Bimini Capital Management Announces Second Quarter 2024 Results
Bimini Capital Management (OTCQB: BMNM) reported its Q2 2024 results, showing a net loss of $0.3M or $0.03 per common share. Book value per share remained at $0.81. The company's advisory service revenue increased by 8% to $3.2M, while net interest income was $0.3M. However, overall net revenue for the quarter was $2.9M, down from $3.2M year over year. Total operating expenses were $2.8M, contributing to the quarterly loss. Bimini's investment portfolio adjustments and market value impacts resulted in a net realized and unrealized loss of $0.5M on its MBS portfolio. The company’s weighted average borrowing rate was 5.47% on repurchase obligations totaling $82.9M. Bimini's CEO highlighted the potential future benefits of Federal Reserve monetary easing on the mortgage REIT sector.
Bimini Capital Management (OTCQB: BMNM) ha riportato i risultati del secondo trimestre 2024, evidenziando una perdita netta di 0,3 milioni di dollari o 0,03 dollari per azione ordinaria. Il valore contabile per azione è rimasto a 0,81 dollari. I ricavi dei servizi di consulenza dell'azienda sono aumentati dell'8% arrivando a 3,2 milioni di dollari, mentre il reddito netto da interessi è stato di 0,3 milioni di dollari. Tuttavia, il reddito netto complessivo per il trimestre è stato di 2,9 milioni di dollari, in calo rispetto ai 3,2 milioni di dollari dell'anno precedente. Le spese operative totali sono state di 2,8 milioni di dollari, contribuendo alla perdita trimestrale. Gli aggiustamenti del portafoglio investimenti di Bimini e gli impatti sul valore di mercato hanno portato a una perdita netta realizzata e non realizzata di 0,5 milioni di dollari sul suo portafoglio MBS. Il tasso medio ponderato di indebitamento della compagnia era del 5,47% su obbligazioni di riacquisto per un totale di 82,9 milioni di dollari. Il CEO di Bimini ha sottolineato i potenziali benefici futuri dell'allentamento monetario della Federal Reserve sul settore REIT ipotecario.
Bimini Capital Management (OTCQB: BMNM) informó sus resultados del segundo trimestre de 2024, mostrando una pérdida neta de 0,3 millones de dólares o 0,03 dólares por acción común. El valor contable por acción se mantuvo en 0,81 dólares. Los ingresos por servicios de asesoría de la compañía aumentaron un 8% a 3,2 millones de dólares, mientras que los ingresos netos por intereses fueron de 0,3 millones de dólares. Sin embargo, los ingresos netos generales del trimestre fueron de 2,9 millones de dólares, una disminución con respecto a los 3,2 millones de dólares del año anterior. Los gastos operativos totales fueron de 2,8 millones de dólares, contribuyendo a la pérdida trimestral. Los ajustes en la cartera de inversiones de Bimini y los impactos en el valor de mercado resultaron en una pérdida neta realizada y no realizada de 0,5 millones de dólares en su cartera de MBS. La tasa de endeudamiento promedio ponderado de la empresa fue del 5,47% sobre obligaciones de recompra por un total de 82,9 millones de dólares. El CEO de Bimini destacó los posibles beneficios futuros del alivio monetario de la Reserva Federal en el sector de REIT hipotecarios.
Bimini Capital Management (OTCQB: BMNM)는 2024년 2분기 실적을 발표하며 300,000달러의 순손실 또는 주당 0.03달러를 기록했습니다. 주당 장부 가치는 0.81달러로 유지되었습니다. 회사의 자문 서비스 수익은 8% 증가하여 320만 달러에 달했으며, 순이자 수익은 30만 달러였습니다. 그러나 이번 분기의 전체 순수익은 290만 달러로, 지난해 320만 달러에서 감소했습니다. 총 운영 비용은 280만 달러로, 분기 손실에 기여했습니다. Bimini의 투자 포트폴리오 조정과 시장 가치 영향은 MBS 포트폴리오에서 500,000달러의 실현 및 미실현 손실을 초래했습니다. 회사의 가중 평균 차입 이율은 5.47%로, 총 8290만 달러의 재매입 의무에 적용되었습니다. Bimini의 CEO는 주택담보 REIT 부문에서 연방준비제도 통화 완화의 잠재적 미래 이점을 강조했습니다.
Bimini Capital Management (OTCQB: BMNM) a publié ses résultats du deuxième trimestre 2024, montrant une perte nette de 0,3 million de dollars ou 0,03 dollar par action ordinaire. La valeur comptable par action est restée à 0,81 dollar. Les revenus des services de conseil de l'entreprise ont augmenté de 8% pour atteindre 3,2 millions de dollars, tandis que le revenu net d'intérêts était de 0,3 million de dollars. Cependant, le revenu net global pour le trimestre était de 2,9 millions de dollars, en baisse par rapport à 3,2 millions de dollars l'année précédente. Les dépenses opérationnelles totales étaient de 2,8 millions de dollars, contribuant à la perte trimestrielle. Les ajustements du portefeuille d'investissement de Bimini et les impacts de la valeur marchande ont entraîné une perte nette réalisée et non réalisée de 0,5 million de dollars sur son portefeuille MBS. Le taux d'emprunt moyen pondéré de l'entreprise était de 5,47 % sur des obligations de rachat totalisant 82,9 millions de dollars. Le PDG de Bimini a souligné les avantages potentiels futurs de l'assouplissement monétaire de la Réserve fédérale sur le secteur des REIT hypothécaires.
Bimini Capital Management (OTCQB: BMNM) hat die Ergebnisse des zweiten Quartals 2024 veröffentlicht und dabei einen Nettoverlust von 0,3 Millionen Dollar oder 0,03 Dollar pro Stammaktie gemeldet. Der Buchwert pro Aktie blieb bei 0,81 Dollar. Der Umsatz aus Beratungsdiensten des Unternehmens stieg um 8% auf 3,2 Millionen Dollar, während die Nettozinseinnahmen bei 0,3 Millionen Dollar lagen. Der gesamte Nettoumsatz für das Quartal betrug jedoch 2,9 Millionen Dollar und lag damit unter den 3,2 Millionen Dollar im Vorjahr. Die Gesamtausgaben betrugen 2,8 Millionen Dollar, was zur Quartalsverluste beitrug. Die Anpassungen des Anlageportfolios von Bimini und die Auswirkungen auf den Marktwert führten zu einem realisierten und unrealisierte Nettoverlust von 0,5 Millionen Dollar in seinem MBS-Portfolio. Der gewichtete durchschnittliche Fremdkapitalzinssatz des Unternehmens lag bei 5,47% bei Rückkaufverpflichtungen in Höhe von 82,9 Millionen Dollar. Der CEO von Bimini hob die potenziellen zukünftigen Vorteile der geldpolitischen Lockerung der Federal Reserve für den Hypotheken-REIT-Sektor hervor.
- Advisory service revenue increased by 8% to $3.2M.
- Book value per share remains stable at $0.81.
- Net loss of $0.3M or $0.03 per common share.
- Total operating expenses of $2.8M for the quarter.
- Net realized and unrealized loss of $0.5M on MBS portfolio.
- Net revenue decreased to $2.9M from $3.2M year over year.
Second Quarter 2024 Highlights
-
Net loss of
$0.3 million $0.03 -
Book value per share of
$0.81 - Company to discuss results on Friday, August 2, 2024, at 10:00 AM ET
Management Commentary
Commenting on the second quarter results, Robert E. Cauley, Chairman and Chief Executive Officer, said, “The long-awaited pivot on the part of the Federal Reserve may finally be at hand. Persistently strong growth of the
“The developments described above led risk assets to perform very well during the second quarter of 2024, with the S&P 500 returning nearly
“Orchid Island Capital reported a net loss for the second quarter 2024 of
“Continuing with our advisory services segment highlights, Orchid is obligated to reimburse us for direct expenses paid on its behalf and to pay to us Orchid’s pro rata share of overhead as defined in the management agreement. Such amounts are included in the
“The investment portfolio generated net interest income of
Details of Second Quarter 2024 Results of Operations
The Company reported a net loss of
Management of Orchid Island Capital, Inc.
Orchid is managed and advised by Bimini. As Manager, Bimini is responsible for administering Orchid’s business activities and day-to-day operations. Pursuant to the terms of the management agreement, Bimini Advisors provides Orchid with its management team, including its officers, along with appropriate support personnel. Bimini also maintains a common stock investment in Orchid which is accounted for under the fair value option, with changes in fair value recorded in the statement of operations for the current period. For the three months ended June 30, 2024, Bimini’s statement of operations included a fair value adjustment of
Book Value Per Share
The Company's Book Value Per Share on June 30, 2024 was
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 table below details the changes to the respective sub-portfolios during the quarter.
Portfolio Activity for the Quarter |
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Structured Security Portfolio |
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Inverse |
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Pass |
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Interest |
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Interest |
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Through |
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Only |
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Only |
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Portfolio |
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Securities |
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Securities |
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Sub-total |
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Total |
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Market Value - March 31, 2024 |
|
$ |
86,232,385 |
|
|
$ |
2,427,367 |
|
|
$ |
3,572 |
|
|
$ |
2,430,939 |
|
|
$ |
88,663,324 |
|
Securities purchased |
|
|
48,547,475 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
48,547,475 |
|
Securities sold |
|
|
(46,252,051 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(46,252,051 |
) |
(Losses) gains on sales |
|
|
(561,604 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(561,604 |
) |
Return of investment |
|
|
n/a |
|
|
|
(82,020 |
) |
|
|
(160 |
) |
|
|
(82,180 |
) |
|
|
(82,180 |
) |
Pay-downs |
|
|
(4,305,120 |
) |
|
|
n/a |
|
|
|
n/a |
|
|
|
n/a |
|
|
|
(4,305,120 |
) |
Discount accreted due to pay-downs |
|
|
(25,153 |
) |
|
|
n/a |
|
|
|
n/a |
|
|
|
n/a |
|
|
|
(25,153 |
) |
Mark to market gains |
|
|
324,809 |
|
|
|
105,130 |
|
|
|
89 |
|
|
|
105,219 |
|
|
|
430,028 |
|
Market Value - June 30, 2024 |
|
$ |
83,960,741 |
|
|
$ |
2,450,477 |
|
|
$ |
3,501 |
|
|
$ |
2,453,978 |
|
|
$ |
86,414,719 |
|
The tables below present the allocation of capital between the respective portfolios at June 30, 2024 and March 31, 2024, and the return on invested capital for each sub-portfolio for the three-month period ended June 30, 2024. 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.
Capital Allocation |
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Structured Security Portfolio |
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Inverse |
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Pass |
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Interest |
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Interest |
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|||
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Through |
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Only |
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Only |
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|||
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Portfolio |
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Securities |
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Securities |
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Sub-total |
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Total |
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|||||
June 30, 2024 |
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|
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|
|
|
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|
|
|
|
|
|
Market value |
|
$ |
83,960,741 |
|
|
$ |
2,450,477 |
|
|
$ |
3,501 |
|
|
$ |
2,453,978 |
|
|
$ |
86,414,719 |
|
Cash equivalents and restricted cash |
|
|
6,223,538 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,223,538 |
|
Repurchase agreement obligations |
|
|
(82,875,999 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(82,875,999 |
) |
Total(1) |
|
$ |
7,308,280 |
|
|
$ |
2,450,477 |
|
|
$ |
3,501 |
|
|
$ |
2,453,978 |
|
|
$ |
9,762,258 |
|
% of Total |
|
|
74.9 |
% |
|
|
25.1 |
% |
|
|
0.0 |
% |
|
|
25.1 |
% |
|
|
100.0 |
% |
March 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value |
|
$ |
86,232,385 |
|
|
$ |
2,427,367 |
|
|
$ |
3,572 |
|
|
$ |
2,430,939 |
|
|
$ |
88,663,324 |
|
Cash equivalents and restricted cash |
|
|
4,670,617 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,670,617 |
|
Repurchase agreement obligations |
|
|
(84,598,999 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(84,598,999 |
) |
Total(1) |
|
$ |
6,304,003 |
|
|
$ |
2,427,367 |
|
|
$ |
3,572 |
|
|
$ |
2,430,939 |
|
|
$ |
8,734,942 |
|
% of Total |
|
|
72.2 |
% |
|
|
27.8 |
% |
|
|
0.0 |
% |
|
|
27.8 |
% |
|
|
100.0 |
% |
The returns on invested capital in the PT MBS and structured MBS portfolios were approximately
Returns for the Quarter Ended June 30, 2024 |
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Structured Security Portfolio |
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Inverse |
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|||
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Pass |
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Interest |
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Interest |
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|||
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Through |
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Only |
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Only |
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|||
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Portfolio |
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Securities |
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Securities |
|
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Sub-total |
|
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Total |
|
|||||
Interest income (expense) (net of repo cost) |
|
$ |
84,536 |
|
|
$ |
45,491 |
|
|
$ |
(7 |
) |
|
$ |
45,484 |
|
|
$ |
130,020 |
|
Realized and unrealized losses (gains) |
|
|
(261,948 |
) |
|
|
105,130 |
|
|
|
89 |
|
|
|
105,219 |
|
|
|
(156,729 |
) |
Hedge gains |
|
|
212,457 |
|
|
|
n/a |
|
|
|
n/a |
|
|
|
n/a |
|
|
|
212,457 |
|
Total Return |
|
$ |
35,045 |
|
|
$ |
150,621 |
|
|
$ |
82 |
|
|
$ |
150,703 |
|
|
$ |
185,748 |
|
Beginning capital allocation |
|
$ |
6,304,003 |
|
|
$ |
2,427,367 |
|
|
$ |
3,572 |
|
|
$ |
2,430,939 |
|
|
$ |
8,734,942 |
|
Return on invested capital for the quarter(1) |
|
|
0.6 |
% |
|
|
6.2 |
% |
|
|
2.3 |
% |
|
|
6.2 |
% |
|
|
2.1 |
% |
| (1) Calculated by dividing the Total Return by the Beginning Capital Allocation, expressed as a percentage. | ||||||||||||||||||||
Prepayments
For the second quarter of 2024, the Company received approximately
|
|
PT |
|
|
Structured |
|
|
|
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|
|
MBS Sub- |
|
|
MBS Sub- |
|
|
Total |
|
Three Months Ended |
|
Portfolio |
|
|
Portfolio |
|
|
Portfolio |
|
June 30, 2024 |
|
10.9 |
|
|
5.5 |
|
|
10.0 |
|
March 31, 2024 |
|
18.0 |
|
|
9.2 |
|
|
16.5 |
|
December 31, 2023 |
|
8.9 |
|
|
4.6 |
|
|
8.0 |
|
September 30, 2023 |
|
4.3 |
|
|
6.6 |
|
|
4.8 |
|
June 30, 2023 |
|
8.0 |
|
|
13.0 |
|
|
9.6 |
|
March 31, 2023 |
|
2.4 |
|
|
10.3 |
|
|
5.0 |
|
Portfolio
The following tables summarize the MBS portfolio as of June 30, 2024 and December 31, 2023:
($ in thousands) |
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Weighted |
|
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Percentage |
|
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Average |
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||
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of |
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Weighted |
|
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Maturity |
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|||
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Fair |
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Entire |
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Average |
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in |
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Longest |
||||
Asset Category |
|
Value |
|
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Portfolio |
|
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Coupon |
|
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Months |
|
Maturity |
||||
June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate MBS |
|
$ |
83,961 |
|
|
|
97.2 |
% |
|
|
5.46 |
% |
|
|
340 |
|
1-Apr-54 |
Structured MBS |
|
|
2,454 |
|
|
|
2.8 |
% |
|
|
2.84 |
% |
|
|
286 |
|
15-May-51 |
Total MBS Portfolio |
|
$ |
86,415 |
|
|
|
100.0 |
% |
|
|
5.00 |
% |
|
|
339 |
|
1-Apr-54 |
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate MBS |
|
$ |
90,181 |
|
|
|
97.3 |
% |
|
|
6.00 |
% |
|
|
343 |
|
1-Nov-53 |
Structured MBS |
|
|
2,550 |
|
|
|
2.7 |
% |
|
|
2.84 |
% |
|
|
290 |
|
15-May-51 |
Total MBS Portfolio |
|
$ |
92,731 |
|
|
|
100.0 |
% |
|
|
5.44 |
% |
|
|
341 |
|
1-Nov-53 |
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
|
December 31, 2023 |
|
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Percentage of |
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|
|
Percentage of |
|
||
Agency |
|
Fair Value |
|
|
Entire Portfolio |
|
|
Fair Value |
|
|
Entire Portfolio |
|
||||
Fannie Mae |
|
$ |
11,405 |
|
|
|
13.2 |
% |
|
$ |
38,204 |
|
|
|
41.2 |
% |
Freddie Mac |
|
|
75,010 |
|
|
|
86.8 |
% |
|
|
54,527 |
|
|
|
58.8 |
% |
Total Portfolio |
|
$ |
86,415 |
|
|
|
100.0 |
% |
|
$ |
92,731 |
|
|
|
100.0 |
% |
|
|
June 30, 2024 |
|
|
December 31, 2023 |
|
||
Weighted Average Pass Through Purchase Price |
|
$ |
103.23 |
|
|
$ |
104.43 |
|
Weighted Average Structured Purchase Price |
|
$ |
4.48 |
|
|
$ |
4.48 |
|
Weighted Average Pass Through Current Price |
|
$ |
99.09 |
|
|
$ |
101.55 |
|
Weighted Average Structured Current Price |
|
$ |
13.78 |
|
|
$ |
13.46 |
|
Effective Duration (1) |
|
|
3.486 |
|
|
|
2.508 |
|
(1) |
Effective duration is the approximate percentage change in price for a 100 basis point change in rates. An effective duration of 3.486 indicates that an interest rate increase of |
|
Financing and Liquidity
As of June 30, 2024, the Company had outstanding repurchase obligations of approximately
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 list of outstanding borrowings under repurchase obligations at June 30, 2024.
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement Obligations |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Weighted |
|
||
|
|
Total |
|
|
|
|
|
|
Average |
|
|
Average |
|
|||
|
|
Outstanding |
|
|
% of |
|
|
Borrowing |
|
|
Maturity |
|
||||
Counterparty |
|
Balances |
|
|
Total |
|
|
Rate |
|
|
(in Days) |
|
||||
DV Securities, LLC Repo |
|
$ |
19,933 |
|
|
|
24.1 |
% |
|
|
5.45 |
% |
|
|
89 |
|
Mirae Asset Securities ( |
|
|
19,916 |
|
|
|
24.0 |
% |
|
|
5.47 |
% |
|
|
80 |
|
South Street Securities, LLC |
|
|
17,085 |
|
|
|
20.6 |
% |
|
|
5.47 |
% |
|
|
86 |
|
Mitsubishi UFJ Securities, Inc. |
|
|
12,398 |
|
|
|
15.0 |
% |
|
|
5.51 |
% |
|
|
25 |
|
Marex Capital Markets Inc. |
|
|
9,552 |
|
|
|
11.5 |
% |
|
|
5.45 |
% |
|
|
50 |
|
Clear Street LLC |
|
|
3,992 |
|
|
|
4.8 |
% |
|
|
5.45 |
% |
|
|
15 |
|
|
|
$ |
82,876 |
|
|
|
100.0 |
% |
|
|
5.47 |
% |
|
|
69 |
|
| (1) Equal to the fair value of securities sold (including accrued interest receivable) and cash posted as collateral, if any, minus the sum of repurchase agreement liabilities, accrued interest payable and securities posted by the counterparty (if any). | ||||||||||||||||
Summarized Consolidated Financial Statements
The following is a summarized presentation of the unaudited consolidated balance sheets as of June 30, 2024, and December 31, 2023, and the unaudited consolidated statements of operations for the six and three months ended June 30, 2024 and 2023. Amounts presented are subject to change.
BIMINI CAPITAL MANAGEMENT, INC. |
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(Unaudited - Amounts Subject to Change) |
||||||||
|
|
|
|
|
|
|
||
|
|
June 30, 2024 |
|
|
December 31, 2023 |
|
||
ASSETS |
|
|
|
|
|
|
|
|
Mortgage-backed securities |
|
$ |
86,414,719 |
|
|
$ |
92,730,852 |
|
Cash equivalents and restricted cash |
|
|
6,223,538 |
|
|
|
4,470,286 |
|
Orchid Island Capital, Inc. common stock, at fair value |
|
|
4,746,052 |
|
|
|
4,797,269 |
|
Accrued interest receivable |
|
|
427,607 |
|
|
|
488,660 |
|
Deferred tax assets, net |
|
|
18,542,508 |
|
|
|
19,047,680 |
|
Other assets |
|
|
4,084,849 |
|
|
|
4,063,267 |
|
Total Assets |
|
$ |
120,439,273 |
|
|
$ |
125,598,014 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Repurchase agreements |
|
$ |
82,875,999 |
|
|
$ |
86,906,999 |
|
Long-term debt |
|
|
27,382,035 |
|
|
|
27,394,417 |
|
Other liabilities |
|
|
2,114,235 |
|
|
|
3,168,857 |
|
Total Liabilities |
|
|
112,372,269 |
|
|
|
117,470,273 |
|
Stockholders' equity |
|
|
8,067,004 |
|
|
|
8,127,741 |
|
Total Liabilities and Stockholders' Equity |
|
$ |
120,439,273 |
|
|
$ |
125,598,014 |
|
Class A Common Shares outstanding |
|
|
10,005,457 |
|
|
|
10,005,457 |
|
Book value per share |
|
$ |
0.81 |
|
|
$ |
0.81 |
|
BIMINI CAPITAL MANAGEMENT, INC. |
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(Unaudited - Amounts Subject to Change) |
||||||||||||||||
|
|
|
|
|
|
|
||||||||||
|
|
Six Months Ended June 30, |
|
|
Three Months Ended June 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Advisory services |
|
$ |
6,096,316 |
|
|
$ |
6,898,860 |
|
|
$ |
3,167,055 |
|
|
$ |
3,516,450 |
|
Interest and dividend income |
|
|
3,091,156 |
|
|
|
1,670,104 |
|
|
|
1,492,191 |
|
|
|
839,562 |
|
Interest expense |
|
|
(3,577,794 |
) |
|
|
(2,183,490 |
) |
|
|
(1,762,116 |
) |
|
|
(1,129,285 |
) |
Net revenues |
|
|
5,609,678 |
|
|
|
6,385,474 |
|
|
|
2,897,130 |
|
|
|
3,226,727 |
|
Other income (expense) |
|
|
646,728 |
|
|
|
(106,205 |
) |
|
|
(280,003 |
) |
|
|
(621,397 |
) |
Expenses |
|
|
5,811,971 |
|
|
|
4,551,869 |
|
|
|
2,782,576 |
|
|
|
2,223,012 |
|
Net income (loss) before income tax provision |
|
|
444,435 |
|
|
|
1,727,400 |
|
|
|
(165,449 |
) |
|
|
382,318 |
|
Income tax provision |
|
|
505,172 |
|
|
|
436,420 |
|
|
|
108,396 |
|
|
|
96,811 |
|
Net (loss) income |
|
$ |
(60,737 |
) |
|
$ |
1,290,980 |
|
|
$ |
(273,845 |
) |
|
$ |
285,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted Net (Loss) Income Per Share of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CLASS A COMMON STOCK |
|
$ |
(0.01 |
) |
|
$ |
0.13 |
|
|
$ |
(0.03 |
) |
|
$ |
0.03 |
|
CLASS B COMMON STOCK |
|
$ |
(0.01 |
) |
|
$ |
0.13 |
|
|
$ |
(0.03 |
) |
|
$ |
0.03 |
|
|
|
Three Months Ended June 30, |
|
|||||
Key Balance Sheet Metrics |
|
2024 |
|
|
2023 |
|
||
Average MBS(1) |
|
$ |
87,539,021 |
|
|
$ |
54,705,200 |
|
Average repurchase agreements(1) |
|
|
83,737,499 |
|
|
|
51,893,294 |
|
Average stockholders' equity(1) |
|
|
8,203,927 |
|
|
|
13,272,305 |
|
|
|
|
|
|
|
|
|
|
Key Performance Metrics |
|
|
|
|
|
|
|
|
Average yield on MBS(2) |
|
|
5.88 |
% |
|
|
4.14 |
% |
Average cost of funds(2) |
|
|
5.53 |
% |
|
|
4.35 |
% |
Average economic cost of funds(3) |
|
|
5.32 |
% |
|
|
4.49 |
% |
Average interest rate spread(4) |
|
|
0.35 |
% |
|
|
(0.21 |
)% |
Average economic interest rate spread(5) |
|
|
0.56 |
% |
|
|
(0.35 |
)% |
| (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 the effect of derivative agreements 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. invests primarily in, but is not limited to investing in, 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. In addition, Bimini generates a significant portion of its revenue serving as the manager of the MBS portfolio of, and providing certain repurchase agreement trading, clearing and administrative services to, Orchid Island Capital, Inc.
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 Friday, August 2, 2024, at 10:00 AM ET. The conference call may be accessed by dialing toll free (888) 330-2214. The conference ID is 5305210. A live audio webcast of the conference call can be accessed via the investor relations section of the Company's website at https://ir.biminicapital.com or at https://events.q4inc.com/attendee/418634405.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240801051926/en/
Bimini Capital Management, Inc.
Robert E. Cauley, 772-231-1400
Chairman and Chief Executive Officer
https://ir.biminicapital.com
Source: Bimini Capital Management, Inc.
FAQ
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