Bimini Capital Management Q3 2024 Update

TL;DR

Bimini Capital's Q3 2024: $98M portfolio, 1.5% advisory fees on MBS.

AI Summary

Bimini Capital Management, Inc. filed its Q3 2024 10-Q report on November 1, 2024. The company's investment portfolio, including interest on repurchase agreements, stood at $98 million as of September 30, 2024. Fees paid by Royal Palm to Bimini Advisors for advisory services were at an annualized rate of 1.5% of the capital allocated to Royal Palm's MBS portfolio.

Why It Matters

This filing provides insight into Bimini Capital Management's financial position and operational details, including its investment portfolio size and advisory fee structure.

Risk Assessment

Risk Level: medium — The company operates in the real estate investment trust sector, which can be sensitive to interest rate fluctuations and market conditions.

Key Numbers

• $98.0M — Investment Portfolio (As of September 30, 2024, including interest on repurchase agreements.)
• 1.5% — Advisory Fee Rate (Annualized rate paid by Royal Palm to Bimini Advisors for MBS portfolio management.)
• $17.4M — Structured MBS Portfolio Notional Balance (As of September 30, 2024.)

Key Players & Entities

• BIMINI CAPITAL MANAGEMENT, INC. (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241101 (date) — Filing Date
• $98,000,000 (dollar_amount) — Investment Portfolio Value
• Royal Palm (company) — Client paying advisory fees
• Bimini Advisors (company) — Advisory service provider
• 1.5% (dollar_amount) — Annualized advisory fee rate

FAQ

Key Financial Figures

• $0.001 — res Outstanding Class A Common Stock, $0.001 par value October 31, 2024 10,005,457
• $250,000 — oration insures eligible accounts up to $250,000 per depositor at each financial institu

Filing Documents

• bcmi20240930_10q.htm (10-Q) — 2219KB
• ex_721615.htm (EX-31.1) — 12KB
• ex_721616.htm (EX-31.2) — 12KB
• ex_721617.htm (EX-32.1) — 6KB
• ex_721618.htm (EX-32.2) — 6KB
• logosm.jpg (GRAPHIC) — 8KB
• 0001437749-24-032917.txt ( ) — 8241KB
• bmnm-20240930.xsd (EX-101.SCH) — 56KB
• bmnm-20240930_cal.xml (EX-101.CAL) — 35KB
• bmnm-20240930_def.xml (EX-101.DEF) — 381KB
• bmnm-20240930_lab.xml (EX-101.LAB) — 295KB
• bmnm-20240930_pre.xml (EX-101.PRE) — 402KB
• bcmi20240930_10q_htm.xml (XML) — 1561KB

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 39

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) September 30, 2024 December 31, 2023 ASSETS: Mortgage-backed securities, at fair value: Pledged to counterparties $ 118,269,794 $ 92,575,292 Unpledged 158,856 155,560 Total mortgage-backed securities 118,428,650 92,730,852 Cash and cash equivalents 4,561,973 3,716,386 Restricted cash 1,144,529 753,900 Orchid Island Capital, Inc. common stock, at fair value 4,677,763 4,797,269 Accrued interest receivable 572,506 488,660 Property and equipment, net 1,863,455 1,920,823 Deferred tax assets, net 17,995,449 19,047,680 Due from affiliates 1,177,430 1,013,406 Other assets 1,210,828 1,129,038 Total Assets $ 151,632,583 $ 125,598,014 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES: Repurchase agreements $ 113,022,999 $ 86,906,999 Long-term debt 27,373,739 27,394,417 Accrued interest payable 311,772 260,413 Other liabilities 2,600,844 2,908,444 Total Liabilities 143,309,354 117,470,273 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 September 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 September 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 September 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 September 30, 2024 and December 31, 2023 32 32 Additional paid-in capital 329,815,150 329,815,150 Accumulated deficit ( 321,501,990 ) ( 321,697,478 ) Total Stockho

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