XML 57 R46.htm IDEA: XBRL DOCUMENT v3.19.1
Note 24 - Consolidating Financial Statements (Tables)
3 Months Ended
Mar. 31, 2019
Notes Tables  
Condensed Balance Sheet [Table Text Block]
   
As of March 31, 2019
   
Parent Companies and Guarantors
   
Subsidiary Issuer
   
Non-Guarantor Subsidiaries
   
Eliminations
   
Consolidated JMP Group LLC
 
Assets
                                       
Cash and cash equivalents
  $
2,963
    $
6,103
    $
32,843
    $
-
    $
41,909
 
Restricted cash and deposits
   
-
     
1,221
     
-
     
-
     
1,221
 
Investment banking fees receivable, net of allowance for doubtful accounts
   
-
     
-
     
5,608
     
-
     
5,608
 
Marketable securities owned
   
48,088
     
666
     
43,510
     
(74
)    
92,190
 
Other investments
   
4,391
     
1,497
     
17,559
     
-
     
23,447
 
Loans held for investment, net of allowance for loan losses
   
1,648
     
885
     
2,429
     
-
     
4,962
 
Interest receivable
   
27
     
7
     
636
     
(359
)    
311
 
Fixed assets, net
   
-
     
-
     
2,575
     
-
     
2,575
 
Operating lease right-of-use asset
   
-
     
22,104
     
-
     
-
     
22,104
 
Other assets
   
(13,531
)    
143,239
     
42,306
     
(144,576
)    
27,438
 
Investment in subsidiaries
   
288,388
     
76,688
     
-
     
(365,076
)    
-
 
Total assets
  $
331,974
    $
252,410
    $
147,466
    $
(510,085
)   $
221,765
 
                                         
Liabilities and Equity
                                       
Liabilities:
                                       
Marketable securities sold, but not yet purchased, at fair value
  $
-
    $
-
    $
2,696
    $
-
    $
2,696
 
Accrued compensation
   
407
     
575
     
4,665
     
-
     
5,647
 
Interest payable
   
-
     
1,071
     
323
     
(359
)    
1,035
 
Notes payable
   
127,603
     
-
     
17,763
     
(144,537
)    
829
 
Bond payable, net of debt issuance costs
   
-
     
83,675
     
-
     
(75
)    
83,600
 
Operating lease liability
   
-
     
27,470
     
-
     
-
     
27,470
 
Other liabilities
   
3,348
     
2,233
     
8,393
     
67
     
14,041
 
Total liabilities
  $
131,358
    $
115,024
    $
33,840
    $
(144,904
)   $
135,318
 
                                         
Total shareholders' equity
   
200,616
     
137,386
     
114,024
     
(365,393
)    
86,633
 
Nonredeemable Non-controlling Interest
  $
-
    $
-
    $
(398
)   $
212
    $
(186
)
Total equity
  $
200,616
    $
137,386
    $
113,626
    $
(365,181
)   $
86,447
 
Total liabilities and equity
  $
331,974
    $
252,410
    $
147,466
    $
(510,085
)   $
221,765
 
   
As of December 31, 2018
 
   
Parent Companies
and Guarantors
   
Subsidiary Issuer
   
Non-Guarantor
Subsidiaries
   
Eliminations
   
Consolidated JMP
Group LLC
 
Assets
                                       
Cash and cash equivalents
  $
4,863
    $
8,755
    $
57,309
    $
-
    $
70,927
 
Restricted cash and deposits
   
-
     
1,221
     
60,660
     
-
     
61,881
 
Investment banking fees receivable, net of allowance for doubtful accounts
   
-
     
-
     
6,647
     
-
     
6,647
 
Marketable securities owned, at fair value
   
10,027
     
-
     
8,921
     
(74
)    
18,874
 
Other investments
   
10,922
     
1,785
     
13,262
     
(9,845
)    
16,124
 
Loans held for investment, net of allowance for loan losses
   
1,139
     
-
     
28,469
     
-
     
29,608
 
Loans collateralizing asset-backed securities issued, net of allowance for loan losses
   
-
     
-
     
1,161,463
     
-
     
1,161,463
 
Interest receivable
   
137
     
1
     
3,345
     
(479
)    
3,004
 
Fixed assets, net
   
-
     
-
     
2,351
     
-
     
2,351
 
Other assets
   
(18,812
)    
121,932
     
63,386
     
(146,143
)    
20,363
 
Investment in subsidiaries
   
317,113
     
77,427
     
-
     
(394,540
)    
-
 
Total assets
  $
325,389
    $
211,121
    $
1,405,813
    $
(551,081
)   $
1,391,242
 
                                         
Liabilities and Equity
                                       
Liabilities:
                                       
Marketable securities sold, but not yet purchased, at fair value
  $
-
    $
-
    $
4,626
    $
-
    $
4,626
 
Accrued compensation
   
-
     
150
     
41,459
     
-
     
41,609
 
Asset-backed securities issued, net of debt issuance costs
   
-
     
-
     
1,122,187
     
(9,845
)    
1,112,342
 
Interest payable
   
-
     
1,071
     
10,614
     
(475
)    
11,210
 
Notes payable
   
127,603
     
-
     
17,763
     
(144,537
)    
829
 
CLO warehouse credit facilities
   
-
     
-
     
22,500
     
-
     
22,500
 
Bond payable, net of debt issuance costs
   
-
     
83,572
     
-
     
(75
)    
83,497
 
Other liabilities
   
2,700
     
7,603
     
8,620
     
(1,500
)    
17,423
 
Total liabilities
  $
130,303
    $
92,396
    $
1,227,769
    $
(156,432
)   $
1,294,036
 
                                         
Total shareholders' (deficit) equity
   
181,497
     
118,725
     
178,346
     
(394,861
)    
83,707
 
Nonredeemable Non-controlling Interest
  $
13,589
    $
-
    $
(302
)   $
212
    $
13,499
 
Total equity
  $
195,086
    $
118,725
    $
178,044
    $
(394,649
)   $
97,206
 
Total liabilities and equity
  $
325,389
    $
211,121
    $
1,405,813
    $
(551,081
)   $
1,391,242
 
Condensed Income Statement [Table Text Block]
   
For the Three Months Ended March 31, 2019
 
   
Parent
Companies and
Guarantors
   
Subsidiary
Issuer
   
Non-Guarantor Subsidiaries
   
Eliminations
   
Consolidated
JMP Group LLC
 
Revenues
                                       
Investment banking
  $
-
    $
-
    $
11,879
    $
-
    $
11,879
 
Brokerage
   
-
     
-
     
4,535
     
-
     
4,535
 
Asset management fees
   
-
     
-
     
1,742
     
(39
)    
1,703
 
Principal transactions
   
418
     
62
     
4,808
     
-
     
5,288
 
Loss on sale, payoff and mark-to-market of loans
   
-
     
-
     
(17
)    
-
     
(17
)
Net dividend income
   
102
     
13
     
181
     
-
     
296
 
Other income (loss)
   
29
     
-
     
(64
)    
-
     
(35
)
Equity earnings (losses) of subsidiaries
   
10,889
     
(735
)    
-
     
(10,154
)    
-
 
Non-interest revenues
   
11,438
     
(660
)    
23,064
     
(10,193
)    
23,649
 
                                         
Interest income
   
950
     
1,089
     
14,428
     
(2,176
)    
14,291
 
Interest expense
   
(1,056
)    
(2,066
)    
(9,827
)    
2,176
     
(10,773
)
Net interest income (expense)
   
(106
)    
(977
)    
4,601
     
-
     
3,518
 
Total net revenues (losses) after provision for loan losses
   
11,332
     
(1,637
)    
27,665
     
(10,193
)    
27,167
 
                                         
Non-interest expenses
                                       
Compensation and benefits
   
581
     
1,044
     
15,597
     
-
     
17,222
 
Administration
   
146
     
109
     
1,713
     
(39
)    
1,929
 
Brokerage, clearing and exchange fees
   
-
     
-
     
701
     
-
     
701
 
Travel and business development
   
38
     
8
     
975
     
-
     
1,021
 
Managed deal expense
   
-
     
-
     
533
     
-
     
533
 
Communications and technology
   
1
     
-
     
1,052
     
-
     
1,053
 
Occupancy
   
-
     
-
     
1,423
     
-
     
1,423
 
Professional fees
   
570
     
64
     
822
     
-
     
1,456
 
Depreciation
   
-
     
-
     
297
     
-
     
297
 
Other
   
278
     
-
     
217
     
-
     
495
 
Total non-interest expenses
   
1,614
     
1,225
     
23,330
     
(39
)    
26,130
 
Net income (loss) before income tax expense
   
9,718
     
(2,862
)    
4,335
     
(10,154
)    
1,037
 
Income tax expense (benefit)
   
313
     
(4,899
)    
484
     
-
     
(4,102
)
Net income
   
9,405
     
2,037
     
3,851
     
(10,154
)    
5,139
 
Less: Net income (loss) attributable to nonredeemable non-controlling interest
   
167
     
-
     
(97
)    
-
     
70
 
Net income attributable to JMP Group LLC
  $
9,238
    $
2,037
    $
3,948
    $
(10,154
)   $
5,069
 
   
For the Three Months Ended March 31, 2018
 
   
Parent Companies
and Guarantors
   
Subsidiary Issuer
   
Non-Guarantor
Subsidiaries
   
Eliminations
   
Consolidated JMP
Group LLC
 
Revenues
                                       
Investment banking
 
$
-
   
$
-
   
$
20,662
   
$
-
   
$
20,662
 
Brokerage
   
-
     
-
     
4,664
     
-
     
4,664
 
Asset management fees
   
-
     
-
     
6,604
     
(179
)
   
6,425
 
Principal transactions
   
(3,176
)
   
(18
)
   
(426
)
   
-
     
(3,620
)
Loss on sale, payoff and mark-to-market of loans
   
-
     
-
     
(182
)
   
-
     
(182
)
Net dividend income
   
271
     
3
     
22
     
-
     
296
 
Other income
   
-
     
-
     
49
     
-
     
49
 
Equity earnings of subsidiaries
   
3,519
     
71
     
-
     
(3,590
)
   
-
 
Non-interest revenues
   
614
     
56
     
31,393
     
(3,769
)
   
28,294
 
                                         
Interest income (expense)
   
664
     
1,141
     
12,974
     
(2,069
)
   
12,710
 
Interest expense
   
(1,144
)
   
(2,292
)
   
(8,335
)
   
2,069
     
(9,702
)
Net interest income
   
(480
)
   
(1,151
)
   
4,639
     
-
     
3,008
 
                                         
Loss on repurchase, reissuance or early retirement of debt
   
-
     
-
     
(2,626
)
   
-
     
(2,626
)
Reversal (provision) for loan losses
   
15
     
-
     
(1,480
)
   
-
     
(1,465
)
                                         
Total net revenues after provision for loan losses
   
149
     
(1,095
)
   
31,926
     
(3,769
)
   
27,211
 
                                         
Non-interest expenses
                                       
Compensation and benefits
   
460
     
841
     
22,960
     
-
     
24,261
 
Administration
   
153
     
137
     
2,122
     
(179
)
   
2,233
 
Brokerage, clearing and exchange fees
   
-
     
-
     
777
     
-
     
777
 
Travel and business development
   
67
     
15
     
872
     
-
     
954
 
Managed deal expense
   
-
     
-
     
1,566
     
-
     
1,566
 
Communications and technology
   
-
     
2
     
1,060
     
-
     
1,062
 
Occupancy
   
-
     
-
     
1,117
     
-
     
1,117
 
Professional fees
   
672
     
84
     
1,149
     
-
     
1,905
 
Depreciation
   
-
     
-
     
264
     
-
     
264
 
Other
   
69
     
-
     
318
     
-
     
387
 
Total non-interest expenses
   
1,421
     
1,079
     
32,205
     
(179
)
   
34,526
 
Net loss before income tax expense
   
(1,272
)
   
(2,174
)
   
(279
)
   
(3,590
)
   
(7,315
)
Income tax expense (benefit)
   
-
     
(5,989
)
   
421
     
-
     
(5,568
)
Net income (loss)
   
(1,272
)
   
3,815
     
(700
)
   
(3,590
)
   
(1,747
)
Less: Net loss attributable to nonredeemable non-controlling interest
 
$
(1,045
)
   
-
     
(419
)
   
-
     
(1,464
)
Net income (loss) attributable to JMP Group LLC
   
(227
)
 
$
3,815
   
$
(281
)
 
$
(3,590
)
 
$
(283
)
Condensed Cash Flow Statement [Table Text Block]
   
For the Three Months Ended March 31, 2019
 
   
Parent Companies
and Guarantors
   
Subsidiary

Issuer
   
Non-Guarantor

Subsidiaries
   
Eliminations
   
Consolidated

JMP Group

LLC
 
Cash flows from operating activities:
                                       
Net cash provided by (used in) operating activities
 
$
15,198
   
$
(19,139
)
 
$
(29,283
)
 
$
(10,154
)
 
$
(43,378
)
                                         
Cash flows from investing activities:
                                       
Purchases of fixed assets
   
-
     
-
     
(637
)
   
-
     
(637
)
Purchases of other investments
   
(11
)
   
-
     
(833
)
   
-
     
(844
)
Sales or distributions from other investments
   
625
     
-
     
8,565
     
(878
)
   
8,312
 
Funding of loans collateralizing asset-backed securities issued
   
-
     
-
     
(35,153
)
   
-
     
(35,153
)
Funding of loans held for investment
   
(646
)
   
(876
)
   
(23,580
)
   
-
     
(25,102
)
Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued
   
-
     
-
     
23,806
     
-
     
23,806
 
Sale, payoff and principal receipts on loans held for investment
   
4
     
-
     
6,872
     
-
     
6,876
 
Net decrease in cash and restricted cash due to deconsolidation of subsidiaries
   
-
     
-
     
(27,771
)    
-
     
(27,771
)
Investment in subsidiary
   
(13,228
)
   
739
     
-
     
12,489
     
-
 
Net cash provided by (used in) investing activities
 
$
(13,256
)
 
$
(137
)
 
$
(48,731
)
 
$
11,611
   
$
(50,513
)
                                         
Cash flows from financing activities:
                                       
Proceeds from drawdowns on CLO warehouse facilities
   
-
     
-
     
7,750
     
-
     
7,750
 
Repayment of asset-backed securities issued
   
-
     
-
     
(1,679
)
   
878
     
(801
)
Distributions and distribution equivalents paid on common shares and RSUs
   
(1,070
)
   
-
     
-
     
-
     
(1,070
)
Purchases of common shares for treasury
   
(669
)
   
-
     
-
     
-
     
(669
)
Distributions to non-controlling interest shareholders
   
(913
)
   
-
     
-
     
-
     
(913
)
Employee taxes paid on shares withheld for tax-withholding purposes
   
(84
)
   
-
     
-
     
-
     
(84
)
Capital contributions of parent
   
(1,111
)
   
16,624
     
(13,182
)
   
(2,331
)
   
-
 
Net cash provided by (used in) financing activities
 
$
(3,847
)
 
$
16,624
   
$
(7,111
)
 
$
(1,453
)
 
$
4,213
 
Net increase (decrease) in cash and cash equivalents
   
(1,905
)
   
(2,652
)
   
(85,125
)
   
4
     
(89,678
)
Cash, cash equivalents and restricted cash, beginning of period
   
4,863
     
9,976
     
117,969
     
-
     
132,808
 
Cash, cash equivalents and restricted cash, end of period
 
$
2,958
   
$
7,324
   
$
32,844
   
$
4
   
$
43,130
 
   
For the Three Months Ended March 31, 2018
 
   
Parent Companies
and Guarantors
   
Subsidiary

Issuer
   
Non-Guarantor

Subsidiaries
   
Eliminations
   
Consolidated

JMP Group

LLC
 
Cash flows from operating activities:
                                       
Net cash provided by (used in) operating activities
 
$
11,760
   
$
(566
)
 
$
(29,990
)
 
$
(3,586
)
 
$
(22,382
)
                                         
Cash flows from investing activities:
                                       
Purchases of fixed assets
   
-
     
-
     
(111
)
   
-
     
(111
)
Purchases of other investments
   
(5,021
)
   
(426
)
   
-
     
4,453
     
(994
)
Sales or distributions from other investments
   
228
     
-
     
540
     
-
     
768
 
Funding of loans collateralizing asset-backed securities issued
   
-
     
-
     
(72,642
)
   
-
     
(72,642
)
Funding of loans held for investment
   
-
     
-
     
(63,245
)
   
-
     
(63,245
)
Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued
   
-
     
-
     
82,909
     
-
     
82,909
 
Sale, payoff and principal receipts on loans held for investment
   
1,166
     
-
     
265
     
-
     
1,431
 
Investment in subsidiary
   
4,865
     
(1,194
)
   
-
     
(3,671
)
   
-
 
Net cash provided by (used in) investing activities
   
1,238
   
$
(1,620
)
 
$
(52,284
)
 
$
782
   
$
(51,884
)
                                         
Cash flows from financing activities:
                                       
Proceeds from issuance of repurchase agreement
 
$
3,878
     
-
     
-
     
-
     
3,878
 
Proceeds from drawdowns on line of credit
   
-
     
-
     
8,000
     
-
     
8,000
 
Proceeds from drawdowns of CLO warehouse facility
   
-
     
-
     
51,550
     
-
     
51,550
 
Proceeds from sale of note payable to affiliate
   
-
     
-
     
829
     
-
     
829
 
Payment of debt issuance costs
   
-
     
(122
)
   
(1,715
)
   
-
     
(1,837
)
Repayment of asset-backed securities issued
   
-
     
-
     
(332,100
)
   
-
     
(332,100
)
Proceeds of issuance from asset-backed securities issued
   
-
     
-
     
332,100
     
(4,453
)
   
327,647
 
Distributions and distribution equivalents paid on common shares and RSUs
   
(2,038
)
   
-
     
-
     
-
     
(2,038
)
Capital contributions of nonredeemable non-controlling interest holders
   
-
     
-
     
445
     
-
     
445
 
Purchases of common shares for treasury
   
(1,044
)
   
-
     
-
     
-
     
(1,044
)
Distributions to non-controlling interest shareholders
   
-
     
-
     
(108
)
   
-
     
(108
)
Capital contributions of parent
   
(23,322
)
   
2,149.00
     
13,916
     
7,257
     
-
 
Net cash provided by (used in) financing activities
 
$
(22,526
)
 
$
2,027
   
$
72,917
   
$
2,804
   
$
55,222
 
Net decrease in cash and cash equivalents
   
(9,528
)
   
(159
)
   
(9,357
)
   
-
     
(19,044
)
Cash, cash equivalents and restricted cash, beginning of period
   
13,632
     
6,290
     
117,399
     
-
     
137,321
 
Cash, cash equivalents and restricted cash, end of period
 
$
4,104
   
$
6,131
   
$
108,042
   
$
-
   
$
118,277