |||||
Additional paid-in capital - share-based compensation | 171 | 171 | ||||||
Distribution | (16) | (16) | ||||||
Purchases of shares of common shares for treasury | 1,394 | 1,394 | ||||||
Distributions to non-controlling interest holders | (111) | (111) | ||||||
Unrealized gain (loss) on available-for-sale securities, net of tax | 4,400 | 4,400 | ||||||
Purchases of shares of common shares for treasury | (1,394) | (1,394) | ||||||
Derecognition of non-controlling interest due to deconsolidation | ||||||||
Balance (in shares) at Dec. 31, 2020 | 22,797 | |||||||
Balance at Dec. 31, 2020 | $ 23 | $ (13,478) | $ 134,065 | $ (57,301) | $ (369) | $ (532) | $ 62,408 | |
[1] | $3.5 million of distributions were dividends paid to shareholders and $0.1 million of distributions were dividend equivalents paid on restricted share units |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parentheticals) - Retained Earnings [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Distribution, cash | $ (3.5) |
Distribution equivalents | $ (0.1) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (4,791) | $ (6,556) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Provision for loan losses | 112 | 438 |
Loss on sale and payoff of loans and mark-to-market of loans | 38 | |
(Gain) loss on repurchase, reissuance or early retirement of debt | (697) | 458 |
Change in other investments: | ||
Income from investments in equity method investees | (1,183) | (1,557) |
Gain on other investments | (3,319) | (1,781) |
Depreciation and amortization | 1,196 | 1,659 |
Share-based compensation expense | 1,728 | 1,994 |
Gain on deconsolidation | (3,520) | |
Distributions of investment income from equity method investments | 1,300 | 1,558 |
Deferred income tax expense (benefit) | 3,348 | |
Other, net | 47 | 114 |
Net change in operating assets and liabilities: | ||
Decrease (increase) in interest receivable | 166 | (5,029) |
Increase in receivables | (4,610) | (2,419) |
Decrease in marketable securities | 23,632 | 16,131 |
Increase in other assets | (2,189) | (9,479) |
Decrease in marketable securities sold, but not yet purchased | (3,855) | (771) |
Increase (decrease) in interest payable | 186 | (4,063) |
Increase (decrease) in accrued compensation | 16,100 | (11,089) |
Decrease (increase) in other liabilities | (103) | 4,983 |
Net cash provided by (used in) operating activities | 27,068 | (18,891) |
Cash flows from investing activities: | ||
Purchases of fixed assets | (355) | (1,388) |
Purchases of other investments | (2,042) | (12,604) |
Sales or distributions from other investments | 14,979 | 10,400 |
Funding of loans collateralizing asset-backed securities issued | (35,153) | |
Funding of loans held for investment | (25,679) | |
Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued | 23,806 | |
Sale, payoff and principal receipts on loans held for investment | 126 | 7,941 |
Net decrease in cash and restricted cash due to deconsolidation of subsidiaries | (27,771) | |
Net cash provided by (used in) investing activities | 12,708 | (60,448) |
Cash flows from financing activities: | ||
Repayment of bonds payable | (35,925) | |
Repurchase of bonds payable | (1,361) | |
Proceeds from bond issuance | 36,000 | |
Proceeds from drawdowns on line of credit and other borrowings | 3,798 | 16,583 |
Repayment of note payable | (10,600) | |
Proceeds from drawdowns on CLO warehouse facilities | 7,750 | |
Payment of debt issuance costs | (1,887) | |
Repayment of asset-backed securities issued | (801) | |
Distributions and distribution equivalents paid on RSUs | (17) | (3,526) |
Purchase of common shares for treasury | (8,615) | |
Distributions to non-controlling interest shareholders | (111) | (977) |
Employee taxes paid on shares withheld for tax-withholding purposes | (270) | (554) |
Net cash provided by (used in) financing activities | 2,039 | (2,552) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 41,815 | (81,891) |
Cash, cash equivalents and restricted cash, beginning of period | 50,917 | 132,808 |
Cash, cash equivalents and restricted cash, end of period | 92,732 | 50,917 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | 6,978 | 20,521 |
Cash (received) during the period for taxes, net of refunds | (5,218) | (2,485) |
Non-cash investing and financing activities: | ||
Reissuance of common shares from treasury related to vesting of restricted share units | 1,664 | 2,194 |
Acquisition of equity securities in restructuring of loans | 736 | |
Leasehold improvement directly paid for by the lessor | 1,890 | |
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 | 12 Months Ended |
Dec. 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 capital markets firm headquartered in San Francisco, California. The Company conducts its investment banking and institutional brokerage business through JMP Securities LLC (“JMP Securities”) and its asset management business through Harvest Capital Strategies LLC (“HCS”), HCAP Advisors LLC (“HCAP Advisors”), JMP Asset Management LLC (“JMPAM”) and JMP Credit Advisors LLC (“JMPCA”) (through March 19, 2019). 1934, not not 1940, two one January 2015 November 2017 Recent Transactions On January 4, 2021, $10.0 400,000 2027 February 4, 2021 ( January 4, 2021, $50.0 2027 2027 2027 2027 $25 2027 not On December 23, 2020, second 2021. $7.5 December 31, 2020. 100% 19.9% $2.15 $0.36 Deconsolidation On January 17, 2019, January 17, 2019. 47% $1.6 March 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% 100% 33% December 31, 2019. 100% 25% May 2019. $1.8 March 2019 $0.1 May 2019 The deconsolidation of the CLOs and JMPCA was accounted for based on the guidance in ASC 810, Consolidation Cash received $ 7,942 Retained interest, at fair value (1) 74,989 Non-controlling interest, as book value 12,842 Total of consideration received, retained interest, and non-controlling interest $ 95,773 Less: Net assets of deconsolidated subsidiaries at carrying value (2) 92,581 Gain on deconsolidation 3,192 Gain on remeasurement of CLO IV and CLO V senior subordinated notes 328 Total gain on deconsolidation $ 3,520 ( 1 The fair value of the Company's retained interest in CLO III, CLO IV, CLO V, CLO VI, and JMPCA as of the deconsolidation date was $13.3 $27.8 $26.5 $3.8 $3.6 ( 2 The book value of the net assets of CLO III, CLO IV, CLO V, CLO VI, and JMPCA as of the deconsolidation date was $24.5 $30.2 $25.8 $11.6 $0.5 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Presentation The consolidated accounts of the Company include the wholly-owned subsidiaries and the partially-owned subsidiaries of which we are the majority owner or the primary beneficiary. All material intercompany accounts and transactions have been eliminated in consolidation. Non-controlling interests on the Consolidated Statements of Financial Condition at December 31, 2020 2019 third The Company performs consolidation analyses on entities to identify variable interest entities (“VIEs”) and determine the appropriate accounting treatment. An entity is considered a VIE and, therefore, would be subject to the consolidation provisions of ASC 810 10 15 not not 2015 2, February 2015, 810, See Note 1, Organization and Description of a Business first 2019. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the use of estimates and assumptions that affect both the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results may Investment banking revenues Investment banking revenues consist of underwriting revenues, strategic advisory revenues and private placement fees. The Company generally does not December 31, 2020 not Underwriting revenues arise from securities offerings in which the Company acts as an underwriter and include management fees, selling concessions and underwriting fees, gross of the Company's share of allocated syndicate expenses. Underwriting fees, management fees, and selling concessions, gross of the Company's share of allocated syndicated expenses, are recorded on the trade date, which is typically the day of pricing an offering (or the following day). The Company has determined that its performance obligations are completed and the related income is reasonably determinable on the trade date. For these transactions, management estimates the Company's share of the transaction-related expenses incurred by the syndicate, and recognizes revenues gross of such expense. Expenses associated with such transactions are generally expensed as incurred, rather than being deferred, as the Company is unable to determine that collection of any reimbursement is reasonably assured until the trade date. On final settlement, typically 90 may Strategic advisory revenues primarily include success fees on closed merger and acquisition transactions, as well as retainer fees, earned in connection with advising on both buyers' and sellers' transactions. Fees are also earned for related advisory work and other services such as providing fairness opinions, valuation analyses, due diligence, and pre-transaction structuring advice. Depending on the nature of the engagement letter and the agreed upon services, customers may may not not Private placement fees are related to non-underwritten transactions such as private placements of equity securities, private investments in public equity, Rule 144A Brokerage revenues Brokerage revenues consist of (i) commissions resulting from equity securities transactions executed as agent or principal, (ii) related net trading gains and losses from market making activities and from the commitment of capital to facilitate customer orders and (iii) fees paid for equity research. Commissions resulting from equity securities transactions executed on behalf of customers are recorded on a trade date basis. The Company believes that the performance obligation is satisfied on the trade date because that is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon and the risks and rewards of ownership have been transferred to/from the customer. The Company currently generates revenues from research activities through three may may second third None not third second third The Company generally does not December 31, 2020 not Asset Management Fees Asset management fees include base management fees and incentive fees earned from managing our families of investment funds and other investment vehicles. The Company recognizes base management fees on a monthly basis over the period in which the investment management services are performed. Base management fees earned by the Company are generally based on the fair value of assets under management or aggregate capital commitments and the fee schedule for each fund and account. Base management fees for hedge funds and hedge funds of funds are calculated at the investor level using their quarter-beginning capital balance adjusted for any contributions or withdrawals. Base management fees for private equity funds are calculated at the investor level using their aggregate capital commitments during the commitment period, which is generally three first not not not Principal transactions Principal transaction revenues include realized and unrealized net gains and losses resulting from our principal investments in equity, CLO and other debt securities. Principal transaction revenues also include unrealized net gains and losses resulting from our principal investments in various investment funds managed by the Company or by third The Company's principal transaction revenues for these categories for the years ended December 31, 2020 2019 (In thousands) Year Ended December 31, 2020 2019 Equity and other securities excluding non-controlling interest $ 113 $ 295 Warrants and other investments (18,674 ) 944 Investment partnerships 33 105 Total principal transaction revenues $ (18,528 ) $ 1,344 Gain and Loss on Sale, Payoff and Mark-to-Market of Loans Gain and loss on sale, payoff and mark-to-market of loans consists of gains from the sale and payoff of loans collateralizing asset-backed securities (through March 2019) Interest Income Interest income primarily consists of interest income earned on loans collateralizing ABS issued (through March 2019), Interest Expense Interest expense primarily consists of interest expense incurred on asset-backed securities issued (through March 2019), March 2019), Cash and Cash Equivalents The Company considers highly liquid investments with original maturities or remaining maturities upon purchase of three Restricted Cash and Deposits Restricted cash consisted of security deposits for operating leases at December 31, 2020 2019 As of December 31, 2020 , we had net liquid assets of $108.0 million consisting of cash and cash equivalents, receivable from clearing broker, marketable securities owned, investment banking fee receivable, net of marketable securities sold but not and internally generated cash from operations. Most of our financial instruments, other than are recorded at fair value or amounts that approximate fair value. Investment Banking Fees Receivable Investment banking fees receivable includes receivables relating to the Company's investment banking or advisory engagements. The Company records an allowance for doubtful accounts on these receivables on a specific identification basis. Investment banking fees receivable which are deemed to be uncollectible are charged off and deducted from the allowance. The allowance for doubtful accounts related to investment banking fees receivable was zero December 31, 2020 2019 Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 4, Fair Value Measurements Most of the Company's financial instruments, other than loans collateralizing asset-backed securities issued, loans held for investment, asset-backed securities issued, and notes payable are recorded at fair value or amounts that approximate fair value. Marketable securities owned, other investments at fair value, and marketable securities sold, but not Fair value of the Company's financial instruments is generally obtained from quoted market prices, third not Marketable securities owned and securities sold, but not third not may not may not The Company uses the fair value option which allows an entity to report selected financial assets and financial liabilities at fair value. The fair value of those assets and liabilities for which the fair value option has been chosen is reflected on the face of the balance sheet. Subsequent changes in fair value are recorded in the Consolidated Statements of Operations. The Company elected to apply the fair value option to the investments in HCC common stock, its investment in MPCF, and its investments in private equity and debt funds. The primary reason for electing the fair value option was to measure these gains on our investments on the same basis as our other equity securities, all of which are stated at fair value. The gains/losses on the investments that result from the election of the fair value option are reported in Principal Transactions in the Consolidated Statements of Operations. Fair Value Hierarchy In determining fair value, the Company uses various methods including market, income and cost approaches. Based on these approaches, the Company often utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable firm inputs. The Company generally utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of the inputs used in the valuation techniques, the Company provides the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial instrument assets and liabilities carried at fair value have been classified and disclosed in one three Level 1 Quoted market prices in active markets for identical assets or liabilities. Level 2 Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3 Unobservable inputs that are not Level 1 Level 2 Level 3 At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as “Level 3.” Loans Held for Investment Loans held for investment are carried at their unpaid principal balance, net of any allowance for credit losses and deferred loan origination, commitment and other fees. For loans held for investment, the Company establishes and maintains an allowance for credit losses based on management's estimate of credit losses in our loans as of each reporting date. The Company records the allowance against loans held for investment on a specific identification basis, or reviews its loan portfolio at the end of each quarter to record losses inherent in the homogenous loan portfolio. Loans are charged off against the reserve for credit losses if the principal is deemed not not 90 may not not Restructured loans are considered a troubled debt restructuring (“TDR”) if the Company, for economic or legal reasons related to the debtor's financial difficulties, grants a concession to the debtor that it would not may CLO Debt Securities Investments in CLO debt securities are classified and accounted for according to their purpose and holding period. As of December 31, 2020 2019 may Interest income on CLO debt securities is recognized in accordance with ASC 835, may The Company evaluates the available-for-sale CLO debt securities for impairment quarterly. As part of the evaluation, the Company obtains the new cash flow projections for the CLO debt securities at period end and determines, based on those cash flows and other current information, if there has been a favorable or adverse change in the cash flows expected to be collected as compared to the projected cash flows from the prior period. An adverse change in cash flows is determined in the context of both the timing and the amount of the cash flows. An impairment would be recorded if the net present value of the cash flows of the investment is below the amortized cost basis of the investment and the Company does not - $21.7 December 31, 2020 - $4.2 December 31, 2019. Fixed Assets Fixed assets represent furniture and fixtures, computer and office equipment, certain software costs, and leasehold improvements, which are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the respective assets, ranging from three five Leasehold improvements, including landlord funded assets, are capitalized and amortized over the shorter of the respective lease terms or the estimated useful lives of the improvements. The Company capitalizes certain costs of computer software developed or obtained for internal use and amortizes the amount over the estimated useful life of the software, generally not three Income Taxes As of January 31, 2019, January 1, 2019. The Company recognizes deferred tax assets and liabilities in accordance with ASC 740, not not The Company records uncertain tax positions using a two not not fifty The Company's policy for recording interest and penalties associated with the tax audits or unrecognized tax benefits, if any, is to record such items as a component of income tax. Share-Based Compensation The Company recognizes compensation cost for share-based awards at their fair value on the date of grant and records compensation expense over the service period for awards expected to vest. Such grants are recognized as expense, net of estimated forfeitures. Share-based compensation includes restricted share units ("RSUs"), share appreciation rights, and share options granted under the Company's Equity Incentive Plan. In accordance with generally accepted valuation practices for share-based awards issued as compensation, the Company uses the Black-Scholes option-pricing model or other quantitative models to calculate the fair value of option awards. The quantitative models require subjective assumptions regarding variables such as future share price volatility, dividend yield and expected time to exercise, which greatly affect the calculated values. The fair value of RSUs is determined based on the closing price of the underlying share on the grant date, discounted for future distributions not Treasury Shares The Company accounts for its treasury shares under the cost method, using an average cost assumption, and includes treasury shares as a component of shareholders' equity. |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 3. ts Recently Adopted Accounting Guidance In August 2018, 2018 13, 820 2018 13 2018 13 January 1, 2020. not Accounting Standards to be Adopted in Future Periods In June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 2016 13 first one 2016 13, December 15, 2022, not not In December 2019, 2019 12, Income Taxes (Topic 740 December 15, 2020, Other new pronouncements issued but not December 31, 2020 not |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 12 Months Ended |
Dec. 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 December 31, 2020 2019 : December 31, 2020 (In thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 91,444 $ 91,444 $ - $ - $ 91,444 Restricted cash and deposits 1,287 1,287 - - 1,287 Marketable securities owned 55,494 7,491 - 48,003 55,494 Equity investments 6,457 - 2,251 4,206 6,457 Other investments measured at net asset value (1) 11,155 - - - - Loans held for sale (2) 2,412 - - 2,412 2,412 Loans held for investment, net of allowance for loan losses 994 - - 994 994 Total assets: $ 169,243 $ 100,222 $ 2,251 $ 55,615 $ 158,088 Liabilities: Notes payable $ 10,610 $ - $ 5,983 $ 4,627 $ 10,610 Bond payable 80,912 - 79,472 - 79,472 Total liabilities: $ 91,522 $ - $ 85,455 $ 4,627 $ 90,082 ( 1 In accordance with ASC 820 10, not ( 2 Included in Other Assets on the Consolidated Statements of Financial Condition. 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 Equity investments 3,956 - - 3,956 3956 Other investments measured at net asset value (1) 10,250 - - - 0 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 6812 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 Recurring Fair Value Measurement The following tables provide information related to the Company 's assets and liabilities carried at fair value on a recurring basis at December 31, 2020 2019 : (In thousands) December 31, 2020 Carrying Value Level 1 Level 2 Level 3 Total Marketable securities owned $ 55,494 $ 7,491 $ - $ 48,003 $ 55,494 Other investments: Equity investments 6,457 - 2,251 4,206 6,457 Investments in other funds managed by the Company (1) 4,943 - - - - Limited partnership in investments in private equity/ real estate funds (1) 6,212 - - - - Total other investments 17,611 - 2,251 4,206 6,457 Total assets: $ 73,105 $ 7,491 $ 2,251 $ 52,209 $ 61,951 ( 1 In accordance with ASC 820 10, not (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 December 31, 2020 2019 December 31, 2019, not December 31, 2020, not The fair value of the investments in private equity, real estate and credit funds was measured using the net asset value as a practical expedient. These investments are nonredeemable and had unfunded commitments of $3.5 $3.8 December 31, 2020 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 December 31, 2020 2019 The Company's Level 2 December 31, 2020 2 As of December 31, 2020, two 2 The investments in private equity funds managed by HCS and JMPAM are recognized using the fair value option. The Company uses the reported net asset value per share as a practical expedient to estimate the fair value of the funds. The risks associated with these investments are limited to the amounts of invested capital, remaining commitment and any management and incentive fees receivable. The Company determined the fair value of short-term debt, which consists of notes payable to approximate their carrying values. This was determined as the debt has either ( 1 2 one no 2 The Company's Level 3 not For the year ended December 31, 2020 2019 3 (In thousands) CLO junior subordinated notes CLO senior subordinated notes Equity Investment Total Balance as of December 31, 2018 $ - $ - $ 57 $ 57 Fair value at recognition date 67,589 9,289 3,568 80,446 Purchases - - 182 182 Investment distributions (6,102 ) (883 ) - (6,985 ) Accrued interest 7,094 103 - 7,197 Unrealized gains (losses) on investments, recognized in earnings (4,204 ) - 305 (3,899 ) Unrealized losses on investments, recognized in OCI (6,521 ) - - (6,521 ) Realized losses on sales, recognized in earnings - (112 ) (156 ) (268 ) Sales - (8,397 ) - (8,397 ) Balance as of December 31, 2019 $ 57,856 $ - $ 3,956 $ 61,812 Investment distributions (2,330 ) - - (2,330 ) Accrued interest 8,155 - - 8,155 Unrealized gains (losses) on investments, recognized in earnings (21,703 ) - 249 (21,454 ) Unrealized gains on investments, recognized in OCI 6,025 - - 6,025 Balance as of December 31, 2020 $ 48,003 $ - $ 4,205 $ 52,208 The Company's Level 3 December 31, 2020 fourth 2019, For assets classified in the Level 3 3 December 31, 2020 December 31, 2019, Significant Unobservable Inputs (In thousands) Range (Weighted-average (1)) Fair value Valuation Technique Description December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 CLO debt securities Discounted cash flows Discount rate 17.5% (N/A) 17.5% (N/A) $ 48,003 $ 57,856 Default rate 2.0% (N/A) 2.0% (N/A) Severity rate 25.0% (N/A) 25.0% (N/A) Prepayment rate 10.0%-25.0% (18.5%) 25.0% (N/A) Collateral liquidation price 98.0%-99.0% (98.8%) 98.0%-99.0% (98.7%) Equity investment Discounted cash flows Credit factor 20% (N/A) 20% (N/A) $ 3,378 $ 3,550 Discount rate 16% (N/A) 17.7% (N/A) Market EBITDA multiple 12.0x (N/A) N/A $ 828 $ - ( 1 The weighted average was calculated based on the relative collateral balance of each CLO. 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 and were $2.4 $0.1 December 31, 2020 December 31, 2019, |
Note 5 - Available-for-sale Sec
Note 5 - Available-for-sale Securities | 12 Months Ended |
Dec. 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 in an unrealized position as of December 31, 2020 2019 December 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 $ 48,499 $ - $ (496) $ 48,003 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 December 31, 2020 (In thousands) December 31, 2020 December 31, 2019 Available-for-Sale Available-for-Sale Amortized Cost Fair Value Amortized Cost Fair Value Less than 5 years $ 9,109 $ 8,245 $ - $ - 5-10 years 39,390 39,758 38,451 33,877 More than 10 years - - 25,926 23,979 Total $ 48,499 $ 48,003 $ 64,377 $ 57,856 In July 2020, $6.0 June 30, 2020, 9, Loans |
Note 6 - Loans
Note 6 - Loans | 12 Months Ended |
Dec. 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 ended March 31, 2019, no no 1, Organization and Description of Business A summary of the activity in the allowance for loan losses for the years ended December 31, 2019 is as follows: (In thousands) Year Ended December 31, 2019 Impaired Non-Impaired Balance at beginning of period $ (836) $ (9,751 ) Charge off 181 - Derecognition due to deconsolidation 655 9,751 Balance at end of period $ - $ - Loans Held for Investment As of December 31, 2020 2019 two four There were no December 31, 2020 2019 . December 31, 2020 2019 (in thousands) Year Ended December 31, 2020 2019 Balance, at beginning of the period $ - $ (218 ) Provision for loan losses (112 ) (438 ) Charge off 112 218 Reversal of provision due to restructure of loan - 438 Balance, at end of the period $ - $ - A loan is considered to be impaired when, based on current information, it is probable that the Company will be unable to collect all amounts due in accordance with the contractual terms of the original loan agreement, including scheduled principal and interest payments. As of December 31, 2020 2019 , zero of , respectively During the year ended December 31, 2020 2019 $0.1 $0.4 $1.0 The Company had zero two December 31, 2020 2019 |
Note 7 - Fixed Assets
Note 7 - Fixed Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. At December 31, 2020 2019 (In thousands) As of December 31, 2020 2019 Furniture and fixtures $ 2,750 $ 2,675 Computer and office equipment 5,617 5,499 Leasehold improvements 9,879 9,739 Software 601 601 Less: accumulated depreciation (15,729) (14,247 ) Total fixed assets, net $ 3,118 $ 4,267 Depreciation expense was $1.5 $1.2 December 31, 2020 2019 |
Note 8 - Other Assets and Other
Note 8 - Other Assets and Other Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Other Assets and Other Liabilities Disclosure [Text Block] | 8. Other Assets and Other Liabilities At December 31, 2020 2019 (In thousands) As of December 31, 2020 2019 Accounts receivable $ 4,333 $ 7,053 Prepaid expenses 6,954 5,152 Deferred tax asset (2) - 21,406 Loans held for sale (1) 2,412 2,412 Other assets 323 230 Total other assets $ 14,022 $ 36,253 ( 1 (In thousands) As of December 31, 2020 2019 Accounts payable & accrued liabilities $ 6,726 $ 5,015 Deferred compensation liabilities 3,621 2,517 Deferred tax liability (2) - 8,645 Other liabilities 383 3,301 Total other liabilities $ 10,730 $ 19,478 ( 2 not December 31, 2020. |
Note 9 - Debt
Note 9 - Debt | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Debt Bond Payable (In thousands) December 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 (2,953 ) (3,416 ) Less: Senior Notes repurchased (1) (2,135 ) - Total bond payable, net $ 80,912 $ 82,584 ( 1 In March 2020, $1.4 $0.7 2029 2027 $0.7 On September 26, 2019, $36.0 6.875% “2029 2029 September 30, 2029, may September 30, 2021, 6.875% March 30, June 30, September 30, December 30 December 30, 2019. The 7.25% 2027 “2027 2029 2027 25% may December 31, 2020 2019, The future scheduled principal payments of the bond payable as of December 31, 2020 (In thousands) 2021 $ - 2022 - 2023 - 2024 - 2025 - Thereafter 86,000 Total $ 86,000 Note Payable, Lines of Credit and CLO Warehouse Credit Facility (In thousands) Outstanding Balance December 31, 2020 December 31, 2019 $25 million, JMP Holding credit agreement through December 31, 2020 $ 5,983 $ 5,983 Paycheck Protection Program (the "PPP") loan 3,798 - Note payable to an affiliate (Note 18) 829 829 Total note payable, lines of credit, and credit facilities $ 10,610 $ 6,812 JMP Holding LLC (the “Borrower”), a wholly owned subsidiary of the Company, entered into a Second Amended and Restated Credit Agreement dated April 30, 2014 On December 31, 2020, April 30, 2014 December 31, 2020 December 31, 2022 12 $25 December 31, 2020, $25 The Credit Agreement provides a $25.0 December 31, 2022 225 The Credit Agreement provides that the Revolver may $5.0 may As of December 31, 2020 2019, $6.0 $1.1 The Credit Agreement contains financial and other covenants, including, but not one December 31, 2020 December 30, 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, the Company has entered into a limited recourse pledge agreement whereby the Company has 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 June 30, 2021, June 30, 2022. no December 31, 2020 2019. On March 27, 2020, 19" April 17, 2020, $3.8 December 31, 2020, The PPP Loan bears interest at the rate of 1% not No not June 2022. |
Note 10 - Leases
Note 10 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 10. 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. not 2016 02, Leases (Topic 842 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 December 31, 2020, Year Ended December 31, 2020 Weighted-average remaining lease term Operating leases 4.36 Weighted-average discount rate Operating leases 5.94 % The Company leases office space in California, I llinois, Georgia (through March 19, 2019), $4.8 $5.2 million f December 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 Commitments Year Ending December 31, 2021 $ 5,486 2022 5,416 2023 5,659 2024 4,225 2025 2,458 Thereafter - Total minimum future lease payments 23,244 Amounts representing interest (2,114 ) Present value of net future minimum lease payments $ 21,130 December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities Cash used in operating activities $ 6,533 Operating leases $ 6,533 |
Note 11 - Shareholders' Equity
Note 11 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 11. Share holders' Equity Distributions on Common Shares On February 19, 2020, December 31, 2019: Distribution Record Total Payable Declaration Date Per Share Date Amount Date January 17, 2019 $ 0.050 January 31, 2019 $ 1,064,484 February 15, 2019 April 29, 2019 $ 0.040 May 17, 2019 $ 844,087 May 31, 2019 August 1, 2019 $ 0.040 August 16, 2019 $ 772,977 August 30, 2019 November 4, 2019 $ 0.040 November 15, 2019 $ 773,982 November 29, 2019 Share Repurchase Program On February 17, 2017, 1,000,000 December 31, 2018. June 30, 2019. six June 30, 2019, 318,826 $4.09 $1.3 May 8, 2019, Self-Tender Offer On February 24, 2020, “2020 3,000,000 2020 March 19, 2020 2020 not On May 13, 2019, 3,000,000 14.2% June 13, 2019. 1,816,732 $3.95 $7.2 |
Note 12 - Share-based Compensat
Note 12 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 12. Share -Based Compensation On January 27, 2015, he JMP Group Plan maintains authorization of the issuance of 4,000,000 April 12, 2007 June 6, 2011. The following table summarizes the share-based compensation expense for the year ended December 31, 2020 2019 : Year Ended December 31, (In thousands) 2020 2019 Restricted stock unit awards $ 1,184 $ 1,994 Stock option awards 543 - Share-based compensation expense $ 1,728 $ 1,994 Share Options The following table summarizes the share option activity for the years ended December 31, 2020 2019 : Year Ended December 31, 2020 2019 Shares Subject Weighted Average Shares Subject Weighted Average to Option Exercise Price to Option Exercise Price Balance, beginning of year - $ - 1,300,000 $ 6.85 Granted 2,400,000 3.04 - - Forfeited (400,000 ) 3.04 (1,300,000 ) 6.85 Balance, end of period 2,000,000 $ 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 December 31, 2020 2019 : December 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 2,000,000 4.10 $ 3.04 $ 1,620,000 - - $ - $ - The Company recognizes share-based compensation expense for share options over the vesting period using the accelerated attribution method when they are subject to graded vesting and on a straight-line basis when they are subject to cliff vesting. As of December 31, 2020, there was $0.65 in u There were no s December 31, 2020 December 31, 2020 not share options during both years. The Company uses the Black-Scholes option-pricing model or other quantitative models to calculate the fair value of option awards. Restricted Share Units On February 5, 2020, 77,000 2019 50% December 1, 2020 50% December 1, 2021, February 5, 2020, 122,000 25% April 1, 2020, July 1, 2020, October 1, 2020 January 1, 2021, On February 6, 2019 , the Company granted approximately 280,000 RSUs to certain employees of the Company as part of the 2018 deferred compensation program. 50% of these units vested on December 1, 2019 and the remaining 50% will vest on December 1, 2020, subject to the grantees' continued employment through such dates. The Company also granted RSUs for new hires throughout the year which have various vesting schedules. The following table summarizes RSU activity for the years ended December 31, 2020 2019 : Year Ended December 31, 2020 2019 Restricted Weighted Average Restricted Weighted Average Share Units Grant Date Fair Value Share Units Grant Date Fair Value Balance, beginning of year 387,006 $ 3.97 297,639 $ 4.79 Granted 201,804 2.98 572,695 4.06 Vested (368,601 ) 3.82 (483,328 ) 4.58 Balance, end of period 220,209 $ 3.32 387,006 $ 3.97 The aggregate fair value of RSUs vested during the years ended December 31, 2020 2019 $1.4 $2.2 $0.3 a $0.5 December 31, 2020 2019 The Company recognizes compensation expense for RSUs over the vesting period using the accelerated attribution method when they are subject to graded vesting and on a straight-line basis when they are subject to cliff vesting. For the years ended December 31, 2020 2019 , the Company recognized income tax benefits of $0.3 $0.5 December 31, 2020 2019 , $0.3 $0.8 1.3 1.75 The Company pays cash distribution equivalents on certain eligible unvested RSUs Distribution equivalents paid on RSUs are generally charged to retained earnings. Distribution equivalents paid on RSUs expected to be forfeited are included in compensation expense. The Company accounts for the tax benefit related to distribution equivalents paid on RSUs as an increase in additional paid-in capital. Share Appreciation Rights In February 2015, the Company granted an aggregate of 2,865,000 share appreciation rights (“SARs”) to certain employees and the Company 's independent directors. These SARs have a base price of $7.33 per share, an exercise period of five years and have vested and became exercisable on December 31, 2017 subject to the terms and conditions of the applicable grant agreements. The fair value of the SARs was determined using a quantitative model, using the following assumptions: expected life of 2.0 years, risk-free interest rate of 2.73% , distribution yield of 13 .67% , and volatility of 20.00%. The risk-free rate was interpolated from the U.S. constant maturity treasuries for a term corresponding to the maturity of the SAR. The volatility was estimated from the historical weekly share prices of the Company as of the grant date for a term corresponding to the maturity of the SAR. The distribution yield was calculated as the sum of the last twelve -month distributions over the share price as of the grant date. The following table summarizes the SARs activity for the years ended December 31, 2019: Year Ended December 31, 2019 Share Appreciation Weighted Average Rights Exercise Price Balance, beginning of year 2,485,000 $ 7.33 Expired (2,485,000 ) $ 7.33 Balance, end of period - $ - The Company recognizes compensation expense for SARs over the vesting period. On December 31, 2020 2019 , all of the SARs expired. For the years ended December 31, 2020 2019 , the Company recorded no As of December 31, 2020 2019 , no no December 31, 2020 2019; not s in both years. |
Note 13 - Net Income (Loss) Per
Note 13 - Net Income (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13 . Net Income (Loss) per Common Share Basic net income (loss) per share for the Company is calculated by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted net income (loss) per share is calculated by adjusting the weighted average number of outstanding shares to reflect the potential dilutive impact as if all potentially dilutive share options or RSUs were exercised or converted under the treasury share method. However, for periods that the Company has a net loss, the effect of outstanding share options or RSUs is anti-dilutive and, accordingly, is excluded from the calculation of diluted loss per share. The computations of basic and diluted net loss per share for the years ended December 31, 2020 2019 are shown in the tables below: (In thousands, except per share data) Year Ended December 31, 2020 2019 Numerator: Net loss attributable to JMP Group LLC $ (4,697 ) $ (6,549 ) Denominator: Basic weighted average shares outstanding 19,613 20,189 Effect of potential dilutive securities: Restricted share units - - Diluted weighted average shares outstanding 19,613 20,189 Net loss per share Basic $ (0.24 ) $ (0.32 ) Diluted $ (0.24 ) $ (0.32 ) Share options to purchase 2,000,000 1,300,000 of common shares for both years ended December 31, 2020 2019 , respectively, were anti-dilutive and, therefore, were not RSUs for 347,106 579,341 December 31, 2020 2019 , respectively, were anti-dilutive and, therefore, were not Due to the net loss for the years ended December 31, 2020 2019 , all of the share o ptions and RSUs outstanding, were anti-dilutive and, therefore, were not included in the computation of diluted weighted-average common shares outstanding. |
Note 14 - Revenue from Contract
Note 14 - Revenue from Contracts with Customers | 12 Months Ended |
Dec. 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 years ended December 31, 2020 2019 , respectively (in thousands) Year Ended December 31, 2020 Broker -Dealer Asset Management Eliminations Total Total revenues from contracts with customers Equity and debt origination $ 59,936 $ - $ - $ 59,936 Strategic advisory and private placements 40,449 - - 40,449 Total investment banking revenues 100,384 - - 100,384 Commissions 14,391 - - 14,391 Research payments 4,925 - - 4,925 Net trading losses (391 ) - - (391 ) Total brokerage revenues 18,926 - - 18,926 Base management fees - 6,704 - 6,704 Incentive management fees - 1,616 - 1,616 Total asset management fees - 8,320 - 8,320 Total revenues from contracts with customers $ 119,310 $ 8,320 $ - $ 127,630 (in thousands) Year Ended December 31, 2019 Broker -Dealer Asset Management Eliminations Total Total revenues from contracts with customers Equity and debt origination $ 42,236 $ - $ - $ 42,236 Strategic advisory and private placements 23,480 - - 23,480 Total investment banking revenues 65,716 - - 65,716 Commissions 12,062 - - 12,062 Research payments 5,671 - - 5,671 Net trading losses (105 ) - - (105 ) Total brokerage revenues 17,628 - - 17,628 Base management fees - 7,573 (1,083 ) 6,490 Incentive management fees - 937 - 937 Total asset management fees - 8,510 (1,083 ) 7,427 Total revenues from contracts with customers $ 83,344 $ 8,510 $ (1,083 ) $ 90,771 |
Note 15 - Employee Benefits
Note 15 - Employee Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 15 . Employee Benefits The Company sponsors a 401 not $1.4 December 31, 2020 2019 |
Note 16 - Income Taxes
Note 16 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 16. Income Taxes As of January 1, 2019, The components of the Company's income tax expense (benefit) for the years ended December 31, 2020 2019 (In thousands) Year Ended December 31, 2020 2019 Federal $ (2,007 ) $ 248 State 44 45 Total current income tax expense (benefit) (1,963 ) 293 Federal (1,504 ) (5,487 ) State 183 (1,633 ) Total deferred income tax expense (benefit) (1,321 ) (7,120 ) Total income tax expense (benefit) $ (3,284 ) $ (6,827 ) As of December 31, 2020 2019 (In thousands) As of December 31, 2020 2019 Deferred tax assets: Equity based compensation $ 141 $ 59 Interest expense limitation 1,045 59 Reserves and allowances 133 222 California Enterprise Zone credit 304 304 Federal and other state net operating loss 1,426 4,928 Accrued compensation and related expenses 1,671 2,502 Deferred compensation 919 636 Available for sale securities 128 1,752 Investment in partnerships 2,217 1,922 Tax basis difference - CLOs 4,453 1,689 Lease liability 5,455 6,823 Other 3 510 Total deferred tax assets 17,895 21,406 Deferred tax liabilities: Investment in partnerships (2,458 ) (1,772 ) Net unrealized gains on investments - (457 ) Right of use assets (4,194 ) (5,275 ) Other (1,830 ) (1,141 ) Total deferred tax liabilities (8,482 ) (8,645 ) Net deferred tax asset before valuation allowance 9,413 12,761 Valuation allowance - - Net deferred tax assets $ 9,413 $ 12,761 As of December 31, 2020, $3.0 $17.2 no 2034. $0.3 2023 2026. A reconciliation of the statutory U.S. federal income tax rate to the effective tax rate for the years ended December 31, 2020 2019 Year Ended December 31, 2020 2019 Tax at federal statutory tax rate 21.00 % 21.00 % State income tax, net of federal tax benefit (3.02 )% 11.78 % Non-CLO non-controlling interest (0.24 )% (0.01 )% Adjustment for permanent items (Other) (1.20 )% (1.27 )% Adjustment for prior year taxes (0.05 )% (0.36 )% Adjustment for change in tax status 0.00 % 25.01 % Net operating loss carryback rate impact 25.11 % 0.00 % Equity compensation shortfall (0.92 )% (5.12 )% Effective tax rate 40.68 % 51.03 % The difference between the statutory tax rate and the effective tax rate for the year ended December 31, 2020 The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates; with the limited exception of certain jurisdictions which do not not” 2020. December 31, 2020, no |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 17 . Commitments and Contingencies In connection with its underwriting activities, JMP Securities may, At both December 31, 2020 2019 , JMP Securities had no open underwriting commitments. The marketable securities owned and the restricted cash, as well as the cash held by the clearing broker may $0.5 $0.3 December 31, 2020 2019 , respectively. may Unfunded commitments are agreements to lend to a borrower, provided that all conditions have been met. The Company had no December 31, 2020 2019 . |
Note 18 - Regulatory Requiremen
Note 18 - Regulatory Requirements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 18. JMP Securities is subject to the SEC 's Uniform Net Capital Rule (Rule 15c3 1 not 15 1. f $42.3 $16.9 e $40.6 $15.5 $1.7 million and $1.4 December 31, 2020 2019 , 0.62 1 1.25 1 December 31, 2020 2019 , respectively. Since all customer transactions are cleared through another broker-dealer on a fully disclosed basis, JMP Securities is not 15c3 3 |
Note 19 - Related Party Transac
Note 19 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 19. The Company earns base management fees and incentive fees from serving as investment advisor for various entities, including corporations, partnerships limited liability companies, and offshore investment companies. The Company also owns an investment in some of such affiliated entities. As of December 31, 2020 2019 , $17.3 $9.8 8.6 million, respectively and an investment in HCC common stock of $7.5 $8.7 $6.7 $6.5 December 31, 2020 2019 . Also, the Company earned incentive fees of $1.6 $0.9 million, from these affiliated entities for the years ended December 31, 2020 2019 , On September 19, 2017 , $3.4 15% October 2019 , 30% $1.0 December 31, 2020 December 31, 2019 , the Company's portion of the outstanding loan balance to this entity was $2.4 $2.4 million and $2.5 December 31, 2020 December 31, 2019 , respectively, using the bid price. On November 20, 2017, 24.9% $0.6 December 31, 2020. December 31, 2020 $4.5 |
Note 20 - Litigation
Note 20 - Litigation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 20. The Company is involved in a number of judicial, regulatory and arbitration matters arising in connection with our business. The outcome of matters the Company has been and currently is involved in cannot be determined at this time, and the results cannot be predicted with certainty, except for the matter described below. There can be no not may The Company reviews the need for any loss contingency reserves and establishes reserves when, in the opinion of management, it is probable that a matter would result in liability and the amount of loss, if any, can be reasonably estimated. Management, after consultation with legal counsel, believes that the currently known actions or threats will not |
Note 21 - Financial Instruments
Note 21 - Financial Instruments With Off-balance Sheet Risk, Credit Risk or Market Risk | 12 Months Ended |
Dec. 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 brokers. 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 J may not may no December 31, 2020 2019 no December 31, 2020 2019 no no as of December 31, 2020 2019 The not may Standby letters of credit are conditional commitments issued by the Company to guarantee the performance by a borrower to a third 's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on balance sheet instruments. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to borrowers. T he Company had no December 31, 2020 2019 . |
Note 22 - Business Segments
Note 22 - Business Segments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 22 . Business Segments The Company's business results are categorized into the following four March 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 share-based compensation expense recognized during the period, (ii) recognizes 100% March 31, 2019; ( one September 2020; ( 26% x March 31, 2019) may Segment Operating Results Discussed below is our Operating Net Income by segment. This information is reflected in a manner utilized by management to assess the financial operations of the Company's various business lines. Year Ended December 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 $ 100,384 $ - $ - $ - $ - $ - $ 100,384 $ - $ 100,384 Brokerage 18,926 - - - - - 18,926 - 18,926 Asset management related fees 180 9,264 1,462 10,726 - (149 ) 10,757 (2,437 ) (a) 8,320 Principal transactions 1,491 - 4,706 4,706 - - 6,197 (24,725 ) (b) (18,528 ) Net dividend income - - 539 539 - - 539 (139 ) (c) 400 Other income - - - - - - - 3,735 (a) 3,735 Net interest income - - 1,780 1,780 - - 1,780 (103 ) (c) 1,677 Gain (loss) on repurchase, reissuance or early retirement of debt - - 786 786 - - 786 (89 ) (d) 697 Provision for loan losses - - (113 ) (113 ) - - (113 ) 1 (112 ) Total net revenues 120,981 9,264 9,160 18,424 - (149 ) 139,256 (23,757 ) 115,499 Non-interest expenses 102,888 8,983 928 9,911 9,637 (149 ) 122,287 1,287 (e) 123,574 Operating income (loss) before taxes 18,093 281 8,232 8,513 (9,637 ) - 16,969 (25,044 ) (8,075 ) Income tax expense (benefit) 4,696 72 2,148 2,220 (2,505 ) - 4,412 (7,696 ) (f) (3,284 ) Net loss attributable to non-controlling interest - - - - - - - (94 ) (a),(c),(e) (94 ) Operating net income (loss) $ 13,397 $ 209 $ 6,084 $ 6,293 $ (7,133 ) $ - $ 12,558 $ (17,254 ) (g) $ (4,697 ) As of December 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 Segment assets $ 90,604 $ 13,701 $ 75,654 $ 89,354 $ 147,196 $ (85,822 ) $ 241,331 $ - $ 241,331 (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 segments non-interest expenses exclude compensation expense recognized under GAAP related to equity awards, one (f) Total segment income tax (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. Year Ended December 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 $ 65,716 $ - $ - $ - $ - $ - $ 65,716 $ - $ 65,716 Brokerage 17,628 - - - - - 17,628 - 17,628 Asset management related fees 20 8,691 989 9,680 - (1,140 ) 8,560 (1,133 ) (a) 7,427 Principal transactions - - 8,465 8,465 - - 8,465 (7,121 ) (b) 1,344 Gain on sale, payoff, and mark-to-market of loans - - (39 ) (39 ) - - (39 ) 1 (38 ) Net dividend income - - 1,337 1,337 - - 1,337 (153 ) (c) 1,184 Other income - - - - - - - 2,373 (a) 2,373 Gain (loss) on repurchase. reissuance or early retirement of debt - - - - - - - (458 ) (d) (458 ) Provision for loan losses - - (438 ) (438 ) - - (438 ) - (438 ) Net interest income - - 5,317 5,317 - - 5,317 26 (c) 5,343 Total net revenues 83,364 8,691 15,631 24,322 - (1,140 ) 106,546 (6,465 ) 100,081 Non-interest expenses 90,066 9,352 2,351 11,703 7,067 (1,140 ) 107,696 5,768 (e) 113,464 Operating income (loss) before taxes (6,702 ) (661 ) 13,280 12,619 (7,067 ) - (1,150 ) (12,233 ) (13,383 ) Income tax expense (benefit) (1,742 ) (172 ) 3,432 3,260 (1,817 ) - (299 ) (6,528 ) (f) (6,827 ) Net income attributable to non-controlling interest - - - - - - - (7 ) (a),(c),(e) (7 ) Operating net income (loss) $ (4,960 ) $ (489 ) $ 9,848 $ 9,359 $ (5,250 ) $ - $ (851 ) $ (5,698 ) (g) $ (6,549 ) As of December 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 Segment assets $ 62,425 $ 12,281 $ 84,003 $ 96,284 $ 234,443 $ (162,895 ) $ 230,257 $ - $ 230,257 (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 segments 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 (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. |
Note 23 - Summarized Financial
Note 23 - Summarized Financial Information for Equity Method Investments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 23. The Company had a significant investment in real estate entities as of December 31, 2020 2019 December 31, 2020 2019 As of December 31, (In thousands) 2020 2019 Real estate properties, net $ 986,088 $ 1,005,927 Total assets $ 1,112,789 $ 1,137,263 Mortgages payable, net $ 1,290,270 $ 1,281,738 Total liabilities $ 1,330,237 $ 1,318,941 Total owners' deficit $ (217,448 ) $ (181,678 ) Total liabilities and owners' deficit $ 1,112,789 $ 1,137,263 Year Ended December 31, (In thousands) 2020 2019 Total revenues $ 193,324 $ 194,428 Net loss $ (8,554 ) $ (18,001 ) |
Note 24 - Nonconsolidated Varia
Note 24 - Nonconsolidated Variable Interest Entities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 24 . Nonconsolidated Variable Interest Entities VIEs for which the Company is not first 2019, December 31, 2020 2019 . See Note 1, Organization and Description of a Business (In thousands) As of December 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 $ 52,714 $ - $ 52,714 $ 1,169,243 $ 73,266 $ - $ 73,266 $ 1,439,442 Fund investments 10,765 311 14,311 465,365 10,396 207 14,196 346,206 Other investments 4,404 25 4,404 1,172,018 4,424 95 4,424 1,140,128 Total $ 67,883 $ 336 $ 71,429 $ 2,806,626 $ 88,086 $ 302 $ 91,886 $ 2,925,776 |
Note 25 - Subsequent Events
Note 25 - Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 25 . Subsequent Events The Company has performed an evaluation of subsequent events through March 29, 2021, On January 4, 2021, $10.0 400,000 2027 February 4, 2021 ( January 4, 2021, $50.0 2027 2027 2027 2027 $25 2027 not On December 23, 2020, second 2021. $7.5 December 31, 2020. 100% 19.9% $2.15 $0.36 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated accounts of the Company include the wholly-owned subsidiaries and the partially-owned subsidiaries of which we are the majority owner or the primary beneficiary. All material intercompany accounts and transactions have been eliminated in consolidation. Non-controlling interests on the Consolidated Statements of Financial Condition at December 31, 2020 2019 third The Company performs consolidation analyses on entities to identify variable interest entities (“VIEs”) and determine the appropriate accounting treatment. An entity is considered a VIE and, therefore, would be subject to the consolidation provisions of ASC 810 10 15 not not 2015 2, February 2015, 810, See Note 1, Organization and Description of a Business first 2019. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the use of estimates and assumptions that affect both the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results may |
Revenue [Policy Text Block] | Investment banking revenues Investment banking revenues consist of underwriting revenues, strategic advisory revenues and private placement fees. The Company generally does not December 31, 2020 not Underwriting revenues arise from securities offerings in which the Company acts as an underwriter and include management fees, selling concessions and underwriting fees, gross of the Company's share of allocated syndicate expenses. Underwriting fees, management fees, and selling concessions, gross of the Company's share of allocated syndicated expenses, are recorded on the trade date, which is typically the day of pricing an offering (or the following day). The Company has determined that its performance obligations are completed and the related income is reasonably determinable on the trade date. For these transactions, management estimates the Company's share of the transaction-related expenses incurred by the syndicate, and recognizes revenues gross of such expense. Expenses associated with such transactions are generally expensed as incurred, rather than being deferred, as the Company is unable to determine that collection of any reimbursement is reasonably assured until the trade date. On final settlement, typically 90 may Strategic advisory revenues primarily include success fees on closed merger and acquisition transactions, as well as retainer fees, earned in connection with advising on both buyers' and sellers' transactions. Fees are also earned for related advisory work and other services such as providing fairness opinions, valuation analyses, due diligence, and pre-transaction structuring advice. Depending on the nature of the engagement letter and the agreed upon services, customers may may not not Private placement fees are related to non-underwritten transactions such as private placements of equity securities, private investments in public equity, Rule 144A Brokerage revenues Brokerage revenues consist of (i) commissions resulting from equity securities transactions executed as agent or principal, (ii) related net trading gains and losses from market making activities and from the commitment of capital to facilitate customer orders and (iii) fees paid for equity research. Commissions resulting from equity securities transactions executed on behalf of customers are recorded on a trade date basis. The Company believes that the performance obligation is satisfied on the trade date because that is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon and the risks and rewards of ownership have been transferred to/from the customer. The Company currently generates revenues from research activities through three may may second third None not third second third The Company generally does not December 31, 2020 not Asset Management Fees Asset management fees include base management fees and incentive fees earned from managing our families of investment funds and other investment vehicles. The Company recognizes base management fees on a monthly basis over the period in which the investment management services are performed. Base management fees earned by the Company are generally based on the fair value of assets under management or aggregate capital commitments and the fee schedule for each fund and account. Base management fees for hedge funds and hedge funds of funds are calculated at the investor level using their quarter-beginning capital balance adjusted for any contributions or withdrawals. Base management fees for private equity funds are calculated at the investor level using their aggregate capital commitments during the commitment period, which is generally three first not not not Principal transactions Principal transaction revenues include realized and unrealized net gains and losses resulting from our principal investments in equity, CLO and other debt securities. Principal transaction revenues also include unrealized net gains and losses resulting from our principal investments in various investment funds managed by the Company or by third The Company's principal transaction revenues for these categories for the years ended December 31, 2020 2019 (In thousands) Year Ended December 31, 2020 2019 Equity and other securities excluding non-controlling interest $ 113 $ 295 Warrants and other investments (18,674 ) 944 Investment partnerships 33 105 Total principal transaction revenues $ (18,528 ) $ 1,344 |
Gain on Sale and Payoff of Loans [Policy Text Block] | Gain and Loss on Sale, Payoff and Mark-to-Market of Loans Gain and loss on sale, payoff and mark-to-market of loans consists of gains from the sale and payoff of loans collateralizing asset-backed securities (through March 2019) |
Revenue Recognition, Interest [Policy Text Block] | Interest Income Interest income primarily consists of interest income earned on loans collateralizing ABS issued (through March 2019), |
Interest Expense, Policy [Policy Text Block] | Interest Expense Interest expense primarily consists of interest expense incurred on asset-backed securities issued (through March 2019), March 2019), |
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers highly liquid investments with original maturities or remaining maturities upon purchase of three |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash and Deposits Restricted cash consisted of security deposits for operating leases at December 31, 2020 2019 As of December 31, 2020 , we had net liquid assets of $108.0 million consisting of cash and cash equivalents, receivable from clearing broker, marketable securities owned, investment banking fee receivable, net of marketable securities sold but not and internally generated cash from operations. Most of our financial instruments, other than are recorded at fair value or amounts that approximate fair value. |
Investment Banking, Fees Receivable [Policy Text Block] | Investment Banking Fees Receivable Investment banking fees receivable includes receivables relating to the Company's investment banking or advisory engagements. The Company records an allowance for doubtful accounts on these receivables on a specific identification basis. Investment banking fees receivable which are deemed to be uncollectible are charged off and deducted from the allowance. The allowance for doubtful accounts related to investment banking fees receivable was zero December 31, 2020 2019 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 4, Fair Value Measurements Most of the Company's financial instruments, other than loans collateralizing asset-backed securities issued, loans held for investment, asset-backed securities issued, and notes payable are recorded at fair value or amounts that approximate fair value. Marketable securities owned, other investments at fair value, and marketable securities sold, but not Fair value of the Company's financial instruments is generally obtained from quoted market prices, third not Marketable securities owned and securities sold, but not third not may not may not The Company uses the fair value option which allows an entity to report selected financial assets and financial liabilities at fair value. The fair value of those assets and liabilities for which the fair value option has been chosen is reflected on the face of the balance sheet. Subsequent changes in fair value are recorded in the Consolidated Statements of Operations. The Company elected to apply the fair value option to the investments in HCC common stock, its investment in MPCF, and its investments in private equity and debt funds. The primary reason for electing the fair value option was to measure these gains on our investments on the same basis as our other equity securities, all of which are stated at fair value. The gains/losses on the investments that result from the election of the fair value option are reported in Principal Transactions in the Consolidated Statements of Operations. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Hierarchy In determining fair value, the Company uses various methods including market, income and cost approaches. Based on these approaches, the Company often utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable firm inputs. The Company generally utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of the inputs used in the valuation techniques, the Company provides the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial instrument assets and liabilities carried at fair value have been classified and disclosed in one three Level 1 Quoted market prices in active markets for identical assets or liabilities. Level 2 Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3 Unobservable inputs that are not Level 1 Level 2 Level 3 At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as “Level 3.” |
Financing Receivable, Held-for-investment [Policy Text Block] | Loans Held for Investment Loans held for investment are carried at their unpaid principal balance, net of any allowance for credit losses and deferred loan origination, commitment and other fees. For loans held for investment, the Company establishes and maintains an allowance for credit losses based on management's estimate of credit losses in our loans as of each reporting date. The Company records the allowance against loans held for investment on a specific identification basis, or reviews its loan portfolio at the end of each quarter to record losses inherent in the homogenous loan portfolio. Loans are charged off against the reserve for credit losses if the principal is deemed not not 90 may not not Restructured loans are considered a troubled debt restructuring (“TDR”) if the Company, for economic or legal reasons related to the debtor's financial difficulties, grants a concession to the debtor that it would not may |
Marketable Securities, Policy [Policy Text Block] | CLO Debt Securities Investments in CLO debt securities are classified and accounted for according to their purpose and holding period. As of December 31, 2020 2019 may Interest income on CLO debt securities is recognized in accordance with ASC 835, may The Company evaluates the available-for-sale CLO debt securities for impairment quarterly. As part of the evaluation, the Company obtains the new cash flow projections for the CLO debt securities at period end and determines, based on those cash flows and other current information, if there has been a favorable or adverse change in the cash flows expected to be collected as compared to the projected cash flows from the prior period. An adverse change in cash flows is determined in the context of both the timing and the amount of the cash flows. An impairment would be recorded if the net present value of the cash flows of the investment is below the amortized cost basis of the investment and the Company does not - $21.7 December 31, 2020 - $4.2 December 31, 2019. |
Property, Plant and Equipment, Policy [Policy Text Block] | Fixed Assets Fixed assets represent furniture and fixtures, computer and office equipment, certain software costs, and leasehold improvements, which are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the respective assets, ranging from three five Leasehold improvements, including landlord funded assets, are capitalized and amortized over the shorter of the respective lease terms or the estimated useful lives of the improvements. The Company capitalizes certain costs of computer software developed or obtained for internal use and amortizes the amount over the estimated useful life of the software, generally not three |
Income Tax, Policy [Policy Text Block] | Income Taxes As of January 31, 2019, January 1, 2019. The Company recognizes deferred tax assets and liabilities in accordance with ASC 740, not not The Company records uncertain tax positions using a two not not fifty The Company's policy for recording interest and penalties associated with the tax audits or unrecognized tax benefits, if any, is to record such items as a component of income tax. |
Share-based Payment Arrangement [Policy Text Block] | Share-Based Compensation The Company recognizes compensation cost for share-based awards at their fair value on the date of grant and records compensation expense over the service period for awards expected to vest. Such grants are recognized as expense, net of estimated forfeitures. Share-based compensation includes restricted share units ("RSUs"), share appreciation rights, and share options granted under the Company's Equity Incentive Plan. In accordance with generally accepted valuation practices for share-based awards issued as compensation, the Company uses the Black-Scholes option-pricing model or other quantitative models to calculate the fair value of option awards. The quantitative models require subjective assumptions regarding variables such as future share price volatility, dividend yield and expected time to exercise, which greatly affect the calculated values. The fair value of RSUs is determined based on the closing price of the underlying share on the grant date, discounted for future distributions not |
Treasury Shares [Policy Text Block] | Treasury Shares The Company accounts for its treasury shares under the cost method, using an average cost assumption, and includes treasury shares as a component of shareholders' equity. |
Note 1 - Organization and Des_2
Note 1 - Organization and Description of Business (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Deconsolidation [Table Text Block] | Cash received $ 7,942 Retained interest, at fair value (1) 74,989 Non-controlling interest, as book value 12,842 Total of consideration received, retained interest, and non-controlling interest $ 95,773 Less: Net assets of deconsolidated subsidiaries at carrying value (2) 92,581 Gain on deconsolidation 3,192 Gain on remeasurement of CLO IV and CLO V senior subordinated notes 328 Total gain on deconsolidation $ 3,520 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Principal Transactions Revenue [Table Text Block] | (In thousands) Year Ended December 31, 2020 2019 Equity and other securities excluding non-controlling interest $ 113 $ 295 Warrants and other investments (18,674 ) 944 Investment partnerships 33 105 Total principal transaction revenues $ (18,528 ) $ 1,344 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2020 (In thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 91,444 $ 91,444 $ - $ - $ 91,444 Restricted cash and deposits 1,287 1,287 - - 1,287 Marketable securities owned 55,494 7,491 - 48,003 55,494 Equity investments 6,457 - 2,251 4,206 6,457 Other investments measured at net asset value (1) 11,155 - - - - Loans held for sale (2) 2,412 - - 2,412 2,412 Loans held for investment, net of allowance for loan losses 994 - - 994 994 Total assets: $ 169,243 $ 100,222 $ 2,251 $ 55,615 $ 158,088 Liabilities: Notes payable $ 10,610 $ - $ 5,983 $ 4,627 $ 10,610 Bond payable 80,912 - 79,472 - 79,472 Total liabilities: $ 91,522 $ - $ 85,455 $ 4,627 $ 90,082 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 Equity investments 3,956 - - 3,956 3956 Other investments measured at net asset value (1) 10,250 - - - 0 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 6812 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) December 31, 2020 Carrying Value Level 1 Level 2 Level 3 Total Marketable securities owned $ 55,494 $ 7,491 $ - $ 48,003 $ 55,494 Other investments: Equity investments 6,457 - 2,251 4,206 6,457 Investments in other funds managed by the Company (1) 4,943 - - - - Limited partnership in investments in private equity/ real estate funds (1) 6,212 - - - - Total other investments 17,611 - 2,251 4,206 6,457 Total assets: $ 73,105 $ 7,491 $ 2,251 $ 52,209 $ 61,951 (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 CLO senior subordinated notes Equity Investment Total Balance as of December 31, 2018 $ - $ - $ 57 $ 57 Fair value at recognition date 67,589 9,289 3,568 80,446 Purchases - - 182 182 Investment distributions (6,102 ) (883 ) - (6,985 ) Accrued interest 7,094 103 - 7,197 Unrealized gains (losses) on investments, recognized in earnings (4,204 ) - 305 (3,899 ) Unrealized losses on investments, recognized in OCI (6,521 ) - - (6,521 ) Realized losses on sales, recognized in earnings - (112 ) (156 ) (268 ) Sales - (8,397 ) - (8,397 ) Balance as of December 31, 2019 $ 57,856 $ - $ 3,956 $ 61,812 Investment distributions (2,330 ) - - (2,330 ) Accrued interest 8,155 - - 8,155 Unrealized gains (losses) on investments, recognized in earnings (21,703 ) - 249 (21,454 ) Unrealized gains on investments, recognized in OCI 6,025 - - 6,025 Balance as of December 31, 2020 $ 48,003 $ - $ 4,205 $ 52,208 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Significant Unobservable Inputs (In thousands) Range (Weighted-average (1)) Fair value Valuation Technique Description December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 CLO debt securities Discounted cash flows Discount rate 17.5% (N/A) 17.5% (N/A) $ 48,003 $ 57,856 Default rate 2.0% (N/A) 2.0% (N/A) Severity rate 25.0% (N/A) 25.0% (N/A) Prepayment rate 10.0%-25.0% (18.5%) 25.0% (N/A) Collateral liquidation price 98.0%-99.0% (98.8%) 98.0%-99.0% (98.7%) Equity investment Discounted cash flows Credit factor 20% (N/A) 20% (N/A) $ 3,378 $ 3,550 Discount rate 16% (N/A) 17.7% (N/A) Market EBITDA multiple 12.0x (N/A) N/A $ 828 $ - |
Note 5 - Available-for-sale S_2
Note 5 - Available-for-sale Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Debt Securities, Available-for-sale [Table Text Block] | December 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 $ 48,499 $ - $ (496) $ 48,003 3 $ 64,377 $ - $ (6,521) $ 57,856 3 |
Investments Classified by Contractual Maturity Date [Table Text Block] | (In thousands) December 31, 2020 December 31, 2019 Available-for-Sale Available-for-Sale Amortized Cost Fair Value Amortized Cost Fair Value Less than 5 years $ 9,109 $ 8,245 $ - $ - 5-10 years 39,390 39,758 38,451 33,877 More than 10 years - - 25,926 23,979 Total $ 48,499 $ 48,003 $ 64,377 $ 57,856 |
Note 6 - Loans (Tables)
Note 6 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (In thousands) Year Ended December 31, 2019 Impaired Non-Impaired Balance at beginning of period $ (836) $ (9,751 ) 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) Year Ended December 31, 2020 2019 Balance, at beginning of the period $ - $ (218 ) Provision for loan losses (112 ) (438 ) Charge off 112 218 Reversal of provision due to restructure of loan - 438 Balance, at end of the period $ - $ - |
Note 7 - Fixed Assets (Tables)
Note 7 - Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (In thousands) As of December 31, 2020 2019 Furniture and fixtures $ 2,750 $ 2,675 Computer and office equipment 5,617 5,499 Leasehold improvements 9,879 9,739 Software 601 601 Less: accumulated depreciation (15,729) (14,247 ) Total fixed assets, net $ 3,118 $ 4,267 |
Note 8 - Other Assets and Oth_2
Note 8 - Other Assets and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | (In thousands) As of December 31, 2020 2019 Accounts receivable $ 4,333 $ 7,053 Prepaid expenses 6,954 5,152 Deferred tax asset (2) - 21,406 Loans held for sale (1) 2,412 2,412 Other assets 323 230 Total other assets $ 14,022 $ 36,253 |
Other Liabilities [Table Text Block] | (In thousands) As of December 31, 2020 2019 Accounts payable & accrued liabilities $ 6,726 $ 5,015 Deferred compensation liabilities 3,621 2,517 Deferred tax liability (2) - 8,645 Other liabilities 383 3,301 Total other liabilities $ 10,730 $ 19,478 |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | (In thousands) 2021 $ - 2022 - 2023 - 2024 - 2025 - Thereafter 86,000 Total $ 86,000 |
Senior Notes [Member] | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | (In thousands) December 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 (2,953 ) (3,416 ) Less: Senior Notes repurchased (1) (2,135 ) - Total bond payable, net $ 80,912 $ 82,584 |
Schedule of Debt [Table Text Block] | (In thousands) Outstanding Balance December 31, 2020 December 31, 2019 $25 million, JMP Holding credit agreement through December 31, 2020 $ 5,983 $ 5,983 Paycheck Protection Program (the "PPP") loan 3,798 - Note payable to an affiliate (Note 18) 829 829 Total note payable, lines of credit, and credit facilities $ 10,610 $ 6,812 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended December 31, 2020 Weighted-average remaining lease term Operating leases 4.36 Weighted-average discount rate Operating leases 5.94 % December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities Cash used in operating activities $ 6,533 Operating leases $ 6,533 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (In thousands) Minimum Future Lease Commitments Year Ending December 31, 2021 $ 5,486 2022 5,416 2023 5,659 2024 4,225 2025 2,458 Thereafter - Total minimum future lease payments 23,244 Amounts representing interest (2,114 ) Present value of net future minimum lease payments $ 21,130 |
Note 11 - Shareholders' Equity
Note 11 - Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Distribution Record Total Payable Declaration Date Per Share Date Amount Date January 17, 2019 $ 0.050 January 31, 2019 $ 1,064,484 February 15, 2019 April 29, 2019 $ 0.040 May 17, 2019 $ 844,087 May 31, 2019 August 1, 2019 $ 0.040 August 16, 2019 $ 772,977 August 30, 2019 November 4, 2019 $ 0.040 November 15, 2019 $ 773,982 November 29, 2019 |
Note 12 - Share-based Compens_2
Note 12 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Year Ended December 31, (In thousands) 2020 2019 Restricted stock unit awards $ 1,184 $ 1,994 Stock option awards 543 - Share-based compensation expense $ 1,728 $ 1,994 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Year Ended December 31, 2020 2019 Shares Subject Weighted Average Shares Subject Weighted Average to Option Exercise Price to Option Exercise Price Balance, beginning of year - $ - 1,300,000 $ 6.85 Granted 2,400,000 3.04 - - Forfeited (400,000 ) 3.04 (1,300,000 ) 6.85 Balance, end of period 2,000,000 $ 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] | December 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 2,000,000 4.10 $ 3.04 $ 1,620,000 - - $ - $ - |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Year Ended December 31, 2020 2019 Restricted Weighted Average Restricted Weighted Average Share Units Grant Date Fair Value Share Units Grant Date Fair Value Balance, beginning of year 387,006 $ 3.97 297,639 $ 4.79 Granted 201,804 2.98 572,695 4.06 Vested (368,601 ) 3.82 (483,328 ) 4.58 Balance, end of period 220,209 $ 3.32 387,006 $ 3.97 |
Share-based Payment Arrangement, Stock Appreciation Right, Activity [Table Text Block] | Year Ended December 31, 2019 Share Appreciation Weighted Average Rights Exercise Price Balance, beginning of year 2,485,000 $ 7.33 Expired (2,485,000 ) $ 7.33 Balance, end of period - $ - |
Note 13 - Net Income (Loss) P_2
Note 13 - Net Income (Loss) Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (In thousands, except per share data) Year Ended December 31, 2020 2019 Numerator: Net loss attributable to JMP Group LLC $ (4,697 ) $ (6,549 ) Denominator: Basic weighted average shares outstanding 19,613 20,189 Effect of potential dilutive securities: Restricted share units - - Diluted weighted average shares outstanding 19,613 20,189 Net loss per share Basic $ (0.24 ) $ (0.32 ) Diluted $ (0.24 ) $ (0.32 ) |
Note 14 - Revenue from Contra_2
Note 14 - Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | (in thousands) Year Ended December 31, 2020 Broker -Dealer Asset Management Eliminations Total Total revenues from contracts with customers Equity and debt origination $ 59,936 $ - $ - $ 59,936 Strategic advisory and private placements 40,449 - - 40,449 Total investment banking revenues 100,384 - - 100,384 Commissions 14,391 - - 14,391 Research payments 4,925 - - 4,925 Net trading losses (391 ) - - (391 ) Total brokerage revenues 18,926 - - 18,926 Base management fees - 6,704 - 6,704 Incentive management fees - 1,616 - 1,616 Total asset management fees - 8,320 - 8,320 Total revenues from contracts with customers $ 119,310 $ 8,320 $ - $ 127,630 (in thousands) Year Ended December 31, 2019 Broker -Dealer Asset Management Eliminations Total Total revenues from contracts with customers Equity and debt origination $ 42,236 $ - $ - $ 42,236 Strategic advisory and private placements 23,480 - - 23,480 Total investment banking revenues 65,716 - - 65,716 Commissions 12,062 - - 12,062 Research payments 5,671 - - 5,671 Net trading losses (105 ) - - (105 ) Total brokerage revenues 17,628 - - 17,628 Base management fees - 7,573 (1,083 ) 6,490 Incentive management fees - 937 - 937 Total asset management fees - 8,510 (1,083 ) 7,427 Total revenues from contracts with customers $ 83,344 $ 8,510 $ (1,083 ) $ 90,771 |
Note 16 - Income Taxes (Tables)
Note 16 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (In thousands) Year Ended December 31, 2020 2019 Federal $ (2,007 ) $ 248 State 44 45 Total current income tax expense (benefit) (1,963 ) 293 Federal (1,504 ) (5,487 ) State 183 (1,633 ) Total deferred income tax expense (benefit) (1,321 ) (7,120 ) Total income tax expense (benefit) $ (3,284 ) $ (6,827 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (In thousands) As of December 31, 2020 2019 Deferred tax assets: Equity based compensation $ 141 $ 59 Interest expense limitation 1,045 59 Reserves and allowances 133 222 California Enterprise Zone credit 304 304 Federal and other state net operating loss 1,426 4,928 Accrued compensation and related expenses 1,671 2,502 Deferred compensation 919 636 Available for sale securities 128 1,752 Investment in partnerships 2,217 1,922 Tax basis difference - CLOs 4,453 1,689 Lease liability 5,455 6,823 Other 3 510 Total deferred tax assets 17,895 21,406 Deferred tax liabilities: Investment in partnerships (2,458 ) (1,772 ) Net unrealized gains on investments - (457 ) Right of use assets (4,194 ) (5,275 ) Other (1,830 ) (1,141 ) Total deferred tax liabilities (8,482 ) (8,645 ) Net deferred tax asset before valuation allowance 9,413 12,761 Valuation allowance - - Net deferred tax assets $ 9,413 $ 12,761 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2020 2019 Tax at federal statutory tax rate 21.00 % 21.00 % State income tax, net of federal tax benefit (3.02 )% 11.78 % Non-CLO non-controlling interest (0.24 )% (0.01 )% Adjustment for permanent items (Other) (1.20 )% (1.27 )% Adjustment for prior year taxes (0.05 )% (0.36 )% Adjustment for change in tax status 0.00 % 25.01 % Net operating loss carryback rate impact 25.11 % 0.00 % Equity compensation shortfall (0.92 )% (5.12 )% Effective tax rate 40.68 % 51.03 % |
Note 22 - Business Segments (Ta
Note 22 - Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 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 $ 100,384 $ - $ - $ - $ - $ - $ 100,384 $ - $ 100,384 Brokerage 18,926 - - - - - 18,926 - 18,926 Asset management related fees 180 9,264 1,462 10,726 - (149 ) 10,757 (2,437 ) (a) 8,320 Principal transactions 1,491 - 4,706 4,706 - - 6,197 (24,725 ) (b) (18,528 ) Net dividend income - - 539 539 - - 539 (139 ) (c) 400 Other income - - - - - - - 3,735 (a) 3,735 Net interest income - - 1,780 1,780 - - 1,780 (103 ) (c) 1,677 Gain (loss) on repurchase, reissuance or early retirement of debt - - 786 786 - - 786 (89 ) (d) 697 Provision for loan losses - - (113 ) (113 ) - - (113 ) 1 (112 ) Total net revenues 120,981 9,264 9,160 18,424 - (149 ) 139,256 (23,757 ) 115,499 Non-interest expenses 102,888 8,983 928 9,911 9,637 (149 ) 122,287 1,287 (e) 123,574 Operating income (loss) before taxes 18,093 281 8,232 8,513 (9,637 ) - 16,969 (25,044 ) (8,075 ) Income tax expense (benefit) 4,696 72 2,148 2,220 (2,505 ) - 4,412 (7,696 ) (f) (3,284 ) Net loss attributable to non-controlling interest - - - - - - - (94 ) (a),(c),(e) (94 ) Operating net income (loss) $ 13,397 $ 209 $ 6,084 $ 6,293 $ (7,133 ) $ - $ 12,558 $ (17,254 ) (g) $ (4,697 ) As of December 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 Segment assets $ 90,604 $ 13,701 $ 75,654 $ 89,354 $ 147,196 $ (85,822 ) $ 241,331 $ - $ 241,331 Year Ended December 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 $ 65,716 $ - $ - $ - $ - $ - $ 65,716 $ - $ 65,716 Brokerage 17,628 - - - - - 17,628 - 17,628 Asset management related fees 20 8,691 989 9,680 - (1,140 ) 8,560 (1,133 ) (a) 7,427 Principal transactions - - 8,465 8,465 - - 8,465 (7,121 ) (b) 1,344 Gain on sale, payoff, and mark-to-market of loans - - (39 ) (39 ) - - (39 ) 1 (38 ) Net dividend income - - 1,337 1,337 - - 1,337 (153 ) (c) 1,184 Other income - - - - - - - 2,373 (a) 2,373 Gain (loss) on repurchase. reissuance or early retirement of debt - - - - - - - (458 ) (d) (458 ) Provision for loan losses - - (438 ) (438 ) - - (438 ) - (438 ) Net interest income - - 5,317 5,317 - - 5,317 26 (c) 5,343 Total net revenues 83,364 8,691 15,631 24,322 - (1,140 ) 106,546 (6,465 ) 100,081 Non-interest expenses 90,066 9,352 2,351 11,703 7,067 (1,140 ) 107,696 5,768 (e) 113,464 Operating income (loss) before taxes (6,702 ) (661 ) 13,280 12,619 (7,067 ) - (1,150 ) (12,233 ) (13,383 ) Income tax expense (benefit) (1,742 ) (172 ) 3,432 3,260 (1,817 ) - (299 ) (6,528 ) (f) (6,827 ) Net income attributable to non-controlling interest - - - - - - - (7 ) (a),(c),(e) (7 ) Operating net income (loss) $ (4,960 ) $ (489 ) $ 9,848 $ 9,359 $ (5,250 ) $ - $ (851 ) $ (5,698 ) (g) $ (6,549 ) As of December 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 Segment assets $ 62,425 $ 12,281 $ 84,003 $ 96,284 $ 234,443 $ (162,895 ) $ 230,257 $ - $ 230,257 |
Note 23 - Summarized Financia_2
Note 23 - Summarized Financial Information for Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | As of December 31, (In thousands) 2020 2019 Real estate properties, net $ 986,088 $ 1,005,927 Total assets $ 1,112,789 $ 1,137,263 Mortgages payable, net $ 1,290,270 $ 1,281,738 Total liabilities $ 1,330,237 $ 1,318,941 Total owners' deficit $ (217,448 ) $ (181,678 ) Total liabilities and owners' deficit $ 1,112,789 $ 1,137,263 Year Ended December 31, (In thousands) 2020 2019 Total revenues $ 193,324 $ 194,428 Net loss $ (8,554 ) $ (18,001 ) |
Note 24 - Nonconsolidated Var_2
Note 24 - Nonconsolidated Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | (In thousands) As of December 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 $ 52,714 $ - $ 52,714 $ 1,169,243 $ 73,266 $ - $ 73,266 $ 1,439,442 Fund investments 10,765 311 14,311 465,365 10,396 207 14,196 346,206 Other investments 4,404 25 4,404 1,172,018 4,424 95 4,424 1,140,128 Total $ 67,883 $ 336 $ 71,429 $ 2,806,626 $ 88,086 $ 302 $ 91,886 $ 2,925,776 |
Note 1 - Organization and Des_3
Note 1 - Organization and Description of Business (Details Textual) $ / shares in Units, $ in Thousands | Feb. 04, 2021USD ($)$ / shares | Jan. 04, 2021USD ($)$ / shares | Mar. 19, 2019USD ($) | May 31, 2019USD ($) | Mar. 31, 2019USD ($) | Jun. 30, 2021USD ($)$ / shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 17, 2019 | |
Long-term Debt, Gross | $ 86,000 | |||||||||
Deconsolidation, Gain (Loss), Amount | $ 3,192 | |||||||||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | 7,942 | |||||||||
Investments, Fair Value Disclosure, Total | 74,989 | [1] | 17,611 | $ 14,206 | ||||||
CLO III [Member] | ||||||||||
Net Assets, Ending Balance | 24,500 | |||||||||
CLO IV [Member] | ||||||||||
Net Assets, Ending Balance | 30,200 | |||||||||
CLO V [Member] | ||||||||||
Net Assets, Ending Balance | 25,800 | |||||||||
CLO VI [Member] | ||||||||||
Net Assets, Ending Balance | 11,600 | |||||||||
JMPCA [Member] | ||||||||||
Net Assets, Ending Balance | 500 | |||||||||
Senior Subordinated Notes of CLO IV and CLO V [Member] | ||||||||||
Debt Securities, Trading, Realized Gain (Loss), Total | $ (100) | |||||||||
CLO III [Member] | ||||||||||
Investments, Fair Value Disclosure, Total | 13,300 | |||||||||
CLO IV [Member] | ||||||||||
Investments, Fair Value Disclosure, Total | 27,800 | |||||||||
CLO V [Member] | ||||||||||
Investments, Fair Value Disclosure, Total | 26,500 | |||||||||
CLO VI [Member] | ||||||||||
Investments, Fair Value Disclosure, Total | 3,800 | |||||||||
JMPCA [Member] | ||||||||||
Investments, Fair Value Disclosure, Total | $ 3,600 | |||||||||
Medalist Partners LP [Member] | ||||||||||
Percentage of Outstanding Preference Shares Sold | 66.00% | |||||||||
Proceeds from Sale of Preference shares | $ 7,600 | |||||||||
Gain (Loss) on Sale of Preference Shares | 0 | |||||||||
CLO III [Member] | ||||||||||
Ownership Percentage of Junior Subordinated Notes | 47.00% | |||||||||
Deconsolidation, Gain (Loss), Amount | $ 1,600 | |||||||||
JMPCA [Member] | ||||||||||
Deconsolidation, Gain (Loss), Amount | $ 3,400 | |||||||||
Ownership Percentage | 45.00% | |||||||||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | $ 300 | |||||||||
JMPCA [Member] | Medalist Partners LP [Member] | ||||||||||
Ownership Interest, Sold | 50.10% | |||||||||
JMPCA [Member] | Management Employees of JMPCA [Member] | ||||||||||
Ownership Interest, Sold | 4.90% | |||||||||
CLO's [Member] | ||||||||||
Ownership Percentage | 100.00% | |||||||||
CLO IV [Member] | ||||||||||
Ownership Percentage of Junior Subordinated Notes | 100.00% | |||||||||
Ownership Percentage of Senior Subordinated Notes | 100.00% | |||||||||
CLO VI [Member] | ||||||||||
Ownership Percentage of Junior Subordinated Notes | 33.00% | |||||||||
CLO V [Member] | ||||||||||
Ownership Percentage of Senior Subordinated Notes | 25.00% | |||||||||
CLO IV, CLO V, and CLO VI [Member] | ||||||||||
Deconsolidation, Gain (Loss), Amount | $ (1,800) | |||||||||
HCC Common Stock [Member] | ||||||||||
Equity Securities, FV-NI | $ 7,500 | |||||||||
HCC Common Stock [Member] | Forecast [Member] | ||||||||||
Investee Merger Transaction, Consideration, Shares Valued, Percentage of Survivor's Net Asset Value Per Share | 100.00% | |||||||||
Investee Merger Transaction, Consideration, Maximum Percentage of Survivor's Common Stock Issued and Outstanding | 19.90% | |||||||||
Investee Merger Transaction, Consideration, Cash | $ 2,150 | |||||||||
Investee Merger Transaction, Consideration, Cash, Price Per Share (in dollars per share) | $ / shares | $ 0.36 | |||||||||
Subsequent Event [Member] | Senior Notes 2027 [Member] | ||||||||||
Debt Instrument, Principal Amount Redeemed | $ 10,000 | $ 10,000 | ||||||||
Debt Instrument, Number of Units Redeemed | 400,000 | 400,000 | ||||||||
Long-term Debt, Gross | $ 50,000 | |||||||||
Debt Instrument, Redemption Price Per Unit (in dollars per share) | $ / shares | $ 25 | $ 25 | ||||||||
[1] | The fair value of the Company's retained interest in CLO III, CLO IV, CLO V, CLO VI, and JMPCA as of the deconsolidation date was $13.3 million, $27.8 million, $26.5 million, $3.8 million, and $3.6 million, respectively |
Note 1 - Organization and Des_4
Note 1 - Organization and Description of Business - Deconsolidation of the CLO's and JMPCA (Details) - USD ($) $ in Thousands | Mar. 19, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Cash received | $ 7,942 | ||||
Investments fair value | 74,989 | [1] | $ 17,611 | $ 14,206 | |
Non-controlling interest, as book value | 12,842 | $ (532) | $ (327) | ||
Total of consideration received, retained interest, and non-controlling interest | 95,773 | ||||
Gain on deconsolidation | 3,192 | ||||
Gain on remeasurement of CLO IV and CLO V senior subordinated notes | 328 | ||||
Total gain on deconsolidation | 3,520 | ||||
CLO's and JMPCA [Member] | |||||
Net assets of deconsolidated subsidiaries at carrying value | [2] | $ 92,581 | |||
[1] | The fair value of the Company's retained interest in CLO III, CLO IV, CLO V, CLO VI, and JMPCA as of the deconsolidation date was $13.3 million, $27.8 million, $26.5 million, $3.8 million, and $3.6 million, respectively | ||||
[2] | The book value of the net assets of CLO III, CLO IV, CLO V, CLO VI, and JMPCA as of the deconsolidation date was $24.5 million, $30.2 million, $25.8 million, $11.6 million, and $0.5 million, respectively |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net Liquid Assets | $ 108,000 | |
Allowance For Doubtful Accounts Investment Banking Fees Receivable | $ 0 | $ 0 |
Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |
Maximum [Member] | Computer Software, Intangible Asset [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | |
Collateralized Loan Obligations [Member] | ||
Other than Temporary Impairment Losses, Investments, Total | $ 21,700 | $ 4,200 |
Investment Banking [Member] | ||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 0 | |
Contract with Customer, Liability, Total | 0 | |
Brokerage Revenue [Member] | ||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 0 | |
Contract with Customer, Liability, Total | $ 0 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Principal Transaction Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Principal transactions | $ (18,528) | $ 1,344 |
Equity Securities [Member] | ||
Principal transactions | 113 | 295 |
Warrants and Other Investments [Member] | ||
Principal transactions | (18,674) | 944 |
Investment Partnerships [Member] | ||
Principal transactions | $ 33 | $ 105 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 3.5 | $ 3.8 |
Fair Value, Nonrecurring [Member] | ||
Loans Receivable, Fair Value Disclosure | $ 2.4 | $ 0.1 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | ||
Marketable securities owned | $ 5,696 | $ 0 | ||
Marketable securities sold, but not yet purchased | 3,855 | |||
Reported Value Measurement [Member] | ||||
Cash and cash equivalents | 91,444 | 49,630 | ||
Restricted cash and deposits | 1,287 | 1,287 | ||
Marketable securities owned | 55,494 | 73,101 | ||
Equity Securities, FV-NI | 6,457 | 3,956 | ||
Other investments measured at net asset value (1) | [1] | 11,155 | 10,250 | |
Loans held for sale | 2,412 | [2] | 2,412 | |
Loans held for investment, net of allowance for loan losses | 994 | 1,210 | ||
Total assets: | 169,243 | 141,846 | ||
Notes payable | 10,610 | 6,812 | ||
Bond payable | 80,912 | 82,584 | ||
Total liabilities: | 91,522 | 93,251 | ||
Marketable securities sold, but not yet purchased | 3,855 | |||
Estimate of Fair Value Measurement [Member] | ||||
Cash and cash equivalents | 91,444 | 49,630 | ||
Restricted cash and deposits | 1,287 | 1,287 | ||
Marketable securities owned | 55,494 | 73,101 | ||
Equity Securities, FV-NI | 6,457 | 3,956 | ||
Other investments measured at net asset value (1) | [1] | 0 | ||
Loans held for sale | 2,412 | [2] | 2,476 | |
Loans held for investment, net of allowance for loan losses | 994 | 1,087 | ||
Total assets: | 158,088 | 131,537 | ||
Notes payable | 10,610 | 6,812 | ||
Bond payable | 79,472 | 84,821 | ||
Total liabilities: | 90,082 | 95,488 | ||
Marketable securities sold, but not yet purchased | 3,855 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Cash and cash equivalents | 91,444 | 49,630 | ||
Restricted cash and deposits | 1,287 | 1,287 | ||
Marketable securities owned | 7,491 | 15,245 | ||
Equity Securities, FV-NI | ||||
Other investments measured at net asset value (1) | [1] | |||
Loans held for sale | [2] | |||
Loans held for investment, net of allowance for loan losses | ||||
Total assets: | 100,222 | 66,162 | ||
Notes payable | ||||
Bond payable | ||||
Total liabilities: | 3,855 | |||
Marketable securities sold, but not yet purchased | 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 | ||||
Equity Securities, FV-NI | 2,251 | |||
Other investments measured at net asset value (1) | [1] | |||
Loans held for sale | [2] | |||
Loans held for investment, net of allowance for loan losses | ||||
Total assets: | 2,251 | |||
Notes payable | 5,983 | 5,983 | ||
Bond payable | 79,472 | 84,821 | ||
Total liabilities: | 85,455 | 90,804 | ||
Marketable securities sold, but not yet purchased | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Cash and cash equivalents | ||||
Restricted cash and deposits | ||||
Marketable securities owned | 48,003 | 57,856 | ||
Equity Securities, FV-NI | 4,206 | 3,956 | ||
Other investments measured at net asset value (1) | [1] | |||
Loans held for sale | 2,412 | [2] | 2,476 | |
Loans held for investment, net of allowance for loan losses | 994 | 1,087 | ||
Total assets: | 55,615 | 65,375 | ||
Notes payable | 4,627 | 829 | ||
Bond payable | ||||
Total liabilities: | $ 4,627 | 829 | ||
Marketable securities sold, but not yet purchased | ||||
[1] | In accordance with ASC 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The carrying values of these lines reconciles to the parenthetical disclosure of other investments on the Consolidated Statements of Financial Condition. | |||
[2] | Included in Other Assets on the Consolidated Statements of Financial Condition. |
Note 4 - Fair Value Measureme_5
Note 4 - Fair Value Measurements - Fair Value of Assets and Liabilities on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 19, 2019 | [1] | |
Marketable securities owned | $ 55,494 | $ 73,101 | |||
Other investments | 17,611 | 14,206 | $ 74,989 | ||
Fair Value, Recurring [Member] | |||||
Marketable securities owned | 55,494 | 73,101 | |||
Equity Securities, FV-NI | 6,457 | 3,956 | |||
Other investments | 3,956 | ||||
Total assets: | 61,951 | 77,057 | |||
Marketable securities sold, but not yet purchased | 3,855 | ||||
Total liabilities: | 3,855 | ||||
Fair Value, Recurring [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | |||||
Other investments | [2] | ||||
Fair Value, Recurring [Member] | Limited Partner Investment in Private Equity Fund and Real Estate Funds [Member] | |||||
Other investments | [2] | ||||
Fair Value, Recurring [Member] | Total Return Swap [Member] | |||||
Other investments | 6,457 | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Marketable securities owned | 7,491 | 15,245 | |||
Equity Securities, FV-NI | |||||
Other investments | |||||
Total assets: | 7,491 | 15,245 | |||
Marketable securities sold, but not yet purchased | 3,855 | ||||
Total liabilities: | 3,855 | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | |||||
Other investments | [2] | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Limited Partner Investment in Private Equity Fund and Real Estate Funds [Member] | |||||
Other investments | [2] | ||||
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 Securities, FV-NI | 2,251 | ||||
Other investments | |||||
Total assets: | 2,251 | ||||
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 | [2] | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Limited Partner Investment in Private Equity Fund and Real Estate Funds [Member] | |||||
Other investments | [2] | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Total Return Swap [Member] | |||||
Other investments | 2,251 | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Marketable securities owned | 48,003 | 57,856 | |||
Equity Securities, FV-NI | 4,206 | 3,956 | |||
Other investments | 3,956 | ||||
Total assets: | 52,209 | 61,812 | |||
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 | [2] | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Limited Partner Investment in Private Equity Fund and Real Estate Funds [Member] | |||||
Other investments | [2] | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Total Return Swap [Member] | |||||
Other investments | 4,206 | ||||
Reported Value Measurement [Member] | |||||
Equity Securities, FV-NI | 6,457 | 3,956 | |||
Total assets: | 169,243 | 141,846 | |||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | |||||
Marketable securities owned | 55,494 | 73,101 | |||
Equity Securities, FV-NI | 6,457 | 3,956 | |||
Other investments | 14,206 | ||||
Total assets: | 73,105 | 87,307 | |||
Marketable securities sold, but not yet purchased | 3,855 | ||||
Total liabilities: | 3,855 | ||||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Investments in Private Equity Funds Managed by HCS & JMPAM [Member] | |||||
Other investments | [2] | 4,943 | 5,188 | ||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Limited Partner Investment in Private Equity Fund and Real Estate Funds [Member] | |||||
Other investments | [2] | 6,212 | $ 5,062 | ||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Total Return Swap [Member] | |||||
Other investments | $ 17,611 | ||||
[1] | The fair value of the Company's retained interest in CLO III, CLO IV, CLO V, CLO VI, and JMPCA as of the deconsolidation date was $13.3 million, $27.8 million, $26.5 million, $3.8 million, and $3.6 million, respectively | ||||
[2] | In accordance with ASC 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The carrying values of these lines reconciles to the parenthetical disclosure of other investments on the Consolidated Statements of Financial Condition. |
Note 4 - Fair Value Measureme_6
Note 4 - Fair Value Measurements - Changes in Level 3 Assets Measured at Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 61,812 | $ 57 |
Fair value at recognition date | 80,446 | |
Purchases | 182 | |
Investment distributions | (2,330) | (6,985) |
Accrued interest | 8,155 | 7,197 |
Unrealized gains (losses) on investments, recognized in earnings | (21,454) | (3,899) |
Unrealized losses on investments, recognized in OCI | (6,521) | |
Realized losses on sales, recognized in earnings | (268) | |
Sales | (8,397) | |
Unrealized gains on investments, recognized in OCI | 6,025 | |
Balance | 52,208 | 61,812 |
CLO Junior Subordinated Notes [Member] | ||
Balance | 57,856 | |
Fair value at recognition date | 67,589 | |
Purchases | ||
Investment distributions | (2,330) | (6,102) |
Accrued interest | 8,155 | 7,094 |
Unrealized gains (losses) on investments, recognized in earnings | (21,703) | (4,204) |
Unrealized losses on investments, recognized in OCI | (6,521) | |
Realized losses on sales, recognized in earnings | ||
Sales | ||
Unrealized gains on investments, recognized in OCI | 6,025 | |
Balance | 48,003 | 57,856 |
CLO Senior Subordinated Notes [Member] | ||
Balance | ||
Fair value at recognition date | 9,289 | |
Purchases | ||
Investment distributions | (883) | |
Accrued interest | 103 | |
Unrealized gains (losses) on investments, recognized in earnings | ||
Unrealized losses on investments, recognized in OCI | ||
Realized losses on sales, recognized in earnings | (112) | |
Sales | (8,397) | |
Unrealized gains on investments, recognized in OCI | ||
Balance | ||
Equity Securities [Member] | ||
Balance | 3,956 | 57 |
Fair value at recognition date | 3,568 | |
Purchases | 182 | |
Investment distributions | ||
Accrued interest | ||
Unrealized gains (losses) on investments, recognized in earnings | 249 | 305 |
Unrealized losses on investments, recognized in OCI | ||
Realized losses on sales, recognized in earnings | (156) | |
Sales | ||
Unrealized gains on investments, recognized in OCI | ||
Balance | $ 4,205 | $ 3,956 |
Note 4 - Fair Value Measureme_7
Note 4 - Fair Value Measurements - Significant Unobservable Inputs Used in Fair Value Measurements (Details) - Fair Value, Recurring [Member] $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Equity investment | $ 6,457 | $ 3,956 | |
Fair Value, Inputs, Level 3 [Member] | |||
Equity investment | $ 4,206 | $ 3,956 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||
CLO debt security, measurement input | [1] | 17.5 | 17.5 |
CLO debt securities | $ 48,003 | $ 57,856 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | |||
CLO debt security, measurement input | [1] | 2 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Weighted Average [Member] | |||
CLO debt security, measurement input | [1] | 2 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Loss Severity [Member] | |||
CLO debt security, measurement input | [1] | 25 | 25 |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | |||
CLO debt security, measurement input | [1] | 25 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Weighted Average [Member] | |||
CLO debt security, measurement input | [1] | 18.5 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Minimum [Member] | |||
CLO debt security, measurement input | [1] | 10 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Maximum [Member] | |||
CLO debt security, measurement input | [1] | 25 | |
Fair Value, Inputs, Level 3 [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 | [1] | 98.8 | 98.7 |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Liquidation Price [Member] | Minimum [Member] | |||
CLO debt security, measurement input | [1] | 98 | 98 |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Liquidation Price [Member] | Maximum [Member] | |||
CLO debt security, measurement input | [1] | 99 | 9 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Factor [Member] | |||
Equity investment, measurement input | [1] | 20 | 20 |
Equity investment | $ 3,378 | $ 3,550 | |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | |||
Equity investment, measurement input | [1] | 16 | 17.7 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | EBITDA Multiples [Member] | |||
Equity investment | $ 828 | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | EBITDA Multiples [Member] | Weighted Average [Member] | |||
Equity investment, measurement input | 12 | ||
[1] | 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) $ in Millions | Jul. 16, 2020USD ($) |
CLO Debt Securities [Member] | |
Financial Instruments, Owned and Pledged as Collateral, at Fair Value | $ 6 |
Note 5 - Available-for-sale S_4
Note 5 - Available-for-sale Securities - Available-for-sale Securities (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt Securities, Available-for-sale, Amortized Cost | $ 48,499 | $ 64,377 |
Debt Securities, Available-for-sale | 48,003 | 57,856 |
CLO Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 48,499 | 64,377 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (496) | (6,521) |
Debt Securities, Available-for-sale | $ 48,003 | $ 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 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Less Than 5 Years | $ 9,109 | |
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Less Than 5 Years | 8,245 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | 39,390 | 38,451 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | 39,758 | 33,877 |
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost | 25,926 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value | 23,979 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 48,499 | 64,377 |
Debt Securities, Available-for-sale, Total | $ 48,003 | $ 57,856 |
Note 6 - Loans (Details Textual
Note 6 - Loans (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number of Loans Held for Investment | 2 | 4 |
Financing Receivable, Past Due | $ 0 | $ 0 |
Financing Receivable, Individually Evaluated for Impairment, Recorded Impairment | 100 | 400 |
Financing Receivable, Individually Evaluated for Impairment | $ 1,000 | $ 1,000 |
Financing Receivable, Modifications, Number of Contracts | 0 | 2 |
Loans Held for Investment [Member] | ||
Financing Receivable, Individually Evaluated for Impairment, Recorded Investment | $ 0 | $ 0 |
Note 6 - Loans - Loans Collater
Note 6 - Loans - Loans Collateralizing Asset-backed Securities Issued, Allowance for Loan Losses (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Impaired Loans [Member] | |
Balance, at beginning of the period | $ (836) |
Charge off | 181 |
Reversal of provision due to restructure of loan | 655 |
Balance, at end of the period | |
Non Impaired Loans [Member] | |
Balance, at beginning of the period | (9,751) |
Charge off | |
Reversal of provision due to restructure of loan | 9,751 |
Balance, at end of the period |
Note 6 - Loans - Loans Held for
Note 6 - Loans - Loans Held for Investment, Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Provision for loan losses | $ (112) | $ (438) |
Impaired Loans [Member] | ||
Balance, at beginning of the period | (836) | |
Charge off | 181 | |
Reversal of provision due to restructure of loan | 655 | |
Balance, at end of the period | ||
Non Impaired Loans [Member] | ||
Balance, at beginning of the period | (9,751) | |
Charge off | ||
Reversal of provision due to restructure of loan | 9,751 | |
Balance, at end of the period | ||
Loans Held for Investment [Member] | Impaired Loans [Member] | ||
Balance, at beginning of the period | ||
Charge off | 112 | |
Reversal of provision due to restructure of loan | ||
Balance, at end of the period | ||
Loans Held for Investment [Member] | Non Impaired Loans [Member] | ||
Balance, at beginning of the period | (218) | |
Charge off | 218 | |
Reversal of provision due to restructure of loan | 438 | |
Balance, at end of the period |
Note 7 - Fixed Assets (Details
Note 7 - Fixed Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation, Total | $ 1.5 | $ 1.2 |
Note 7 - Fixed Assets - Summary
Note 7 - Fixed Assets - Summary of Fixed Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Furniture and fixtures | $ 2,750 | $ 2,675 |
Computer and office equipment | 5,617 | 5,499 |
Leasehold improvements | 9,879 | 9,739 |
Software | 601 | 601 |
Less: accumulated depreciation | (15,729) | (14,247) |
Total fixed assets, net | $ 3,118 | $ 4,267 |
Note 8 - Other Assets and Oth_3
Note 8 - Other Assets and Other Liabilities - Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | ||
Accounts receivable | $ 4,333 | $ 7,053 | ||
Prepaid expenses | 6,954 | 5,152 | ||
Deferred tax asset (2) | 17,895 | 21,406 | [1] | |
Loans held for sale (1) | [2] | 2,412 | 2,412 | |
Other assets | 323 | 230 | ||
Total other assets | $ 14,022 | $ 36,253 | ||
[1] | Deferred tax asset and liability have been presented as their own caption on the balance sheet and are therefore not included in other assets and other liabilities as of December 31, 2020. | |||
[2] | Loans held for sale are carried at the lower of cost or fair value less cost to sell. |
Note 8 - Other Assets and Oth_4
Note 8 - Other Assets and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts payable & accrued liabilities | $ 6,726 | $ 5,015 | |
Deferred compensation liabilities | 3,621 | 2,517 | |
Deferred tax liability (2) | 8,482 | 8,645 | [1] |
Other liabilities | 383 | 3,301 | |
Total other liabilities | $ 10,730 | $ 19,478 | |
[1] | Deferred tax asset and liability have been presented as their own caption on the balance sheet and are therefore not included in other assets and other liabilities as of December 31, 2020. |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) - USD ($) $ in Thousands | Sep. 26, 2019 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 17, 2020 |
Repayments of Senior Debt, Total | $ 1,361 | ||||
Gain (Loss) on Extinguishment of Debt, Total | $ 700 | ||||
Debt Instrument, Default, Ownership Percentage | 25.00% | ||||
Revolving Credit Conversion to Term Loan Portion to Be Paid in First 2 Years [Member] | CNB [Member] | |||||
Letters of Credit Outstanding, Amount | $ 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 | ||||
Long-term Line of Credit, Total | 6,000 | 6,000 | |||
Revolving Credit Conversion to Term Loan Portion to Be Paid in First 2 Years [Member] | CNB [Member] | JMP Securities [Member] | Maximum [Member] | |||||
Debt Instrument, Collateral Amount | $ 5,000 | ||||
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 Facility [Member] | CNB [Member] | JMP Securities [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | ||||
Long-term Line of Credit, Total | $ 0 | $ 0 | |||
Senior Notes 2029 [Member] | |||||
Repayments of Senior Debt, Total | 1,400 | ||||
Proceeds from Issuance of Long-term Debt, Total | $ 36,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | ||||
Senior Notes 2027 [Member] | |||||
Repayments of Senior Debt, Total | $ 700 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | ||||
Paycheck Protection Program CARES Act [Member] | |||||
Paycheck Protection Program Loan | $ 3,800 |
Note 9 - Debt - Debt Issuance C
Note 9 - Debt - Debt Issuance Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Long-term Debt, Gross | $ 86,000 | ||
Less: Debt issuance costs | (2,953) | $ (3,416) | |
Debt obligations | 10,610 | 6,812 | |
Senior Notes 2027 [Member] | |||
Long-term Debt, Gross | 50,000 | 50,000 | |
Senior Notes 2029 [Member] | |||
Long-term Debt, Gross | 36,000 | 36,000 | |
Senior Notes [Member] | |||
Long-term Debt, Gross | 86,000 | 86,000 | |
Less: Debt issuance costs | (2,953) | (3,416) | |
Less: Senior Notes repurchased (1) | [1] | (2,135) | |
Debt obligations | $ 80,912 | $ 82,584 | |
[1] | In March 2020, the Company repurchased $1.4 million and $0.7 million par value of its issued and outstanding 2029 Senior Notes and 2027 Senior Notes, respectively. Since they were repurchased at less than carrying value, a gain of $0.7 million was recognized upon the repurchase of the bonds, which is included in "Gain on repurchase, reissuance or early retirement of debt" on the Consolidated Statements of Operations. |
Note 9 - Debt - Debt Issuance_2
Note 9 - Debt - Debt Issuance Costs (Details) (Parentheticals) | Dec. 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 9 - Debt - Summary of Sche
Note 9 - Debt - Summary of Scheduled Principal Payments of Debt Obligations (Details) $ in Millions | Dec. 31, 2020USD ($) |
2021 | |
2022 | |
2023 | |
2024 | |
2025 | |
Thereafter | 86 |
Total | $ 86 |
Note 9 - Debt - Notes Payable,
Note 9 - Debt - Notes Payable, Lines of Credit and Credit Facilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Note payable, lines of credit, and credit facilities | $ 10,610 | $ 6,812 |
Line of Credit [Member] | CNB [Member] | ||
Note payable, lines of credit, and credit facilities | 5,983 | 5,983 |
Paycheck Protection Program CARES Act [Member] | ||
Note payable, lines of credit, and credit facilities | 3,798 | |
Notes Payable, Other Payables [Member] | ||
Note payable, lines of credit, and credit facilities | $ 829 | $ 829 |
Note 9 - Debt - Notes Payable_2
Note 9 - Debt - Notes Payable, Lines of Credit and Credit Facilities (Details) (Parentheticals) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Line of Credit [Member] | CNB [Member] | ||
Credit facility, maximum borrowing capacity | $ 25 | $ 25 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Occupancy, Net | $ 4,785 | $ 5,229 |
Note 10 - Leases - Lease Inform
Note 10 - Leases - Lease Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Weighted -average remaining lease term, operating leases (Year) | 4 years 131 days |
Weighted-average discount rate, operating leases | 5.94% |
Cash used in operating activities | $ 6,533 |
Note 10 - Leases - Minimum Futu
Note 10 - Leases - Minimum Future Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 5,486 | |
2022 | 5,416 | |
2023 | 5,659 | |
2024 | 4,225 | |
2025 | 2,458 | |
Thereafter | ||
Total minimum future lease payments | 23,244 | |
Amounts representing interest | (2,114) | |
Present value of net future minimum lease payments | $ 21,130 | $ 25,394 |
Note 11 - Shareholders' Equit_2
Note 11 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jun. 13, 2019 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 24, 2020 | May 13, 2019 | Feb. 17, 2017 |
Treasury Stock, Value, Acquired, Cost Method | $ 1,394 | $ 9,134 | |||||
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% | ||||||
Share Repurchase Program [Member] | |||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 1,000,000 | ||||||
Treasury Stock, Shares, Acquired (in shares) | 318,826 | ||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 4.09 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ 1,300 | ||||||
The 2020 Tender Offer [Member] | |||||||
Tender Offer to Repurchase Shares for Cash, Number of Shares (in shares) | 3,000,000 | ||||||
Tender Offer [Member] | |||||||
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 |
Note 11 - Shareholders' Equit_3
Note 11 - Shareholders' Equity - Dividends Declared (Details) | 12 Months Ended |
Dec. 31, 2020USD ($)$ / shares | |
Dividends Declared 1 [Member] | |
Declaration Date | Jan. 17, 2019 |
Distribution Per Share (in dollars per share) | $ / shares | $ 0.05 |
Record Date | Jan. 31, 2019 |
Total Amount | $ | $ 1,064,484 |
Payment Date | Feb. 15, 2019 |
Dividends Declared 2 [Member] | |
Declaration Date | Apr. 29, 2019 |
Distribution Per Share (in dollars per share) | $ / shares | $ 0.04 |
Record Date | May 17, 2019 |
Total Amount | $ | $ 844,087 |
Payment Date | May 31, 2019 |
Dividends Declared 3 [Member] | |
Declaration Date | Aug. 1, 2019 |
Distribution Per Share (in dollars per share) | $ / shares | $ 0.04 |
Record Date | Aug. 16, 2019 |
Total Amount | $ | $ 772,977 |
Payment Date | Aug. 30, 2019 |
Dividends Declared 4 [Member] | |
Declaration Date | Nov. 4, 2019 |
Distribution Per Share (in dollars per share) | $ / shares | $ 0.04 |
Record Date | Nov. 15, 2019 |
Total Amount | $ | $ 773,982 |
Payment Date | Nov. 29, 2019 |
Note 12 - Share-based Compens_3
Note 12 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Feb. 05, 2020 | Feb. 06, 2019 | Feb. 28, 2015 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 27, 2015 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0 | $ 0 | ||||
Share-based Payment Arrangement, Expense | 1,728 | 1,994 | ||||
Share-based Payment Arrangement, Option [Member] | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 650 | |||||
Share-based Payment Arrangement, Expense, Tax Benefit | 0 | 0 | ||||
Share-based Payment Arrangement, Expense | 543 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 300 | 800 | ||||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 300 | $ 500 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 280,000 | 201,804 | 572,695 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1,400 | $ 2,200 | ||||
Share-based Payment Arrangement, Exercise of Non-Option, Tax Benefit | $ 300 | $ 500 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 109 days | 1 year 273 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 2.98 | $ 4.06 | ||||
Share-based Payment Arrangement, Expense | $ 1,184 | $ 1,994 | ||||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||
Restricted Stock Units (RSUs) [Member] | Employees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 77,000 | |||||
Restricted Stock Units (RSUs) [Member] | Employees [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||
Restricted Stock Units (RSUs) [Member] | Employees [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 122,000 | |||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 25 years | |||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 25 years | |||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 25 years | |||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | Share-based Payment Arrangement, Tranche Four [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 25 years | |||||
Stock Appreciation Rights (SARs) [Member] | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 0 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 2,865,000 | |||||
Share-based Payment Arrangement, Exercise of Non-Option, Tax Benefit | 0 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 7.33 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 5 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 2 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.73% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 13.67% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 20.00% | |||||
Share-based Payment Arrangement, Expense | $ 0 | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised (in shares) | 0 | 0 | ||||
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 - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based compensation expense | $ 1,728 | $ 1,994 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based compensation expense | 1,184 | 1,994 |
Share-based Payment Arrangement, Option [Member] | ||
Share-based compensation expense | $ 543 |
Note 12 - Share-based Compens_5
Note 12 - Share-based Compensation - Stock Option Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance, beginning of year, shares subject to option (in shares) | 1,300,000 | |
Balance, beginning of year, weighted average exercise price (in dollars per share) | $ 6.85 | |
Granted, shares subject to option (in shares) | 2,400,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 3.04 | |
Forfeited, shares subject to option (in shares) | (400,000) | (1,300,000) |
Forfeited, weighted average exercise price (in dollars per share) | $ 3.04 | $ 6.85 |
Balance, end of period, shares subject to option (in shares) | 2,000,000 | |
Balance, end of period, weighted average exercise price (in dollars per share) | $ 3.04 | |
Options exercisable at end of period, shares subject to option (in shares) | ||
Options exercisable at end of period, weighted average exercise price (in dollars per share) |
Note 12 - Share-based Compens_6
Note 12 - Share-based Compensation - Stock Options Outstanding and Exercisable (Details) | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Lower exercise price range (in dollars per share) | $ 3.04 |
Upper exercise price range (in dollars per share) | $ 3.04 |
Number of options outstanding (in shares) | shares | 2,000,000 |
Options outstanding weighted average remaining contractual life (Year) | 4 years 36 days |
Options outstanding weighted average exercise price (in dollars per share) | $ 3.04 |
Options outstanding aggregate intrinsic value | $ | $ 1,620,000 |
Number of options vested and 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) | |
Options vested and exercisable aggregate intrinsic value | $ |
Note 12 - Share-based Compens_7
Note 12 - Share-based Compensation - Restricted Stock Units Activity (RSUs) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | Feb. 06, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Balance, beginning of year (in shares) | 387,006 | 297,639 | |
Balance, weighted average exercise price (in dollars per share) | $ 3.97 | $ 4.79 | |
Granted, restricted share units (in shares) | 280,000 | 201,804 | 572,695 |
Granted, weighted average grant date fair value (in dollars per share) | $ 2.98 | $ 4.06 | |
Vested, restricted share units (in shares) | (368,601) | (483,328) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 3.82 | $ 4.58 | |
Balance, end of period (in shares) | 220,209 | 387,006 | |
Balance, weighted average exercise price (in dollars per share) | $ 3.32 | $ 3.97 |
Note 12 - Share-based Compens_8
Note 12 - Share-based Compensation - SARs Activity (Stock Appreciation Rights (SARs) (Details) - Stock Appreciation Rights (SARs) [Member] | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Balance, beginning of year (in shares) | shares | 2,485,000 |
Balance, weighted average exercise price (in dollars per share) | $ / shares | $ 7.33 |
Expired (in shares) | shares | (2,485,000) |
Expired, weighted average exercise price (in dollars per share) | $ / shares | $ 7.33 |
Balance, end of period (in shares) | shares | |
Balance, weighted average exercise price (in dollars per share) | $ / shares |
Note 13 - Net Income (Loss) P_3
Note 13 - Net Income (Loss) Per Common Share (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 2,000,000 | 1,300,000 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 347,106 | 579,341 |
Note 13 - Net Income (Loss) P_4
Note 13 - Net Income (Loss) Per Common Share - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net loss | $ (4,697) | $ (6,549) |
Basic (in shares) | 19,613 | 20,189 |
Restricted share units (in shares) | ||
Diluted weighted average shares outstanding (in shares) | 19,613 | 20,189 |
Basic (in dollars per share) | $ (0.24) | $ (0.32) |
Diluted (in dollars per share) | $ (0.24) | $ (0.32) |
Note 14 - Revenue from Contra_3
Note 14 - Revenue from Contracts with Customers - Disaggregation of Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer | $ 127,630 | $ 90,771 |
Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer | (1,083) | |
Equity and Debt Origination [Member] | ||
Revenue from Contract with Customer | 59,936 | 42,236 |
Equity and Debt Origination [Member] | Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer | ||
Strategic Advisory and Private Placements [Member] | ||
Revenue from Contract with Customer | 40,449 | 23,480 |
Strategic Advisory and Private Placements [Member] | Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer | ||
Total Investment Banking Revenues [Member] | ||
Revenue from Contract with Customer | 100,384 | 65,716 |
Total Investment Banking Revenues [Member] | Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer | ||
Brokerage Commissions [Member] | ||
Revenue from Contract with Customer | 14,391 | 12,062 |
Brokerage Commissions [Member] | Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer | ||
Research Payments [Member] | ||
Revenue from Contract with Customer | 4,925 | 5,671 |
Research Payments [Member] | Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer | ||
Trading Losses [Member] | ||
Revenue from Contract with Customer | (391) | (105) |
Trading Losses [Member] | Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer | ||
Total Brokerage Revenue [Member] | ||
Revenue from Contract with Customer | 18,926 | 17,628 |
Total Brokerage Revenue [Member] | Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer | ||
Management Service, Base [Member] | ||
Revenue from Contract with Customer | 6,704 | 6,490 |
Management Service, Base [Member] | Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer | (1,083) | |
Management Service, Incentive [Member] | ||
Revenue from Contract with Customer | 1,616 | 937 |
Management Service, Incentive [Member] | Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer | ||
Total Asset Management Fees [Member] | ||
Revenue from Contract with Customer | 8,320 | 7,427 |
Total Asset Management Fees [Member] | Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer | (1,083) | |
Broker Dealer [Member] | ||
Revenue from Contract with Customer | 119,310 | 83,344 |
Broker Dealer [Member] | Equity and Debt Origination [Member] | ||
Revenue from Contract with Customer | 59,936 | 42,236 |
Broker Dealer [Member] | Strategic Advisory and Private Placements [Member] | ||
Revenue from Contract with Customer | 40,449 | 23,480 |
Broker Dealer [Member] | Total Investment Banking Revenues [Member] | ||
Revenue from Contract with Customer | 100,384 | 65,716 |
Broker Dealer [Member] | Brokerage Commissions [Member] | ||
Revenue from Contract with Customer | 14,391 | 12,062 |
Broker Dealer [Member] | Research Payments [Member] | ||
Revenue from Contract with Customer | 4,925 | 5,671 |
Broker Dealer [Member] | Trading Losses [Member] | ||
Revenue from Contract with Customer | (391) | (105) |
Broker Dealer [Member] | Total Brokerage Revenue [Member] | ||
Revenue from Contract with Customer | 18,926 | 17,628 |
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 [Member] | ||
Revenue from Contract with Customer | 8,320 | 8,510 |
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 | 6,704 | 7,573 |
Asset Management [Member] | Management Service, Incentive [Member] | ||
Revenue from Contract with Customer | 1,616 | 937 |
Asset Management [Member] | Total Asset Management Fees [Member] | ||
Revenue from Contract with Customer | $ 8,320 | $ 8,510 |
Note 15 - Employee Benefits (De
Note 15 - Employee Benefits (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1.4 | $ 1.4 |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Tax Assets, California Enterprise Zone Credit | $ 304 | $ 304 |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards, Total | 3,000 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards, Total | $ 17,200 |
Note 16 - Income Taxes - Income
Note 16 - Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Federal | $ (2,007) | $ 248 |
State | 44 | 45 |
Total current income tax expense (benefit) | (1,963) | 293 |
Federal | (1,504) | (5,487) |
State | 183 | (1,633) |
Total deferred income tax expense (benefit) | (1,321) | (7,120) |
Total income tax expense (benefit) | $ (3,284) | $ (6,827) |
Note 16 - Income Taxes - Deferr
Note 16 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Equity based compensation | $ 141 | $ 59 |
Interest expense limitation | 1,045 | 59 |
Reserves and allowances | 133 | 222 |
California Enterprise Zone credit | 304 | 304 |
Accrued compensation and related expenses | 1,671 | 2,502 |
Deferred compensation | 919 | 636 |
Available for sale securities | 128 | 1,752 |
Investment in partnerships | 2,217 | 1,922 |
Tax basis difference - CLOs | 4,453 | 1,689 |
Lease liability | 5,455 | 6,823 |
Other | 3 | 510 |
Total deferred tax assets | 17,895 | 21,406 |
Investment in partnerships | (2,458) | (1,772) |
Net unrealized gains on investments | (457) | |
Right of use assets | 4,194 | 5,275 |
Other | 1,830 | 1,141 |
Total deferred tax liabilities | (8,482) | (8,645) |
Net deferred tax asset before valuation allowance | 9,413 | 12,761 |
Valuation allowance | ||
Net deferred tax assets | 9,413 | 12,761 |
Other States [Member] | ||
Federal and other state net operating loss | $ 1,426 | $ 4,928 |
Note 16 - Income Taxes - Inco_2
Note 16 - Income Taxes - Income Tax Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Tax at federal statutory tax rate | 21.00% | 21.00% |
State income tax, net of federal tax benefit | (3.02%) | 11.78% |
Non-CLO non-controlling interest | (0.24%) | (0.01%) |
Adjustment for prior year taxes | (0.05%) | (0.36%) |
Adjustment for change in tax status | 0.00% | 25.01% |
Net operating loss carryback rate impact | 25.11% | 0.00% |
Equity compensation shortfall | (0.92%) | (5.12%) |
Effective tax rate | 40.68% | 51.03% |
Permanent Items HGC And HGCII [Member] | ||
Adjustment for permanent items (Other) | (1.20%) | (1.27%) |
Note 17 - Commitments and Con_2
Note 17 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Receivables from Clearing Organizations | $ 500 | $ 300 |
Contractual Obligation, Total | $ 0 | $ 0 |
Note 18 - Regulatory Requirem_2
Note 18 - Regulatory Requirements (Details Textual) $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Ratio of Indebtedness to Net Capital | 0.62 | 1.25 |
Broker-Dealer, Net Capital, Total | $ 42.3 | $ 16.9 |
Broker-Dealer, Excess Net Capital, 1500 Percent, Aggregate Indebtedness Standard, Total | 40.6 | 15.5 |
Broker-Dealer, Minimum Net Capital Required, Aggregate Indebtedness Standard, Total | $ 1.7 | $ 1.4 |
Maximum [Member] | ||
Ratio of Indebtedness to Net Capital | 15 |
Note 19 - Related Party Trans_2
Note 19 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 20, 2017 | Sep. 19, 2017 | |
Income (Loss) from Equity Method Investments, Total | $ 1,183 | $ 1,557 | |||
Registered Investment Adviser [Member] | |||||
Equity Method Investment, Ownership Percentage | 24.90% | ||||
Equity Method Investments | 4,500 | ||||
Registered Investment Adviser [Member] | Other Income [Member] | |||||
Income (Loss) from Equity Method Investments, Total | 600 | ||||
Total Investment [Member] | |||||
Investments in Related Parties | 17,300 | 17,300 | |||
General Partner Investments In Hedge And Other Private Funds [Member] | Private Funds [Member] | |||||
Investments in Related Parties | 9,800 | 8,600 | |||
Harvest Capital Credit Corporation [Member] | |||||
Investments in Related Parties | 7,500 | 8,700 | |||
Affiliated Entity [Member] | Management Service, Base [Member] | |||||
Revenue from Related Parties | 6,700 | 6,500 | |||
Affiliated Entity [Member] | Management Service, Incentive [Member] | |||||
Revenue from Related Parties | 1,600 | 900 | |||
Registered Investment Adviser [Member] | |||||
Financing Receivable, after Allowance for Credit Loss, Total | 2,400 | 2,400 | $ 3,400 | ||
Loans Receivable, Interest Rate | 15.00% | ||||
Percentage of Loan Sold to Third Party | 30.00% | ||||
Value of Loan Sold to Third Party | $ 1,000 | ||||
Loans Receivable, Fair Value Disclosure | $ 2,400 | $ 2,500 |
Note 22 - Business Segments (De
Note 22 - Business Segments (Details Textual) | 12 Months Ended |
Dec. 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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Revenue from Contract with Customer | $ 127,630 | $ 90,771 | |
Principal transactions | (18,528) | 1,344 | |
Net dividend income | 400 | 1,184 | |
Other income | 3,735 | 2,373 | |
Net interest income | 1,677 | 5,343 | |
Gain (loss) on repurchase, reissuance or early retirement of debt | 697 | (458) | |
Provision for loan losses | (112) | (438) | |
Total net revenues | 115,499 | 100,081 | |
Non-interest expenses | 123,574 | 113,464 | |
Operating income (loss) before taxes | (8,075) | (13,383) | |
Income tax expense (benefit) | (3,284) | (6,827) | |
Net income (loss) attributable to non-controlling interest | (94) | (7) | |
Operating net income (loss) | (4,697) | (6,549) | |
Total assets | 241,331 | 230,257 | |
Loss on sale, payoff and mark-to-market of loans | (38) | ||
Provision for loan losses | (112) | (438) | |
Total Investment Banking Revenues [Member] | |||
Revenue from Contract with Customer | 100,384 | 65,716 | |
Total Brokerage Revenue [Member] | |||
Revenue from Contract with Customer | 18,926 | 17,628 | |
Total Asset Management Fees [Member] | |||
Revenue from Contract with Customer | 8,320 | 7,427 | |
Operating Segments [Member] | |||
Principal transactions | 6,197 | 8,465 | |
Net dividend income | 539 | 1,337 | |
Other income | |||
Net interest income | 1,780 | 5,317 | |
Gain (loss) on repurchase, reissuance or early retirement of debt | 786 | ||
Provision for loan losses | (113) | (438) | |
Total net revenues | 139,256 | 106,546 | |
Non-interest expenses | 122,287 | 107,696 | |
Operating income (loss) before taxes | 16,969 | (1,150) | |
Income tax expense (benefit) | 4,412 | (299) | |
Net income (loss) attributable to non-controlling interest | |||
Operating net income (loss) | 12,558 | (851) | |
Total assets | 241,331 | 230,257 | |
Loss on sale, payoff and mark-to-market of loans | (39) | ||
Provision for loan losses | (113) | (438) | |
Operating Segments [Member] | Total Investment Banking Revenues [Member] | |||
Revenue from Contract with Customer | 100,384 | 65,716 | |
Operating Segments [Member] | Total Brokerage Revenue [Member] | |||
Revenue from Contract with Customer | 18,926 | 17,628 | |
Operating Segments [Member] | Total Asset Management Fees [Member] | |||
Revenue from Contract with Customer | 10,757 | 8,560 | |
Consolidation, Eliminations [Member] | |||
Principal transactions | |||
Net dividend income | |||
Other income | |||
Net interest income | |||
Gain (loss) on repurchase, reissuance or early retirement of debt | |||
Provision for loan losses | |||
Total net revenues | (149) | (1,140) | |
Non-interest expenses | (149) | (1,140) | |
Operating income (loss) before taxes | |||
Income tax expense (benefit) | |||
Net income (loss) attributable to non-controlling interest | |||
Operating net income (loss) | |||
Total assets | (85,822) | (162,895) | |
Loss on sale, payoff and mark-to-market of loans | |||
Provision for loan losses | |||
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 | (149) | (1,140) | |
Segment Reconciling Items [Member] | |||
Principal transactions | [1] | (24,725) | (7,121) |
Net dividend income | [2] | (139) | (153) |
Other income | [3] | 3,735 | 2,373 |
Net interest income | [2] | (103) | 26 |
Gain (loss) on repurchase, reissuance or early retirement of debt | [4] | (89) | (458) |
Provision for loan losses | 1 | ||
Total net revenues | (23,757) | (6,465) | |
Non-interest expenses | [5] | 1,287 | 5,768 |
Operating income (loss) before taxes | (25,044) | (12,233) | |
Income tax expense (benefit) | [6] | (7,696) | (6,528) |
Net income (loss) attributable to non-controlling interest | [2],[3],[5] | (94) | (7) |
Operating net income (loss) | [7] | (17,254) | (5,698) |
Total assets | |||
Loss on sale, payoff and mark-to-market of loans | 1 | ||
Provision for loan losses | 1 | ||
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 | [3] | (2,437) | (1,133) |
Broker Dealer [Member] | |||
Revenue from Contract with Customer | 119,310 | 83,344 | |
Gain (loss) on repurchase, reissuance or early retirement of debt | |||
Provision for loan losses | |||
Loss on sale, payoff and mark-to-market of loans | |||
Provision for loan losses | |||
Broker Dealer [Member] | Total Investment Banking Revenues [Member] | |||
Revenue from Contract with Customer | 100,384 | 65,716 | |
Broker Dealer [Member] | Total Brokerage Revenue [Member] | |||
Revenue from Contract with Customer | 18,926 | 17,628 | |
Broker Dealer [Member] | Total Asset Management Fees [Member] | |||
Revenue from Contract with Customer | |||
Broker Dealer [Member] | Operating Segments [Member] | |||
Principal transactions | 1,491 | ||
Net dividend income | |||
Other income | |||
Net interest income | |||
Gain (loss) on repurchase, reissuance or early retirement of debt | |||
Provision for loan losses | |||
Total net revenues | 120,981 | 83,364 | |
Non-interest expenses | 102,888 | 90,066 | |
Operating income (loss) before taxes | 18,093 | (6,702) | |
Income tax expense (benefit) | 4,696 | (1,742) | |
Net income (loss) attributable to non-controlling interest | |||
Operating net income (loss) | 13,397 | (4,960) | |
Total assets | 90,604 | 62,425 | |
Provision for loan losses | |||
Broker Dealer [Member] | Operating Segments [Member] | Total Investment Banking Revenues [Member] | |||
Revenue from Contract with Customer | 100,384 | 65,716 | |
Broker Dealer [Member] | Operating Segments [Member] | Total Brokerage Revenue [Member] | |||
Revenue from Contract with Customer | 18,926 | 17,628 | |
Broker Dealer [Member] | Operating Segments [Member] | Total Asset Management Fees [Member] | |||
Revenue from Contract with Customer | 180 | 20 | |
Asset Management Fee Income [Member] | |||
Gain (loss) on repurchase, reissuance or early retirement of debt | |||
Provision for loan losses | |||
Loss on sale, payoff and mark-to-market of loans | |||
Provision for loan losses | |||
Asset Management Fee Income [Member] | Operating Segments [Member] | |||
Principal transactions | |||
Net dividend income | |||
Other income | |||
Net interest income | |||
Gain (loss) on repurchase, reissuance or early retirement of debt | |||
Provision for loan losses | |||
Total net revenues | 9,264 | 8,691 | |
Non-interest expenses | 8,983 | 9,352 | |
Operating income (loss) before taxes | 281 | (661) | |
Income tax expense (benefit) | 72 | (172) | |
Net income (loss) attributable to non-controlling interest | |||
Operating net income (loss) | 209 | (489) | |
Total assets | 13,701 | 12,281 | |
Provision for loan losses | |||
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 | 9,264 | 8,691 | |
Asset Management Fee Income [Member] | Segment Reconciling Items [Member] | |||
Net income (loss) attributable to non-controlling interest | |||
Asset Management Investment Income [Member] | |||
Gain (loss) on repurchase, reissuance or early retirement of debt | |||
Provision for loan losses | (438) | ||
Loss on sale, payoff and mark-to-market of loans | (39) | ||
Provision for loan losses | (438) | ||
Asset Management Investment Income [Member] | Operating Segments [Member] | |||
Principal transactions | 4,706 | 8,465 | |
Net dividend income | 539 | 1,337 | |
Other income | |||
Net interest income | 1,780 | 5,317 | |
Gain (loss) on repurchase, reissuance or early retirement of debt | 786 | ||
Provision for loan losses | (113) | ||
Total net revenues | 9,160 | 15,631 | |
Non-interest expenses | 928 | 2,351 | |
Operating income (loss) before taxes | 8,232 | 13,280 | |
Income tax expense (benefit) | 2,148 | 3,432 | |
Net income (loss) attributable to non-controlling interest | |||
Operating net income (loss) | 6,084 | 9,848 | |
Total assets | 75,654 | 84,003 | |
Provision for loan losses | (113) | ||
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 | 1,462 | 989 | |
Asset Management Investment Income [Member] | Segment Reconciling Items [Member] | |||
Net income (loss) attributable to non-controlling interest | |||
Asset Management [Member] | |||
Revenue from Contract with Customer | 8,320 | 8,510 | |
Gain (loss) on repurchase, reissuance or early retirement of debt | |||
Provision for loan losses | (438) | ||
Loss on sale, payoff and mark-to-market of loans | (39) | ||
Provision for loan losses | (438) | ||
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 | 8,320 | 8,510 | |
Asset Management [Member] | Operating Segments [Member] | |||
Principal transactions | 4,706 | 8,465 | |
Net dividend income | 539 | 1,337 | |
Other income | |||
Net interest income | 1,780 | 5,317 | |
Gain (loss) on repurchase, reissuance or early retirement of debt | 786 | ||
Provision for loan losses | (113) | ||
Total net revenues | 18,424 | 24,322 | |
Non-interest expenses | 9,911 | 11,703 | |
Operating income (loss) before taxes | 8,513 | 12,619 | |
Income tax expense (benefit) | 2,220 | 3,260 | |
Net income (loss) attributable to non-controlling interest | |||
Operating net income (loss) | 6,293 | 9,359 | |
Total assets | 89,354 | 96,284 | |
Provision for loan losses | (113) | ||
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 | 10,726 | 9,680 | |
Asset Management [Member] | Segment Reconciling Items [Member] | |||
Net income (loss) attributable to non-controlling interest | |||
Corporate Segment [Member] | |||
Gain (loss) on repurchase, reissuance or early retirement of debt | |||
Provision for loan losses | |||
Loss on sale, payoff and mark-to-market of loans | |||
Provision for loan losses | |||
Corporate Segment [Member] | Operating Segments [Member] | |||
Principal transactions | |||
Net dividend income | |||
Other income | |||
Net interest income | |||
Gain (loss) on repurchase, reissuance or early retirement of debt | |||
Provision for loan losses | |||
Total net revenues | |||
Non-interest expenses | 9,637 | 7,067 | |
Operating income (loss) before taxes | (9,637) | (7,067) | |
Income tax expense (benefit) | (2,505) | (1,817) | |
Net income (loss) attributable to non-controlling interest | |||
Operating net income (loss) | (7,133) | (5,250) | |
Total assets | 147,196 | 234,443 | |
Provision for loan losses | |||
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 | |||
[1] | 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. | ||
[2] | Total segment net dividend income and net interest income exclude those attributable to non-controlling interests. | ||
[3] | 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 interest. | ||
[4] | 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. | ||
[5] | Total segments non-interest expenses exclude compensation expense recognized under GAAP related to equity awards, one-time charge recorded in connection with severance costs deriving from strategic restructuring and reduction of headcount, and expenses attributable to non-controlling interests. | ||
[6] | Total segment income tax (benefit) assumes a combined federal, state and local income tax rate of 26%. | ||
[7] | Operating net income (loss) is reconciled to GAAP net income (loss) attributable to JMP Group LLC. |
Note 23 - Summarized Financia_3
Note 23 - Summarized Financial Information for Equity Method Investments - Equity Method Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Total assets | $ 241,331 | $ 230,257 |
Total liabilities | 178,923 | 168,896 |
Total owners' deficit | 62,940 | 61,688 |
Total liabilities and owners' deficit | 241,331 | 230,257 |
Net loss | (4,697) | (6,549) |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Real estate properties, net | 986,088 | 1,005,927 |
Total assets | 1,112,789 | 1,137,263 |
Mortgages payable, net | 1,290,270 | 1,281,738 |
Total liabilities | 1,330,237 | 1,318,941 |
Total owners' deficit | (217,448) | (181,678) |
Total liabilities and owners' deficit | 1,112,789 | 1,137,263 |
Total revenues | 193,324 | 194,428 |
Net loss | $ (8,554) | $ (18,001) |
Note 24 - Nonconsolidated Var_3
Note 24 - Nonconsolidated Variable Interest Entities - VIE Equity Investments and Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Total assets | $ 241,331 | $ 230,257 |
Total liabilities | 178,923 | 168,896 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Total assets | 67,883 | 88,086 |
Total liabilities | 336 | 302 |
Maximum exposure to loss | 71,429 | 91,886 |
VIE assets | 2,806,626 | 2,925,776 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Collateralized Loan Obligations [Member] | ||
Total assets | 52,714 | 73,266 |
Total liabilities | ||
Maximum exposure to loss | 52,714 | 73,266 |
VIE assets | 1,169,243 | 1,439,442 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Private Equity Funds [Member] | ||
Total assets | 10,765 | 10,396 |
Total liabilities | 311 | 207 |
Maximum exposure to loss | 14,311 | 14,196 |
VIE assets | 465,365 | 346,206 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Other Equity Interests [Member] | ||
Total assets | 4,404 | 4,424 |
Total liabilities | 25 | 95 |
Maximum exposure to loss | 4,404 | 4,424 |
VIE assets | $ 1,172,018 | $ 1,140,128 |
Note 25 - Subsequent Events (De
Note 25 - Subsequent Events (Details Textual) $ / shares in Units, $ in Thousands | Feb. 04, 2021USD ($)$ / shares | Jan. 04, 2021USD ($)$ / shares | Jun. 30, 2021USD ($)$ / shares | Dec. 31, 2020USD ($) |
Long-term Debt, Gross | $ 86,000 | |||
HCC Common Stock [Member] | ||||
Equity Securities, FV-NI | $ 7,500 | |||
HCC Common Stock [Member] | Forecast [Member] | ||||
Investee Merger Transaction, Consideration, Shares Valued, Percentage of Survivor's Net Asset Value Per Share | 100.00% | |||
Investee Merger Transaction, Consideration, Maximum Percentage of Survivor's Common Stock Issued and Outstanding | 19.90% | |||
Investee Merger Transaction, Consideration, Cash | $ 2,150 | |||
Investee Merger Transaction, Consideration, Cash, Price Per Share (in dollars per share) | $ / shares | $ 0.36 | |||
Subsequent Event [Member] | Senior Notes 2027 [Member] | ||||
Debt Instrument, Principal Amount Redeemed | $ 10,000 | $ 10,000 | ||
Debt Instrument, Number of Units Redeemed | 400,000 | 400,000 | ||
Long-term Debt, Gross | $ 50,000 | |||
Debt Instrument, Redemption Price Per Unit (in dollars per share) | $ / shares | $ 25 | $ 25 |