jmpllc20210630_10q.htm
0001302350 JMP GROUP LLC false --12-31 Q2 2021 3,637 5,696 12,864 17,611 2,221 2,953 0.001 0.001 100,000,000 100,000,000 22,797,092 22,797,092 19,877,113 19,789,821 2,919,979 3,007,271 301 828 609 2,335 233 272 1,417 3,906 68 1,100 808 1,571 13.5 17.5 2.0 2.0 25.0 25.0 10 17.8 25 10.0 18.5 25.0 99 98.0 98.8 99.0 20 16 12.0 16.5 2.4 0 0 7.25 7.25 6.875 6.875 25,000 25,000 25 25 0 0 0 0 2,000,000 0 0.62 0 0 2.4 2.4 2.4 0 The weighted average was calculated based on the relative collateral balance of each CLO. 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. Included in Other Assets on the Consolidated Statements of Financial Condition. 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. Operating net income (loss) is reconciled to GAAP net income (loss) attributable to JMP Group LLC. 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. Total segments non-interest expenses exclude compensation expense recognized under GAAP related to equity awards and expenses attributable to non-controlling interests. The statement of financial condition as of December 31, 2020 is derived from the audited financial statements as of that date. 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. 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. Total segment income tax (benefit) assumes a combined federal, state and local income tax rate of 26%. Loans held for sale are carried at the lower of cost or fair value less cost to sell. 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. Included in Other Assets on the Consolidated Statements of Financial Condition. Total segment net dividend income and net interest income exclude those attributable to non-controlling interests. 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. 00013023502021-01-012021-06-30 0001302350jmp:SharesRepresentingLimitedLiabilityCompanyInterestsInJMPGroupLLCMember2021-01-012021-06-30 0001302350jmp:JMPGroupLLCSixPointEightSevenFivePercentSeniorNotesDue2029Member2021-01-012021-06-30 0001302350jmp:JMPGroupIncSevenPointTwoFivePercentSeniorNotesDue2027Member2021-01-012021-06-30 xbrli:shares 00013023502021-08-06 thunderdome:item iso4217:USD 00013023502021-06-30 00013023502020-12-31 iso4217:USDxbrli:shares 0001302350jmp:TotalInvestmentBankingRevenuesMember2021-04-012021-06-30 0001302350jmp:TotalInvestmentBankingRevenuesMember2020-04-012020-06-30 0001302350jmp:TotalInvestmentBankingRevenuesMember2021-01-012021-06-30 0001302350jmp:TotalInvestmentBankingRevenuesMember2020-01-012020-06-30 0001302350jmp:TotalBrokerageRevenueMember2021-04-012021-06-30 0001302350jmp:TotalBrokerageRevenueMember2020-04-012020-06-30 0001302350jmp:TotalBrokerageRevenueMember2021-01-012021-06-30 0001302350jmp:TotalBrokerageRevenueMember2020-01-012020-06-30 0001302350jmp:TotalAssetManagementFeesMember2021-04-012021-06-30 0001302350jmp:TotalAssetManagementFeesMember2020-04-012020-06-30 0001302350jmp:TotalAssetManagementFeesMember2021-01-012021-06-30 0001302350jmp:TotalAssetManagementFeesMember2020-01-012020-06-30 00013023502021-04-012021-06-30 00013023502020-04-012020-06-30 00013023502020-01-012020-06-30 0001302350us-gaap:CommonStockMember2020-12-31 0001302350us-gaap:TreasuryStockMember2020-12-31 0001302350us-gaap:AdditionalPaidInCapitalMember2020-12-31 0001302350us-gaap:RetainedEarningsMember2020-12-31 0001302350us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-31 0001302350us-gaap:NoncontrollingInterestMember2020-12-31 0001302350us-gaap:CommonStockMember2021-01-012021-03-31 0001302350us-gaap:TreasuryStockMember2021-01-012021-03-31 0001302350us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-31 0001302350us-gaap:RetainedEarningsMember2021-01-012021-03-31 0001302350us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-31 0001302350us-gaap:NoncontrollingInterestMember2021-01-012021-03-31 00013023502021-01-012021-03-31 0001302350us-gaap:CommonStockMember2021-03-31 0001302350us-gaap:TreasuryStockMember2021-03-31 0001302350us-gaap:AdditionalPaidInCapitalMember2021-03-31 0001302350us-gaap:RetainedEarningsMember2021-03-31 0001302350us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-31 0001302350us-gaap:NoncontrollingInterestMember2021-03-31 00013023502021-03-31 0001302350us-gaap:CommonStockMember2021-04-012021-06-30 0001302350us-gaap:TreasuryStockMember2021-04-012021-06-30 0001302350us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-30 0001302350us-gaap:RetainedEarningsMember2021-04-012021-06-30 0001302350us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-30 0001302350us-gaap:NoncontrollingInterestMember2021-04-012021-06-30 0001302350us-gaap:CommonStockMember2021-06-30 0001302350us-gaap:TreasuryStockMember2021-06-30 0001302350us-gaap:AdditionalPaidInCapitalMember2021-06-30 0001302350us-gaap:RetainedEarningsMember2021-06-30 0001302350us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-30 0001302350us-gaap:NoncontrollingInterestMember2021-06-30 0001302350us-gaap:CommonStockMember2019-12-31 0001302350us-gaap:TreasuryStockMember2019-12-31 0001302350us-gaap:AdditionalPaidInCapitalMember2019-12-31 0001302350us-gaap:RetainedEarningsMember2019-12-31 0001302350us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-31 0001302350us-gaap:NoncontrollingInterestMember2019-12-31 00013023502019-12-31 0001302350us-gaap:CommonStockMember2020-01-012020-03-31 0001302350us-gaap:TreasuryStockMember2020-01-012020-03-31 0001302350us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-31 0001302350us-gaap:RetainedEarningsMember2020-01-012020-03-31 0001302350us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-31 0001302350us-gaap:NoncontrollingInterestMember2020-01-012020-03-31 00013023502020-01-012020-03-31 0001302350us-gaap:CommonStockMember2020-03-31 0001302350us-gaap:TreasuryStockMember2020-03-31 0001302350us-gaap:AdditionalPaidInCapitalMember2020-03-31 0001302350us-gaap:RetainedEarningsMember2020-03-31 0001302350us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-31 0001302350us-gaap:NoncontrollingInterestMember2020-03-31 00013023502020-03-31 0001302350us-gaap:CommonStockMember2020-04-012020-06-30 0001302350us-gaap:TreasuryStockMember2020-04-012020-06-30 0001302350us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-30 0001302350us-gaap:RetainedEarningsMember2020-04-012020-06-30 0001302350us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-30 0001302350us-gaap:NoncontrollingInterestMember2020-04-012020-06-30 0001302350us-gaap:CommonStockMember2020-06-30 0001302350us-gaap:TreasuryStockMember2020-06-30 0001302350us-gaap:AdditionalPaidInCapitalMember2020-06-30 0001302350us-gaap:RetainedEarningsMember2020-06-30 0001302350us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-30 0001302350us-gaap:NoncontrollingInterestMember2020-06-30 00013023502020-06-30 0001302350jmp:HCCCommonStockMember2021-06-092021-06-09 0001302350jmp:SierraCrestMemberjmp:HCAPAdvisorsLlcMembersrt:ScenarioForecastMember2021-06-102024-06-09 0001302350jmp:CLOIIISubordinatedNotesMember2021-06-042021-06-04 0001302350jmp:CLOIIISubordinatedNotesMember2021-06-182021-06-18 0001302350jmp:CLOIIISubordinatedNotesMember2021-01-012021-06-30 0001302350jmp:CLOIIIMember2021-06-30 0001302350jmp:CLOIIIMemberus-gaap:SubsequentEventMember2021-08-062021-08-06 xbrli:pure 0001302350jmp:MedalistPartnersCorporateFinanceLlcMember2021-06-012021-06-30 0001302350jmp:JMPCreditAdvisorsCLOIVLtdAndJMPCreditAdvisorsCLOVLtdMember2021-06-012021-06-30 0001302350jmp:MedalistPartnersCorporateFinanceLlcMemberjmp:JMPCreditAdvisorsCLOIVLtdAndJMPCreditAdvisorsCLOVLtdMember2021-06-012021-06-30 0001302350us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-06-30 0001302350us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-06-30 0001302350us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-06-30 0001302350us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-06-30 0001302350us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-06-30 0001302350us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-31 0001302350us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-31 0001302350us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-31 0001302350us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-31 0001302350us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-31 0001302350us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-06-30 0001302350us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-06-30 0001302350us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-06-30 0001302350us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-06-30 0001302350us-gaap:FairValueMeasurementsRecurringMember2021-06-30 0001302350us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-31 0001302350us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-31 0001302350us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-31 0001302350us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-31 0001302350us-gaap:FairValueMeasurementsRecurringMember2020-12-31 0001302350jmp:CLOJuniorSubordinatedNotesMember2020-12-31 0001302350us-gaap:EquitySecuritiesMember2020-12-31 0001302350jmp:LongTermReceivableMember2020-12-31 0001302350jmp:CLOJuniorSubordinatedNotesMember2021-01-012021-03-31 0001302350us-gaap:EquitySecuritiesMember2021-01-012021-03-31 0001302350jmp:LongTermReceivableMember2021-01-012021-03-31 0001302350jmp:CLOJuniorSubordinatedNotesMember2021-03-31 0001302350us-gaap:EquitySecuritiesMember2021-03-31 0001302350jmp:LongTermReceivableMember2021-03-31 0001302350jmp:CLOJuniorSubordinatedNotesMember2021-04-012021-06-30 0001302350us-gaap:EquitySecuritiesMember2021-04-012021-06-30 0001302350jmp:LongTermReceivableMember2021-04-012021-06-30 0001302350jmp:CLOJuniorSubordinatedNotesMember2021-06-30 0001302350us-gaap:EquitySecuritiesMember2021-06-30 0001302350jmp:LongTermReceivableMember2021-06-30 0001302350us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-06-30 0001302350us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-31 0001302350us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputDefaultRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-06-30 0001302350us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputDefaultRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-31 0001302350us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputLossSeverityMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-06-30 0001302350us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputLossSeverityMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-31 0001302350us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputPrepaymentRateMembersrt:MinimumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-06-30 0001302350us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputPrepaymentRateMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-06-30 0001302350us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputPrepaymentRateMembersrt:MaximumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-06-30 0001302350us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputPrepaymentRateMembersrt:MinimumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-31 0001302350us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputPrepaymentRateMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-31 0001302350us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputPrepaymentRateMembersrt:MaximumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-31 0001302350us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberjmp:MeasurementInputCollateralLiquidationPriceMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-06-30 0001302350us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberjmp:MeasurementInputCollateralLiquidationPriceMembersrt:MaximumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-06-30 0001302350us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberjmp:MeasurementInputCollateralLiquidationPriceMembersrt:MinimumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-31 0001302350us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberjmp:MeasurementInputCollateralLiquidationPriceMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-31 0001302350us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberjmp:MeasurementInputCollateralLiquidationPriceMembersrt:MaximumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-31 0001302350us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberjmp:MeasurementInputCreditFactorMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-31 0001302350us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberjmp:MeasurementInputCreditFactorMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-06-30 0001302350us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-31 0001302350us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:MarketApproachValuationTechniqueMember2020-12-31 0001302350us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:MarketApproachValuationTechniqueMember2021-06-30 0001302350jmp:LongTermReceivableMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-06-30 0001302350jmp:LongTermReceivableMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-12-31 0001302350us-gaap:FairValueMeasurementsNonrecurringMember2020-12-31 0001302350us-gaap:FairValueMeasurementsNonrecurringMember2021-06-30 0001302350jmp:CLODebtSecuritiesMember2021-06-30 0001302350jmp:CLODebtSecuritiesMember2020-12-31 0001302350jmp:CLODebtSecuritiesMember2020-07-16 0001302350jmp:ImpairedLoansMember2020-12-31 0001302350jmp:NonImpairedLoansMember2019-12-31 0001302350jmp:ImpairedLoansMember2021-01-012021-06-30 0001302350jmp:NonImpairedLoansMember2020-01-012020-12-31 0001302350jmp:ImpairedLoansMember2021-06-30 0001302350jmp:NonImpairedLoansMember2020-12-31 00013023502020-01-012020-12-31 0001302350jmp:SeniorNotes2027Member2021-06-30 0001302350jmp:SeniorNotes2027Member2020-12-31 0001302350jmp:SeniorNotes2029Member2021-06-30 0001302350jmp:SeniorNotes2029Member2020-12-31 0001302350us-gaap:SeniorNotesMember2021-06-30 0001302350us-gaap:SeniorNotesMember2020-12-31 0001302350jmp:SeniorNotes2027Member2021-02-012021-02-28 0001302350jmp:SeniorNotes2027Member2021-06-012021-06-30 0001302350jmp:SeniorNotes2029Member2020-03-012020-03-31 0001302350jmp:SeniorNotes2027Member2020-03-012020-03-31 0001302350jmp:SeniorNotes2029And2027Member2020-03-012020-03-31 0001302350jmp:SeniorNotes2027Member2021-06-30 0001302350jmp:SeniorNotes2029Member2021-06-30 0001302350jmp:SeniorNotes2029And2027Member2021-06-30 0001302350jmp:JmpInvestmentHoldingsMember2021-06-30 0001302350jmp:JmpInvestmentHoldingsMember2020-12-31 0001302350jmp:PaycheckProtectionProgramCARESActMember2021-06-30 0001302350jmp:PaycheckProtectionProgramCARESActMember2020-12-31 0001302350us-gaap:NotesPayableOtherPayablesMember2021-06-30 0001302350us-gaap:NotesPayableOtherPayablesMember2020-12-31 0001302350jmp:RevolvingCreditConversionToTermLoanPortionToBePaidInFirst2YearsMemberjmp:JMPSecuritiesMemberjmp:CNBMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-07-162020-07-16 0001302350jmp:RevolvingCreditConversionToTermLoanPortionToBePaidInFirst2YearsMemberjmp:JMPSecuritiesMemberjmp:CNBMember2020-07-162020-07-16 0001302350jmp:RevolvingCreditConversionToTermLoanPortionToBePaidInFirst2YearsMemberjmp:JMPSecuritiesMemberjmp:CNBMember2020-06-30 0001302350jmp:RevolvingCreditConversionToTermLoanPortionToBePaidInFirst2YearsMemberjmp:JMPSecuritiesMemberjmp:CNBMember2020-12-31 0001302350jmp:RevolvingCreditConversionToTermLoanPortionToBePaidInFirst2YearsMemberjmp:JMPSecuritiesMemberjmp:CNBMember2021-06-30 0001302350jmp:CLODebtSecuritiesMember2020-06-30 0001302350jmp:RevolvingCreditConversionToTermLoanPortionToBePaidInFirst2YearsMemberjmp:JMPSecuritiesMemberjmp:CNBMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-01-012020-12-31 0001302350jmp:RevolvingCreditConversionToTermLoanPortionToBePaidInFirst2YearsMemberjmp:JMPSecuritiesMemberjmp:CNBMembersrt:MaximumMember2020-12-31 0001302350jmp:RevolvingCreditConversionToTermLoanPortionToBePaidInFirst2YearsMemberjmp:CNBMember2021-06-30 0001302350us-gaap:RevolvingCreditFacilityMemberjmp:JMPSecuritiesMemberjmp:CNBMember2021-06-30 0001302350us-gaap:RevolvingCreditFacilityMemberjmp:JMPSecuritiesMemberjmp:CNBMember2020-12-31 0001302350jmp:PaycheckProtectionProgramCARESActMember2020-04-17 0001302350jmp:The2020TenderOfferMember2020-02-24 0001302350jmp:Plan2007Member2015-01-27 0001302350us-gaap:RestrictedStockUnitsRSUMember2021-04-012021-06-30 0001302350us-gaap:RestrictedStockUnitsRSUMember2020-04-012020-06-30 0001302350us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-06-30 0001302350us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-06-30 0001302350us-gaap:EmployeeStockOptionMember2021-04-012021-06-30 0001302350us-gaap:EmployeeStockOptionMember2020-04-012020-06-30 0001302350us-gaap:EmployeeStockOptionMember2021-01-012021-06-30 0001302350us-gaap:EmployeeStockOptionMember2020-01-012020-06-30 utr:Y 0001302350us-gaap:EmployeeStockOptionMember2021-06-30 0001302350us-gaap:EmployeeStockOptionMember2020-06-30 0001302350us-gaap:RestrictedStockUnitsRSUMember2020-12-31 0001302350us-gaap:RestrictedStockUnitsRSUMember2021-06-30 0001302350us-gaap:EmployeeStockOptionMember2021-04-012021-06-30 0001302350us-gaap:EmployeeStockOptionMember2021-01-012021-06-30 0001302350us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-06-30 0001302350jmp:EquityAndDebtOriginationMemberjmp:BrokerDealerMember2021-04-012021-06-30 0001302350jmp:EquityAndDebtOriginationMemberjmp:AssetManagementMember2021-04-012021-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:EquityAndDebtOriginationMember2021-04-012021-06-30 0001302350jmp:EquityAndDebtOriginationMember2021-04-012021-06-30 0001302350jmp:StrategicAdvisoryAndPrivatePlacementsMemberjmp:BrokerDealerMember2021-04-012021-06-30 0001302350jmp:StrategicAdvisoryAndPrivatePlacementsMemberjmp:AssetManagementMember2021-04-012021-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:StrategicAdvisoryAndPrivatePlacementsMember2021-04-012021-06-30 0001302350jmp:StrategicAdvisoryAndPrivatePlacementsMember2021-04-012021-06-30 0001302350jmp:TotalInvestmentBankingRevenuesMemberjmp:BrokerDealerMember2021-04-012021-06-30 0001302350jmp:TotalInvestmentBankingRevenuesMemberjmp:AssetManagementMember2021-04-012021-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:TotalInvestmentBankingRevenuesMember2021-04-012021-06-30 0001302350jmp:BrokerageCommissionsMemberjmp:BrokerDealerMember2021-04-012021-06-30 0001302350jmp:BrokerageCommissionsMemberjmp:AssetManagementMember2021-04-012021-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:BrokerageCommissionsMember2021-04-012021-06-30 0001302350jmp:BrokerageCommissionsMember2021-04-012021-06-30 0001302350jmp:ResearchPaymentsMemberjmp:BrokerDealerMember2021-04-012021-06-30 0001302350jmp:ResearchPaymentsMemberjmp:AssetManagementMember2021-04-012021-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:ResearchPaymentsMember2021-04-012021-06-30 0001302350jmp:ResearchPaymentsMember2021-04-012021-06-30 0001302350jmp:TradingGainsLossesMemberjmp:BrokerDealerMember2021-04-012021-06-30 0001302350jmp:TradingGainsLossesMemberjmp:AssetManagementMember2021-04-012021-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:TradingGainsLossesMember2021-04-012021-06-30 0001302350jmp:TradingGainsLossesMember2021-04-012021-06-30 0001302350jmp:TotalBrokerageRevenueMemberjmp:BrokerDealerMember2021-04-012021-06-30 0001302350jmp:TotalBrokerageRevenueMemberjmp:AssetManagementMember2021-04-012021-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:TotalBrokerageRevenueMember2021-04-012021-06-30 0001302350us-gaap:ManagementServiceBaseMemberjmp:BrokerDealerMember2021-04-012021-06-30 0001302350us-gaap:ManagementServiceBaseMemberjmp:AssetManagementMember2021-04-012021-06-30 0001302350us-gaap:IntersegmentEliminationMemberus-gaap:ManagementServiceBaseMember2021-04-012021-06-30 0001302350us-gaap:ManagementServiceBaseMember2021-04-012021-06-30 0001302350us-gaap:ManagementServiceIncentiveMemberjmp:BrokerDealerMember2021-04-012021-06-30 0001302350us-gaap:ManagementServiceIncentiveMemberjmp:AssetManagementMember2021-04-012021-06-30 0001302350us-gaap:IntersegmentEliminationMemberus-gaap:ManagementServiceIncentiveMember2021-04-012021-06-30 0001302350us-gaap:ManagementServiceIncentiveMember2021-04-012021-06-30 0001302350jmp:TotalAssetManagementFeesMemberjmp:BrokerDealerMember2021-04-012021-06-30 0001302350jmp:TotalAssetManagementFeesMemberjmp:AssetManagementMember2021-04-012021-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:TotalAssetManagementFeesMember2021-04-012021-06-30 0001302350jmp:BrokerDealerMember2021-04-012021-06-30 0001302350jmp:AssetManagementMember2021-04-012021-06-30 0001302350us-gaap:IntersegmentEliminationMember2021-04-012021-06-30 0001302350jmp:EquityAndDebtOriginationMemberjmp:BrokerDealerMember2020-04-012020-06-30 0001302350jmp:EquityAndDebtOriginationMemberjmp:AssetManagementMember2020-04-012020-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:EquityAndDebtOriginationMember2020-04-012020-06-30 0001302350jmp:EquityAndDebtOriginationMember2020-04-012020-06-30 0001302350jmp:StrategicAdvisoryAndPrivatePlacementsMemberjmp:BrokerDealerMember2020-04-012020-06-30 0001302350jmp:StrategicAdvisoryAndPrivatePlacementsMemberjmp:AssetManagementMember2020-04-012020-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:StrategicAdvisoryAndPrivatePlacementsMember2020-04-012020-06-30 0001302350jmp:StrategicAdvisoryAndPrivatePlacementsMember2020-04-012020-06-30 0001302350jmp:TotalInvestmentBankingRevenuesMemberjmp:BrokerDealerMember2020-04-012020-06-30 0001302350jmp:TotalInvestmentBankingRevenuesMemberjmp:AssetManagementMember2020-04-012020-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:TotalInvestmentBankingRevenuesMember2020-04-012020-06-30 0001302350jmp:BrokerageCommissionsMemberjmp:BrokerDealerMember2020-04-012020-06-30 0001302350jmp:BrokerageCommissionsMemberjmp:AssetManagementMember2020-04-012020-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:BrokerageCommissionsMember2020-04-012020-06-30 0001302350jmp:BrokerageCommissionsMember2020-04-012020-06-30 0001302350jmp:ResearchPaymentsMemberjmp:BrokerDealerMember2020-04-012020-06-30 0001302350jmp:ResearchPaymentsMemberjmp:AssetManagementMember2020-04-012020-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:ResearchPaymentsMember2020-04-012020-06-30 0001302350jmp:ResearchPaymentsMember2020-04-012020-06-30 0001302350jmp:TradingGainsLossesMemberjmp:BrokerDealerMember2020-04-012020-06-30 0001302350jmp:TradingGainsLossesMemberjmp:AssetManagementMember2020-04-012020-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:TradingGainsLossesMember2020-04-012020-06-30 0001302350jmp:TradingGainsLossesMember2020-04-012020-06-30 0001302350jmp:TotalBrokerageRevenueMemberjmp:BrokerDealerMember2020-04-012020-06-30 0001302350jmp:TotalBrokerageRevenueMemberjmp:AssetManagementMember2020-04-012020-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:TotalBrokerageRevenueMember2020-04-012020-06-30 0001302350us-gaap:ManagementServiceBaseMemberjmp:BrokerDealerMember2020-04-012020-06-30 0001302350us-gaap:ManagementServiceBaseMemberjmp:AssetManagementMember2020-04-012020-06-30 0001302350us-gaap:IntersegmentEliminationMemberus-gaap:ManagementServiceBaseMember2020-04-012020-06-30 0001302350us-gaap:ManagementServiceBaseMember2020-04-012020-06-30 0001302350us-gaap:ManagementServiceIncentiveMemberjmp:BrokerDealerMember2020-04-012020-06-30 0001302350us-gaap:ManagementServiceIncentiveMemberjmp:AssetManagementMember2020-04-012020-06-30 0001302350us-gaap:IntersegmentEliminationMemberus-gaap:ManagementServiceIncentiveMember2020-04-012020-06-30 0001302350us-gaap:ManagementServiceIncentiveMember2020-04-012020-06-30 0001302350jmp:TotalAssetManagementFeesMemberjmp:BrokerDealerMember2020-04-012020-06-30 0001302350jmp:TotalAssetManagementFeesMemberjmp:AssetManagementMember2020-04-012020-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:TotalAssetManagementFeesMember2020-04-012020-06-30 0001302350jmp:BrokerDealerMember2020-04-012020-06-30 0001302350jmp:AssetManagementMember2020-04-012020-06-30 0001302350us-gaap:IntersegmentEliminationMember2020-04-012020-06-30 0001302350jmp:EquityAndDebtOriginationMemberjmp:BrokerDealerMember2021-01-012021-06-30 0001302350jmp:EquityAndDebtOriginationMemberjmp:AssetManagementMember2021-01-012021-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:EquityAndDebtOriginationMember2021-01-012021-06-30 0001302350jmp:EquityAndDebtOriginationMember2021-01-012021-06-30 0001302350jmp:StrategicAdvisoryAndPrivatePlacementsMemberjmp:BrokerDealerMember2021-01-012021-06-30 0001302350jmp:StrategicAdvisoryAndPrivatePlacementsMemberjmp:AssetManagementMember2021-01-012021-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:StrategicAdvisoryAndPrivatePlacementsMember2021-01-012021-06-30 0001302350jmp:StrategicAdvisoryAndPrivatePlacementsMember2021-01-012021-06-30 0001302350jmp:TotalInvestmentBankingRevenuesMemberjmp:BrokerDealerMember2021-01-012021-06-30 0001302350jmp:TotalInvestmentBankingRevenuesMemberjmp:AssetManagementMember2021-01-012021-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:TotalInvestmentBankingRevenuesMember2021-01-012021-06-30 0001302350jmp:BrokerageCommissionsMemberjmp:BrokerDealerMember2021-01-012021-06-30 0001302350jmp:BrokerageCommissionsMemberjmp:AssetManagementMember2021-01-012021-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:BrokerageCommissionsMember2021-01-012021-06-30 0001302350jmp:BrokerageCommissionsMember2021-01-012021-06-30 0001302350jmp:ResearchPaymentsMemberjmp:BrokerDealerMember2021-01-012021-06-30 0001302350jmp:ResearchPaymentsMemberjmp:AssetManagementMember2021-01-012021-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:ResearchPaymentsMember2021-01-012021-06-30 0001302350jmp:ResearchPaymentsMember2021-01-012021-06-30 0001302350jmp:TradingGainsLossesMemberjmp:BrokerDealerMember2021-01-012021-06-30 0001302350jmp:TradingGainsLossesMemberjmp:AssetManagementMember2021-01-012021-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:TradingGainsLossesMember2021-01-012021-06-30 0001302350jmp:TradingGainsLossesMember2021-01-012021-06-30 0001302350jmp:TotalBrokerageRevenueMemberjmp:BrokerDealerMember2021-01-012021-06-30 0001302350jmp:TotalBrokerageRevenueMemberjmp:AssetManagementMember2021-01-012021-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:TotalBrokerageRevenueMember2021-01-012021-06-30 0001302350us-gaap:ManagementServiceBaseMemberjmp:BrokerDealerMember2021-01-012021-06-30 0001302350us-gaap:ManagementServiceBaseMemberjmp:AssetManagementMember2021-01-012021-06-30 0001302350us-gaap:IntersegmentEliminationMemberus-gaap:ManagementServiceBaseMember2021-01-012021-06-30 0001302350us-gaap:ManagementServiceBaseMember2021-01-012021-06-30 0001302350us-gaap:ManagementServiceIncentiveMemberjmp:BrokerDealerMember2021-01-012021-06-30 0001302350us-gaap:ManagementServiceIncentiveMemberjmp:AssetManagementMember2021-01-012021-06-30 0001302350us-gaap:IntersegmentEliminationMemberus-gaap:ManagementServiceIncentiveMember2021-01-012021-06-30 0001302350us-gaap:ManagementServiceIncentiveMember2021-01-012021-06-30 0001302350jmp:TotalAssetManagementFeesMemberjmp:BrokerDealerMember2021-01-012021-06-30 0001302350jmp:TotalAssetManagementFeesMemberjmp:AssetManagementMember2021-01-012021-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:TotalAssetManagementFeesMember2021-01-012021-06-30 0001302350jmp:BrokerDealerMember2021-01-012021-06-30 0001302350jmp:AssetManagementMember2021-01-012021-06-30 0001302350us-gaap:IntersegmentEliminationMember2021-01-012021-06-30 0001302350jmp:EquityAndDebtOriginationMemberjmp:BrokerDealerMember2020-01-012020-06-30 0001302350jmp:EquityAndDebtOriginationMemberjmp:AssetManagementMember2020-01-012020-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:EquityAndDebtOriginationMember2020-01-012020-06-30 0001302350jmp:EquityAndDebtOriginationMember2020-01-012020-06-30 0001302350jmp:StrategicAdvisoryAndPrivatePlacementsMemberjmp:BrokerDealerMember2020-01-012020-06-30 0001302350jmp:StrategicAdvisoryAndPrivatePlacementsMemberjmp:AssetManagementMember2020-01-012020-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:StrategicAdvisoryAndPrivatePlacementsMember2020-01-012020-06-30 0001302350jmp:StrategicAdvisoryAndPrivatePlacementsMember2020-01-012020-06-30 0001302350jmp:TotalInvestmentBankingRevenuesMemberjmp:BrokerDealerMember2020-01-012020-06-30 0001302350jmp:TotalInvestmentBankingRevenuesMemberjmp:AssetManagementMember2020-01-012020-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:TotalInvestmentBankingRevenuesMember2020-01-012020-06-30 0001302350jmp:BrokerageCommissionsMemberjmp:BrokerDealerMember2020-01-012020-06-30 0001302350jmp:BrokerageCommissionsMemberjmp:AssetManagementMember2020-01-012020-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:BrokerageCommissionsMember2020-01-012020-06-30 0001302350jmp:BrokerageCommissionsMember2020-01-012020-06-30 0001302350jmp:ResearchPaymentsMemberjmp:BrokerDealerMember2020-01-012020-06-30 0001302350jmp:ResearchPaymentsMemberjmp:AssetManagementMember2020-01-012020-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:ResearchPaymentsMember2020-01-012020-06-30 0001302350jmp:ResearchPaymentsMember2020-01-012020-06-30 0001302350jmp:TradingGainsLossesMemberjmp:BrokerDealerMember2020-01-012020-06-30 0001302350jmp:TradingGainsLossesMemberjmp:AssetManagementMember2020-01-012020-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:TradingGainsLossesMember2020-01-012020-06-30 0001302350jmp:TradingGainsLossesMember2020-01-012020-06-30 0001302350jmp:TotalBrokerageRevenueMemberjmp:BrokerDealerMember2020-01-012020-06-30 0001302350jmp:TotalBrokerageRevenueMemberjmp:AssetManagementMember2020-01-012020-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:TotalBrokerageRevenueMember2020-01-012020-06-30 0001302350us-gaap:ManagementServiceBaseMemberjmp:BrokerDealerMember2020-01-012020-06-30 0001302350us-gaap:ManagementServiceBaseMemberjmp:AssetManagementMember2020-01-012020-06-30 0001302350us-gaap:IntersegmentEliminationMemberus-gaap:ManagementServiceBaseMember2020-01-012020-06-30 0001302350us-gaap:ManagementServiceBaseMember2020-01-012020-06-30 0001302350us-gaap:ManagementServiceIncentiveMemberjmp:BrokerDealerMember2020-01-012020-06-30 0001302350us-gaap:ManagementServiceIncentiveMemberjmp:AssetManagementMember2020-01-012020-06-30 0001302350us-gaap:IntersegmentEliminationMemberus-gaap:ManagementServiceIncentiveMember2020-01-012020-06-30 0001302350us-gaap:ManagementServiceIncentiveMember2020-01-012020-06-30 0001302350jmp:TotalAssetManagementFeesMemberjmp:BrokerDealerMember2020-01-012020-06-30 0001302350jmp:TotalAssetManagementFeesMemberjmp:AssetManagementMember2020-01-012020-06-30 0001302350us-gaap:IntersegmentEliminationMemberjmp:TotalAssetManagementFeesMember2020-01-012020-06-30 0001302350jmp:BrokerDealerMember2020-01-012020-06-30 0001302350jmp:AssetManagementMember2020-01-012020-06-30 0001302350us-gaap:IntersegmentEliminationMember2020-01-012020-06-30 0001302350srt:MaximumMember2021-06-30 0001302350jmp:TotalInvestmentMember2021-06-30 0001302350jmp:TotalInvestmentMember2020-12-31 0001302350jmp:PrivateFundsMemberjmp:GeneralPartnerInvestmentsInHedgeAndOtherPrivateFundsMember2021-06-30 0001302350jmp:PrivateFundsMemberjmp:GeneralPartnerInvestmentsInHedgeAndOtherPrivateFundsMember2020-12-31 0001302350jmp:HarvestCapitalCreditCorporationMember2021-06-30 0001302350jmp:HarvestCapitalCreditCorporationMember2020-12-31 0001302350us-gaap:ManagementServiceBaseMembersrt:AffiliatedEntityMember2021-04-012021-06-30 0001302350us-gaap:ManagementServiceBaseMembersrt:AffiliatedEntityMember2020-04-012020-06-30 0001302350us-gaap:ManagementServiceIncentiveMembersrt:AffiliatedEntityMember2021-04-012021-06-30 0001302350us-gaap:ManagementServiceIncentiveMembersrt:AffiliatedEntityMember2020-04-012020-06-30 0001302350jmp:ConsolidatedEntityMember2018-01-09 0001302350jmp:ConsolidatedEntityMember2021-06-30 0001302350jmp:RegisteredInvestmentAdviserMember2017-09-19 0001302350jmp:RegisteredInvestmentAdviserMember2019-10-012019-10-31 0001302350jmp:RegisteredInvestmentAdviserMember2020-12-31 0001302350jmp:RegisteredInvestmentAdviserMember2021-06-30 0001302350jmp:RegisteredInvestmentAdviserMember2017-11-20 0001302350us-gaap:OtherIncomeMemberjmp:RegisteredInvestmentAdviserMember2021-04-012021-06-30 0001302350us-gaap:OtherIncomeMemberjmp:RegisteredInvestmentAdviserMember2020-04-012020-06-30 0001302350jmp:RegisteredInvestmentAdviserMember2021-06-30 0001302350jmp:RegisteredInvestmentAdviserMember2020-12-31 0001302350srt:ParentCompanyMember2021-01-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalInvestmentBankingRevenuesMemberjmp:BrokerDealerMember2021-04-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalInvestmentBankingRevenuesMemberjmp:AssetManagementFeeIncomeMember2021-04-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalInvestmentBankingRevenuesMemberjmp:AssetManagementInvestmentIncomeMember2021-04-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalInvestmentBankingRevenuesMemberjmp:AssetManagementMember2021-04-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalInvestmentBankingRevenuesMemberus-gaap:CorporateMember2021-04-012021-06-30 0001302350srt:ConsolidationEliminationsMemberjmp:TotalInvestmentBankingRevenuesMember2021-04-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalInvestmentBankingRevenuesMember2021-04-012021-06-30 0001302350us-gaap:MaterialReconcilingItemsMemberjmp:TotalInvestmentBankingRevenuesMember2021-04-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalBrokerageRevenueMemberjmp:BrokerDealerMember2021-04-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalBrokerageRevenueMemberjmp:AssetManagementFeeIncomeMember2021-04-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalBrokerageRevenueMemberjmp:AssetManagementInvestmentIncomeMember2021-04-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalBrokerageRevenueMemberjmp:AssetManagementMember2021-04-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalBrokerageRevenueMemberus-gaap:CorporateMember2021-04-012021-06-30 0001302350srt:ConsolidationEliminationsMemberjmp:TotalBrokerageRevenueMember2021-04-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalBrokerageRevenueMember2021-04-012021-06-30 0001302350us-gaap:MaterialReconcilingItemsMemberjmp:TotalBrokerageRevenueMember2021-04-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalAssetManagementFeesMemberjmp:BrokerDealerMember2021-04-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalAssetManagementFeesMemberjmp:AssetManagementFeeIncomeMember2021-04-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalAssetManagementFeesMemberjmp:AssetManagementInvestmentIncomeMember2021-04-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalAssetManagementFeesMemberjmp:AssetManagementMember2021-04-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalAssetManagementFeesMemberus-gaap:CorporateMember2021-04-012021-06-30 0001302350srt:ConsolidationEliminationsMemberjmp:TotalAssetManagementFeesMember2021-04-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalAssetManagementFeesMember2021-04-012021-06-30 0001302350us-gaap:MaterialReconcilingItemsMemberjmp:TotalAssetManagementFeesMember2021-04-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:BrokerDealerMember2021-04-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:AssetManagementFeeIncomeMember2021-04-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:AssetManagementInvestmentIncomeMember2021-04-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:AssetManagementMember2021-04-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberus-gaap:CorporateMember2021-04-012021-06-30 0001302350srt:ConsolidationEliminationsMember2021-04-012021-06-30 0001302350us-gaap:OperatingSegmentsMember2021-04-012021-06-30 0001302350us-gaap:MaterialReconcilingItemsMember2021-04-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:BrokerDealerMember2021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:AssetManagementFeeIncomeMember2021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:AssetManagementInvestmentIncomeMember2021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:AssetManagementMember2021-06-30 0001302350us-gaap:OperatingSegmentsMemberus-gaap:CorporateMember2021-06-30 0001302350srt:ConsolidationEliminationsMember2021-06-30 0001302350us-gaap:OperatingSegmentsMember2021-06-30 0001302350us-gaap:MaterialReconcilingItemsMember2021-06-30 0001302350srt:ParentCompanyMember2021-04-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalInvestmentBankingRevenuesMemberjmp:BrokerDealerMember2020-04-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalInvestmentBankingRevenuesMemberjmp:AssetManagementFeeIncomeMember2020-04-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalInvestmentBankingRevenuesMemberjmp:AssetManagementInvestmentIncomeMember2020-04-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalInvestmentBankingRevenuesMemberjmp:AssetManagementMember2020-04-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalInvestmentBankingRevenuesMemberus-gaap:CorporateMember2020-04-012020-06-30 0001302350srt:ConsolidationEliminationsMemberjmp:TotalInvestmentBankingRevenuesMember2020-04-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalInvestmentBankingRevenuesMember2020-04-012020-06-30 0001302350us-gaap:MaterialReconcilingItemsMemberjmp:TotalInvestmentBankingRevenuesMember2020-04-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalBrokerageRevenueMemberjmp:BrokerDealerMember2020-04-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalBrokerageRevenueMemberjmp:AssetManagementFeeIncomeMember2020-04-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalBrokerageRevenueMemberjmp:AssetManagementInvestmentIncomeMember2020-04-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalBrokerageRevenueMemberjmp:AssetManagementMember2020-04-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalBrokerageRevenueMemberus-gaap:CorporateMember2020-04-012020-06-30 0001302350srt:ConsolidationEliminationsMemberjmp:TotalBrokerageRevenueMember2020-04-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalBrokerageRevenueMember2020-04-012020-06-30 0001302350us-gaap:MaterialReconcilingItemsMemberjmp:TotalBrokerageRevenueMember2020-04-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalAssetManagementFeesMemberjmp:BrokerDealerMember2020-04-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalAssetManagementFeesMemberjmp:AssetManagementFeeIncomeMember2020-04-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalAssetManagementFeesMemberjmp:AssetManagementInvestmentIncomeMember2020-04-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalAssetManagementFeesMemberjmp:AssetManagementMember2020-04-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalAssetManagementFeesMemberus-gaap:CorporateMember2020-04-012020-06-30 0001302350srt:ConsolidationEliminationsMemberjmp:TotalAssetManagementFeesMember2020-04-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalAssetManagementFeesMember2020-04-012020-06-30 0001302350us-gaap:MaterialReconcilingItemsMemberjmp:TotalAssetManagementFeesMember2020-04-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:BrokerDealerMember2020-04-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:AssetManagementFeeIncomeMember2020-04-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:AssetManagementInvestmentIncomeMember2020-04-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:AssetManagementMember2020-04-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberus-gaap:CorporateMember2020-04-012020-06-30 0001302350srt:ConsolidationEliminationsMember2020-04-012020-06-30 0001302350us-gaap:OperatingSegmentsMember2020-04-012020-06-30 0001302350us-gaap:MaterialReconcilingItemsMember2020-04-012020-06-30 0001302350jmp:AssetManagementFeeIncomeMember2020-04-012020-06-30 0001302350jmp:AssetManagementInvestmentIncomeMember2020-04-012020-06-30 0001302350us-gaap:CorporateMember2020-04-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:BrokerDealerMember2020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:AssetManagementFeeIncomeMember2020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:AssetManagementInvestmentIncomeMember2020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:AssetManagementMember2020-06-30 0001302350us-gaap:OperatingSegmentsMemberus-gaap:CorporateMember2020-06-30 0001302350srt:ConsolidationEliminationsMember2020-06-30 0001302350us-gaap:OperatingSegmentsMember2020-06-30 0001302350us-gaap:MaterialReconcilingItemsMember2020-06-30 0001302350srt:ParentCompanyMember2020-04-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalInvestmentBankingRevenuesMemberjmp:BrokerDealerMember2021-01-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalInvestmentBankingRevenuesMemberjmp:AssetManagementFeeIncomeMember2021-01-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalInvestmentBankingRevenuesMemberjmp:AssetManagementInvestmentIncomeMember2021-01-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalInvestmentBankingRevenuesMemberjmp:AssetManagementMember2021-01-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalInvestmentBankingRevenuesMemberus-gaap:CorporateMember2021-01-012021-06-30 0001302350srt:ConsolidationEliminationsMemberjmp:TotalInvestmentBankingRevenuesMember2021-01-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalInvestmentBankingRevenuesMember2021-01-012021-06-30 0001302350us-gaap:MaterialReconcilingItemsMemberjmp:TotalInvestmentBankingRevenuesMember2021-01-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalBrokerageRevenueMemberjmp:BrokerDealerMember2021-01-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalBrokerageRevenueMemberjmp:AssetManagementFeeIncomeMember2021-01-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalBrokerageRevenueMemberjmp:AssetManagementInvestmentIncomeMember2021-01-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalBrokerageRevenueMemberjmp:AssetManagementMember2021-01-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalBrokerageRevenueMemberus-gaap:CorporateMember2021-01-012021-06-30 0001302350srt:ConsolidationEliminationsMemberjmp:TotalBrokerageRevenueMember2021-01-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalBrokerageRevenueMember2021-01-012021-06-30 0001302350us-gaap:MaterialReconcilingItemsMemberjmp:TotalBrokerageRevenueMember2021-01-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalAssetManagementFeesMemberjmp:BrokerDealerMember2021-01-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalAssetManagementFeesMemberjmp:AssetManagementFeeIncomeMember2021-01-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalAssetManagementFeesMemberjmp:AssetManagementInvestmentIncomeMember2021-01-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalAssetManagementFeesMemberjmp:AssetManagementMember2021-01-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalAssetManagementFeesMemberus-gaap:CorporateMember2021-01-012021-06-30 0001302350srt:ConsolidationEliminationsMemberjmp:TotalAssetManagementFeesMember2021-01-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalAssetManagementFeesMember2021-01-012021-06-30 0001302350us-gaap:MaterialReconcilingItemsMemberjmp:TotalAssetManagementFeesMember2021-01-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:BrokerDealerMember2021-01-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:AssetManagementFeeIncomeMember2021-01-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:AssetManagementInvestmentIncomeMember2021-01-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:AssetManagementMember2021-01-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberus-gaap:CorporateMember2021-01-012021-06-30 0001302350srt:ConsolidationEliminationsMember2021-01-012021-06-30 0001302350us-gaap:OperatingSegmentsMember2021-01-012021-06-30 0001302350us-gaap:MaterialReconcilingItemsMember2021-01-012021-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalInvestmentBankingRevenuesMemberjmp:BrokerDealerMember2020-01-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalInvestmentBankingRevenuesMemberjmp:AssetManagementFeeIncomeMember2020-01-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalInvestmentBankingRevenuesMemberjmp:AssetManagementInvestmentIncomeMember2020-01-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalInvestmentBankingRevenuesMemberjmp:AssetManagementMember2020-01-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalInvestmentBankingRevenuesMemberus-gaap:CorporateMember2020-01-012020-06-30 0001302350srt:ConsolidationEliminationsMemberjmp:TotalInvestmentBankingRevenuesMember2020-01-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalInvestmentBankingRevenuesMember2020-01-012020-06-30 0001302350us-gaap:MaterialReconcilingItemsMemberjmp:TotalInvestmentBankingRevenuesMember2020-01-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalBrokerageRevenueMemberjmp:BrokerDealerMember2020-01-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalBrokerageRevenueMemberjmp:AssetManagementFeeIncomeMember2020-01-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalBrokerageRevenueMemberjmp:AssetManagementInvestmentIncomeMember2020-01-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalBrokerageRevenueMemberjmp:AssetManagementMember2020-01-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalBrokerageRevenueMemberus-gaap:CorporateMember2020-01-012020-06-30 0001302350srt:ConsolidationEliminationsMemberjmp:TotalBrokerageRevenueMember2020-01-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalBrokerageRevenueMember2020-01-012020-06-30 0001302350us-gaap:MaterialReconcilingItemsMemberjmp:TotalBrokerageRevenueMember2020-01-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalAssetManagementFeesMemberjmp:BrokerDealerMember2020-01-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalAssetManagementFeesMemberjmp:AssetManagementFeeIncomeMember2020-01-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalAssetManagementFeesMemberjmp:AssetManagementInvestmentIncomeMember2020-01-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalAssetManagementFeesMemberjmp:AssetManagementMember2020-01-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalAssetManagementFeesMemberus-gaap:CorporateMember2020-01-012020-06-30 0001302350srt:ConsolidationEliminationsMemberjmp:TotalAssetManagementFeesMember2020-01-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:TotalAssetManagementFeesMember2020-01-012020-06-30 0001302350us-gaap:MaterialReconcilingItemsMemberjmp:TotalAssetManagementFeesMember2020-01-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:BrokerDealerMember2020-01-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:AssetManagementFeeIncomeMember2020-01-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:AssetManagementInvestmentIncomeMember2020-01-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberjmp:AssetManagementMember2020-01-012020-06-30 0001302350us-gaap:OperatingSegmentsMemberus-gaap:CorporateMember2020-01-012020-06-30 0001302350srt:ConsolidationEliminationsMember2020-01-012020-06-30 0001302350us-gaap:OperatingSegmentsMember2020-01-012020-06-30 0001302350us-gaap:MaterialReconcilingItemsMember2020-01-012020-06-30 0001302350jmp:AssetManagementFeeIncomeMember2020-01-012020-06-30 0001302350jmp:AssetManagementInvestmentIncomeMember2020-01-012020-06-30 0001302350us-gaap:CorporateMember2020-01-012020-06-30 0001302350srt:ParentCompanyMember2020-01-012020-06-30 0001302350us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:CollateralizedLoanObligationsMember2021-06-30 0001302350us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:CollateralizedLoanObligationsMember2020-12-31 0001302350us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:PrivateEquityFundsMember2021-06-30 0001302350us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:PrivateEquityFundsMember2020-12-31 0001302350us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberjmp:OtherEquityInterestsMember2021-06-30 0001302350us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberjmp:OtherEquityInterestsMember2020-12-31 0001302350us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2021-06-30 0001302350us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-12-31 0001302350jmp:WorkspacePropertyTrustLpMemberus-gaap:SubsequentEventMember2021-07-302021-07-30 0001302350jmp:WorkspacePropertyTrustLpMemberus-gaap:SubsequentEventMember2021-07-30 0001302350jmp:SeniorNotes2027Memberus-gaap:SubsequentEventMember2021-07-192021-07-19 0001302350us-gaap:SeniorNotesMember2021-01-012021-06-30
 

 



 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 10-Q
 


 

(Mark One)

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

  
 For the quarterly period ended June 30, 2021 OR

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 For the transition period from       to   

 

Commission File Number: 001-36802

JMP Group LLC

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

47-1632931

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

   

 

600 Montgomery Street, Suite 1100, San Francisco, California 94111

(Address of principal executive offices and Zip code)

 

(415835-8900

(Registrant’s telephone number, including area code)

 


 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

 Trading symbol(s) 

Name of Each Exchange on Which Registered

Shares representing limited liability company interests in JMP Group LLC

 

JMP

 

New York Stock Exchange

JMP Group LLC 6.875% Senior Notes due 2029 JMPNZ The NASDAQ Global Market
JMP Group Inc. 7.25% Senior Notes due 2027 JMPNL The NASDAQ Global Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

    

Non-accelerated filer

 

 

Smaller reporting company

 

       

Emerging growth company

 

    

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No ☒

 

JMP Group LLC shares representing limited liability company interests outstanding as of August 6, 2021: 19,891,431.

 



 

 
 

Table of Contents

 

 

TABLE OF CONTENTS

 

 

 

Page

PART I.

FINANCIAL INFORMATION

4

     

Item 1.

Financial Statements - JMP Group LLC

4

 

Consolidated Statements of Financial Condition as of June 30, 2021 (Unaudited) and December 31, 2020

4

 

Consolidated Statements of Operations For The Three and Six Months Ended June 30, 2021 (Unaudited) and 2020

5

  Consolidated Statements of Comprehensive Income (Loss) For The Three and Six Months Ended June 30, 2021  (Unaudited) and 2020 6
 

Consolidated Statements of Changes in Shareholders' Equity For The Three and Six Months Ended June 30, 2021 (Unaudited) and 2020

7

 

Consolidated Statements of Cash Flows For The Six Months Ended June 30, 2021 (Unaudited) and 2020

8

 

Notes to Consolidated Financial Statements (Unaudited)

10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

31

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

49

Item 4.

Controls and Procedures

49

     

PART II.

OTHER INFORMATION

50

     

Item 1.

Legal Proceedings

50

Item 1A.

Risk Factors

50

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

51

Item 3.

Defaults Upon Senior Securities

51

Item 4.

Mine Safety Disclosures

51

Item 5.

Other Information

51

Item 6.

Exhibits

51

   

EXHIBIT INDEX

52

   

SIGNATURES

53

 

2

 

 

 

 AVAILABLE INFORMATION

 

JMP Group LLC is required to file current, annual and quarterly reports, proxy statements and other information required by the Securities Exchange Act of 1934, as amended (the “Exchange Act”), with the Securities and Exchange Commission (the “SEC”). The SEC maintains an internet website at http://www.sec.gov, from which interested persons can electronically access JMP Group LLC’s SEC filings.

 

JMP Group LLC provides its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, Forms 3, 4 and 5 filed by or on behalf of directors, executive officers and certain large shareholders, and any amendments to those documents filed or furnished pursuant to the Exchange Act free of charge on the Investor Relations section of its website located at http://www.jmpg.com. These filings will become available as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC. From time to time JMP Group LLC may use its website as a channel of distribution of material company information.

 

JMP Group LLC also makes available, in the Investor Relations section of its website and will provide print copies to shareholders upon request, (i) its corporate governance guidelines, (ii) its code of business conduct and ethics, and (iii) the charters of the audit, compensation, and corporate governance and nominating committees of its board of directors. These documents, as well as the information on the website, are not intended to be part of this quarterly report on Form 10-Q (the “Quarterly Report”) and inclusions of the internet address in this Quarterly Report. JMP Group LLC also uses the Investor Relations section of its website as a means of complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor the Investor Relations section of JMP Group LLC's website in addition to following JMP Group LLC’s SEC filings, press releases and investor presentation materials. 

 

3

 

 

PART I. FINANCIAL INFORMATION

 

 

ITEM 1.

Financial Statements

 

JMP Group LLC

Consolidated Statements of Financial Condition

(Unaudited)

(Dollars in thousands, except share and per share data)

 

  

June 30, 2021

  

December 31, 2020 (1)

 

Assets

        

Cash and cash equivalents

 $86,981  $91,444 

Restricted cash

  1,293   1,287 

Investment banking fees receivable

  18,163   13,676 

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 

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 

Loans held for investment, net of allowance for loan losses

  520   994 

Interest receivable

  302   336 

Fixed assets, net

  2,622   3,118 

Operating lease right-of-use asset

  14,449   16,244 

Deferred tax asset

  16,558   17,895 

Other assets

  26,143   14,022 

Total assets

 $226,064  $241,331 
         

Liabilities and Equity

        

Liabilities:

        

Accrued compensation

 $40,459  $46,353 

Interest payable

  515   706 

Note payable

  10,610   10,610 

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 

Operating lease liability

  18,849   21,130 

Deferred tax liability

  8,363   8,482 

Other liabilities

  14,505   10,730 

Total liabilities

  155,135   178,923 
         

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 

Additional paid-in capital

  133,884   134,065 

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)

Accumulated other comprehensive income (loss)

  2,216   (369)

Accumulated deficit

  (52,585)  (57,301)

Total JMP Group LLC shareholders' equity

  70,412   62,940 

Non-controlling interest

  517   (532)

Total equity

  70,929   62,408 

Total liabilities and equity

 $226,064  $241,331 

 

(1)

The statement of financial condition as of December 31, 2020 is derived from the audited financial statements as of that date.

 

See accompanying notes to consolidated financial statements.

 

4

 

 

 

JMP Group LLC

Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share data)

 

   

Three Months Ended June 30,

   

Six Months Ended June 30,

 
   

2021

   

2020

   

2021

   

2020

 
                                 

Revenues

                               

Investment banking

  $ 32,713     $ 21,595     $ 65,282     $ 36,220  

Brokerage

    3,391       5,645       9,296       9,832  

Asset management fees

    11,101       1,712       13,270       3,428  

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 )     -       (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

  $ 0.18     $ 0.06     $ 0.24     $ (0.54 )

Diluted

  $ 0.17     $ 0.06     $ 0.23     $ (0.54 )
                                 

Weighted average common shares outstanding:

                               

Basic

    19,861       19,582       19,842       19,557  

Diluted

    21,043       19,744       20,870       19,557  

 

See accompanying notes to consolidated financial statements.

 

5

 

 

 

JMP Group LLC

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

(In thousands)

 

  

Three Months Ended June 30,

  

Six Months Ended June 30,

 
  

2021

  

2020

  

2021

  

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)

 

See accompanying notes to consolidated financial statements. 

 

6

 

 

 

JMP Group LLC

Consolidated Statements of Changes in Shareholders' Equity

(Unaudited)

(In thousands)

 

   

JMP Group LLC's Equity

                 
   

Common Shares

   

Treasury

   

Additional Paid-In

   

Accumulated

   

Accumulated Other Comprehensive

   

Non-controlling

   

Total

 
   

Shares

   

Amount

   

Shares

   

Capital

   

Deficit

   

Income (Loss)

   

Interest

   

Equity

 

Balance, December 31, 2020

    22,797     $ 23     $ (13,479 )   $ 134,065     $ (57,301 )   $ (369 )   $ (532 )   $ 62,408  

Net income

    -       -       -       -       1,089       -       79       1,168  

Additional paid-in capital

    -       -       -       194       -       -       -       194  

Purchases of shares of common shares for treasury

    -       -       (58 )     -       -       -       -       (58 )

Reissuance of shares of common shares from treasury

    -       -       250       -       -       -       -       250  

Other comprehensive income

    -       -       -       -       -       2,518       -       2,518  

Balance, March 31, 2021

    22,797       23       (13,287 )     134,259       (56,212 )     2,149       (453 )     66,480  

Net income

    -       -       -       -       3,628       -       15       3,643  

Additional paid-in capital

    -       -       -       (377 )     -       -       975       598  

Distributions and distribution equivalents paid to shareholders

    -       -       -       -       -       -       (20 )     (20 )

Purchases of shares of common shares for treasury

    -       -       (123 )     -       -       -       -       (123 )

Reissuance of shares of common shares from treasury

    -       -       284       -       -       -       -       284  

Other comprehensive income

    -       -       -       -       -       67       -       67  

Balance, June 30, 2021

    22,797       23       (13,126 )     133,882       (52,585 )     2,216       517       70,929  

 

   

JMP Group LLC's Equity

                 
   

Common Shares

   

Treasury

   

Additional Paid-In

   

Accumulated

   

Accumulated Other Comprehensive

   

Non-controlling

   

Total

 
   

Shares

   

Amount

   

Shares

   

Capital

   

Deficit

   

Income (Loss)

   

Interest

   

Equity

 

Balance, December 31, 2019

    22,797     $ 23     $ (14,872 )   $ 133,894     $ (52,588 )   $ (4,769 )   $ (327 )   $ 61,361  

Net loss

    -       -       -       -       (11,748 )     -       (91 )     (11,839 )

Additional paid-in capital - share-based compensation

    -       -       -       266       -       -       -       266  

Purchases of shares of common shares for treasury

    -       -       (26 )     -       -       -       -       (26 )

Reissuance of shares of common shares from treasury

    -       -       200       (32 )     -       -       -       168  

Other comprehensive income

    -       -       -       -       -       1,281       -       1,281  

Balance, March 31, 2020

    22,797       23       (14,698 )     134,128       (64,336 )     (3,488 )     (418 )     51,211  

Net loss

    -       -       -       -       1,124       -       (26 )     1,098  

Additional paid-in capital - share-based compensation

    -       -       -       209       -       -       -       209  

Purchases of shares of common shares for treasury

    -       -       (24 )     -       -       -       -       (24 )

Reissuance of shares of common shares from treasury

    -       -       255       -       -       -       -       255  

Distribution to non-controlling interest holders

    -       -       -       -       -       -       (112 )     (112 )

Other comprehensive income

    -       -       -       -       -       2,995       -       2,995  

Balance, June 30, 2020

    22,797       23       (14,467 )     134,337       (63,212 )     (493 )     (556 )     55,632  

 

See accompanying notes to consolidated financial statements.

 

7

 
 

 

JMP Group LLC

Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

 

   

Six Months Ended June 30,

 
   

2021

   

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       -  

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

    -       (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  

 

See accompanying notes to consolidated financial statements.

 

8

 

 

JMP Group LLC

Consolidated Statements of Cash Flows - (Continued)

(Unaudited)

(In thousands)

 

   

Six Months Ended June 30,

 
   

2021

   

2020

 

Cash flows from financing activities:

               

Proceeds from drawdowns on line of credit and other borrowings

    -       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  

 

See accompanying notes to consolidated financial statements. 

 

9

 

JMP Group LLC

Notes to Consolidated Financial Statements

June 30, 2021

(Unaudited)

 

 

1. Organization and Description of Business

 

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. JMP Securities is a U.S. registered broker-dealer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is a member of the Financial Industry Regulatory Authority (“FINRA”). JMP Securities operates as an introducing broker and does not hold funds or securities for, or owe any money or securities to, customers and does not carry accounts for customers. All customer transactions are cleared through another broker-dealer on a fully disclosed basis. HCS is a registered investment advisor under the Investment Advisers Act of 1940, as amended, and provides investment management services for sophisticated investors in investment partnerships and other entities managed by HCS. HCAP Advisors provided investment advisory services to Harvest Capital Credit Corporation (“HCC”), a publicly-traded business development company, until HCC was acquired by Portman Ridge Finance Corporation on June 9, 2021, as further described below under “Recent Transactions”. JMPAM currently manages two fund strategies: one that invests in real estate and real estate-related enterprises and another that provides credit to small and midsized private companies. JMPCA, which was a wholly-owned subsidiary until March 19, 2019, is an asset management platform that underwrites and manages investments in senior secured debt. The Company completed a Reorganization Transaction in  January 2015 pursuant to which JMP Group Inc. became a wholly-owned subsidiary of JMP Group LLC (the “Reorganization Transaction”). The Company entered into a Contribution Agreement in November 2017 pursuant to which JMP Group Inc. became a wholly-owned subsidiary of JMP Investment Holdings, which is a wholly-owned subsidiary of JMP Group LLC.

 

Recent Transactions

 

 In February 2020, Medalist Partners Corporate Finance LLC ("MPCF") completed the securitization of Medalist Partners Corporate Finance CLO VI Ltd upon which the related CLO VI warehouse was liquidated. The Company does not hold any subordinated notes of Medalist Partners Corporate Finance CLO VI Ltd.

 

On June 9, 2021, HCC and Portman Ridge Finance Corporation (“PTMN”) closed a merger transaction pursuant to which HCC merged with and into PTMN, a business development company managed by Sierra Crest Investment Management LLC (“Sierra Crest”), an affiliate of BC Partners Advisors L.P. In connection with the merger, the Company received aggregate consideration totaling $9.5 million and recorded a realized gain of $0.1 million. The Company’s subsidiary HCAP Advisors provided investment advisory services to HCC and in connection with the merger, Sierra Crest and HCAP Advisors have agreed to a transition services agreement pursuant to which HCAP Advisors will provide certain consulting services to Sierra Crest relating to HCC’s investment portfolio. Under the transition services agreement, HCAP Advisors is expected to earn $3.9 million in total through the three-year period commencing on the merger date.

 

During the second quarter, the Company received a notice of optional redemption from JMP Credit Advisors CLO III(R) LTD (“CLO III”) upon which CLO III was liquidated.  As subordinated noteholders of CLO III, the Company received equity distributions from the optional redemption of $1.7 million and $2.3 million on June 4, 2021 and June 18, 2021, respectively.  As a result of the optional redemption, the Company recorded a $2.8 million realized loss on its investment in CLO III and as of June 30, 2021, had a receivable of $1.8 million related to its pro-rata share of the remaining assets to be liquidated in CLO III.  As of August 6, 2021, the Company has received $1.0 million related to the $1.8 million receivable balance.

 

In June 2021, the Company sold its existing 45.0% ownership interest in Medalist Partners Corporate Finance LLC. The Company received a $1.5 million upfront cash payment, canceled its previous fee-sharing agreement, and entered into a new fee sharing agreement, in which the Company will retain an interest to receive 20 basis points of the total 35 basis points in subordinated management fees from JMP Credit Advisors CLO IV Ltd. and JMP Credit Advisors CLO V Ltd. The Company recognized a realized gain of $1.4 million on this transaction.

 

10

 
 

2. Summary of Significant Accounting Policies 

 

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-Q and Article 10 of Regulation S-X. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in its Annual Report on Form 10-K for the year ended  December 31, 2020 filed with the SEC on March 29, 2021 (the “Annual Report”). Certain disclosures required by GAAP and normally included in an annual report on Form 10-K have been condensed or omitted from this report; however, except as disclosed herein, there has been no material change in the information disclosed in the notes to consolidated financial statements included in the Annual Report. The results of operations for any interim period are not necessarily indicative of the results to be expected for a full year. In the opinion of management, all normal, recurring adjustments have been included for a fair statement of this interim financial information.

 

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 and  December 31, 2020 relate to the interest of third parties in the partially-owned subsidiaries. Certain prior year amounts have been reclassified to conform to current year presentation.

 

See Note 2 - Summary of Significant Accounting Policies in the Company’s Annual Report for the Companys significant accounting policies.

 

For the six months ended June 30, 2021, there were no significant changes made to the Company’s significant accounting policies. See Note 3, Recent Accounting Pronouncements, for a summary of recently adopted or yet to be adopted accounting pronouncements, and their impact on the Company.

 

 

3. Recent Accounting Pronouncements

 

 Accounting Standards to be adopted in Future Periods

 

In  June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (CECL), with subsequent amendments to clarify the guidance, provide transitional relief provisions and minor updates to the original ASU. ASU 206-13 replaces the existing incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This ASU is required to be adopted using a modified retrospective approach with a cumulative-effect adjustment to beginning retained earnings, as of the beginning of the first reporting period the guidance is effective for. As a result of one of the amendments to ASU 2016-13, the new guidance will be effective for public business entities that meet the definition of a smaller reporting company for fiscal years and all interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The Company does not plan to early adopt this standard, but continues to work through implementation. While the Company cannot reasonably estimate the impact of adopting this standard, it expects the impact will be influenced by the composition, characteristics and quality of the Company's securities portfolios, as well as the general economic conditions and forecasts as of the adoption date.

 

Recently Adopted Accounting Guidance

 

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, to simplify the accounting for income taxes. This guidance eliminates certain exceptions to the general approach to the income tax accounting model, and adds new guidance to reduce the complexity in accounting for income taxes. The Company adopted ASU 2019-12 effective January 1, 2021. The adoption did not materially impact the Company's consolidated financial statements or disclosure

 

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of the FASB’s disclosure framework project. The Company adopted ASU 2018-13 effective  January 1, 2020. The adoption did not materially impact the Company’s consolidated financial statements or its disclosures.

 

11

 
 
 

4. Fair Value Measurements

 

The following tables provide fair value information related to the Company’s financial instruments at June 30, 2021 and  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