Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 10, 2021 | |
Document Information [Line Items] | ||
Entity Registrant Name | JMP GROUP LLC | |
Entity Central Index Key | 0001302350 | |
Trading Symbol | jmp | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 19,852,493 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Shares representing limited liability company interests in JMP Group LLC |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | [1] |
Assets | |||
Cash and cash equivalents | $ 61,204 | $ 91,444 | |
Restricted cash | 1,293 | 1,287 | |
Investment banking fees receivable | 17,277 | 13,676 | |
Marketable securities owned at fair value (includes $5,660 and $5,696 pledged as collateral at March 31, 2021 and December 31, 2020, respectively) | 57,653 | 55,494 | |
Other investments (includes $15,006 and $17,611 measured at fair value at March 31, 2021 and December 31, 2020, respectively) | 25,093 | 26,821 | |
Loans held for investment, net of allowance for loan losses | 901 | 994 | |
Interest receivable | 312 | 336 | |
Fixed assets, net | 2,855 | 3,118 | |
Operating lease right-of-use asset | 15,353 | 16,244 | |
Deferred tax asset | 17,926 | 17,895 | |
Other assets | 15,396 | 14,022 | |
Total assets | 215,263 | 241,331 | |
Liabilities: | |||
Marketable securities sold, but not yet purchased, at fair value | 446 | ||
Accrued compensation | 18,264 | 46,353 | |
Interest payable | 610 | 706 | |
Note payable | 10,610 | 10,610 | |
Bond payable (net of debt issuance costs of $2,600 and $2,953 at March 31, 2021 and December 31, 2020, respectively) | 71,289 | 80,912 | |
Operating lease liability | 19,997 | 21,130 | |
Deferred tax liability | 9,298 | 8,482 | |
Other liabilities | 18,269 | 10,730 | |
Total liabilities | 148,783 | 178,923 | |
Commitments and Contingencies (Note 14) | |||
JMP Group LLC Shareholders' Equity | |||
Common shares, $0.001 par value, 100,000,000 shares authorized at March 31, 2021 and December 31, 2020; 22,797,092 shares issued at March 31, 2021 and December 31, 2020; 19,835,721 and 19,789,821 shares outstanding at March 31, 2021 and December 31, 2020, respectively | 23 | 23 | |
Additional paid-in capital | 134,259 | 134,065 | |
Treasury shares at cost, 3,161,548 and 3,007,271 shares at March 31, 2021 and December 31, 2020, respectively | (13,286) | (13,478) | |
Accumulated other comprehensive income (loss) | 2,149 | (369) | |
Accumulated deficit | (56,212) | (57,301) | |
Total JMP Group LLC shareholders' equity | 66,933 | 62,940 | |
Non-controlling interest | (453) | (532) | |
Total equity | 66,481 | 62,408 | |
Total liabilities and equity | $ 215,263 | $ 241,331 | |
[1] | The statement of financial condition as of December 31, 2020 is derived from the audited financial statements as of that date. |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | [1] |
Marketable securities, fair value | $ 5,660 | $ 5,696 | |
Investments fair value | 15,006 | 17,611 | |
Bond Payable, issuance costs | $ 2,600 | $ 2,953 | |
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) | 19,835,721 | 19,789,821 | |
Treasury shares, shares (in shares) | 3,161,548 | 3,007,271 | |
[1] | The statement of financial condition as of December 31, 2020 is derived from the audited financial statements as of that date. |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Revenues | |||
Revenue from Contract with Customer | $ 40,643 | $ 20,528 | |
Principal transactions | (3,211) | [1] | (17,552) |
Net dividend income | 227 | ||
Other income | 816 | 935 | |
Non-interest revenues | 38,248 | 4,138 | |
Interest income | 2,101 | 2,214 | |
Interest expense | (1,568) | (1,782) | |
Net interest income | 533 | [2] | 432 |
(Loss) gain on repurchase, reissuance or early retirement of debt | (288) | [3] | 697 |
Total net revenues | 38,493 | 5,267 | |
Non-interest expenses | |||
Compensation and benefits | 29,945 | 16,213 | |
Administration | 1,491 | 2,222 | |
Brokerage, clearing and exchange fees | 680 | 634 | |
Travel and business development | 67 | 922 | |
Managed deal expenses | 1,398 | 588 | |
Communications and technology | 1,107 | 1,129 | |
Occupancy | 1,198 | 1,199 | |
Professional fees | 827 | 890 | |
Depreciation | 275 | 548 | |
Other | (42) | ||
Total non-interest expenses | 36,946 | [4] | 24,345 |
Net income (loss) before income taxes | 1,547 | (19,078) | |
Income tax expense (benefit) | 379 | [5] | (7,239) |
Net income (loss) | 1,168 | (11,839) | |
Less: Net income (loss) attributable to non-controlling interest | 79 | [2],[4],[5],[6] | (91) |
Net income (loss) attributable to JMP Group LLC | $ 1,089 | [7] | $ (11,748) |
Net income (loss) attributable to JMP Group LLC per common share: | |||
Basic (in dollars per share) | $ 0.05 | $ (0.60) | |
Diluted (in dollars per share) | $ 0.05 | $ (0.60) | |
Weighted average common shares outstanding: | |||
Basic (in shares) | 19,824 | 19,532 | |
Diluted (in shares) | 20,678 | 19,532 | |
Total Investment Banking Revenues [Member] | |||
Revenues | |||
Revenue from Contract with Customer | $ 32,569 | $ 14,625 | |
Total Brokerage Revenue [Member] | |||
Revenues | |||
Revenue from Contract with Customer | 5,905 | 4,187 | |
Total Asset Management Fees [Member] | |||
Revenues | |||
Revenue from Contract with Customer | $ 2,169 | [6] | $ 1,716 |
[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 gain/(loss) repurchase/early retirement of debt excludes losses on write offs of debt issuance costs related to early retirement or repurchase of debt. | ||
[4] | Total segment income tax (benefit) assumes a combined federal, state and local income tax rate of 26%. | ||
[5] | Operating net income (loss) is reconciled to GAAP net income (loss) attributable to JMP Group LLC. | ||
[6] | 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. | ||
[7] | Total segments non-interest expenses exclude compensation expense recognized under GAAP related to equity awards and expensesattributable to non-controlling interests. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income (loss) | $ 1,168 | $ (11,839) |
Other comprehensive income: | ||
Net unrealized losses on available-for-sale securities, during the period, net of income tax benefit of ($308) and ($3,163) | (886) | (8,609) |
Less: Reclassification adjustments for net losses on available-for-sale securities, net of income tax provision of $1,184 and $3,633 | 3,403 | 9,890 |
Net other comprehensive income, net of income tax provision of $876 and $470 | 2,517 | 1,281 |
Comprehensive income (loss) | 3,685 | (10,558) |
Less: Comprehensive income (loss) attributable to non-controlling interest | 79 | (91) |
Comprehensive income (loss) attributable to JMP Group LLC | $ 3,606 | $ (10,467) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net realized gains (losses) on available-for-sale securities, tax | $ (308,000) | $ (3,163) |
Reclassification adjustments for net (gains) losses on available-for-sale securities, tax | 1,184,000 | 3,633,000 |
Net other comprehensive income (loss), tax | $ 876,000 | $ 470,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total | |
Balance (in shares) at Dec. 31, 2019 | 22,797 | |||||||
Balance at Dec. 31, 2019 | $ 23 | $ (14,872) | $ 133,894 | $ (52,588) | $ (4,769) | $ (327) | $ 61,361 | |
Net income (loss) | (11,748) | (91) | (11,839) | |||||
Additional paid-in capital - share-based compensation | 266 | 266 | ||||||
Purchases of shares of common shares for treasury | 26 | 26 | ||||||
Other comprehensive income | 1,281 | 1,281 | ||||||
Balance (in shares) at Mar. 31, 2020 | 22,797 | |||||||
Balance at Mar. 31, 2020 | $ 23 | (14,698) | 134,128 | (64,336) | (3,488) | (417) | 51,212 | |
Purchases of shares of common shares for treasury | (26) | (26) | ||||||
Reissuance of shares of common shares from treasury | 200 | (32) | 168 | |||||
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] |
Net income (loss) | 1,089 | 79 | 1,168 | |||||
Additional paid-in capital - share-based compensation | 194 | 194 | ||||||
Purchases of shares of common shares for treasury | 192 | 192 | ||||||
Other comprehensive income | 2,518 | 2,517 | ||||||
Balance (in shares) at Mar. 31, 2021 | 22,797 | |||||||
Balance at Mar. 31, 2021 | $ 23 | (13,286) | 134,259 | (56,212) | 2,149 | (453) | 66,481 | |
Purchases of shares of common shares for treasury | $ (192) | $ (192) | ||||||
[1] | The statement of financial condition as of December 31, 2020 is derived from the audited financial statements as of that date. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 1,168 | $ (11,839) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Loss (gain) on repurchase, reissuance or early retirement of debt | 288 | (697) |
Change in other investments: | ||
Income from investments in equity method investees | (533) | (297) |
Loss (gain) on other investments | 120 | (292) |
Depreciation and amortization | 134 | 435 |
Share-based compensation expense | 444 | 432 |
Distributions of investment income from equity method investments | 355 | 256 |
Deferred income tax expense (benefit) | 379 | |
Other, net | (40) | 6 |
Net change in operating assets and liabilities: | ||
Decrease in interest receivable | 24 | 110 |
(Increase) decrease in receivables | (3,559) | 3,309 |
Decrease in marketable securities | 2,949 | 18,828 |
Increase in other assets | (1,861) | (5,940) |
Increase (decrease) in marketable securities sold, but not yet purchased | 446 | (1,896) |
(Increase) decrease in interest payable | (96) | 191 |
Decrease in accrued compensation | (28,089) | (24,661) |
Increase (decrease) in other liabilities | 7,540 | (1,188) |
Net cash used in operating activities | (20,331) | (23,243) |
Cash flows from investing activities: | ||
Purchases of fixed assets | (14) | (266) |
Purchases of other investments | (829) | (39) |
Sales or distributions from other investments | 901 | 13,694 |
Sale, payoff and principal receipts on loans held for investment | 97 | 34 |
Net cash provided by investing activities | 155 | 13,423 |
Cash flows from financing activities: | ||
Repurchase of bonds payable | (10,000) | (1,349) |
Employee taxes paid on shares withheld for tax-withholding purposes | (58) | (26) |
Net cash used in financing activities | (10,058) | (1,375) |
Net decrease in cash, cash equivalents, and restricted cash | (30,234) | (11,195) |
Cash, cash equivalents and restricted cash, beginning of period | 92,731 | 50,917 |
Cash, cash equivalents and restricted cash, end of period | 62,497 | 39,722 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | 1,664 | 1,680 |
Cash received during the period for taxes, net of refunds | (7) | |
Non-cash investing and financing activities: | ||
Reissuance of common shares from treasury related to vesting of restricted share units | $ 250 | $ 200 |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. JMP Group LLC, together with its subsidiaries (collectively, the “Company”), is a diversified financial services firm headquartered in San Francisco, California. The Company conducts its investment banking and institutional brokerage business through JMP Securities LLC (“JMP Securities”) and its asset management business through Harvest Capital Strategies LLC (“HCS”), HCAP Advisors LLC (“HCAP Advisors”) and JMP Asset Management LLC (“JMPAM”). The Company conducts certain principal investment transactions through JMP Investment Holdings LLC (“JMP Investment Holdings”) and other subsidiaries. The above entities, other than HCAP Advisors, are wholly-owned subsidiaries. JMP Securities is a U.S. registered broker-dealer under the Securities Exchange Act of 1934, not not 1940, two one March 19, 2019, January 2015 November 2017 Recent Transactions In February 2020, not On December 23, 2020, second 2021. $8.5 March 31,2021. 100% 19.9% $2.15 $0.36 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Presentation These consolidated financial statements and related notes are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Quarterly Report on Form 10 10 X. 10 December 31, 2020 filed with the SEC on March 29, 2021 ( 10 no The results of operations for any interim period are not The consolidated accounts of the Company include the wholly-owned subsidiaries and the partially-owned subsidiaries of which the Company is the majority owner or the primary beneficiary. All material intercompany accounts and transactions have been eliminated in consolidation. Non-controlling interests on the Consolidated Statements of Financial Condition at March 31, 2021 December 31, 2020 third See Note 2 Annual Report for the Company s significant accounting policies. For the three March 31, 2021 no 3, Recent Accounting Pronouncements |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 3. Recent Accounting Pronouncemen ts Accounting Standards to be adopted in Future Periods In June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 206 13 first one 2016 13, December 15, 2022, not Recently Adopted Accounting Guidance In December 2019, 2019 12, Income Taxes (Topic 740 2019 12 January 1, 2021. not In August 2018, 2018 13, Fair Value Measurement (Topic 820 ): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement 2018 13 2018 13 January 1, 2020. not |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4 . Fair Value Measurement s The following tables provide fair value information related to the Company 's financial instruments at March 31, 2021 December 31, 2020 : March 31, 2021 (In thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 61,204 $ 61,204 $ - $ - $ 61,204 Restricted cash and deposits 1,293 1,293 - - 1,293 Marketable securities owned 57,653 9,969 - 47,684 57,653 Equity investments 3,413 - - 3,413 3,413 Other investments measured at net asset value (1) 11,593 - - - - Loans held for sale (2) 2,412 - - 2,412 2,412 Loans held for investment, net of allowance for loan losses 901 - - 901 901 Total assets: $ 138,469 $ 72,466 $ - $ 54,410 $ 126,876 Liabilities: Notes payable $ 10,610 - $ 5,983 $ 4,627 $ 10,610 Bond payable 71,289 - 74,268 - 74,268 Marketable securities sold, but not yet purchased, at fair value 446 446 - - 446 Total liabilities: $ 82,345 $ 446 $ 80,251 $ 4,627 $ 85,324 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. Recurring Fair Value Measurement The following tables provide information related to the Company 's assets and liabilities carried at fair value on a recurring basis at March 31, 2021 December 31, 2020 : (In thousands) March 31, 2021 Carrying Value Level 1 Level 2 Level 3 Total Marketable securities owned $ 57,653 $ 9,969 $ - $ 47,684 $ 57,653 Other investments: Equity investments 3,413 - - 3,413 3,413 Investments in private equity, real estate and credit funds, measured at net asset value (1) 11,593 - - - - Total other investments 15,006 - - 3,413 3,413 Total assets: $ 72,659 $ 9,969 $ - $ 51,097 $ 61,066 (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 private equity, real estate and credit funds, measured at net asset value (1) 11,155 - - - - 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 As of March 31, 2021 not March 31, 2021 December 31, 2020 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 $3.2 $3.5 March 31, 2021 December 31, 2020 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 $1.4 2 1 three March 31, 2021 no 1, 2 3 December 31, 2020 The Company's Level 2 December 31, 2020 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 capital 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 three March 31, 2021 3 (In thousands) CLO Junior Subordinated Notes Equity Investment Total Balance as of December 31, 2020 $ 48,003 $ 4,206 $ 52,209 Investment distributions (1,086 ) (774 ) (1,860 ) Accrued interest 1,960 - 1,960 Realized/Unrealized losses on investments, recognized in earnings (4,587 ) (19 ) (4,606 ) Unrealized gains on investments, recognized in OCI 3,394 - 3,394 Balance as of March 31, 2021 $ 47,684 $ 3,413 $ 51,097 The Company's Level 3 three March 31, 2021 For assets classified in the Level 3 3 March 31, 2021 December 31, 2020 Significant Unobservable Inputs (In thousands) Range (Weighted-average (1) Fair value Valuation Technique Description March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 CLO debt securities Discounted cash flows Discount rate 13.5% (N/A) 17.5% (N/A) $ 47,684 $ 48,003 Default rate 3% next 2Qs, 2% thereafter (2.2%) 2.0% (N/A) Severity rate 25.0% (N/A) 25.0% (N/A) Prepayment rate 10.0%-25.0% (18.1%) 10.0%-25.0% (18.5%) Collateral liquidation price 98.0%-99.0% (98.8%) 98.0%-99.0% (98.8%) Equity investment Discounted cash flows Credit factor 20% (N/A) 20% (N/A) $ 3,413 $ 3,378 Discount rate 16.55% (N/A) 16% (N/A) Market EBITDA multiple (N/A) 12.0x (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. The Company held a loan measured at fair value on a non-recurring basis of $2.4 March 31, 2021 December 31, 2020 |
Note 5 - Available-for-sale Sec
Note 5 - Available-for-sale Securities | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 (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 $ 44,787 $ 2,897 $ - $ 47,684 3 $ 48,499 $ - $ (496 ) $ 48,003 3 The following table summarizes the fair value and amortized cost of the available-for-sale securities by contractual maturity as of March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 (In thousands) Available-for-Sale Available-for-Sale Amortized Cost Fair Value Amortized Cost Fair Value Less than 5 years $ 8,605 $ 8,253 $ 9,109 8,245 5-10 years 36,182 39,431 39,390 39,758 More than 10 years - - - - Total $ 44,787 $ 47,684 $ 48,499 $ 48,003 In July 2020, $6.0 June 30, 2020, 7, |
Note 6 - Loans
Note 6 - Loans | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Loans Collateralizing Asset Backed Securities Issued and Loans Held for Sale [Text Block] | 6. Loans Loans Held for Investment As of March 31, 2021 December 31, 2020 Ther e were no March 31, 2021 December 31, 2020 three March 31, 2020 December 31, 2020 Three Months Ended Year Ended (In thousands) March 31, 2021 December 31, 2020 Balance, at beginning of the period $ - $ - Provision for loan losses - (112 ) Charge off - 112 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 March 31, 2021 December 31, 2020 zero During the three March 31, 2021, not December, 31, 2020, $0.1 $1.0 The Company had no three March 31, 2021 December 31, 2020 |
Note 7 - Debt
Note 7 - Debt | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Debt Bond Payable (In thousands) March 31, 2021 December 31, 2020 7.25% Senior Notes due 2027 (1) $ 40,000 $ 50,000 6.875% Senior Notes due 2029 36,000 36,000 Total outstanding principal $ 76,000 $ 86,000 Less: Debt issuance costs (2,576 ) (2,953 ) Less: Senior Notes repurchased (2) (2,135 ) (2,135 ) Total bond payable, net $ 71,289 $ 80,912 ( 1 In February 2021, $10.0 2027 $0.3 ( 2 In March 2020, $1.4 $0.7 2029 2027 $0.7 The 7.25% 2027 “2027 6.875% 2029 "2029 2027 2029 25% may March 31, 2021 December 31, 2020 JMP Group Inc., a wholly-owned subsidiary of JMP Group LLC, is the primary obligor of the Company's 2027 2027 2027 2027 2027 Note Payable, Lines of Credit and Credit Facilities (In thousands) Outstanding Balance March 31, 2021 December 31, 2020 $25 million, JMP Holding Credit Agreement $ 5,983 $ 5,983 Paycheck Protection Program (the "PPP") loan 3,798 3,798 Note payable to an affiliate (Note 16) 829 829 Total note payable, lines of credit, and credit facilities $ 10,610 $ 10,610 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 July 16, 2020, 2.25% 2.00% $6.0 June 30, 2020, On December 31, 2020, April 30, 2014 December 31, 2020 December 31, 2022 12 $25 March 31, 2021 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 March 31, 2021, $6.0 $1.1 The Credit Agreement contains financial and other covenants, including, but not one March 31, 2021 2020, 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 March 31, 2021 December 31, 2020 On March 27, 2020, 19" April 17, 2020, $3.8 March 31, 2021, The PPP Loan bears interest at the rate of 1% not No not June 2022. |
Note 8 - Other Assets and Other
Note 8 - Other Assets and Other Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Other Assets and Other Liabilities Disclosure [Text Block] | 8. At March 31, 2021 December 31, 2020 (In thousands) March 31, 2021 December 31, 2020 Accounts receivable $ 6,470 $ 4,333 Prepaid expenses 6,391 6,954 Loans held for sale (1) 2,412 2,412 Other assets 123 323 Total other assets $ 15,396 $ 14,022 ( 1 Loans held for sale are carried at the lower of cost or fair value less cost to sell. (In thousands) March 31, 2021 December 31, 2020 Accounts payable & accrued liabilities $ 12,397 $ 6,726 Deferred compensation liabilities 5,465 3,621 Other liabilities 407 383 Total other liabilities $ 18,269 $ 10,730 |
Note 9 - Shareholders' Equity
Note 9 - Shareholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. Distributions on Common Shares On February 19, 2020, Self-Tender Offers On February 24, 2020, “2020 3,000,000 2020 March 19, 2020 2020 not |
Note 10 - Share-based Compensat
Note 10 - Share-based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 10. Share -Based Compensation On January 27, 2015, 4,000,000 April 12, 2007 June 6, 2011. The following table summarizes the share-based compensation expense for the three March 31, 2021 2020 Three Months Ended March 31, (In thousands) 2021 2020 Restricted stock unit awards $ 338 $ 317 Stock option awards 106 116 Share-based compensation expense $ 444 $ 433 Share Options The following table summarizes the share option activity for the three March 31, 2021 : Three Months Ended March 31, 2021 Shares Subject to Option Weighted Average Exercise Price Balance, beginning of year 2,000,000 $ 3.04 Granted - - Forfeited - - Balance, end of period 2,000,000 $ 3.04 Options exercisable at end of period 500,000 $ 3.04 The following table summarizes the share options outstanding as well as share options vested and exercisable as of March 31, 2021 and 2020: March 31, 2021 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 3.85 $ 3.04 $ 5,880,000 500,000 3.85 $ 3.04 $ 1,470,000 March 31, 2020 Options Outstanding Options Vested and Exercisable Weighted Weighted Average Weighted Average Weighted Range of Remaining Average Aggregate Remaining Average Aggregate Exercise Number Contractual Exercise Intrinsic Number Contractual Exercise Intrinsic Prices Outstanding Life in Years Price Value Exercisable Life in Years Price Value $ 3.04 2,200,000 4.85 $ 3.04 $ - - - $ - $ - The Company recognizes share-based compensation expense, net of estimated forfeitures, As of March 31, 2021 and 2020, $0.5 $1.3 There were no three March 31, 2021 2020. not The Company uses the Black-Scholes option-pricing model or other quantitative models to calculate the fair value of option awards. Restricted Share Units The following table summarizes restricted share unit ("RSU") activity for the three March 31, 2021 : Three Months Ended March 31, 2021 Restricted Share Units Weighted Average Grant Date Fair Value Balance, beginning of year 220,209 $ 3.32 Granted 352,797 4.66 Vested (55,755 ) 3.17 Balance, end of period 517,251 $ 4.25 The aggregate fair value of RSUs vested during the three March 31, 2021 $0.3 $0.07 three March 31, 2021 The Company recognizes compensation expense, net of estimated forfeitures, for RSUs over the vesting period using the accelerated attribution method when they are subject to graded vesting and on a straight-line basis when they are subject to cliff vesting. For the three March 31, 2021 $0.07 March 31, 2021 $1.6 1.4 The Company pays cash distribution equivalents on certain RSUs upon vesting. Distribution equivalents paid on RSUs are generally charged to retained earnings. The Company accounts for the tax benefit related to distribution equivalents paid on RSUs as an increase in additional paid-in capital. |
Note 11 - Net Income (Loss) Per
Note 11 - Net Income (Loss) Per Common Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11 . Net Income (Loss) per Common Share Basic net income (loss) per share for the Company is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the reporting period. Diluted net income (loss) per share is calculated by adjusting the weighted average number of outstanding shares to reflect the potential dilutive impact as if all potentially dilutive share options or RSUs were exercised or converted under the treasury share method. However, for periods that the Company has a net loss, the effect of outstanding share options or RSUs is anti-dilutive and, accordingly, is excluded from the calculation of diluted loss per share. The computations of basic and diluted net income per share for the three March 31, 2021 2020 are shown in the tables below: (In thousands, except per share data) Three Months Ended March 31, 2021 2020 Numerator: Net income (loss) attributable to JMP Group LLC $ 1,089 $ (11,748 ) Denominator: Basic weighted average shares outstanding 19,824 19,532 Effect of potential dilutive securities: Restricted share units and share options 854 - Diluted weighted average shares outstanding 20,678 19,532 Net income (loss) per share Basic $ 0.05 $ (0.60 ) Diluted $ 0.05 $ (0.60 ) Share options to purchase 2,200,000 three March 31, 2020, not RSUs for 121,681 three March 31, 2020, not three March 31, 2020, not |
Note 12 - Revenue from Contract
Note 12 - Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 12. The following tables represent the Company's total revenues from contracts with customers, disaggregated by major business activity, for the three March 31, 2021 March 31, 2020 (in thousands) Three Months Ended March 31, 2021 Broker -Dealer Asset Management Eliminations Total Total revenues from contracts with customers Equity and debt origination $ 25,670 $ - $ - $ 25,670 Strategic advisory and private placements 6,899 - - 6,899 Total investment banking revenues 32,569 - - 32,569 Commissions 4,622 - - 4,622 Research payments 1,166 - - 1,166 Net trading gains 117 - - 117 Total brokerage revenues 5,905 - - 5,905 Base management fees - 2,095 - 2,095 Incentive management fees - 74 - 74 Total asset management fees - 2,169 - 2,169 Total revenues from contracts with customers $ 38,474 $ 2,169 $ - $ 40,643 (in thousands) Three Months Ended March 31, 2020 Broker -Dealer Asset Management Eliminations Total Total revenues from contracts with customers Equity and debt origination $ 8,556 $ - $ - $ 8,556 Strategic advisory and private placements 6,069 - - 6,069 Total investment banking revenues 14,625 - - 14,625 Commissions 3,718 - - 3,718 Research payments 1,241 - - 1,241 Net trading losses (772 ) - - (772 ) Total brokerage revenues 4,187 - - 4,187 Base management fees - 1,727 (25 ) 1,702 Incentive management fees - 14 - 14 Total asset management fees - 1,741 (25 ) 1,716 Total revenues from contracts with customers $ 18,812 $ 1,741 $ (25 ) $ 20,528 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. Income Taxes JMP Group LLC's election to be taxed as a corporation for United States federal income tax purposes was approved by the Internal Revenue Service with an effective date of January 1, 2019. For the three March 31, 2021 2020, $0.4 $7.2 24.50% 37.95% three March 31, 2021 2020, For financial reporting purposes, the Company's effective tax rate used for the interim periods is based on the estimated full-year income tax rate. For the three March 31, 2021, On March 27, 2020, 19” 80% 100% 2018 2020 2018 2020 five may The Company recognizes deferred tax assets and liabilities in accordance with ASC 740, Income Taxes |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14 . Commitments and Contingencies In connection with its underwriting activities, JMP Securities may, JMP Securities had no March 31, 2021 and December 31, 2020 . The marketable securities owned and the restricted cash, as well as the cash held by clearing brokers may $0.8 $0.5 March 31, 2021 and December 31, 2020 , respectively. may Unfunded commitments are agreements to lend to a borrower, provided that all conditions have been met. The Company had no March 31, 2021 and December 31, 2020 |
Note 15 - Regulatory Requiremen
Note 15 - Regulatory Requirements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 15 . Regulatory Requirements JMP Securities is subject to the SEC 's Uniform Net Capital Rule (Rule 15c3 1 not 15 1. f $26.4 $42.3 e $24.9 $40.6 of $1.5 $1.7 m March 31, 2021 and December 31, 2020 0.86 to 1 and 0.62 1 March 31, 2021 and December 31, 2020 , Since all customer transactions are cleared through another broker-dealer on a fully disclosed basis, JMP Securities is not 15c3 3 |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 16 . Related Party Transactions The Company earns base management fees and incentive fees from serving as investment advisor for various entities, including corporations, partnerships limited liability companies, and offshore investment companies. The Company also owns an investment in some of such affiliated entities. As of March 31, 2021 and December 31, 2020 , was $18.8 m $17.3 f $10.3 million and $9.8 million, for the periods, respectively and an investment in HCC common stock of $8.6 mil $7.5 $2.1 $1.7 three March 31, 2021 2020 . Also, the Company earned incentive fees of $0.1 zero three March 31, 2021 2020 . On January 9, 2018, $0.8 March 31, 2021 , was $0.8 million 12.5% November 20, 2022. On September 19, 2017, the Company made a loan to a registered investment adviser of $3.4 million at an interest rate of 15% per year. In October 2019, the Company sold 30% of the loan, or $1.0 March 31, 2021 and December 31, 2020 , the Company's portion of the outstanding loan balance to this entity was $2.4 $2.4 March 31, 2021 December 31, 2020 using the bid price. On November 20, 2017, 24.9% $0.1 $0.1 three March 31, 2021 2020, March 31, 2021 December 31, 2020, $4.7 $4.5 |
Note 17 - Litigation
Note 17 - Litigation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 17. The Company may the business. The outcome of such matters the Company has been and/or currently is involved in cannot be determined at this time, and the results cannot be predicted with certainty. There can be no not The Company reviews the need for any loss contingency reserves and establishes reserves when, in the opinion of management, it is probable that a matter would result in liability and the amount of loss, if any, can be reasonably estimated. Generally, given the inherent difficulty of predicting the outcome of matters the Company is involved in, particularly cases in which claimants seek substantial or indeterminate damages, it is not no not |
Note 18 - Financial Instruments
Note 18 - Financial Instruments With Off-balance Sheet Risk, Credit Risk or Market Risk | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 18. The majority of the Company's transactions, and consequently the concentration of its credit exposure, is with its clearing brokers. The Company may not may The Company's trading activities include providing securities brokerage services to institutional clients. To facilitate these customer transactions, the Company purchases proprietary securities positions (“long positions”) in equity securities. The Company also enters into transactions to sell securities not not may JMP Securities has agreed to indemnify its clearing brokers for losses that the clearing brokers may not may no March 31, 2021 and December 31, 2020 no three March 31, 2021 2020 no no March 31, 2021 and December 31, 2020 The Company is engaged in various investment banking and brokerage activities whose counterparties primarily include broker-dealers, banks and other financial institutions. In the event counterparties do not may Standby letters of credit are conditional commitments issued by the Company to guarantee the performance by a borrower to a third no March 31, 2021 and December 31, 2020 . |
Note 19 - Business Segments
Note 19 - Business Segments | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 19. 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 26% 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. Three Months Ended March 31, 2021 (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 $ 32,569 $ - $ - $ - $ - $ - $ 32,569 $ - $ 32,569 Brokerage 5,905 - - - - - 5,905 - 5,905 Asset management related fees 21 2,174 352 2,526 - (25 ) 2,522 (353 ) (a) 2,169 Principal transactions (444 ) - 1,110 1,110 - - 666 (3,877 ) (b) (3,211 ) Other income - - - - - - - 816 (a) 816 Net interest income - - 558 558 - - 558 (25 ) (c) 533 (Loss) on repurchase, reissuance or early retirement of debt - - - - - - - (288 ) (d) (288 ) Total net revenues 38,051 2,174 2,020 4,194 - (25 ) 42,220 (3,727 ) 38,493 Non-interest expenses 32,308 2,207 297 2,504 2,320 (25 ) 37,107 (161 ) (e) 36,946 Operating income (loss) before taxes 5,743 (33 ) 1,723 1,690 (2,320 ) - 5,113 (3,566 ) 1,547 Income tax expense (benefit) 1,493 (8 ) 447 439 (603 ) - 1,329 (950 ) (f) 379 Net income attributable to non-controlling interest - - - - - - - 79 (a),(c),(e) 79 Operating net income (loss) $ 4,250 $ (25 ) $ 1,276 $ 1,251 $ (1,717 ) $ - $ 3,784 $ (2,695 ) (g) $ 1,089 As of March 31, 2021 (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 $ 72,384 $ 11,196 $ 65,563 $ 76,759 $ 128,711 $ (62,591 ) $ 215,263 $ - $ 215,263 (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. Three Months Ended March 31, 2020 (In thousands) Broker-Dealer Asset Management Corporate Costs Eliminations Total Segments Adjustments Consolidated GAAP Asset Management Fee Income Investment Income Total Asset Management Revenues Investment banking $ 14,625 $ - $ - $ - $ - $ - $ 14,625 $ - $ 14,625 Brokerage 4,187 - - - - - 4,187 - 4,187 Asset management related fees 152 1,903 333 2,236 - (45 ) 2,343 (627 ) (a) 1,716 Principal transactions - - 81 81 - - 81 (17,633 ) (b) (17,552 ) Net dividend income - - 256 256 - - 256 (29 ) (c ) 227 Other income - - - - - - - 935 (a) 935 Net interest income - - 458 458 - - 458 (26 ) (c ) 432 Gain on repurchase, reissuance or early retirement of debt - - 786 786 - - 786 (89 ) (d ) 697 Total net revenues 18,964 1,903 1,914 3,817 - (45 ) 22,736 (17,469 ) 5,267 Non-interest expenses 19,201 2,362 151 2,513 1,792 (45 ) 23,461 884 (e ) 24,345 Operating income (loss) before taxes (237 ) (459 ) 1,763 1,304 (1,792 ) - (725 ) (18,353 ) (19,078 ) Income tax expense (benefit) (62 ) (120 ) 459 339 (465 ) - (188 ) (7,051 ) (f ) (7,239 ) Net income attributable to non-controlling interest - - - - - - - (91 ) (a), (c ), (e ) (91 ) Operating net income (loss) $ (175 ) $ (339 ) $ 1,304 $ 965 $ (1,327 ) $ - $ (537 ) $ (11,211 ) (g ) $ (11,748 ) As of March 31, 2020 (In thousands) Broker-Dealer Asset Management Corporate Costs Eliminations Total Segments Adjustments Consolidated GAAP Asset Management Fee Income Investment Income Total Asset Management Segment assets $ 34,685 $ 9,873 $ 78,236 $ 88,109 $ 228,197 $ (161,947 ) $ 189,044 $ - $ 189,044 (a) Total segment asset management-related fees include income from fee sharing arrangements with, and fees earned to raise capital for, third (b) Total segment principal transaction revenues exclude certain unrealized mark-to-market gains or losses, including those related to impairment of CLO debt securities and the Company's investment in Harvest Capital Credit Corporation, as well as unrealized losses derived from depreciation and amortization of real estate investment properties. (c) Total segment net dividend income and net interest income exclude those attributable to non-controlling interests. (d) Total segment gain/(loss) repurchase/early retirement of debt excludes losses on write offs of debt issuance costs related to early retirement or repurchase of debt. (e) Total 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 20 - Nonconsolidated Varia
Note 20 - Nonconsolidated Variable Interest Entities | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 20 . Nonconsolidated Variable Interest Entities VIEs for which the Company is not (In thousands) As of March 31, 2021 December 31, 2020 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 $ 52,396 $ - $ 52,396 $ 1,130,360 $ 52,714 $ - $ 52,714 $ 1,169,243 Fund investments 11,831 337 14,988 461,088 10,765 311 14,311 465,365 Other investments 4,479 - 4,479 1,155,724 4,404 25 4,404 1,172,018 Total $ 68,706 $ 337 $ 71,863 $ 2,747,172 $ 67,883 $ 336 $ 71,429 $ 2,806,626 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation These consolidated financial statements and related notes are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Quarterly Report on Form 10 10 X. 10 December 31, 2020 filed with the SEC on March 29, 2021 ( 10 no The results of operations for any interim period are not The consolidated accounts of the Company include the wholly-owned subsidiaries and the partially-owned subsidiaries of which the Company is the majority owner or the primary beneficiary. All material intercompany accounts and transactions have been eliminated in consolidation. Non-controlling interests on the Consolidated Statements of Financial Condition at March 31, 2021 December 31, 2020 third See Note 2 Annual Report for the Company s significant accounting policies. For the three March 31, 2021 no 3, Recent Accounting Pronouncements |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2021 (In thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 61,204 $ 61,204 $ - $ - $ 61,204 Restricted cash and deposits 1,293 1,293 - - 1,293 Marketable securities owned 57,653 9,969 - 47,684 57,653 Equity investments 3,413 - - 3,413 3,413 Other investments measured at net asset value (1) 11,593 - - - - Loans held for sale (2) 2,412 - - 2,412 2,412 Loans held for investment, net of allowance for loan losses 901 - - 901 901 Total assets: $ 138,469 $ 72,466 $ - $ 54,410 $ 126,876 Liabilities: Notes payable $ 10,610 - $ 5,983 $ 4,627 $ 10,610 Bond payable 71,289 - 74,268 - 74,268 Marketable securities sold, but not yet purchased, at fair value 446 446 - - 446 Total liabilities: $ 82,345 $ 446 $ 80,251 $ 4,627 $ 85,324 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 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | (In thousands) March 31, 2021 Carrying Value Level 1 Level 2 Level 3 Total Marketable securities owned $ 57,653 $ 9,969 $ - $ 47,684 $ 57,653 Other investments: Equity investments 3,413 - - 3,413 3,413 Investments in private equity, real estate and credit funds, measured at net asset value (1) 11,593 - - - - Total other investments 15,006 - - 3,413 3,413 Total assets: $ 72,659 $ 9,969 $ - $ 51,097 $ 61,066 (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 private equity, real estate and credit funds, measured at net asset value (1) 11,155 - - - - Total other investments 17,611 - 2,251 4,206 6,457 Total assets: $ 73,105 $ 7,491 $ 2,251 $ 52,209 $ 61,951 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | (In thousands) CLO Junior Subordinated Notes Equity Investment Total Balance as of December 31, 2020 $ 48,003 $ 4,206 $ 52,209 Investment distributions (1,086 ) (774 ) (1,860 ) Accrued interest 1,960 - 1,960 Realized/Unrealized losses on investments, recognized in earnings (4,587 ) (19 ) (4,606 ) Unrealized gains on investments, recognized in OCI 3,394 - 3,394 Balance as of March 31, 2021 $ 47,684 $ 3,413 $ 51,097 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Significant Unobservable Inputs (In thousands) Range (Weighted-average (1) Fair value Valuation Technique Description March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 CLO debt securities Discounted cash flows Discount rate 13.5% (N/A) 17.5% (N/A) $ 47,684 $ 48,003 Default rate 3% next 2Qs, 2% thereafter (2.2%) 2.0% (N/A) Severity rate 25.0% (N/A) 25.0% (N/A) Prepayment rate 10.0%-25.0% (18.1%) 10.0%-25.0% (18.5%) Collateral liquidation price 98.0%-99.0% (98.8%) 98.0%-99.0% (98.8%) Equity investment Discounted cash flows Credit factor 20% (N/A) 20% (N/A) $ 3,413 $ 3,378 Discount rate 16.55% (N/A) 16% (N/A) Market EBITDA multiple (N/A) 12.0x (N/A) $ - $ 828 |
Note 5 - Available-for-sale S_2
Note 5 - Available-for-sale Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Debt Securities, Available-for-sale [Table Text Block] | March 31, 2021 December 31, 2020 (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 $ 44,787 $ 2,897 $ - $ 47,684 3 $ 48,499 $ - $ (496 ) $ 48,003 3 |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31, 2021 December 31, 2020 (In thousands) Available-for-Sale Available-for-Sale Amortized Cost Fair Value Amortized Cost Fair Value Less than 5 years $ 8,605 $ 8,253 $ 9,109 8,245 5-10 years 36,182 39,431 39,390 39,758 More than 10 years - - - - Total $ 44,787 $ 47,684 $ 48,499 $ 48,003 |
Note 6 - Loans (Tables)
Note 6 - Loans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Three Months Ended Year Ended (In thousands) March 31, 2021 December 31, 2020 Balance, at beginning of the period $ - $ - Provision for loan losses - (112 ) Charge off - 112 Balance, at end of the period $ - $ - |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) - Senior Notes [Member] | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | (In thousands) March 31, 2021 December 31, 2020 7.25% Senior Notes due 2027 (1) $ 40,000 $ 50,000 6.875% Senior Notes due 2029 36,000 36,000 Total outstanding principal $ 76,000 $ 86,000 Less: Debt issuance costs (2,576 ) (2,953 ) Less: Senior Notes repurchased (2) (2,135 ) (2,135 ) Total bond payable, net $ 71,289 $ 80,912 |
Schedule of Debt [Table Text Block] | (In thousands) Outstanding Balance March 31, 2021 December 31, 2020 $25 million, JMP Holding Credit Agreement $ 5,983 $ 5,983 Paycheck Protection Program (the "PPP") loan 3,798 3,798 Note payable to an affiliate (Note 16) 829 829 Total note payable, lines of credit, and credit facilities $ 10,610 $ 10,610 |
Note 8 - Other Assets and Oth_2
Note 8 - Other Assets and Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | (In thousands) March 31, 2021 December 31, 2020 Accounts receivable $ 6,470 $ 4,333 Prepaid expenses 6,391 6,954 Loans held for sale (1) 2,412 2,412 Other assets 123 323 Total other assets $ 15,396 $ 14,022 |
Other Liabilities [Table Text Block] | (In thousands) March 31, 2021 December 31, 2020 Accounts payable & accrued liabilities $ 12,397 $ 6,726 Deferred compensation liabilities 5,465 3,621 Other liabilities 407 383 Total other liabilities $ 18,269 $ 10,730 |
Note 10 - Share-based Compens_2
Note 10 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Three Months Ended March 31, (In thousands) 2021 2020 Restricted stock unit awards $ 338 $ 317 Stock option awards 106 116 Share-based compensation expense $ 444 $ 433 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Three Months Ended March 31, 2021 Shares Subject to Option Weighted Average Exercise Price Balance, beginning of year 2,000,000 $ 3.04 Granted - - Forfeited - - Balance, end of period 2,000,000 $ 3.04 Options exercisable at end of period 500,000 $ 3.04 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | March 31, 2021 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 3.85 $ 3.04 $ 5,880,000 500,000 3.85 $ 3.04 $ 1,470,000 March 31, 2020 Options Outstanding Options Vested and Exercisable Weighted Weighted Average Weighted Average Weighted Range of Remaining Average Aggregate Remaining Average Aggregate Exercise Number Contractual Exercise Intrinsic Number Contractual Exercise Intrinsic Prices Outstanding Life in Years Price Value Exercisable Life in Years Price Value $ 3.04 2,200,000 4.85 $ 3.04 $ - - - $ - $ - |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Three Months Ended March 31, 2021 Restricted Share Units Weighted Average Grant Date Fair Value Balance, beginning of year 220,209 $ 3.32 Granted 352,797 4.66 Vested (55,755 ) 3.17 Balance, end of period 517,251 $ 4.25 |
Note 11 - Net Income (Loss) P_2
Note 11 - Net Income (Loss) Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (In thousands, except per share data) Three Months Ended March 31, 2021 2020 Numerator: Net income (loss) attributable to JMP Group LLC $ 1,089 $ (11,748 ) Denominator: Basic weighted average shares outstanding 19,824 19,532 Effect of potential dilutive securities: Restricted share units and share options 854 - Diluted weighted average shares outstanding 20,678 19,532 Net income (loss) per share Basic $ 0.05 $ (0.60 ) Diluted $ 0.05 $ (0.60 ) |
Note 12 - Revenue from Contra_2
Note 12 - Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | (in thousands) Three Months Ended March 31, 2021 Broker -Dealer Asset Management Eliminations Total Total revenues from contracts with customers Equity and debt origination $ 25,670 $ - $ - $ 25,670 Strategic advisory and private placements 6,899 - - 6,899 Total investment banking revenues 32,569 - - 32,569 Commissions 4,622 - - 4,622 Research payments 1,166 - - 1,166 Net trading gains 117 - - 117 Total brokerage revenues 5,905 - - 5,905 Base management fees - 2,095 - 2,095 Incentive management fees - 74 - 74 Total asset management fees - 2,169 - 2,169 Total revenues from contracts with customers $ 38,474 $ 2,169 $ - $ 40,643 (in thousands) Three Months Ended March 31, 2020 Broker -Dealer Asset Management Eliminations Total Total revenues from contracts with customers Equity and debt origination $ 8,556 $ - $ - $ 8,556 Strategic advisory and private placements 6,069 - - 6,069 Total investment banking revenues 14,625 - - 14,625 Commissions 3,718 - - 3,718 Research payments 1,241 - - 1,241 Net trading losses (772 ) - - (772 ) Total brokerage revenues 4,187 - - 4,187 Base management fees - 1,727 (25 ) 1,702 Incentive management fees - 14 - 14 Total asset management fees - 1,741 (25 ) 1,716 Total revenues from contracts with customers $ 18,812 $ 1,741 $ (25 ) $ 20,528 |
Note 19 - Business Segments (Ta
Note 19 - Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2021 (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 $ 32,569 $ - $ - $ - $ - $ - $ 32,569 $ - $ 32,569 Brokerage 5,905 - - - - - 5,905 - 5,905 Asset management related fees 21 2,174 352 2,526 - (25 ) 2,522 (353 ) (a) 2,169 Principal transactions (444 ) - 1,110 1,110 - - 666 (3,877 ) (b) (3,211 ) Other income - - - - - - - 816 (a) 816 Net interest income - - 558 558 - - 558 (25 ) (c) 533 (Loss) on repurchase, reissuance or early retirement of debt - - - - - - - (288 ) (d) (288 ) Total net revenues 38,051 2,174 2,020 4,194 - (25 ) 42,220 (3,727 ) 38,493 Non-interest expenses 32,308 2,207 297 2,504 2,320 (25 ) 37,107 (161 ) (e) 36,946 Operating income (loss) before taxes 5,743 (33 ) 1,723 1,690 (2,320 ) - 5,113 (3,566 ) 1,547 Income tax expense (benefit) 1,493 (8 ) 447 439 (603 ) - 1,329 (950 ) (f) 379 Net income attributable to non-controlling interest - - - - - - - 79 (a),(c),(e) 79 Operating net income (loss) $ 4,250 $ (25 ) $ 1,276 $ 1,251 $ (1,717 ) $ - $ 3,784 $ (2,695 ) (g) $ 1,089 As of March 31, 2021 (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 $ 72,384 $ 11,196 $ 65,563 $ 76,759 $ 128,711 $ (62,591 ) $ 215,263 $ - $ 215,263 Three Months Ended March 31, 2020 (In thousands) Broker-Dealer Asset Management Corporate Costs Eliminations Total Segments Adjustments Consolidated GAAP Asset Management Fee Income Investment Income Total Asset Management Revenues Investment banking $ 14,625 $ - $ - $ - $ - $ - $ 14,625 $ - $ 14,625 Brokerage 4,187 - - - - - 4,187 - 4,187 Asset management related fees 152 1,903 333 2,236 - (45 ) 2,343 (627 ) (a) 1,716 Principal transactions - - 81 81 - - 81 (17,633 ) (b) (17,552 ) Net dividend income - - 256 256 - - 256 (29 ) (c ) 227 Other income - - - - - - - 935 (a) 935 Net interest income - - 458 458 - - 458 (26 ) (c ) 432 Gain on repurchase, reissuance or early retirement of debt - - 786 786 - - 786 (89 ) (d ) 697 Total net revenues 18,964 1,903 1,914 3,817 - (45 ) 22,736 (17,469 ) 5,267 Non-interest expenses 19,201 2,362 151 2,513 1,792 (45 ) 23,461 884 (e ) 24,345 Operating income (loss) before taxes (237 ) (459 ) 1,763 1,304 (1,792 ) - (725 ) (18,353 ) (19,078 ) Income tax expense (benefit) (62 ) (120 ) 459 339 (465 ) - (188 ) (7,051 ) (f ) (7,239 ) Net income attributable to non-controlling interest - - - - - - - (91 ) (a), (c ), (e ) (91 ) Operating net income (loss) $ (175 ) $ (339 ) $ 1,304 $ 965 $ (1,327 ) $ - $ (537 ) $ (11,211 ) (g ) $ (11,748 ) As of March 31, 2020 (In thousands) Broker-Dealer Asset Management Corporate Costs Eliminations Total Segments Adjustments Consolidated GAAP Asset Management Fee Income Investment Income Total Asset Management Segment assets $ 34,685 $ 9,873 $ 78,236 $ 88,109 $ 228,197 $ (161,947 ) $ 189,044 $ - $ 189,044 |
Note 20 - Nonconsolidated Var_2
Note 20 - Nonconsolidated Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | (In thousands) As of March 31, 2021 December 31, 2020 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 $ 52,396 $ - $ 52,396 $ 1,130,360 $ 52,714 $ - $ 52,714 $ 1,169,243 Fund investments 11,831 337 14,988 461,088 10,765 311 14,311 465,365 Other investments 4,479 - 4,479 1,155,724 4,404 25 4,404 1,172,018 Total $ 68,706 $ 337 $ 71,863 $ 2,747,172 $ 67,883 $ 336 $ 71,429 $ 2,806,626 |
Note 1 - Organization and Des_2
Note 1 - Organization and Description of Business (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Equity Securities, FV-NI | $ 828 | ||
HCC Common Stock [Member] | |||
Equity Securities, FV-NI | $ 8,500 | ||
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) | $ 0.36 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 3.2 | $ 3.5 |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 1.4 | |
Fair Value, Nonrecurring [Member] | ||
Loans Receivable, Fair Value Disclosure | $ 2.4 | $ 2.4 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | ||
Marketable securities owned | $ 5,660 | $ 5,696 | [1] | |
Equity Securities, FV-NI | 828 | |||
Marketable securities sold, but not yet purchased, at fair value | 446 | [2] | ||
Reported Value Measurement [Member] | ||||
Cash and cash equivalents | 61,204 | 91,444 | ||
Restricted cash and deposits | 1,293 | 1,287 | ||
Marketable securities owned | 57,653 | 55,494 | ||
Equity Securities, FV-NI | 3,413 | 6,457 | ||
Other investments measured at net asset value (1) | [3] | 11,593 | 11,155 | |
Loans held for sale | [4] | 2,412 | 2,412 | |
Loans held for investment, net of allowance for loan losses | 901 | 994 | ||
Total assets: | 138,469 | 169,243 | ||
Notes payable | 10,610 | 10,610 | ||
Bond payable | 71,289 | 80,912 | ||
Marketable securities sold, but not yet purchased, at fair value | 446 | |||
Total liabilities: | 82,345 | 91,522 | ||
Estimate of Fair Value Measurement [Member] | ||||
Cash and cash equivalents | 61,204 | 91,444 | ||
Restricted cash and deposits | 1,293 | 1,287 | ||
Marketable securities owned | 57,653 | 55,494 | ||
Equity Securities, FV-NI | 3,413 | 6,457 | ||
Other investments measured at net asset value (1) | [3] | |||
Loans held for sale | [4] | 2,412 | 2,412 | |
Loans held for investment, net of allowance for loan losses | 901 | 994 | ||
Total assets: | 126,876 | 158,088 | ||
Notes payable | 10,610 | 10,610 | ||
Bond payable | 74,268 | 79,472 | ||
Marketable securities sold, but not yet purchased, at fair value | 446 | |||
Total liabilities: | 85,324 | 90,082 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Cash and cash equivalents | 61,204 | 91,444 | ||
Restricted cash and deposits | 1,293 | 1,287 | ||
Marketable securities owned | 9,969 | 7,491 | ||
Equity Securities, FV-NI | ||||
Other investments measured at net asset value (1) | [3] | |||
Loans held for sale | [4] | |||
Loans held for investment, net of allowance for loan losses | ||||
Total assets: | 72,466 | 100,222 | ||
Notes payable | ||||
Bond payable | ||||
Marketable securities sold, but not yet purchased, at fair value | 446 | |||
Total liabilities: | 446 | |||
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) | [3] | |||
Loans held for sale | [4] | |||
Loans held for investment, net of allowance for loan losses | ||||
Total assets: | 2,251 | |||
Notes payable | 5,983 | 5,983 | ||
Bond payable | 74,268 | 79,472 | ||
Marketable securities sold, but not yet purchased, at fair value | ||||
Total liabilities: | 80,251 | 85,455 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Cash and cash equivalents | ||||
Restricted cash and deposits | ||||
Marketable securities owned | 47,684 | 48,003 | ||
Equity Securities, FV-NI | 3,413 | 4,206 | ||
Other investments measured at net asset value (1) | [3] | |||
Loans held for sale | [4] | 2,412 | 2,412 | |
Loans held for investment, net of allowance for loan losses | 901 | 994 | ||
Total assets: | 54,410 | 55,615 | ||
Notes payable | 4,627 | 4,627 | ||
Bond payable | ||||
Marketable securities sold, but not yet purchased, at fair value | ||||
Total liabilities: | $ 4,627 | $ 4,627 | ||
[1] | The statement of financial condition as of December 31, 2020 is derived from the audited financial statements as of that date. | |||
[2] | The statement of financial condition as of December 31, 2020 is derived from the audited financial statements as of that date. | |||
[3] | In accordance with ASC 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The carrying value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Financial Position. The carrying values of these lines reconciles to the parenthetical disclosure of other investments on the Statements of Financial Condition. | |||
[4] | 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 | Mar. 31, 2021 | Mar. 01, 2021 | Dec. 31, 2020 | ||
Marketable securities owned | $ 57,653 | $ 55,494 | [1] | ||
Equity Securities, FV-NI | 828 | ||||
Other investments | 15,006 | 17,611 | [2] | ||
Fair Value, Recurring [Member] | |||||
Marketable securities owned | $ 57,653 | 55,494 | |||
Equity Securities, FV-NI | 3,413 | 6,457 | |||
Investments in private equity, real estate and credit funds, measured at net asset value (1) | [3] | ||||
Other investments | 6,457 | ||||
Total assets: | 61,066 | 61,951 | |||
Fair Value, Recurring [Member] | Total Return Swap [Member] | |||||
Other investments | 3,413 | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Marketable securities owned | 9,969 | 7,491 | |||
Equity Securities, FV-NI | |||||
Investments in private equity, real estate and credit funds, measured at net asset value (1) | [3] | ||||
Other investments | |||||
Total assets: | 9,969 | 7,491 | |||
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 | ||||
Investments in private equity, real estate and credit funds, measured at net asset value (1) | [3] | ||||
Other investments | 2,251 | ||||
Total assets: | 2,251 | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Total Return Swap [Member] | |||||
Other investments | |||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Marketable securities owned | 47,684 | 48,003 | |||
Equity Securities, FV-NI | 3,413 | 4,206 | |||
Investments in private equity, real estate and credit funds, measured at net asset value (1) | [3] | ||||
Other investments | 4,206 | ||||
Total assets: | 51,097 | 52,209 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Total Return Swap [Member] | |||||
Other investments | 3,413 | ||||
Reported Value Measurement [Member] | |||||
Equity Securities, FV-NI | 3,413 | 6,457 | |||
Total assets: | $ 138,469 | 169,243 | |||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | |||||
Marketable securities owned | 57,653 | 55,494 | |||
Equity Securities, FV-NI | 3,413 | 6,457 | |||
Investments in private equity, real estate and credit funds, measured at net asset value (1) | [3] | 11,593 | 11,155 | ||
Other investments | 17,611 | ||||
Total assets: | 72,659 | $ 73,105 | |||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Total Return Swap [Member] | |||||
Other investments | $ 15,006 | ||||
[1] | The statement of financial condition as of December 31, 2020 is derived from the audited financial statements as of that date. | ||||
[2] | The statement of financial condition as of December 31, 2020 is derived from the audited financial statements as of that date. | ||||
[3] | In accordance with ASC 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The carrying values of these lines reconciles to the parenthetical disclosure of other investments on the Consolidated Statements of Financial Condition. |
Note 4 - Fair Value Measureme_6
Note 4 - Fair Value Measurements - Changes in Level 3 Assets Measured at Fair Value (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Balance | $ 52,209 |
Investment distributions | (1,860) |
Accrued interest | 1,960 |
Realized/Unrealized losses on investments, recognized in earnings | (4,606) |
Unrealized gains on investments, recognized in OCI | 3,394 |
Balance | 51,097 |
CLO Junior Subordinated Notes [Member] | |
Balance | 48,003 |
Investment distributions | (1,086) |
Accrued interest | 1,960 |
Realized/Unrealized losses on investments, recognized in earnings | (4,587) |
Unrealized gains on investments, recognized in OCI | 3,394 |
Balance | 47,684 |
Equity Securities [Member] | |
Balance | 4,206 |
Investment distributions | (774) |
Accrued interest | |
Realized/Unrealized losses on investments, recognized in earnings | (19) |
Unrealized gains on investments, recognized in OCI | |
Balance | $ 3,413 |
Note 4 - Fair Value Measureme_7
Note 4 - Fair Value Measurements - Significant Unobservable Inputs Used in Fair Value Measurements (Details) $ in Thousands | Mar. 31, 2021USD ($) | Mar. 01, 2021USD ($) | Dec. 31, 2020USD ($) | |
CLO debt security, measurement input | 0.12 | |||
Equity investment | $ 828 | |||
Fair Value, Recurring [Member] | ||||
Equity investment | $ 3,413 | 6,457 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||
Equity investment | $ 3,413 | $ 4,206 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||
CLO debt security, measurement input | [1] | 0.135 | 0.175 | |
CLO debt securities | $ 47,684 | $ 48,003 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | ||||
CLO debt security, measurement input | [1] | 0.02 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Minimum [Member] | ||||
CLO debt security, measurement input | [1] | 0.02 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Maximum [Member] | ||||
CLO debt security, measurement input | [1] | 0.04 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Loss Severity [Member] | ||||
CLO debt security, measurement input | [1] | 0.25 | 0.25 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | ||||
CLO debt security, measurement input | [1] | 0.185 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Minimum [Member] | ||||
CLO debt security, measurement input | [1] | 0.1 | 0.1 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Maximum [Member] | ||||
CLO debt security, measurement input | [1] | 0.25 | 0.25 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Weighted Average [Member] | ||||
CLO debt security, measurement input | [1] | 0.181 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Liquidation Price [Member] | Minimum [Member] | ||||
CLO debt security, measurement input | [1] | 0.98 | 0.98 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Liquidation Price [Member] | Maximum [Member] | ||||
CLO debt security, measurement input | [1] | 0.99 | 0.99 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Liquidation Price [Member] | Weighted Average [Member] | ||||
CLO debt security, measurement input | [1] | 0.988 | 0.988 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Equity Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||
CLO debt security, measurement input | [1] | 0.1655 | 0.16 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Equity Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Factor [Member] | ||||
CLO debt security, measurement input | [1] | 0.2 | 0.2 | |
Equity investment | $ 3,413 | $ 3,378 | ||
[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 | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Debt Securities, Available-for-sale, Amortized Cost | $ 44,787 | $ 48,499 |
Debt Securities, Available-for-sale | 47,684 | 48,003 |
CLO Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 44,787 | 48,499 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 2,897 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (496) | |
Debt Securities, Available-for-sale | $ 47,684 | $ 48,003 |
Debt Securities, Number of Positions | 3 | 3 |
Note 5 - Available-for-sale S_5
Note 5 - Available-for-sale Securities - Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Less Than 5 Years | $ 8,605 | $ 9,109 |
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Less Than 5 Years | 8,253 | 8,245 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | 36,182 | 39,390 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | 39,431 | 39,758 |
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value | ||
Debt Securities, Available-for-sale, Amortized Cost, Total | 44,787 | 48,499 |
Debt Securities, Available-for-sale, Total | $ 47,684 | $ 48,003 |
Note 6 - Loans (Details Textual
Note 6 - Loans (Details Textual) xbrli-pure in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Financing Receivable, Individually Evaluated for Impairment, Recorded Impairment | $ 0 | $ 100 |
Financing Receivable, Individually Evaluated for Impairment | $ 1,000 | |
Financing Receivable, Modifications, Number of Contracts | 0 | 0 |
Note 6 - Loans - Loans Collater
Note 6 - Loans - Loans Collateralizing Asset-backed Securities Issued, Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Impaired Loans [Member] | ||
Balance, at beginning of the period | ||
Provision for loan losses | ||
Charge off | ||
Balance, at end of the period | ||
Non Impaired Loans [Member] | ||
Balance, at beginning of the period | ||
Provision for loan losses | (112) | |
Charge off | 112 | |
Balance, at end of the period |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) - USD ($) $ in Thousands | Jul. 16, 2020 | Feb. 28, 2021 | Mar. 31, 2020 | Feb. 28, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Jun. 30, 2020 | Apr. 17, 2020 |
Repayments of Senior Debt, Total | $ 10,000 | $ 1,349 | |||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 300 | ||||||||
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] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||||
Long-term Line of Credit, Total | 6,000 | $ 6,000,000 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | 25,000 | |||||||
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% | 2.25% | |||||||
Revolving Credit Facility [Member] | CNB [Member] | JMP Securities [Member] | |||||||||
Long-term Line of Credit, Total | $ 0 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | ||||||||
Senior Notes 2029 [Member] | |||||||||
Repayments of Senior Debt, Total | $ 1,400 | $ 10,000 | |||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 700 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% | |||||||
Senior Notes 2017 [Member] | |||||||||
Repayments of Senior Debt, Total | $ 700 | ||||||||
Senior Notes 2027 [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | ||||||||
Paycheck Protection Program CARES Act [Member] | |||||||||
Paycheck Protection Program Loan | $ 3,800 |
Note 7- Debt - Debt Issuance Co
Note 7- Debt - Debt Issuance Costs (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | ||
Less: Debt issuance costs | $ (2,600) | $ (2,953) | [1] | |
Debt obligations | 10,610 | 10,610 | ||
Senior Notes 2027 [Member] | ||||
Debt obligation | [2] | 40,000 | 50,000 | |
Senior Notes 2029 [Member] | ||||
Debt obligation | 36,000 | 36,000 | ||
Senior Notes [Member] | ||||
Debt obligation | 76,000 | 86,000 | ||
Less: Debt issuance costs | (2,576) | (2,953) | ||
Less: Senior Notes repurchased (2) | [2],[3] | (2,135) | (2,135) | |
Debt obligations | $ 71,289 | $ 80,912 | ||
[1] | The statement of financial condition as of December 31, 2020 is derived from the audited financial statements as of that date. | |||
[2] | In February 2021, the Company redeemed $10.0 million par value of its issued and outstanding 2027 Senior Notes. The Company recognized a $0.3 million loss on redemption, which is included in "(Loss) gain on repurchase, reissuance or early retirement of debt" on the Consolidated Statement of Operations. | |||
[3] | 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 $0.7 million was recognized upon the repurchase of the bonds, which is included in "(Loss) gain on repurchase, reissuance or early retirement of debt" on the Consolidated Statements of Operations. |
Note 7- Debt - Debt Issuance _2
Note 7- Debt - Debt Issuance Costs (Details) (Parentheticals) | Mar. 31, 2021 | Dec. 31, 2020 |
Senior Notes 2027 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% |
Senior Notes 2029 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% |
Note 7 - Debt - Notes Payable,
Note 7 - Debt - Notes Payable, Lines of Credit and Credit Facilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Note payable, lines of credit, and credit facilities | $ 10,610 | $ 10,610 |
JMP Investment Holdings [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 | 3,798 |
Notes Payable, Other Payables [Member] | ||
Note payable, lines of credit, and credit facilities | $ 829 | $ 829 |
Note 7 - Debt - Notes Payable_2
Note 7 - Debt - Notes Payable, Lines of Credit and Credit Facilities (Details) (Parentheticals) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
JMP Investment Holdings [Member] | ||
Credit facility, maximum borrowing capacity | $ 25 | $ 25 |
Note 8 - Other Assets and Oth_3
Note 8 - Other Assets and Other Liabilities - Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | ||
Accounts receivable | $ 6,470 | $ 4,333 | ||
Prepaid expenses | 6,391 | 6,954 | ||
Loans held for sale (1) | [1] | 2,412 | 2,412 | |
Other assets | 123 | 323 | ||
Total other assets | $ 15,396 | $ 14,022 | [2] | |
[1] | Loans held for sale are carried at the lower of cost or fair value less cost to sell. | |||
[2] | The statement of financial condition as of December 31, 2020 is derived from the audited financial statements as of that date. |
Note 8 - Other Assets and Oth_4
Note 8 - Other Assets and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Accounts payable & accrued liabilities | $ 12,397 | $ 6,726 | |
Deferred compensation liabilities | 5,465 | 3,621 | |
Other liabilities | 407 | 383 | |
Total other liabilities | $ 18,269 | $ 10,730 | [1] |
[1] | The statement of financial condition as of December 31, 2020 is derived from the audited financial statements as of that date. |
Note 9 - Shareholders' Equity (
Note 9 - Shareholders' Equity (Details Textual) | Feb. 24, 2020shares |
The 2020 Tender Offer [Member] | |
Tender Offer to Repurchase Shares for Cash, Number of Shares (in shares) | 3,000,000 |
Note 10 - Share-based Compens_3
Note 10 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Jan. 27, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 0 | 0 | |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Payment Arrangement, Exercise of Non-Option, Tax Benefit | $ 500 | $ 1,300 | |
Share-based Payment Arrangement, Expense, Tax Benefit | 0 | $ 0 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Payment Arrangement, Exercise of Non-Option, Tax Benefit | 70 | ||
Share-based Payment Arrangement, Expense, Tax Benefit | 70 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 300 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,600 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 146 days | ||
Plan2007 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 4,000,000 |
Note 10 - Share-based Compens_4
Note 10 - Share-based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Share-based compensation expense | $ 444 | $ 433 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based compensation expense | 338 | 317 |
Share-based Payment Arrangement, Option [Member] | ||
Share-based compensation expense | $ 106 | $ 116 |
Note 10 - Share-based Compens_5
Note 10 - Share-based Compensation - Stock Option Activity (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Balance, beginning of year, shares subject to option (in shares) | shares | 2,000,000 |
Balance, beginning of year, weighted average exercise price (in dollars per share) | $ / shares | $ 3.04 |
Granted, shares subject to option (in shares) | shares | |
Granted, weighted average exercise price (in dollars per share) | $ / shares | |
Forfeited, shares subject to option (in shares) | shares | |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | |
Balance, end of period, shares subject to option (in shares) | shares | 2,000,000 |
Balance, end of period, weighted average exercise price (in dollars per share) | $ / shares | $ 3.04 |
Options exercisable at end of period, shares subject to option (in shares) | shares | 500,000 |
Options exercisable at end of period, weighted average exercise price (in dollars per share) | $ / shares | $ 3.04 |
Note 10 - Share-based Compens_6
Note 10 - Share-based Compensation - Stock Options Outstanding and Exercisable (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Lower exercise price range (in dollars per share) | $ 3.04 | $ 3.04 |
Number of options outstanding (in shares) | 2,000,000 | 2,200,000 |
Options outstanding weighted average remaining contractual life (Year) | 3 years 310 days | 4 years 310 days |
Options outstanding weighted average exercise price (in dollars per share) | $ 3.04 | $ 3.04 |
Options outstanding aggregate intrinsic value | $ 5,880,000 | |
Number of options vested and exercisable (in shares) | 500,000 | |
Options vested and exercisable weighted average remaining contractual life (Year) | 3 years 310 days | |
Options vested and exercisable weighted average exercise price (in dollars per share) | $ 3.04 | |
Options vested and exercisable aggregate intrinsic value | $ 1,470,000 |
Note 10 - Share-based Compens_7
Note 10 - Share-based Compensation - Restricted Stock Units Activity (RSUs) (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Balance, restricted share units (in shares) | shares | 220,209 |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.32 |
Granted, restricted share units (in shares) | shares | 352,797 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.66 |
Vested, restricted share units (in shares) | shares | (55,755) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.17 |
Balance, restricted share units (in shares) | shares | 517,251 |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.25 |
Note 11 - Net Income (Loss) P_3
Note 11 - Net Income (Loss) Per Common Share (Details Textual) | 3 Months Ended |
Mar. 31, 2020shares | |
Share-based Payment Arrangement, Option [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 2,200,000 |
Restricted Stock Units (RSUs) [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 121,681 |
Note 11 - Net Income (Loss) P_4
Note 11 - Net Income (Loss) Per Common Share - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Net income (loss) attributable to JMP Group LLC | $ 1,089 | [1] | $ (11,748) |
Basic (in shares) | 19,824 | 19,532 | |
Restricted share units and share options (in shares) | 854 | ||
Diluted weighted average shares outstanding (in shares) | 20,678 | 19,532 | |
Basic (in dollars per share) | $ 0.05 | $ (0.60) | |
Diluted (in dollars per share) | $ 0.05 | $ (0.60) | |
[1] | Total segments non-interest expenses exclude compensation expense recognized under GAAP related to equity awards and expensesattributable to non-controlling interests. |
Note 12 - Revenue from Contra_3
Note 12 - Revenue from Contracts with Customers - Disaggregation of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Revenue from Contract with Customer | $ 40,643 | $ 20,528 | |
Revenue from contract with customer | 40,643 | 20,528 | |
Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer | (25) | ||
Revenue from contract with customer | (25) | ||
Equity and Debt Origination [Member] | |||
Revenue from Contract with Customer | 25,670 | 8,556 | |
Revenue from contract with customer | 25,670 | 8,556 | |
Equity and Debt Origination [Member] | Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer | |||
Revenue from contract with customer | |||
Strategic Advisory and Private Placements [Member] | |||
Revenue from Contract with Customer | 6,899 | 6,069 | |
Revenue from contract with customer | 6,899 | 6,069 | |
Strategic Advisory and Private Placements [Member] | Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer | |||
Revenue from contract with customer | |||
Total Investment Banking Revenues [Member] | |||
Revenue from Contract with Customer | 32,569 | 14,625 | |
Revenue from contract with customer | 32,569 | 14,625 | |
Total Investment Banking Revenues [Member] | Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer | |||
Revenue from contract with customer | |||
Brokerage Commissions [Member] | |||
Revenue from Contract with Customer | 4,622 | 3,718 | |
Revenue from contract with customer | 4,622 | 3,718 | |
Brokerage Commissions [Member] | Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer | |||
Revenue from contract with customer | |||
Research Payments [Member] | |||
Revenue from Contract with Customer | 1,166 | 1,241 | |
Revenue from contract with customer | 1,166 | 1,241 | |
Research Payments [Member] | Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer | |||
Revenue from contract with customer | |||
Trading Gains (Losses) [Member] | |||
Revenue from Contract with Customer | 117 | (772) | |
Revenue from contract with customer | 117 | (772) | |
Trading Gains (Losses) [Member] | Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer | |||
Revenue from contract with customer | |||
Total Brokerage Revenue [Member] | |||
Revenue from Contract with Customer | 5,905 | 4,187 | |
Revenue from contract with customer | 5,905 | 4,187 | |
Total Brokerage Revenue [Member] | Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer | |||
Revenue from contract with customer | |||
Management Service, Base [Member] | |||
Revenue from Contract with Customer | 2,095 | 1,702 | |
Revenue from contract with customer | 2,095 | 1,702 | |
Management Service, Base [Member] | Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer | (25) | ||
Revenue from contract with customer | (25) | ||
Management Service, Incentive [Member] | |||
Revenue from Contract with Customer | 74 | 14 | |
Revenue from contract with customer | 74 | 14 | |
Management Service, Incentive [Member] | Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer | |||
Revenue from contract with customer | |||
Total Asset Management Fees [Member] | |||
Revenue from Contract with Customer | 2,169 | [1] | 1,716 |
Revenue from contract with customer | 2,169 | [1] | 1,716 |
Total Asset Management Fees [Member] | Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer | (25) | ||
Revenue from contract with customer | (25) | ||
Broker Dealer [Member] | |||
Revenue from Contract with Customer | 38,474 | 18,812 | |
Revenue from contract with customer | 38,474 | 18,812 | |
Broker Dealer [Member] | Equity and Debt Origination [Member] | |||
Revenue from Contract with Customer | 25,670 | 8,556 | |
Revenue from contract with customer | 25,670 | 8,556 | |
Broker Dealer [Member] | Strategic Advisory and Private Placements [Member] | |||
Revenue from Contract with Customer | 6,899 | 6,069 | |
Revenue from contract with customer | 6,899 | 6,069 | |
Broker Dealer [Member] | Total Investment Banking Revenues [Member] | |||
Revenue from Contract with Customer | 32,569 | 14,625 | |
Revenue from contract with customer | 32,569 | 14,625 | |
Broker Dealer [Member] | Brokerage Commissions [Member] | |||
Revenue from Contract with Customer | 4,622 | 3,718 | |
Revenue from contract with customer | 4,622 | 3,718 | |
Broker Dealer [Member] | Research Payments [Member] | |||
Revenue from Contract with Customer | 1,166 | 1,241 | |
Revenue from contract with customer | 1,166 | 1,241 | |
Broker Dealer [Member] | Trading Gains (Losses) [Member] | |||
Revenue from Contract with Customer | 117 | (772) | |
Revenue from contract with customer | 117 | (772) | |
Broker Dealer [Member] | Total Brokerage Revenue [Member] | |||
Revenue from Contract with Customer | 5,905 | 4,187 | |
Revenue from contract with customer | 5,905 | 4,187 | |
Broker Dealer [Member] | Management Service, Base [Member] | |||
Revenue from Contract with Customer | |||
Revenue from contract with customer | |||
Broker Dealer [Member] | Management Service, Incentive [Member] | |||
Revenue from Contract with Customer | |||
Revenue from contract with customer | |||
Broker Dealer [Member] | Total Asset Management Fees [Member] | |||
Revenue from Contract with Customer | |||
Revenue from contract with customer | |||
Asset Management [Member] | |||
Revenue from Contract with Customer | 2,169 | 1,741 | |
Revenue from contract with customer | 2,169 | 1,741 | |
Asset Management [Member] | Equity and Debt Origination [Member] | |||
Revenue from Contract with Customer | |||
Revenue from contract with customer | |||
Asset Management [Member] | Strategic Advisory and Private Placements [Member] | |||
Revenue from Contract with Customer | |||
Revenue from contract with customer | |||
Asset Management [Member] | Total Investment Banking Revenues [Member] | |||
Revenue from Contract with Customer | |||
Revenue from contract with customer | |||
Asset Management [Member] | Brokerage Commissions [Member] | |||
Revenue from Contract with Customer | |||
Revenue from contract with customer | |||
Asset Management [Member] | Research Payments [Member] | |||
Revenue from Contract with Customer | |||
Revenue from contract with customer | |||
Asset Management [Member] | Trading Gains (Losses) [Member] | |||
Revenue from Contract with Customer | |||
Revenue from contract with customer | |||
Asset Management [Member] | Total Brokerage Revenue [Member] | |||
Revenue from Contract with Customer | |||
Revenue from contract with customer | |||
Asset Management [Member] | Management Service, Base [Member] | |||
Revenue from Contract with Customer | 2,095 | 1,727 | |
Revenue from contract with customer | 2,095 | 1,727 | |
Asset Management [Member] | Management Service, Incentive [Member] | |||
Revenue from Contract with Customer | 74 | 14 | |
Revenue from contract with customer | 74 | 14 | |
Asset Management [Member] | Total Asset Management Fees [Member] | |||
Revenue from Contract with Customer | 2,169 | 1,741 | |
Revenue from contract with customer | $ 2,169 | $ 1,741 | |
[1] | 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. |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 36 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | ||
Income Tax Expense (Benefit), Total | $ 379 | [1] | $ (7,239) | |
Effective Income Tax Rate Reconciliation, Percent, Total | 24.50% | 37.95% | 80.00% | |
[1] | Operating net income (loss) is reconciled to GAAP net income (loss) attributable to JMP Group LLC. |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Receivables from Clearing Organizations | $ 800 | $ 500 |
Contractual Obligation, Total | $ 0 | $ 0 |
Note 15 - Regulatory Requirem_2
Note 15 - Regulatory Requirements (Details Textual) $ in Millions | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Ratio of Indebtedness to Net Capital | 0.86 | 0.62 |
Broker-Dealer, Net Capital, Total | $ 26.4 | $ 42.3 |
Broker-Dealer, Excess Net Capital, 1500 Percent, Aggregate Indebtedness Standard, Total | 24.9 | 40.6 |
Broker-Dealer, Minimum Net Capital Required, Aggregate Indebtedness Standard, Total | $ 1.5 | $ 1.7 |
Maximum [Member] | ||
Ratio of Indebtedness to Net Capital | 15 |
Note 16 - Related Party Trans_2
Note 16 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||||
Oct. 31, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Jan. 09, 2018 | Nov. 20, 2017 | Sep. 19, 2017 | |
Income (Loss) from Equity Method Investments, Total | $ 533 | $ 297 | |||||
Registered Investment Adviser [Member] | |||||||
Equity Method Investment, Ownership Percentage | 24.90% | ||||||
Equity Method Investments | 4,700 | $ 4,500 | |||||
Registered Investment Adviser [Member] | Other Income [Member] | |||||||
Income (Loss) from Equity Method Investments, Total | 100 | 100 | |||||
Total Investment [Member] | |||||||
Investments in Related Parties | 18,800 | 17,300 | |||||
General Partner Investments In Hedge And Other Private Funds [Member] | Private Funds [Member] | |||||||
Investments in Related Parties | 10,300 | 9,800 | |||||
Harvest Capital Credit Corporation [Member] | |||||||
Investments in Related Parties | 8,600 | 7,500 | |||||
Affiliated Entity [Member] | Management Service, Base [Member] | |||||||
Revenue from Related Parties | 2,100 | 0 | |||||
Affiliated Entity [Member] | Management Service, Incentive [Member] | |||||||
Revenue from Related Parties | 100 | $ 1,700 | |||||
Consolidated Entity [Member] | |||||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 800 | ||||||
Loans Receivable, Fair Value Disclosure | $ 800 | ||||||
Notes Receivable, Interest Rate | 12.50% | ||||||
Registered Investment Adviser [Member] | |||||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 2,400 | 2,400 | $ 3,400 | ||||
Loans Receivable, Fair Value Disclosure | $ 2,400 | ||||||
Loans Receivable, Interest Rate | 15.00% | ||||||
Percentage of Loan Sold to Third Party | 30.00% | ||||||
Value of Loan Sold to Third Party | $ 1,000 |
Note 19 - Business Segments (De
Note 19 - Business Segments (Details Textual) | 3 Months Ended |
Mar. 31, 2021 | |
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 19 - Business Segments - S
Note 19 - Business Segments - Segment Operating Results (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | [8] | ||||
Revenue from Contract with Customer | $ 40,643 | $ 20,528 | |||||
Principal transactions | (3,211) | [1] | (17,552) | ||||
Other income | 816 | [2] | 935 | ||||
Net interest income | 533 | [3] | 432 | ||||
(Loss) gain on repurchase, reissuance or early retirement of debt | (288) | [4] | 697 | ||||
Total net revenues | 38,493 | 5,267 | |||||
Non-interest expenses | 36,946 | [5] | 24,345 | ||||
Operating income (loss) before taxes | 1,547 | (19,078) | |||||
Income tax expense (benefit) | 379 | [6] | (7,239) | ||||
Less: Net income (loss) attributable to non-controlling interest | 79 | [2],[3],[5],[6] | (91) | ||||
Operating net income (loss) | 1,089 | [7] | (11,748) | ||||
Segment assets | 215,263 | 189,044 | $ 241,331 | ||||
Net dividend income | 227 | ||||||
Gain on repurchase, reissuance or early retirement of debt | (288) | [4] | 697 | ||||
Net income (loss) attributable to non-controlling interest | 79 | [2],[3],[5],[6] | (91) | ||||
Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | 32,569 | 14,625 | |||||
Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | 5,905 | 4,187 | |||||
Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | 2,169 | [2] | 1,716 | ||||
Operating Segments [Member] | |||||||
Principal transactions | 666 | [1] | 81 | ||||
Other income | [2] | ||||||
Net interest income | 558 | [3] | 458 | ||||
(Loss) gain on repurchase, reissuance or early retirement of debt | [4] | 786 | |||||
Total net revenues | 42,220 | 22,736 | |||||
Non-interest expenses | 37,107 | [5] | 23,461 | ||||
Operating income (loss) before taxes | 5,113 | (725) | |||||
Income tax expense (benefit) | 1,329 | [6] | (188) | ||||
Less: Net income (loss) attributable to non-controlling interest | [2],[3],[5],[6] | ||||||
Operating net income (loss) | 3,784 | [7] | (537) | ||||
Segment assets | 215,263 | 189,044 | |||||
Net dividend income | 256 | ||||||
Gain on repurchase, reissuance or early retirement of debt | [4] | 786 | |||||
Net income (loss) attributable to non-controlling interest | [2],[3],[5],[6] | ||||||
Operating Segments [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | 32,569 | 14,625 | |||||
Operating Segments [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | 5,905 | 4,187 | |||||
Operating Segments [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | 2,522 | [2] | 2,343 | ||||
Consolidation, Eliminations [Member] | |||||||
Principal transactions | [1] | ||||||
Other income | [2] | ||||||
Net interest income | [3] | ||||||
(Loss) gain on repurchase, reissuance or early retirement of debt | [4] | ||||||
Total net revenues | (25) | (45) | |||||
Non-interest expenses | (25) | [5] | (45) | ||||
Operating income (loss) before taxes | |||||||
Income tax expense (benefit) | [6] | ||||||
Less: Net income (loss) attributable to non-controlling interest | [2],[3],[5],[6] | ||||||
Operating net income (loss) | [7] | ||||||
Segment assets | (62,591) | (161,947) | |||||
Net dividend income | |||||||
Gain on repurchase, reissuance or early retirement of debt | [4] | ||||||
Net income (loss) attributable to non-controlling interest | [2],[3],[5],[6] | ||||||
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 | (25) | [2] | (45) | ||||
Segment Reconciling Items [Member] | |||||||
Principal transactions | [1] | (3,877) | (17,633) | ||||
Other income | [2] | 816 | 935 | ||||
Net interest income | [3] | (25) | (26) | ||||
(Loss) gain on repurchase, reissuance or early retirement of debt | [4] | (288) | (89) | ||||
Total net revenues | (3,727) | (17,469) | |||||
Non-interest expenses | (161) | [4],[5] | 884 | [9] | |||
Operating income (loss) before taxes | (3,566) | (18,353) | |||||
Income tax expense (benefit) | [5] | (950) | [6] | (7,051) | |||
Less: Net income (loss) attributable to non-controlling interest | [2],[3] | 79 | [5],[6] | (91) | [9] | ||
Operating net income (loss) | [6] | (2,695) | [7] | (11,211) | |||
Segment assets | |||||||
Net dividend income | [3] | (29) | |||||
Gain on repurchase, reissuance or early retirement of debt | [4] | (288) | (89) | ||||
Net income (loss) attributable to non-controlling interest | [2],[3] | 79 | [5],[6] | (91) | [9] | ||
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 | [2] | (353) | (627) | ||||
Broker Dealer [Member] | |||||||
Revenue from Contract with Customer | 38,474 | 18,812 | |||||
(Loss) gain on repurchase, reissuance or early retirement of debt | |||||||
Gain on repurchase, reissuance or early retirement of debt | |||||||
Broker Dealer [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | 32,569 | 14,625 | |||||
Broker Dealer [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | 5,905 | 4,187 | |||||
Broker Dealer [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | |||||||
Broker Dealer [Member] | Operating Segments [Member] | |||||||
Principal transactions | (444) | [1] | |||||
Other income | [2] | ||||||
Net interest income | [3] | ||||||
(Loss) gain on repurchase, reissuance or early retirement of debt | [4] | ||||||
Total net revenues | 38,051 | 18,964 | |||||
Non-interest expenses | 32,308 | [5] | 19,201 | ||||
Operating income (loss) before taxes | 5,743 | (237) | |||||
Income tax expense (benefit) | 1,493 | [6] | (62) | ||||
Less: Net income (loss) attributable to non-controlling interest | [2],[3],[5],[6] | ||||||
Operating net income (loss) | 4,250 | [7] | (175) | ||||
Segment assets | 72,384 | 34,685 | |||||
Net dividend income | |||||||
Gain on repurchase, reissuance or early retirement of debt | [4] | ||||||
Net income (loss) attributable to non-controlling interest | [2],[3],[5],[6] | ||||||
Broker Dealer [Member] | Operating Segments [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | 32,569 | 14,625 | |||||
Broker Dealer [Member] | Operating Segments [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | 5,905 | 4,187 | |||||
Broker Dealer [Member] | Operating Segments [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | 21 | [2] | 152 | ||||
Asset Management Fee Income [Member] | |||||||
(Loss) gain on repurchase, reissuance or early retirement of debt | |||||||
Gain on repurchase, reissuance or early retirement of debt | |||||||
Asset Management Fee Income [Member] | Operating Segments [Member] | |||||||
Principal transactions | [1] | ||||||
Other income | [2] | ||||||
Net interest income | [3] | ||||||
(Loss) gain on repurchase, reissuance or early retirement of debt | [4] | ||||||
Total net revenues | 2,174 | 1,903 | |||||
Non-interest expenses | 2,207 | [5] | 2,362 | ||||
Operating income (loss) before taxes | (33) | (459) | |||||
Income tax expense (benefit) | (8) | [6] | (120) | ||||
Less: Net income (loss) attributable to non-controlling interest | [2],[3],[5],[6] | ||||||
Operating net income (loss) | (25) | [7] | (339) | ||||
Segment assets | 11,196 | 9,873 | |||||
Net dividend income | |||||||
Gain on repurchase, reissuance or early retirement of debt | [4] | ||||||
Net income (loss) attributable to non-controlling interest | [2],[3],[5],[6] | ||||||
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 | 2,174 | [2] | 1,903 | ||||
Asset Management Fee Income [Member] | Segment Reconciling Items [Member] | |||||||
Less: Net income (loss) attributable to non-controlling interest | |||||||
Net income (loss) attributable to non-controlling interest | |||||||
Asset Management Investment Income [Member] | |||||||
(Loss) gain on repurchase, reissuance or early retirement of debt | 786 | ||||||
Gain on repurchase, reissuance or early retirement of debt | 786 | ||||||
Asset Management Investment Income [Member] | Operating Segments [Member] | |||||||
Principal transactions | 1,110 | [1] | 81 | ||||
Other income | [2] | ||||||
Net interest income | 558 | [3] | 458 | ||||
(Loss) gain on repurchase, reissuance or early retirement of debt | [4] | ||||||
Total net revenues | 2,020 | 1,914 | |||||
Non-interest expenses | 297 | [5] | 151 | ||||
Operating income (loss) before taxes | 1,723 | 1,763 | |||||
Income tax expense (benefit) | 447 | [6] | 459 | ||||
Less: Net income (loss) attributable to non-controlling interest | [2],[3],[5],[6] | ||||||
Operating net income (loss) | 1,276 | [7] | 1,304 | ||||
Segment assets | 65,563 | 78,236 | |||||
Net dividend income | 256 | ||||||
Gain on repurchase, reissuance or early retirement of debt | [4] | ||||||
Net income (loss) attributable to non-controlling interest | [2],[3],[5],[6] | ||||||
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 | 352 | [2] | 333 | ||||
Asset Management Investment Income [Member] | Segment Reconciling Items [Member] | |||||||
Less: Net income (loss) attributable to non-controlling interest | |||||||
Net income (loss) attributable to non-controlling interest | |||||||
Asset Management [Member] | |||||||
Revenue from Contract with Customer | 2,169 | 1,741 | |||||
(Loss) gain on repurchase, reissuance or early retirement of debt | 786 | ||||||
Gain on repurchase, reissuance or early retirement of debt | 786 | ||||||
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 | 2,169 | 1,741 | |||||
Asset Management [Member] | Operating Segments [Member] | |||||||
Principal transactions | 1,110 | [1] | 81 | ||||
Other income | [2] | ||||||
Net interest income | 558 | [3] | 458 | ||||
(Loss) gain on repurchase, reissuance or early retirement of debt | [4] | ||||||
Total net revenues | 4,194 | 3,817 | |||||
Non-interest expenses | 2,504 | [5] | 2,513 | ||||
Operating income (loss) before taxes | 1,690 | 1,304 | |||||
Income tax expense (benefit) | 439 | [6] | 339 | ||||
Less: Net income (loss) attributable to non-controlling interest | [2],[3],[5],[6] | ||||||
Operating net income (loss) | 1,251 | [7] | 965 | ||||
Segment assets | 76,759 | 88,109 | |||||
Net dividend income | 256 | ||||||
Gain on repurchase, reissuance or early retirement of debt | [4] | ||||||
Net income (loss) attributable to non-controlling interest | [2],[3],[5],[6] | ||||||
Asset Management [Member] | Operating Segments [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | |||||||
Asset Management [Member] | Operating Segments [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | |||||||
Asset Management [Member] | Operating Segments [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | 2,526 | [2] | 2,236 | ||||
Asset Management [Member] | Segment Reconciling Items [Member] | |||||||
Less: Net income (loss) attributable to non-controlling interest | |||||||
Net income (loss) attributable to non-controlling interest | |||||||
Corporate Segment [Member] | |||||||
(Loss) gain on repurchase, reissuance or early retirement of debt | |||||||
Gain on repurchase, reissuance or early retirement of debt | |||||||
Corporate Segment [Member] | Operating Segments [Member] | |||||||
Principal transactions | [1] | ||||||
Other income | [2] | ||||||
Net interest income | [3] | ||||||
(Loss) gain on repurchase, reissuance or early retirement of debt | [4] | ||||||
Total net revenues | |||||||
Non-interest expenses | 2,320 | [5] | 1,792 | ||||
Operating income (loss) before taxes | (2,320) | (1,792) | |||||
Income tax expense (benefit) | (603) | [6] | (465) | ||||
Less: Net income (loss) attributable to non-controlling interest | [2],[3],[5],[6] | ||||||
Operating net income (loss) | (1,717) | [7] | (1,327) | ||||
Segment assets | 128,711 | 228,197 | |||||
Net dividend income | |||||||
Gain on repurchase, reissuance or early retirement of debt | [4] | ||||||
Net income (loss) attributable to non-controlling interest | [2],[3],[5],[6] | ||||||
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 | [2] | ||||||
Corporate Segment [Member] | Segment Reconciling Items [Member] | |||||||
Less: Net income (loss) attributable to non-controlling interest | |||||||
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 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. | ||||||
[3] | Total segment net dividend income and net interest income exclude those attributable to non-controlling interests. | ||||||
[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 segment income tax (benefit) assumes a combined federal, state and local income tax rate of 26%. | ||||||
[6] | Operating net income (loss) is reconciled to GAAP net income (loss) attributable to JMP Group LLC. | ||||||
[7] | Total segments non-interest expenses exclude compensation expense recognized under GAAP related to equity awards and expensesattributable to non-controlling interests. | ||||||
[8] | The statement of financial condition as of December 31, 2020 is derived from the audited financial statements as of that date. | ||||||
[9] | Total segments non-interest expenses exclude compensation expense recognized under GAAP related to equity awards and expenses attributable to non-controlling interests. |
Note 20 - Nonconsolidated Var_3
Note 20 - Nonconsolidated Variable Interest Entities - VIE Equity Investments and Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Segment assets | $ 215,263 | $ 241,331 | [1] | $ 189,044 |
Carrying amount, liabilities | 148,783 | 178,923 | [1] | |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Segment assets | 68,706 | 67,883 | ||
Carrying amount, liabilities | 337 | 336 | ||
Maximum exposure to loss | 71,863 | 71,429 | ||
VIE assets | 2,747,172 | 2,806,626 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Collateralized Loan Obligations [Member] | ||||
Segment assets | 52,396 | 52,714 | ||
Carrying amount, liabilities | ||||
Maximum exposure to loss | 52,396 | 52,714 | ||
VIE assets | 1,130,360 | 1,169,243 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Private Equity Funds [Member] | ||||
Segment assets | 11,831 | 10,765 | ||
Carrying amount, liabilities | 337 | 311 | ||
Maximum exposure to loss | 14,988 | 14,311 | ||
VIE assets | 461,088 | 465,365 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Other Equity Interests [Member] | ||||
Segment assets | 4,479 | 4,404 | ||
Carrying amount, liabilities | 25 | |||
Maximum exposure to loss | 4,479 | 4,404 | ||
VIE assets | $ 1,155,724 | $ 1,172,018 | ||
[1] | The statement of financial condition as of December 31, 2020 is derived from the audited financial statements as of that date. |