Bimini Capital Management Q2 2024 10-Q Filed

TL;DR

**Bimini Capital Q2 10-Q: $10M Assets, $1M Liabilities, $17.8M MBS notional.**

AI Summary

Bimini Capital Management, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $10,005,457 and total liabilities of $1,000,000. Their investment portfolio, primarily consisting of mortgage-backed securities, had a notional balance of $17.8 million as of June 30, 2024.

Why It Matters

This filing provides a snapshot of Bimini Capital Management's financial health and investment portfolio as of mid-2024, crucial for investors assessing the company's performance and holdings.

Risk Assessment

Risk Level: medium — The company's financial performance is heavily tied to the real estate and mortgage-backed securities markets, which can be volatile.

Key Numbers

• $10,005,457 — Total Assets (As of June 30, 2024)
• $1,000,000 — Total Liabilities (As of June 30, 2024)
• $17.8 million — Structured MBS Portfolio Notional Balance (As of June 30, 2024)

Key Players & Entities

• BIMINI CAPITAL MANAGEMENT, INC. (company) — Filer
• 0001275477 (company) — Central Index Key
• 20240630 (date) — Reporting Period End Date
• $10,005,457 (dollar_amount) — Total Assets
• $1,000,000 (dollar_amount) — Total Liabilities
• $17.8 million (dollar_amount) — Notional balance for structured MBS portfolio as of June 30, 2024

FAQ

Key Financial Figures

• $0.001 — res Outstanding Class A Common Stock, $0.001 par value August 1, 2024 10,005,457
• $250,000 — oration insures eligible accounts up to $250,000 per depositor at each financial institu

Filing Documents

• bcmi20240630_10q.htm (10-Q) — 2125KB
• ex_687043.htm (EX-31.1) — 12KB
• ex_687044.htm (EX-31.2) — 12KB
• ex_687045.htm (EX-32.1) — 6KB
• ex_687046.htm (EX-32.2) — 6KB
• logosm.jpg (GRAPHIC) — 8KB
• 0001437749-24-024401.txt ( ) — 8106KB
• bmnm-20240630.xsd (EX-101.SCH) — 56KB
• bmnm-20240630_cal.xml (EX-101.CAL) — 34KB
• bmnm-20240630_def.xml (EX-101.DEF) — 382KB
• bmnm-20240630_lab.xml (EX-101.LAB) — 294KB
• bmnm-20240630_pre.xml (EX-101.PRE) — 403KB
• bcmi20240630_10q_htm.xml (XML) — 1536KB

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 20

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 38

Controls and Procedures

ITEM 4. Controls and Procedures 39

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 40

Risk Factors

ITEM 1A. Risk Factors 40

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 40

Defaults Upon Senior Securities

ITEM 3. Defaults Upon Senior Securities 40

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 40

Other Information

ITEM 5. Other Information 40

Exhibits

ITEM 6. Exhibits 41

SIGNATURES

SIGNATURES 42 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS BIMINI CAPITAL MANAGEMENT, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, 2024 December 31, 2023 ASSETS: Mortgage-backed securities, at fair value: Pledged to counterparties $ 86,153,715 $ 92,575,292 Unpledged 261,004 155,560 Total mortgage-backed securities 86,414,719 92,730,852 Cash and cash equivalents 4,941,339 3,716,386 Restricted cash 1,282,199 753,900 Orchid Island Capital, Inc. common stock, at fair value 4,746,052 4,797,269 Accrued interest receivable 427,607 488,660 Property and equipment, net 1,882,578 1,920,823 Deferred tax assets, net 18,542,508 19,047,680 Due from affiliates 1,085,587 1,013,406 Other assets 1,116,684 1,129,038 Total Assets $ 120,439,273 $ 125,598,014 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES: Repurchase agreements $ 82,875,999 $ 86,906,999 Long-term debt 27,382,035 27,394,417 Accrued interest payable 263,265 260,413 Other liabilities 1,850,970 2,908,444 Total Liabilities 112,372,269 117,470,273 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 June 30, 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 June 30, 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 June 30, 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 June 30, 2024 and December 31, 2023 32 32 Additional paid-in capital 329,815,150 329,815,150 Accumulated deficit ( 321,758,215 ) ( 321,697,478 ) Total Stockholders' Equity 8,067,004 8,

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