2.4.0.8011035 - Disclosure - Variable Interest Entitiestruefalsefalse1false falsefalseFROM_Jan01_2013_TO_Jun30_2013http://www.sec.gov/CIK0001275477duration2013-01-01T00:00:002013-06-30T00:00:001true 1bmnm_VariableInterestEntityNoncontrollingInterestAbstractbmnm_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Variable Interest Entity Noncontrolling Interest [Abstract]2false 2bmnm_ConsolidatedVariableInterestEntityNoncontrollingInterestTextBlockbmnm_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00Note 14. CONSOLIDATED Variable Interest EntitY AND NONCONTROLLING INTERESTs As discussed in Note 1, Orchid completed its IPO on February 20, 2013. Bimini Capital owned 100% of the outstanding common stock of Orchid prior to the IPO, and approximately 29.38% after the IPO. Orchid operates as a mortgage REIT and was formed in order to increase Bimini Capital's assets under management to generate additional revenues to cover operating costs. Orchid entered into a management agreement with Bimini Advisors under which Bimini Advisors will be responsible for administering the business activities and day-to-day operations of Orchid. Bimini Advisors receives a monthly management fee for these services. Bimini Capital and Bimini Advisors acted as sponsors of the Orchid IPO and paid approximately $3.0 million of IPO related expenses during the six months ended June 30, 2013. The Company did not provide any further financial or other support to Orchid. The table below presents the effects of the above on the changes in equity attributable to Bimini Capital stockholders during the six months ended June 30, 2013.<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td colspan="3" style="width: 504px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:504px;">(in thousands)</td><td colspan="2" style="width: 102px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:102px;"> </td><td colspan="2" style="width: 102px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:102px;"> </td></tr><tr style="height: 17px"><td colspan="3" style="width: 504px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:504px;">Net loss attributable to Bimini Capital</td><td style="width: 12px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 90px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:90px;"> </td><td style="width: 12px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:12px;">$</td><td style="width: 90px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:90px;"> (2,570)</td></tr><tr style="height: 17px"><td colspan="3" style="width: 504px; text-align:left;border-color:#000000;min-width:504px;">Transfers from the noncontrolling interests</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;"> </td></tr><tr style="height: 17px"><td style="width: 12px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 12px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 480px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:480px;">Increase in Bimini Capital's paid-in capital for sale of 2,360,000 common shares of Orchid</td><td style="width: 12px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:90px;"> </td><td style="width: 12px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"> 278</td></tr><tr style="height: 17px"><td colspan="3" style="width: 504px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:504px;">Change from net loss attributable to Bimini Capital and transfers from noncontrolling interest</td><td style="width: 12px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:90px;"> </td><td style="width: 12px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:12px;">$</td><td style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"> (2,292)</td></tr></table></div>The noncontrolling interests reported in the Company's Consolidated Financial Statements represent the portion of equity ownership in Orchid held by stockholders other than Bimini Capital. Noncontrolling interest is presented in the equity section of the consolidated balance sheet, separate from stockholders' equity attributed to Bimini Capital. Net income of Orchid is allocated between the noncontrolling interests and to Bimini Capital in proportion to their relative ownership interests in Orchid. The following is a rollforward of the noncontrolling interest during the six months ended June 30, 2013.<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td colspan="3" style="width: 504px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:504px;">(in thousands)</td><td colspan="2" style="width: 102px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:102px;"> </td><td colspan="2" style="width: 102px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:102px;"> </td></tr><tr style="height: 17px"><td colspan="3" style="width: 504px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:504px;">Balance, January 1, 2013</td><td style="width: 12px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 90px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:90px;"> </td><td style="width: 12px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:12px;">$</td><td style="width: 90px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:90px;"> -</td></tr><tr style="height: 17px"><td colspan="3" style="width: 504px; text-align:left;border-color:#000000;min-width:504px;">Issuance of common shares of Orchid Island Capital, Inc.</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"> 35,122</td></tr><tr style="height: 17px"><td colspan="3" style="width: 504px; text-align:left;border-color:#000000;min-width:504px;">Net income attributed to noncontrolling interest</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"> (531)</td></tr><tr style="height: 17px"><td colspan="3" style="width: 504px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:504px;">Cash dividend paid to noncontrolling interest</td><td style="width: 12px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:90px;"> </td><td style="width: 12px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"> (1,275)</td></tr><tr style="height: 17px"><td colspan="3" style="width: 504px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:504px;">Balance, June 30, 2013</td><td style="width: 12px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:90px;"> </td><td style="width: 12px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:12px;">$</td><td style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"> 33,316</td></tr></table></div>A VIE is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary. The primary beneficiary has both the power to direct the activities that most significantly impact the entity's economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE.  Management has concluded that, after the close of its IPO, Orchid is a VIE because Orchid's equity holders lack the ability through voting rights to make decisions about its activities that have a significant effect on its success. Management has also concluded that Bimini Capital is the primary beneficiary of Orchid because, under the terms of the management agreement, Bimini Capital has the power to direct the activities of Orchid that most significantly impact its economic performance including asset selection, asset and liability management and investment portfolio risk management. As a result, subsequent to Orchid's IPO and through June 30, 2013, the Company continued to consolidate Orchid in its Consolidated Financial Statements. This conclusion will be re-evaluated during subsequent reporting periods as the relationship between Bimini Capital and Orchid changes. The following table presents the assets and liabilities of Orchid that are reflected on our consolidated balance sheets at June 30, 2013 (excluding intercompany balances).<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td colspan="3" style="width: 462px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:462px;">(in thousands)</td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:110px;"> </td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:110px;"> </td></tr><tr style="height: 17px"><td colspan="3" style="width: 462px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:462px;">ASSETS:</td><td style="width: 10px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:110px;"> </td><td style="width: 10px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:110px;"> </td></tr><tr style="height: 17px"><td colspan="3" style="width: 462px; text-align:left;border-color:#000000;min-width:462px;">Mortgage-backed securities, at fair value</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; text-align:left;border-color:#000000;min-width:110px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; text-align:left;border-color:#000000;min-width:110px;"> </td></tr><tr style="height: 17px"><td style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"> </td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"> </td><td style="width: 439px; text-align:left;border-color:#000000;min-width:439px;">Pledged to counterparties</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; text-align:left;border-color:#000000;min-width:110px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">$</td><td style="width: 110px; text-align:right;border-color:#000000;min-width:110px;"> 317,310</td></tr><tr style="height: 17px"><td style="width: 8px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:8px;"> </td><td style="width: 15px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:15px;"> </td><td style="width: 439px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:439px;">Unpledged</td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:110px;"> </td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:110px;"> 21,838</td></tr><tr style="height: 17px"><td colspan="3" style="width: 462px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:462px;">Total mortgage-backed securities</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:110px;"> </td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:110px;"> 339,148</td></tr><tr style="height: 17px"><td colspan="3" style="width: 462px; text-align:left;border-color:#000000;min-width:462px;">Cash and cash equivalents</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; text-align:left;border-color:#000000;min-width:110px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; text-align:right;border-color:#000000;min-width:110px;"> 6,318</td></tr><tr style="height: 17px"><td colspan="3" style="width: 462px; text-align:left;border-color:#000000;min-width:462px;">Restricted cash</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; text-align:left;border-color:#000000;min-width:110px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; text-align:right;border-color:#000000;min-width:110px;"> 8,906</td></tr><tr style="height: 17px"><td colspan="3" style="width: 462px; text-align:left;border-color:#000000;min-width:462px;">Accrued interest receivable</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; text-align:left;border-color:#000000;min-width:110px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; text-align:right;border-color:#000000;min-width:110px;"> 1,384</td></tr><tr style="height: 17px"><td colspan="3" style="width: 462px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:462px;">Prepaid expenses and other assets</td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:110px;"> </td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:110px;"> 392</td></tr><tr style="height: 17px"><td colspan="3" style="width: 462px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:462px;">Total Assets</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:110px;"> </td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;">$</td><td style="width: 110px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:110px;"> 356,148</td></tr><tr style="height: 17px"><td style="width: 8px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:8px;"> </td><td style="width: 15px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:15px;"> </td><td style="width: 439px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:439px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:110px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:110px;"> </td></tr><tr style="height: 17px"><td colspan="3" style="width: 462px; text-align:left;border-color:#000000;min-width:462px;">LIABILITIES:</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; text-align:left;border-color:#000000;min-width:110px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; text-align:left;border-color:#000000;min-width:110px;"> </td></tr><tr style="height: 17px"><td colspan="3" style="width: 462px; text-align:left;border-color:#000000;min-width:462px;">Repurchase agreements</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; text-align:left;border-color:#000000;min-width:110px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">$</td><td style="width: 110px; text-align:right;border-color:#000000;min-width:110px;"> 308,735</td></tr><tr style="height: 17px"><td colspan="3" style="width: 462px; text-align:left;border-color:#000000;min-width:462px;">Accrued interest payable</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; text-align:left;border-color:#000000;min-width:110px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; text-align:right;border-color:#000000;min-width:110px;"> 56</td></tr><tr style="height: 17px"><td colspan="3" style="width: 462px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:462px;">Accounts payable, accrued expenses and other</td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:110px;"> </td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:110px;"> 109</td></tr><tr style="height: 17px"><td colspan="3" style="width: 462px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:462px;">Total Liabilities</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:110px;"> </td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;">$</td><td style="width: 110px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:110px;"> 308,900</td></tr></table></div>The following table summarizes the operating results of Orchid (excluding intercompany transactions, including approximately $275,000 of management fees charged to Orchid) for the period beginning February 20, 2013 (the date of its IPO) through June 30, 2013 which are reflected in our consolidated statement of operations for the six and three months ended June 30, 2013.<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 20px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:20px;"> </td><td style="width: 400px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:400px;"> </td><td style="width: 17px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:130px;">Six Months Ended</td><td style="width: 17px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:130px;">Three Months Ended</td></tr><tr style="height: 17px"><td colspan="2" style="width: 420px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:420px;">(in thousands)</td><td style="width: 17px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:130px;">June 30, 2013</td><td style="width: 17px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:130px;">June 30, 2013</td></tr><tr style="height: 17px"><td colspan="2" style="width: 420px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:420px;">Interest income</td><td style="width: 17px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:17px;">$</td><td style="width: 130px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:130px;"> 3,460</td><td style="width: 17px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:17px;">$</td><td style="width: 130px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:130px;"> 2,429</td></tr><tr style="height: 17px"><td colspan="2" style="width: 420px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:420px;">Interest expense</td><td style="width: 17px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:130px;"> (459)</td><td style="width: 17px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:130px;"> (322)</td></tr><tr style="height: 17px"><td colspan="2" style="width: 420px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:420px;">Net interest income</td><td style="width: 17px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:130px;"> 3,001</td><td style="width: 17px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:130px;"> 2,107</td></tr><tr style="height: 17px"><td colspan="2" style="width: 420px; text-align:left;border-color:#000000;min-width:420px;">Unrealized losses on mortgage-backed securities</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; text-align:right;border-color:#000000;min-width:130px;"> (8,618)</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; text-align:right;border-color:#000000;min-width:130px;"> (9,130)</td></tr><tr style="height: 17px"><td colspan="2" style="width: 420px; text-align:left;border-color:#000000;min-width:420px;">Realized losses on mortgage-backed securities</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; text-align:right;border-color:#000000;min-width:130px;"> (824)</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; text-align:right;border-color:#000000;min-width:130px;"> (923)</td></tr><tr style="height: 17px"><td colspan="2" style="width: 420px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:420px;">Gains on Eurodollar futures</td><td style="width: 17px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:130px;"> 6,368</td><td style="width: 17px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:130px;"> 6,852</td></tr><tr style="height: 17px"><td colspan="2" style="width: 420px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:420px;">Net portfolio deficiency</td><td style="width: 17px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:130px;"> (73)</td><td style="width: 17px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:130px;"> (1,094)</td></tr><tr style="height: 17px"><td style="width: 20px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:20px;"> </td><td style="width: 400px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:400px;"> </td><td style="width: 17px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:130px;"> </td><td style="width: 17px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:130px;"> </td></tr><tr style="height: 17px"><td colspan="2" style="width: 420px; text-align:left;border-color:#000000;min-width:420px;">Expenses:</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; text-align:left;border-color:#000000;min-width:130px;"> </td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; text-align:left;border-color:#000000;min-width:130px;"> </td></tr><tr style="height: 17px"><td colspan="2" style="width: 420px; text-align:left;border-color:#000000;min-width:420px;">Directors' fees and liability insurance</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; text-align:right;border-color:#000000;min-width:130px;"> 124</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; text-align:right;border-color:#000000;min-width:130px;"> 83</td></tr><tr style="height: 17px"><td colspan="2" style="width: 420px; text-align:left;border-color:#000000;min-width:420px;">Audit, legal and other professional fees</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; text-align:right;border-color:#000000;min-width:130px;"> 152</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; text-align:right;border-color:#000000;min-width:130px;"> 106</td></tr><tr style="height: 17px"><td colspan="2" style="width: 420px; text-align:left;border-color:#000000;min-width:420px;">Direct REIT operating expenses</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; text-align:right;border-color:#000000;min-width:130px;"> 74</td><td style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; text-align:right;border-color:#000000;min-width:130px;"> 36</td></tr><tr style="height: 17px"><td colspan="2" style="width: 420px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:420px;">Other administrative</td><td style="width: 17px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:130px;"> 53</td><td style="width: 17px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:130px;"> 41</td></tr><tr style="height: 17px"><td colspan="2" style="width: 420px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:420px;">Total expenses</td><td style="width: 17px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:130px;"> 403</td><td style="width: 17px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:130px;"> 266</td></tr><tr style="height: 17px"><td style="width: 20px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:20px;"> </td><td style="width: 400px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:400px;"> </td><td style="width: 17px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:130px;"> </td><td style="width: 17px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:17px;"> </td><td style="width: 130px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:130px;"> </td></tr><tr style="height: 17px"><td colspan="2" style="width: 420px; border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:420px;">Net loss</td><td style="width: 17px; border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:17px;">$</td><td style="width: 130px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:130px;"> (476)</td><td style="width: 17px; border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:17px;">$</td><td style="width: 130px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:130px;"> (1,360)</td></tr></table></div>falsefalsefalsenonnum:textBlockItemTypenaNo authoritative reference available.No definition available.false0Consolidated Variable Interest Entity And Noncontrolling InterestfalseVariable Interest EntitiesUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.biminicapital.com/role/VariableInterestEntities12