Bimini Capital Management, Inc. (OTCBB:BMNM), a real estate
investment trust ("REIT"), today announced results of operations
for the three-month period ended March 31, 2014. Discussions
related to the "Company" refer to the consolidated entity,
including Bimini Capital, our wholly-owned subsidiaries, and our
consolidated VIE, Orchid Island Capital, Inc. ("Orchid").
References to "Bimini Capital," the "parent", and the "registrant"
refer to Bimini Capital Management, Inc. as a separate entity.
First Quarter 2014 Highlights
- Net income of $2.4 million attributed to Bimini Capital, or
$0.20 per common share
- Book value per share of $0.28
- MBS portfolio remains 100% invested in agency MBS
- Company to discuss results on Wednesday, May 14, 2014, at 10:00
AM ET
Orchid Island Capital
On February 20, 2013, Orchid completed its initial public
offering ("IPO"), selling 2,360,000 shares of its common stock for
proceeds of $35.4 million. During the three months ended March 31,
2014, Orchid completed two secondary offerings of its common stock.
Subsequent to Orchid's IPO and as of March 31, 2014, management has
concluded, pursuant to generally accepted accounting principles,
that Orchid is a variable interest entity ("VIE") because Orchid's
equity holders lack the ability through voting rights to make
decisions about the activities that have a significant effect on
the success of Orchid. Management has also concluded that Bimini
Capital is the primary beneficiary of Orchid because, under the
management agreement between Bimini Advisors, LLC ("Bimini
Advisors"), a wholly-owned subsidiary of Bimini, and Orchid, Bimini
Capital has the power to direct the activities of Orchid that most
significantly impact its economic performance. As a result,
subsequent to Orchid's IPO and through March 31, 2014, the Company
has continued to consolidate Orchid in its consolidated financial
statements even though, as of March 31, 2014, Bimini owned 11.4% of
the outstanding common stock of Orchid.
The noncontrolling interests reported in the Company's
consolidated financial statements represent the portion of equity
ownership in Orchid held by stockholders other than Bimini Capital.
Noncontrolling interests in Orchid are presented in the equity
section of the consolidated balance sheets, separate from equity
attributed to Bimini Capital. Net income of Orchid is allocated
between the noncontrolling interests and to Bimini Capital in
proportion to their relative ownership interests in Orchid.
The consolidation of Orchid's assets and liabilities with those
of Bimini Capital and its wholly-owned subsidiaries gives the
appearance of a much larger organization. However, the assets
recognized as a result of consolidating Orchid do not represent
additional assets that could be used to satisfy claims against
Bimini Capital's assets, nor do they represent amounts that are
available to be distributed to Bimini Capital's stockholders.
Conversely, liabilities recognized as a result of consolidating
Orchid do not represent additional claims on Bimini Capital's
assets; rather, they represent claims against the assets of Orchid.
In addition to the presentation of the Company's consolidated
portfolio activities, we have also provided additional discussion
related to the portfolio activities of Bimini Capital on its own.
We believe that this "parent-only" information along with the
consolidated presentation provides useful information to the
shareholders of Bimini Capital.
Details of First Quarter 2014 Results of
Operations
Selected unaudited consolidated and parent-only results for the
three month period ended March 31, 2014 are presented in the table
below.
(in thousands) |
|
Consolidated |
Parent-Only |
Net income |
$ 2,369 |
$ 2,369 |
Net portfolio interest income |
3,418 |
47 |
Net gains on mortgage-backed securities |
2,638 |
186 |
Net losses on derivative instruments |
(1,717) |
(24) |
Audit, legal and other professional fees |
400 |
242 |
Compensation and related benefits |
446 |
142 |
Other operating, general and administrative
expenses |
510 |
189 |
Income tax benefit |
(2,157) |
-- |
Fair value adjustments on retained
interests in securitizations |
194 |
-- |
Capital Allocation and Return on Invested
Capital
The Company allocates capital between two MBS sub-portfolios,
the pass-through MBS portfolio ("PT MBS") and the structured MBS
portfolio, consisting of interest only ("IO") and inverse
interest-only ("IIO") securities. The tables below detail the
changes to the respective sub-portfolios during the quarter for
both the consolidated Company and the parent-only.
|
Portfolio Activity for the Quarter
(Consolidated) |
|
|
Structured Security Portfolio |
|
|
Pass-Through |
Interest-Only |
Inverse Interest |
|
|
|
Portfolio |
Securities |
Only
Securities |
Sub-total |
Total |
Market Value - December 31,
2013 |
$ 363,302,440 |
$ 20,442,615 |
$ 5,595,903 |
$ 26,038,518 |
$ 389,340,958 |
Securities Purchased |
563,449,929 |
17,876,998 |
6,407,041 |
24,284,039 |
587,733,968 |
Securities Sold |
(155,112,062) |
-- |
-- |
-- |
(155,112,062) |
Gain on Sale |
1,069,356 |
-- |
-- |
-- |
1,069,356 |
Return on Investment |
n/a |
(2,622,339) |
(678,599) |
(3,300,938) |
(3,300,938) |
Pay-downs |
(7,759,239) |
n/a |
n/a |
n/a |
(7,759,239) |
Premium Lost Due to Pay-downs |
(354,208) |
n/a |
n/a |
n/a |
(354,208) |
Mark to Market Gains (Losses) |
1,181,990 |
1,030,829 |
(290,300) |
740,529 |
1,922,519 |
Market Value - March 31,
2014 |
$ 765,778,206 |
$ 36,728,103 |
$ 11,034,045 |
$ 47,762,148 |
$ 813,540,354 |
|
Portfolio Activity for the Quarter
(Parent-Only) |
|
|
Structured Security Portfolio |
|
|
Pass-Through |
Interest-Only |
Inverse Interest |
|
|
|
Portfolio |
Securities |
Only
Securities |
Sub-total |
Total |
Market Value - December 31,
2013 |
$ 36,327,269 |
$ 1,236,803 |
$ 554,376 |
$ 1,791,179 |
$ 38,118,448 |
Securities Purchased |
41,981,978 |
-- |
-- |
-- |
41,981,978 |
Securities Sold |
(13,814,767) |
-- |
-- |
-- |
(13,814,767) |
Gain on Sale |
158,038 |
-- |
-- |
-- |
158,038 |
Return on Investment |
n/a |
(259,689) |
(55,018) |
(314,707) |
(314,707) |
Pay-downs |
(374,459) |
n/a |
n/a |
n/a |
(374,459) |
Premium Lost Due to Pay-downs |
(10,458) |
n/a |
n/a |
n/a |
(10,458) |
Mark to Market Gains (Losses) |
34,403 |
69,553 |
(65,175) |
4,378 |
38,781 |
Market Value - March 31,
2014 |
$ 64,302,004 |
$ 1,046,667 |
$ 434,183 |
$ 1,480,850 |
$ 65,782,854 |
The tables below present the allocation of capital between the
respective portfolios at March 31, 2014 and December 31, 2013, and
the return on invested capital for each sub-portfolio for the
three-month period ended March 31, 2014. Capital
allocation is defined as the sum of the market value of securities
held, less associated repurchase agreement borrowings, plus cash
and cash equivalents and restricted cash associated with repurchase
agreements. Capital allocated to non-portfolio assets is not
included in the calculation.
On a consolidated basis, the returns on invested capital in the
PT MBS and structured MBS portfolios were approximately 18.9% and
0.0%, respectively, for the first quarter of 2014. The
combined portfolio generated a return on invested capital of
approximately 9.1%. Due to the two secondary offerings
completed by Orchid during the quarter ended March 31, 2014, the
capital allocated to the respective portfolios increased by over
100%. Accordingly, returns generated based on the beginning of
period capital should be viewed in light of the significant
increase in capital during the quarter. We have added the
return on average capital deployed to address this issue.
For parent-only, the returns on invested capital in the PT MBS
and structured MBS portfolios were approximately 11.3% and (6.3)%,
respectively, for the first quarter of 2014. The combined
portfolio generated a return on invested capital of approximately
6.8%.
|
Capital Allocation (Consolidated) |
|
|
Structured Security Portfolio |
|
|
Pass-Through |
Interest-Only |
Inverse Interest |
|
|
|
Portfolio |
Securities |
Only
Securities |
Sub-total |
Total |
March 31,
2014 |
Market Value |
$ 765,778,206 |
$ 36,728,103 |
$ 11,034,045 |
$ 47,762,148 |
$ 813,540,354 |
Cash equivalents and restricted
cash(1)(2) |
11,258,906 |
-- |
-- |
-- |
11,258,906 |
Repurchase Agreement
Obligations(3) |
(712,619,584) |
-- |
-- |
-- |
(712,619,584) |
Total |
$ 64,417,528 |
$ 36,728,103 |
$ 11,034,045 |
$ 47,762,148 |
$ 112,179,676 |
% of Total |
57.4% |
32.8% |
9.8% |
42.6% |
100.0% |
December 31,
2013 |
Market Value |
$ 363,302,440 |
$ 20,442,615 |
$ 5,595,903 |
$ 26,038,518 |
$ 389,340,958 |
Cash equivalents and restricted cash(2) |
14,404,916 |
-- |
-- |
-- |
14,404,916 |
Repurchase Agreement
Obligations(3) |
(353,396,075) |
-- |
-- |
-- |
(353,396,075) |
Total |
$ 24,311,281 |
$ 20,442,615 |
$ 5,595,903 |
$ 26,038,518 |
$ 50,349,799 |
% of Total |
48.3% |
40.6% |
11.1% |
51.7% |
100.0% |
|
(1) At March 31, 2014, total cash has been reduced by unsettled
security purchases of approximately $39.5 million.
(2) Amount excludes restricted cash of $102,830 and $111,540 at
March 31, 2014 and December 31, 2013, respectively, related to
trust preferred debt funding hedges.
(3) At March 31, 2014, there were outstanding repurchase
agreement balances of $6.0 million and $5.4 million secured by
interest-only and inverse interest-only securities,
respectively. At December 31, 2013, there were outstanding
repurchase agreement balances of $3.6 million and $3.0 million
secured by interest-only and inverse interest-only securities,
respectively. We entered into these arrangements to generate
additional cash to invest in pass-through MBS strategy; therefore
we have not considered these balances to be allocated to the
structured securities strategy.
|
Capital Allocation (Parent-Only) |
|
|
Structured Security Portfolio |
|
|
Pass-Through |
Interest-Only |
Inverse Interest |
|
|
|
Portfolio |
Securities |
Only
Securities |
Sub-total |
Total |
March 31,
2014 |
Market Value |
$ 64,302,004 |
$ 1,046,667 |
$ 434,183 |
$ 1,480,850 |
$ 65,782,854 |
Cash equivalents and restricted cash(1) |
3,047,437 |
-- |
-- |
-- |
3,047,437 |
Repurchase Agreement Obligations |
(61,373,239) |
-- |
-- |
-- |
(61,373,239) |
Total |
$ 5,976,202 |
$ 1,046,667 |
$ 434,183 |
$ 1,480,850 |
$ 7,457,052 |
% of Total |
80.1% |
14.0% |
5.8% |
19.9% |
100.0% |
December 31,
2013 |
Market Value |
$ 36,327,269 |
$ 1,236,803 |
$ 554,376 |
$ 1,791,179 |
$ 38,118,448 |
Cash equivalents and restricted cash(1) |
3,739,647 |
-- |
-- |
-- |
3,739,647 |
Repurchase Agreement Obligations |
(34,839,021) |
-- |
-- |
-- |
(34,839,021) |
Total |
$ 5,227,895 |
$ 1,236,803 |
$ 554,376 |
$ 1,791,179 |
$ 7,019,074 |
% of Total |
74.5% |
17.6% |
7.9% |
25.5% |
100.0% |
|
(1) Amount excludes restricted cash of $102,830 and $111,540 at
March 31, 2014 and December 31, 2013, respectively, related to
trust preferred debt funding hedges.
|
Returns for the Quarter (Consolidated) |
|
|
Structured Security Portfolio |
|
|
Pass-Through |
Interest-Only |
Inverse Interest |
|
|
|
Portfolio |
Securities |
Only
Securities |
Sub-total |
Total |
Income / (loss) (net of repo cost) |
$ 4,397,279 |
$ (860,681) |
$ 125,074 |
$ (735,607) |
$ 3,661,672 |
Realized and unrealized gains (losses) |
1,897,138 |
1,030,829 |
(290,300) |
740,529 |
2,637,667 |
Hedge losses(1) |
(1,693,292) |
n/a |
n/a |
n/a |
(1,693,292) |
Total Return |
$ 4,601,125 |
$ 170,148 |
$ (165,226) |
$ 4,922 |
$ 4,606,047 |
Beginning Capital Allocation |
$ 24,311,281 |
$ 20,442,615 |
$ 5,595,903 |
$ 26,038,518 |
$ 50,349,799 |
Return on Invested Capital for the
Quarter(2) |
18.9% |
0.8% |
(3.0)% |
0.0% |
9.1% |
Average Capital Allocation(3) |
$ 44,364,405 |
$ 28,585,359 |
$ 8,314,974 |
$ 36,900,333 |
$ 81,264,738 |
Return on Average Invested Capital for
the Quarter(4) |
10.4% |
0.6% |
(2.0)% |
0.0% |
5.7% |
|
Returns for the Quarter (Parent-Only) |
|
|
Structured Security Portfolio |
|
|
Pass-Through |
Interest-Only |
Inverse Interest |
|
|
|
Portfolio |
Securities |
Only
Securities |
Sub-total |
Total |
Income (loss) (net of repo cost) |
$ 406,438 |
$ (123,785) |
$ 7,240 |
$ (116,545) |
$ 289,893 |
Realized and unrealized gains
(losses) |
181,983 |
69,553 |
(65,175) |
4,378 |
186,361 |
Total Return |
$ 588,421 |
$ (54,232) |
$ (57,935) |
$ (112,167) |
$ 476,254 |
Beginning Capital Allocation |
$ 5,227,895 |
$ 1,236,803 |
$ 554,376 |
$ 1,791,179 |
$ 7,019,074 |
Return on Invested Capital for the
Quarter(2) |
11.3% |
(4.4)% |
(10.5)% |
(6.3)% |
6.8% |
|
(1) Excludes losses of approximately $24,000 associated with
trust preferred funding hedges.
(2) Calculated by dividing the Total Return by the Beginning
Capital Allocation, expressed as a percentage.
(3) Calculated using two data points, the Beginning and Ending
Capital Allocation balances.
(4) Calculated by dividing the Total Return by the Average
Capital Allocation, expressed as a percentage.
Prepayments
For the quarter, the Company received approximately $11.1
million in scheduled and unscheduled principal repayments and
prepayments, which equated to a constant prepayment rate ("CPR") of
approximately 9.8% for the first quarter of 2014. The parent
received approximately $0.7 million in scheduled and unscheduled
principal repayments and prepayments, which equated to a CPR of
approximately 13.7% for the first quarter of 2014. Prepayment
rates on the two MBS sub-portfolios were as follows (in CPR):
|
|
Consolidated |
Parent-Only |
|
PT |
Structured |
|
PT |
Structured |
|
|
MBS Sub- |
MBS Sub- |
Total |
MBS Sub- |
MBS Sub- |
Total |
Three Months
Ended, |
Portfolio |
Portfolio |
Portfolio |
Portfolio |
Portfolio |
Portfolio |
March 31, 2014 |
3.9 |
16.0 |
9.8 |
1.4 |
19.7 |
13.7 |
December 31, 2013 |
5.1 |
19.2 |
11.0 |
4.2 |
21.8 |
14.3 |
September 30, 2013 |
7.1 |
30.1 |
15.1 |
11.7 |
33.7 |
24.8 |
June 30, 2013 |
7.2 |
33.0 |
19.5 |
12.2 |
39.7 |
31.6 |
March 31, 2013 |
12.7 |
32.6 |
23.9 |
20.6 |
32.3 |
28.8 |
Portfolio (Consolidated)
The following tables summarize the consolidated MBS portfolio as
of March 31, 2014 and 2013:
($ in thousands) |
|
|
|
|
Weighted |
|
Weighted |
|
|
|
|
Percentage |
|
Average |
|
Average |
Weighted |
Weighted |
|
|
of |
Weighted |
Maturity |
|
Coupon |
Average |
Average |
|
Fair |
Entire |
Average |
in |
Longest |
Reset in |
Lifetime |
Periodic |
Asset
Category |
Value |
Portfolio |
Coupon |
Months |
Maturity |
Months |
Cap |
Cap |
March 31,
2014 |
Adjustable Rate MBS |
$ 4,697 |
0.6% |
4.10% |
242 |
1-Sep-35 |
1.93 |
10.16% |
2.00% |
Fixed Rate MBS |
684,558 |
84.1% |
4.26% |
310 |
1-Apr-44 |
NA |
NA |
NA |
Hybrid Adjustable Rate MBS |
76,523 |
9.4% |
2.57% |
347 |
1-Aug-43 |
106.03 |
7.57% |
1.99% |
Total PT MBS |
765,778 |
94.1% |
4.09% |
313 |
1-Apr-44 |
100.00 |
7.72% |
1.99% |
Interest-Only Securities |
36,728 |
4.5% |
4.30% |
267 |
15-Dec-40 |
NA |
NA |
NA |
Inverse Interest-Only Securities |
11,034 |
1.4% |
6.03% |
308 |
15-Dec-40 |
NA |
2.56% |
NA |
Total Structured MBS |
47,762 |
5.9% |
4.70% |
276 |
15-Dec-40 |
NA |
NA |
NA |
Total Mortgage Assets |
$ 813,540 |
100.0% |
4.12% |
311 |
1-Apr-44 |
NA |
NA |
NA |
December 31,
2013 |
Adjustable Rate MBS |
$ 5,334 |
1.4% |
3.92% |
247 |
1-Sep-35 |
3.77 |
10.13% |
2.00% |
Fixed Rate MBS |
267,481 |
68.7% |
3.99% |
314 |
1-Dec-43 |
NA |
NA |
NA |
Hybrid Adjustable Rate MBS |
90,487 |
23.2% |
2.61% |
349 |
1-Aug-43 |
108.23 |
7.61% |
1.99% |
Total PT MBS |
363,302 |
93.3% |
3.65% |
322 |
1-Dec-43 |
102.41 |
7.75% |
1.99% |
Interest-Only Securities |
20,443 |
5.3% |
4.36% |
262 |
25-Nov-40 |
NA |
NA |
NA |
Inverse Interest-Only Securities |
5,596 |
1.4% |
5.91% |
316 |
15-Dec-40 |
NA |
6.07% |
NA |
Total Structured MBS |
26,039 |
6.7% |
4.69% |
274 |
15-Dec-40 |
NA |
NA |
NA |
Total Mortgage Assets |
$ 389,341 |
100.0% |
3.72% |
318 |
1-Dec-43 |
NA |
NA |
NA |
|
($ in
thousands) |
|
March
31, 2014 |
December 31, 2013 |
|
|
Percentage of |
|
Percentage of |
Agency |
Fair
Value |
Entire
Portfolio |
Fair
Value |
Entire
Portfolio |
Fannie Mae |
$ 439,911 |
54.07% |
$ 236,660 |
60.78% |
Freddie Mac |
347,693 |
42.74% |
133,689 |
34.34% |
Ginnie Mae |
25,936 |
3.19% |
18,992 |
4.88% |
Total Portfolio |
$ 813,540 |
100.00% |
$ 389,341 |
100.00% |
|
Entire Portfolio |
March 31,
2014 |
December 31,
2013 |
Weighted Average Pass Through Purchase
Price |
$ 106.57 |
$ 105.64 |
Weighted Average Structured Purchase
Price |
$ 9.01 |
$ 7.52 |
Weighted Average Pass Through Current
Price |
$ 105.88 |
$ 102.71 |
Weighted Average Structured Current
Price |
$ 13.02 |
$ 12.15 |
Effective Duration (1) |
3.881 |
4.116 |
|
(1) Effective duration is the approximate percentage change in
price for a 100 basis point change in rates. An effective
duration of 3.881 indicates that an interest rate increase of 1.0%
would be expected to cause a 3.881% decrease in the value of the
MBS in the Company's investment portfolio at March 31,
2014. An effective duration of 4.116 indicates that an
interest rate increase of 1.0% would be expected to cause a 4.116%
decrease in the value of the MBS in the Company's investment
portfolio at December 31, 2013. These figures include the
structured securities in the portfolio but not the effect of the
Company's funding cost hedges. Effective duration quotes for
individual investments are obtained from The Yield Book, Inc.
Portfolio (Parent-Only)
The following tables summarize the parent-only MBS portfolio as
of March 31, 2014 and December 31, 2013:
($ in thousands) |
|
|
|
|
Weighted |
|
Weighted |
|
|
|
|
Percentage |
|
Average |
|
Average |
Weighted |
Weighted |
|
|
of |
Weighted |
Maturity |
|
Coupon |
Average |
Average |
|
Fair |
Entire |
Average |
in |
Longest |
Reset in |
Lifetime |
Periodic |
Asset
Category |
Value |
Portfolio |
Coupon |
Months |
Maturity |
Months |
Cap |
Cap |
March 31,
2014 |
Fixed Rate MBS |
$ 63,629 |
96.7% |
4.10% |
308 |
1-Mar-44 |
n/a |
n/a |
n/a |
Hybrid Adjustable Rate MBS |
673 |
1.0% |
4.00% |
334 |
20-Jan-42 |
36.03 |
9.00% |
1.00% |
Total Mortgage-backed Pass-through |
64,302 |
97.7% |
4.10% |
308 |
1-Mar-44 |
36.03 |
9.00% |
1.00% |
Interest-Only Securities |
1,047 |
1.6% |
3.76% |
287 |
25-Dec-39 |
n/a |
n/a |
n/a |
Inverse Interest-Only Securities |
434 |
0.7% |
5.82% |
302 |
25-Nov-40 |
n/a |
5.98% |
n/a |
Total Structured MBS |
1,481 |
2.3% |
4.36% |
291 |
25-Nov-40 |
n/a |
n/a |
n/a |
Total Mortgage Assets |
$ 65,783 |
100.0% |
4.11% |
308 |
1-Mar-44 |
n/a |
n/a |
n/a |
December 31,
2013 |
Fixed Rate MBS |
$ 21,957 |
57.6% |
3.35% |
215 |
1-May-43 |
n/a |
n/a |
n/a |
Hybrid Adjustable Rate MBS |
14,370 |
37.7% |
2.92% |
344 |
1-Sep-42 |
100.99 |
7.92% |
1.95% |
Total Mortgage-backed Pass-through |
36,327 |
95.3% |
3.18% |
266 |
1-May-43 |
100.99 |
7.92% |
1.95% |
Interest-Only Securities |
1,237 |
3.2% |
3.85% |
287 |
25-Dec-39 |
n/a |
n/a |
n/a |
Inverse Interest-Only Securities |
554 |
1.5% |
5.82% |
305 |
25-Nov-40 |
n/a |
5.99% |
n/a |
Total Structured MBS |
1,791 |
4.7% |
4.46% |
293 |
25-Nov-40 |
n/a |
n/a |
n/a |
Total Mortgage Assets |
$ 38,118 |
100.0% |
3.24% |
267 |
1-May-43 |
n/a |
n/a |
n/a |
|
($ in
thousands) |
|
March
31, 2014 |
December 31, 2013 |
|
|
Percentage of |
|
Percentage of |
Agency |
Fair
Value |
Entire
Portfolio |
Fair
Value |
Entire
Portfolio |
Fannie Mae |
$ 20,612 |
31.33% |
$ 25,598 |
67.15% |
Freddie Mac |
44,499 |
67.65% |
11,847 |
31.08% |
Ginnie Mae |
672 |
1.02% |
673 |
1.77% |
Total Portfolio |
$ 65,783 |
100.00% |
$ 38,118 |
100.0% |
|
Entire Portfolio |
March 31,
2014 |
December 31,
2013 |
Weighted Average Pass Through Purchase
Price |
$ 106.97 |
$ 105.93 |
Weighted Average Structured Purchase
Price |
$ 3.58 |
$ 3.58 |
Weighted Average Pass Through Current
Price |
$ 105.75 |
$ 101.67 |
Weighted Average Structured Current
Price |
$ 3.36 |
$ 3.73 |
Effective Duration (1) |
4.439 |
3.453 |
|
(1) Effective duration is the approximate percentage change in
price for a 100 basis point change in rates. An effective
duration of 4.439 indicates that an interest rate increase of 1.0%
would be expected to cause a 4.439% decrease in the value of the
MBS in the Parent's investment portfolio at March 31, 2014. An
effective duration of 3.453 indicates that an interest rate
increase of 1.0% would be expected to cause a 3.453% decrease in
the value of the MBS in the Parent's investment portfolio at
December 31, 2013. These figures include the structured securities
in the portfolio but not the effect of the Parent's funding cost
hedges. Effective duration quotes for individual investments are
obtained from The Yield Book, Inc.
Financing, Leverage and Liquidity
As of March 31, 2014, the Company had outstanding repurchase
obligations of approximately $712.6 million with a net weighted
average borrowing rate of 0.35%. These agreements were
collateralized by MBS with a fair value, including accrued
interest, of approximately $756.2 million. The Company's
leverage ratio at March 31, 2014 was 7.5 to 1, excluding the $39.5
million of payable for unsettled securities purchased at March 31,
2014. At March 31, 2014, the Company's liquidity was
approximately $67.1 million, consisting of unpledged MBS (excluding
the value of the unsettled purchases) and cash and cash
equivalents.
As of March 31, 2014, the Parent had outstanding repurchase
obligations of approximately $61.4 million with a net weighted
average borrowing rate of 0.36%. These agreements were
collateralized by MBS with a fair value, including accrued
interest, of approximately $64.5 million. At March 31, 2014,
the Parent's liquidity was approximately $4.5 million, consisting
of unpledged MBS and cash and cash equivalents.
To enhance our liquidity further, we may pledge more of our
structured MBS as part of a repurchase agreement funding, but
retain cash in lieu of acquiring additional assets. In this
way, we can, at a modest cost, retain higher levels of cash on hand
and decrease the likelihood we will have to sell assets in a
distressed market in order to raise cash.
Below is a listing of outstanding borrowings under repurchase
obligations at March 31, 2014.
($ in thousands) |
Repurchase Agreement Obligations
(Consolidated) |
|
|
|
Weighted |
|
Weighted |
|
Total |
|
Average |
|
Average |
|
Outstanding |
% of |
Borrowing |
Amount |
Maturity |
Counterparty |
Balances |
Total |
Rate |
at
Risk(1) |
(in
Days) |
Citigroup Global Markets, Inc. |
$ 154,732 |
21.7% |
0.36% |
$ 10,099 |
19 |
Cantor Fitzgerald & Co. |
80,889 |
11.4% |
0.34% |
4,265 |
19 |
Goldman Sachs & Co. |
68,871 |
9.7% |
0.36% |
3,873 |
23 |
CRT Capital Group, LLC |
64,183 |
9.0% |
0.35% |
3,521 |
61 |
Mitsubishi UFJ Securities (USA),
Inc. |
59,896 |
8.4% |
0.33% |
3,265 |
31 |
South Street Securities, LLC |
53,238 |
7.5% |
0.34% |
2,587 |
14 |
Suntrust Robinson Humphrey, Inc. |
52,810 |
7.4% |
0.34% |
2,957 |
9 |
Mizuho Securities USA, Inc. |
42,142 |
5.9% |
0.45% |
4,910 |
12 |
KGS - Alpha Capital Markets, L.P. |
38,055 |
5.3% |
0.33% |
2,524 |
30 |
Morgan Stanley & Co. LLC |
36,822 |
5.2% |
0.36% |
2,660 |
43 |
JVB Financial Group, LLC |
27,947 |
3.9% |
0.37% |
1,583 |
22 |
ED&F Man Capital Markets Inc. |
24,702 |
3.5% |
0.32% |
1,435 |
16 |
Other |
8,333 |
1.1% |
0.36% |
327 |
8 |
|
$ 712,620 |
100.0% |
0.35% |
$ 44,006 |
24 |
|
($ in
thousands) |
Repurchase Agreement Obligations
(Parent-Only) |
|
|
|
Weighted |
|
Weighted |
|
Total |
|
Average |
|
Average |
|
Outstanding |
% of |
Borrowing |
Amount |
Maturity |
Counterparty |
Balances |
Total |
Rate |
at
Risk(1) |
(in
Days) |
JVB Financial Group, LLC |
$ 27,947 |
45.6% |
0.37% |
$ 1,584 |
22 |
Suntrust Robinson Humphrey, Inc. |
12,857 |
20.9% |
0.34% |
612 |
2 |
South Street Securities, LLC |
12,236 |
19.9% |
0.34% |
597 |
14 |
Other |
8,333 |
13.6% |
0.36% |
327 |
8 |
|
$ 61,373 |
100.0% |
0.36% |
$ 3,120 |
14 |
|
(1) Equal to the fair value of securities sold plus accrued
interest receivable and cash posted as collateral, minus the sum of
repurchase agreement liabilities and accrued interest payable.
Hedging
In connection with its interest rate risk management strategy,
the Company economically hedges a portion of the cost of its
repurchase agreement funding and also its junior subordinated notes
by entering into derivative financial instrument
contracts. The Company has not elected hedging treatment
under GAAP, and as such all gains or losses on these instruments
are reflected in earnings for all periods presented. As of
March 31, 2014, such instruments were comprised of Eurodollar
futures contracts and an interest rate swaption agreement.
The tables below present information related to outstanding
Eurodollar futures contracts at March 31, 2014.
($ in thousands) |
Eurodollar Futures Positions (Consolidated) |
|
Repurchase Agreement Funding Hedges |
Junior Subordinated Debt Funding Hedges |
|
Weighted |
Average |
|
Weighted |
Average |
|
|
Average |
Contract |
|
Average |
Contract |
|
|
LIBOR |
Notional |
Open |
LIBOR |
Notional |
Open |
Expiration Year |
Rate |
Amount |
Equity(1) |
Rate |
Amount |
Equity(1) |
2014 |
0.32% |
$ 400,000 |
$ (211) |
0.28% |
$ 26,000 |
$ (328) |
2015 |
0.78% |
400,000 |
(264) |
0.78% |
26,000 |
(181) |
2016 |
1.90% |
400,000 |
1,354 |
1.75% |
26,000 |
11 |
2017 |
2.85% |
400,000 |
1,777 |
-- |
-- |
-- |
2018 |
3.44% |
350,000 |
797 |
-- |
-- |
-- |
Totals / Weighted Average |
2.01% |
$ 390,625 |
$ 3,453 |
0.92% |
$ 26,000 |
$ (498) |
|
($ in
thousands) |
Eurodollar Futures Positions (Parent-Only) |
|
Repurchase Agreement Funding Hedges |
Junior Subordinated Debt Funding Hedges |
|
Weighted |
Average |
|
Weighted |
Average |
|
|
Average |
Contract |
|
Average |
Contract |
|
|
LIBOR |
Notional |
Open |
LIBOR |
Notional |
Open |
Expiration Year |
Rate |
Amount |
Equity |
Rate |
Amount |
Equity(1) |
2014 |
-- |
$ -- |
$ -- |
0.28% |
$ 26,000 |
$ (328) |
2015 |
-- |
-- |
-- |
0.78% |
26,000 |
(181) |
2016 |
-- |
-- |
-- |
1.75% |
26,000 |
11 |
Total / Weighted Average |
-- |
$ -- |
$ -- |
0.92% |
$ 26,000 |
$ (498) |
|
(1) Open equity represents the cumulative gains (losses)
recorded on open futures positions.
The table below presents information related to the Company's
interest rate swaption position at March 31, 2014.
($ in thousands) |
|
Option |
Underlying Swap |
|
|
|
|
|
Fixed |
Receive |
|
|
|
Fair |
Months to |
Notional |
Pay |
Rate |
Term |
Expiration |
Cost |
Value |
Expiration |
Amount |
Rate |
(LIBOR) |
(Years) |
≤ 1 year |
$ 1,705 |
$ 1,549 |
12 |
$ 100,000 |
2.53% |
3 Month |
5 |
Dividends
During the three months ended March 31, 2014, Bimini Capital
made no dividend distributions. All distributions are made at
the discretion of Bimini Capital's Board of Directors and will
depend on its results of operations, financial condition,
maintenance of REIT status, availability of net operating losses
and other factors that may be deemed relevant. In August 2011,
Bimini Capital announced that it would suspend its quarterly
dividend and no distributions have been made since. Bimini
Capital continues to evaluate its dividend payment
policy. However, as more fully described below, due to
net operating losses incurred in prior periods, it is unlikely to
declare and pay dividends to stockholders until such net operating
losses have been consumed.
REIT Taxable Income and Net Operating
Losses
REIT taxable income (loss) is a term that describes Bimini
Capital's operating results calculated in accordance with rules and
regulations promulgated pursuant to the Internal Revenue Code.
Bimini Capital's REIT taxable income (loss) is computed differently
from net income or loss as computed in accordance with generally
accepted accounting principles (GAAP) as reported in its
consolidated financial statements. Depending on the number and size
of the various items or transactions being accounted for
differently, the differences between REIT taxable income or loss
and GAAP net income or loss can be substantial and each item can
affect several reporting periods. Generally, these items are timing
or temporary differences between years; for example, an item that
may be a deduction for GAAP net income/loss in the current year may
not be a deduction for REIT taxable income/loss until a later
year.
In order to maintain its qualification as a REIT, Bimini Capital
is generally required (among other things) to annually distribute
dividends to its stockholders in an amount at least equal to 90% of
its REIT taxable income. Additionally, as a REIT, Bimini Capital
may be subject to a federal excise tax if it distributes less than
85% of its REIT taxable income by the end of the calendar year.
Accordingly, Bimini Capital's dividends are generally based on REIT
taxable income, as determined for federal income tax purposes, as
opposed to its net income computed in accordance with
GAAP. Dividends are paid if, when, and as declared by the
Board of Directors.
As described above, a REIT may be subject to a federal excise
tax if it distributes less than 85% of its REIT taxable income by
the end of a calendar year. In calculating the amount of
excise tax payable in a given year, if any, Bimini Capital reduces
REIT taxable income by distributions made to stockholders in the
form of dividends and/or net operating losses ("NOL's")
carried-over from prior years, to the extent any are
available. Since income subject to excise tax is REIT taxable
income less qualifying dividends and the application of NOL's, if a
REIT has sufficient NOL's it could apply such NOL's against its
taxable income and avoid excise taxes without paying qualifying
dividends to stockholders. Accordingly, if in future periods
Bimini Capital has taxable income, it can avoid the obligation to
pay excise taxes by applying the estimated $17.9 million of NOL's
available as of December 31, 2013 against such taxable income until
the NOL's are exhausted in lieu of making distributions to
stockholders. Further, Bimini Capital could avoid the
obligation to pay excise taxes through a combination of qualifying
dividends and the application of NOL's. In any case, future
distributions to stockholders are expected to be less than REIT
taxable income until the existing NOL's are consumed.
Book Value Per Share
The Company's Book Value Per Share at March 31, 2014 was
$0.28. The Company computes Book Value Per Share by dividing
total stockholders' equity by the total number of shares
outstanding of the Company's Class A Common Stock. At March 31,
2014, the Company's consolidated equity was $98.5 million inclusive
of noncontrolling interests of $95.2 million, with 12,267,651 Class
A Common shares outstanding.
Management Commentary
Commenting on the first quarter, Robert E. Cauley, Chairman and
Chief Executive Officer, said, "The events that unfolded in 2013,
starting with the initial hints by the Federal Reserve in the late
spring of 2013 that they would begin to taper their asset
purchases, and ending with the December 2013 announcement of the
reduced purchases beginning in January 2014, resulted in interest
rates at the end of 2013 well above the levels seen at the
beginning of the year. Prices of most fixed rate mortgage
backed securities were down sharply on the year, premiums for call
protected securities collapsed and prepayment speeds slowed
appreciably - with the mortgage bankers refinancing index falling
from over 5,000 late in 2012 to under 1,500 in December of
2013. Harsh winter weather conditions are widely considered to
have led to depressed economic data around year end and into the
first quarter of 2014. The weak economic data observed caused
the market to rally sharply in January as the yield on the ten year
treasury rallied from just over 3.0% at year-end 2013 to under
2.60% in early February. Since then the market has settled
into a well-defined range as the yield of the ten year note has
hovered between 2.60% and 2.80% for the past 15
weeks. Volatility in the market has come off as expected and
prepayment speeds – as measured by the MBS conventional refinancing
index - have stayed at or below 1,500 all year. This leads to
a very conducive market for MBS investing and coupon
clipping. This has occurred in the face of reduced purchases
by the Federal Reserve. With refinancing activity very low,
supply of MBS has decreased accordingly and the reduced demand on
the part of the Federal Reserve has not had the impact on MBS
spreads many feared. With the ultimate end of MBS purchases by
the Federal Reserve clearly in sight, most multi-sector fixed
income investors are underweight in their allocations to Agency
MBS. The resulting selling has had some impact on MBS spreads, as
the conventional 30 year fixed rate current coupon mortgage trades
at a wider spread to 10 year swaps than it did at the beginning of
the year. However, the reduced supply of MBS has kept this
spread from widening further. Market participants are
currently split on what the eventual end of Federal Reserve
purchases will mean for MBS prices, but we think the current
underweight by multi-sector fixed income investors will lead to
buying when and if MBS spreads widen as Federal Reserve purchases
stop. Accordingly, we do not anticipate meaningful widening
absent another external event.
"Turning now to the results for the quarter, our
performance is dominated by the results of Orchid Island Capital.
As you know, Bimini had invested $15 million of our capital into
Orchid prior to its IPO in February 2013. The Orchid portfolio
is managed in the same manner and with the same focus as the Bimini
portfolio. Orchid completed two capital raises during the
first quarter of 2014 and now the portfolio and results of Orchid
dominate our reported results even more. At March 31, 2014,
$747.8 million of the $813.5 million MBS portfolio belongs to
Orchid. For the quarter, Orchid generated approximately $3.6
million of the $5.3 million consolidated net income, of which
approximately $3.0 million is attributable to non-controlling
interests. As the external manager of Orchid, Bimini, through
Bimini Advisors, earned approximately $0.3 million of management
fees. However, under GAAP these fees are eliminated in
consolidation.
"With respect to the portfolio of Bimini, we added to the
pass-through sub-portfolio and it increased from $36.3 million at
December 31, 2013 to $64.3 million at March 31, 2014. We
purchased fixed rate, 30 year MBS with a value of $42.0 million and
sold hybrid ARMS with a market value of $13.8 million. The
capital allocation to the pass-through sub-portfolio is now 80.1%
versus 74.5% at December 31, 2013. Also, fixed rate MBS now
comprise 96.7% of our MBS assets. There were no purchases or
sales of structured securities. Run-off of the structured
securities portfolio was approximately $0.3 million for the quarter
ended March 31, 2014. As for returns, with rates decreasing
over the course of the quarter the realized and unrealized gains
for the combined portfolio were a positive $0.2 million. Our
structured securities, owing to their still high prepayment rates,
generated negative interest income, as they have since fall 2012.
The pass-through sub-portfolio generated an 11.3% return for the
quarter and the structured portfolio generated a negative return
for the quarter of (6.3%). The two portfolios combined generated a
positive return on invested capital of 6.8% for the quarter – not
annualized. With respect to the balance of our results, the
retained interests of our former mortgage company were marked up by
approximately $0.2 million for the quarter. We also recorded
an income tax benefit of $2.2 million, primarily due to
the release of the valuation allowance on deferred tax assets
of our wholly-owned TRS, Bimini Advisors, the manager of
Orchid. The valuation allowances were released due to
increases in our taxable income projections of Bimini Advisors as a
result of Orchid's two capital raises during the first quarter of
2014, thereby increasing the likelihood Bimini Advisors will be
able to utilize the deferred tax assets. Please see note 12 to
the financial statements in our Form 10-Q for a full description of
this deferred tax benefit.
Going forward we anticipate prepayment speeds will remain low
and rates to gradually increase as the economy recovers. The
curve is likely to continue to flatten as the market anticipates
the eventual beginning of rate increases by the Federal
Reserve."
Summarized Financial Statements
The following is a summarized presentation of the unaudited
consolidated balance sheets as of March 31, 2014, and December
31, 2013, and the unaudited consolidated statements of
operations for the calendar quarters ended March 31, 2014 and
2013. Amounts presented are subject to change.
BIMINI CAPITAL
MANAGEMENT, INC. |
CONSOLIDATED BALANCE
SHEETS |
(Unaudited - Amounts
Subject To Change) |
|
|
March 31,
2014 |
December 31,
2013 |
ASSETS |
|
|
Mortgage-backed securities |
$ 813,540,354 |
$ 389,340,958 |
Cash equivalents and restricted cash |
50,864,430 |
14,516,457 |
Accrued interest receivable |
3,140,646 |
1,720,726 |
Retained interests |
1,855,034 |
2,530,834 |
Derivative assets |
1,548,521 |
-- |
Deferred tax assets, net |
2,179,626 |
-- |
Other assets |
6,560,740 |
6,418,671 |
Total Assets |
$ 879,689,351 |
$ 414,527,646 |
|
|
|
LIABILITIES AND EQUITY |
|
|
Repurchase agreements |
$ 712,619,584 |
$ 353,396,075 |
Junior subordinated notes |
26,804,440 |
26,804,440 |
Payable for unsettled securities
purchased |
39,502,694 |
-- |
Other liabilities |
2,213,844 |
968,715 |
Total Liabilities |
781,140,562 |
381,169,230 |
Stockholders' equity |
3,382,975 |
1,743,573 |
Noncontrolling interests |
95,165,814 |
31,614,843 |
Total Equity |
98,548,789 |
33,358,416 |
Total Liabilities and Equity |
$ 879,689,351 |
$ 414,527,646 |
Class A Common Shares outstanding |
12,267,651 |
11,509,756 |
Book value per share |
$ 0.28 |
$ 0.15 |
|
|
BIMINI CAPITAL
MANAGEMENT, INC. |
CONSOLIDATED STATEMENTS
OF OPERATIONS |
(Unaudited - Amounts
Subject to Change) |
|
|
Three Months
Ended |
|
March 31, |
|
2014 |
2013 |
Interest income |
$ 4,116,012 |
$ 1,526,161 |
Interest expense |
(454,340) |
(246,706) |
Net interest income, before interest on
junior subordinated notes |
3,661,672 |
1,279,455 |
Interest expense on junior subordinated
notes |
(243,182) |
(247,198) |
Net interest income |
3,418,490 |
1,032,257 |
Gains (losses) |
920,650 |
(887,688) |
Net portfolio income |
4,339,140 |
144,569 |
Other income |
183,562 |
1,982,347 |
Expenses |
1,356,891 |
4,300,681 |
Net income (loss) before income tax (benefit)
provision |
3,165,811 |
(2,173,765) |
Income tax (benefit) provision |
(2,157,359) |
36,000 |
Net income (loss) |
5,323,170 |
(2,209,765) |
Net income attributed to noncontrolling
interests |
2,953,959 |
560,985 |
Net income (loss) attributed to Bimini
Capital stockholders |
$ 2,369,211 |
$ (2,770,750) |
|
|
|
Basic and Diluted
Net Income (Loss) Per Share of: |
CLASS A COMMON STOCK |
$ 0.20 |
$ (0.26) |
CLASS B COMMON STOCK |
$ 0.20 |
$ (0.26) |
Summarized Parent-Only Financial Statements
The following is a summarized presentation of the unaudited
parent-only balance sheets as of March 31, 2014 and December
31, 2013, and the unaudited quarterly results of operations for the
calendar quarters ended March 31, 2014 and 2013. In the
parent-only financial statements, the investment in subsidiaries is
stated at cost plus equity in undistributed earnings of
subsidiaries since the original date of the Parent's
investments. The Parent's share of net income of its
unconsolidated subsidiaries is included in the income statement
presentation using the equity method. Parent-only financial
statements are not considered a valid substitute for consolidated
financial statements under U.S. GAAP and therefore should be read
in conjunction with the Company's consolidated financial
statements. Amounts presented are subject to change.
BIMINI CAPITAL
MANAGEMENT, INC. |
BALANCE
SHEETS |
(Parent-Only) |
(Unaudited - Subject to
Change) |
|
|
March 31,
2014 |
December 31,
2013 |
ASSETS |
|
|
Mortgage-backed securities |
$ 65,782,854 |
$ 38,118,447 |
Cash equivalents and restricted cash |
3,150,267 |
3,851,187 |
Accrued interest receivable |
265,227 |
161,289 |
Investment in subsidiaries and due from
subsidiaries |
17,838,817 |
17,126,602 |
Other assets |
4,774,640 |
4,822,267 |
Total Assets |
$ 91,811,805 |
$ 64,079,792 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Repurchase agreements |
$ 61,373,239 |
$ 34,839,021 |
Junior subordinated notes |
26,804,440 |
26,804,440 |
Other liabilities |
251,151 |
692,758 |
Total Liabilities |
88,428,830 |
62,336,219 |
Stockholders' Equity |
3,382,975 |
1,743,573 |
Total Liabilities and Stockholders'
Equity |
$ 91,811,805 |
$ 64,079,792 |
|
|
|
|
|
|
BIMINI CAPITAL
MANAGEMENT, INC. |
STATEMENTS OF
OPERATIONS |
(Parent-Only) |
(Unaudited - Subject to
Change) |
|
|
Three Months
Ended |
|
March 31, |
|
2014 |
2013 |
Interest income |
$ 333,390 |
$ 112,904 |
Interest expense |
(43,497) |
(45,285) |
Net interest income, before interest on
junior subordinated notes |
289,893 |
67,618 |
Interest expense on junior subordinated
notes |
(243,182) |
(247,198) |
Net interest income (expense) |
46,711 |
(179,579) |
Portfolio gains (losses) |
162,636 |
(474,527) |
Net portfolio income (deficiency) |
209,347 |
(654,107) |
Equity in earnings (losses) of
subsidiaries |
2,732,175 |
(1,294,185) |
Other income |
-- |
35,300 |
Expenses |
(572,311) |
(857,757) |
Net income (loss) |
$ 2,369,211 |
$ (2,770,749) |
|
|
|
|
|
Consolidated |
Parent-Only |
|
Three
Months Ended March 31, |
Three
Months Ended March 31, |
Key Balance Sheet
Metrics |
2014 |
2013 |
2014 |
2013 |
Average MBS(1) |
$ 601,440,656 |
$ 286,226,206 |
$ 51,950,650 |
$ 48,406,281 |
Average repurchase agreements(1) |
533,007,830 |
252,762,522 |
48,106,130 |
42,569,000 |
Average stockholders' equity(1) |
65,953,603 |
19,963,052 |
2,563,274 |
2,280,978 |
|
|
|
|
|
Key Performance Metrics |
|
|
|
|
Average yield on MBS(2) |
2.74% |
2.13% |
2.57% |
0.93% |
Average cost of funds(2) |
0.34% |
0.39% |
0.36% |
0.43% |
Average economic cost of funds(3) |
0.44% |
0.58% |
1.24% |
0.96% |
Average interest rate spread(4) |
2.40% |
1.74% |
2.21% |
0.50% |
Average economic interest rate
spread(5) |
2.30% |
1.55% |
1.33% |
(0.03)% |
|
(1) Average MBS, repurchase agreements and stockholders' equity
balances are calculated using two data points, the beginning and
ending balances.
(2) Portfolio yields and costs of funds are calculated based on
the average balances of the underlying investment
portfolio/repurchase agreement balances and are annualized for the
quarterly periods presented.
(3) Represents interest cost of our borrowings and effect of
Eurodollar futures contracts hedges attributed to the period
related to hedging activities, divided by average repurchase
agreements.
(4) Average interest rate spread is calculated by subtracting
average cost of funds from average yield on MBS.
(5) Average economic interest rate spread is calculated by
subtracting average economic cost of funds from average yield on
MBS.
About Bimini Capital Management, Inc.
Bimini Capital Management, Inc. is a REIT that invests primarily
in, but is not limited to, residential mortgage-related securities
issued by the Federal National Mortgage Association (Fannie Mae),
the Federal Home Loan Mortgage Corporation (Freddie Mac) and the
Government National Mortgage Association (Ginnie Mae). Its
objective is to earn returns on the spread between the yield on its
assets and its costs, including the interest expense on the funds
it borrows.
Forward Looking Statements
Statements herein relating to matters that are not historical
facts are forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. The reader is cautioned
that such forward-looking statements are based on information
available at the time and on management's good faith belief with
respect to future events, and are subject to risks and
uncertainties that could cause actual performance or results to
differ materially from those expressed in such forward-looking
statements. Important factors that could cause such differences are
described in Bimini Capital Management, Inc.'s filings with the
Securities and Exchange Commission, including Bimini Capital
Management, Inc.'s most recent Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q. Bimini Capital Management, Inc.
assumes no obligation to update forward-looking statements to
reflect subsequent results, changes in assumptions or changes in
other factors affecting forward-looking statements.
Earnings Conference Call Details
An earnings conference call and live audio webcast will be
hosted Wednesday, May 14, 2014, at 10:00 AM ET. The conference call
may be accessed by dialing toll free (877)
312-5414. International callers dial (408) 940-3877. The
conference passcode is 45278435. A live audio webcast of the
conference call can be accessed via the investor relations section
of the Company's website at www.biminicapital.com, and an audio
archive of the webcast will be available for approximately one
year.
CONTACT: Bimini Capital Management, Inc.
Robert E. Cauley, 772-231-1400
Chairman and Chief Executive Officer
www.biminicapital.com
Bimini Capital Management (QB) (USOTC:BMNM)
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