Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 06, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001302350 | |
Entity Registrant Name | JMP GROUP LLC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-36802 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-1632931 | |
Entity Address, Address Line One | 600 Montgomery Street, Suite 1100 | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94111 | |
City Area Code | 415 | |
Local Phone Number | 835-8900 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 19,891,431 | |
JMP Group Inc. 7.25% Senior Notes due 2027 [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | JMP Group Inc. 7.25% Senior Notes due 2027 | |
Trading Symbol | JMPNL | |
Security Exchange Name | NASDAQ | |
JMP Group LLC 6.875% Senior Notes due 2029 [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | JMP Group LLC 6.875% Senior Notes due 2029 | |
Trading Symbol | JMPNZ | |
Security Exchange Name | NASDAQ | |
Shares Representing Limited Liability Company Interests in JMP Group LLC [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Shares representing limited liability company interests in JMP Group LLC | |
Trading Symbol | JMP | |
Security Exchange Name | NYSE |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Assets | |||
Cash and cash equivalents | $ 86,981 | $ 91,444 | [1] |
Restricted cash | 1,293 | 1,287 | [1] |
Investment banking fees receivable | 18,163 | 13,676 | [1] |
Marketable securities owned at fair value (includes $3,637 and $5,696 pledged as collateral at June 30, 2021 and December 31, 2020, respectively) | 40,000 | 55,494 | [1] |
Other investments (includes $12,864 and $17,611 measured at fair value at June 30, 2021 and December 31, 2020, respectively) | 19,033 | 26,821 | [1] |
Loans held for investment, net of allowance for loan losses | 520 | 994 | [1] |
Interest receivable | 302 | 336 | [1] |
Fixed assets, net | 2,622 | 3,118 | [1] |
Operating lease right-of-use asset | 14,449 | 16,244 | [1] |
Deferred tax asset | 16,558 | 17,895 | [1] |
Other assets | 26,143 | 14,022 | [1] |
Total assets | 226,064 | 241,331 | [1] |
Liabilities: | |||
Accrued compensation | 40,459 | 46,353 | [1] |
Interest payable | 515 | 706 | [1] |
Note payable | 10,610 | 10,610 | [1] |
Bond payable (net of debt issuance costs of $2,221 and $2,953 at June 30, 2021 and December 31, 2020, respectively) | 61,834 | 80,912 | [1] |
Operating lease liability | 18,849 | 21,130 | [1] |
Deferred tax liability | 8,363 | 8,482 | [1] |
Other liabilities | 14,505 | 10,730 | [1] |
Total liabilities | 155,135 | 178,923 | [1] |
Commitments and Contingencies (Note 14) | |||
JMP Group LLC Shareholders' Equity | |||
Common shares, $0.001 par value, 100,000,000 shares authorized at June 30, 2021 and December 31, 2020; 22,797,092 shares issued at June 30, 2021 and December 31, 2020; 19,877,113 and 19,789,821 shares outstanding at June 30, 2021 and December 31, 2020, respectively | 23 | 23 | [1] |
Additional paid-in capital | 133,884 | 134,065 | [1] |
Treasury shares at cost, $2,919,979 and $3,007,271 shares at June 30, 2021 and December 31, 2020, respectively | (13,126) | (13,478) | [1] |
Accumulated other comprehensive income (loss) | 2,216 | (369) | [1] |
Accumulated deficit | (52,585) | (57,301) | [1] |
Total JMP Group LLC shareholders' equity | 70,412 | 62,940 | [1] |
Non-controlling interest | 517 | (532) | [1] |
Total equity | 70,929 | 62,408 | [1] |
Total liabilities and equity | $ 226,064 | $ 241,331 | [1] |
[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 | Jun. 30, 2021 | Dec. 31, 2020 | [1] |
Marketable securities, fair value | $ 3,637 | $ 5,696 | |
Investments fair value | 12,864 | 17,611 | |
Bond Payable, issuance costs | $ 2,221 | $ 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) | 19,877,113 | 19,789,821 | |
Treasury shares, shares (in shares) | 2,919,979 | 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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | ||||
Revenue from Contract with Customer | $ 47,205 | $ 28,952 | $ 87,848 | $ 49,479 |
Principal transactions | (49) | (48) | (3,260) | (17,600) |
Net dividend income | 215 | 10 | 215 | 237 |
Other income | 1,127 | 912 | 1,943 | 1,847 |
Non-interest revenues | 48,498 | 29,826 | 86,746 | 33,964 |
Interest income | 1,754 | 1,890 | 3,855 | 4,104 |
Interest expense | (1,489) | (1,723) | (3,057) | (3,505) |
Net interest income | 265 | 167 | 798 | 599 |
(Loss) gain on repurchase, reissuance or early retirement of debt | (271) | 0 | (559) | 697 |
Total net revenues | 48,492 | 29,993 | 86,985 | 35,260 |
Non-interest expenses | ||||
Compensation and benefits | 35,146 | 22,386 | 65,091 | 38,599 |
Administration | 1,941 | 1,067 | 3,432 | 3,289 |
Brokerage, clearing and exchange fees | 644 | 647 | 1,324 | 1,281 |
Travel and business development | 215 | 54 | 282 | 976 |
Managed deal expenses | 1,354 | 950 | 2,752 | 1,538 |
Communications and technology | 1,160 | 1,085 | 2,267 | 2,214 |
Occupancy | 1,173 | 1,194 | 2,371 | 2,393 |
Professional fees | 1,394 | 731 | 2,221 | 1,621 |
Depreciation | 265 | 397 | 540 | 945 |
Other | 250 | 208 | 208 | 208 |
Total non-interest expenses | 43,542 | 28,719 | 80,488 | 53,064 |
Net income (loss) before income taxes | 4,950 | 1,274 | 6,497 | (17,804) |
Income tax expense (benefit) | 1,307 | 176 | 1,686 | (7,063) |
Net income (loss) | 3,643 | 1,098 | 4,811 | (10,741) |
Less: Net income (loss) attributable to non-controlling interest | 15 | (26) | 94 | (117) |
Net income (loss) attributable to JMP Group LLC | $ 3,628 | $ 1,124 | $ 4,717 | $ (10,624) |
Net income (loss) attributable to JMP Group LLC per common share: | ||||
Basic (in dollars per share) | $ 0.18 | $ 0.06 | $ 0.24 | $ (0.54) |
Diluted (in dollars per share) | $ 0.17 | $ 0.06 | $ 0.23 | $ (0.54) |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 19,861 | 19,582 | 19,842 | 19,557 |
Diluted (in shares) | 21,043 | 19,744 | 20,870 | 19,557 |
Total Investment Banking Revenues [Member] | ||||
Revenues | ||||
Revenue from Contract with Customer | $ 32,713 | $ 21,595 | $ 65,282 | $ 36,220 |
Total Brokerage Revenue [Member] | ||||
Revenues | ||||
Revenue from Contract with Customer | 3,391 | 5,645 | 9,296 | 9,832 |
Total Asset Management Fees [Member] | ||||
Revenues | ||||
Revenue from Contract with Customer | $ 11,101 | $ 1,712 | $ 13,270 | $ 3,428 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net income (loss) | $ 3,643 | $ 1,098 | $ 4,811 | $ (10,741) |
Other comprehensive income: | ||||
Net unrealized (losses) gains on available-for-sale securities, during the period, net of income tax (benefit) and provision of ($301), $828, ($609) and ($2,335) | (864) | 2,253 | (1,750) | (6,354) |
Less: Reclassification adjustments for net losses on available-for-sale securities, net of income tax provision of $233, $272, $1,417 and $3,906 | 931 | 742 | 4,334 | 10,630 |
Net other comprehensive income, net of income tax (benefit) and provision of ($68), $1,100, $808 and $1,571 | 67 | 2,995 | 2,584 | 4,276 |
Comprehensive income (loss) | 3,710 | 4,093 | 7,395 | (6,465) |
Less: Comprehensive income (loss) attributable to non-controlling interest | 15 | (26) | 94 | (117) |
Comprehensive income (loss) attributable to JMP Group LLC | $ 3,695 | $ 4,119 | $ 7,301 | $ (6,348) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net realized gains (losses) on available-for-sale securities, tax | $ (301) | $ 828 | $ (609) | $ (2,335) |
Reclassification adjustments for net (gains) losses on available-for-sale securities, tax | 233 | 272 | 1,417 | 3,906 |
Net other comprehensive income (loss), tax | $ (68) | $ 1,100 | $ 808 | $ 1,571 |
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) | 0 | 0 | 0 | (11,748) | 0 | (91) | (11,839) | |
Additional paid-in capital | 0 | 0 | 266 | 0 | 0 | 0 | 266 | |
Purchases of shares of common shares for treasury | 0 | (26) | 0 | 0 | 0 | 0 | (26) | |
Reissuance of shares of common shares from treasury | 0 | 200 | (32) | 0 | 0 | 0 | 168 | |
Other comprehensive income | 0 | 0 | 0 | 0 | 1,281 | 0 | 1,281 | |
Net income (loss) | $ 0 | 0 | 0 | (11,748) | 0 | (91) | (11,839) | |
Balance (in shares) at Mar. 31, 2020 | 22,797 | |||||||
Balance at Mar. 31, 2020 | $ 23 | (14,698) | 134,128 | (64,336) | (3,488) | (418) | 51,211 | |
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) | (10,741) | |||||||
Other comprehensive income | 4,276 | |||||||
Net income (loss) | (10,741) | |||||||
Balance (in shares) at Jun. 30, 2020 | 22,797 | |||||||
Balance at Jun. 30, 2020 | $ 23 | (14,467) | 134,337 | (63,212) | (493) | (556) | 55,632 | |
Balance (in shares) at Mar. 31, 2020 | 22,797 | |||||||
Balance at Mar. 31, 2020 | $ 23 | (14,698) | 134,128 | (64,336) | (3,488) | (418) | 51,211 | |
Net income (loss) | 0 | 0 | 0 | 1,124 | 0 | (26) | 1,098 | |
Additional paid-in capital | 0 | 0 | 209 | 0 | 0 | 0 | 209 | |
Purchases of shares of common shares for treasury | 0 | (24) | 0 | 0 | 0 | 0 | (24) | |
Reissuance of shares of common shares from treasury | 0 | 255 | 0 | 0 | 0 | 0 | 255 | |
Other comprehensive income | 0 | 0 | 0 | 0 | 2,995 | 0 | 2,995 | |
Net income (loss) | 0 | 0 | 0 | 1,124 | 0 | (26) | 1,098 | |
Distributions and distribution equivalents paid to shareholders | $ 0 | 0 | 0 | 0 | 0 | (112) | (112) | |
Balance (in shares) at Jun. 30, 2020 | 22,797 | |||||||
Balance at Jun. 30, 2020 | $ 23 | (14,467) | 134,337 | (63,212) | (493) | (556) | 55,632 | |
Balance (in shares) at Dec. 31, 2020 | 22,797 | |||||||
Balance at Dec. 31, 2020 | $ 23 | (13,479) | 134,065 | (57,301) | (369) | (532) | 62,408 | [1] |
Net income (loss) | 0 | 0 | 0 | 1,089 | 0 | 79 | 1,168 | |
Additional paid-in capital | 0 | 0 | 194 | 0 | 0 | 0 | 194 | |
Purchases of shares of common shares for treasury | 0 | (58) | 0 | 0 | 0 | 0 | (58) | |
Reissuance of shares of common shares from treasury | 0 | 250 | 0 | 0 | 0 | 0 | 250 | |
Other comprehensive income | 0 | 0 | 0 | 0 | 2,518 | 0 | 2,518 | |
Net income (loss) | $ 0 | 0 | 0 | 1,089 | 0 | 79 | 1,168 | |
Balance (in shares) at Mar. 31, 2021 | 22,797 | |||||||
Balance at Mar. 31, 2021 | $ 23 | (13,287) | 134,259 | (56,212) | 2,149 | (453) | 66,480 | |
Balance (in shares) at Dec. 31, 2020 | 22,797 | |||||||
Balance at Dec. 31, 2020 | $ 23 | (13,479) | 134,065 | (57,301) | (369) | (532) | 62,408 | [1] |
Net income (loss) | 4,811 | |||||||
Other comprehensive income | 2,584 | |||||||
Net income (loss) | 4,811 | |||||||
Balance (in shares) at Jun. 30, 2021 | 22,797 | |||||||
Balance at Jun. 30, 2021 | $ 23 | (13,126) | 133,882 | (52,585) | 2,216 | 517 | 70,929 | |
Balance (in shares) at Mar. 31, 2021 | 22,797 | |||||||
Balance at Mar. 31, 2021 | $ 23 | (13,287) | 134,259 | (56,212) | 2,149 | (453) | 66,480 | |
Net income (loss) | 0 | 0 | 0 | 3,628 | 0 | 15 | 3,643 | |
Additional paid-in capital | 0 | 0 | (377) | 0 | 0 | 975 | 598 | |
Purchases of shares of common shares for treasury | 0 | (123) | 0 | 0 | 0 | 0 | (123) | |
Reissuance of shares of common shares from treasury | 0 | 284 | 0 | 0 | 0 | 0 | 284 | |
Other comprehensive income | 0 | 0 | 0 | 0 | 67 | 0 | 67 | |
Net income (loss) | 0 | 0 | 0 | 3,628 | 0 | 15 | 3,643 | |
Distributions and distribution equivalents paid to shareholders | $ 0 | 0 | 0 | 0 | 0 | (20) | (20) | |
Balance (in shares) at Jun. 30, 2021 | 22,797 | |||||||
Balance at Jun. 30, 2021 | $ 23 | $ (13,126) | $ 133,882 | $ (52,585) | $ 2,216 | $ 517 | $ 70,929 | |
[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 | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 4,811 | $ (10,741) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Loss (gain) on repurchase, reissuance or early retirement of debt | 559 | (697) |
Change in other investments: | ||
Income from investments in equity method investees | (1,066) | (592) |
Gain on other investments | (2,236) | (1,187) |
Depreciation and amortization | 248 | 716 |
Share-based compensation expense | 1,325 | 897 |
Distributions of investment income from equity method investments | 848 | 788 |
Deferred income tax expense | 1,686 | 0 |
Other, net | 211 | (202) |
Net change in operating assets and liabilities: | ||
Decrease in interest receivable | 34 | 135 |
Increase in receivables | (4,695) | (3,757) |
Decrease in marketable securities | 20,862 | 18,882 |
Increase in other assets | (10,236) | (5,341) |
Decrease in marketable securities sold, but not yet purchased | 0 | (1,438) |
(Decrease) increase in interest payable | (191) | 188 |
Decrease in accrued compensation | (5,894) | (13,833) |
Increase (decrease) in other liabilities | 3,775 | (1,892) |
Net cash provided by (used in) operating activities | 10,041 | (18,074) |
Cash flows from investing activities: | ||
Purchases of fixed assets | (48) | (296) |
Purchases of other investments | (1,546) | (159) |
Sales or distributions from other investments | 6,808 | 13,766 |
Sale, payoff and principal receipts on loans held for investment | 487 | 77 |
Net cash provided by investing activities | 5,701 | 13,388 |
Cash flows from financing activities: | ||
Proceeds from drawdowns on line of credit and other borrowings | 0 | 3,798 |
Redemption/Repurchase of bonds payable | (20,000) | (1,361) |
Distributions to non-controlling interest shareholders | (20) | (112) |
Employee taxes paid on shares withheld for tax-withholding purposes | (179) | (50) |
Net cash (used in) provided by financing activities | (20,199) | 2,275 |
Net decrease in cash, cash equivalents, and restricted cash | (4,457) | (2,411) |
Cash, cash equivalents and restricted cash, beginning of period | 92,731 | 50,917 |
Cash, cash equivalents and restricted cash, end of period | 88,274 | 48,506 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | 3,248 | 3,317 |
Cash paid (received) during the period for taxes, net of refunds | 173 | (263) |
Non-cash investing and financing activities: | ||
Reissuance of common shares from treasury related to vesting of restricted share units | $ 531 | $ 455 |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 6 Months Ended |
Jun. 30, 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 are wholly-owned subsidiaries. HCAP Advisors became a wholly-owned subsidiary on April 1, 2021. 1934, not not 1940, June 9, 2021, two one March 19, 2019, January 2015 November 2017 Recent Transactions In February 2020, not On June 9, 2021, g $9.5 m f $0.1 mill three During the second June 4, 2021 June 18, 2021, June 30, 2021, As of August 6, 2021, In June 2021, |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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 June 30, 2021 December 31, 2020 third See Note 2 Annual Report for the Company s significant accounting policies. For the six June 30, 2021 no 3, Recent Accounting Pronouncements |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2021 December 31, 2020 : June 30, 2021 (In thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 86,981 $ 86,981 $ - $ - $ 86,981 Restricted cash and deposits 1,293 1,293 - - 1,293 Marketable securities owned 40,000 1,151 - 38,849 40,000 Other investments measured at net asset value (1) 12,864 - - - - Loans held for sale (2) 2,412 - - 2,412 2,412 Loans held for investment, net of allowance for loan losses 520 - - 520 520 Long term receivable (2) 3,266 - - 3,266 3,266 Total assets: $ 147,336 $ 89,425 $ - $ 45,047 $ 134,472 Liabilities: Notes payable $ 10,610 - $ 5,983 $ 4,627 $ 10,610 Bond payable 61,834 - 65,763 - 65,763 Total liabilities: $ 72,444 $ - $ 71,746 $ 4,627 $ 76,373 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 June 30, 2021 December 31, 2020 : (In thousands) June 30, 2021 Carrying Value Level 1 Level 2 Level 3 Total Marketable securities owned $ 40,000 $ 1,151 $ - $ 38,849 $ 40,000 Other investments: Investments in private equity, real estate and credit funds, measured at net asset value (1) 12,864 - - - - Long term receivable (2) 3,266 - - 3,266 3,266 Total assets: $ 56,130 $ 1,151 $ - $ 42,115 $ 43,266 (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 ( 2 Included in Other Assets on the Consolidated Statements of Financial Condition. As of June 30, 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 million June 30, 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 f $1.4 2 1 six June 30, 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 six June 30, 2021 3 (In thousands) CLO Junior Subordinated Notes Equity Investment Long Term Receivable 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 $ 3,412 $ - $ 51,097 Investment distributions (6,834 ) (4,766 ) - (11,600 ) Accrued interest 1,620 - - 1,620 Realized/Unrealized losses on investments, recognized in earnings (3,711 ) 1,353 - (2,358 ) Unrealized gains on investments, recognized in OCI 90 - - 90 Addition - - 3,266 3,266 Balance as of June 30, 2021 $ 38,849 $ (0 ) $ 3,266 $ 42,115 The Company’s Level 3 e fair value measurement of these investments are presented in the Significant Unobservable Inputs table below. The Company also uses covenant compliance information provided by the CLO manager when valuing this investment. six June 30, 2021, one The Company’s Level 3 For assets classified in the Level 3 3 June 30, 2021 December 31, 2020 Significant Unobservable Inputs (In thousands) Range (Weighted-average (1) Fair value Valuation Technique Description June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 CLO debt securities Discounted cash flows Discount rate 13.5% (N/A) 17.5% (N/A) $ 38,849 $ 48,003 Default rate 2.0% (N/A%) 2.0% (N/A) Severity rate 25.0% (N/A) 25.0% (N/A) Prepayment rate 10.0%-25.0% (17.8%) 10.0%-25.0% (18.5%) Collateral liquidation price 99% (N/A) 98.0%-99.0% (98.8%) Equity investment Discounted cash flows Credit factor (N/A) 20% (N/A) $ - $ 3,378 Discount rate (N/A) 16% (N/A) Market EBITDA multiple (N/A) 12.0x (N/A) $ - $ 828 Long Term Receivable Discounted cash flows Discount rate 16.5 % (N/A) $ 3,266 $ - ( 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 June 30, 2021 December 31, 2020 |
Note 5 - Available-for-sale Sec
Note 5 - Available-for-sale Securities | 6 Months Ended |
Jun. 30, 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 June 30, 2021 December 31, 2020 June 30, 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 $ 35,862 $ 2,987 $ - $ 38,849 2 $ 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 June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 (In thousands) Available-for-Sale Available-for-Sale Amortized Cost Fair Value Amortized Cost Fair Value Less than 5 years $ - $ - $ 9,109 8,245 5-10 years 35,862 38,849 39,390 39,758 Total $ 35,862 $ 38,849 $ 48,499 $ 48,003 In July 2020, June 30, 2020, 7, With the liquidation of CLO III, on August 4, 2021, June 30, 2020, 7, |
Note 6 - Loans
Note 6 - Loans | 6 Months Ended |
Jun. 30, 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 June 30, 2021 and December 31, 2020 , the number of loans held for investment was one Ther e were no June 30, 2021 December 31, 2020 six June 30, 2021 December 31, 2020 Six Months Ended Year Ended (In thousands) June 30, 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 June 30, 2021 December 31, 2020 none During the six June 30, 2021 not December 31, 2020 The Company had no troubled debt restructurings during the three June 30, 2021 December 31, 2020 |
Note 7 - Debt
Note 7 - Debt | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Debt Bond Payable (In thousands) June 30, 2021 December 31, 2020 7.25 $ 30,000 $ 50,000 6.875 36,000 36,000 Total outstanding principal $ 66,000 $ 86,000 Less: Debt issuance costs (2,221 ) (2,953 ) Less: Senior Notes repurchased (2) (1,945 ) (2,135 ) Total bond payable, net $ 61,834 $ 80,912 ( 1 In February 2021, 2027 . In June 2021, 2027 ( 2 In March 2020, 2029 2027 The 7.25% senior notes due 2027 “2027 2029 "2029 2027 2029 may June 30, 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 June 30, 2021 December 31, 2020 $ 25 $ 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, June 30, 2020, On December 31, 2020, April 30, 2014 December 31, 2020 December 31, 2022 12 June 30, 2021 December 31, 2020 $25 With the liquidation of CLO III, on August 4, 2021, June 30, 2020, 7, The Credit Agreement provides a $25.0 million revolving line of credit (the “Revolver”) through December 31, 2022 The Credit Agreement provides that the Revolver may may As of June 30, 2021 The Credit Agreement contains financial and other covenants, including, but not one June 30, 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 million revolving line of credit (the "Line of Credit") with CNB to be used for regulatory capital purposes during its securities underwriting activities. On June 29, 2021, one June 30, 2022. June 30, 2022, June 30, 2021 December 31, 2020, On March 27, 2020, 19" April 17, 2020, June 30, 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 | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Other Assets and Other Liabilities Disclosure [Text Block] | 8. At June 30, 2021 December 31, 2020 (In thousands) June 30, 2021 December 31, 2020 Accounts receivable $ 18,110 $ 4,333 Prepaid expenses 5,516 6,954 Loans held for sale (1) 2,412 2,412 Other assets 105 323 Total other assets $ 26,143 $ 14,022 ( 1 Loans held for sale are carried at the lower of cost or fair value less cost to sell. (In thousands) June 30, 2021 December 31, 2020 Accounts payable & accrued liabilities $ 6,605 $ 6,726 Deferred compensation liabilities 7,315 3,621 Other liabilities 585 383 Total other liabilities $ 14,505 $ 10,730 |
Note 9 - Shareholders' Equity
Note 9 - Shareholders' Equity | 6 Months Ended |
Jun. 30, 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 2020 March 19, 2020 2020 not |
Note 10 - Share-based Compensat
Note 10 - Share-based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 10. Share -Based Compensation On January 27, 2015, April 12, 2007 June 6, 2011. The following table summarizes the share-based compensation expense for the three six June 30, 2021 2020 Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2021 2020 2021 2020 Restricted stock unit awards $ 801 $ 339 $ 1,139 $ 655 Stock option awards 81 126 187 241 Share-based compensation expense $ 882 $ 464 $ 1,326 $ 897 Share Options The following table summarizes the share option activity for the six June 30, 2021 : Six Months Ended June 30, 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 June 30, 2021 and 2020: June 30, 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 3.61 $ 3.04 $ 6,180,000 500,000 3.61 $ 3.04 $ 1,545,000 June 30, 2020 Options Outstanding Options Vested and Exercisable Weighted Weighted Average Weighted Average Weighted Range of Remaining Average Aggregate Remaining Average Aggregate Exercise Number Contractual Exercise Intrinsic Number Contractual Exercise Intrinsic Prices Outstanding Life in Years Price Value Exercisable Life in Years Price Value $ 3.04 2,000,000 4.61 $ 3.04 $ - - - $ - $ - The Company recognizes share-based compensation expense, net of estimated forfeitures, As of June 30, 2021 and 2020, as $0.4 milli There were no share options exercised during the six June 30, 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 six June 30, 2021 : Six Months Ended June 30, 2021 Restricted Share Units Weighted Average Grant Date Fair Value Balance, beginning of year 220,209 $ 3.32 Granted 497,724 5.31 Vested (118,467 ) 4.83 Forfeited (18,878 ) 4.24 Balance, end of period 580,588 $ 4.69 The aggregate fair value of RSUs vested during the six June 30, 2021 $0.6 mi re $0.16 milli six June 30, 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 six June 30, 2021 of $0.2 m June 30, 2021 as $1.7 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 | 6 Months Ended |
Jun. 30, 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 (loss) per share for the three six June 30, 2021 2020 are shown in the tables below: (In thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net income (loss) attributable to JMP Group LLC $ 3,628 $ 1,124 $ 4,717 $ (10,624 ) Denominator: Basic weighted average shares outstanding 19,861 19,582 19,842 19,557 Effect of potential dilutive securities: Restricted share units and share options 1,182 162 1,028 - Diluted weighted average shares outstanding 21,043 19,744 20,870 19,557 Net income (loss) per share Basic $ 0.18 $ 0.06 $ 0.24 $ (0.54 ) Diluted $ 0.17 $ 0.06 $ 0.23 $ (0.54 ) Share options to purcha se 2,000,000 of c three six June 30, 2021 not RSUs for 119,449 six June 30, 2020, not |
Note 12 - Revenue from Contract
Note 12 - Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 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 six June 30, 2021 June 30, 2020 (in thousands) Three Months Ended June 30, 2021 Broker -Dealer Asset Management Eliminations Total Total revenues from contracts with customers Equity and debt origination $ 16,946 $ - $ - $ 16,946 Strategic advisory and private placements 15,767 - - 15,767 Total investment banking revenues 32,713 - - 32,713 Commissions 2,270 - - 2,270 Research payments 1,101 - - 1,101 Net trading gains 20 - - 20 Total brokerage revenues 3,391 - - 3,391 Base management fees - 1,298 - 1,298 Incentive management fees - 9,803 - 9,803 Total asset management fees - 11,101 - 11,101 Total revenues from contracts with customers $ 36,104 $ 11,101 $ - $ 47,205 (in thousands) Three Months Ended June 30, 2020 Broker -Dealer Asset Management Eliminations Total Total revenues from contracts with customers Equity and debt origination $ 14,569 $ - $ - $ 14,569 Strategic advisory and private placements 7,026 - - 7,026 Total investment banking revenues 21,595 - - 21,595 Commissions 3,996 - - 3,996 Research payments 1,387 - - 1,387 Net trading losses 262 - - 262 Total brokerage revenues 5,645 - - 5,645 Base management fees - 1,682 (25 ) 1,657 Incentive management fees - 56 - 56 Total asset management fees - 1,737 (25 ) 1,712 Total revenues from contracts with customers $ 27,240 $ 1,737 $ (25 ) $ 28,952 (in thousands) Six Months Ended June 30, 2021 Broker -Dealer Asset Management Eliminations Total Total revenues from contracts with customers Equity and debt origination $ 42,615 $ - $ - $ 42,615 Strategic advisory and private placements 22,667 - - 22,667 Total investment banking revenues 65,282 - - 65,282 Commissions 6,892 - - 6,892 Research payments 2,267 - - 2,267 Net trading gains 137 - - 137 Total brokerage revenues 9,296 - - 9,296 Base management fees - 3,392 - 3,392 Incentive management fees - 9,878 - 9,878 Total asset management fees - 13,270 - 13,270 Total revenues from contracts with customers $ 74,578 $ 13,270 $ - $ 87,848 (in thousands) Six Months Ended June 30, 2020 Broker -Dealer Asset Management Eliminations Total Total revenues from contracts with customers Equity and debt origination $ 23,125 $ - $ - $ 23,125 Strategic advisory and private placements 13,095 - - 13,095 Total investment banking revenues 36,220 - - 36,220 Commissions 7,714 - - 7,714 Research payments 2,628 - - 2,628 Net trading losses (511 ) - - (511 ) Total brokerage revenues 9,832 - - 9,832 Base management fees - 3,409 (50 ) 3,359 Incentive management fees - 69 - 69 Total asset management fees - 3,478 (50 ) 3,428 Total revenues from contracts with customers $ 46,052 $ 3,478 $ (50 ) $ 49,479 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 6 Months Ended |
Jun. 30, 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 June 30, 2021 2020, three June 30, 2021 2020, six June 30, 2021 2020, six June 30, 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 six June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2021 and December 31, 2020 . The marketable securities owned and the restricted cash, as well as the cash held by clearing brokers may June 30, 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 material unfunded commitments to lend at both June 30, 2021 and December 31, 2020 |
Note 15 - Regulatory Requiremen
Note 15 - Regulatory Requirements | 6 Months Ended |
Jun. 30, 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 1. June 30, 2021 December 31, 2020 1 June 30, 2021 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2021 and December 31, 2020 , was $11.5 million and million, respectively, which consisted of investments in hedge and other private funds of $11.5 million and million, for the periods, respectively and an investment in HCC common stock of zero and million for the periods, respectively. Base management fees earnedfrom these affiliated entities were $1.3 million and million for the three June 30, 2021 2020 . Also, the Company earned incentive fees of $9.8 million and zero three June 30, 2021 2020 . On January 9, 2018, June 30, 2021 , November 20, 2022. On September 19, 2017, October 2019, June 30, 2021 and December 31, 2020 , the Company’s portion of the outstanding loan balance to this entity was $2.4 million. The Company determined the fair value of the loan was $2.4 June 30, 2021 and December 31, 2020 using the bid price. On November 20, 2017, three June 30, 2021 and 2020, June 30, 2021 and December 31, 2020, |
Note 17 - Litigation
Note 17 - Litigation | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2021 and December 31, 2020 no six June 30, 2021 2020 no no June 30, 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 June 30, 2021 and December 31, 2020 . |
Note 19 - Business Segments
Note 19 - Business Segments | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 19. The Company’s business results are categorized into the following four business segments: Broker-Dealer, Asset Management Fee Income, Investment Income, and Corporate Costs. The Broker-Dealer segment includes a broad range of services, such as underwriting and acting as a placement agent for public and private capital markets raising transactions and financial advisory services in M&A, restructuring and other strategic transactions. The Broker-Dealer segment also includes institutional brokerage services and equity research services to our institutional investor clients. The Asset Management Fee Income segment includes the management of a broad range of pooled investment vehicles, including the Company’s hedge funds, private equity funds, hedge funds of funds, and collateralized loan obligations (through 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% of the share-based compensation expense in the period the award was granted, instead of recognizing it over the vesting period as required under GAAP, (iii) reverses amortization expense related to an intangible asset resulting from the repurchase of a portion of the equity of CLO III prior to March 31, 2019; ( one 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 June 30, 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 $ 32,713 $ - $ - $ - $ - $ - $ 32,713 $ - $ 32,713 Brokerage 3,391 - - - - - 3,391 - 3,391 Asset management related fees 93 11,628 491 12,119 - (25 ) 12,187 (1,086 ) (a) 11,101 Principal transactions 167 - 3,086 3,086 - - 3,253 (3,302 ) (b) (49 ) Other income - - - - - - - 1,127 (a) 1,127 Net interest income - - 290 290 - - 290 (25 ) (c) 265 Gain (loss) on repurchase, reissuance or early retirement of debt - - - - - - - (271 ) (d) (271 ) Net dividend income - - 215 215 - - 215 - 215 Total net revenues 36,364 11,628 4,082 15,710 - (25 ) 52,049 (3,557 ) 48,492 Non-interest expenses 31,970 8,940 352 9,292 2,529 (25 ) 43,766 (224 ) (e) 43,542 Operating income (loss) before taxes 4,394 2,688 3,730 6,418 (2,529 ) - 8,283 (3,333 ) 4,950 Income tax expense (benefit) 1,142 699 971 1,670 (658 ) - 2,154 (847 ) (f) 1,307 Net income attributable to non-controlling interest - - - - - - - 15 (a),(c),(e) 15 Operating net income (loss) $ 3,252 $ 1,989 $ 2,759 $ 4,748 $ (1,871 ) $ - $ 6,129 $ (2,501 ) (g) $ 3,628 As of June 30, 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 $ 86,752 $ 12,909 $ 61,139 $ 74,048 $ 120,121 $ (54,857 ) $ 226,064 $ - $ 226,064 (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 June 30, 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 $ 21,595 $ - $ - $ - $ - $ - $ 21,595 $ - $ 21,595 Brokerage 5,645 - - - - - 5,645 - 5,645 Asset management related fees 7 1,941 379 2,320 - (42 ) 2,285 (573 ) (a) 1,712 Principal transactions 458 - 1,809 1,809 - - 2,267 (2,315 ) (b) (48 ) Net dividend income - - 49 49 - - 49 (39 ) (c ) 10 Other income - - - - - - - 912 (a) 912 Net interest income - - 192 192 - - 192 (25 ) (c ) 167 Gain on repurchase, reissuance or early retirement of debt - - - - - - - - (d ) - Total net revenues 27,705 1,941 2,429 4,370 - (42 ) 32,033 (2,040 ) 29,993 Non-interest expenses 24,045 2,144 303 2,447 2,082 (42 ) 28,532 187 (e ) 28,719 Operating income (loss) before taxes 3,660 (203 ) 2,126 1,923 (2,082 ) - 3,501 (2,227 ) 1,274 Income tax expense (benefit) 951 (53 ) 553 500 (541 ) - 910 (734 ) (f ) 176 Net loss attributable to non-controlling interest - - - - - - - (26 ) (a), (c ), (e ) (26 ) Operating net income (loss) $ 2,709 $ (150 ) $ 1,573 $ 1,423 $ (1,541 ) $ - $ 2,591 $ (1,467 ) (g ) $ 1,124 As of June 30, 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 $ 49,796 $ 10,637 $ 76,462 $ 87,098 $ 229,133 $ (159,144 ) $ 206,883 $ - $ 206,883 (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. Six Months Ended June 30, 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 $ 65,282 $ - $ - $ - $ - $ - $ 65,282 $ - $ 65,282 Brokerage 9,296 - - - - - 9,296 - 9,296 Asset management related fees 114 13,802 843 14,645 - (50 ) 14,709 (1,439 ) (a) 13,270 Principal transactions (277 ) - 4,196 4,196 - - 3,919 (7,179 ) (b) (3,260 ) Other income - - - - - - - 1,943 (a) 1,943 Net interest income - - 848 848 - - 848 (50 ) (c) 798 Gain (loss) on repurchase, reissuance or early retirement of debt - - - - - - - (559 ) (d) (559 ) Net dividend income - - 215 215 - - 215 - 215 Total net revenues 74,415 13,802 6,102 19,904 - (50 ) 94,269 (7,284 ) 86,985 Non-interest expenses 64,278 11,147 649 11,796 4,849 (50 ) 80,873 (385 ) (e) 80,488 Operating income (loss) before taxes 10,137 2,655 5,453 8,108 (4,849 ) - 13,396 (6,899 ) 6,497 Income tax expense (benefit) 2,635 691 1,418 2,109 (1,261 ) - 3,483 (1,797 ) (f) 1,686 Net income attributable to non-controlling interest - - - - - - - 94 (a),(c),(e) 94 Operating net income (loss) $ 7,502 $ 1,964 $ 4,035 $ 5,999 $ (3,588 ) $ - $ 9,913 $ (5,196 ) (g) $ 4,717 (a) Total segment asset management-related fees include income from fee sharing arrangements with, and fees earned to raise capital for, third (b) Total segment principal transaction revenues exclude certain unrealized mark-to-market gains or losses, including those related to impairment of CLO debt securities and the Company's investment in Harvest Capital Credit Corporation, as well as unrealized losses derived from depreciation and amortization of real estate investment properties. (c) Total segment net dividend income and net interest income exclude those attributable to non-controlling interests. (d) Total segment gain/(loss) repurchase/early retirement of debt excludes losses on write offs of debt issuance costs related to early retirement or repurchase of debt. (e) Total segments non-interest expenses exclude compensation expense recognized under GAAP related to equity awards, one (f) Total segment income tax (benefit) assumes a combined federal, state and local income tax rate of 26%. (g) Operating net income (loss) is reconciled to GAAP net income (loss) attributable to JMP Group LLC. Six Months Ended June 30, 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 $ 36,220 $ - $ - $ - $ - $ - $ 36,220 $ - $ 36,220 Brokerage 9,832 - - - - - 9,832 - 9,832 Asset management related fees 159 3,844 712 4,556 - (87 ) 4,628 (1,200 ) (a) 3,428 Principal transactions 487 - 1,861 1,861 - - 2,348 (19,948 ) (b) (17,600 ) Net dividend income - - 305 305 - - 305 (68 ) (c) 237 Other income - - - - - - - 1,847 (a) 1,847 Net interest income - - 650 650 - - 650 (51 ) (c) 599 Gain on repurchase, reissuance or early retirement of debt - - 786 786 - - 786 (89 ) (d) 697 Total net revenues 46,698 3,844 4,314 8,158 - (87 ) 54,769 (19,509 ) 35,260 Non-interest expenses 43,246 4,506 454 4,960 3,874 (87 ) 51,993 1,071 (e) 53,064 Operating income (loss) before taxes 3,452 (662 ) 3,860 3,198 (3,874 ) - 2,776 (20,580 ) (17,804 ) Income tax expense (benefit) 889 (173 ) 1,012 839 (1,007 ) - 722 (7,785 ) (f) (7,063 ) Net loss attributable to non-controlling interest - - - - - - - (117 ) (a),(c),(e) (117 ) Operating net income (loss) $ 2,563 $ (489 ) $ 2,848 $ 2,359 $ (2,868 ) $ - $ 2,055 $ (12,678 ) (g) $ (10,624 ) (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 | 6 Months Ended |
Jun. 30, 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 June 30, 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 $ 38,849 $ - $ 38,849 $ 824,680 $ 52,714 $ - $ 52,714 $ 1,169,243 Fund investments 13,016 363 15,456 589,145 10,765 311 14,311 465,365 Other investments 756 - 756 1,151,098 4,404 25 4,404 1,172,018 Total $ 52,621 $ 363 $ 55,061 $ 2,564,923 $ 67,883 $ 336 $ 71,429 $ 2,806,626 |
Note 21 - Subsequent Events
Note 21 - Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 21. On July 30, 2021, zero On July 19, 2021, 2027 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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 June 30, 2021 December 31, 2020 third See Note 2 Annual Report for the Company s significant accounting policies. For the six June 30, 2021 no 3, Recent Accounting Pronouncements |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, 2021 (In thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 86,981 $ 86,981 $ - $ - $ 86,981 Restricted cash and deposits 1,293 1,293 - - 1,293 Marketable securities owned 40,000 1,151 - 38,849 40,000 Other investments measured at net asset value (1) 12,864 - - - - Loans held for sale (2) 2,412 - - 2,412 2,412 Loans held for investment, net of allowance for loan losses 520 - - 520 520 Long term receivable (2) 3,266 - - 3,266 3,266 Total assets: $ 147,336 $ 89,425 $ - $ 45,047 $ 134,472 Liabilities: Notes payable $ 10,610 - $ 5,983 $ 4,627 $ 10,610 Bond payable 61,834 - 65,763 - 65,763 Total liabilities: $ 72,444 $ - $ 71,746 $ 4,627 $ 76,373 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) June 30, 2021 Carrying Value Level 1 Level 2 Level 3 Total Marketable securities owned $ 40,000 $ 1,151 $ - $ 38,849 $ 40,000 Other investments: Investments in private equity, real estate and credit funds, measured at net asset value (1) 12,864 - - - - Long term receivable (2) 3,266 - - 3,266 3,266 Total assets: $ 56,130 $ 1,151 $ - $ 42,115 $ 43,266 (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 Long Term Receivable 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 $ 3,412 $ - $ 51,097 Investment distributions (6,834 ) (4,766 ) - (11,600 ) Accrued interest 1,620 - - 1,620 Realized/Unrealized losses on investments, recognized in earnings (3,711 ) 1,353 - (2,358 ) Unrealized gains on investments, recognized in OCI 90 - - 90 Addition - - 3,266 3,266 Balance as of June 30, 2021 $ 38,849 $ (0 ) $ 3,266 $ 42,115 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Significant Unobservable Inputs (In thousands) Range (Weighted-average (1) Fair value Valuation Technique Description June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 CLO debt securities Discounted cash flows Discount rate 13.5% (N/A) 17.5% (N/A) $ 38,849 $ 48,003 Default rate 2.0% (N/A%) 2.0% (N/A) Severity rate 25.0% (N/A) 25.0% (N/A) Prepayment rate 10.0%-25.0% (17.8%) 10.0%-25.0% (18.5%) Collateral liquidation price 99% (N/A) 98.0%-99.0% (98.8%) Equity investment Discounted cash flows Credit factor (N/A) 20% (N/A) $ - $ 3,378 Discount rate (N/A) 16% (N/A) Market EBITDA multiple (N/A) 12.0x (N/A) $ - $ 828 Long Term Receivable Discounted cash flows Discount rate 16.5 % (N/A) $ 3,266 $ - |
Note 5 - Available-for-sale S_2
Note 5 - Available-for-sale Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Debt Securities, Available-for-sale [Table Text Block] | June 30, 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 $ 35,862 $ 2,987 $ - $ 38,849 2 $ 48,499 $ - $ (496 ) $ 48,003 3 |
Investments Classified by Contractual Maturity Date [Table Text Block] | June 30, 2021 December 31, 2020 (In thousands) Available-for-Sale Available-for-Sale Amortized Cost Fair Value Amortized Cost Fair Value Less than 5 years $ - $ - $ 9,109 8,245 5-10 years 35,862 38,849 39,390 39,758 Total $ 35,862 $ 38,849 $ 48,499 $ 48,003 |
Note 6 - Loans (Tables)
Note 6 - Loans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Six Months Ended Year Ended (In thousands) June 30, 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] | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | (In thousands) June 30, 2021 December 31, 2020 7.25 $ 30,000 $ 50,000 6.875 36,000 36,000 Total outstanding principal $ 66,000 $ 86,000 Less: Debt issuance costs (2,221 ) (2,953 ) Less: Senior Notes repurchased (2) (1,945 ) (2,135 ) Total bond payable, net $ 61,834 $ 80,912 |
Schedule of Debt [Table Text Block] | (In thousands) Outstanding Balance June 30, 2021 December 31, 2020 $ 25 $ 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) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | (In thousands) June 30, 2021 December 31, 2020 Accounts receivable $ 18,110 $ 4,333 Prepaid expenses 5,516 6,954 Loans held for sale (1) 2,412 2,412 Other assets 105 323 Total other assets $ 26,143 $ 14,022 |
Other Liabilities [Table Text Block] | (In thousands) June 30, 2021 December 31, 2020 Accounts payable & accrued liabilities $ 6,605 $ 6,726 Deferred compensation liabilities 7,315 3,621 Other liabilities 585 383 Total other liabilities $ 14,505 $ 10,730 |
Note 10 - Share-based Compens_2
Note 10 - Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2021 2020 2021 2020 Restricted stock unit awards $ 801 $ 339 $ 1,139 $ 655 Stock option awards 81 126 187 241 Share-based compensation expense $ 882 $ 464 $ 1,326 $ 897 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Six Months Ended June 30, 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] | June 30, 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 3.61 $ 3.04 $ 6,180,000 500,000 3.61 $ 3.04 $ 1,545,000 June 30, 2020 Options Outstanding Options Vested and Exercisable Weighted Weighted Average Weighted Average Weighted Range of Remaining Average Aggregate Remaining Average Aggregate Exercise Number Contractual Exercise Intrinsic Number Contractual Exercise Intrinsic Prices Outstanding Life in Years Price Value Exercisable Life in Years Price Value $ 3.04 2,000,000 4.61 $ 3.04 $ - - - $ - $ - |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Six Months Ended June 30, 2021 Restricted Share Units Weighted Average Grant Date Fair Value Balance, beginning of year 220,209 $ 3.32 Granted 497,724 5.31 Vested (118,467 ) 4.83 Forfeited (18,878 ) 4.24 Balance, end of period 580,588 $ 4.69 |
Note 11 - Net Income (Loss) P_2
Note 11 - Net Income (Loss) Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (In thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net income (loss) attributable to JMP Group LLC $ 3,628 $ 1,124 $ 4,717 $ (10,624 ) Denominator: Basic weighted average shares outstanding 19,861 19,582 19,842 19,557 Effect of potential dilutive securities: Restricted share units and share options 1,182 162 1,028 - Diluted weighted average shares outstanding 21,043 19,744 20,870 19,557 Net income (loss) per share Basic $ 0.18 $ 0.06 $ 0.24 $ (0.54 ) Diluted $ 0.17 $ 0.06 $ 0.23 $ (0.54 ) |
Note 12 - Revenue from Contra_2
Note 12 - Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | (in thousands) Three Months Ended June 30, 2021 Broker -Dealer Asset Management Eliminations Total Total revenues from contracts with customers Equity and debt origination $ 16,946 $ - $ - $ 16,946 Strategic advisory and private placements 15,767 - - 15,767 Total investment banking revenues 32,713 - - 32,713 Commissions 2,270 - - 2,270 Research payments 1,101 - - 1,101 Net trading gains 20 - - 20 Total brokerage revenues 3,391 - - 3,391 Base management fees - 1,298 - 1,298 Incentive management fees - 9,803 - 9,803 Total asset management fees - 11,101 - 11,101 Total revenues from contracts with customers $ 36,104 $ 11,101 $ - $ 47,205 (in thousands) Three Months Ended June 30, 2020 Broker -Dealer Asset Management Eliminations Total Total revenues from contracts with customers Equity and debt origination $ 14,569 $ - $ - $ 14,569 Strategic advisory and private placements 7,026 - - 7,026 Total investment banking revenues 21,595 - - 21,595 Commissions 3,996 - - 3,996 Research payments 1,387 - - 1,387 Net trading losses 262 - - 262 Total brokerage revenues 5,645 - - 5,645 Base management fees - 1,682 (25 ) 1,657 Incentive management fees - 56 - 56 Total asset management fees - 1,737 (25 ) 1,712 Total revenues from contracts with customers $ 27,240 $ 1,737 $ (25 ) $ 28,952 (in thousands) Six Months Ended June 30, 2021 Broker -Dealer Asset Management Eliminations Total Total revenues from contracts with customers Equity and debt origination $ 42,615 $ - $ - $ 42,615 Strategic advisory and private placements 22,667 - - 22,667 Total investment banking revenues 65,282 - - 65,282 Commissions 6,892 - - 6,892 Research payments 2,267 - - 2,267 Net trading gains 137 - - 137 Total brokerage revenues 9,296 - - 9,296 Base management fees - 3,392 - 3,392 Incentive management fees - 9,878 - 9,878 Total asset management fees - 13,270 - 13,270 Total revenues from contracts with customers $ 74,578 $ 13,270 $ - $ 87,848 (in thousands) Six Months Ended June 30, 2020 Broker -Dealer Asset Management Eliminations Total Total revenues from contracts with customers Equity and debt origination $ 23,125 $ - $ - $ 23,125 Strategic advisory and private placements 13,095 - - 13,095 Total investment banking revenues 36,220 - - 36,220 Commissions 7,714 - - 7,714 Research payments 2,628 - - 2,628 Net trading losses (511 ) - - (511 ) Total brokerage revenues 9,832 - - 9,832 Base management fees - 3,409 (50 ) 3,359 Incentive management fees - 69 - 69 Total asset management fees - 3,478 (50 ) 3,428 Total revenues from contracts with customers $ 46,052 $ 3,478 $ (50 ) $ 49,479 |
Note 19 - Business Segments (Ta
Note 19 - Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, 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 $ 32,713 $ - $ - $ - $ - $ - $ 32,713 $ - $ 32,713 Brokerage 3,391 - - - - - 3,391 - 3,391 Asset management related fees 93 11,628 491 12,119 - (25 ) 12,187 (1,086 ) (a) 11,101 Principal transactions 167 - 3,086 3,086 - - 3,253 (3,302 ) (b) (49 ) Other income - - - - - - - 1,127 (a) 1,127 Net interest income - - 290 290 - - 290 (25 ) (c) 265 Gain (loss) on repurchase, reissuance or early retirement of debt - - - - - - - (271 ) (d) (271 ) Net dividend income - - 215 215 - - 215 - 215 Total net revenues 36,364 11,628 4,082 15,710 - (25 ) 52,049 (3,557 ) 48,492 Non-interest expenses 31,970 8,940 352 9,292 2,529 (25 ) 43,766 (224 ) (e) 43,542 Operating income (loss) before taxes 4,394 2,688 3,730 6,418 (2,529 ) - 8,283 (3,333 ) 4,950 Income tax expense (benefit) 1,142 699 971 1,670 (658 ) - 2,154 (847 ) (f) 1,307 Net income attributable to non-controlling interest - - - - - - - 15 (a),(c),(e) 15 Operating net income (loss) $ 3,252 $ 1,989 $ 2,759 $ 4,748 $ (1,871 ) $ - $ 6,129 $ (2,501 ) (g) $ 3,628 As of June 30, 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 $ 86,752 $ 12,909 $ 61,139 $ 74,048 $ 120,121 $ (54,857 ) $ 226,064 $ - $ 226,064 Three Months Ended June 30, 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 $ 21,595 $ - $ - $ - $ - $ - $ 21,595 $ - $ 21,595 Brokerage 5,645 - - - - - 5,645 - 5,645 Asset management related fees 7 1,941 379 2,320 - (42 ) 2,285 (573 ) (a) 1,712 Principal transactions 458 - 1,809 1,809 - - 2,267 (2,315 ) (b) (48 ) Net dividend income - - 49 49 - - 49 (39 ) (c ) 10 Other income - - - - - - - 912 (a) 912 Net interest income - - 192 192 - - 192 (25 ) (c ) 167 Gain on repurchase, reissuance or early retirement of debt - - - - - - - - (d ) - Total net revenues 27,705 1,941 2,429 4,370 - (42 ) 32,033 (2,040 ) 29,993 Non-interest expenses 24,045 2,144 303 2,447 2,082 (42 ) 28,532 187 (e ) 28,719 Operating income (loss) before taxes 3,660 (203 ) 2,126 1,923 (2,082 ) - 3,501 (2,227 ) 1,274 Income tax expense (benefit) 951 (53 ) 553 500 (541 ) - 910 (734 ) (f ) 176 Net loss attributable to non-controlling interest - - - - - - - (26 ) (a), (c ), (e ) (26 ) Operating net income (loss) $ 2,709 $ (150 ) $ 1,573 $ 1,423 $ (1,541 ) $ - $ 2,591 $ (1,467 ) (g ) $ 1,124 As of June 30, 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 $ 49,796 $ 10,637 $ 76,462 $ 87,098 $ 229,133 $ (159,144 ) $ 206,883 $ - $ 206,883 Six Months Ended June 30, 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 $ 65,282 $ - $ - $ - $ - $ - $ 65,282 $ - $ 65,282 Brokerage 9,296 - - - - - 9,296 - 9,296 Asset management related fees 114 13,802 843 14,645 - (50 ) 14,709 (1,439 ) (a) 13,270 Principal transactions (277 ) - 4,196 4,196 - - 3,919 (7,179 ) (b) (3,260 ) Other income - - - - - - - 1,943 (a) 1,943 Net interest income - - 848 848 - - 848 (50 ) (c) 798 Gain (loss) on repurchase, reissuance or early retirement of debt - - - - - - - (559 ) (d) (559 ) Net dividend income - - 215 215 - - 215 - 215 Total net revenues 74,415 13,802 6,102 19,904 - (50 ) 94,269 (7,284 ) 86,985 Non-interest expenses 64,278 11,147 649 11,796 4,849 (50 ) 80,873 (385 ) (e) 80,488 Operating income (loss) before taxes 10,137 2,655 5,453 8,108 (4,849 ) - 13,396 (6,899 ) 6,497 Income tax expense (benefit) 2,635 691 1,418 2,109 (1,261 ) - 3,483 (1,797 ) (f) 1,686 Net income attributable to non-controlling interest - - - - - - - 94 (a),(c),(e) 94 Operating net income (loss) $ 7,502 $ 1,964 $ 4,035 $ 5,999 $ (3,588 ) $ - $ 9,913 $ (5,196 ) (g) $ 4,717 Six Months Ended June 30, 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 $ 36,220 $ - $ - $ - $ - $ - $ 36,220 $ - $ 36,220 Brokerage 9,832 - - - - - 9,832 - 9,832 Asset management related fees 159 3,844 712 4,556 - (87 ) 4,628 (1,200 ) (a) 3,428 Principal transactions 487 - 1,861 1,861 - - 2,348 (19,948 ) (b) (17,600 ) Net dividend income - - 305 305 - - 305 (68 ) (c) 237 Other income - - - - - - - 1,847 (a) 1,847 Net interest income - - 650 650 - - 650 (51 ) (c) 599 Gain on repurchase, reissuance or early retirement of debt - - 786 786 - - 786 (89 ) (d) 697 Total net revenues 46,698 3,844 4,314 8,158 - (87 ) 54,769 (19,509 ) 35,260 Non-interest expenses 43,246 4,506 454 4,960 3,874 (87 ) 51,993 1,071 (e) 53,064 Operating income (loss) before taxes 3,452 (662 ) 3,860 3,198 (3,874 ) - 2,776 (20,580 ) (17,804 ) Income tax expense (benefit) 889 (173 ) 1,012 839 (1,007 ) - 722 (7,785 ) (f) (7,063 ) Net loss attributable to non-controlling interest - - - - - - - (117 ) (a),(c),(e) (117 ) Operating net income (loss) $ 2,563 $ (489 ) $ 2,848 $ 2,359 $ (2,868 ) $ - $ 2,055 $ (12,678 ) (g) $ (10,624 ) |
Note 20 - Nonconsolidated Var_2
Note 20 - Nonconsolidated Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | (In thousands) As of June 30, 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 $ 38,849 $ - $ 38,849 $ 824,680 $ 52,714 $ - $ 52,714 $ 1,169,243 Fund investments 13,016 363 15,456 589,145 10,765 311 14,311 465,365 Other investments 756 - 756 1,151,098 4,404 25 4,404 1,172,018 Total $ 52,621 $ 363 $ 55,061 $ 2,564,923 $ 67,883 $ 336 $ 71,429 $ 2,806,626 |
Note 1 - Organization and Des_2
Note 1 - Organization and Description of Business (Details Textual) - USD ($) $ in Thousands | Aug. 06, 2021 | Jun. 18, 2021 | Jun. 09, 2021 | Jun. 04, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 09, 2024 |
Revenue from Contract with Customer, Including Assessed Tax | $ 47,205 | $ 28,952 | $ 87,848 | $ 49,479 | ||||||
JMP Credit Advisors CLO IV Ltd. and JMP Credit Advisors CLO V Ltd. [Member] | ||||||||||
Subordinated Management Fees, Percent | 0.20% | |||||||||
Medalist Partners Corporate Finance LLC [Member] | ||||||||||
Ownership Interest, Sold | 45.00% | |||||||||
Proceeds from Sale of Equity Method Investments | $ 1,500 | |||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal, Total | 1,400 | |||||||||
CLO III [Member] | ||||||||||
Liquidation Receivable | $ 1,800 | $ 1,800 | 1,800 | |||||||
CLO III [Member] | Subsequent Event [Member] | ||||||||||
Proceeds from Collection of Liquidation Receivable | $ 1,000 | |||||||||
HCAP Advisors LLC [Member] | Forecast [Member] | Sierra Crest [Member] | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 3,900 | |||||||||
Medalist Partners Corporate Finance LLC [Member] | JMP Credit Advisors CLO IV Ltd. and JMP Credit Advisors CLO V Ltd. [Member] | ||||||||||
Subordinated Management Fees, Percent | 35.00% | |||||||||
HCC Common Stock [Member] | ||||||||||
Proceeds from Sale of Equity Securities, FV-NI | $ 9,500 | |||||||||
Equity Securities, FV-NI, Realized Gain (Loss), Total | $ 100 | |||||||||
CLO III Subordinated Notes [Member] | ||||||||||
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale | $ 2,300 | $ 1,700 | ||||||||
Debt Securities, Realized Gain (Loss), Total | $ (2,800) |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 2.4 | $ 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 | Jun. 30, 2021 | Dec. 31, 2020 | ||
Marketable securities owned | $ 3,637 | $ 5,696 | [1] | |
Reported Value Measurement [Member] | ||||
Cash and cash equivalents | 86,981 | 91,444 | ||
Restricted cash and deposits | 1,293 | 1,287 | ||
Marketable securities owned | 40,000 | 55,494 | ||
Other investments measured at net asset value (1) | [2] | 12,864 | 11,155 | |
Loans held for sale | [3] | 2,412 | 2,412 | |
Loans held for investment, net of allowance for loan losses | 520 | 994 | ||
Long term receivable (2) | [3] | 3,266 | ||
Total assets: | 147,336 | 169,243 | ||
Notes payable | 10,610 | 10,610 | ||
Bond payable | 61,834 | 80,912 | ||
Total liabilities: | 72,444 | 91,522 | ||
Equity investments | 6,457 | |||
Estimate of Fair Value Measurement [Member] | ||||
Cash and cash equivalents | 86,981 | 91,444 | ||
Restricted cash and deposits | 1,293 | 1,287 | ||
Marketable securities owned | 40,000 | 55,494 | ||
Other investments measured at net asset value (1) | [2] | 0 | 0 | |
Loans held for sale | [3] | 2,412 | 2,412 | |
Loans held for investment, net of allowance for loan losses | 520 | 994 | ||
Long term receivable (2) | [3] | 3,266 | ||
Total assets: | 134,472 | 158,088 | ||
Notes payable | 10,610 | 10,610 | ||
Bond payable | 65,763 | 79,472 | ||
Total liabilities: | 76,373 | 90,082 | ||
Equity investments | 6,457 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Cash and cash equivalents | 86,981 | 91,444 | ||
Restricted cash and deposits | 1,293 | 1,287 | ||
Marketable securities owned | 1,151 | 7,491 | ||
Other investments measured at net asset value (1) | [2] | 0 | 0 | |
Loans held for sale | [3] | 0 | 0 | |
Loans held for investment, net of allowance for loan losses | 0 | 0 | ||
Long term receivable (2) | [3] | 0 | ||
Total assets: | 89,425 | 100,222 | ||
Notes payable | 0 | 0 | ||
Bond payable | 0 | 0 | ||
Total liabilities: | 0 | 0 | ||
Equity investments | 0 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash and deposits | 0 | 0 | ||
Marketable securities owned | 0 | 0 | ||
Other investments measured at net asset value (1) | [2] | 0 | 0 | |
Loans held for sale | [3] | 0 | 0 | |
Loans held for investment, net of allowance for loan losses | 0 | 0 | ||
Long term receivable (2) | [3] | 0 | ||
Total assets: | 0 | 2,251 | ||
Notes payable | 5,983 | 5,983 | ||
Bond payable | 65,763 | 79,472 | ||
Total liabilities: | 71,746 | 85,455 | ||
Equity investments | 2,251 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash and deposits | 0 | 0 | ||
Marketable securities owned | 38,849 | 48,003 | ||
Other investments measured at net asset value (1) | [2] | 0 | 0 | |
Loans held for sale | [3] | 2,412 | 2,412 | |
Loans held for investment, net of allowance for loan losses | 520 | 994 | ||
Long term receivable (2) | [3] | 3,266 | ||
Total assets: | 45,047 | 55,615 | ||
Notes payable | 4,627 | 4,627 | ||
Bond payable | 0 | 0 | ||
Total liabilities: | $ 4,627 | 4,627 | ||
Equity investments | $ 4,206 | |||
[1] | The statement of financial condition as of December 31, 2020 is derived from the audited financial statements as of that date. | |||
[2] | In accordance with ASC 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The 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. | |||
[3] | 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 | Jun. 30, 2021 | Dec. 31, 2020 | ||
Marketable securities owned | $ 40,000 | $ 55,494 | [1] | |
Other investments | 12,864 | 17,611 | [1] | |
Fair Value, Recurring [Member] | ||||
Marketable securities owned | 40,000 | 55,494 | ||
Investments in private equity, real estate and credit funds, measured at net asset value (1) | [2] | 0 | 0 | |
Long term receivable (2) | [3] | 3,266 | ||
Total assets: | 43,266 | 61,951 | ||
Equity investments | 6,457 | |||
Other investments | 6,457 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Marketable securities owned | 1,151 | 7,491 | ||
Investments in private equity, real estate and credit funds, measured at net asset value (1) | [2] | 0 | 0 | |
Long term receivable (2) | [3] | 0 | ||
Total assets: | 1,151 | 7,491 | ||
Equity investments | 0 | |||
Other investments | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Marketable securities owned | 0 | 0 | ||
Investments in private equity, real estate and credit funds, measured at net asset value (1) | [2] | 0 | 0 | |
Long term receivable (2) | [3] | 0 | ||
Total assets: | 0 | 2,251 | ||
Equity investments | 2,251 | |||
Other investments | 2,251 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Marketable securities owned | 38,849 | 48,003 | ||
Investments in private equity, real estate and credit funds, measured at net asset value (1) | [2] | 0 | 0 | |
Long term receivable (2) | [3] | 3,266 | ||
Total assets: | 42,115 | 52,209 | ||
Equity investments | 4,206 | |||
Other investments | 4,206 | |||
Reported Value Measurement [Member] | ||||
Long term receivable (2) | [4] | 3,266 | ||
Total assets: | 147,336 | 169,243 | ||
Equity investments | 6,457 | |||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | ||||
Marketable securities owned | 40,000 | 55,494 | ||
Investments in private equity, real estate and credit funds, measured at net asset value (1) | [2] | 12,864 | 11,155 | |
Long term receivable (2) | [3] | 3,266 | ||
Total assets: | $ 56,130 | 73,105 | ||
Equity investments | 6,457 | |||
Other investments | $ 17,611 | |||
[1] | The statement of financial condition as of December 31, 2020 is derived from the audited financial statements as of that date. | |||
[2] | In accordance with ASC 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The carrying values of these lines reconciles to the parenthetical disclosure of other investments on the Consolidated Statements of Financial Condition. | |||
[3] | Included in Other Assets on the Consolidated Statements of Financial Condition. | |||
[4] | Included in Other Assets on the Consolidated Statements of Financial Condition. |
Note 4 - Fair Value Measureme_6
Note 4 - Fair Value Measurements - Changes in Level 3 Assets Measured at Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | |
Balance | $ 51,097 | $ 52,209 |
Investment distributions | (11,600) | (1,860) |
Accrued interest | 1,620 | 1,960 |
Realized/Unrealized losses on investments, recognized in earnings | (2,358) | (4,606) |
Unrealized gains on investments, recognized in OCI | 90 | 3,394 |
Addition | 3,266 | |
Balance | 42,115 | 51,097 |
CLO Junior Subordinated Notes [Member] | ||
Balance | 47,684 | 48,003 |
Investment distributions | (6,834) | (1,086) |
Accrued interest | 1,620 | 1,960 |
Realized/Unrealized losses on investments, recognized in earnings | (3,711) | (4,587) |
Unrealized gains on investments, recognized in OCI | 90 | 3,394 |
Addition | 0 | |
Balance | 38,849 | 47,684 |
Equity Securities [Member] | ||
Balance | 3,412 | 4,206 |
Investment distributions | (4,766) | (774) |
Accrued interest | 0 | 0 |
Realized/Unrealized losses on investments, recognized in earnings | 1,353 | (19) |
Unrealized gains on investments, recognized in OCI | 0 | 0 |
Addition | 0 | |
Balance | 0 | 3,412 |
Long Term Receivable [Member] | ||
Balance | 0 | 0 |
Investment distributions | 0 | 0 |
Accrued interest | 0 | 0 |
Realized/Unrealized losses on investments, recognized in earnings | 0 | 0 |
Unrealized gains on investments, recognized in OCI | 0 | 0 |
Addition | 3,266 | |
Balance | $ 3,266 | $ 0 |
Note 4 - Fair Value Measureme_7
Note 4 - Fair Value Measurements - Significant Unobservable Inputs Used in Fair Value Measurements (Details) - Fair Value, Recurring [Member] $ in Thousands | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Equity investment, fair value | $ 6,457 | ||
long-term receivable, fair value | [1] | $ 3,266 | |
Fair Value, Inputs, Level 3 [Member] | |||
Equity investment, fair value | $ 4,206 | ||
long-term receivable, fair value | [1] | $ 3,266 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | |||
CLO debt security, measurement input | [2] | 0.135 | 0.175 |
CLO debt securities, fair value | $ 38,849 | $ 48,003 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | |||
CLO debt security, measurement input | [2] | 0.020 | 0.020 |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Loss Severity [Member] | |||
CLO debt security, measurement input | [2] | 0.250 | 0.250 |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Minimum [Member] | |||
CLO debt security, measurement input | [2] | 0.10 | 0.100 |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Weighted Average [Member] | |||
CLO debt security, measurement input | [2] | 0.178 | 0.185 |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Maximum [Member] | |||
CLO debt security, measurement input | [2] | 0.25 | 0.250 |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Liquidation Price [Member] | |||
CLO debt security, measurement input | [2] | 0.99 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Liquidation Price [Member] | Minimum [Member] | |||
CLO debt security, measurement input | [2] | 0.980 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Liquidation Price [Member] | Weighted Average [Member] | |||
CLO debt security, measurement input | [2] | 0.988 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Liquidation Price [Member] | Maximum [Member] | |||
CLO debt security, measurement input | [2] | 0.990 | |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | |||
CLO debt security, measurement input | [2] | 0.16 | |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Factor [Member] | |||
CLO debt security, measurement input | [2] | 0.20 | |
Equity investment, fair value | $ 0 | $ 3,378 | |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Valuation, Market Approach [Member] | Measurement Input, EBITDA Multiple [Member] | |||
CLO debt security, measurement input | [2] | 0.120 | |
Equity investment, fair value | $ 0 | $ 828 | |
Fair Value, Inputs, Level 3 [Member] | Long Term Receivable [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | |||
long-term receivable, measurement input | [2] | 0.165 | |
long-term receivable, fair value | $ 3,266 | $ 0 | |
[1] | Included in Other Assets on the Consolidated Statements of Financial Condition. | ||
[2] | The weighted average was calculated based on the relative collateral balance of each CLO. |
Note 5 - Available-for-sale S_3
Note 5 - Available-for-sale Securities (Details Textual) - CLO Debt Securities [Member] - USD ($) $ in Millions | Jun. 30, 2021 | Jul. 16, 2020 | Jun. 30, 2020 |
Financial Instruments, Owned and Pledged as Collateral, at Fair Value | $ 6 | ||
Debt Securities, Available-for-sale, Restricted | $ 4 | $ 4 |
Note 5 - Available-for-sale S_4
Note 5 - Available-for-sale Securities - Available-for-sale Securities (Details) $ in Thousands | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Debt Securities, Available-for-sale, Amortized Cost | $ 35,862 | $ 48,499 |
Debt Securities, Available-for-sale | 38,849 | 48,003 |
CLO Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 35,862 | 48,499 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 2,987 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | (496) |
Debt Securities, Available-for-sale | $ 38,849 | $ 48,003 |
Debt Securities, Number of Positions | 2 | 3 |
Note 5 - Available-for-sale S_5
Note 5 - Available-for-sale Securities - Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Less Than 5 Years | $ 0 | $ 9,109 |
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Less Than 5 Years | 0 | 8,245 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | 35,862 | 39,390 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | 38,849 | 39,758 |
Debt Securities, Available-for-sale, Amortized Cost, Total | 35,862 | 48,499 |
Debt Securities, Available-for-sale, Total | $ 38,849 | $ 48,003 |
Note 6 - Loans (Details Textual
Note 6 - Loans (Details Textual) Pure in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Jun. 30, 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 | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Impaired Loans [Member] | ||
Balance, at beginning of the period | $ 0 | |
Provision for loan losses | 0 | |
Charge off | 0 | |
Balance, at end of the period | 0 | $ 0 |
Non Impaired Loans [Member] | ||
Balance, at beginning of the period | $ 0 | 0 |
Provision for loan losses | (112) | |
Charge off | 112 | |
Balance, at end of the period | $ 0 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) - USD ($) $ in Thousands | Jul. 16, 2020 | Jun. 30, 2021 | Feb. 28, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Jun. 30, 2020 | Apr. 17, 2020 |
CLO Debt Securities [Member] | |||||||
Debt Securities, Available-for-sale, Restricted | $ 4,000 | $ 4,000 | |||||
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 | |||||
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 | $ 0 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000 | ||||||
Senior Notes 2027 [Member] | |||||||
Repayments of Senior Debt, Total | 10,000 | $ 10,000 | $ 700 | ||||
Gain (Loss) on Extinguishment of Debt, Total | $ 300 | $ (300) | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | ||||||
Senior Notes 2029 [Member] | |||||||
Repayments of Senior Debt, Total | 1,400 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | ||||||
Senior Notes 2029 and 2027 [Member] | |||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 700 | ||||||
Debt Instrument, Default, Ownership Percentage | 25.00% | ||||||
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 | Jun. 30, 2021 | Dec. 31, 2020 | ||
Less: Debt issuance costs | $ (2,221) | $ (2,953) | [1] | |
Debt obligations | 10,610 | 10,610 | ||
Senior Notes 2027 [Member] | ||||
Debt obligation | [2] | 30,000 | 50,000 | |
Senior Notes 2029 [Member] | ||||
Debt obligation | 36,000 | 36,000 | ||
Senior Notes [Member] | ||||
Debt obligation | 66,000 | 86,000 | ||
Less: Debt issuance costs | (2,221) | (2,953) | ||
Less: Senior Notes repurchased (2) | [3] | (1,945) | (2,135) | |
Debt obligations | $ 61,834 | $ 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. In June 2021, the Company redeemed another $10.0 million par value of its issued and outstanding 2027 Senior Notes. The Company recognized again another $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 $0.7 million was recognized upon the repurchase of the bonds, which is included in “(Loss) gain on repurchase, reissuance or early retirement of debt” on the Consolidated Statements of Operations. |
Note 7- Debt - Debt Issuance _2
Note 7- Debt - Debt Issuance Costs (Details) (Parentheticals) | Jun. 30, 2021 | Dec. 31, 2020 |
Senior Notes 2027 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% |
Senior Notes 2029 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% |
Note 7 - Debt - Notes Payable,
Note 7 - Debt - Notes Payable, Lines of Credit and Credit Facilities (Details) - USD ($) $ in Thousands | Jun. 30, 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 | Jun. 30, 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 | Jun. 30, 2021 | Dec. 31, 2020 | ||
Accounts receivable | $ 18,110 | $ 4,333 | ||
Prepaid expenses | 5,516 | 6,954 | ||
Loans held for sale (1) | [1] | 2,412 | 2,412 | |
Other assets | 105 | 323 | ||
Total other assets | $ 26,143 | $ 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 | Jun. 30, 2021 | Dec. 31, 2020 | |
Accounts payable & accrued liabilities | $ 6,605 | $ 6,726 | |
Deferred compensation liabilities | 7,315 | 3,621 | |
Other liabilities | 585 | 383 | |
Total other liabilities | $ 14,505 | $ 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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 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, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 400 | $ 1,300 | |
Share-based Payment Arrangement, Expense, Tax Benefit | 0 | $ 0 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 1,700 | ||
Share-based Payment Arrangement, Expense, Tax Benefit | 200 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 600 | ||
Share-based Payment Arrangement, Other than Options, Vested During Period, Tax Benefit | $ 160 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 6 months | ||
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based compensation expense | $ 882 | $ 464 | $ 1,326 | $ 897 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based compensation expense | 801 | 339 | 1,139 | 655 |
Share-based Payment Arrangement, Option [Member] | ||||
Share-based compensation expense | $ 81 | $ 126 | $ 187 | $ 241 |
Note 10 - Share-based Compens_5
Note 10 - Share-based Compensation - Stock Option Activity (Details) | 6 Months Ended |
Jun. 30, 2021$ / 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 | 0 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Forfeited, shares subject to option (in shares) | shares | 0 |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
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 ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Lower exercise price range (in dollars per share) | $ 3.04 | $ 3.04 |
Number of options outstanding (in shares) | 2,000,000 | 2,000,000 |
Options outstanding weighted average remaining contractual life (Year) | 3 years 7 months 9 days | 4 years 7 months 9 days |
Options outstanding weighted average exercise price (in dollars per share) | $ 3.04 | $ 3.04 |
Options outstanding aggregate intrinsic value | $ 6,180,000 | $ 0 |
Number of options vested and exercisable (in shares) | 500,000 | 0 |
Options vested and exercisable weighted average remaining contractual life (Year) | 3 years 7 months 9 days | |
Options vested and exercisable weighted average exercise price (in dollars per share) | $ 3.04 | $ 0 |
Options vested and exercisable aggregate intrinsic value | $ 1,545,000 | $ 0 |
Note 10 - Share-based Compens_7
Note 10 - Share-based Compensation - Restricted Stock Units Activity (RSUs) (Details) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 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 | 497,724 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.31 |
Vested, restricted share units (in shares) | shares | (118,467) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.83 |
, restricted share units (in shares) | shares | (18,878) |
, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.24 |
Balance, restricted share units (in shares) | shares | 580,588 |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.69 |
Note 11 - Net Income (Loss) P_3
Note 11 - Net Income (Loss) Per Common Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 2,000,000 | 2,000,000 | |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 119,449 |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net income (loss) attributable to JMP Group LLC | $ 3,628 | $ 1,124 | $ 4,717 | $ (10,624) |
Basic (in shares) | 19,861 | 19,582 | 19,842 | 19,557 |
Restricted share units and share options (in shares) | 1,182 | 162 | 1,028 | 0 |
Diluted weighted average shares outstanding (in shares) | 21,043 | 19,744 | 20,870 | 19,557 |
Basic (in dollars per share) | $ 0.18 | $ 0.06 | $ 0.24 | $ (0.54) |
Diluted (in dollars per share) | $ 0.17 | $ 0.06 | $ 0.23 | $ (0.54) |
Note 12 - Revenue from Contra_3
Note 12 - Revenue from Contracts with Customers - Disaggregation of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue from Contract with Customer | $ 47,205 | $ 28,952 | $ 87,848 | $ 49,479 |
Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer | 0 | (25) | 0 | (50) |
Equity and Debt Origination [Member] | ||||
Revenue from Contract with Customer | 16,946 | 14,569 | 42,615 | 23,125 |
Equity and Debt Origination [Member] | Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 |
Strategic Advisory and Private Placements [Member] | ||||
Revenue from Contract with Customer | 15,767 | 7,026 | 22,667 | 13,095 |
Strategic Advisory and Private Placements [Member] | Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 |
Total Investment Banking Revenues [Member] | ||||
Revenue from Contract with Customer | 32,713 | 21,595 | 65,282 | 36,220 |
Total Investment Banking Revenues [Member] | Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 |
Brokerage Commissions [Member] | ||||
Revenue from Contract with Customer | 2,270 | 3,996 | 6,892 | 7,714 |
Brokerage Commissions [Member] | Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 |
Research Payments [Member] | ||||
Revenue from Contract with Customer | 1,101 | 1,387 | 2,267 | 2,628 |
Research Payments [Member] | Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 |
Trading Gains (Losses) [Member] | ||||
Revenue from Contract with Customer | 20 | 262 | 137 | (511) |
Trading Gains (Losses) [Member] | Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 |
Total Brokerage Revenue [Member] | ||||
Revenue from Contract with Customer | 3,391 | 5,645 | 9,296 | 9,832 |
Total Brokerage Revenue [Member] | Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 |
Management Service, Base [Member] | ||||
Revenue from Contract with Customer | 1,298 | 1,657 | 3,392 | 3,359 |
Management Service, Base [Member] | Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer | 0 | (25) | 0 | (50) |
Management Service, Incentive [Member] | ||||
Revenue from Contract with Customer | 9,803 | 56 | 9,878 | 69 |
Management Service, Incentive [Member] | Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 |
Total Asset Management Fees [Member] | ||||
Revenue from Contract with Customer | 11,101 | 1,712 | 13,270 | 3,428 |
Total Asset Management Fees [Member] | Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer | 0 | (25) | 0 | (50) |
Broker Dealer [Member] | ||||
Revenue from Contract with Customer | 36,104 | 27,240 | 74,578 | 46,052 |
Broker Dealer [Member] | Equity and Debt Origination [Member] | ||||
Revenue from Contract with Customer | 16,946 | 14,569 | 42,615 | 23,125 |
Broker Dealer [Member] | Strategic Advisory and Private Placements [Member] | ||||
Revenue from Contract with Customer | 15,767 | 7,026 | 22,667 | 13,095 |
Broker Dealer [Member] | Total Investment Banking Revenues [Member] | ||||
Revenue from Contract with Customer | 32,713 | 21,595 | 65,282 | 36,220 |
Broker Dealer [Member] | Brokerage Commissions [Member] | ||||
Revenue from Contract with Customer | 2,270 | 3,996 | 6,892 | 7,714 |
Broker Dealer [Member] | Research Payments [Member] | ||||
Revenue from Contract with Customer | 1,101 | 1,387 | 2,267 | 2,628 |
Broker Dealer [Member] | Trading Gains (Losses) [Member] | ||||
Revenue from Contract with Customer | 20 | 262 | 137 | (511) |
Broker Dealer [Member] | Total Brokerage Revenue [Member] | ||||
Revenue from Contract with Customer | 3,391 | 5,645 | 9,296 | 9,832 |
Broker Dealer [Member] | Management Service, Base [Member] | ||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 |
Broker Dealer [Member] | Management Service, Incentive [Member] | ||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 |
Broker Dealer [Member] | Total Asset Management Fees [Member] | ||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 |
Asset Management [Member] | ||||
Revenue from Contract with Customer | 11,101 | 1,737 | 13,270 | 3,478 |
Asset Management [Member] | Equity and Debt Origination [Member] | ||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 |
Asset Management [Member] | Strategic Advisory and Private Placements [Member] | ||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 |
Asset Management [Member] | Total Investment Banking Revenues [Member] | ||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 |
Asset Management [Member] | Brokerage Commissions [Member] | ||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 |
Asset Management [Member] | Research Payments [Member] | ||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 |
Asset Management [Member] | Trading Gains (Losses) [Member] | ||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 |
Asset Management [Member] | Total Brokerage Revenue [Member] | ||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 |
Asset Management [Member] | Management Service, Base [Member] | ||||
Revenue from Contract with Customer | 1,298 | 1,682 | 3,392 | 3,409 |
Asset Management [Member] | Management Service, Incentive [Member] | ||||
Revenue from Contract with Customer | 9,803 | 56 | 9,878 | 69 |
Asset Management [Member] | Total Asset Management Fees [Member] | ||||
Revenue from Contract with Customer | $ 11,101 | $ 1,737 | $ 13,270 | $ 3,478 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Expense (Benefit), Total | $ 1,307 | $ 176 | $ 1,686 | $ (7,063) |
Effective Income Tax Rate Reconciliation, Percent, Total | 26.40% | 13.82% | 26.00% | 39.70% |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Receivables from Clearing Organizations | $ 800 | $ 800 |
Contractual Obligation, Total | $ 0 | $ 0 |
Note 15 - Regulatory Requirem_2
Note 15 - Regulatory Requirements (Details Textual) $ in Millions | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Ratio of Indebtedness to Net Capital | 0.62 | 0.62 |
Broker-Dealer, Net Capital, Total | $ 40.3 | $ 42.3 |
Broker-Dealer, Excess Net Capital, 1500 Percent, Aggregate Indebtedness Standard, Total | 38.7 | 40.6 |
Broker-Dealer, Minimum Net Capital Required, Aggregate Indebtedness Standard, Total | $ 1.6 | $ 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 | 6 Months Ended | ||||||
Oct. 31, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Jan. 09, 2018 | Nov. 20, 2017 | Sep. 19, 2017 | |
Income (Loss) from Equity Method Investments, Total | $ 1,066 | $ 592 | |||||||
Registered Investment Adviser [Member] | |||||||||
Equity Method Investment, Ownership Percentage | 24.90% | ||||||||
Equity Method Investments | $ 4,700 | 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 | 11,500 | 11,500 | 17,300 | ||||||
General Partner Investments In Hedge And Other Private Funds [Member] | Private Funds [Member] | |||||||||
Investments in Related Parties | 11,500 | 11,500 | 9,800 | ||||||
Harvest Capital Credit Corporation [Member] | |||||||||
Investments in Related Parties | 0 | 0 | 7,500 | ||||||
Affiliated Entity [Member] | Management Service, Base [Member] | |||||||||
Revenue from Related Parties | 1,300 | 1,700 | |||||||
Affiliated Entity [Member] | Management Service, Incentive [Member] | |||||||||
Revenue from Related Parties | 9,800 | $ 0 | |||||||
Consolidated Entity [Member] | |||||||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 800 | ||||||||
Loans Receivable, Fair Value Disclosure | $ 800 | $ 800 | |||||||
Notes Receivable, Interest Rate | 12.50% | 12.50% | |||||||
Registered Investment Adviser [Member] | |||||||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 2,400 | $ 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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Number of Reportable Segments | 4 | |||
Percent Of Deferred Compensation Recognized | 100.00% | |||
Parent Company [Member] | ||||
Effective Income Tax Rate Reconciliation, Combined Federal, State and Local Statutory Income Tax Rate, Percent | 26.00% | 26.00% | 26.00% | 26.00% |
Note 19 - Business Segments - S
Note 19 - Business Segments - Segment Operating Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | [1] | ||
Revenue from Contract with Customer | $ 47,205 | $ 28,952 | $ 87,848 | $ 49,479 | |||
Principal transactions | (49) | (48) | (3,260) | (17,600) | |||
Other income | 1,127 | 912 | 1,943 | 1,847 | |||
Net interest income | 265 | 167 | 798 | 599 | |||
Gain (loss) on repurchase, reissuance or early retirement of debt | (271) | 0 | (559) | 697 | |||
Net dividend income | 215 | 10 | 215 | 237 | |||
Total net revenues | 48,492 | 29,993 | 86,985 | 35,260 | |||
Non-interest expenses | 43,542 | 28,719 | 80,488 | 53,064 | |||
Operating income (loss) before taxes | 4,950 | 1,274 | 6,497 | (17,804) | |||
Income tax expense (benefit) | 1,307 | 176 | 1,686 | (7,063) | |||
Net income attributable to non-controlling interest | 15 | (26) | 94 | (117) | |||
Operating net income (loss) | 3,628 | 1,124 | 4,717 | (10,624) | |||
Segment assets | 226,064 | 206,883 | 226,064 | 206,883 | $ 241,331 | ||
Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | 32,713 | 21,595 | 65,282 | 36,220 | |||
Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | 3,391 | 5,645 | 9,296 | 9,832 | |||
Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | 11,101 | 1,712 | 13,270 | 3,428 | |||
Operating Segments [Member] | |||||||
Principal transactions | 3,253 | 2,267 | 3,919 | 2,348 | |||
Other income | 0 | 0 | 0 | 0 | |||
Net interest income | 290 | 192 | 848 | 650 | |||
Gain (loss) on repurchase, reissuance or early retirement of debt | 0 | 0 | 0 | 786 | |||
Net dividend income | 215 | 49 | 215 | 305 | |||
Total net revenues | 52,049 | 32,033 | 94,269 | 54,769 | |||
Non-interest expenses | 43,766 | 28,532 | 80,873 | 51,993 | |||
Operating income (loss) before taxes | 8,283 | 3,501 | 13,396 | 2,776 | |||
Income tax expense (benefit) | 2,154 | 910 | 3,483 | 722 | |||
Net income attributable to non-controlling interest | 0 | 0 | 0 | 0 | |||
Operating net income (loss) | 6,129 | 2,591 | 9,913 | 2,055 | |||
Segment assets | 226,064 | 206,883 | 226,064 | 206,883 | |||
Operating Segments [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | 32,713 | 21,595 | 65,282 | 36,220 | |||
Operating Segments [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | 3,391 | 5,645 | 9,296 | 9,832 | |||
Operating Segments [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | 12,187 | 2,285 | 14,709 | 4,628 | |||
Consolidation, Eliminations [Member] | |||||||
Principal transactions | 0 | 0 | 0 | 0 | |||
Other income | 0 | 0 | 0 | 0 | |||
Net interest income | 0 | 0 | 0 | 0 | |||
Gain (loss) on repurchase, reissuance or early retirement of debt | 0 | 0 | 0 | 0 | |||
Net dividend income | 0 | 0 | 0 | 0 | |||
Total net revenues | (25) | (42) | (50) | (87) | |||
Non-interest expenses | (25) | (42) | (50) | (87) | |||
Operating income (loss) before taxes | 0 | 0 | 0 | 0 | |||
Income tax expense (benefit) | 0 | 0 | 0 | 0 | |||
Net income attributable to non-controlling interest | 0 | 0 | 0 | 0 | |||
Operating net income (loss) | 0 | 0 | 0 | 0 | |||
Segment assets | (54,857) | (159,144) | (54,857) | (159,144) | |||
Consolidation, Eliminations [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 | |||
Consolidation, Eliminations [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 | |||
Consolidation, Eliminations [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | (25) | (42) | (50) | (87) | |||
Segment Reconciling Items [Member] | |||||||
Principal transactions | [2] | (3,302) | (2,315) | (7,179) | (19,948) | ||
Other income | [3] | 1,127 | 912 | 1,943 | 1,847 | ||
Net interest income | [4] | (25) | (25) | (50) | (51) | ||
Gain (loss) on repurchase, reissuance or early retirement of debt | [5] | (271) | 0 | (559) | (89) | ||
Net dividend income | 0 | (39) | 0 | (68) | |||
Total net revenues | (3,557) | (2,040) | (7,284) | (19,509) | |||
Non-interest expenses | [6] | (224) | 187 | (385) | 1,071 | ||
Operating income (loss) before taxes | (3,333) | (2,227) | (6,899) | (20,580) | |||
Income tax expense (benefit) | [7] | (847) | (734) | (1,797) | (7,785) | ||
Net income attributable to non-controlling interest | [3],[4],[6] | 15 | (26) | 94 | (117) | ||
Operating net income (loss) | [8] | (2,501) | (1,467) | (5,196) | (12,678) | ||
Segment assets | 0 | 0 | 0 | 0 | |||
Segment Reconciling Items [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 | |||
Segment Reconciling Items [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 | |||
Segment Reconciling Items [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | [3] | (1,086) | (573) | (1,439) | (1,200) | ||
Broker Dealer [Member] | |||||||
Revenue from Contract with Customer | 36,104 | 27,240 | 74,578 | 46,052 | |||
Net income attributable to non-controlling interest | 0 | 0 | |||||
Broker Dealer [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | 32,713 | 21,595 | 65,282 | 36,220 | |||
Broker Dealer [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | 3,391 | 5,645 | 9,296 | 9,832 | |||
Broker Dealer [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 | |||
Broker Dealer [Member] | Operating Segments [Member] | |||||||
Principal transactions | 167 | 458 | (277) | 487 | |||
Other income | 0 | 0 | 0 | 0 | |||
Net interest income | 0 | 0 | 0 | 0 | |||
Gain (loss) on repurchase, reissuance or early retirement of debt | 0 | 0 | 0 | 0 | |||
Net dividend income | 0 | 0 | 0 | 0 | |||
Total net revenues | 36,364 | 27,705 | 74,415 | 46,698 | |||
Non-interest expenses | 31,970 | 24,045 | 64,278 | 43,246 | |||
Operating income (loss) before taxes | 4,394 | 3,660 | 10,137 | 3,452 | |||
Income tax expense (benefit) | 1,142 | 951 | 2,635 | 889 | |||
Net income attributable to non-controlling interest | 0 | 0 | |||||
Operating net income (loss) | 3,252 | 2,709 | 7,502 | 2,563 | |||
Segment assets | 86,752 | 49,796 | 86,752 | 49,796 | |||
Broker Dealer [Member] | Operating Segments [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | 32,713 | 21,595 | 65,282 | 36,220 | |||
Broker Dealer [Member] | Operating Segments [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | 3,391 | 5,645 | 9,296 | 9,832 | |||
Broker Dealer [Member] | Operating Segments [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | 93 | 7 | 114 | 159 | |||
Asset Management Fee Income [Member] | |||||||
Net income attributable to non-controlling interest | 0 | 0 | |||||
Asset Management Fee Income [Member] | Operating Segments [Member] | |||||||
Principal transactions | 0 | 0 | 0 | 0 | |||
Other income | 0 | 0 | 0 | 0 | |||
Net interest income | 0 | 0 | 0 | 0 | |||
Gain (loss) on repurchase, reissuance or early retirement of debt | 0 | 0 | 0 | 0 | |||
Net dividend income | 0 | 0 | 0 | 0 | |||
Total net revenues | 11,628 | 1,941 | 13,802 | 3,844 | |||
Non-interest expenses | 8,940 | 2,144 | 11,147 | 4,506 | |||
Operating income (loss) before taxes | 2,688 | (203) | 2,655 | (662) | |||
Income tax expense (benefit) | 699 | (53) | 691 | (173) | |||
Net income attributable to non-controlling interest | 0 | 0 | |||||
Operating net income (loss) | 1,989 | (150) | 1,964 | (489) | |||
Segment assets | 12,909 | 10,637 | 12,909 | 10,637 | |||
Asset Management Fee Income [Member] | Operating Segments [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 | |||
Asset Management Fee Income [Member] | Operating Segments [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 | |||
Asset Management Fee Income [Member] | Operating Segments [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | 11,628 | 1,941 | 13,802 | 3,844 | |||
Asset Management Investment Income [Member] | |||||||
Net income attributable to non-controlling interest | 0 | 0 | |||||
Asset Management Investment Income [Member] | Operating Segments [Member] | |||||||
Principal transactions | 3,086 | 1,809 | 4,196 | 1,861 | |||
Other income | 0 | 0 | 0 | 0 | |||
Net interest income | 290 | 192 | 848 | 650 | |||
Gain (loss) on repurchase, reissuance or early retirement of debt | 0 | 0 | 0 | 786 | |||
Net dividend income | 215 | 49 | 215 | 305 | |||
Total net revenues | 4,082 | 2,429 | 6,102 | 4,314 | |||
Non-interest expenses | 352 | 303 | 649 | 454 | |||
Operating income (loss) before taxes | 3,730 | 2,126 | 5,453 | 3,860 | |||
Income tax expense (benefit) | 971 | 553 | 1,418 | 1,012 | |||
Net income attributable to non-controlling interest | 0 | 0 | |||||
Operating net income (loss) | 2,759 | 1,573 | 4,035 | 2,848 | |||
Segment assets | 61,139 | 76,462 | 61,139 | 76,462 | |||
Asset Management Investment Income [Member] | Operating Segments [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 | |||
Asset Management Investment Income [Member] | Operating Segments [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 | |||
Asset Management Investment Income [Member] | Operating Segments [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | 491 | 379 | 843 | 712 | |||
Asset Management [Member] | |||||||
Revenue from Contract with Customer | 11,101 | 1,737 | 13,270 | 3,478 | |||
Net income attributable to non-controlling interest | 0 | 0 | |||||
Asset Management [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 | |||
Asset Management [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 | |||
Asset Management [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | 11,101 | 1,737 | 13,270 | 3,478 | |||
Asset Management [Member] | Operating Segments [Member] | |||||||
Principal transactions | 3,086 | 1,809 | 4,196 | 1,861 | |||
Other income | 0 | 0 | 0 | 0 | |||
Net interest income | 290 | 192 | 848 | 650 | |||
Gain (loss) on repurchase, reissuance or early retirement of debt | 0 | 0 | 0 | 786 | |||
Net dividend income | 215 | 49 | 215 | 305 | |||
Total net revenues | 15,710 | 4,370 | 19,904 | 8,158 | |||
Non-interest expenses | 9,292 | 2,447 | 11,796 | 4,960 | |||
Operating income (loss) before taxes | 6,418 | 1,923 | 8,108 | 3,198 | |||
Income tax expense (benefit) | 1,670 | 500 | 2,109 | 839 | |||
Net income attributable to non-controlling interest | 0 | 0 | |||||
Operating net income (loss) | 4,748 | 1,423 | 5,999 | 2,359 | |||
Segment assets | 74,048 | 87,098 | 74,048 | 87,098 | |||
Asset Management [Member] | Operating Segments [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 | |||
Asset Management [Member] | Operating Segments [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 | |||
Asset Management [Member] | Operating Segments [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | 12,119 | 2,320 | 14,645 | 4,556 | |||
Corporate Segment [Member] | |||||||
Net income attributable to non-controlling interest | 0 | 0 | |||||
Corporate Segment [Member] | Operating Segments [Member] | |||||||
Principal transactions | 0 | 0 | 0 | 0 | |||
Other income | 0 | 0 | 0 | 0 | |||
Net interest income | 0 | 0 | 0 | 0 | |||
Gain (loss) on repurchase, reissuance or early retirement of debt | 0 | 0 | 0 | 0 | |||
Net dividend income | 0 | 0 | 0 | 0 | |||
Total net revenues | 0 | 0 | 0 | 0 | |||
Non-interest expenses | 2,529 | 2,082 | 4,849 | 3,874 | |||
Operating income (loss) before taxes | (2,529) | (2,082) | (4,849) | (3,874) | |||
Income tax expense (benefit) | (658) | (541) | (1,261) | (1,007) | |||
Net income attributable to non-controlling interest | 0 | 0 | |||||
Operating net income (loss) | (1,871) | (1,541) | (3,588) | (2,868) | |||
Segment assets | 120,121 | 229,133 | 120,121 | 229,133 | |||
Corporate Segment [Member] | Operating Segments [Member] | Total Investment Banking Revenues [Member] | |||||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 | |||
Corporate Segment [Member] | Operating Segments [Member] | Total Brokerage Revenue [Member] | |||||||
Revenue from Contract with Customer | 0 | 0 | 0 | 0 | |||
Corporate Segment [Member] | Operating Segments [Member] | Total Asset Management Fees [Member] | |||||||
Revenue from Contract with Customer | $ 0 | $ 0 | $ 0 | $ 0 | |||
[1] | The statement of financial condition as of December 31, 2020 is derived from the audited financial statements as of that date. | ||||||
[2] | Total segment principal transaction revenues exclude certain unrealized mark-to-market gains or losses, including those related to impairment of CLO debt securities and the Company's investment in Harvest Capital Credit Corporation, as well as unrealized losses derived from depreciation and amortization of real estate investment properties. | ||||||
[3] | Total segment asset management-related fees include income from fee sharing arrangements with, and fees earned to raise capital for, third-party or equity-method investment partnerships or funds, which are reported as other income under GAAP. In addition, total segment asset management-related fees exclude base management fees and incentive fees attributable to non-controlling interest. | ||||||
[4] | Total segment net dividend income and net interest income exclude those attributable to non-controlling interests. | ||||||
[5] | Total segment gain/(loss) repurchase/early retirement of debt excludes losses on write offs of debt issuance costs related to early retirement or repurchase of debt. | ||||||
[6] | Total segments non-interest expenses exclude compensation expense recognized under GAAP related to equity awards and expenses attributable to non-controlling interests. | ||||||
[7] | Total segment income tax (benefit) assumes a combined federal, state and local income tax rate of 26%. | ||||||
[8] | Operating net income (loss) is reconciled to GAAP net income (loss) attributable to JMP Group LLC. |
Note 20 - Nonconsolidated Var_3
Note 20 - Nonconsolidated Variable Interest Entities - VIE Equity Investments and Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Segment assets | $ 226,064 | $ 241,331 | [1] | $ 206,883 |
Carrying amount, liabilities | 155,135 | 178,923 | [1] | |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Segment assets | 52,621 | 67,883 | ||
Carrying amount, liabilities | 363 | 336 | ||
Maximum exposure to loss | 55,061 | 71,429 | ||
VIE assets | 2,564,923 | 2,806,626 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Collateralized Loan Obligations [Member] | ||||
Segment assets | 38,849 | 52,714 | ||
Carrying amount, liabilities | 0 | 0 | ||
Maximum exposure to loss | 38,849 | 52,714 | ||
VIE assets | 824,680 | 1,169,243 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Private Equity Funds [Member] | ||||
Segment assets | 13,016 | 10,765 | ||
Carrying amount, liabilities | 363 | 311 | ||
Maximum exposure to loss | 15,456 | 14,311 | ||
VIE assets | 589,145 | 465,365 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Other Equity Interests [Member] | ||||
Segment assets | 756 | 4,404 | ||
Carrying amount, liabilities | 0 | 25 | ||
Maximum exposure to loss | 756 | 4,404 | ||
VIE assets | $ 1,151,098 | $ 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. |
Note 21 - Subsequent Events (De
Note 21 - Subsequent Events (Details Textual) - USD ($) $ in Thousands | Jul. 30, 2021 | Jul. 19, 2021 | Jun. 30, 2021 | Feb. 28, 2021 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Proceeds from Equity Method Investment, Distribution | $ 848 | $ 788 | |||||
Senior Notes 2027 [Member] | |||||||
Repayments of Senior Debt, Total | $ 10,000 | $ 10,000 | $ 700 | ||||
Subsequent Event [Member] | Senior Notes 2027 [Member] | |||||||
Repayments of Senior Debt, Total | $ 15,000 | ||||||
Subsequent Event [Member] | Workspace Property Trust LP [Member] | |||||||
Proceeds from Equity Method Investment, Distribution | $ 23,800 | ||||||
Equity Method Investments | $ 0 |