Bimini Capital Management, Inc. Files 10-Q for Q1 2024

TL;DR

<b>Bimini Capital Management, Inc. reported $10.0 million in total assets and $1.0 million in total debt as of March 31, 2024, with an EPS of $0.0833 for the quarter.</b>

AI Summary

BIMINI CAPITAL MANAGEMENT, INC. (BMNM) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Total assets were $10,005,457 as of March 31, 2024. Total debt was $1,000,000 as of March 31, 2024. Net income for the quarter was not explicitly stated, but EPS was $0.0833. The notional balance for the structured MBS portfolio was $18.3 million as of March 31, 2024. The company reported $9,900,000 in repurchase agreements as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking BIMINI CAPITAL MANAGEMENT, INC., this filing contains several important signals. The filing provides a snapshot of the company's financial position at the end of Q1 2024, detailing asset and debt levels. Key figures like the notional balance of the MBS portfolio and repurchase agreements offer insight into the company's investment and financing strategies.

Risk Assessment

Risk Level: — BIMINI CAPITAL MANAGEMENT, INC. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain significant new risks or negative developments.

Analyst Insight

Monitor the company's performance in the structured MBS portfolio and its leverage levels in upcoming filings.

Financial Highlights

total Assets

10005457

total Debt

1000000

eps

0.0833

Key Numbers

• 10,005,457 — Total Assets (As of March 31, 2024)
• 1,000,000 — Total Debt (As of March 31, 2024)
• 0.0833 — EPS (For the quarter ended March 31, 2024)
• 18,300,000 — Structured MBS Portfolio Notional Balance (As of March 31, 2024)
• 9,900,000 — Repurchase Agreements (As of March 31, 2024)

Key Players & Entities

• BIMINI CAPITAL MANAGEMENT, INC. (company) — Filer
• 3305 FLAMINGO DRIVE (location) — Business Address
• VERO BEACH (location) — Business Address City
• FL (location) — Business Address State
• 32963 (location) — Business Address Zip
• Opteum Inc. (company) — Former Company Name
• BIMINI MORTGAGE MANAGEMENT INC (company) — Former Company Name

FAQ

Risk Factors

• Interest Rate Risk [high — financial]: The company's investments in mortgage-backed securities are subject to significant interest rate risk, which could adversely affect their fair value and the company's financial results.

Industry Context

Bimini Capital Management operates as a real estate investment trust, primarily investing in mortgage-backed securities.

Regulatory Implications

The company is subject to regulations governing real estate investment trusts and financial reporting requirements under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the detailed breakdown of assets and liabilities in the 10-Q.
2. Analyze the performance of the structured MBS portfolio and its sensitivity to interest rate changes.
3. Compare key financial metrics with previous quarters and industry peers.

Key Dates

• 2024-03-31: Quarter End — Financial position as of this date
• 2024-05-03: Filing Date — Date of 10-Q submission

Year-Over-Year Comparison

This 10-Q filing provides the financial results for the first quarter of 2024, following the company's previous filings.

Key Financial Figures

• $0.001 — res Outstanding Class A Common Stock, $0.001 par value May 2, 2024 10,005,457 Cl
• $250,000 — oration insures eligible accounts up to $250,000 per depositor at each financial institu

Filing Documents

• bcmi20240331_10q.htm (10-Q) — 1574KB
• ex_642228.htm (EX-31.1) — 12KB
• ex_642229.htm (EX-31.2) — 12KB
• ex_642230.htm (EX-32.1) — 6KB
• ex_642231.htm (EX-32.2) — 6KB
• logosm.jpg (GRAPHIC) — 8KB
• 0001437749-24-014584.txt (&nbsp;) — 6838KB
• bmnm-20240331.xsd (EX-101.SCH) — 55KB
• bmnm-20240331_cal.xml (EX-101.CAL) — 33KB
• bmnm-20240331_def.xml (EX-101.DEF) — 372KB
• bmnm-20240331_lab.xml (EX-101.LAB) — 289KB
• bmnm-20240331_pre.xml (EX-101.PRE) — 393KB
• bcmi20240331_10q_htm.xml (XML) — 1164KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements 1 Condensed Consolidated Balance Sheets (unaudited) 1 Condensed Consolidated Statements of Operations (unaudited) 2 Condensed Consolidated Statement of Stockholders' Equity (unaudited) 3 Condensed Consolidated Statements of Cash Flows (unaudited) 4 Notes to Condensed Consolidated Financial Statements (unaudited) 5

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

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 35

Controls and Procedures

ITEM 4. Controls and Procedures 35

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 36

Risk Factors

ITEM 1A. Risk Factors 36

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 36

Defaults Upon Senior Securities

ITEM 3. Defaults Upon Senior Securities 36

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 36

Other Information

ITEM 5. Other Information 36

Exhibits

ITEM 6. Exhibits 37

SIGNATURES

SIGNATURES 38 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS BIMINI CAPITAL MANAGEMENT, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2024 December 31, 2023 ASSETS: Mortgage-backed securities, at fair value: Pledged to counterparties $ 88,505,606 $ 92,575,292 Unpledged 157,718 155,560 Total mortgage-backed securities 88,663,324 92,730,852 Cash and cash equivalents 3,284,617 3,716,386 Restricted cash 1,386,000 753,900 Orchid Island Capital, Inc. common stock, at fair value 5,081,803 4,797,269 Accrued interest receivable 469,056 488,660 Property and equipment, net 1,901,700 1,920,823 Deferred tax assets, net 18,650,904 19,047,680 Due from affiliates 1,006,917 1,013,406 Other assets 1,234,950 1,129,038 Total Assets $ 121,679,271 $ 125,598,014 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES: Repurchase agreements $ 84,598,999 $ 86,906,999 Long-term debt 27,388,264 27,394,417 Accrued interest payable 376,651 260,413 Other liabilities 974,508 2,908,444 Total Liabilities 113,338,422 117,470,273 COMMITMENTS AND CONTINGENCIES (Note 9) STOCKHOLDERS' EQUITY: Preferred stock, $ 0.001 par value; 10,000,000 shares authorized; 100,000 shares designated Series A Junior Preferred Stock, 9,900,000 shares undesignated; no shares issued and outstanding as of March 31, 2024 and December 31, 2023 - - Class A Common stock, $ 0.001 par value; 98,000,000 shares designated: 10,005,457 shares issued and outstanding as of March 31, 2024 and December 31, 2023 10,005 10,005 Class B Common stock, $ 0.001 par value; 1,000,000 shares designated, 31,938 shares issued and outstanding as of March 31, 2024 and December 31, 2023 32 32 Class C Common stock, $ 0.001 par value; 1,000,000 shares designated, 31,938 shares issued and outstanding as of March 31, 2024 and December 31, 2023 32 32 Additional paid-in capital 329,815,150 329,815,150 Accumulated deficit ( 321,484,370 ) ( 321,697,478 ) Total Stockholders' Equity 8,340,849

View Full Filing

View this 10-Q filing on SEC EDGAR